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Vanguard Research November 2015

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Figure

Figure 1. Global assets under management in open-end mutual funds and ETFs: 2006 through 2014
Figure 2. Distribution of calendar-year returns: 1926 through 2014
Figure 4 shows the distribution of the average equity  allocation for our 10,000 simulations, as well as their  ending portfolio weights
Figure 4. Distribution of average and ending equity allocations for a nonrebalanced 50%/50% portfolio over   30 years (Vanguard projections)
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