Daily Market Update - Wells Fargo Advisors

Daily Market Update | August 19, 2022 | page 1

Wells Fargo Investment Institute (WFII) forecasts and guidance

Global economic forecast

Economic Targets U.S. GDP Growth U.S. Inflation U.S. Unemployment Rate Eurozone GDP Growth Eurozone Inflation

Latest 1.6% 8.5% 3.5% 3.9% 8.9%

Other Economic Targets Global GDP Growth Global Inflation Developed-Market GDP Growth Developed-Market Inflation Emerging-Market GDP Growth Emerging-Market Inflation

Latest 1.1% 6.7% 1.3% 8.7% 1.0% 5.2%

Global Equities S&P 500 Index S&P 500 earnings per share Russell Midcap Index Russell Midcap earnings per share Russell 2000 Index Russell 2000 earnings per share MSCI EAFE MSCI EAFE earnings per share MSCI EM MSCI EM earnings per share

Latest 4284 $210 2958 $141 2001 $70 1947 $147 1010 $94

Global Fixed Income 10-Year Treasury 30-Year Treasury Fed Funds Rate

Latest 2.88% 3.14% 2.50%

Global Real Assets West Texas Crude Brent Crude Gold Price Bloomberg Commodity Index (TR)

Currency Guidance Dollar/Euro Exchange Rate Yen/Dollar Exchange Rate

Latest $91 $97 $1,759 261

Latest $1.01 ?136

2022 YE target -0.2% 7.7% 4.3% 1.1% 7.8%

2023 YE target 0.9% 3.5% 5.2% -2.0% 3.1%

2022 YE target 1.9% 6.6% 0.8% 6.8% 2.9% 6.3%

2023 YE target 1.7% 4.3% 0.1% 3.4% 2.8% 5.5%

2022 YE target 3800-4000 $200 2500-2700 $130 1500-1700 $65 1550-1750 $135 800-1000 $85

2023 YE target 4300-4500 $220 2900-3100 $145 1800-2000 $75 1700-1900 $145 900-1100 $95

2022 YE target 3.25-3.75% 3.25-3.75% 3.50-3.75%

2023 YE target 2.75-3.25% 2.75-3.25% 4.00-4.25%

2022 YE target $90-$110 $95-$115

$2000 - $2100 260-280

2023 YE target $100-$120 $105-$125

$2100 - $2200 270-290

2022 YE target $0.97-$1.05 ?132-?142

2023 YE target $1.00-$1.08 ?125-?135

WFII guidance

Fixed Income Cash Alternatives U.S. Taxable Investment Grade Fixed Income U.S. Short Term Taxable Fixed Income U.S. Intermediate Term Taxable Fixed Income U.S. Long Term Taxable Fixed Income High Yield Taxable Fixed Income U.S. Municipal Bonds Developed Market Ex-U.S. Fixed Income Emerging Market Fixed Income

Equities U.S. Large Cap Equities U.S. Mid Cap Equities U.S. Small Cap Equities Developed Market Ex-U.S. Equities Emerging Market Equities

Alternative Investments Commodities Private Real Estate

Alternative Investments Hedge Funds--Relative Value Hedge Funds--Macro Hedge Funds--Event Driven Hedge Funds--Equity Hedge Private Equity Private Debt

Guidance Neutral Favorable Most Favorable Neutral Neutral Unfavorable Favorable Unfavorable Neutral

Guidance Most Favorable

Favorable Unfavorable Most Unfavorable Unfavorable

Guidance Favorable Neutral

Guidance Favorable Favorable Unfavorable Neutral Neutral Neutral

Equity Sectors Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities

Guidance Neutral Unfavorable Neutral Favorable Neutral Favorable Neutral Favorable Neutral Unfavorable Neutral

Sources: Bureau of Statistics, Wells Fargo Investment Institute, Wells Fargo Securities' Economic Group, as of August 18, 2022. Please see page 5 for important definitions regarding guidance.

