Buy, Hold, and Sell!

Appendix

Diversified Allocations - Figures 13.2 and 13.3:

The hypothetical historical returns were created with the benefit of hindsight using the percentage allocations shown in the appendix. Simulated performance results do not reflect actual trading and have inherent limitations. Please see additional disclosures. Any changes will have an impact on the hypothetical historical performance results, which could be material. Hypothetical performance results have many inherent limitations and no representation is being made that any investor will, or is likely to achieve, performance similar to that shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved. Portfolios are comprised of underlying indices.

Asset Classes	Benchmark	Definition	Diversified Portfolio
U.S. Large Cap	S&P 500	Standard & Poor's 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses, or taxes. It is not possible to invest directly in an unmanaged index.	55%
International	MSCI EAFE	A market capitalization-weighted composite of securities in 21 developed markets. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses, or taxes. It is not possible to invest directly in an unmanaged index.	15%
U.S. Fixed Income	Barclays Aggregate Bond Index	Represents an ...