Three line charts show the forecast and realized 10-year annualized returns for, respectively, a 60% stock/40% bond portfolio, U.S. equities, and ex-U.S. equities (all U.S.-dollar denominated). They show that a 60/40 portfolio returned an annualized 7.0% over the 10 years ended September 30, 2020, and that Vanguard’s return forecasts at the 25th, 50th, and 75th percentiles of Vanguard Capital Markets Model distributions are 2.4%, 3.8%, and 5.2%, respectively. U.S. equities returned an annualized 13.4% over the 10 years ended September 30, 2020. Vanguard’s return forecasts at the 25th, 50th, and 75th percentiles of Vanguard Capital Markets Model distributions are 0.6%, 3.2%, and 5.8%, respectively. Ex-U.S. equities returned an annualized 4.0% over the 10 years ended September 30, 2020. Vanguard’s return forecasts at the 25th, 50th, and 75th percentiles of Vanguard Capital Markets Model distributions are 3.5%, 6.1%, and 8.7%, respectively.