Recent WFII Reports

Yield-curve inversion reminders ? 08/17/22 Our preferred recession predictor has spoken ? 08/16/22 Asset allocation strategy report | executive summary ? 08/15/22 How do diversifiers fit into a 60/40 allocation? ? 08/15/22 Technical strategy briefing ? 08/15/22 Fixed income in 2022 -- Navigating through the challenges ? 08/15/22 Economic and market commentary ? 08/15/22

Sources: Bureau of Statistics, Wells Fargo Investment Institute, Bloomberg, as of August 18, 2022. Forecasts are not guaranteed and based on certain assumptions and on views of market and economic conditions which are subject to change. Latest economic numbers are yearover-year and as of most recent quarter-end unless noted otherwise. The unemployment rate is a level, not a year-over-year change figure. Latest economic data as of June 30, 2022 except global and Developed Market GDP growth which are as of March 31, 2022. U.S. inflation, U.S. unemployment rate, and eurozone inflation are as of July 31, 2022. Earnings per share are as of December 31, 2021. Year-end (YE) targets are based on forecasts by Wells Fargo Investment Institute as of August 19, 2022.

Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value

Daily Market Update | August 19, 2022 | page 2

Economic calendar

Date 15-Aug 15-Aug 15-Aug 16-Aug 16-Aug 16-Aug 17-Aug 17-Aug 17-Aug 18-Aug

18-Aug

18-Aug 19-Aug 19-Aug 19-Aug

Index Empire Manufacturing Index NAHB Housing Market Index Canada Manufacturing Sales (MoM)

U.S. Housing Starts Industrial Production (MoM) Germany ZEW Survey Expectations

U.S. MBA Mortgage Apps. U.S. Retail Sales (MoM) Eurozone ? GDP seasonally adj. (QoQ) U.S. Initial Jobless Claims U.S. Conference Board Leading Index

(MoM) Japan CPI (YoY)

----U.K. Retail Sales (MoM)

Actual/Consensus Actual: -31.3 Actual: 49.0 Actual: -0.8% Actual: 1446.0k Actual: 0.6% Actual: -55.3 Actual: -2.3% Actual: 0.0% Actual: 0.6% Actual: 250.0k

Actual: -0.4%

Actual: 2.6% -----

Actual: 0.3%

Last Last: 11.1 Last: 55.0 Last: -1.1% Last: 1599.0k Last: 0.0% Last: -53.8 Last: 0.2% Last: 0.8% Last: 0.5% Last: 250.0k

Last: -0.7%

Last: 2.4% -----

Last: -0.2%

U.S. Treasury yields

U.S. Treasury Yield curve (%)

4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0

1Y 2Y 3Y 5Y 7Y Yield curve as of 8/18/22

10Y

20Y

Yield curve as of 7/18/22

30Y Yield curve as of 8/18/21

Index level (indexed at 100)

Global equities

120 110 100

90 80 70

S&P 500 Index

MSCI EAFE Index

S&P 500 MMSSCCII EEMAFE

MSCI EM Index Data as of 8/18/2022

Gold ($/troy ounce)

West Texas Intermediate (WTI) Crude Oil and gold price

140

2050

WTI Crude Oil 2000 120

1950

100

1900

1850

80

1800

1750 60

1700

40

Gold 1650

WTI Crude Oil ($/barrel)

WTI Crude Oil

Gold

Data as of 8/18/2022

Source: Bloomberg; Index returns do not reflect the deduction of fees, expenses or taxes. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results.

Daily Market Update | August 19, 2022 | page 3

Market Performance

Index Returns

Fixed Income

Bloomberg Multiverse Bloomberg US Aggregate Bloomberg US Treasury Bloomberg US Corporate Bloomberg US High Yield Bloomberg Municipal Bond Bloomberg Municipal Bond High Yield JP Morgan GBI Global Ex US JP Morgan EMBI Global

Prior Close 213 2140 2281 3093 2257 1254

413

399 777

1 Week

-1.2 0.1 0.1 0.2 -0.6 -1.0

-0.6

-2.7 -1.1

Equity

MSCI AC World (USD) S&P 500 NASDAQ Composite Index DJ Industrial Average Russell 1000 Growth Russell 1000 Value Russell Mid Cap Russell 2000 MSCI EAFE (USD) MSCI EAFE (Local) MSCI EM (Emerging Markets) (USD) MSCI EM (Emerging Markets) (Local) MSCI FM Frontier Markets (USD) MSCI FM Frontier Markets (Local) CBOE Market Volatility Index

Prior Close 655 4284 12965 33999 2573 1573 2958 2001 1947 1265

1010

60530

2247 3124 20

1 Week

0.8 1.9 1.5 2.1 2.0 1.4 1.1 1.3 -1.1 0.9

-0.2

0.3

0.4 1.0 -3.2

Real Assets

FTSE EPRA Nareit Developed Alerian MLP Index S&P Global Infrastructure Bloomberg Commodities

Prior Close

1 Week

2424

-0.5

222

3.6

2859

1.3

121

-1.7

Alternative Strategies

HFRI Fund Weighted Composite HFRI Relative Value HFRI Macro HFRI Event Driven HFRI Equity Hedge

Prior Close 17459 13922 18661 19784 26742

1 Month

1.5 0.8 -0.9 2.4 2.5

Alternative Strategies are as of 7/31/2022.

