PDF October 4, 2019 Wells Fargo Investment Institute (WFII ...

Daily Market Update | October 1, 2021 | page 1

Global economic forecast

Wells Fargo Investment Institute (WFII) forecasts and guidance

WFII guidance

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?

Latest 6.7% 5.3% 5.2% 2.2% 3.4%

2021 YE target 6.3% 4.4% 4.7% 3.7% 1.8%

2022 YE target 5.3% 3.5% 4.1% 3.9% 1.5%

2020 YE actual -3.5%? -4.5% 1.0% -0.8%? 3.4%?

2021 YE target 5.6% 4.7% 2.6% 6.2% 4.2%

2022 YE target 5.1% 4.6% 2.3% 5.5% 4.4%

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

Guidance Neutral Unfavorable Unfavorable Neutral Most Unfavorable Neutral Favorable Neutral

Equity Sectors Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology

Guidance Favorable Neutral Most Unfavorable Favorable Favorable Neutral Favorable Neutral

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)

Latest 4308 $140 3130 $77 2204 $18 2281 $54 1253 $58

Latest 1.49% 2.04% 0.25%

Latest $75 $78 $1,755 215

2021 YE target 4500-4700 $210 3200-3400 $135 2300-2500 $72 2300-2500 $140 1200-1400 $95

2022 YE target 4900-5100 $230 3500-3700 $160 2500-2700 $95 2400-2600 $145 1350-1550 $105

2021 YE target 1.50%-2.00% 2.25%-2.75% 0.00%-0.25%

2022 YE target 1.75%-2.25% 2.25%-2.75% 0.00%-0.25%

2021 YE target $70-$80 $75-$85

$2000-$2100 210-220

2022 YE target $75-$85 $80-$90

$2100-$2200 225-235

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

Neutral

Guidance Most Favorable

Neutral Favorable Most Unfavorable Neutral

Guidance Favorable Neutral

Guidance Neutral Neutral Neutral

Materials Real Estate Utilities

Neutral Neutral Most Unfavorable

Sources: Bureau of Statistics, Wells Fargo Investment Institute, Wells Fargo Securities' Economic Group, as of September 30, 2021. Please see page 5 for important definitions regarding guidance.

Recent WFII Reports Chips ? 09/29/21 Present and future directions of fiscal policy ? 09/29/21 Our view on stocks: Seek quality and tilt U.S. ? 09/28/21 Technical strategy briefing ? 09/27/21 Oil's crafty cartels ? 09/27/21 Economic and market commentary ? 09/27/21

Currency Guidance

Latest

2021 YE target 2022 YE target

Hedge Funds--Equity Hedge

Favorable

Dollar/Euro Exchange Rate Yen/Dollar Exchange Rate

$1.16

$1.14-$1.22 $1.18-$1.26

?111

?105-?115

?105-?115

Private Equity

Neutral

Sources: Bureau of Statistics, Wells Fargo Investment Institute, Wells Fargo Securities' Economic Group, as of September 30, 2021. Forecasts are not guaranteed and based on certain assumptions and on views of market and economic conditions which are subject to change. YE = year end 1 Latest is annualized quarter-to-quarter percentage change, Q3. 2 Latest is year-over-year percentage change, September. 3 Latest is as of October. U.S. Unemployment forecasts are fourth-quarter averages for their respective years. 4 Year-ago percent changes.

Latest for earnings per share are full year 2020.

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

Daily Market Update | October 1, 2021 | page 2

Economic calendar

Date 27-Sep

27-Sep

27-Sep 28-Sep 28-Sep 28-Sep 29-Sep 29-Sep 29-Sep 30-Sep 30-Sep 30-Sep 1-Oct 1-Oct 1-Oct

Index U.S. Durable Goods New Orders (MoM) U.S. Dallas Fed Manufacturing Outlook

Diffusion Index ECB Money Supply (YoY) U.S. Wholesale Inventories (MoM) U.S. Consumer Confidence U.K. Nationwide House Price (MoM) U.S. MBA Mortgage Apps. U.S. Pending Homes Sales (MoM) China Caixin Manufacturing PMI U.S. GDP Annualized (QoQ) U.S. Chicago Purchasing Manager Index Japan Nikkei Manufacturing PMI U.S. ISM Manufacturing PMI

U.S. Personal Income Eurozone Markit PMI Manufacturing

Actual/Consensus Actual: 1.8%

Actual: 4.6

Actual: 7.9% Actual: 1.2% Actual: 109.3 Actual: 0.1% Actual: -1.1% Actual: 8.14% Actual: 50 Actual: 6.7% Actual: 64.7 Actual: 51.5 Consensus: 59.5 Consensus: 0.2% Consensus: 58.7

