March 31, 2015 Report - Welcome - Office of the General ...data.treasury.ri.gov/.../Capital-Cities-March-31-2015-Report.pdf · Performance & Evaluation Report ... Funds’ Performance

Topic Situation/ Performance

Observations Adjustments Needed

Items for Discussion:

Program Review During the February 25th meeting, Capital Cities presented a review of the Program.

See Program Review Presentation dated February, 2015.

As a result of the Program Review findings, the following items have been addressed:

The Program has moved to the least expensive share class of each investment option offered.The Small Cap Growth Fund is slated to be replaced by the Discovery Growth Fund.The Investment Policy Statement has been finalized and executed.Capital Cities has prepared a draft Program Overview piece that could be used by the SIC.Capital Cities, RI Treasury Staff, and AB have collectively worked to remove misclassified funds with Savingforcollege.com.Capital Cities and RI Treasury Staff have started fee discussions with AB regarding the Education Strategies’ stated fees (per contract terms).Capital Cities has distributed a draft Program Manager RFP to the RI Treasury Staff.

None.

Period Ended March 31, 2015Considerations and Observations

CollegeBoundfundfund

Performance & Evaluation Report

Prepared For:

CollegeBoundfund

Contents:

● Education Strategies Portfolios’ Performance

●● Individual Funds’ Performance

●●● Appendix

For Period Ended March 31, 2015

0.95%

-0.72%

3.84% 3.95%5.17%

4.32%

1.98%

6.63%

4.88%

2.28%

12.73%

9.33%

16.09%

13.68%

10.07%

8.21%

4.43%

12.06%

-0.92%

0.79%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Large CapCore

Large CapValue

Large CapGrowth Mid Cap Core

SMID CapCore

Small CapCore

Small CapValue

Small CapGrowth Developed Intl

EmergingMarkets

Retu

rns

0.52%1.45% 1.61% 1.64% 2.16%

1.06% 1.01% 1.42%2.52%

-4.36%

2.01% 2.33%1.00%

3.58%

5.72%5.36%

6.74%

5.53%6.62%

3.11%2.00%

-9.82%

5.65%

3.08%

-12.5%

-10.0%

-7.5%

-5.0%

-2.5%

0.0%

2.5%

5.0%

7.5%

10.0%

Defensive Intermediate Aggregate Treasury Credit Mortgages Municipals TIPS High Yield Non-Dollar EmergingMkt Debt

LeveragedLoans

Retu

rns

Last Quarter Last One Yr Ended 03/31/15

PERIOD ENDED MARCH 31, 2015MARKET OVERVIEW

1

Style Index Style IndexLarge Cap Core S&P 500 Index Defensive Fixed Income ML 1-3 Year TreasuryLarge Cap Value Russell 1000 Value Intermediate Fixed Income Barclays Intermediate Gov/CrLarge Cap Growth Russell 1000 Growth Core Fixed Income Barclays Aggregate IndexMid Cap Core Russell Mid Cap Index Treasury Sector Barclays Treasury IndexSMID Cap Core Russell 2500 Index Credit Sector Barclays Credit IndexSmall Cap Core Russell 2000 Index Mortgage Sector Barclays Mortgage IndexSmall Cap Value Russell 2000 Value Municipal Fixed Income Barclays Muni Fixed IncomeSmall Cap Growth Russell 2000 Growth Treasury Infl Protected Sec Barclays TIPS IndexDeveloped International MSCI EAFE US$ High Yield Fixed Income Barclays High Yield IndexEmerging Markets MSCI Emerging Markets Non-Dollar Fixed Income Citi World Gov Bd Idx Non US

Emerging Market Debt JPM Emerging Mkts Bd GlLeveraged Loans S&P/LSTA Leveraged Loans

EQ

UIT

YFI

XE

D IN

CO

ME

Last Quarter: Domestic equity results, with the exception of Large Cap Value, were positive during the firstquarter. Growth outpaced Value stocks across capitalizations during the period. The strongest performance occurredwithin Small Cap Growth stocks which returned +6.6%, outpacing all other styles of domestic equity. Developedforeign equities (+4.9%) rebounded and outperformed their domestic counterparts (S&P 500: +1.0%). EmergingMarkets (+2.3%) also posted positive returns during the period. Developed Foreign equities continue to exhibitnegative returns over the last one year period, while all styles of domestic equity have been positive. Turning tofixed income, results were mostly positive, with Non-Dollar (-4.4%) being the sole detractor. The BarclaysAggregate Bond Index returned +1.6% for the period. High Yield bonds (+2.5%) provided the strongest returns,while Credit (+2.2%) and EM Debt (+2.0%) were close behind. Over the last one year time period, all fixed incomestyles, with the exception of Non-Dollar, have generated positive returns.

2

Ranking LegendEverything is good to excellent in this area

Caution is warranted but action is not required at this time

Action is required or is being taken

White background indicates a Change in Status

WL Watchlist Status

Period Ended March 31, 2015Program SummaryCollegeBoundfundfund

Education Strategies Portfolios:

Criteria

Aggressive Growth Age-

Based Portfolios

Moderate Growth Age-

Based Portfolios

Conservative Growth Age-

Based Portfolios

Appreciation Portfolio

Balanced Portfolio

Conservative Portfolio

CBf Morningstar Index Age-

Based Portfolios

Qualitative Review Long Term Performance -- Short Term Performance

Education Strategies Portfolios Components:

CriteriaAB Growth & Income

AB Small/Mid Cap Value

AB Small/Mid

Cap Growth

AB International

Factor

AB Volatility Management

AB Bond Inflation

Protection

AB Multi-Asset Real

Return

AB Global Core Bond

AB High Yield

AB Short Duration

Bond

AB Exchange Reserves

AB Passive Funds

Qualitative Review Long Term Performance -- -- -- Short Term Performance

Individual Funds:

Criteria

AB Growth & Income

AB Large Cap Growth

AB Discovery

Value

AB Discovery

Growth

AB Small Cap Growth

AB International Value Index

AB Bond Inflation

AB Global Bond

AB Principal-Protection

Income

Vanguard Total Stock

Market Index

Vanguard Total Int'l

Stock Index

Vanguard Total Bond

Market Index

Qualitative Review Long Term Performance -- -- Short Term Performance

FundNational Accounts

Market ValueRhode Island Accounts

Market Value Total Market Value% of Program

Assets

CBf Active Age-Based Portfolios $4,562,535,503 $211,471,635 $4,774,007,138 64.2%Aggressive Growth $1,843,363,254 $88,290,960 $1,931,654,213 26.0%Moderate Growth $2,684,047,862 $121,242,927 $2,805,290,789 37.7%

Conservative Growth $35,124,387 $1,937,748 $37,062,135 0.5%CBf Morningstar Index Portfolios $16,148,943 $2,194,514 $18,343,456 0.2%CBf Active Fixed Allocation Portfolios $1,465,858,303 $49,093,932 $1,514,952,235 20.4%Individual Funds $1,034,422,498 $95,137,223 $1,129,559,721 15.2%

$7,078,965,247 $357,897,303 $7,436,862,550 100.0%

Note: The performance of the Age-Based Funds is based upon the A Share Class returns.

