Company Stock Performance The following graph shows a five-year comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for the Company, the S&P 500 Composite Index, the S&P Computer Hardware Index, and the Dow Jones U. S.  Technology Index.
The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Composite Index, the S&P Computer Hardware Index, and the Dow Jones U. S.  Technology Index on September 30, 2006.
Data points on the graph are annual.
Note that historic stock price performance is not necessarily indicative of future stock price performance.
## Table 0 ##
*$100 invested on 9/30/06 in stock or index, including reinvestment of dividends.
Fiscal year ending September 30.
Copyright?2011 S&P, a division of The McGraw-Hill Companies Inc.  All rights reserved.
Copyright?2011 Dow Jones & Co.  All rights reserved.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Fair Value of Cash Instruments by Level The tables below present cash instrument assets and liabilities at fair value by level within the fair value hierarchy.
In the tables below: · Cash instrument assets and liabilities are included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” respectively.
· Cash instrument assets are shown as positive amounts and cash instrument liabilities are shown as negative amounts.
## Table 1 ##
Cash Instruments at Fair Value as of December 2014
## Table 2 ##
In the tables above: · Total cash instrument assets includes collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs) backed by real estate and corporate obligations of $405 million in level 2 and $774 million in level 3 as of December 2015, and $234 million in level 2 and $1.34 billion in level 3 as of December 2014, respectively.
· Level 3 equities and convertible debentures includes $7.69 billion of private equity investments, $308 million of investments in real estate entities and $552 million of convertible debentures as of December 2015, and $10.25 billion of private equity investments, $294 million of investments in real estate entities and $562 million of convertible debentures as of December 2014.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements The firm also pledges certain financial instruments owned, at fair value in connection with repurchase agreements, securities loaned transactions and other secured financings, and other assets (primarily real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them.
The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged by the firm.
## Table 3 ##
1.
As of December 2015 and December 2014, amounts exclude $13.40 billion and $6.04 billion, respectively, of securities received under resale agreements, and $5.54 billion and $7.08 billion, respectively, of securities borrowed transactions that contractually had the right to be delivered or repledged, but were segregated to satisfy certain regulatory requirements.
The table below presents information about assets pledged.
## Table 4 ##
Note 11.
Securitization Activities The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e. g. , trusts, corporate entities and limited liability companies) or through a resecuritization.
The firm acts as underwriter of the beneficial interests that are sold to investors.
The firm’s residential mortgage securitizations are primarily in connection with government agency securitizations.
Beneficial interests issued by securitization entities are debt or equity securities that give the investors rights to receive all or portions of specified cash inflows to a securitization vehicle and include senior and subordinated interests in principal, interest and/or other cash inflows.
The proceeds from the sale of beneficial interests are used to pay the transferor for the financial assets sold to the securitization vehicle or to purchase securities which serve as collateral.
The firm accounts for a securitization as a sale when it has relinquished control over the transferred assets.
Prior to securitization, the firm accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets.
Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors.
For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction.
See Notes 10 and 23 for further information about collateralized financings and interest expense, respectively.
The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with transferred assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of senior or subordinated securities.
The firm may also purchase senior or subordinated securities issued by securitization vehicles (which are typically VIEs) in connection with secondary market-making activities.
The primary risks included in beneficial interests and other interests from the firm’s continuing involvement with securitization vehicles are the performance of the underlying collateral, the position of the firm’s investment in the capital structure of the securitization vehicle and the market yield for the security.
Substantially all of these interests are accounted for at fair value, are included in “Financial instruments owned, at fair value” and are classified in level 2 of the fair value hierarchy.
See Notes 5 through 8 for further information about fair value measurements.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements The APEX Trusts and the 2012 Trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes.
The firm has covenanted in favor of the holders of Group Inc. ’s 6.345% junior subordinated debt due February 15, 2034, that, subject to certain exceptions, the firm will not redeem or purchase the capital securities issued by the APEX Trusts or shares of Group Inc. ’s Series E or Series F Preferred Stock prior to specified dates in 2022 for a price that exceeds a maximum amount determined by reference to the net cash proceeds that the firm has received from the sale of qualifying securities.
Junior Subordinated Debt Issued in Connection with Trust Preferred Securities.
Group Inc.  issued $2.84 billion of junior subordinated debt in 2004 to Goldman Sachs Capital I (Trust), a Delaware statutory trust.
