Use Excel to draw the security market line based on a market rate equivalent to the S&P 500 2014 return and a risk free rate equivalent to the current 10 year Treasury rate.

Annual Returns SPY SPY (Price) SPY (NAV) S&P 500 TR USD (Price) Large Blend (NAV) 20 ITD 2007 2014 2016 History 2008 2009 2010 2011 2012 2013 2015 SPY (Price) 5.14 36.81 26.37 15.06 1.89 15.99 32.31 13.46 1.25 12.00 1.79 SPY (NAV) 36.97 26.42 14.93 2.06 15.84 32.21 13.53 5.390 1.34 11.80 1.89 11.96 S&P 500 TR USD (Price) 5.49 37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 1.90 31.50 Large Blend (NAV) 6.16 37.79 28.17 14.01 1.27 14.96 10.96 1.07 10.37 1.81 0.09 Annual Report Net Expense Ratio 0.08 0.09 Turnover Ratio Rank in Category (Price) Rank in Category (NAV) 51 37 SPY (Price) return as of 01/31/2017. SPY (NAV) return as of 01/31/2017. S&P 500 TR USD (Price) retum as of 01/31/2017. S&P 500 TR USD (NAV). Large Blend (NAV) return as of 01/31/2017