Backtest Portfolio Asset Allocation

Portfolio Backtesting Overview

This portfolio backtesting tool allows you to construct one or more portfolios based on the selected mutual funds, ETFs, and stocks. You can analyze and backtest portfolio returns, risk characteristics, style exposures, and drawdowns. The results cover both returns and fund fundamentals based portfolio style analysis along with risk and return decomposition by each portfolio asset. You can compare up to three different portfolios against the selected benchmark, and you can also specify any periodic contribution or withdrawal cashflows and the preferred portfolio rebalancing strategy.

The related asset class level portfolio modeling tool allows you to analyze and compare asset class level portfolios with a longer time horizon starting from 1972.

Portfolio Model Configuration

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Include YTD

Start Date

End Date

Initial Amount

$ .00

Cashflows

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal Percentage

Frequency

Rebalancing

Absolute Deviation

Relative Deviation

Leverage Type

Leverage Ratio

Debt Amount

$ .00

Debt Interest

Maintenance Margin

Leveraged Benchmark

Reinvest Dividends

Display Income

Factor Regression

Equity Factor Model

Benchmark

Benchmark Ticker

Portfolio Names

Portfolio Name #1

Portfolio Name #2

Portfolio Name #3

Portfolio Assets

Portfolio #1

Portfolio #2

Portfolio #3

Asset 1

Asset 2

Asset 3

Asset 4

Asset 5

Asset 6

Asset 7

Asset 8

Asset 9

Asset 10

Total

Portfolio Analysis Results (Jan 1995 - Dec 2020)

LifeStrategy Income

Ticker	Name	Allocation
VASIX	Vanguard LifeStrategy Income Inv	100.00%
Save portfolio »

Wellesley Income

Ticker	Name	Allocation
VWINX	Vanguard Wellesley Income Inv	100.00%
Save portfolio »

Wellington

Ticker	Name	Allocation
VWELX	Vanguard Wellington Inv	100.00%
Save portfolio »

Performance Summary

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
LifeStrategy Income	$10,000	$50,164	6.40%	4.44%	22.99%	-10.53%	-15.50%	0.92	1.43	0.79
Wellesley Income	$10,000	$83,186	8.49%	6.23%	28.91%	-9.84%	-18.82%	0.98	1.64	0.70
Wellington	$10,000	$114,928	9.85%	9.67%	32.92%	-22.30%	-32.53%	0.79	1.21	0.90
Vanguard 500 Index Investor	$10,000	$131,329	10.41%	15.09%	37.45%	-37.02%	-50.97%	0.59	0.86	0.99

Portfolio Growth

Annual Returns

Trailing Returns

Trailing Returns
Name	Total Return			Annualized Return				Annualized Standard Deviation
Name	3 Month	Year To Date	1 year	3 year	5 year	10 year	Full	3 year	5 year
LifeStrategy Income	3.67%	9.13%	9.13%	6.56%	6.24%	5.17%	6.40%	4.74%	4.00%
Wellesley Income	5.58%	8.45%	8.45%	7.14%	7.93%	7.76%	8.49%	7.72%	6.32%
Wellington	8.18%	10.60%	10.60%	9.38%	10.76%	9.86%	9.85%	11.92%	9.74%
Vanguard 500 Index Investor	12.12%	18.25%	18.25%	14.03%	15.07%	13.72%	10.41%	18.80%	15.26%
Trailing return and volatility are as of last full calendar month ending December 2020