The Trust issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred Securities) to third parties and $85 million of common beneficial interests to Group Inc.  and used the proceeds from the issuances to purchase the junior subordinated debt from Group Inc.  During 2014 and the first quarter of 2015, the firm purchased $1.43 billion (par amount) of Trust Preferred Securities and delivered these securities, along with $44.2 million of common beneficial interests, to the Trust in exchange for a corresponding par amount of the junior subordinated debt.
Following the exchanges, these Trust Preferred Securities, common beneficial interests and junior subordinated debt were extinguished.
Subsequent to these extinguishments, the outstanding par amount of junior subordinated debt held by the Trust was $1.36 billion and the outstanding par amount of Trust Preferred Securities and common beneficial interests issued by the Trust was $1.32 billion and $40.8 million, respectively.
The Trust is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes.
The firm pays interest semi-annually on the junior subordinated debt at an annual rate of 6.345% and the debt matures on February 15, 2034.
The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the junior subordinated debt.
The firm has the right, from time to time, to defer payment of interest on the junior subordinated debt, and therefore cause payment on the Trust’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods.
During any such deferral period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock.
The Trust is not permitted to pay any distributions on the common beneficial interests held by Group Inc.  unless all dividends payable on the preferred beneficial interests have been paid in full.
Note 17.
Other Liabilities and Accrued Expenses The table below presents other liabilities and accrued expenses by type.
## Table 5 ##
1.
Primarily relates to consolidated investment funds.2.
Substantially all of the increase from December 2014 to December 2015 relates to provisions for the agreement in principle with the Residential Mortgage-Backed Securities Working Group of the U. S.  Financial Fraud Enforcement Task Force (RMBS Working Group).
See Note 27 for further information about this agreement in principle.3.
Includes $783 million of liabilities classified as held for sale related to certain of the firm’s consolidated investments in Europe.
See Note 13 for further information.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Unrecognized Tax Benefits The firm recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position.
A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement.
A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements.
The accrued liability for interest expense related to income tax matters and income tax penalties was $101 million as of both December 2015 and December 2014.
The firm recognized interest expense and income tax penalties of $17 million, $45 million and $53 million for 2015, 2014 and 2013, respectively.
It is reasonably possible that unrecognized tax benefits could change significantly during the twelve months subsequent to December 2015 due to potential audit settlements.
However, at this time it is not possible to estimate any potential change.
The table below presents the changes in the liability for unrecognized tax benefits.
This liability is included in “Other liabilities and accrued expenses.
” See Note 17 for further information.
## Table 6 ##
Regulatory Tax Examinations The firm is subject to examination by the U. S.  Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong, Korea and various states, such as New York.
The tax years under examination vary by jurisdiction.
The firm does not expect completion of these audits to have a material impact on the firm’s financial condition but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.
The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

<table><tr><td></td><td>September 30, 2006</td><td>September 30, 2007</td><td>September 30, 2008</td><td>September 30, 2009</td><td>September 30, 2010</td><td>September 30, 2011</td></tr><tr><td>Apple Inc.</td><td>$100</td><td>$199</td><td>$148</td><td>$241</td><td>$369</td><td>$495</td></tr><tr><td>S&P 500</td><td>$100</td><td>$116</td><td>$91</td><td>$85</td><td>$93</td><td>$94</td></tr><tr><td>S&P Computer Hardware</td><td>$100</td><td>$148</td><td>$124</td><td>$147</td><td>$174</td><td>$197</td></tr><tr><td>Dow Jones US Technology</td><td>$100</td><td>$123</td><td>$94</td><td>$104</td><td>$117</td><td>$120</td></tr></table>
