Indexes for VCMM simulations The long-term returns of our hypothetical portfolios are based on data for the appropriate market indexes through September 30, 2022. We chose these benchmarks to provide the most complete history possible, and we apportioned the global allocations to align with Vanguard’s guidance in constructing diversified portfolios. Asset classes and their representative forecast indexes are as follows: • U.S. equities: MSCI US Broad Market Index. • Global ex-U.S. equities: MSCI All Country World ex USA Index. • U.S. REITs: FTSE/NAREIT US Real Estate Index. • U.S. cash: U.S. 3-Month Treasury—constant maturity. • U.S. Treasury bonds: Bloomberg U.S. Treasury Index. • U.S. short-term Treasury bonds: Bloomberg U.S. 1–5 Year Treasury Bond Index. • U.S. long-term Treasury bonds: Bloomberg U.S. Long Treasury Bond Index. • U.S. credit bonds: Bloomberg U.S. Credit Bond Index. • U.S. short-term credit bonds: Bloomberg U.S. 1–3 Year Credit Bond Index. • U.S. high-yield corporate bonds: Bloomberg U.S. High Yield Corporate Bond Index. • U.S. bonds: Bloomberg U.S. Aggregate Bond Index. • Global ex-U.S. bonds: Bloomberg Global Aggregate ex-USD Index. • U.S. TIPS: Bloomberg U.S. Treasury Inflation Protected Securities Index. • U.S. short-term TIPS: Bloomberg U.S. 1–5 Year Treasury Inflation Protected Securities Index. • Emerging-market sovereign bonds: Bloomberg Emerging Markets USD Aggregate Bond Index. • Commodities: Bloomberg Commodity Index. • Mortgage-backed securities (MBS): Bloomberg U.S. Mortgage Backed Securities Index. All equity indexes below are weighted by market capitalization: • Small-cap equities: Stocks with a market cap in the lowest two-thirds of the Russell 3000 Index. • Large-cap equities: Stocks with a market cap in the highest one-third of the Russell 1000 Index. • Growth equities: Stocks with a price/book ratio in the highest one-third of the Russell 1000 Index. • Value equities: Stocks with a price/book ratio in the lowest one-third of the Russell 1000 Index. 60