Notes and Disclosures

IMPORTANT: The projections or other information generated by Portfolio Visualizer regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. Past performance is not a guarantee of future results.
Asset allocation and diversification strategies do not guarantee a profit or protect against a loss.
Hypothetical returns do not reflect trading costs, transaction fees, commissions, or actual taxes due on investment returns.
The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
Refer to the related documentation sections for more details on terms and definitions, methodology, and data sources.
Portfolio model information represents a blended portfolio consisting of the model's underlying positions and assigned weights provided by the user and rebalanced at the specified schedule. The results were constructed using net of fee mutual fund performance. Portfolio Visualizer does not provide preferential treatment to any specific security or investment.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
Market capitalization refers to the total value of all a company's shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares. Large cap refers to a company with a market capitalization value of more than $10 billion, mid cap refers to a company with a market capitalization value between $2 and $10 billion, and small cap refers to a company with a market capitalization value below $2 billion. For funds and portfolios the equity market capitalization is calculated based on the long position of the equity holdings.
Credit quality measures the ability of a bond issuer to repay a bond's interest and principal in a timely manner. Ratings agencies research the financial health of each bond issuer and assign ratings to the bonds being offered. Lower-rated bonds generally offer higher yields to compensate investors for the additional risk. AAA is the highest possible rating that may be assigned to an issuer's bonds by any of the major credit rating agencies. Bonds rated AAA to AA are known as high-grade bonds, bonds rated A to BBB are known as medium-grade bonds, and bonds rated BB to C are known as non-investment grade bonds. An issuer will receive a rating of D if it is already in default on some of its debt. For funds and portfolios the fixed income credit quality break-down is calculated based on the long position of the fixed income holdings.
A fixed income maturity date refers to the specific date on which the investor's principal will be repaid. Duration measures a bond's or fixed income portfolio's price sensitivity to interest rate changes. If a bond has a duration of 5 years, and interest rates increase by 1%, the bond's price will decline by approximately 5%. Conversely, if a bond has a duration of 5 years and interest rates fall by 1%, the bond's price will increase by approximately 5%. A fixed income portfolio's duration is computed as the weighted average of individual bond durations held in the portfolio.
Compound annualized growth rate (CAGR) is the annualized geometric mean return of the portfolio. It is calculated from the portfolio start and end balance and is thus impacted by any cashflows.
The time-weighted rate of return (TWRR) is a measure of the compound rate of growth in a portfolio. This is calculated from the holding period returns (e.g. monthly returns), and TWRR will thus not be impacted by cashflows. If there are no external cashflows, TWRR will equal CAGR.
The money-weighted rate of return (MWRR) is the internal rate of return (IRR) taking into account cashflows. This is the discount rate at which the present value of cash inflows equals the present value of cash outflows.
Total return is the combined return in income and capital appreciation from investment in an asset. Yield measures the current cash income received from investment in an asset. Bonds provide yield in the form of interest payments and stocks through dividends.
Standard deviation (Stdev) is used to measure the dispersion of returns around the mean and is often used as a measure of risk. A higher standard deviation implies greater the dispersion of data points around the mean.
Sharpe Ratio is a measure of risk-adjusted performance of the portfolio, and it is calculated by dividing the mean monthly excess return of the portfolio over the risk-free rate by the standard deviation of excess return, and the displayed value is annualized.
Sortino Ratio is a measure of risk-adjusted return which is a modification of the Sharpe Ratio. While the latter is the ratio of average returns in excess of a risk-free rate divided by the standard deviation of those excess returns, the Sortino Ratio has the same denominator divided by the standard deviation of returns below the risk-free rate.
Treynor Ratio is a measure of risk-adjusted performance of the portfolio. It is similar to the Sharpe Ratio, but it uses portfolio beta (systematic risk) as the risk metric in the denominator.
Calmar Ratio is a measure of risk-adjusted performance of the portfolio. It is calculated as the annualized return over the past 36 months divided by the maximum drawdown over the past 36 months based on monthly returns.
Risk-free returns are calculated based on the Federal Reserve 3-Month Treasury Bill (secondary market) rates.
Downside deviation measures the downside volatility of the portfolio returns unlike standard deviation, which includes both upside and downside deviations. Downside deviation is calculated based on negative returns that hurt the portfolio performance.
Correlation measures to what degree the returns of the two assets move in relation to each other. Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much. Asset correlations are calculated based on monthly returns.
Skewness is a measure of the asymmetry of the probability distribution or returns from a normal Gaussian distribution shape about its mean. Negative skewness is associated with the left (typically negative returns) tail of the distribution extending further than the right tail; and positive skewness is associated with the right (typically positive returns) tail of the distribution extending further than the left tail.
Excess kurtosis is a measure of whether a data distribution is peaked or flat relative to a normal distribution. Distributions with high kurtosis tend to have a distinct peak near the mean, decline rather rapidly, and have heavy or fat tails.
A drawdown refers to the decline in value of a single investment or an investment portfolio from a relative peak value to a relative trough. A maximum drawdown (Max Drawdown) is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. Drawdown values are calculated based on monthly returns.
Value at Risk (VaR) measures the scale of loss at a given confidence level. If the 5% VaR is -3% the portfolio return is expected to be greater than -3% 95% of the time and less than -3% 5% of the time. Value at Risk can be calculated directly based on historical returns based on a given percentile or analytically based on the mean and standard deviation of the returns.
Conditional Value at Risk (CVaR) measures the scale of the expected loss once the specific Value at Risk (VaR) breakpoint has been breached, i.e., it calculates the average tail loss by taking a weighted average between the value at risk and losses exceeding the value at risk.
Beta is a measure of systematic risk and measures the volatility of a particular investment relative to the market or its benchmark. Alpha measures the active return of the investment compared to the market benchmark return. R-squared is the percentage of a portfolio's movements that can be explained by movements in the selected benchmark index.
Active return is the investment return minus the return of its benchmark. For periods longer than 12 months this is displayed as annualized value, i.e., annualized investment return minus annualized benchmark return.
Tracking error, also known as active risk, is the standard deviation of active return. This is displayed as annualized value based on the standard deviation of monthly active returns.
Information ratio is the active return divided by the tracking error. It measures whether the investment outperformed its benchmark consistently.
Gain/Loss ratio is a measure of downside risk, and it is calculated as the average positive return in up periods divided by the average negative return in down periods.
Upside Capture Ratio measures how well the fund performed relative to the benchmark when the market was up, and Downside Capture Ratio measures how well the fund performed relative to the benchmark when the market was down. An upside capture ratio greater than 100 would indicate that the fund outperformed its benchmark when the market was up, and a downside capture ratio below 100 would indicate that the fund lost less than its benchmark when the market was down. To calculate upside capture ratio a new series from the portfolio returns is constructed by dropping all time periods where the benchmark return is less than equal to zero. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The downside capture ratio is calculated analogously.
All risk measures for the portfolio and portfolio assets are calculated based on monthly returns.
Gross expense ratio reflects the total annual operating expenses paid by each fund. Net expense ratio reflects what investors were charged after waivers, reductions, and reimbursements.
Price to earnings (P/E) ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share. For funds the price to earnings ratio is computed as the weighted average of fund holdings.
The results assume annual rebalancing of portfolio assets to match the specified allocation.