<table><tr><td></td><td colspan="4">Cash Instruments at Fair Value as of December 2015</td></tr><tr><td><i>$ in millions</i></td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td></tr><tr><td> Assets</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial paper, certificates of deposit, time deposits and other money market instruments</td><td>$ 625</td><td>$ 1,958</td><td>$ —</td><td>$ 2,583</td></tr><tr><td>U.S. government and federal agency obligations</td><td>24,844</td><td>21,538</td><td>—</td><td>46,382</td></tr><tr><td>Non-U.S. government and agency obligations</td><td>26,500</td><td>5,260</td><td>12</td><td>31,772</td></tr><tr><td>Loans and securities backed by commercial real estate</td><td>—</td><td>3,051</td><td>1,924</td><td>4,975</td></tr><tr><td>Loans and securities backed by residential real estate</td><td>—</td><td>11,418</td><td>1,765</td><td>13,183</td></tr><tr><td>Bank loans and bridge loans</td><td>—</td><td>9,014</td><td>3,150</td><td>12,164</td></tr><tr><td>Corporate debt securities</td><td>218</td><td>14,330</td><td>2,092</td><td>16,640</td></tr><tr><td>State and municipal obligations</td><td>—</td><td>891</td><td>101</td><td>992</td></tr><tr><td>Other debt obligations</td><td>—</td><td>1,057</td><td>538</td><td>1,595</td></tr><tr><td>Equities and convertible debentures</td><td>81,252</td><td>8,271</td><td>8,549</td><td>98,072</td></tr><tr><td>Commodities</td><td>—</td><td>3,935</td><td>—</td><td>3,935</td></tr><tr><td>Subtotal</td><td>$133,439</td><td>$80,723</td><td>$18,131</td><td>$232,293</td></tr><tr><td>Investments in funds measured at NAV</td><td></td><td></td><td></td><td>7,757</td></tr><tr><td> Total cash instrument assets</td><td></td><td></td><td></td><td>$240,050</td></tr><tr><td> Liabilities</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government and federal agency obligations</td><td>$ -15,455</td><td>$ -61</td><td>$ —</td><td>$ -15,516</td></tr><tr><td>Non-U.S. government and agency obligations</td><td>-13,522</td><td>-1,451</td><td>—</td><td>-14,973</td></tr><tr><td>Loans and securities backed by commercial real estate</td><td>—</td><td>-4</td><td>—</td><td>-4</td></tr><tr><td>Loans and securities backed by residential real estate</td><td>—</td><td>-2</td><td>—</td><td>-2</td></tr><tr><td>Bank loans and bridge loans</td><td>—</td><td>-337</td><td>-124</td><td>-461</td></tr><tr><td>Corporate debt securities</td><td>-2</td><td>-6,119</td><td>-2</td><td>-6,123</td></tr><tr><td>State and municipal obligations</td><td>—</td><td>-2</td><td>—</td><td>-2</td></tr><tr><td>Other debt obligations</td><td>—</td><td>-1</td><td>-1</td><td>-2</td></tr><tr><td>Equities and convertible debentures</td><td>-30,790</td><td>-538</td><td>-66</td><td>-31,394</td></tr><tr><td> Total cash instrument liabilities</td><td>$ -59,769</td><td>$ -8,515</td><td>$ -193</td><td>$ -68,477</td></tr></table>
<table><tr><td></td><td colspan="4">Cash Instruments at Fair Value as of December 2014</td></tr><tr><td><i>$ in millions</i></td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td></tr><tr><td> Assets</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial paper, certificates of deposit, time deposits and other money market instruments</td><td>$ —</td><td>$ 3,654</td><td>$ —</td><td>$ 3,654</td></tr><tr><td>U.S. government and federal agency obligations</td><td>18,540</td><td>29,462</td><td>—</td><td>48,002</td></tr><tr><td>Non-U.S. government and agency obligations</td><td>30,255</td><td>6,668</td><td>136</td><td>37,059</td></tr><tr><td>Loans and securities backed by commercial real estate</td><td>—</td><td>3,865</td><td>3,275</td><td>7,140</td></tr><tr><td>Loans and securities backed by residential real estate</td><td>—</td><td>9,172</td><td>2,545</td><td>11,717</td></tr><tr><td>Bank loans and bridge loans</td><td>—</td><td>7,198</td><td>6,973</td><td>14,171</td></tr><tr><td>Corporate debt securities</td><td>249</td><td>17,537</td><td>3,633</td><td>21,419</td></tr><tr><td>State and municipal obligations</td><td>—</td><td>1,093</td><td>110</td><td>1,203</td></tr><tr><td>Other debt obligations</td><td>—</td><td>2,387</td><td>870</td><td>3,257</td></tr><tr><td>Equities