Recent CPI Data Reinforces Need for Inflation-Fighting Assets

Disclosures

Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Bloomberg U.S. Aggregate Government/Credit Index is a broad-based benchmark that measures the performance of U.S. Dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year. EMIX Global Energy Index (discontinued) measures the returns of companies in the oil, gas and consumable fuels extraction industries. EMIX Global Mining ex. Gold & Energy Index (discontinued) measure the returns of companies in the metal and mineral extraction industries excluding gold and energy companies. FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. Ibbotson SBBI U.S. Intermediate Government Bond Index is an unweighted index that measures the performance of U.S. Treasury and U.S. Government Agency bonds with maturities between four and seven years. Ibbotson SBBI U.S. Long-Term Corporate Bond Index is an unweighted index that measures the performance of U.S. corporate bonds with maturities of seven years or longer. NYSE Arca Gold Miners Index is a modified market capitalization-weighted index composed of publicly traded companies involved primarily in the mining for gold. The Index is calculated and maintained by the New York Stock Exchange. MSCI ACWI Select Energy Producers Index aims to focus on companies in the energy industries that are highly sensitive to underlying prices of energy commodities. The index includes companies at or near the initial phase of energy production that are primarily engaged in the exploration and production of oil and gas or in the production and mining of coal and other consumable fuels related to the generation of energy. MSCI ACWI Select Metals & Mining Producers ex. Gold & Silver Index aims to focus on companies in the industrial and rare earth metals (excluding gold and silver) that are highly sensitive to underlying prices of industrial and rare earth metals. The index includes companies that are primarily engaged in the production or extraction of metals and minerals, in the mining of precious metals excluding gold and silver (e.g. platinum), or in the production of aluminum or steel. S&P 500 Index is widely regarded as the best single gauge of large-cap U.S. equities. The index is a float-adjusted, market-cap-weighted index of 500 leading U.S. companies from across all market sectors including information technology, telecommunications services, utilities, energy, materials, industrials, real estate, financials, health care, consumer discretionary, and consumer staples.

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Consumer Price Index for All Urban Consumers (All Items) (U.S. CPI; Headline CPI) is a measure of the average change in the price for goods and services paid by urban consumers between any two time periods. It can also represent the buying habits of urban consumers. This particular index includes roughly 88 percent of the total population, accounting for wage earners, clerical workers, technical workers, self-employed, short-term workers, unemployed, retirees, and those not in the labor force. The CPIs are based on prices for food, clothing, shelter, and fuels; transportation fares; service fees (e.g., water and sewer service). Core CPI is U.S. CPI excluding food and energy.

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