Annual Returns

Annual returns for the configured portfolios
Year	Inflation	LifeStrategy Income		Wellesley Income		Wellington		Vanguard 500 Index Investor		Vanguard LifeStrategy Income Inv (VASIX)	Vanguard Wellesley Income Inv (VWINX)	Vanguard Wellington Inv (VWELX)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard LifeStrategy Income Inv (VASIX)	Vanguard Wellesley Income Inv (VWINX)	Vanguard Wellington Inv (VWELX)
1995	2.54%	22.99%	$12,299	28.91%	$12,891	32.92%	$13,292	37.45%	$13,745	22.99%	28.91%	32.92%
1996	3.32%	7.65%	$13,240	9.42%	$14,105	16.19%	$15,444	22.88%	$16,889	7.65%	9.42%	16.19%
1997	1.70%	14.23%	$15,124	20.19%	$16,953	23.23%	$19,032	33.19%	$22,494	14.23%	20.19%	23.23%
1998	1.61%	13.17%	$17,116	11.84%	$18,961	12.06%	$21,327	28.62%	$28,932	13.17%	11.84%	12.06%
1999	2.68%	2.82%	$17,599	-4.14%	$18,177	4.41%	$22,267	21.07%	$35,027	2.82%	-4.14%	4.41%
2000	3.39%	8.06%	$19,019	16.17%	$21,116	10.40%	$24,583	-9.06%	$31,855	8.06%	16.17%	10.40%
2001	1.55%	4.06%	$19,792	7.39%	$22,676	4.19%	$25,612	-12.02%	$28,025	4.06%	7.39%	4.19%
2002	2.38%	0.12%	$19,816	4.64%	$23,728	-6.90%	$23,846	-22.15%	$21,819	0.12%	4.64%	-6.90%
2003	1.88%	10.77%	$21,950	9.66%	$26,019	20.75%	$28,793	28.50%	$28,038	10.77%	9.66%	20.75%
2004	3.26%	6.00%	$23,266	7.55%	$27,985	11.16%	$32,007	10.74%	$31,049	6.00%	7.55%	11.16%
2005	3.42%	3.23%	$24,018	3.48%	$28,959	6.82%	$34,192	4.77%	$32,531	3.23%	3.48%	6.82%
2006	2.54%	7.93%	$25,923	11.28%	$32,225	14.97%	$39,310	15.64%	$37,620	7.93%	11.28%	14.97%
2007	4.08%	6.70%	$27,660	5.61%	$34,032	8.34%	$42,587	5.39%	$39,646	6.70%	5.61%	8.34%
2008	0.09%	-10.53%	$24,749	-9.84%	$30,682	-22.30%	$33,092	-37.02%	$24,969	-10.53%	-9.84%	-22.30%
2009	2.72%	12.08%	$27,739	16.02%	$35,599	22.20%	$40,437	26.49%	$31,582	12.08%	16.02%	22.20%
2010	1.50%	9.22%	$30,297	10.65%	$39,389	10.94%	$44,859	14.91%	$36,292	9.22%	10.65%	10.94%
2011	2.96%	3.77%	$31,440	9.63%	$43,182	3.85%	$46,587	1.97%	$37,006	3.77%	9.63%	3.85%
2012	1.74%	6.54%	$33,497	10.06%	$47,524	12.57%	$52,444	15.82%	$42,862	6.54%	10.06%	12.57%
2013	1.50%	3.40%	$34,635	9.19%	$51,890	19.66%	$62,757	32.18%	$56,653	3.40%	9.19%	19.66%
2014	0.76%	6.76%	$36,975	8.07%	$56,075	9.82%	$68,921	13.51%	$64,306	6.76%	8.07%	9.82%
2015	0.73%	0.22%	$37,057	1.28%	$56,791	0.06%	$68,960	1.25%	$65,108	0.22%	1.28%	0.06%
2016	2.07%	4.58%	$38,756	8.08%	$61,380	11.01%	$76,555	11.82%	$72,802	4.58%	8.08%	11.01%
2017	2.11%	6.98%	$41,462	10.20%	$67,639	14.72%	$87,827	21.67%	$88,577	6.98%	10.20%	14.72%
2018	1.91%	-1.05%	$41,026	-2.57%	$65,899	-3.42%	$84,821	-4.52%	$84,570	-1.05%	-2.57%	-3.42%
2019	2.29%	12.05%	$45,969	16.39%	$76,701	22.51%	$103,913	31.33%	$111,063	12.05%	16.39%	22.51%
2020	1.36%	9.13%	$50,164	8.45%	$83,186	10.60%	$114,928	18.25%	$131,329	9.13%	8.45%	10.60%

