Monthly commentary: Global Allocation (GA Selects) Model Portfolio

Source: Bloomberg as of October 31, 2025. The above illustrates the YTD returns of the following indexes in USD through 10/31/25. U.S. large cap stocks represented by the S&P 500 Index, U.S. small cap stocks by the Russell 2000 Index, Global stocks represented by the MSCI World Net Total Return Index, European stocks by the MSCI Europe Index, Chinese stocks by the Shanghai Composite Index, Japanese stocks by the MSCI Japan Index, emerging market stocks by the MSCI Emerging Markets Index, U.S. Treasuries by the ICE BofA/ML 10-Year Treasury Index, U.S. municipal bonds by the S&P National AMT-Free Municipal Bond Total Return Index, investment grade bonds by the ICE BofA/ML U.S. Corporate Index, U.S. high yield bonds by the ICE BofA/ML U.S. High Yield Index, U.S. Aggregate by the Bloomberg U.S. Aggregate Bond Index, international bonds by the FTSE Non-USD World Gov't Bond Index, EM bonds by the JPM EMBI Global Core Index. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.