The Bloomberg Barclays U.S. Corporate High Yield Bond Index (Representing U.S. High Yield Bonds) is a total return performance benchmark for fixed income securities having a maximum quality rating of Ba1 (as determined by Moody’s Investors Service). Bloomberg Barclays U.S. Aggregate Bond Index (representing Investment Grade Bonds): The Bloomberg Barclays U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds. The Bloomberg Barclays U.S. Municipal Bond Index (representing Muni Bonds) is a broad-based benchmark that measures the investment grade, U.S. Dollar-denominated, fixed, tax exempt bond market. The index includes state and local general obligation, revenue, insured, and pre-refunded bonds. The HFRI Fund Weighted Composite Index (representing Alternatives): is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees’ performance in U.S. Dollar and have a minimum of $50 million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include funds of hedge funds. MSCI World Index Ex USA (representing Foreign Developed Equity): The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 developed markets countries—excluding the United States. With 914 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI Emerging Markets Index (representing Emerging Markets) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Please go to msci.com for most current list of countries represented by the index. The MSCI ACWI ex USA Small Cap Index (representing International Small Cap) is a free float-adjusted market capitalization weighted index that is designed to measure the small capitalization equity market performance of certain developed (excluding the U.S.) and emerging markets. Please go to msci.com for most current list of countries represented by the index. The Russell 2000® Index (representing U.S. Small Cap Equity) measures the performance of approximately 2,000 small cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000® serves as a benchmark for small cap stocks in the United States. Please go to msci.com for the most current list of countries represented by the index. The Dow Jones U.S. Select REIT Index (representing U.S. Real Estate) tracks the performance of publicly traded real estate investment trusts (REITs) and REIT-like securities and is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. The S&P 500® Index (representing U.S. Large Cap Equity) is a capitalization-weighted index of 500 stocks. The S&P 500® Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Diversified Portfolio Allocation: Investment Grade Bonds (IG Bonds): 30%; Municipals (Munis): 5%; U.S. High Yield Bonds (US HYB): 5%; U.S. Large Cap Equity: (US LC): 20%; U.S. Small Cap Equity (US SC): 10%; Foreign Developed Equity (For Dev): 10%; International Small Cap (Intl SC): 5%; Emerging Markets (EM): 5%; U.S. Real Estate (REITs): 5%; and Alternatives (Alts): 5%. A bull market is a prolonged period in which investment prices are rising or are expected to rise. A 20% increase of the S&P 500® Index was used and calculated on a monthly basis. A bull market may also be a prolonged period of time when prices are rising in a financial market faster than their historical average. Bull markets are characterized by optimism, investor confidence, and expectations that strong results will continue. Bull markets can happen as a result of an economic recovery, an economic boom, or investor psychology. A bear market is a prolonged period in which investment prices are falling or are expected to fall, accompanied by widespread pessimism. A 20% decrease of the S&P 500® Index was used and calculated on a monthly basis. Bear markets usually occur when the economy is in a recession and unemployment is high, or when inflation is rising quickly. The S&P 500® Index is proprietary data of Standard & Poor’s, a division of McGraw-Hill Companies, Inc. All rights reserved. The indices are unmanaged, are not available for investment, and do not incur expenses.