YTD

-13.2 -9.1 -8.8 -12.2 -8.3 -7.6

-9.1

-18.7 -15.4

YTD

-11.8 -9.2 -16.7 -5.2 -15.8 -3.7 -10.0 -10.2 -14.6 -4.9

-16.0

-11.4

-16.5 -11.5 13.6

YTD

-13.5 30.9 8.2 23.3

YTD

-4.2 -1.3 7.5 -5.1 -9.5

1 Year

-15.2 -9.9 -9.6 -12.8 -6.9 -7.7

-8.7

-22.6 -16.4

1 Year

-7.6 -1.2 -10.1 -0.8 -7.5 1.7 -5.1 -6.2 -14.4 -2.3

-17.3

-12.1

-14.8 -8.5 -9.3

1 Year

-8.6 38.4 12.9 30.8

1 Year

-4.2 -0.4 6.9 -4.5 -9.8

MSCI Country Returns

Developed

Prior Close

MSCI Australia

870

MSCI Canada

2129

MSCI France

2011

MSCI Germany

1713

MSCI Italy

238

MSCI Japan

3259

MSCI Netherlands

3920

MSCI Spain

358

MSCI Sweden

8078

MSCI Switzerland

6643

MSCI United Kingdom

1084

Emerging

Prior Close

MSCI Brazil

1579

MSCI Chile

1144

MSCI China

65

MSCI India

813

MSCI Korea

456

MSCI Mexico

5101

MSCI Russia

NA

MSCI South Africa

431

MSCI Taiwan

571

MSCI Turkey

182

Sector Returns

S&P Sector Returns

Prior Close

S&P 500 Communications Services 201

S&P 500 Consumer Discretionary 1346

S&P 500 Consumer Staples

802

S&P 500 Energy

603

S&P 500 Financial

592

S&P 500 Healthcare

1543

S&P 500 Industrials

845

S&P 500 Information Technology 2638

S&P 500 Material

507

S&P 500 Real Estate

282

S&P 500 Utilities

394

1 Week

-1.2 0.2 -2.0 -2.6 -1.4 1.6 -1.8 -1.3 -3.2 -1.9 -0.6

1 Week

3.3 -5.1 1.9 2.1 -1.5 0.3 NA -4.2 1.0 5.5

1 Week

0.5 2.9 3.3 2.1 1.9 0.5 1.8 2.3 1.3 0.7 3.0

YTD

-4.4 -5.2 -16.0 -26.1 -21.7 -13.6 -26.3 -10.7 -26.8 -15.9 -4.8

YTD

20.3 22.7 -20.5 -2.7 -24.2 -5.0 -100.0 -3.0 -20.0 18.8

YTD

-24.6 -16.1 1.2 46.7 -7.8 -5.2 -4.6 -13.1 -10.1 -11.7 10.3

1 Year

-4.0 0.2 -13.8 -29.7 -20.4 -13.0 -26.0 -14.9 -25.9 -12.9 -2.0

1 Year

2.6 10.5 -25.9 3.4 -27.9 -2.0 -100.0 -4.0 -12.4 -3.9

1 Year

-26.0 -3.7 10.4 78.3 -3.7 -0.1 -1.4 -0.3 -2.0 0.1 16.4

Commodity & Currency Returns

Commodities & Currencies

CRB Total Return Baltic Dry Index Freight Gold ($/oz) Copper ($/lb) WTI Crude Oil ($/bbl) Brent Crude Oil ($/bbl) Natural Gas ($/btu) Gasoline ($/gal) U.S. Dollar per Euro U.S. Dollar per British Pound Japanese Yen per U.S. Dollar United States Dollar Index

