Global Equities Momentum (GEM) is a rules-based approach using relative and absolute momentum applied to the following indexes: Standard & Poor’s 500, MSCI All Country World ex-US (MSCI World ex-US from 1970 to 1988 and Global Financial Data World ex-US prior to 1970) and Barclays Capital US Aggregate Bond (Ibbotson US Intermediate Government Bond prior to 1976). Relative momentum looks for strength relative to other assets, while absolute momentum looks for positive past returns in excess of US Treasury bill returns. GEM is reconstituted monthly. Global Asset Allocation BENCHMARK is weighted 45% Standard & Poor’s 500, 27% Barclays Capital US Aggregate Bond (Ibbotson Intermediate Government Bond prior to 1976), and 28% MSCI All Country World ex-US (MSCI World ex-US from 1970 to 1988 and Global Financial Data World ex-US prior to 1970), which are the average allocations to GEM. Rules for determining GEM positions are inDual Momentum Investing: An Innovative Strategy for Higher Returns with Less Risk. You cannot invest directly in GEM. GEM performance does not represent actual fund or portfolio performance. All performance represents total returns and includes reinvestment of interest and dividends but does not reflect management fees, transaction costs, taxes, or other expenses. Historical data and analysis should not be taken as an indication or guarantee of future performance. Future performance of GEM may differ significantly from historical performance. Please see our Disclaimer page for additional disclosures.