Monthly Returns

Monthly returns for the configured portfolios
Year	Month	LifeStrategy Income		Wellesley Income		Wellington		Vanguard 500 Index Investor		Vanguard LifeStrategy Income Inv (VASIX)	Vanguard Wellesley Income Inv (VWINX)	Vanguard Wellington Inv (VWELX)
Year	Month	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard LifeStrategy Income Inv (VASIX)	Vanguard Wellesley Income Inv (VWINX)	Vanguard Wellington Inv (VWELX)
1995	1	2.02%	$10,202	2.87%	$10,287	1.96%	$10,196	2.58%	$10,258	2.02%	2.87%	1.96%
1995	2	2.58%	$10,466	3.08%	$10,604	4.05%	$10,609	3.88%	$10,656	2.58%	3.08%	4.05%
1995	3	1.26%	$10,598	1.06%	$10,717	2.15%	$10,837	2.95%	$10,971	1.26%	1.06%	2.15%
1995	4	1.64%	$10,771	1.95%	$10,926	2.26%	$11,082	2.94%	$11,294	1.64%	1.95%	2.26%
1995	5	3.98%	$11,199	5.51%	$11,527	4.98%	$11,634	3.95%	$11,740	3.98%	5.51%	4.98%
1995	6	1.18%	$11,332	0.87%	$11,628	1.21%	$11,774	2.31%	$12,012	1.18%	0.87%	1.21%
1995	7	0.91%	$11,435	0.21%	$11,652	2.14%	$12,026	3.30%	$12,408	0.91%	0.21%	2.14%
1995	8	1.09%	$11,559	1.66%	$11,846	1.27%	$12,179	0.25%	$12,439	1.09%	1.66%	1.27%
1995	9	1.70%	$11,756	2.31%	$12,119	3.07%	$12,553	4.23%	$12,965	1.70%	2.31%	3.07%
1995	10	0.98%	$11,871	0.76%	$12,211	-1.06%	$12,420	-0.36%	$12,918	0.98%	0.76%	-1.06%
1995	11	2.11%	$12,121	2.81%	$12,554	4.82%	$13,019	4.38%	$13,484	2.11%	2.81%	4.82%
1995	12	1.47%	$12,299	2.68%	$12,891	2.10%	$13,292	1.93%	$13,745	1.47%	2.68%	2.10%
1996	1	1.30%	$12,459	0.93%	$13,011	2.21%	$13,586	3.39%	$14,210	1.30%	0.93%	2.21%
1996	2	-1.11%	$12,321	-2.18%	$12,727	-0.76%	$13,483	0.92%	$14,341	-1.11%	-2.18%	-0.76%
1996	3	-0.18%	$12,299	0.03%	$12,731	1.81%	$13,727	0.98%	$14,481	-0.18%	0.03%	1.81%
1996	4	-0.26%	$12,266	-0.61%	$12,654	-0.20%	$13,699	1.46%	$14,692	-0.26%	-0.61%	-0.20%
1996	5	0.44%	$12,320	0.30%	$12,693	0.76%	$13,803	2.54%	$15,066	0.44%	0.30%	0.76%
1996	6	1.06%	$12,451	1.33%	$12,862	0.88%	$13,925	0.38%	$15,124	1.06%	1.33%	0.88%
1996	7	-0.79%	$12,353	-0.91%	$12,745	-1.71%	$13,687	-4.42%	$14,455	-0.79%	-0.91%	-1.71%
1996	8	0.35%	$12,396	0.92%	$12,862	1.98%	$13,958	2.10%	$14,758	0.35%	0.92%	1.98%
1996	9	2.56%	$12,713	2.89%	$13,234	3.77%	$14,484	5.61%	$15,585	2.56%	2.89%	3.77%
1996	10	2.43%	$13,023	4.14%	$13,782	3.58%	$15,002	2.76%	$16,015	2.43%	4.14%	3.58%
1996	11	2.89%	$13,399	3.64%	$14,284	5.24%	$15,787	7.56%	$17,226	2.89%	3.64%	5.24%
1996	12	-1.19%	$13,240	-1.25%	$14,105	-2.17%	$15,444	-1.96%	$16,889	-1.19%	-1.25%	-2.17%
1997	1	1.47%	$13,435	1.32%	$14,291	3.25%	$15,946	6.22%	$17,939	1.47%	1.32%	3.25%
1997	2	0.26%	$13,469	0.67%	$14,387	0.81%	$16,076	0.79%	$18,080	0.26%	0.67%	0.81%
1997	3	-1.63%	$13,250	-2.55%	$14,020	-3.48%	$15,517	-4.14%	$17,333	-1.63%	-2.55%	-3.48%
1997	4	2.27%	$13,551	2.16%	$14,322	3.99%	$16,136	5.96%	$18,365	2.27%	2.16%	3.99%
1997	5	1.97%	$13,818	2.65%	$14,701	4.24%	$16,820	6.09%	$19,483	1.97%	2.65%	4.24%
