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	Asset Allocation Left Unadjusted This chart suggests how a portfolio initially allocated to 70% U.S. stocks, 10% foreign stocks, 10% bonds, and 10% cash might have changed if it were left unadjusted for the period from March 31, 2005, through March 31, 2025, and all assets in the portfolio mirrored the performance of their indicated benchmarks. Without changing the allocations at any point, U.S. stocks could have increased to almost 89% of the portfolio, foreign stocks might have declined to 5.4%, and bonds and cash could have declined to 3.4% and 2.5%, respectively.
	Reasonable Return Expectations There have been many periods over the past 75 years when the indexes representing stocks and bonds significantly over performed or underperformed their long-term averages. Long-term benchmarks can be used to help assess current market conditions in the context of investment goals.
	Assets Take Turns as Top Performers According to the performance of the relevant market indexes, no asset class consistently outperformed the others over the 10-year period ended December 31, 2024. Any given index could be the strongest performer in one year and the poorest in another.
	Comparative Performance of Stocks and Bonds (Trailing 36-Month Periods) This chart shows how indexes representing stock and bond performance have outperformed each other at different times during the past 30 years.
	Comparative Performance of Stocks and Bonds (Trailing 60-Month Periods) This chart shows how indexes representing stock and bond performance have outperformed each other at different times during the past 30 years.
	Performance of All-Stock, All-Bond, and Blended Stock/Bond Portfolios Since 1926 Looking back over investment market history since 1926, just about any investment portfolio has shown positive returns over some 12-month periods and negative returns over others. But for each portfolio, some returns were more likely to have occurred than others. This table shows the distribution of returns that occurred for all-stock, all-bond, and blended stock/bond portfolios, assuming that stock and bond performance mirrored the performance of the indicated benchmarks for each.
	Risk and Return of Single-Asset and Mixed Portfolios Since 1926 This chart compares the risk and return potential associated with investing in stocks or bonds versus investing in portfolios that combine the two asset classes, for the period from January 1, 1926, through March 31, 2025. Based on the performance of the indexes that represent those asset classes, a portfolio that blended both might have had a stronger risk-adjusted return than a portfolio that was composed entirely of one or the other.
	Risk and Return of Single-Asset and Mixed Portfolios, Past 10 Years This chart compares the risk and return potential associated with investing in a single asset class versus investing in portfolios that combine two asset classes, for the period from April 1, 2015, through March 31, 2025. Based on the performance of the indexes that represent those asset classes, a portfolio that blended both might have had a stronger risk-adjusted return than a portfolio that was composed entirely of one or the other.
	Risk and Return of Single-Asset and Mixed Portfolios, Past 30 Years This chart compares the risk and return potential associated with investing in stocks or bonds versus investing in portfolios that combine the two asset classes, for the period from April 1, 1995, through March 31, 2025. Based on the performance of the indexes that represent those asset classes, a portfolio that blended both might have had a stronger risk-adjusted return than a portfolio that was composed entirely of one or the other.
	Risk and Return of Single-Asset and Mixed Portfolios, Past 50 Years This chart compares the risk and return potential associated with investing in stocks or bonds versus investing in portfolios that combine the two asset classes, for the period from April 1, 1975, through March 31, 2025. Based on the performance of the indexes that represent those asset classes, a portfolio that blended both might have had a stronger risk-adjusted return than a portfolio that was composed entirely of one or the other.