, long-term government bonds, Treasury bills, and international stocks (20% each). CI 2018 Morningstar. All Rights Reserved. Page 19 EFTA00810633 Ibbotson° SBBI®: Stocks, bonds, bills, and inflation 1926 — 2017 t,15 Merrill Lynch MS Bank of America Corporation Equities have the potential to increas

licy, *,4%,$#er* NYC Mayor's Office of Pensions & Investments •Asset Allocation Policy explains about 100% of the level of return across funds (Ibbotson) •Asset Allocation Policy explains 90% of the variability of actual returns of a fund over time (Brinson; Ibbotson) • Asset Allocation Policy expl