Period Ended March 31, 2015Program Asset Summary

CollegeBoundfund

3

fund

Fund StyleNational Accounts

Market ValueRI Accounts Market

Value Total Market Value% of Program

AssetsParticipant

Count

Aggressive Growth-Before 1984 Age-Based $4,022,371 $139,209 $4,161,581 0.0% 360Aggressive Growth-1984-1986 Age-Based $3,537,835 $78,918 $3,616,752 0.0% 223Aggressive Growth-Before 1987 (RI shares) Age-Based N/A $73,594 $73,594 0.0% 19Aggressive Growth-1987-1989 Age-Based $15,010,166 $173,977 $15,184,143 0.2% 1,057Aggressive Growth-1990-1992 Age-Based $50,156,457 $1,443,399 $51,599,855 0.7% 3,407Aggressive Growth-1993-1995 Age-Based $167,949,640 $4,653,434 $172,603,073 2.3% 10,018Aggressive Growth-1996-1998 Age-Based $430,208,011 $14,713,279 $444,921,290 6.0% 18,908Aggressive Growth-1999-2001 Age-Based $558,062,570 $22,585,940 $580,648,509 7.8% 26,073Aggressive Growth-2002-2004 Age-Based $305,273,036 $17,548,231 $322,821,267 4.3% 15,563Aggressive Growth-2005-2007 Age-Based $192,940,990 $15,273,583 $208,214,573 2.8% 10,954Aggressive Growth-2008-2010 Age-Based $79,341,658 $7,902,249 $87,243,907 1.2% 5,032Aggressive Growth-2011-2013 Age-Based $32,098,081 $3,320,970 $35,419,051 0.5% 3,126Aggressive Growth-2014-2016 Age-Based $4,762,439 $384,178 $5,146,618 0.1% 678Moderate Growth-Before 1984 Age-Based $7,957,791 $106,028 $8,063,819 0.1% 573Moderate Growth-1984-1986 Age-Based $9,044,489 $425,035 $9,469,525 0.1% 553Moderate Growth-1987-1989 Age-Based $35,755,303 $886,224 $36,641,527 0.5% 2,334Moderate Growth-1990-1992 Age-Based $96,708,270 $3,022,210 $99,730,481 1.3% 6,564Moderate Growth-1993-1995 Age-Based $294,738,993 $9,315,791 $304,054,784 4.1% 17,273Moderate Growth-1996-1998 Age-Based $677,808,737 $30,596,570 $708,405,306 9.5% 29,397Moderate Growth-1999-2001 Age-Based $768,942,332 $31,680,925 $800,623,257 10.8% 35,513Moderate Growth-2002-2004 Age-Based $454,321,293 $22,445,552 $476,766,845 6.4% 22,214Moderate Growth-2005-2007 Age-Based $203,845,287 $12,948,362 $216,793,649 2.9% 11,132Moderate Growth-2008-2010 Age-Based $101,149,197 $7,095,125 $108,244,322 1.5% 5,891Moderate Growth-2011-2013 Age-Based $31,076,534 $2,460,002 $33,536,536 0.5% 2,830Moderate Growth-2014-2016 Age-Based $2,699,636 $261,102 $2,960,738 0.0% 385Conservative Growth -Before 1996 Age-Based $6,481,328 $340,708 $6,822,036 0.1% 269Conservative Growth -1996-1998 Age-Based $13,902,341 $532,593 $14,434,935 0.2% 364Conservative Growth -1999-2001 Age-Based $6,153,197 $440,060 $6,593,257 0.1% 243Conservative Growth -2002-2004 Age-Based $2,544,069 $110,461 $2,654,530 0.0% 136Conservative Growth -2005-2007 Age-Based $1,420,285 $202,604 $1,622,889 0.0% 131Conservative Growth -2008-2010 Age-Based $1,832,528 $74,746 $1,907,274 0.0% 136Conservative Growth -2011-2013 Age-Based $2,613,688 $230,438 $2,844,126 0.0% 240Conservative Growth -2014-2016 Age-Based $176,949 $6,140 $183,089 0.0% 37CBf Morningstar Index-Before 1999 Age-Based $2,636,119 $739,323 $3,375,442 0.0% 53CBf Morningstar Index-1999-2001 Age-Based $3,776,395 $227,914 $4,004,309 0.1% 68CBf Morningstar Index-2002-2004 Age-Based $3,318,082 $564,448 $3,882,530 0.1% 74CBf Morningstar Index-2005-2007 Age-Based $2,726,308 $82,491 $2,808,799 0.0% 70CBf Morningstar Index-2008-2010 Age-Based $2,108,056 $87,637 $2,195,693 0.0% 68CBf Morningstar Index-2011-2013 Age-Based $1,425,325 $90,504 $1,515,828 0.0% 78CBf Morningstar Index-2014-2016 Age-Based $158,657 $402,197 $560,854 0.0% 50Appreciation Portfolio Fixed Allocation $976,181,196 $31,334,212 $1,007,515,408 13.5% 37,338Balanced Portfolio Fixed Allocation $415,941,187 $15,013,380 $430,954,567 5.8% 16,352Conservative Portfolio Fixed Allocation $73,735,921 $2,746,340 $76,482,261 1.0% 3,024Vanguard Total Stock Market Index Total Domestic Equity N/A $22,506,812 $22,506,812 0.3% 800AllianceBernstein Growth & Income Large Cap Value $129,704,441 $9,732,572 $139,437,012 1.9% 5,513AllianceBernstein Large Cap Growth Large Cap Growth $91,606,100 $7,898,028 $99,504,128 1.3% 4,018AllianceBernstein Discovery Value SMID Value $48,368,902 $4,257,478 $52,626,380 0.7% 2,975AllianceBernstein Discovery Growth SMID Growth $58,697,531 $4,997,256 $63,694,787 0.9% 3,470AllianceBernstein Small Cap Growth Small Cap Growth $17,534,223 $2,228,125 $19,762,347 0.3% 1,414AllianceBernstein International Value International Value $36,668,238 $1,045,153 $37,713,392 0.5% 3,124Vanguard Total International Stock Index Core International N/A $3,138,427 $3,138,427 0.0% 379AllianceBernstein Bond Inflation TIPS $766,916 $53,275 $820,191 0.0% 50AllianceBernstein Global Bond Global Bond $51,900,301 $2,367,243 $54,267,544 0.7% 2,300Vanguard Total Bond Market Index Core Bond N/A $949,622 $949,622 0.0% 102AllianceBernstein Principal-Protection Inc. Stable Value $599,175,846 $35,963,233 $635,139,079 8.5% 24,085

$7,078,965,247 $357,897,303 $7,436,862,550 100.0%

(4,970,172)

(992,695)

60,770

72,278

454,450

(633,477)

101,258

5,105,860

2,794,046

(1,379,143)

(5,170,520)

(24,579,451)

7,551,314

1,153,009

(43,095,809)

(20,857,712)

(60,000,000) (50,000,000) (40,000,000) (30,000,000) (20,000,000) (10,000,000) 0 10,000,000 20,000,000

1,766,150

960,267

10,144

890,282

964,276

3,131,523

1,398,866

5,016,316

850,513

855,124

8,743,466

19,751,231

170,841

447,689

38,146,975

28,912,552

0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000

4

National Accounts Quarterly Change Due to Market MovementThe chart below shows the change in value of each investment option due to market movements. The total

change in market value for the period due to market movement was $112,016,214.

National Accounts Quarterly Change Due to Cash FlowsThe chart below shows the net cash flows, including contributions, withdrawals and transfers among

investment options. The total change in market value for the period due to cash flows was -$84,385,994.

Dollars$

CBf Aggressive Age-BasedCBf Moderate Age-Based

CBf Conservative Age-BasedCBf Morningstar FundsAppreciation Portfolio

Balanced PortfolioConservative PortfolioAB Growth & IncomeAB Large Cap Growth

AB Discovery ValueAB Discovery GrowthAB Small Cap GrowthAB International Value

AB Bond InflationAB Global Bond

AB Principal Protection



Balanced PortfolioConservative PortfolioAB Growth & IncomeAB Large Cap Growth

AB Discovery ValueAB Discovery GrowthAB Small Cap GrowthAB International Value


AB Principal Protection

(489,076)

63,945

(27,577)20,521

184,373

(90,300)

(163,708)

(187)

(4,945)

200,545

(22,935)

881,850

(124,104)

(61,782)

(449,291)

1,098,859

83,246

(130,667)

514,258

(900,000) (600,000) (300,000) 0 300,000 600,000 900,000 1,200,000 1,500,000

199,396 15,008

41,127

526

119,876

28,754

126,992

279,489

131,683

447,607

78,436

411,601 37,640

244,000

712,381

162,054

33,375

2,052,296

1,669,037

0 500,000 1,000,000 1,500,000 2,000,000 2,500,000

5

Rhode Island Accounts Quarterly Change Due to Market MovementThe chart below shows the change in value of each option due to market movements. The Total Plan change in market

value for the period due to market movement was $6,791,277.

Rhode Island Accounts Quarterly Change Due to Cash FlowsThe chart below shows the net cash flows, including contributions, withdrawals and transfers among investment options. The

total change in market value for the period due to cash flows was $1,483,025.

Dollars$



Balanced PortfolioConservative Portfolio

Vanguard Total Stock IndexAB Growth & IncomeAB Large Cap Growth

AB Discovery ValueAB Discovery GrowthAB Small Cap Growth

AB Int’l Value IndexVanguard Total Int’l Index


Vanguard Total Bond IndexAB Principal Protection



Balanced PortfolioConservative Portfolio

Vanguard Total Stock IndexAB Growth & IncomeAB Large Cap Growth

AB Discovery ValueAB Discovery GrowthAB Small Cap Growth

AB Int’l Value IndexVanguard Total Int’l Index


Vanguard Total Bond IndexAB Principal Protection

Manager Returns for Periods Ended March 31, 2015Program Performance Summary

Last Quarter Last Year Last 2 Years Last 3 Years Last 5 Years

CBf Aggressive <1984 1.49 2.62 4.03 4.33 4.32CBf:Aggressive <1984 Idx 1.44 3.27 4.53 4.94 5.48

CBf Aggressive 1984-1986 1.49 2.69 4.06 5.01 4.73CBf:Aggressive 84-86 Idx 1.44 3.27 4.53 4.94 5.48

CBf Aggressive <1987 1.64 3.47 4.85 5.16 --CBf:Aggressive <1987 Idx 1.44 3.27 4.53 4.94 --









CBf Aggressive 2011-2013 1.90 1.98 9.55 9.00 --CBf:Aggressive 11-13 Idx 2.10 3.94 10.41 10.47 --

CBf Aggressive 2014-2016 1.98 2.08 -- -- --CBf:Aggressive 14-16 Idx 2.14 4.02 -- -- --

CBf Moderate <1984 1.30 2.43 2.80 3.16 3.32CBf:Moderate <1984 Idx 1.14 2.66 3.24 3.60 4.42

CBf Moderate 1984-1986 1.28 2.38 2.80 3.51 3.53CBf:Moderate 84-86 Idx 1.14 2.66 3.24 3.60 4.42









CBf Moderate 2011-2013 1.96 2.29 8.62 8.41 --CBf:Moderate 11-13 Idx 2.04 3.90 9.33 9.61 --

CBf Moderate 2014-2016 1.97 2.16 -- -- --CBf:Moderate 14-16 Idx 2.14 4.00 -- -- --

6

Education Strategies Portfolios

Manager Returns for Periods Ended March 31, 2015Program Performance Summary


CBf Consrvtive <1996 1.37 2.87 2.91 2.85 --CBf:Conserv <1996 Idx 1.13 2.74 3.23 3.50 --

CBf Consrvtive 1996-1998 1.44 2.82 2.96 2.95 --CBf:Conserv 96-98 Idx 1.13 2.74 3.22 3.53 --






CBf Consrvtive 2014-2016 1.98 -- -- -- --CBf:Conserv 14-16 Idx 1.93 -- -- -- --

CBf:Appreciation Port. 2.06 2.26 9.78 9.32 7.73CBf:Appreciation Index 2.14 4.02 10.45 10.49 9.76

CBf:Balanced Port. 2.19 3.81 6.94 6.71 5.82CBf:Balanced Index 1.91 4.14 7.12 7.50 7.59

CBf:Consrv Port. 1.27 2.50 2.81 2.92 3.16CBf:Conservative Index 1.14 2.64 3.22 3.57 4.41

Vanguard TSM Idx;Inst 1.81 12.32 17.39 16.40 14.76Spliced Total Stock Mkt Idx* 1.81 12.33 17.40 16.41 14.78

AB Gro & Inc;Adv 0.73 8.76 15.75 15.63 14.85Russell:1000 Value (0.72) 9.33 15.29 16.44 13.75

AB Lg Cap Gr;Adv 5.89 21.73 23.16 18.72 15.74Russell:1000 Growth 3.84 16.09 19.60 16.34 15.63

AB Discovery Value;Adv 3.15 9.42 16.35 17.13 13.57Russell:2500 Value 3.02 6.58 13.92 16.29 14.06

