Chart Source: Bloomberg and GSAM. Analysis is based on total return data for the S&P 500 Total Return Index from 1989 to 2015. The lowest year-to-date (YTD) Return represents the minimum YTD return on a year-over-year basis. Past performance does not guarantee future results, which may vary.

Chart Source: Bloomberg and GSAM. Analysis is based on total return data for the S&P 500 Total Return Index from 1989 to 2015. The lowest year-to-date (YTD) Return represents the minimum YTD return on a year-over-year basis. Past performance does not guarantee future results, which may vary.