and convertible debentures</td><td>68,974</td><td>7,818</td><td>11,108</td><td>87,900</td></tr><tr><td>Commodities</td><td>—</td><td>3,846</td><td>—</td><td>3,846</td></tr><tr><td>Subtotal</td><td>$118,018</td><td>$92,700</td><td>$28,650</td><td>$239,368</td></tr><tr><td>Investments in funds measured at NAV</td><td></td><td></td><td></td><td>9,610</td></tr><tr><td>Total cash instrument assets</td><td></td><td></td><td></td><td>$248,978</td></tr><tr><td> Liabilities</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government and federal agency obligations</td><td>$ -12,746</td><td>$ -16</td><td>$ —</td><td>$ -12,762</td></tr><tr><td>Non-U.S. government and agency obligations</td><td>-19,256</td><td>-1,244</td><td>—</td><td>-20,500</td></tr><tr><td>Loans and securities backed by commercial real estate</td><td>—</td><td>-1</td><td>—</td><td>-1</td></tr><tr><td>Bank loans and bridge loans</td><td>—</td><td>-286</td><td>-178</td><td>-464</td></tr><tr><td>Corporate debt securities</td><td>—</td><td>-5,741</td><td>-59</td><td>-5,800</td></tr><tr><td>Other debt obligations</td><td>—</td><td>—</td><td>-2</td><td>-2</td></tr><tr><td>Equities and convertible debentures</td><td>-27,587</td><td>-722</td><td>-5</td><td>-28,314</td></tr><tr><td>Commodities</td><td>—</td><td>-1,224</td><td>—</td><td>-1,224</td></tr><tr><td>Total cash instrument liabilities</td><td>$ -59,589</td><td>$ -9,234</td><td>$ -244</td><td>$ -69,067</td></tr></table>
<table><tr><td></td><td colspan="2">As of December</td></tr><tr><td><i>$ in millions</i></td><td> 2015</td><td>2014</td></tr><tr><td>Collateral available to be delivered or repledged<sup>1</sup></td><td> $636,684</td><td>$630,046</td></tr><tr><td>Collateral that was delivered or repledged</td><td> 496,240</td><td>474,057</td></tr></table>
<table><tr><td></td><td colspan="2">As of December</td></tr><tr><td><i>$ in millions</i></td><td> 2015</td><td>2014</td></tr><tr><td>Financial instruments owned, at fair value pledged to counterparties that:</td><td></td><td></td></tr><tr><td>Had the right to deliver or repledge</td><td> $ 54,426</td><td>$ 64,473</td></tr><tr><td>Did not have the right to deliver or repledge</td><td> 63,880</td><td>68,027</td></tr><tr><td>Other assets pledged to counterparties that:</td><td></td><td></td></tr><tr><td>Did not have the right to deliver or repledge</td><td> 1,841</td><td>1,304</td></tr></table>
<table><tr><td></td><td colspan="4">As of December</td></tr><tr><td><i>$ in millions</i></td><td> </td><td> 2015</td><td> </td><td>2014</td></tr><tr><td>Compensation and benefits</td><td> </td><td> $ 8,149</td><td> </td><td>$ 8,368</td></tr><tr><td>Noncontrolling interests<sup>1</sup></td><td> </td><td> 459</td><td> </td><td>404</td></tr><tr><td>Income tax-related liabilities</td><td> </td><td> 1,280</td><td> </td><td>1,533</td></tr><tr><td>Employee interests in consolidated funds</td><td> </td><td> 149</td><td> </td><td>176</td></tr><tr><td>Subordinated liabilities issued by consolidated VIEs</td><td> </td><td> 501</td><td> </td><td>843</td></tr><tr><td>Accrued expenses and other<sup>2</sup></td><td> <sup></sup></td><td> 8,355<sup></sup></td><td> <sup>3</sup></td><td>4,751</td></tr><tr><td> Total</td><td> </td><td> $18,893</td><td> </td><td>$16,075</td></tr></table>
<table><tr><td></td><td colspan="3">As of December</td></tr><tr><td><i>$ in millions</i></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Balance, beginning of year</td><td>$ 871</td><td>$ 1,765</td><td>$2,237</td></tr><tr><td>Increases based on tax positions related to the current year</td><td>65</td><td>204</td><td>144</td></tr><tr><td>Increases based on tax positions related to prior years</td><td>158</td><td>263</td><td>149</td></tr><tr><td>Decreases based on tax positions related to prior years</td><td>-205</td><td>-241</td><td>-471</td></tr><tr><td>Decreases related to settlements</td><td>-87</td><td>-1,112</td><td>-299</td></tr><tr><td>Exchange rate fluctuations</td><td>23</td><td>-8</td><td>5</td></tr><tr><td> Balance, end of year</td><td>$ 825</td><td>$ 871</td><td>$1,765</td></tr><tr><td>Related deferred income tax asset</td><td>197</td><td>172</td><td>475</td></tr><tr><td>Net unrecognized tax benefit</td><td>$ 628</td><td>$ 699</td><td>$1,290</td></tr></table>

Question: In which section the sum of Equities and convertible debentures of Assets has the highest value?
Answer: Level 1