AB Discovery Gr;Adv 5.96 8.19 16.61 14.78 18.49Russell:2500 Growth 7.44 13.83 20.08 17.91 16.97

AB Sm Cp Gr;I 5.90 3.08 17.14 14.43 17.97Russell:2000 Growth 6.63 12.06 19.39 17.74 16.58

AB:Intl Value Index 2.73 (3.94) -- -- --MSCI AC Wrld ex US V 2.24 (3.26) 5.20 6.20 4.42

Vanguard Tot I Stk;Adm* 4.09 (1.05) 5.65 6.62 4.90Spliced Tot Intl Idx* 3.74 (0.47) 6.04 6.89 4.96

AB Bond Inf Strat;I 1.53 1.33 (1.79) 0.54 3.29Barclays:US TIPS 1-10 1.20 1.08 (1.97) (0.05) 2.85

AB Global Bond;I 1.82 6.60 3.12 4.26 5.03Barclays:Gbl Aggr Idx (1.92) (3.66) (0.93) (0.21) 2.31

Vanguard Tot Bd;Adm 1.65 5.62 2.66 3.04 4.35Barclays:Agg Float Adj 1.66 5.64 2.76 3.14 4.45

AB:Principal-Prot Inc Fund 0.53 1.99 2.05 2.29 2.6890 Day T-Bill 0.00 0.03 0.05 0.07 0.09

7

Individual Funds

1 Qtr. 2015 2014 2013 2012 2011 2010

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Cal

enda

r Ye

ar R

etur

ns

1.49 2.05

7.396.76

(1.42)

8.52

1.442.87

7.57 7.70

1.36

9.41

CBf Aggressive <1984 CBf:Aggressive <1984 Idx

8

AGGRESSIVE GROWTH BEFORE 1984 PORTFOLIOPERIOD ENDED MARCH 31, 2015

2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Standard DeviationR

etur

ns

Rolling 12 Quarter Scatter Chart for 5 Years

CBf:Aggressive <1984 Idx

CBf Aggressive <1984

Ended March 31, 2015


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Cum

ulat

ive

Ret

urns

1.49

2.62

4.034.33 4.32

1.44

3.27

4.534.94

5.48


Ende

d M

arch

31,

201

5Aggressive Growth Before 1984

The AllianceBernstein Aggressive Growth Before 1984 Portfolio is designed for investors who seek higher return over time and have a higher risk tolerance. The Portfolio invests in a diversified mix of AllianceBernstein’s Equity, Fixed Income and Alternative (Real Return and Volatility Management) strategies. For younger beneficiaries, the Portfolio invests more heavily in stocks and as the beneficiary nears college age, the allocation gradually becomes more conservative.

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

Cal

enda

r Ye

ar R

etur

ns

1.492.11

9.46

6.61

(1.29)

8.59

1.44

2.87

7.57 7.70

1.36

9.41

CBf Aggressive 1984-1986 CBf:Aggressive 84-86 Idx

2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Standard DeviationR

etur

ns


CBf:Aggressive 84-86 Idx

CBf Aggressive 1984-1986


9

AGGRESSIVE GROWTH 1984-1986 PORTFOLIOPERIOD ENDED MARCH 31, 2015

Aggressive Growth 1984-1986

The AllianceBernstein Aggressive Growth 1984-1986 Portfolio is designed for investors who seek higher return over time and have a higher risk tolerance. The Portfolio invests in a diversified mix of AllianceBernstein’sEquity, Fixed Income and Alternative (Real Return and Volatility Management) strategies. For younger beneficiaries, the Portfolio invests more heavily in stocks and as the beneficiary nears college age, the allocation gradually becomes more conservative.


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Cum

ulat

ive

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urns

1.49

2.69

4.06

5.014.73

1.44

3.27

4.534.94

5.48


Ende

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201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.0)

0.0

2.0

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6.0

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1.64

2.95

8.277.50

(0.58)

1.44

2.88

7.57 7.71

1.36


3.0 4.0 5.0 6.0 7.0

4.0

5.0

6.0

7.0

8.0

Standard DeviationR

etur

ns


CBf:Aggressive <1987 Idx

CBf Aggressive <1987


10

AGGRESSIVE GROWTH BEFORE 1987 PORTFOLIOPERIOD ENDED MARCH 31, 2015

Aggressive Growth Before 1987

The AllianceBernstein Aggressive Growth Before 1987 Portfolio is designed for investors who seek higher return over time and have a higher risk tolerance. The Portfolio invests in a diversified mix of AllianceBernstein’s Equity, Fixed Income and Alternative (Real Return and Volatility Management) strategies. For younger beneficiaries, the Portfolio invests more heavily in stocks and as the beneficiary nears college age, the allocation gradually becomes more conservative.

Note: Available in Rhode Island Accounts Only. Inception Date: August 27, 2010


0.0

1.0

2.0

3.0

4.0

5.0

6.0

Cum

ulat

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1.64

3.47

4.855.16

1.44

3.27

4.534.94


Ende

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5

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.5)

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2.5

5.0

7.5

10.0

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1.512.06

8.87

6.67

(1.38)

8.55

1.44

2.87

7.57 7.70

1.36

9.41


2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0

(4.0)

(2.0)

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11





0.0

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Cum

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1.51

2.65

4.03

4.81 4.61

1.44

3.27

4.534.94

5.48


Ende

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5

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

Cal

enda

r Ye

ar R

etur

ns

1.512.07

7.556.67

(1.37)

8.44

1.44

2.87

7.57 7.70

1.36

9.41


2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Standard DeviationR

etur

ns





12





0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Cum

ulat

ive

Ret

urns

1.51

2.65

4.044.40 4.34

1.44

3.27

4.534.94

5.48


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

Cal

enda

r Ye

ar R

etur

ns

1.492.07

7.256.64

(1.39)

8.72

1.44

2.87

7.57 7.70

1.36

9.49


2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0

(7.5)

(5.0)

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

Standard DeviationR

etur

ns





13





0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Cum

ulat

ive

Ret

urns

1.49

2.66

4.06 4.27 4.29

1.44

3.27

4.534.94

5.46


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(5.0)

0.0

5.0

10.0

15.0

Cal

enda

r Ye

ar R

etur

ns

1.47 2.07

8.29 7.94

(3.00)

9.90

1.442.87

8.31 9.00

0.44

11.31


2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

Standard DeviationR

etur

ns





14





0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Cum

ulat

ive

Ret

urns

1.47

2.62

4.34 4.52 4.53

1.44

3.27

4.715.21

5.90


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(7.5)

(5.0)

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

15.0

Cal

enda

r Ye

ar R

etur

ns

1.71 2.25

12.44

10.05

(4.94)

10.97

1.633.23

12.0111.14

(0.92)

13.02


2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Standard DeviationR

etur

ns





15





0.0

2.0

4.0

6.0

8.0

Cum

ulat

ive

Ret

urns

1.71

2.91

5.99 6.035.54

1.63

3.68

6.246.72

7.09


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

Cal

enda

r Ye

ar R

etur

ns

1.93 2.25

15.78

12.56

(6.40)

11.20

1.853.42

15.4213.00

(2.17)

13.65


2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Standard DeviationR

etur

ns





16





0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Cum

ulat

ive

Ret

urns

1.93

3.03

7.23 7.176.38

1.85

3.92

7.587.99 7.97


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Cal

enda

r Ye

ar R

etur

ns

1.76 1.65

20.28

13.92

(7.95)

12.10

1.96 3.37

19.21

14.26

(3.33)

14.86


5.0 10.0 15.0 20.0 25.0 30.0 35.0

(20.0)

(10.0)

0.0

10.0

20.0

30.0

Standard DeviationR

etur

ns





17





0.0

2.0

4.0

6.0

8.0

10.0

12.0

Cum

ulat

ive

Ret

urns

1.762.36

8.39 8.16

7.01

1.96

3.92

8.90 9.18 8.81


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Cal

enda

r Ye

ar R

etur

ns

1.85 1.23

22.47

14.67

(9.34)

12.89

2.00 3.18

21.76

15.08

(4.28)

16.12


5.0 10.0 15.0 20.0 25.0 30.0 35.0

(10.0)

0.0

10.0

20.0

30.0

Standard DeviationR

etur

ns





18





0.0

2.0

4.0

6.0

8.0

10.0

12.0

Cum

ulat

ive

Ret

urns

1.85 2.02

8.94 8.59

7.24

2.00

3.76

9.66 9.849.35


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Cal

enda

r Ye

ar R

etur

ns

1.90 1.04

24.55

14.57

2.10 3.18

23.82

15.33


8.0 10.0 12.0 14.0 16.0 18.0 20.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Standard DeviationR

etur

ns





19





0.0

2.0

4.0

6.0

8.0

10.0

12.0

Cum

ulat

ive

Ret

urns

1.90 1.98

9.559.00

2.10

3.94

10.41 10.47


Ende

d M

arch

31,

201

5

Inception Date: February 28, 2011

(1.0) (0.5) 0.0 0.5 1.0

(1.0)

(0.5)

0.0

0.5

1.0

Standard DeviationR

etur

ns





1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

0.5

1.0

1.5

2.0

2.5

Cal

enda

r Ye

ar R

etur

ns

1.982.14


20





0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Cum

ulat

ive

Ret

urns

1.98 2.082.14

4.02


Ende

d M

arch

31,

201

5


1 Qtr. 2015 2014 2013 2012 2011 2010

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

Cal

enda

r Ye

ar R

etur

ns

1.301.91

4.63 4.34

(0.71)

8.04

1.14

2.34

4.925.78

1.82

8.78

CBf Moderate <1984 CBf:Moderate <1984 Idx

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

15.0

Standard DeviationR

etur

ns


CBf:Moderate <1984 Idx

CBf Moderate <1984


21

MODERATE GROWTH BEFORE 1984 PORTFOLIOPERIOD ENDED MARCH 31, 2015

Moderate Growth Before 1984

The AllianceBernstein Moderate Growth Before 1984 Portfolio is designed for investors who seek a balance of return potential and risk management. The Portfolio invests in a diversified mix of AllianceBernstein’s Equity, Fixed Income and Alternative (Real Return and Volatility Management) strategies. For younger beneficiaries, the Portfolio invests more heavily in stocks and as the beneficiary nears college age, the allocation gradually becomes more conservative.


