¹Vanguard’s calculations are based on data from Global Financial Data (GFD) as of December 31, 2023. The 60% GFD US-100 Index and 40% GFD US Bond Index portfolio return is calculated by GFD. The GFD US-100 Index includes the top 25 companies by capitalization from 1825 to 1850, the top 50 companies from 1850 to 1900, and the top 100 companies from 1900 to the present. In January of each year, the largest companies in the United States are ranked by capitalization, and the largest of those companies are chosen to be part of the index for that year. The next year, a new list is created and chain-linked to the previous year’s index. The index is capitalization-weighted, and both price and return indexes are calculated. The GFD US Bond Index uses the U.S. government bond closest to a 10-year maturity without exceeding 10 years from 1786 until 1941 and the Federal Reserve’s 10-year constant maturity yield beginning in 1941. Each month, changes in the price of the underlying bond are calculated to determine any capital gain or loss. The index assumes a laddered portfolio that pays interest monthly. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.

All investing is subject to risk, including possible loss of principal. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income.

Diversification does not ensure a profit or protect against a loss.

Investments in bonds are subject to interest rate, credit, and inflation risk.