Source: Refinitiv, 2023, for the period 1/1/2003 to 12/31/2022. Small-cap stocks are represented by the S&P SmallCap 600 Total Return; large-cap stocks by the S&P 500 Composite Total Return; corporate bonds by the Citigroup Corporate Bond Composite Index; and Treasuries by the Citigroup Treasury 7–10 Year Index. The returns do not include fees, taxes, and expenses, which would reduce the performance shown. The performance of an unmanaged index is not indicative of the performance of any specific security. Individuals cannot invest directly in any index. Past performance is not a guarantee of future results. Actual results will vary. Growth of original $10,000 investment $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $20,332 $23,074 $64,844 $75,495 1/2003 12/2007 12/2012 12/2017 12/2022 Small-cap stocks Large-cap stocks Corporate bonds Treasury bonds Corporates Treasuries S&P Small Caps