0.0

1.0

2.0

3.0

4.0

5.0

Cum

ulat

ive

Ret

urns

1.30

2.432.80

3.16 3.32

CBf Moderate <1984 CBf:Moderate <1984 Idx

1.14

2.66

3.243.60

4.42

Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

Cal

enda

r Ye

ar R

etur

ns

1.281.92

5.79

4.31

(0.74)

8.01

1.14

2.34

4.925.78

1.82

8.78

CBf Moderate 1984-1986 CBf:Moderate 84-86 Idx

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Standard DeviationR

etur

ns


CBf:Moderate 84-86 Idx

CBf Moderate 1984-1986


22

MODERATE GROWTH 1984-1986 PORTFOLIOPERIOD ENDED MARCH 31, 2015

Moderate Growth 1984-1986

The AllianceBernstein Moderate Growth 1984-1986 Portfolio is designed for investors who seek a balance of return potential and risk management. The Portfolio invests in a diversified mix of AllianceBernstein’sEquity, Fixed Income and Alternative (Real Return and Volatility Management) strategies. For younger beneficiaries, the Portfolio invests more heavily in stocks and as the beneficiary nears college age, the allocation gradually becomes more conservative.


0.0

1.0

2.0

3.0

4.0

5.0

Cum

ulat

ive

Ret

urns

1.28

2.382.80

3.51 3.53


1.14

2.66

3.243.60

4.42

Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

Cal

enda

r Ye

ar R

etur

ns

1.251.91

5.034.33

(0.68)

7.96

1.14

2.34

4.925.78

1.82

8.78


0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Standard DeviationR

etur

ns





23





0.0

1.0

2.0

3.0

4.0

5.0

Cum

ulat

ive

Ret

urns

1.25

2.392.78

3.26 3.37

1.14

2.66

3.243.60

4.42


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

Cal

enda

r Ye

ar R

etur

ns

1.221.94

4.40 4.38

(0.76)

7.93

1.14

2.34

4.925.78

1.82

8.78


0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Standard DeviationR

etur

ns





24





0.0

1.0

2.0

3.0

4.0

5.0

Cum

ulat

ive

Ret

urns

1.22

2.33

2.793.06

3.24

1.14

2.66

3.243.60

4.42


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

Cal

enda

r Ye

ar R

etur

ns

1.281.87

4.14 4.38

(0.78)

8.17

1.14

2.34

4.925.78

1.82

8.87


0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Standard DeviationR

etur

ns





25





0.0

1.0

2.0

3.0

4.0

5.0

Cum

ulat

ive

Ret

urns

1.28

2.362.77

2.973.21

1.14

2.66

3.243.60

4.41


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Cal

enda

r Ye

ar R

etur

ns

1.26 1.93

5.19 5.48

(1.80)

9.01

1.14 2.34

5.486.82

1.22

10.13


0.0 5.0 10.0 15.0 20.0

(7.5)

(5.0)

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

Standard DeviationR

etur

ns





26





0.0

1.0

2.0

3.0

4.0

5.0

6.0

Cum

ulat

ive

Ret

urns

1.26

2.33

3.15 3.303.53

1.14

2.66

3.383.83

4.76


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(5.0)

0.0

5.0

10.0

15.0

Cal

enda

r Ye

ar R

etur

ns

1.46 2.06

8.297.16

(3.03)

9.71

1.322.69

8.47 8.95

0.51

11.23


2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

Standard DeviationR

etur

ns





27





0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Cum

ulat

ive

Ret

urns

1.46

2.67

4.42 4.45 4.35

1.32

3.03

4.645.14

5.87


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(6.0)

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Cal

enda

r Ye

ar R

etur

ns

1.87 2.48

11.93

9.08

(4.23)

10.42

1.623.23

11.92 11.24

(0.36)

12.33


2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Standard DeviationR

etur

ns





28





0.0

2.0

4.0

6.0

8.0

Cum

ulat

ive

Ret

urns

1.87

3.29

6.08 5.935.43

1.62

3.68

6.216.70

7.12


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

Cal

enda

r Ye

ar R

etur

ns

2.18 2.79

15.19

11.16

(5.51)

10.95

1.903.55

15.2412.78

(1.31)

13.20


2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Standard DeviationR

etur

ns





29





0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Cum

ulat

ive

Ret

urns

2.18

3.76

7.46 7.21

6.33

1.90

4.12

7.638.03 8.06


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Cal

enda

r Ye

ar R

etur

ns

2.18 2.23

18.38

13.09

(7.23)

11.66

2.023.45

17.98

13.80

(2.60)

14.36


5.0 10.0 15.0 20.0 25.0 30.0

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Standard DeviationR

etur

ns





30





0.0

2.5

5.0

7.5

10.0

Cum

ulat

ive

Ret

urns

2.18

3.22

8.28 7.96

6.84

2.02

4.11

8.56 8.87 8.63


Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

5.0

10.0

15.0

20.0

25.0

Cal

enda

r Ye

ar R

etur

ns

1.96 1.41

21.11

14.63

2.043.29

20.57

14.95


6.0 8.0 10.0 12.0 14.0 16.0 18.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Standard DeviationR

etur

ns





31





0.0

2.0

4.0

6.0

8.0

10.0

12.0

Cum

ulat

ive

Ret

urns

1.96 2.29

8.62 8.41

2.04

3.90

9.33 9.61


Ende

d M

arch

31,

201

5

Inception Date: March 8, 2011

1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

0.5

1.0

1.5

2.0

2.5

Cal

enda

r Ye

ar R

etur

ns

1.972.14


(1.0) (0.5) 0.0 0.5 1.0

(1.0)

(0.5)

0.0

0.5

1.0

Standard DeviationR

etur

ns





32





0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Cum

ulat

ive

Ret

urns

1.972.162.14

4.00


Ende

d M

arch

31,

201

5


1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Cal

enda

r Ye

ar R

etur

ns

1.37

2.23

3.773.29

1.13

2.35

4.83

5.50

CBf Consrvtive <1996 CBf:Conserv <1996 Idx

2.3 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.1

2.5

3.0

3.5

4.0

4.5

5.0

5.5

Standard DeviationR

etur

ns


CBf:Conserv <1996 Idx

CBf Consrvtive <1996


33

CONSERVATIVE GROWTH BEFORE 1996 PORTFOLIOPERIOD ENDED MARCH 31, 2015

Conservative Growth Before 1996

The AllianceBernstein Conservative Growth Before 1996 Portfolio is designed for investors who seek a lower level of risk and are comfortable with lower return potential, especially in the years just before and during college. The Portfolio invests in a diversified mix of AllianceBernstein’s Equity, Fixed Income and Alternative (Real Return and Volatility Management) strategies. For younger beneficiaries, the Portfolio invests more heavily in stocks and as the beneficiary nears college age, the allocation gradually becomes more conservative.


0.0

1.0

2.0

3.0

4.0

Cum

ulat

ive

Ret

urns

1.37

2.87 2.91 2.85

1.13

2.74

3.233.50

CBf Consrvtive <1996 CBf:Conserv <1996 Idx

Ende

d M

arch

31,

201

5

Inception Date: September 16, 2011

1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Cal

enda

r Ye

ar R

etur

ns

1.44

2.20

3.82 3.77

1.13

2.35

4.83

5.65

CBf Consrvtive 1996-1998 CBf:Conserv 96-98 Idx

2.3 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.1

2.5

3.0

3.5

4.0

4.5

5.0

5.5

Standard DeviationR

etur

ns


CBf:Conserv 96-98 Idx

CBf Consrvtive 1996-1998


34

CONSERVATIVE GROWTH 1996-1998 PORTFOLIOPERIOD ENDED MARCH 31, 2015

Conservative Growth 1996-1998

The AllianceBernstein Conservative Growth 1996-1998 Portfolio is designed for investors who seek a lower level of risk and are comfortable with lower return potential, especially in the years just before and during college. The Portfolio invests in a diversified mix of AllianceBernstein’s Equity, Fixed Income and Alternative (Real Return and Volatility Management) strategies. For younger beneficiaries, the Portfolio invests more heavily in stocks and as the beneficiary nears college age, the allocation gradually becomes more conservative.


0.0

1.0

2.0

3.0

4.0

Cum

ulat

ive

Ret

urns

1.44

2.82 2.96 2.95

1.13

2.74

3.223.53


Ende

d M

arch

31,

201

5


1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

2.0

4.0

6.0

8.0

Cal

enda

r Ye

ar R

etur

ns

1.32

2.07

4.695.03

1.14

2.35

5.44

6.82


2.6 2.8 3.0 3.2 3.4 3.6 3.8

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

Standard DeviationR

etur

ns





35





0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Cum

ulat

ive

Ret

urns

1.32

2.58

3.09 3.17

1.14

2.66

3.37

3.82


Ende

d M

arch

31,

201

5


1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

2.5

5.0

7.5

10.0

Cal

enda

r Ye

ar R

etur

ns

1.422.12

8.11

6.99

1.32

2.68

8.498.99


3.5 3.8 4.0 4.3 4.5 4.8 5.0

4.0

5.0

6.0

7.0

8.0

9.0

Standard DeviationR

etur

ns





36





0.0

1.0

2.0

3.0

4.0

5.0

6.0

Cum

ulat

ive

Ret

urns

1.42

2.70

4.34 4.42

1.32

3.03

4.645.15


Ende

d M

arch

31,

201

5


1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Cal

enda

r Ye

ar R

etur

ns

1.792.64

11.57

9.24

1.64

3.31

11.8110.82


4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0 6.2

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

Standard DeviationR

etur

ns





37





0.0

2.0

4.0

6.0

8.0

Cum

ulat

ive

Ret

urns

1.79

3.40

6.00 5.97

1.64

3.78

6.246.69


Ende

d M

arch

31,

201

5


1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Cal

enda

r Ye

ar R

etur

ns

2.03 2.47

14.28

10.52

1.85

3.48

14.10

11.99


5.5 6.0 6.5 7.0 7.5

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

Standard DeviationR

etur

ns





38





0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Cum

ulat

ive

Ret

urns

2.03

3.44

6.97 6.74

1.85

4.02

7.207.58


Ende

d M

arch

31,

201

5


1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Cal

enda

r Ye

ar R

etur

ns

1.97 2.45

16.13

11.16

1.923.40

16.03

12.35


6.0 6.5 7.0 7.5 8.0

7.0

8.0

9.0

10.0

11.0

Standard DeviationR

etur

ns





39





0.0

2.5

5.0

7.5

10.0

Cum

ulat

ive

Ret

urns

1.97

3.12

7.57 7.32

1.92

4.02

7.90 8.19


Ende

d M

arch

31,

201

5

Inception Date: October 28, 2011

1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

0.3

0.5

0.8

1.0

1.3

1.5

1.8

2.0

2.3

Cal

enda

r Ye

ar R

etur

ns 1.98 1.93


(1.0) (0.5) 0.0 0.5 1.0

(1.0)

