Prepared for Utah Higher Education Assistance Authority
Prepared for: Utah Higher Education Assistance Authority
Important information
The asset-return distributions shown here represent Vanguard's view on the potential range of risk premiums that may occur over the next ten years; such long-term projections are not intended to be
extrapolated into a short-term view. These potential outcomes for long-term investment returns are generated by the Vanguard Capital Markets ModelⓇ (VCMM) and reflect the collective perspective
of our Investment Strategy Group. The expected risk premiums-and the uncertainty surrounding those expectations-are among a number of qualitative and quantitative inputs used in Vanguard's
investment methodology and portfolio construction process.
All investing is subject to risk, including the possible loss of the money you invest. Past performance is no guarantee of future returns. Diversification does not ensure a profit or protect against a loss
in a declining market. 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. The performance of an
index is not an exact representation of any particular investment, as you cannot invest directly in an index.
Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries. U.S. government backing of Treasury or agency securities applies only to the
underlying securities and does not prevent price fluctuations. Investments that concentrate on a relatively narrow market sector face the risk of higher price volatility. Investments in stocks issued by
non-U.S. companies are subject to risks including country/regional risk and currency risk.
Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to
make payments. High-yield bonds generally have medium- and lower-range credit-quality ratings and are therefore subject to a higher level of credit risk than bonds with higher credit-quality ratings.
Although the income from U.S. Treasury obligations held in the fund is subject to federal income tax, some or all of that income may be exempt from state and local taxes.
Slide ID # S051827
For institutional use only. Not for distribution to retail investors. 86View entire presentation