Last Last: 0.5%

Last: 9

Last: 7.6% Last: 1% Last: 115 Last: 2% Last: 4.90% Last: -2.0% Last: 49.2 Last: 6.3% Last: 66.8 Last: 52.7 Last: 59.9 Last: 1.1% Last: 58.6

U.S. Treasury Yield Curve

U.S. Treasury yields

3

2

1

0

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

09/30/2021- Yield 09/30/2020- Yield

20Y

30Y

08/30/2021- Yield

Global equities

Index Level (indexed at 100)

140

S&P 500

130

MSCI EAFE

120

MSCI EM

110

100

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

S&P 500

MSCI EAFE

MSCI EM

Data as of 9/30/2021

West Texas Intermediate (WTI) Crude Oil and gold price

80

WTI Crude Oil 1,950

70

($/barrel)

1,900

Gold

WTI Crude Oil

60

1,850

50

40

30 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 WTI Crude Oil ($/barrel)

Gold ($/ozt)

1,800 1,750 1,700

Aug-21 Gold ($/ozt)

Data as of 9/30/2021

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 | October 1, 2021 | 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 247 2355 2496 3516 2444 1348

449

499 919

1 Week

-1.2 -0.6 -0.7 -1.0 -0.4 -0.6

-0.5

-2.1 -1.4

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 710 4308 14449 33844 2759 1544 3130 2204 2281 1315

1253

70963

2607 3359 24

1 Week

-2.9 -3.2 -4.0 -2.6 -4.4 -1.9 -3.2 -2.4 -2.8 -1.5

-1.5

-0.9

-0.1 0.4 24.2

Real Assets

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

Prior Close

1 Week

2280

-3.4

182

0.5

2655

-0.6

101

2.6

Alternative Strategies

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

Prior Close 18189 14007 17363 20614 29604

1 Month

0.8 0.5 0.1 0.8 1.1

Alternative Strategies are as of 08/31/2021.

YTD

-3.8 -1.6 -2.5 -1.3 4.5 0.8

6.5

-7.9 -1.5

YTD

11.5 15.9 12.7 12.1 14.3 16.1 15.2 12.4 8.8 14.7

-1.0

1.0

19.2 21.4 1.7

YTD

15.3 39.4 6.7 29.1

YTD

9.9 6.8 7.8 11.1 11.8

1 Year

-0.4 -0.9 -3.3 1.7 11.3 2.6

11.3

-3.6 3.9

1 Year

28.0 30.0 30.3 24.2 27.3 35.0 38.1 47.7 26.3 27.8

18.6

17.2

32.6 33.5 -12.2

1 Year

30.8 84.6 18.5 42.3

1 Year

20.8 12.4 10.9 24.5 26.9

MSCI Country Returns

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

Sector Returns

S&P Sector Returns

S&P 500 Communications Services S&P 500 Consumer Discretionary S&P 500 Consumer Staples S&P 500 Energy S&P 500 Financial S&P 500 Healthcare S&P 500 Industrials S&P 500 Information Technology S&P 500 Material S&P 500 Real Estate S&P 500 Utilities