(0.5)

0.0

0.5

1.0

Standard DeviationR

etur

ns





40





0.0

0.3

0.5

0.8

1.0

1.3

1.5

1.8

2.0

2.3

Cum

ulat

ive

Ret

urns

1.98 1.93


Ende

d M

arch

31,

201

5

Inception Date: May 27, 2014

1 Qtr. 2015 2014 2013 2012 2011 2010

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Cal

enda

r Ye

ar R

etur

ns

2.06 1.10

25.25

14.68

(9.48)

12.99

2.14 3.21

23.82

15.33

(4.49)

16.12

CBf:Appreciation Port. CBf:Appreciation Index

5.0 10.0 15.0 20.0 25.0 30.0 35.0

(20.0)

(10.0)

0.0

10.0

20.0

30.0

Standard DeviationR

etur

ns


CBf:Appreciation Index

CBf:Appreciation Port.


41

APPRECIATION PORTFOLIOPERIOD ENDED MARCH 31, 2015

Appreciation Portfolio

The AllianceBernstein Appreciation Portfolio is designed for investors who are willing to accept greater risk in return for higher long-term return potential. The Portfolio invests nearly all of its assets in stocks.


0.0

2.0

4.0

6.0

8.0

10.0

12.0

Cum

ulat

ive

Ret

urns

2.06 2.26

9.789.32

7.73

2.14

4.02

10.45 10.499.76

CBf:Appreciation Port. CBf:Appreciation Index

Ende

d M

arch

31,

201

5

1 Qtr. 2015 2014 2013 2012 2011 2010

(7.5)

(5.0)

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

Cal

enda

r Ye

ar R

etur

ns

2.19 2.82

13.43

9.08

(4.41)

10.43

1.913.51

13.5711.49

(0.51)

12.36

CBf:Balanced Port. CBf:Balanced Index

2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

Standard DeviationR

etur

ns


CBf:Balanced Index

CBf:Balanced Port.


42

BALANCED PORTFOLIOPERIOD ENDED MARCH 31, 2015


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Cum

ulat

ive

Ret

urns

2.19

3.81

6.94 6.71

5.82

1.91

4.14

7.127.50 7.59

CBf:Balanced Port. CBf:Balanced Index

Ende

d M

arch

31,

201

5

Balanced Portfolio

The AllianceBernstein Balanced Portfolio balances principal safety with growth potential. The Portfolio targets 60% to stocks and 40% to bonds.

1 Qtr. 2015 2014 2013 2012 2011 2010

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

Cal

enda

r Ye

ar R

etur

ns

1.271.98

3.97 4.12

(0.66)

7.97

1.14

2.32

4.885.77

1.87

8.78

CBf:Consrv Port. CBf:Conservative Index

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Standard DeviationR

etur

ns


CBf:Conservative Index

CBf:Consrv Port.


43

CONSERVATIVE PORTFOLIOPERIOD ENDED MARCH 31, 2015


0.0

1.0

2.0

3.0

4.0

5.0

Cum

ulat

ive

Ret

urns

1.27

2.502.81 2.92

3.16

1.14

2.64

3.223.57

4.41

CBf:Consrv Port. CBf:Conservative Index

Ende

d M

arch

31,

201

5

Conservative Portfolio

The AllianceBernstein Conservative Portfolio emphasizes stability and capital preservation, while maintaining a small exposure to stocks for additional return potential. The Portfolio targets a conservative blend of 75% to bonds/cash and 25% to stocks.

Manager Returns for Periods Ended March 31, 2015

Last Quarter Last Year Last 2 Years Last 3 Years Last 5 YearsAB Gro & Inc;Adv 0.73 8.76 15.75 15.63 14.85Russell:1000 Value (0.72) 9.33 15.29 16.44 13.75

CAI MF:Lg Cap Value Style 0.02 8.51 15.73 15.62 12.98

AB:Sm-Mid Cap Value 3.32 10.65 17.59 18.37 14.58Russell:2500 Value 3.02 6.58 13.92 16.29 14.06

CAI MF:SMID Value Style 3.01 6.99 13.57 14.37 13.09

AB:Sm-Mid Cap Growth 6.09 8.98 17.63 15.74 19.53Russell:2500 Growth 7.44 13.83 20.08 17.91 16.97

CAI MF:SMID Growth Style 6.29 9.04 18.03 15.61 15.69

AB:International Factor 4.53 (0.20) -- -- --MSCI:ACWI ex US 3.59 (0.57) 5.91 6.89 5.29

CAI MF:Intl Core Eq Style 5.27 0.31 7.91 8.25 6.60

AB:Volatility Mgmt 4.61 10.13 13.50 10.80 --Blended Vol Mgmt Index* 2.31 5.42 10.85 10.75 11.12

MSCI:ACWI-Net 2.31 5.42 10.85 10.75 8.99S&P:500 0.95 12.73 17.21 16.11 14.47

AB:Bond Infl Protection 1.56 1.86 (1.26) 1.21 4.13Barclays:US TIPS 1-10 1.20 1.08 (1.97) (0.05) 2.85

Lipper:TIPS Funds 1.24 1.49 (2.36) (0.03) 3.45

AB:Multi-Asset Real Ret (3.20) (16.13) (7.65) (4.05) 0.35MSCI:AC World Comm Prod (4.39) (18.52) (7.26) (6.58) (3.06)

Lipper:Commodities (5.86) (25.38) (15.27) (11.88) (4.73)

AB:Global Core Bond 1.92 7.41 3.86 4.73 5.71Barclays:Gbl Aggr Idx (1.92) (3.66) (0.93) (0.21) 2.31

CAI MF:Gl Fixed Inc Style 0.11 (0.80) 0.33 1.84 3.69

AB:High Yield 2.27 2.85 6.12 9.00 9.18Barclays:HY Corp 2% Cap 2.52 2.00 4.73 7.44 8.57CAI MF:High Yield Style 2.42 1.35 4.19 6.74 7.70

AB:Short Dur Bond 0.58 1.21 0.97 1.04 1.61ML:Treas 1-3 0.52 1.00 0.69 0.67 1.02

Barclays:Gov/Credit 1-3 0.59 1.12 0.90 0.97 1.35CAI MF:Defensive FI Style 0.53 1.02 0.65 1.11 1.66

AB:Exchange Reserves 0.02 0.05 0.05 0.09 0.0790 Day T-Bill 0.00 0.03 0.05 0.07 0.09

Lipper:Money Market Fds 0.00 0.01 0.01 0.01 0.01

44

ACTIVE EDUCATION STRATEGIES PORTFOLIOS COMPONENTS

Manager Returns for Periods Ended March 31, 2015

1 Qtr. 2015 2014 2013 2012 2011AB Gro & Inc;Adv 0.73 9.18 34.55 17.80 6.22Russell:1000 Value (0.72) 13.45 32.53 17.51 0.39

CAI MF:Lg Cap Value Style 0.02 10.87 33.27 15.70 (1.28)

AB:Sm-Mid Cap Value 3.32 10.19 38.98 19.78 (7.42)Russell:2500 Value 3.02 7.11 33.32 19.21 (3.36)

CAI MF:SMID Value Style 3.01 3.92 36.89 18.12 (5.26)

AB:Sm-Mid Cap Growth 6.09 3.73 40.63 15.49 4.87Russell:2500 Growth 7.44 7.05 40.65 16.13 (1.57)

CAI MF:SMID Growth Style 6.29 5.68 38.90 12.20 (1.65)

AB:International Factor 4.53 -- -- -- --MSCI:ACWI ex US 3.59 (3.44) 15.78 17.39 (13.33)

CAI MF:Intl Core Eq Style 5.27 (5.56) 20.48 19.21 (13.52)

AB:Volatility Mgmt 4.61 7.18 21.66 5.56 (0.44)Blended Vol Mgmt Index* 2.31 4.16 22.80 16.13 2.11

MSCI:ACWI-Net 2.31 4.16 22.80 16.13 (7.35)S&P:500 0.95 13.69 32.39 16.00 2.11

AB:Bond Infl Protection 1.56 1.84 (5.12) 7.84 9.08Barclays:US TIPS 1-10 1.20 0.91 (5.58) 5.04 8.93

Lipper:TIPS Funds 1.24 2.12 (8.72) 6.34 11.95

AB:Multi-Asset Real Ret (3.20) (11.08) (0.34) 10.88 (7.77)MSCI:AC World Comm Prod (4.39) (14.69) 3.31 1.95 (11.97)

Lipper:Commodities (5.86) (15.77) (8.84) (1.35) (8.09)

AB:Global Core Bond 1.92 7.77 (1.38) 7.02 7.45Barclays:Gbl Aggr Idx (1.92) 0.59 (2.60) 4.32 5.64

CAI MF:Gl Fixed Inc Style 0.11 1.88 (1.52) 7.54 3.45

AB:High Yield 2.27 3.98 9.11 18.26 3.14Barclays:HY Corp 2% Cap 2.52 2.46 7.44 15.78 4.96CAI MF:High Yield Style 2.42 1.71 7.04 15.24 3.79

