Assumes a 20.3% effective tax rate for stocks and a 40.8% effective tax rate for bonds and alternative asset classes.  The case study examples presented are not to be considered investment recommendations and are not indicative of any specific product or investment advisory service. The assumptions are based on Bernstein’s estimates of the range of returns for the applicable capital markets over the next 10 years. Data does not represent past performance and is not a promise of actual future results.