1997	6	1.76%	$14,061	2.20%	$15,024	3.50%	$17,409	4.45%	$20,351	1.76%	2.20%	3.50%
1997	7	3.84%	$14,601	5.97%	$15,921	6.19%	$18,487	7.97%	$21,972	3.84%	5.97%	6.19%
1997	8	-1.69%	$14,354	-2.28%	$15,558	-3.86%	$17,774	-5.61%	$20,739	-1.69%	-2.28%	-3.86%
1997	9	2.21%	$14,671	3.71%	$16,135	4.08%	$18,500	5.47%	$21,874	2.21%	3.71%	4.08%
1997	10	0.73%	$14,778	0.67%	$16,243	-0.91%	$18,331	-3.35%	$21,141	0.73%	0.67%	-0.91%
1997	11	1.12%	$14,944	2.40%	$16,632	2.11%	$18,717	4.60%	$22,113	1.12%	2.40%	2.11%
1997	12	1.20%	$15,124	1.93%	$16,953	1.69%	$19,032	1.72%	$22,494	1.20%	1.93%	1.69%
1998	1	1.45%	$15,343	0.78%	$17,085	0.95%	$19,213	1.11%	$22,744	1.45%	0.78%	0.95%
1998	2	1.43%	$15,562	1.23%	$17,294	3.40%	$19,866	7.19%	$24,380	1.43%	1.23%	3.40%
1998	3	1.33%	$15,769	2.56%	$17,737	3.29%	$20,519	5.10%	$25,624	1.33%	2.56%	3.29%
1998	4	0.70%	$15,880	0.00%	$17,737	1.08%	$20,740	1.01%	$25,882	0.70%	0.00%	1.08%
1998	5	0.46%	$15,953	0.81%	$17,880	-0.56%	$20,623	-1.74%	$25,431	0.46%	0.81%	-0.56%
1998	6	1.47%	$16,187	1.11%	$18,079	0.50%	$20,727	4.07%	$26,467	1.47%	1.11%	0.50%
1998	7	-0.08%	$16,175	-1.29%	$17,846	-1.58%	$20,400	-1.05%	$26,188	-0.08%	-1.29%	-1.58%
1998	8	-1.85%	$15,876	-2.39%	$17,420	-7.65%	$18,840	-14.47%	$22,397	-1.85%	-2.39%	-7.65%
1998	9	2.82%	$16,324	5.49%	$18,377	5.35%	$19,848	6.41%	$23,833	2.82%	5.49%	5.35%
1998	10	1.54%	$16,575	0.31%	$18,434	4.26%	$20,693	8.16%	$25,779	1.54%	0.31%	4.26%
1998	11	1.74%	$16,864	2.38%	$18,873	3.00%	$21,313	6.07%	$27,344	1.74%	2.38%	3.00%
1998	12	1.49%	$17,116	0.46%	$18,961	0.07%	$21,327	5.81%	$28,932	1.49%	0.46%	0.07%
1999	1	1.44%	$17,362	-0.54%	$18,858	0.51%	$21,436	4.20%	$30,148	1.44%	-0.54%	0.51%
1999	2	-2.16%	$16,987	-2.86%	$18,318	-2.92%	$20,811	-3.12%	$29,206	-2.16%	-2.86%	-2.92%
1999	3	1.22%	$17,194	0.81%	$18,466	2.55%	$21,341	4.00%	$30,373	1.22%	0.81%	2.55%
1999	4	1.22%	$17,403	3.22%	$19,062	7.38%	$22,917	3.85%	$31,543	1.22%	3.22%	7.38%
1999	5	-1.13%	$17,207	-0.69%	$18,930	-1.85%	$22,492	-2.39%	$30,789	-1.13%	-0.69%	-1.85%
1999	6	0.63%	$17,315	-0.07%	$18,916	1.94%	$22,929	5.56%	$32,500	0.63%	-0.07%	1.94%
1999	7	-0.84%	$17,169	-1.64%	$18,606	-1.93%	$22,486	-3.13%	$31,483	-0.84%	-1.64%	-1.93%
1999	8	-0.15%	$17,143	-0.95%	$18,428	-0.85%	$22,293	-0.50%	$31,327	-0.15%	-0.95%	-0.85%
1999	9	0.46%	$17,222	-0.53%	$18,331	-2.55%	$21,725	-2.74%	$30,468	0.46%	-0.53%	-2.55%
1999	10	1.32%	$17,450	0.88%	$18,493	1.85%	$22,127	6.33%	$32,396	1.32%	0.88%	1.85%
1999	11	0.31%	$17,504	-0.68%	$18,367	-0.24%	$22,075	2.02%	$33,051	0.31%	-0.68%	-0.24%
1999	12	0.55%	$17,599	-1.04%	$18,177	0.87%	$22,267	5.98%	$35,027	0.55%	-1.04%	0.87%
2000	1	-0.55%	$17,503	-1.01%	$17,993	-3.83%	$21,415	-5.03%	$33,264	-0.55%	-1.01%	-3.83%
2000	2	1.10%	$17,695	-3.00%	$17,453	-4.54%	$20,443	-1.91%	$32,630	1.10%	-3.00%	-4.54%