AB:Short Dur Bond 0.58 0.98 0.41 1.42 1.72ML:Treas 1-3 0.52 0.62 0.36 0.43 1.55

Barclays:Gov/Credit 1-3 0.59 0.77 0.64 1.26 1.59CAI MF:Defensive FI Style 0.53 0.77 0.21 2.37 1.46

AB:Exchange Reserves 0.02 0.04 0.06 0.19 0.0390 Day T-Bill 0.00 0.03 0.07 0.11 0.10

Lipper:Money Market Fds 0.00 0.01 0.01 0.01 0.01

45

ACTIVE EDUCATION STRATEGIES PORTFOLIOS COMPONENTS

Manager Returns for Periods Ended March 31, 2015Last Quarter Last 3 Quarters Last Year Last 2 Years Last 3 Years Last 5 Years

CBf Morningstar Fd <1999 1.07 1.96 -- -- -- --CBf:Morningstar 2013 Idx 1.23 1.89 -- -- -- --

CBf Morningstar Fd 99-01 1.44 2.72 -- -- -- --CBf:Morningstar 2016 Idx 1.51 2.66 -- -- -- --




CBf Morningstar Fd 11-13 2.18 3.85 8.01 -- -- --CBf:Morningstar 2028 Idx 2.16 4.06 8.65 -- -- --

CBf Morningstar Fd 14-16 2.28 -- -- -- -- --CBf:Morningstar 2031 Idx 2.23 -- -- -- -- --

Manager Returns for Periods Ended March 31, 2015Last Quarter Last 3 Quarters Last Year Last 2 Years Last 3 Years Last 5 Years

AB:US Equity Index 1.80 7.11 12.12 -- -- --MS:U.S. Equity Blended Index* 1.84 6.56 11.79 -- -- --

AB:Int'l Equity Index 4.72 (5.37) (0.96) -- -- --MS:Int'l Blended Index* 3.35 (5.52) (0.39) -- -- --

AB:US REIT Index 4.60 16.69 25.05 -- -- --MS:U.S. REIT Index 3.96 13.83 22.58 -- -- --

AB:US Bond Index 1.26 3.06 4.70 -- -- --MS:U.S. Bond Blended Index* 1.35 4.42 7.25 -- -- --

AB:US Tips Index 1.38 (0.87) 3.00 -- -- --MS:TIPS Index 1.26 (0.64) 3.21 -- -- --

AB:Int'l Govt Bond Idx 1.03 5.77 7.99 -- -- --MS:Global Ex-US Govt Bd Index 2.25 7.61 9.75 -- -- --

AB:Principal-Prot Inc Fund 0.53 1.53 1.99 2.05 2.29 2.6890 Day T-Bill 0.00 0.02 0.03 0.05 0.07 0.09

AB:Exchange Reserves 0.02 0.04 0.05 0.05 0.09 0.0790 Day T-Bill 0.00 0.02 0.03 0.05 0.07 0.09

46

CBf MORNINGSTAR INDEX PORTFOLIOS

CBf Morningstar Index Portfolios are designed for investors who seek a balance of return potential and risk management, primarily through investments in passively managed underlying portfolios. For younger beneficiaries, the Portfolios invest more heavily in stocks and as the beneficiary nears college age, the allocation gradually becomes more conservative.

Portfolios

Portfolio Components

Inception Dates: 11-13 Fund (4/1/14)/ <99 Fund, 99-01 Fund, 02-04 Fund, 05-07 Fund, 08-10 Fund (7/1/14)/ 14-16 Fund (10/1/14)

1 Qtr. 2015 2014 2013 2012 2011 2010(20.0)

(10.0)

0.0

10.0

20.0

30.0

40.0

50.0

Median 2.58 9.16 33.90 15.07 (2.34) 16.98

Vanguard TSM Idx;Inst A 1.81 12.56 33.49 16.42 1.09 17.23Spliced Total Stock Mkt Idx* B 1.81 12.58 33.51 16.44 1.08 17.28

Cal

enda

r Ye

ar R

etur

n

B (60)

B (20)

B (52)

B (33)

B (23)

B (49)

A (60)A (21)

A (52)

A (33)

A (23)

A (49

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Spliced Total Stock Mkt Idx*

Vanguard TSM Idx;Inst


47

VANGUARD TOTAL STOCK MARKET INDEXSTYLE: TOTAL DOMESTIC EQUITY

PERIOD ENDED MARCH 31, 2015


(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Median 2.58 9.82 16.29 15.20 13.62

Vanguard TSM Idx;Inst A 1.81 12.32 17.39 16.40 14.76Spliced Total Stock Mkt Idx* B 1.81 12.33 17.40 16.41 14.78

Cum

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Ret

urns

Ende

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31,

201

5

B (60)

B (29)

B (35) B (29)B (29)

A (60)

A (29)

A (35) A (30)A (29)

Note: Available in Rhode Island Accounts Only

Vanguard Total Stock Market Index

Vanguard Total Stock Market Index Fund attempts to replicate the performance and portfolio characteristics of the CRSP U.S. Total Market Index. The Fund’s objective is to match the returns of, and minimize the tracking error versus, the index.

1 Qtr. 2015 2014 2013 2012 2011 2010(10.0)

0.0

10.0

20.0

30.0

40.0

50.0

Median 0.02 10.87 33.27 15.70 (1.28) 12.65

AB Gro & Inc;Adv A 0.73 9.18 34.55 17.80 6.22 13.05Russell:1000 Value B (0.72) 13.45 32.53 17.51 0.39 15.51

Cal

enda

r Ye

ar R

etur

n

B (80)

B (24)

B (57)

B (20)

B (31)

B (11)

A (28)A (83)

A (39)

A (19)

A (10)A (47)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Russell:1000 Value

AB Gro & Inc;Adv


48

ALLIANCEBERNSTEIN GROWTH & INCOMESTYLE: LARGE CAP VALUE



(5.0)

0.0

5.0

10.0

15.0

20.0

Median 0.02 8.51 15.73 15.62 12.98

AB Gro & Inc;Adv A 0.73 8.76 15.75 15.63 14.85Russell:1000 Value B (0.72) 9.33 15.29 16.44 13.75

Cum

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B (80)

B (42)

B (63)B (31)

B (29)

A (28)

A (49)

A (47)A (50) A (11)

AB Growth & Income

AllianceBernstein’s Growth and Income Fund seeks long-term growth of capital. The Fund invests primarily in the equity securities of U.S. companies that AllianceBernsteinbelieves are undervalued focusing on dividend-paying securities. The Fundalso invests in high-quality securities of non-U.S. issuers.

1 Qtr. 2015 2014 2013 2012 2011 2010(10.0)

0.0

10.0

20.0

30.0

40.0

50.0

Median 4.37 10.67 33.75 15.42 (0.73) 14.38

AB Lg Cap Gr;Adv A 5.89 13.87 37.23 18.34 (0.73) 9.50Russell:1000 Growth B 3.84 13.05 33.48 15.26 2.64 16.71

Cal

enda

r Ye

ar R

etur

n

B (54)

B (21)

B (52)

B (52)

B (17)

B (33)

A (8)

A (16)

A (19)

A (13)

A (50)

A (92)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Russell:1000 Growth

AB Lg Cap Gr;Adv


49

ALLIANCEBERNSTEIN LARGE CAP GROWTHSTYLE: LARGE CAP GROWTHPERIOD ENDED MARCH 31, 2015


(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Median 4.37 14.74 19.21 15.22 14.31

AB Lg Cap Gr;Adv A 5.89 21.73 23.16 18.72 15.74Russell:1000 Growth B 3.84 16.09 19.60 16.34 15.63

Cum

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B (54)

B (36)

B (44)

B (28) B (25)

A (8)

A (1)A (7)

A (3) A (24)

AB Large Cap Growth

AllianceBernstein’s Large Cap Growth Fund seeks long-term growth of capital by investing primarily in equity securities of a limited number of large, carefully selected, high quality U.S. companies. Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks of large capitalization companies.

1 Qtr. 2015 2014 2013 2012 2011 2010(20.0)

0.0

20.0

40.0

60.0

Median 3.01 3.92 36.89 18.12 (5.26) 25.76

AB Discovery Value;Adv A 3.15 8.91 37.66 18.45 (8.16) 26.86Russell:2500 Value B 3.02 7.11 33.32 19.21 (3.36) 24.82

Cal

enda

r Ye

ar R

etur

n

B (50)B (31)

B (79)B (30)

B (42)

B (60)

A (48)A (19)

A (33)

A (44)

A (68)

A (18)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Russell:2500 Value

AB Discovery Value;Adv


50

ALLIANCEBERNSTEIN DISCOVERY VALUESTYLE: SMALL/MID CAP VALUEPERIOD ENDED MARCH 31, 2015


(20.0)

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Median 3.01 6.99 13.57 14.37 13.09

AB Discovery Value;Adv A 3.15 9.42 16.35 17.13 13.57Russell:2500 Value B 3.02 6.58 13.92 16.29 14.06

Cum

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5

B (50)B (52)

B (48)B (37) B (32)

A (48)A (26)

A (25)A (15)

A (37)

AB Discovery Value

AllianceBernstein’s Discovery Value Fund seeks long-term growth of capital by investing primarily in a diversified portfolio of equity securities of small- to mid-capitalization U.S. companies, and generally representing 60 to 125 companies, with an emphasis on companies that are determined by AllianceBernstein to be undervalued.

1 Qtr. 2015 2014 2013 2012 2011 2010(20.0)

0.0

20.0

40.0

60.0

Median 6.29 5.68 38.90 12.20 (1.65) 23.00

AB Discovery Gr;Adv A 5.96 2.94 38.84 14.90 3.83 39.33Russell:2500 Growth B 7.44 7.05 40.65 16.13 (1.57) 28.86

Cal

enda

r Ye

ar R

etur

n

B (16) B (36)

B (42)

B (27)

B (48)

B (20)

A (54) A (72)

A (52)

A (31)A (11)

A (2)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Russell:2500 Growth

AB Discovery Gr;Adv


51

ALLIANCEBERNSTEIN DISCOVERY GROWTHSTYLE: SMALL/MID CAP GROWTH



0.0

5.0

10.0

15.0

20.0

25.0

Median 6.29 9.04 18.03 15.61 15.69

AB Discovery Gr;Adv A 5.96 8.19 16.61 14.78 18.49Russell:2500 Growth B 7.44 13.83 20.08 17.91 16.97

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5

B (16)

B (19)

B (16)B (17)

B (14)

A (54)A (69)

A (63)A (68)

A (3)

AB Discovery Growth

AllianceBernstein’s Discovery Growth seeks long-term growth of capital by investing primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall U.S. market. Under normal circumstances, the Fund invests at least 80% of its assets inthe equity securities of small- and mid-capitalization companies.

