*Left chart source: Bloomberg. As of Sept. 30, 2016. Indexes are unmanaged and used for illustrative purposes only. It is not possible to invest directly in an index. U.S. balanced portfolio consists of 60% S&P 500 Index, 40% BofA/ML Current 10-Year U.S. Treasury Index. Return expectation is calculated using the earnings yield of the S&P 500 and the 10-year U.S. Treasury yield. Right chart source: Callan Associates, cited in the Wall Street Journal, “Pension Funds Pile on Risk to Get a Reasonable Return.” May 2016.