For illustrative purposes only. Latest month-end data as of December 31, 2022. Market cycle returns calculated using Ibbotson U.S. Equity Total Return Index from 1971-1978 and Russell 3000© Index from 1979 to 2022. In USD. Source for market events: Russell Investments. Indexes are unmanaged and cannot be invested in directly. Past performance is not indicative of future results.