Prior Close 920 2145 2296 2379 302 4016 5262 416 10773 7182 1118

Prior Close 1571 1088 89 848 617 5196 838 458 686 181

Prior Close 268 1430 715 396 625 1484 827 2624 497 278 325

1 Week

-1.4 -1.9 -3.9 -3.8 -2.7 -1.6 -9.0 -2.2 -4.6 -3.8 -1.4

1 Week

-5.6 -3.8 0.1 -2.4 -3.1 -2.5 1.7 -1.5 -1.6 -1.6

1 Week

-2.8 -2.7 -2.6 3.3 -1.3 -4.0 -2.9 -4.6 -2.6 -4.3 -2.1

Commodity & Currency Returns

YTD

7.3 18.2 12.6 5.0 9.7 6.3 23.5 3.0 15.9 6.7 12.2

YTD

-11.6 -6.7 -16.7 26.8 -7.3 15.5 31.9 4.7 16.9 -18.8

YTD

21.6 10.3 4.7 43.2 29.1 13.5 11.5 15.3 10.5 24.4 4.2

1 Year

31.9 34.9 35.5 17.1 34.3 20.5 46.3 31.7 32.9 15.5 31.2

1 Year

21.2 20.1 -5.2 53.7 28.5 51.6 60.9 28.0 44.0 5.8

1 Year

38.4 19.1 11.3 83.0 59.1 22.6 29.0 28.9 26.5 30.5 11.0

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 YTD

1 Year

229

2.2

36.4

54.1

5167

11.1 278.3 199.5

1757

0.2

-7.6

-7.9

409

-3.1

18.1

45.0

75

0.6

55.5

77.2

78

-0.3

50.3

90.2

6

13.4 129.5 130.6

219

0.5

56.1

90.7

1.16

-1.1

-5.1

-1.3

1.35

-1.1

-1.1

4.9

111

-0.4

-7.1

-5.1

94

0.9

4.7

0.5

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

-1.40 0.11 1.76 5.69 -1.68 -0.06 3.45 10.02 -1.88 -0.06 4.74 12.93 -2.08 -0.47 5.75 15.76 -2.37 -0.60 7.03 18.73 -2.62 -0.67 8.23 21.38 -2.99 -1.12 9.01 24.05 -3.21 -1.46 9.76 26.58 -3.43 -1.91 10.23 29.15

Sources: Bloomberg, Wells Fargo Investment Institute; September 30, 2021. 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; September 30, 2021. 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 | October 1, 2021 | 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 0.08 0.28 0.52 0.78 0.97 1.29 1.49 1.68 1.99 2.05

Agency 0.12 0.28 0.55 0.78 0.99 1.32 1.64 1.93 2.19 NA

Corporate A 0.25 0.44 0.76 1.07 1.33 1.77 2.23 2.76 2.92 2.98

Municipal AAA 0.17 0.18 0.25 0.39 0.54 0.81 1.12 1.37 1.50 1.72

Taxable Equivalent Yield, 37% Tax Rate2

0.27 0.28 0.39 0.62 0.86 1.28 1.78 2.17 2.38 2.73

Taxable Equivalent Yield, 35% Tax Rate2

0.27 0.27 0.38 0.60 0.84 1.24 1.72 2.10 2.30 2.65

Taxable Equivalent Yield, 32% Tax Rate2

0.25 0.26 0.36 0.58 0.80 1.19 1.65 2.01 2.20 2.53

Corporate Bond Yield Curves and Spreads

AA

A

BBB

BB

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

1-Yr

0.21

14

0.25

18

0.46

39

1.56

149

2-Yr

0.37

10

0.44

16

0.68

40

1.93

165

3-Yr

0.68

18

0.76

25

1.01

50

2.36

185

4-Yr

0.96

19

1.07

30

1.35

58

2.80

203

5-Yr

1.21

24

1.33

36

1.62

66

3.17

220

7-Yr

1.62

33

1.77

48

2.09

81

3.71

242

10-Yr 2.04

55

2.23

74

2.58 110 4.18

269

15-Yr 2.50

82

2.76 108 3.16 148 4.71

303

20-Yr 2.74

75

2.92

94

3.33 134 4.82

283

30-Yr 2.87

83

2.98

93

3.27 123 4.71

267

Short-Term Yield Curves

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

Treasury Bills Agency Discount Notes Commercial Paper Libor

0.04

NA

0.10

0.08

0.03

0.07

0.10

0.13

0.05

0.08

0.11

0.16

0.07

0.12

NA

0.24

International Yield Curves

Maturity Canada

France Germany

Japan

2-Year

0.51

-0.71

-0.72

-0.14

5-Year

1.08

-0.37

-0.59

-0.10

10-Year

1.47

0.11

-0.24

0.05

30-Year

1.95

0.89

0.24

0.65

United Kingdom

0.39 0.62 1.00 1.35

Mortgage Backed Securities

Term

Yield

MBS Conventional -3YR

2.0

GNMA - Aggregate Term

1.9

Municipal Yield Curves

Maturity AAA

AA

A

1-Yr

0.17

0.23

0.34

2-Yr

0.18

0.26

0.35

3-Yr

0.25

0.36

0.43

4-Yr

0.39

0.52

0.58

5-Yr

0.54

0.69

0.74

7-Yr

0.81

0.98

1.02

10-Yr

1.12

1.31

1.35

15-Yr

1.37

1.55

1.62

20-Yr

1.50

1.67

1.77

30-Yr

1.72

1.89

2.02

BBB

Insured

PreRefunded

0.79

0.94

0.18

0.79

0.98

0.22

0.86

1.03

0.30

1.01

1.09

0.44

1.17

1.10

0.58

1.44

1.23

0.83

1.76

1.48

1.14

2.01

1.78

NA

2.14

1.97

NA

2.37

2.16

NA

Constant Maturity Swap Rates

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

Swaps 0.39 1.05 1.51 1.79

Short-Term Yield Curves

Government Repo

Overnight

0.03

1-week

0.04

1-month

0.04

3-month

0.06

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; September 30, 2021.

Daily Market Update | October 1, 2021 | 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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