October 18, 2019 Wells Fargo Investment Institute (WFII ...

Global economic forecast

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

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

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

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

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 5.5% 7.5% 4.0% 4.6% 5.1%

Latest 3.9% 2.7% 3.9% 5.1% 3.7%

Latest 4504 $209 3119 $141 2051 $70 2299 $146 1251 $94

Latest 2.03% 2.32% 0.25%

Latest $90 $91 $1,836 234

Latest $1.14 ?116

Daily Market Update | February 11, 2022 | page 1

Wells Fargo Investment Institute (WFII) forecasts and guidance

2022 YE target 4.5% 5.3% 3.6% 3.4% 2.7%

2022 YE target 4.5% 3.8% 2.8% 5.0% 4.7%

2022 YE target 5100-5300 $235 3650-3850 $165 2500-2700 $95 2400-2600 $150 1250-1450 $100

2022 YE target 2.00%-2.50% 2.50%-3.00% 1.00%-1.25%

2022 YE target $85-$95 $90-$100

$2000-$2100 235-245

2022 YE target $1.10-$1.18 ?110-?120

WFII guidance

Cash and 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 Unfavorable Unfavorable Neutral Most Unfavorable Neutral Favorable Neutral Neutral

Guidance Most Favorable

Favorable Neutral Most Unfavorable Neutral

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 Favorable Neutral Most Unfavorable Neutral Favorable Neutral Favorable Favorable Neutral Neutral Most Unfavorable

Sources: Bureau of Statistics, Wells Fargo Investment Institute, Wells Fargo Securities' Economic Group, as of February 10, 2022. Please see page 5 for important definitions regarding guidance.

Recent WFII Reports

First-quarter GDP stumble? - 02/09/22 Corrections have been a normal bull market occurrence - 02/08/22 Sensible investing involves managing risks and returns ? 2/7/22 Technical Strategy Briefing ? 2/7/22 Economic and Market Commentary ? 2/7/22

Sources: Bureau of Statistics, Wells Fargo Investment Institute, Bloomberg, as of February 10, 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 targets are year over 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 December 31, 2021, except Eurozone inflation, U.S. Inflation, and U.S. Unemployment rate which are as of January 31, 2022. U.S. Latest for earnings per share are consensus estimates for 2021.

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

Daily Market Update | February 11, 2022 | page 2

Economic calendar

Date

7-Feb 7-Feb 7-Feb 8-Feb 8-Feb 8-Feb 9-Feb 9-Feb 9-Feb 10-Feb 10-Feb 10-Feb 11-Feb 11-Feb 11-Feb

Index

Consumer Credit ---

Germany Industrial Production (MoM) U.S. Trade Balance ($)

U.S. Small Business Optimism China Money Supply M2 (YoY)

U.S. MBA Mortgage Apps. U.S. Wholesale Inventories (MoM)

Russia CPI (YoY) U.S. Initial Jobless Claims

U.S. CPI (MoM) Japan Producer Price Index (YoY) U. of Mich. Consumer Sentiment

--Germany CPI (YoY)

Actual/Consensus

Actual: 18.898 ---

Actual: -0.3% Actual: -80.731b

Actual: 97.1 Actual: 9.8% Actual: -8.1% Actual: 2.2% Actual: 8.73% Actual: 223k Actual: 0.6% Actual: 8.6% Consensus: 67

--Consensus: 4.9%

Last

Last: 38.821 ---

Last: 0.3% Last: -79b Last: 99 Last: 9% Last: 12.00% Last: 2% Last: 8.4% Last: 223.0k Last: 0.6% Last: 8.7% Last: 67.2

--Last: 4.9%

U.S. Treasury yields

2.5

U.S. Treasury Yield Curve

2

1.5

1

0.5

0

1Y 2Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y

20Y

30Y

02/10/2022- Yield 01/10/2022- Yield 02/10/2021- Yield

Global equities

130

Index Level (indexed at 100)

120

S&P 500

110 MSCI EAFE

100

90

MSCI EM

80 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

S&P 500

MSCI EAFE

MSCI EM

Data as of 2/10/2022

West Texas Intermediate (WTI) Crude Oil and gold price

WTI Crude Oil

95 90 85 80 75 70 65 60 55

Feb-21

Apr-21

WTI Crude Oil 1,900 ($/barrel) Gold ($/ozt) 1,850

1,800

Gold

1,750

1,700

Jun-21 Aug-21 Oct-21 Dec-21

WTI Crude Oil ($/barrel)

Gold ($/ozt) Data as of 2/10/2022

Sources: FactSet, 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 | February 11, 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 237 2260 2405 3330 2377 1320

442

482 895

1 Week

-1.2 -1.7 -1.7 -1.9 -1.0 -0.5

-0.7

0.5 0.2

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 726 4504 14186 35242 2783 1630 3119 2051 2299 1341

1251

70867

2717 3518 24

1 Week

1.4 0.6 2.2 0.4 1.5 0.6 2.2 3.0 1.6 1.7

3.4

3.0

1.0 0.9 -1.8

Real Assets

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

Prior Close

1 Week

2365

-1.1

200

-1.3

2789

0.8

109

0.1

Alternative Strategies

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

Prior Close 17909 14123 17500 20371 28544

1 Month

-1.7 0.1 0.8 -2.3 -3.4

Alternative Strategies are as of 1/31/2022.