1 Qtr. 2015 2014 2013 2012 2011 2010(20.0)(10.0)

0.010.020.030.040.050.060.070.0

Median 6.30 1.99 45.64 14.14 (3.28) 26.99

AB Sm Cp Gr;I A 5.90 (1.41) 45.72 15.42 4.53 37.77Russell:2000 Growth B 6.63 5.60 43.30 14.59 (2.91) 29.09

Cal

enda

r Ye

ar R

etur

n

B (42)B (25)

B (62)

B (41)

B (47)

B (35)

A (58)A (80)

A (49)

A (33)

A (6)

A (4)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Russell:2000 Growth

AB Sm Cp Gr;I


52

ALLIANCEBERNSTEIN SMALL CAP GROWTHSTYLE: SMALL CAP GROWTH



(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Median 6.30 9.09 18.35 16.30 15.26

AB Sm Cp Gr;I A 5.90 3.08 17.14 14.43 17.97Russell:2000 Growth B 6.63 12.06 19.39 17.74 16.58

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5

B (42)

B (15)

B (36)B (22)

B (28)

A (58)

A (88)

A (71)A (72)

A (15)

AB Small Cap Growth

AllianceBernstein’s Small Cap Growth Fund seeks long-term growth of capital by investing in a diversified portfolio of equity securities with relative smaller capitalizations as compared to the overall U.S. market. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total U.S. equitymarket capitalization.

1 Qtr. 2015 2014 2013 2012 2011 2010(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

40.0

Median 4.48 (6.85) 21.06 16.66 (13.73) 4.90

AB:Intl Value Index A 2.73 -- -- -- -- --MSCI AC Wrld ex US V B 2.24 (4.60) 15.65 17.68 (12.71) 8.40

Cal

enda

r Ye

ar R

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n

A (94)B (97)

B (16)

B (77) B (37)

B (36)

B (12)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


MSCI AC Wrld ex US V

AB:Intl Value Index


53

ALLIANCEBERNSTEIN INTERNATIONAL VALUE INDEXSTYLE: INTERNATIONAL VALUEPERIOD ENDED MARCH 31, 2015

Note: Not Available in RI Accounts. Inception Date: April 1, 2014


(7.5)

(5.0)

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

Median 4.48 (3.34) 6.60 7.30 4.61

AB:Intl Value Index A 2.73 (3.94) -- -- --MSCI AC Wrld ex US V B 2.24 (3.26) 5.20 6.20 4.42

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5

A (94)

A (56)

B (97)

B (49)

B (79)B (73)

B (57)

AB International Value Index

AllianceBernstein’s International Value Index Fund seeks to track the investment performance of the MSCI ACWI ex USA Value Index, which is composed of equity securities of large and mid cap companies across 22 developed markets countries (excluding the United States) and 21 emerging markets countries. A “passive” or indexing approach is used to try to achieve the Portfolio’s investment objective.

1 Qtr. 2015 2014 2013 2012 2011 2010(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

Median 5.27 (5.56) 20.48 19.21 (13.52) 9.40

Vanguard Tot I Stk;Adm* A 4.09 (4.17) 15.14 18.21 (14.52) 11.12Spliced Tot Intl Idx* B 3.74 (3.12) 15.89 17.04 (14.31) 10.42

Cal

enda

r Ye

ar R

etur

n

B (90) B (30)

B (82)B (71)

B (68)

B (42)A (87)

A (32)

A (86)

A (65)

A (71)

A (34)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Spliced Tot Intl Idx*

Vanguard Tot I Stk;Adm*


54

VANGUARD TOTAL INTERNATIONAL STOCK INDEXSTYLE: INTERNATIONAL




(7.5)

(5.0)

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

15.0

Median 5.27 0.31 7.91 8.25 6.60

Vanguard Tot I Stk;Adm* A 4.09 (1.05) 5.65 6.62 4.90Spliced Tot Intl Idx* B 3.74 (0.47) 6.04 6.89 4.96

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5

B (90)

B (55)

B (80)B (72)

B (81)A (87)

A (57)

A (89)A (80)

A (81)

Vanguard Total International Stock Index

The Vanguard Total International Stock Index Fund employs a “passive management”—or indexing—investment approach. The fund seeks to track the performance of the FTSE Global All Cap ex U.S. Index. The Fund holds a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key characteristics.

1 Qtr. 2015 2014 2013 2012 2011 2010(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

Median 1.24 2.12 (8.72) 6.34 11.95 5.86

AB Bond Inf Strat;I A 1.53 1.22 (5.64) 6.64 8.51 --Barclays:US TIPS 1-10 B 1.20 0.91 (5.58) 5.04 8.93 5.22

Cal

enda

r Ye

ar R

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n

B (54) B (67)B (22)

B (80)

B (76)

B (75)A (20) A (63)

A (22)

A (37) A (80)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Barclays:US TIPS 1-10

AB Bond Inf Strat;I


55

ALLIANCEBERNSTEIN BOND INFLATION STRATEGYSTYLE: TIPS



(5.0)

(2.5)

0.0

2.5

5.0

Median 1.24 1.49 (2.36) (0.03) 3.45

AB Bond Inf Strat;I A 1.53 1.33 (1.79) 0.54 3.29Barclays:US TIPS 1-10 B 1.20 1.08 (1.97) (0.05) 2.85

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5

B (54) B (59)

B (28)

B (52)

B (69)A (20) A (54)

A (18)

A (15)

A (57)

AB Bond Inflation Strategy

AllianceBernstein’s Bond Inflation Strategy seeks to maximize real return by investing principally in Treasury Inflation-ProtectedSecurities (“TIPS”), but has the flexibility to invest in other bond market segments.

1 Qtr. 2015 2014 2013 2012 2011 2010(7.5)(5.0)(2.5)

0.02.55.07.5

10.012.515.017.5

Median 0.11 1.88 (1.52) 7.54 3.45 6.33

AB Global Bond;I A 1.82 7.40 (1.81) 7.40 4.66 10.04Barclays:Gbl Aggr Idx B (1.92) 0.59 (2.60) 4.32 5.64 5.54

Cal

enda

r Ye

ar R

etur

n

B (87)B (58)

B (65)

B (87)B (22)

B (60)

A (15)

A (7)

A (53)

A (54)A (25)

A (28)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Barclays:Gbl Aggr Idx

AB Global Bond;I


56

ALLIANCEBERNSTEIN GLOBAL BONDSTYLE: GLOBAL FIXED INCOMEPERIOD ENDED MARCH 31, 2015


(8.0)

(6.0)

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

Median 0.11 (0.80) 0.33 1.84 3.69

AB Global Bond;I A 1.82 6.60 3.12 4.26 5.03Barclays:Gbl Aggr Idx B (1.92) (3.66) (0.93) (0.21) 2.31

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5

B (87)

B (80)

B (66)B (83)

B (69)A (15)

A (9)

A (15)A (15)

A (27)

AB Global Bond

AllianceBernstein’s Global Bond Fund seeks to generate current income consistent with preservation of capital by investing in a broad range of fixed-income securities in both developed and emerging markets.

1 Qtr. 2015 2014 2013 2012 2011 2010(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Median 1.54 5.72 (1.71) 6.58 6.87 7.73

Vanguard Tot Bd;Adm A 1.65 5.89 (2.14) 4.15 7.69 6.54Barclays:Agg Float Adj B 1.66 5.84 (1.97) 4.32 7.92 6.58

Cal

enda

r Ye

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etur

n

B (43)

B (36)

B (56)

B (93)

B (20)B (83)

A (44)

A (30)

A (59)

A (94)

A (29)A (84)

100 90 80 70 60 50 40 30 20 10 0

100

90

80

70

60

50

40

30

20

10

0

Standard DeviationR

etur

ns


Barclays:Agg Float Adj

Vanguard Tot Bd;Adm


57

VANGUARD TOTAL BOND INDEXSTYLE: CORE FIXED INCOME




0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Median 1.54 5.12 2.66 3.57 4.75

Vanguard Tot Bd;Adm A 1.65 5.62 2.66 3.04 4.35Barclays:Agg Float Adj B 1.66 5.64 2.76 3.14 4.45

Cum

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Ret

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Ende

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31,

201

5

B (43)

B (32)

B (46)B (63)

B (68)

A (44)

A (33)

A (53)A (64)

A (72)

Vanguard Total Bond Mkt Index

The Vanguard Total Bond Market Index Fund attempts to replicate the performance of the Barclays Aggregate Float Adjusted Index by constructing a portfolio that mirrors the index’s key characteristics, such as Yield to Maturity, Duration, and Credit Quality. At least 80% of the Fund’s assets must be invested in bonds held in the index.

1 Qtr. 2015 2014 2013 2012 2011 2010

0.0

1.0

2.0

3.0

4.0

Cal

enda

r Ye

ar R

etur

ns

0.53

1.92

2.31

2.86

3.31 3.19

0.00 0.03 0.07 0.11 0.10 0.13

AB:Principal-Prot Inc Fund 90 Day T-Bill

(0.2) 0.0 0.2 0.4 0.6 0.8 1.0 1.2

(0.5)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Standard DeviationR

etur

ns


90 Day T-Bill

AB:Principal-Prot Inc Fund


58

ALLIANCEBERNSTEIN PRINCIPAL PROTECTION INCOMESTYLE: STABLE VALUE



0.0

0.5

1.0

1.5

2.0

2.5

3.0

Cum

ulat

ive

Ret

urns

0.53

1.99 2.052.29

2.68

AB:Principal-Prot Inc Fund 90 Day T-Bill

0.00 0.03 0.05 0.07 0.09

Ende

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arch

31,

201

5AB Principal Protection Income

AllianceBernstein’s Principal Protection Income Fund seeks to generate a higher current return than most money market mutual funds, while seeking to protect an investor’s principal investment (including previously accrued income) from market volatility. The Portfolio invests primarily in a diversified portfolio of fixed-income securities and money market instruments.