Prior Close

1 Week

290

-1.6

1320

-15.2

1759

-1.7

3.63

-2.0

91

-4.1

97

-3.0

9.19

3.5

3.03

-1.5

1.01

-2.3

1.19

-2.3

136

2.2

107

2.3

YTD

24.9 -40.5 -3.9 -18.6 26.5 24.2 146.3 35.8 -11.3 -11.8 18.1 12.3

1 Year

36.4 -65.6 -1.6 -11.9 47.6 41.6 138.5 40.9 -13.9 -13.3 23.8 15.4

Strategic Asset Allocation Performance

Liquid (no rebalance) Conservative Income Moderate Income Aggressive Income Conservative Growth & Income Moderate Growth & Income Aggressive Growth & Income Conservative Growth Moderate Growth Aggressive Growth

MTD QTD YTD 1 Year

-0.06 3.70 -8.62 -7.80

0.58

5.16 -8.90 -7.45

0.98

6.11 -9.26 -7.37

1.24

6.51 -8.72 -6.49

1.67

7.47 -8.87 -6.13

2.06

8.35 -9.07 -5.84

2.35

8.86 -8.94 -5.38

2.71

9.49 -9.23 -5.44

2.97

9.87 -9.67 -5.92

Sources: Bloomberg, Wells Fargo Investment Institute; as of August 18, 2022. See pages 5-6 for Investment Objectives Definition and Composition. Portfolios are hypothetical and for illustrative purposes only. Hypothetical returns do not represent investment returns or the results of actual trading. Index returns reflect general market results, assume the reinvestment of dividends and other distributions, and do not reflect deduction for fees, expenses or taxes applicable to an actual investment. Strategic Asset Allocation: An investor's return objectives, risk tolerances, and investment constraints are integrated with long-term return assumptions to establish exposure to permissible asset classes. An index is unmanaged and not available for direct investment. Index returns do not reflect the deduction of fees, expenses or taxes. Returns are U.S. dollar based unless indicated otherwise. Performance reflects total returns. Source: Bloomberg; as of August 18, 2022. Past performance is no guarantee of future results. HFRI data is monthly at the sixth business day; all other indexes are daily.

Daily Market Update | August 19, 2022 | page 4

Bond Market Data

Cross-Sector Yield Curves

Maturity 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 7-Yr 10-Yr 15-Yr 20-Yr 30-Yr

Treasury 3.17 3.20 3.22 3.14 3.03 2.97 2.88 2.88 3.35 3.14

Agency 3.25 3.28 3.25 3.20 3.16 3.12 3.22 3.49 3.62 NA

Corporate A 3.33 3.57 3.64 3.70 3.77 3.91 4.13 4.50 4.65 4.49

Municipal AAA 2.15 2.14 2.12 2.12 2.13 2.24 2.41 2.78 2.95 3.15

Corporate Bond Yield Curves and Spreads

Taxable Equivalent Yield, 37% Tax Rate?

3.40 3.39 3.37 3.37 3.38 3.55 3.83 4.42 4.69 5.00

Taxable Equivalent Yield, 35% Tax Rate?

3.30 3.29 3.26 3.27 3.28 3.44 3.71 4.28 4.54 4.84

Taxable Equivalent Yield, 32% Tax Rate?

3.15 3.14 3.12 3.12 3.13 3.29 3.55 4.09 4.34 4.63

AA

A

BBB

Maturity AA** Spread A** Spread BBB** Spread BB**

1-Yr 3.21

4

3.33 15 3.82 65 4.64

2-Yr

3.35

15

3.57

37

4.14

94

5.18

3-Yr

3.37

15

3.64

42

4.25 103 5.53

4-Yr

3.40

26

3.70

56

4.34 120 5.74

5-Yr

3.46

43

3.77

75

4.45 142 5.90

7-Yr

3.58

61

3.91

95

4.63 167 6.14

10-Yr 3.78

90

4.13 125 4.85 197 6.36

15-Yr 4.11 123 4.50 162 5.15 227 6.70

20-Yr 4.31

96

4.65 130 5.24 189 6.82

30-Yr 4.36 122 4.49 135 4.98 184 6.63

Short-Term Yield Curves

Maturity

Treasury Bills

Agency Discount Notes

Commercial Paper

Libor

1-month

2.09

NA

2.36

2.37

3-month

2.58

2.94

2.63

2.98

6-month

3.01

3.06

2.87

3.51

1-Year

3.10

3.25

NA

4.00

International Yield Curves

Maturity Canada

France Germany

Japan

2-Year

3.38

0.60

0.72

-0.10

United Kingdom

2.40

5-Year

2.99

1.26

0.91

0.00

2.17

10-Year

2.84

1.67

1.10

0.19

2.31

30-Year

2.88

2.19

1.29

1.08

2.62

BB Spread?