MSCI Country Returns

YTD 1 Year

-3.0

-6.5

-4.0

-4.7

-3.8

-4.8

-5.5

-5.3

-3.4

0.3

-2.8

-2.3

-2.7

2.2

-1.8

-8.9

-2.7

-3.1

YTD 1 Year

-3.7

9.2

-5.4

16.8

-9.3

2.2

-2.9

14.2

-9.4

10.4

-1.4

17.4

-6.0

7.6

-8.6

-9.2

-1.6

6.6

-1.5

13.1

1.6

-10.0

Developed

MSCI Australia MSCI Canada MSCI France MSCI Germany MSCI Italy MSCI Japan MSCI Netherlands MSCI Spain MSCI Sweden MSCI Switzerland MSCI United Kingdom

Emerging

MSCI Brazil MSCI Chile MSCI China MSCI India MSCI Korea MSCI Mexico MSCI Russia MSCI South Africa MSCI Taiwan MSCI Turkey

Prior Close 916 2323 2452 2369 318 3751 4883 422 10399 7561 1236

Prior Close 1682 1129 85 840 570 5343 709 509 750 172

1.2

-8.4 Sector Returns

-1.4

16.3

-1.9

18.5

38.9

8.7

YTD 1 Year

-6.6

15.5

14.1

43.5

1.0

11.3

10.4

31.2

YTD

-1.7 0.1 0.8 -2.3 -3.4

1 Year

8.3 7.7 8.6 9.8 7.8

S&P Sector Returns

Prior Close

S&P 500 Communications Services 241

S&P 500 Consumer Discretionary 1465

S&P 500 Consumer Staples

787

S&P 500 Energy

520

S&P 500 Financial

676

S&P 500 Healthcare

1539

S&P 500 Industrials

853

S&P 500 Information Technology 2802

S&P 500 Material

536

S&P 500 Real Estate

288

S&P 500 Utilities

340

1 Week

4.2 2.3 1.9 1.1 0.6 -0.3 2.3 2.4 -0.2 0.0 1.9

1 Week

3.4 8.4 3.6 0.2 3.5 3.3 5.1 2.4 3.1 2.7

1 Week

-1.2 4.4 -1.8 0.9 3.2 -0.5 -0.3 0.6 0.9 -2.7 -2.9

YTD

-2.0 1.8 -0.1 -1.3 1.3 -2.7 -9.9 3.7 -8.4 -6.7 5.3

YTD

17.4 17.0 0.5 -0.4 -6.0 -2.1 -2.3 10.2 1.1 7.7

YTD

-9.9 -9.0 -2.0 23.6 4.2 -6.2 -4.6 -8.2 -5.9 -11.1 -6.4

1 Year

2.6 21.8 18.6 3.0 13.9 -5.8 7.3 6.3 7.4 12.2 22.0

1 Year

1.0 -7.2 -31.8 17.7 -18.2 19.4 13.3 4.7 14.3 -26.1

1 Year

2.2 7.6 19.3 62.0 32.6 15.5 14.0 17.9 18.3 23.7 8.9

Commodity & Currency Returns

Commodities & Currencies

CRB Total Return Baltic Dry Index Freight Gold (oz) Copper 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

262

0.6

1940

36.1

1827

1.1

466

1.0

90

-1.5

91

-1.1

4

-14.7

267

0.3

1.14

-0.5

1.36

0.3

116

-0.5

96

0.3

YTD

12.6 -12.5 -0.1

1.5 21.4 18.6 4.6 20.6 0.2 0.3 -0.7 0.1

1 Year

42.1 48.9 0.1 20.2 70.5 50.9 36.1 62.9 -6.1 -1.8 -9.6 5.9

Strategic Asset Allocation Performance

Three Asset Group (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

-1.32 -4.08 -4.08 -1.03 -0.93 -4.25 -4.25 0.09 -0.56 -4.20 -4.20 1.47 -0.17 -3.70 -3.70 2.02 0.11 -3.76 -3.76 3.15 0.39 -3.75 -3.75 4.38 0.74 -3.67 -3.67 4.61 1.07 -3.60 -3.60 4.82 1.50 -3.50 -3.50 4.41

Sources: Bloomberg, Wells Fargo Investment Institute; February 10, 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. Sources: Bloomberg Finance LLP, FactSet; February 10, 2022. Past performance is no guarantee of future results. HFRI data is monthly at the sixth business day; all other indices are daily.

