87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 100% ll 90% 80% - 70% • 60% • 50% • 40% 30% • 20% 10% • 0% • 0% Correlation of U.S. Public and Private Pension Funds to the S&P 500 0-.25 .25-.5 .5-.75 Correlation to S&P 500 98% .75.1.0 Seurat POISPCM 6 Invosttrans and Bncloawatol warn WHERE SHOWN. HYPOTHETI