The History of Asset Classes Definitions and Performance: 1996-2015 Annualized Return Standard Deviation TARGETING PORTFOLIO SOLUTIONS Asset Class Proxy Index Index Description U.S. Stocks S&P 500 Index 8.19% 15.29% Consisting of 500 U.S. equities, a common broad-based benchmark used to represent the domestic stock market. Bonds Barclays Capital U.S. Aggregate Bond Index 5.34% 3.46% A common bond benchmark used to represent broad-based fixed income exposure. International Stocks MSCI EAFE Index 4.83% 16.72% A broad benchmark to measure the performance of established international (nonU.S.) equity markets across Europe, Australia and Asia. Emerging Markets MSCI Emerging Markets Index 5.45% 23.61% An index designed to measure equity market performance in global emerging markets of developing economic countries and regions. REITs FTSE NAREIT All Equity REITs 10.88% 20.24% Designed as a comprehensive real estate investment trust (REIT) index that spans the commercial real estate space across multiple investment and property sectors. Commodity Bloomberg Commodity Index 0.99% 16.26% Formerly the Dow Jones-UBS Commodity Index (before July 2014), composed of a broad array of futures contracts on physical commodities. Managed Futures Barclay CTA Index 4.59% 7.01% Net performance index of more than 500 managed programs (CTAs) designed to reflect the overall managed futures industry with regard to trading style and overall market exposure. Currencies Barclay Currency Traders Index 3.74% 4.84% An equal-weighted composite of managed programs that specifically trade currency futures/forwards in the global interbank market. Hedge Funds HFRI Fund Weighted Composite Index 7.66% 6.95% Net performance index of more than 2000 monthly reporting hedge funds with at least $50 million or an active track record greater than twelve months. Past performance does not guarantee future returns. Index returns assume reinvestment of dividends, but do not include fees.

Indexes are not available for direct investment. Source: Index data, as publicly reported, compiled and calculated via FactSet. Standard Deviation is a statistical measurement of volatility based on historical returns. The indexes above are shown as common proxies for various asset classes, as described.

Other indexes may exist to serve as alternate proxies for the asset classes. All investment methodologies have risks, both general and product-specific, including the risk of loss of principal. Alternative investments, such as hedge funds and managed futures, may have additional risks not typically associated with traditional asset classes.

The information provided is intended to be general in nature, not specific to any investor profile, and should not be construed as investment advice. This information is subject to change at anytime, based on market volatility and other conditions, and should not be considered as a recommendation of any specific security. Always read the prospectus or offering memorandum before making any investment.

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