Daily Market Update | February 11, 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 1.08 1.58 1.82 1.93 1.95 2.03 2.03 2.12 2.38 2.31

Agency 1.11 1.68 1.88 1.98 2.05 2.16 2.31 2.50 2.70 NA

Corporate A 1.27 1.79 2.15 2.35 2.50 2.74 3.02 3.40 3.56 3.52

Municipal AAA 0.73 0.96 1.09 1.21 1.31 1.42 1.57 1.73 1.86 2.02

Taxable Equivalent Yield, 37% Tax Rate2

1.15 1.52 1.73 1.92 2.08 2.25 2.49 2.74 2.96 3.21

Taxable Equivalent Yield, 35% Tax Rate2

1.12 1.48 1.68 1.86 2.01 2.18 2.42 2.66 2.87 3.11

Taxable Equivalent Yield, 32% Tax Rate2

1.07 1.41 1.60 1.78 1.93 2.08 2.31 2.54 2.74 2.98

Corporate Bond Yield Curves and Spreads

AA

A

BBB

BB

Maturity AA** Spread A** Spread BBB** Spread BB** Spread1

1-Yr

1.21

13

1.27

19

1.51

43

3.05

197

2-Yr

1.72

14

1.79

21

2.07

49

3.44

186

3-Yr

2.02

21

2.15

33

2.46

64

3.85

203

4-Yr

2.20

27

2.35

43

2.70

77

4.19

226

5-Yr

2.33

38

2.50

55

2.86

91

4.44

249

7-Yr

2.56

53

2.74

71

3.12 109 4.80

277

10-Yr 2.80

77

3.02

99

3.43 140 5.10

308

15-Yr 3.12 100 3.40 129 3.86 174 5.52

340

20-Yr 3.35

97

3.56 118 3.98 160 5.56

318

30-Yr 3.37 106 3.52 121 3.87 157 5.42

311

Short-Term Yield Curves

Maturity 1-month 3-month 6-month 1-Year

Treasury Bills Agency Discount Notes Commercial Paper Libor

0.01

NA

0.11

0.12

0.37

0.57

0.24

0.38

0.71

0.72

0.37

0.63

1.05

1.10

NA

1.09

International Yield Curves

Maturity Canada

France Germany

Japan

2-Year

1.50

-0.30

-0.35

-0.05

5-Year

1.81

0.29

0.08

0.01

10-Year

1.94

0.74

0.28

0.20

30-Year

2.19

1.20

0.47

0.83

United Kingdom

1.35 1.40 1.52 1.61

Mortgage Backed Securities

Term

Yield

MBS Conventional -3YR

2.7

GNMA - Aggregate Term

2.6

Municipal Yield Curves

Maturity AAA

AA

A

1-Yr

0.73

0.79

1.03

2-Yr

0.96

1.03

1.26

3-Yr

1.09

1.18

1.39

4-Yr

1.21

1.31

1.52

5-Yr

1.31

1.43

1.62

7-Yr

1.42

1.58

1.74

10-Yr

1.57

1.78

1.91

15-Yr

1.73

1.99

2.08

20-Yr

1.86

2.16

2.21

30-Yr

2.02

2.34

2.35

BBB

Insured

PreRefunded

1.61

0.94

0.76

1.85

0.98

1.02

1.99

1.03

1.18

2.12

1.09

1.30

2.23

1.10

1.38

2.36

1.23

1.49

2.54

1.48

1.64

2.70

1.78

NA

2.85

1.97

NA

3.01

2.16

NA

Constant Maturity Swap Rates

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

Swaps 1.75 1.99 2.07 2.08

Short-Term Yield Curves

Government Repo

Overnight

0.06

1-week

0.05

1-month

0.05

3-month

0.23

Other Rates

Money Rates

U.S. Secured Overnight Financing Rate 0.05

Fed Funds Target Rates

0.25

Prime Rate

3.25

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 option-adjusted 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 Finance LLP; February 10, 2022.

Daily Market Update | February 11, 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 Bill (1?3 Month) Index, 72% Bloomberg U.S. Aggregate Bond Index, 5% 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.

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 Bill (1?3 Month) Index, 58% Bloomberg U.S. Aggregate Bond Index, 6% 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.

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 Bill (1?3 Month) Index, 45% Bloomberg U.S. Aggregate Bond Index, 8% 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.

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 Bill (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, 6% MSCI Emerging Markets Index, 2% 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 Bill (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, 7% MSCI Emerging Markets Index, 2% 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 Bill (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, 8% MSCI Emerging Markets Index, 2% 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.

Conservative Growth investors generally assume a lower amount of risk, but may still experience increased losses or have lower expected growth returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bill (1?3 Month) Index, 16% Bloomberg U.S. Aggregate Bond Index, 3% Bloomberg U.S. Corporate High Yield Bond Index, 3% JPM EMBI Global Index, 30% S&P 500 Index, 13% Russell Midcap Index, 8% Russell 2000 Index, 11% MSCI EAFE Index, 12% MSCI Emerging Markets Index, 2% Bloomberg Commodity Index.

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