147 199 230 260 288 317 347 382 346 349

SOFR

2.31 2.78 3.13 3.40

Mortgage Backed Securities

Term

Yield

MBS Conventional -3YR

3.6

GNMA - Aggregate Term

3.6

Municipal Yield Curves

Maturity AAA

AA

A

BBB

1-Yr

2.15

2.35

2.39

3.06

2-Yr

2.14

2.35

2.39

3.05

3-Yr

2.12

2.35

2.39

3.03

4-Yr

2.12

2.36

2.41

3.03

5-Yr

2.13

2.38

2.43

3.04

7-Yr

2.24

2.50

2.56

3.15

10-Yr

2.41

2.70

2.76

3.32

15-Yr

2.78

3.14

3.13

3.68

20-Yr

2.95

3.36

3.28

3.85

30-Yr

3.15

3.51

3.48

4.04

Constant Maturity Swap Rates

Maturity 2-Year 5-Year 10-Year 30-Year

Swaps 3.56 3.06 2.93 2.82

Short-Term Yield Curves

Government Repo

Overnight

2.30

1-week

2.29

1-month

2.30

3-month

2.68

Other Rates

Money Rates

U.S. Secured Overnight Financing Rate 2.29

Fed Funds Target Rates

2.50

Prime Rate

5.50

Insured

0.94 0.98 1.03 1.09 1.10 1.23 1.48 1.78 1.97 2.16

PreRefunded

2.19 2.19 2.18 2.19 2.20 2.29 2.47 NA NA NA

1 Spread is the difference between the yield on a bond

and that of a comparable U.S. Treasury security. 2 Taxable Equivalent yield (TEY) assumes the tax bracket

shown. Income may be subject to state and/or local taxes

and/or the alternative minimum tax (AMT). NA: Not Available **Standard & Poor's (S&P) Corporate Bond Ratings: AA means high quality and subject to very low credit risk. A means upper-medium grade and subject to low credit risk. BBB means subject to moderate credit risk; these obligations are considered medium-grade and as such may possess certain speculative characteristics. BB is judged to have speculative elements; subject to substantial credit risk. GNMA yields are bond equivalent yields based on generic issues for varying coupons. They do not represent Consensus GNMA issues. Average life is a means to measure the time until all principal is returned for securities that return principal over time vs. in one lump sum. The yield and average life are calculated using a prepayment assumption that may or may not be met. The assumption used for the calculations is the median of 12 mortgage brokers' estimated prepayment speeds. Spread represents the implied risk premium an investor will receive over an equivalent investment in a U.S. Treasury security. For GNMAs, this spread is an optionadjusted spread as it factors in the series of embedded options inherent in mortgage-backed securities. Pre-refunded municipal bond is a bond that the issuer decided to redeem from the bondholder before its maturity date. After the issuer distributes the new bonds, it will then often purchase Treasury securities that mature around the same time as the original bonds. The interest accumulated from the Treasury securities pays off the interest from the pre-refunded bond. Insured municipal bonds are insured by policies written by commercial insurance companies. The insurance policy is intended to provide for the insurer to pay principal and interest payments to bondholders in the event the issuer defaults. For municipal yield curves, there is no "constant Treasury" in the 4-, 15- or 20-year maturity segment to facilitate this calculation. Notes on Index Returns: Index Returns reflect previous business day's closing value with the exception of Hedge Fund Index returns which have a one day lag. Three-year returns are annualized. Source: Bloomberg; as of August 18, 2022.

Daily Market Update | August 19, 2022 | page 5

WFII guidance legend

Most favorable: WFII's highest conviction guidance that indicates a strong desire to overweight an asset class (or sector) within a portfolio. It also communicates that, over a tactical time frame, WFII views the asset class (or sector) as offering investors a very attractive risk/reward opportunity.

Favorable: Guidance that indicates a desire to overweight an asset class within a portfolio. It also communicates that, over a tactical time frame, WFII views the asset class (or sector) as providing investors with an attractive risk/reward opportunity.