2000	3	2.56%	$18,149	5.61%	$18,432	7.34%	$21,943	9.75%	$35,812	2.56%	5.61%	7.34%
2000	4	-1.00%	$17,968	0.16%	$18,461	0.84%	$22,128	-3.00%	$34,739	-1.00%	0.16%	0.84%
2000	5	-0.47%	$17,884	1.27%	$18,696	1.27%	$22,410	-2.04%	$34,031	-0.47%	1.27%	1.27%
2000	6	2.12%	$18,264	-0.63%	$18,578	-1.83%	$21,999	2.49%	$34,879	2.12%	-0.63%	-1.83%
2000	7	0.62%	$18,377	1.98%	$18,945	1.40%	$22,307	-1.50%	$34,357	0.62%	1.98%	1.40%
2000	8	2.24%	$18,788	2.93%	$19,500	3.56%	$23,102	6.19%	$36,484	2.24%	2.93%	3.56%
2000	9	-0.45%	$18,703	1.80%	$19,851	-0.34%	$23,023	-5.29%	$34,554	-0.45%	1.80%	-0.34%
2000	10	0.31%	$18,761	1.27%	$20,102	2.38%	$23,572	-0.43%	$34,405	0.31%	1.27%	2.38%
2000	11	-0.15%	$18,732	1.20%	$20,343	0.14%	$23,605	-7.89%	$31,692	-0.15%	1.20%	0.14%
2000	12	1.53%	$19,019	3.80%	$21,116	4.15%	$24,583	0.51%	$31,855	1.53%	3.80%	4.15%
2001	1	2.00%	$19,399	0.25%	$21,168	2.02%	$25,080	3.55%	$32,984	2.00%	0.25%	2.02%
2001	2	-1.58%	$19,092	1.23%	$21,428	-0.38%	$24,984	-9.14%	$29,970	-1.58%	1.23%	-0.38%
2001	3	-1.14%	$18,873	-0.07%	$21,412	-1.87%	$24,518	-6.36%	$28,065	-1.14%	-0.07%	-1.87%
2001	4	1.57%	$19,170	1.88%	$21,814	3.51%	$25,380	7.77%	$30,246	1.57%	1.88%	3.51%
2001	5	0.77%	$19,318	1.02%	$22,036	1.73%	$25,819	0.65%	$30,443	0.77%	1.02%	1.73%
2001	6	-0.01%	$19,316	-0.18%	$21,997	-1.67%	$25,388	-2.45%	$29,698	-0.01%	-0.18%	-1.67%
2001	7	1.63%	$19,631	1.80%	$22,393	1.36%	$25,734	-1.00%	$29,401	1.63%	1.80%	1.36%
2001	8	-0.53%	$19,526	0.67%	$22,543	-1.76%	$25,282	-6.27%	$27,557	-0.53%	0.67%	-1.76%
2001	9	-1.20%	$19,291	-0.56%	$22,418	-5.29%	$23,945	-8.09%	$25,327	-1.20%	-0.56%	-5.29%
2001	10	1.97%	$19,670	0.43%	$22,515	1.42%	$24,285	1.90%	$25,807	1.97%	0.43%	1.42%
2001	11	0.85%	$19,837	0.14%	$22,548	4.60%	$25,402	7.65%	$27,782	0.85%	0.14%	4.60%
2001	12	-0.23%	$19,792	0.57%	$22,676	0.83%	$25,612	0.87%	$28,025	-0.23%	0.57%	0.83%
2002	1	0.31%	$19,853	0.45%	$22,778	0.26%	$25,678	-1.47%	$27,612	0.31%	0.45%	0.26%
2002	2	0.16%	$19,884	1.65%	$23,154	0.91%	$25,913	-1.94%	$27,078	0.16%	1.65%	0.91%
2002	3	-0.31%	$19,823	-0.10%	$23,131	2.11%	$26,458	3.74%	$28,091	-0.31%	-0.10%	2.11%
2002	4	-0.08%	$19,807	0.70%	$23,293	-2.07%	$25,910	-6.07%	$26,385	-0.08%	0.70%	-2.07%
2002	5	0.39%	$19,885	1.33%	$23,604	0.69%	$26,089	-0.75%	$26,186	0.39%	1.33%	0.69%
2002	6	-1.49%	$19,588	-0.93%	$23,384	-3.23%	$25,247	-7.13%	$24,317	-1.49%	-0.93%	-3.23%
2002	7	-1.44%	$19,305	-2.09%	$22,895	-4.99%	$23,988	-7.72%	$22,440	-1.44%	-2.09%	-4.99%
2002	8	1.22%	$19,541	0.86%	$23,093	0.32%	$24,064	0.65%	$22,587	1.22%	0.86%	0.32%
2002	9	-2.25%	$19,101	-2.67%	$22,476	-6.66%	$22,461	-10.87%	$20,130	-2.25%	-2.67%	-6.66%
2002	10	2.16%	$19,514	2.31%	$22,994	3.43%	$23,231	8.78%	$21,899	2.16%	2.31%	3.43%
2002	11	1.79%	$19,863	2.36%	$23,536	4.68%	$24,318	5.88%	$23,185	1.79%	2.36%	4.68%
2002	12	-0.24%	$19,816	0.82%	$23,728	-1.94%	$23,846	-5.89%	$21,819	-0.24%	0.82%	-1.94%
