A table presents Vanguard’s expectations for the ranges of annualized returns, as well as median levels of volatility, for 9 classes of equity securities, 8 classes of fixed income securities and the rate of U.S. inflation. All the projections are based on the September 30, 2023, running of our Capital Markets Model. The projections for equity securities are: U.S. equities, 4.2% to 6.2% returns and 17.0% volatility; U.S. value, 4.8% to 6.8% returns and 19.2% volatility; U.S. growth, 1.2% to 3.2% returns and 18.2% volatility; U.S. large-cap, 4.2% to 6.2% returns and 16.8% volatility; U.S. small-cap, 4.9% to 6.9% returns and 22.2% volatility; U.S. real estate investment trusts, 4.6% to 6.6% returns and 20.5% volatility; global equities excluding the United States (unhedged), 7.1% to 9.1% returns and 18.0% volatility; global ex-U.S. developed markets equities (unhedged), 7.0% to 9.0% returns and 16.7% volatility; and emerging markets equities (unhedged), 6.6% to 8.6% returns and 26.2% volatility. The projections for fixed income securities are: U.S. aggregate bonds, 4.8% to 5.8% returns and 5.6% volatility; U.S. Treasury bonds, 4.4% to 5.4% returns and 5.9% volatility; U.S. intermediate credit bonds, 5.3% to 6.3% returns and 5.3% volatility; U.S. high-yield corporate bonds, 6.4% to 7.4% returns and 10.0% volatility; U.S. Treasury Inflation-Protected Securities, 3.7% to 4.7% returns and 5.2% volatility; U.S. cash, 4.1% to 5.1% returns and 1.4% volatility; global bonds ex-U.S. (hedged), 4.7% to 5.7% returns and 5.6% volatility; and emerging markets sovereign bonds, 6.5% to 7.5% returns and 10.3% volatility. The rate of U.S. inflation is forecast at 2.0% to 3.0%, with 2.3% volatility.