S&P 500 Return Histograms

1. S&P 500 Return Histograms The histogram illustrations on the following pages represent frequency distributions for S&P 500 index total returns based on a variety of time periods: • 1-year holding period • 5-year holding period* • 10-year holding period* • 20-year holding period* (*returns calculated on a rolling annualized basis) For each chart and each return range, the index return history is sorted from highest to lowest for each segment. For example, in the 1-year holding period chart, the years 1966, 1957, 1941, 2001 and 1973 fall into the return interval of -15% to -10%, with 1966 delivering the highest return and 1973 having the lowest return.

2. S&P 500 Annual Return Histogram

3. S&P 500 Annualized Rolling 5-Year Return Histogram

4. S&P 500 Annualized Rolling 10-Year Return Histogram

5. S&P 500 Annualized Rolling 20-Year Return Histogram

6. Disclosures Performance represents the total return of the Standard & Poor's 500 Index over a variety of time periods.  The Standard & Poor’s 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies and is commonly used as a gauge of the overall U.S. equity market.  Index returns include dividend and/or interest income and do not reflect the removal of fees or expenses.  Index performance is provided as a benchmark but is not illustrative of any particular investment.  An investment cannot be made in an index and market indexes do not include expenses.     The performance data shown represents past performance, which is not a guarantee of future results.  Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost.      Sources: Ibbotson, FPS calculations