2003	1	-0.65%	$19,687	-1.56%	$23,359	-2.16%	$23,331	-2.62%	$21,246	-0.65%	-1.56%	-2.16%
2003	2	0.41%	$19,767	0.10%	$23,382	-1.17%	$23,059	-1.52%	$20,924	0.41%	0.10%	-1.17%
2003	3	0.32%	$19,831	-0.11%	$23,358	-0.05%	$23,048	0.96%	$21,124	0.32%	-0.11%	-0.05%
2003	4	3.02%	$20,431	3.40%	$24,153	5.90%	$24,408	8.25%	$22,867	3.02%	3.40%	5.90%
2003	5	2.70%	$20,981	4.24%	$25,177	5.61%	$25,777	5.26%	$24,071	2.70%	4.24%	5.61%
2003	6	0.38%	$21,061	0.18%	$25,223	0.63%	$25,941	1.26%	$24,374	0.38%	0.18%	0.63%
2003	7	-1.40%	$20,767	-3.38%	$24,371	-0.84%	$25,724	1.74%	$24,799	-1.40%	-3.38%	-0.84%
2003	8	0.79%	$20,930	0.40%	$24,469	1.95%	$26,226	1.93%	$25,278	0.79%	0.40%	1.95%
2003	9	1.64%	$21,274	1.72%	$24,889	0.26%	$26,296	-1.07%	$25,008	1.64%	1.72%	0.26%
2003	10	0.85%	$21,455	0.44%	$25,000	3.24%	$27,149	5.64%	$26,418	0.85%	0.44%	3.24%
2003	11	0.46%	$21,554	0.54%	$25,135	1.17%	$27,466	0.86%	$26,647	0.46%	0.54%	1.17%
2003	12	1.84%	$21,950	3.52%	$26,019	4.83%	$28,793	5.22%	$28,038	1.84%	3.52%	4.83%
2004	1	1.14%	$22,199	0.48%	$26,144	0.73%	$29,003	1.82%	$28,548	1.14%	0.48%	0.73%
2004	2	1.05%	$22,432	1.38%	$26,505	2.07%	$29,603	1.38%	$28,942	1.05%	1.38%	2.07%
2004	3	0.22%	$22,481	0.32%	$26,591	-0.61%	$29,423	-1.51%	$28,504	0.22%	0.32%	-0.61%
2004	4	-2.23%	$21,979	-2.17%	$26,013	-1.74%	$28,910	-1.58%	$28,054	-2.23%	-2.17%	-1.74%
2004	5	0.08%	$21,996	-0.34%	$25,925	0.03%	$28,920	1.36%	$28,435	0.08%	-0.34%	0.03%
2004	6	0.76%	$22,163	1.11%	$26,213	2.16%	$29,544	1.93%	$28,984	0.76%	1.11%	2.16%
2004	7	-0.15%	$22,129	0.34%	$26,302	-1.30%	$29,159	-3.31%	$28,024	-0.15%	0.34%	-1.30%
2004	8	1.45%	$22,450	2.07%	$26,847	1.46%	$29,584	0.38%	$28,131	1.45%	2.07%	1.46%
2004	9	0.45%	$22,551	0.66%	$27,025	1.51%	$30,031	1.07%	$28,432	0.45%	0.66%	1.51%
2004	10	0.98%	$22,772	0.66%	$27,204	1.09%	$30,357	1.51%	$28,862	0.98%	0.66%	1.09%
2004	11	0.60%	$22,908	0.89%	$27,447	2.62%	$31,153	4.05%	$30,030	0.60%	0.89%	2.62%
2004	12	1.56%	$23,266	1.96%	$27,985	2.74%	$32,007	3.39%	$31,049	1.56%	1.96%	2.74%
2005	1	-0.30%	$23,197	-0.09%	$27,959	-1.23%	$31,615	-2.45%	$30,287	-0.30%	-0.09%	-1.23%
2005	2	0.30%	$23,266	1.25%	$28,309	2.28%	$32,336	2.09%	$30,921	0.30%	1.25%	2.28%
2005	3	-0.88%	$23,060	-1.41%	$27,909	-1.54%	$31,839	-1.76%	$30,377	-0.88%	-1.41%	-1.54%
2005	4	0.23%	$23,112	0.94%	$28,170	-0.64%	$31,636	-1.91%	$29,796	0.23%	0.94%	-0.64%
2005	5	1.65%	$23,493	1.07%	$28,471	1.65%	$32,159	3.17%	$30,740	1.65%	1.07%	1.65%
2005	6	0.37%	$23,580	0.87%	$28,720	0.70%	$32,383	0.13%	$30,779	0.37%	0.87%	0.70%
2005	7	0.59%	$23,719	0.09%	$28,746	2.22%	$33,103	3.71%	$31,920	0.59%	0.09%	2.22%
2005	8	0.52%	$23,842	0.78%	$28,971	0.88%	$33,393	-0.91%	$31,628	0.52%	0.78%	0.88%
2005	9	-0.37%	$23,754	-0.25%	$28,898	1.07%	$33,750	0.79%	$31,879	-0.37%	-0.25%	1.07%