1

Education Strategies Portfolios

Active Education Strategies Portfolios: Asset Categories, Indexes and Peer Group Universes

Asset Category Index Peer Group UniverseAge-Based PortfoliosConservative Gr, Moderate Gr, Aggressive Gr, CBf Morningstar Index

Custom Benchmark Representing Underlying Asset Allocation

Fixed Allocation PortfoliosConservative, Balanced, Appreciation

Custom Benchmark Representing Underlying Asset Allocation

Underlying Components:EquityAllianceBernstein Growth & Income Russell 1000 Value Large Cap Value StyleAllianceBernstein Small/Mid Cap Value Russell 2500 Value SMID Cap Value StyleAllianceBernstein Small/Mid Cap Growth Russell 2500 Growth SMID Cap Growth StyleAllianceBernstein International Factor MSCI ACWI ex-US International Equity Style

AlternativesAllianceBernstein Multi-Asset Real Return MSCI AC World Commodity ProdAllianceBernstein Volatility Management MSCI ACWIFixed IncomeAllianceBernstein High YieldAllianceBernstein Global Core BondAllianceBernstein Bond Infl ProtectionAllianceBernstein Short DurationAllianceBernstein Exchange Reserves

Barclays US HY 5% Issuer-CapBarclays Global AggregateBarclays US TIPS 1-10 Yr

ML Treasury 1-3 Yr90 Day T-Bill

High Yield StyleGlobal Fixed Inc Style

TIPSDefensive

Money Market

Age-Based Conservative Growth Age-Based Moderate Growth Age-Based Aggressive Growth Age-Based CBf Morningstar Index PortfBefore 1996 Before 1984 Before 1984 Age-Based CBf Morningstar Index Before 19991996-1998 1984-1986 1984-1986 Age-Based CBf Morningstar Index 1999-20011999-2001 1987-1989 Before 1987 (RI Only) Age-Based CBf Morningstar Index 2002-20042002-2004 1990-1992 1987-1989 Age-Based CBf Morningstar Index 2005-20072005-2007 1993-1995 1990-1992 Age-Based CBf Morningstar Index 2008-20102008-2010 1996-1998 1993-1995 Age-Based CBf Morningstar Index 2011-20132011-2013 1999-2001 1996-1998 Age-Based CBf Morningstar Index 2014-20162014-2016 2002-2004 1999-2001

2005-2007 2002-20042008-2010 2005-20072011-2013 2008-20102014-2016 2011-2013

2014-2016

Conservative Balanced Appreciation

Age-Based Portfolios

Fixed Allocation Portfolios

2

Age-Based CBf Morningstar Index Portfolios: Asset Categories and Indexes

Individual Funds: National Accounts

Individual Funds

Val

ue E

quity

AllianceBernstein Growth and Income Fund

AllianceBernstein International Value Index Fund

AllianceBernstein Discovery Value Fund

Gro

wth

E

quity

AllianceBernstein Large Cap Growth Fund

AllianceBernstein Discovery Growth Fund

AllianceBernstein Small Cap Growth Portfolio

Fixe

d In

com

e AllianceBernstein Bond Inflation Strategy Fund

AllianceBernstein Global Bond Portfolio

AllianceBernstein Principal-Protection Inc Portfolio

Asset Category Index

Age-Based CBf Morningstar Index Portfolios Custom Benchmark Representing Underlying Asset Allocation

Underlying Components:EquityAllianceBernstein US Equity Index Blended Morningstar CustomizedAllianceBernstein International Eq Index Blended Morningstar Customized

AlternativesAllianceBernstein REIT Index MS US REIT Index

Fixed IncomeAllianceBernstein US Bond IndexAllianceBernstein TIPS IndexAllianceBernstein Intl Gov Bond IndexAllianceBernstein Principal Protection IncAllianceBernstein Exchange Reserves

Blended Morningstar Customized MS TIPS

MS Glb Ex US Govt Bond90 Day T-Bill90 Day T-Bill

3

Individual Funds: Rhode Island Accounts

Individual Funds: Asset Category, Index and Peer Group Universe

Asset Category Index Peer Group UniverseActive Value Equity

AllianceBernstein Growth & Income Russell 1000 Value Large Cap Value StyleAllianceBernstein International Value Idx

(National Accounts Only)MSCI AC World ex-US Value International Value Style

AllianceBernstein Discovery Value Russell 2500 Value Small/Mid Cap Val StyleActive Growth Equity

AllianceBernstein Large Cap Growth Russell 1000 Growth Large Cap Growth StyleAllianceBernstein Discovery Growth Russell 2500 Growth Small/Mid Cap Gr StyleAllianceBernstein Small Cap Growth Russell 2000 Growth Small Cap Growth StylePassive Equity (RI Accounts Only)

Vanguard Total Stock Market Index CRSP US Total Market Total Domestic Eq StyleVanguard Total International Stock Index FTSE Global All Cap ex US Core Intl Eq StyleVanguard Total Bond Market Index Barclays U.S. Agg Float Adjusted Core Bond Style

Fixed IncomeAllianceBernstein Bond Infl ProtectionAllianceBernstein Global BondAllianceBernstein Principal-Protection Inc

Barclays US TIPS 1-10 YrBarclays Global Aggregate

90 Day T-Bill

TIPSGlobal Fixed Income

Stable Value

AllianceBernstein Growth and Income FundAllianceBernstein Discovery Value Fund

Vanguard Total Stock Market Index Portfolio

Vanguard Total International Stock Index FundAllianceBernstein Large Cap Growth FundAllianceBernstein Discovery Growth Fund

AllianceBernstein Small Cap Growth Portfolio

AllianceBernstein Bond Inflation Strategy FundAllianceBernstein Global Bond Portfolio Vanguard Total Bond Market Index Fund

AllBern Principal-Protection Income Portfolio

Fixe

d In

com

eV

alue

E

q

Individual Funds

Pass

ive

Equ

ity

Gro

wth

E

quity

Pass

ive

Fixe

d In

c

4

Active Age-Based Portfolios Glide Paths

*Includes Multi-Asset Real Return and Volatility Management Strategies

Age-Based CBf Morningstar Index Portfolios Glide Path

5

Fixed Allocation Portfolios Construction

Equity, 9%

Alternatives, 16%

Fixed Income,

75%

Conservative

Equity, 37%

Alternatives, 23%

Fixed Income,

40%

Balanced

Equity, 90%

Alternatives, 10%

Appreciation

6

Education Strategies Portfolios Fee Schedule

Style National AccountsMedian Peer

Group Fee RI AccountsMedian Peer

Group FeeAge-Based Portfolios

Fixed Allocation Portfolios

Balanced

Conservative

CBf Morningstar Index

Conservative Growth

Moderate Growth

Aggressive Growth

Appreciation

Age-Based 74-94 basis points 81 basis points



20 basis points

20 basis points

20 basis points

Fixed Allocation 72 basis points 81 basis points


108 basis points


Age-Based 45-56 basis points

108 basis points

81 basis points

81 basis points

16 basis points

72 basis points

37 basis points

108 basis points

108 basis points

108 basis points

75 basis points

108 basis points

*Median Peer Group Fees are based on “Morningstar Names Best 529 College-Savings Plans for 2014” dated October 21, 2014.

7

Individual Funds Fee Schedule

Manager Style Fee ScheduleMedian Peer Group

Fee

VITSXVanguard Total Stock Market

CBBZXAB Growth & Income

ALLIXAB Large Cap Growth

ABSZXAB Discovery Value

CHCZXAB Discovery Growth

QUAIXAB Small Cap Growth

VTIAXVanguard Total Intl Stock Index

Alliance BernsteinInternational Value Index

ABNZXAB Bond Inflation Fund

ANAZXAB Global Bond Fund

VBTLXVanguard Total Bond Index

Alliance BernsteinPrincipal-Protection Income

Core Fixed 7 basis points

Stable Value 90 basis points

TIPs 52 basis points 72 basis points

Global Fixed 55 basis points 95 basis points

Passive International 14 basis points

International Value 55 basis points

Small Growth 91 basis points 124 basis points

SMID Growth 67 basis points 111 basis points

SMID Value 81 basis points 116 basis points

Large Growth 90 basis points 96 basis points

Large Value 61 basis points 86 basis points

Passive Core Equity 4 basis points

How to Read a Floating Bar Chart

QuarterLast Last Year

YearsLast 2

YearsLast 3

YearsLast 5

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

10th Percentile 2.85 16.22 18.35 21.89 24.2125th Percentile (0.31) 10.80 15.21 19.00 22.88

Median (2.14) 6.28 12.95 17.04 21.2875th Percentile (3.60) 0.93 6.92 13.48 17.4690th Percentile (5.35) (5.00) 3.95 9.24 14.90

Manager A A (1.07) 6.37 13.94 17.31 20.65Manager B B (6.58) 10.47 17.59 21.50 22.38

S&P:500 C (2.66) 7.25 14.74 19.67 23.80

Ret

urns

A (35)

A (48)

A (39)

A (48)

A (61)

B (98)

B (28)

B (14)

B (11)B (31)

C (57)

C (44)

C (31)

C (20)

C (13)

10th Percentile25th Percentile

50th Percentile(Median)

75th Percentile

Fund Return

How to Read a Scatterchart

Return Median Return

Median Risk

Risk

Increasing Risk

Incr

easi

ng R

etur

n

Seattle = Excellent

Miami = Bad

How to Read a Bar Chart

The top line of the bar indicates the top10th percentile of the universe. Themiddle solid line is the median, whichhas a percent rank of 50. The 75thpercentile is indicated by the lowerdotted line and the 90th percentile isindicated by the bottom line.

90th Percentile

8

Documents

March 31, 2015 Report - Welcome - Office of the General ...data.treasury.ri.gov/.../Capital-Cities-March-31-2015-Report.pdf · Performance & Evaluation Report ... Funds’ Performance