Past performance no guarantee of future results. Current performance may be lower or higher than past performance.

Asset allocations are for most recent reported actual allocation (6/30/2015)

Illiquid investments are sum of hedge strategies, private equity, and real asset/inflation/commodities components of the portfolio.

Average annualized returns for 10 year period ended June 30, 2015, net of underlying fund expenses/fees. Endowment Index™ results prior to May 19, 2014 include back tested data and is presented gross of fees.