Diversification does not assure a profit or protect against loss.
The chart represents returns of an equally weighted portfolio comprising the following asset classes: U.S. Equity (S&P 500 Index); Non-U.S. Developed Equity (MSCI EAFE); Emerging Markets (MSCI EM Index); U.S. Treasuries (Bloomberg Barclays U.S. Treasury Index); Global Bonds (FTSE World Government Bond Index); Emerging Market Bonds (J.P. Morgan EM Bond Index Global Index); Investment-Grade Bonds (Bloomberg Barclays U.S. Corporate Investment-Grade Index); High-Yield (Bloomberg Barclays U.S. Corporate High Yield Bond Index); Mortgage-backed Securities (Bloomberg Barclays U.S. MBS Index); TIPS (Bloomberg Barclays Global Inflation-Linked Bond index); REITs (FTSE NAREIT REITs Index); Commodities (Bloomberg Commodity Index). It is not possible to invest directly in an index. The Bloomberg Barclays Global Inflation Linked Bond Index is designed to include those markets in which a global government linker fund is likely and able to invest. The Bloomberg Barclays U.S. Corporate Investment-Grade Index measures the investment-grade, taxable corporate bond market. The Bloomberg Barclays U.S. Corporate High Yield Bond Index represents the universe of fixed-rate, non-investment-grade debt. The Bloomberg Barclays U.S. Mortgage-Backed Securities Index includes 15- and 30-year fixed-rate securities backed by mortgage pools of Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA). The Bloomberg Barclays US Treasury Index (U.S. Treasuries) measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. The Bloomberg Commodity Index (formerly DJ UBS Commodity Index), is a broadly diversified index composed of commodities traded on U.S. exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange. The FTSE National Association of Real Estate Investment Trusts (NAREIT) Index is an index that reflects performance of all publicly traded equity real estate investment trusts. The FTSE World Government Bond Index measures the performance of fixed-rate, local currency, investment-grade sovereign bonds. The JPMorgan Emerging Market Bond Index Global tracks total returns for traded external debt instruments in emerging markets and is an expanded version of the JPMorgan EMBI+. As with the EMBI+, the EMBI Global includes U.S.-dollar-denominated Brady bonds, loans and Eurobonds with an outstanding face value of at least $500 million. It covers more of the eligible instruments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity. The MSCI Europe, Australasia, Far East (EAFE) Index captures large and mid-cap stocks across developed markets countries around the world, excluding the U.S. and Canada. The MSCI Emerging Markets Index, an unmanaged market-capitalization weighted index, is compiled from a composite of securities markets of 26 emerging market countries. The S&P 500 Index tracks the performance of 500 widely held, large capitalization U.S. stocks.