Neutral: Guidance that indicates a desire to maintain an asset class near the long-term (strategic) allocation guidance within a portfolio. It also communicates that, over a tactical time frame, WFII views the asset class (or sector) as providing investors with an acceptable risk/reward opportunity.

Unfavorable: This WFII guidance level indicates a desire to underweight an asset class (or sector) within a portfolio. It also communicates that, over a tactical time frame, WFII does not view the asset class (or sector) as providing investors with an attractive risk/reward opportunity.

Most unfavorable: WFII's highest conviction guidance indicating a strong belief in underweighting an asset class within a portfolio. This also communicates that, over a tactical time frame, WFII views the asset class (or sector) as offering investors a very unattractive risk/reward opportunity.

Investment objectives definitions

Income

Income portfolios emphasize current income with minimal consideration for capital appreciation and usually have less exposure to more volatile growth assets but can still experience losses.

Conservative Income investors generally assume lower risk, but may still experience losses or have lower expected income returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bills (1?3 Month) Index, 72% Bloomberg U.S. Aggregate Bond Index, 3% Bloomberg U.S. Corporate High Yield Bond Index, 3% JPM EMBI Global Index, 12% S&P 500 Index, 4% Russell Midcap Index, 2% MSCI EAFE Index, 2% Bloomberg Commodity Index.

Moderate Income investors are willing to accept a modest level of risk that may result in increased losses in exchange for the potential to receive modest income returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bills (1?3 Month) Index, 58% Bloomberg U.S. Aggregate Bond Index, 4% Bloomberg U.S. Corporate High Yield Bond Index, 5% JPM EMBI Global Index, 16% S&P 500 Index, 5% Russell Midcap Index, 4% Russell 2000 Index, 4% MSCI EAFE Index, 2% Bloomberg Commodity Index.

Aggressive Income investors seek a higher level of returns and are willing to accept a higher level of risk that may result in greater losses. Portfolio Composition: 2% Bloomberg U.S. Treasury Bills (1?3 Month) Index, 45% Bloomberg U.S. Aggregate Bond Index, 6% Bloomberg U.S. Corporate High Yield Bond Index, 8% JPM EMBI Global Index, 19% S&P 500 Index, 7% Russell Midcap Index, 4% Russell 2000 Index, 7% MSCI EAFE Index, 2% Bloomberg Commodity Index.

Growth & income

Growth & Income portfolios emphasize a blend of current income and capital appreciation and usually have some exposure to more volatile growth assets.

Conservative Growth & Income investors generally assume a lower amount of risk, but may still experience losses or have lower expected returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bills (1?3 Month) Index, 39% Bloomberg U.S. Aggregate Bond Index, 6% Bloomberg U.S. Corporate High Yield Bond Index, 5% JPM EMBI Global Index, 20% S&P 500 Index, 8% Russell Midcap Index, 5% Russell 2000 Index, 7% MSCI EAFE Index, 4% MSCI Emerging Markets Index, 4% Bloomberg Commodity Index.

Moderate Growth & Income investors are willing to accept a modest level of risk that may result in increased losses in exchange for the potential to receive modest returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bills (1?3 Month) Index, 30% Bloomberg U.S. Aggregate Bond Index, 6% Bloomberg U.S. Corporate High Yield Bond Index, 5% JPM EMBI Global Index, 24% S&P 500 Index, 10% Russell Midcap Index, 6% Russell 2000 Index, 8% MSCI EAFE Index, 5% MSCI Emerging Markets Index, 4% Bloomberg Commodity Index.

Aggressive Growth & Income investors seek a higher level of returns and are willing to accept a higher level of risk that may result in greater losses. Portfolio Composition: 2% Bloomberg U.S. Treasury Bills (1?3 Month) Index, 20% Bloomberg U.S. Aggregate Bond Index, 7% Bloomberg U.S. Corporate High Yield Bond Index, 6% JPM EMBI Global Index, 28% S&P 500 Index, 12% Russell Midcap Index, 6% Russell 2000 Index, 9% MSCI EAFE Index, 6% MSCI Emerging Markets Index, 4% Bloomberg Commodity Index.

Growth

Growth portfolios emphasize capital appreciation with minimal consideration for current income and usually have significant exposure to more volatile growth assets.

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