2005	10	-0.89%	$23,543	-1.34%	$28,512	-1.80%	$33,144	-1.68%	$31,344	-0.89%	-1.34%	-1.80%
2005	11	1.42%	$23,878	1.03%	$28,805	2.32%	$33,912	3.76%	$32,524	1.42%	1.03%	2.32%
2005	12	0.59%	$24,018	0.53%	$28,959	0.82%	$34,192	0.02%	$32,531	0.59%	0.53%	0.82%
2006	1	0.89%	$24,232	0.85%	$29,207	2.57%	$35,070	2.65%	$33,392	0.89%	0.85%	2.57%
2006	2	0.29%	$24,303	0.80%	$29,440	-0.19%	$35,003	0.26%	$33,480	0.29%	0.80%	-0.19%
2006	3	-0.08%	$24,284	-0.66%	$29,245	0.61%	$35,215	1.23%	$33,892	-0.08%	-0.66%	0.61%
2006	4	0.30%	$24,356	1.09%	$29,564	1.93%	$35,896	1.33%	$34,344	0.30%	1.09%	1.93%
2006	5	-0.74%	$24,177	-0.66%	$29,370	-1.36%	$35,408	-2.90%	$33,349	-0.74%	-0.66%	-1.36%
2006	6	0.16%	$24,215	0.58%	$29,540	0.14%	$35,459	0.13%	$33,391	0.16%	0.58%	0.14%
2006	7	0.97%	$24,451	2.14%	$30,171	1.64%	$36,042	0.61%	$33,594	0.97%	2.14%	1.64%
2006	8	1.71%	$24,868	1.81%	$30,718	1.94%	$36,739	2.36%	$34,388	1.71%	1.81%	1.94%
2006	9	1.24%	$25,177	1.23%	$31,097	1.41%	$37,257	2.56%	$35,269	1.24%	1.23%	1.41%
2006	10	1.45%	$25,543	1.64%	$31,607	2.60%	$38,225	3.25%	$36,416	1.45%	1.64%	2.60%
2006	11	1.29%	$25,872	1.30%	$32,018	1.75%	$38,893	1.89%	$37,104	1.29%	1.30%	1.75%
2006	12	0.20%	$25,923	0.65%	$32,225	1.07%	$39,310	1.39%	$37,620	0.20%	0.65%	1.07%
2007	1	0.43%	$26,035	0.32%	$32,329	0.68%	$39,576	1.49%	$38,182	0.43%	0.32%	0.68%
2007	2	0.43%	$26,146	0.91%	$32,624	-0.49%	$39,383	-1.97%	$37,430	0.43%	0.91%	-0.49%
2007	3	0.42%	$26,257	0.63%	$32,830	0.95%	$39,757	1.11%	$37,846	0.42%	0.63%	0.95%
2007	4	1.57%	$26,670	1.73%	$33,397	3.44%	$41,124	4.42%	$39,518	1.57%	1.73%	3.44%
2007	5	0.49%	$26,801	0.45%	$33,546	2.28%	$42,063	3.48%	$40,892	0.49%	0.45%	2.28%
2007	6	-0.56%	$26,652	-1.19%	$33,146	-0.84%	$41,711	-1.68%	$40,206	-0.56%	-1.19%	-0.84%
2007	7	-0.21%	$26,595	-0.73%	$32,905	-1.47%	$41,096	-3.08%	$38,966	-0.21%	-0.73%	-1.47%
2007	8	1.14%	$26,898	1.42%	$33,372	1.38%	$41,662	1.50%	$39,550	1.14%	1.42%	1.38%
2007	9	1.48%	$27,297	1.72%	$33,945	3.13%	$42,966	3.72%	$41,023	1.48%	1.72%	3.13%
2007	10	1.19%	$27,623	0.94%	$34,264	0.98%	$43,388	1.58%	$41,670	1.19%	0.94%	0.98%
2007	11	0.14%	$27,661	-0.18%	$34,203	-1.31%	$42,818	-4.19%	$39,926	0.14%	-0.18%	-1.31%
2007	12	-0.00%	$27,660	-0.50%	$34,032	-0.54%	$42,587	-0.70%	$39,646	-0.00%	-0.50%	-0.54%
2008	1	-0.56%	$27,505	-0.82%	$33,751	-2.85%	$41,372	-6.02%	$37,261	-0.56%	-0.82%	-2.85%
2008	2	-0.85%	$27,272	-1.29%	$33,314	-0.76%	$41,059	-3.25%	$36,050	-0.85%	-1.29%	-0.76%
2008	3	-0.14%	$27,233	0.38%	$33,441	-0.35%	$40,916	-0.44%	$35,891	-0.14%	0.38%	-0.35%
2008	4	1.22%	$27,566	1.18%	$33,835	2.60%	$41,981	4.85%	$37,633	1.22%	1.18%	2.60%
2008	5	0.14%	$27,605	-0.56%	$33,646	0.91%	$42,362	1.29%	$38,120	0.14%	-0.56%	0.91%
2008	6	-2.59%	$26,891	-3.41%	$32,498	-5.02%	$40,236	-8.44%	$34,903	-2.59%	-3.41%	-5.02%
2008	7	-0.22%	$26,831	0.15%	$32,546	-1.32%	$39,705	-0.83%	$34,613	-0.22%	0.15%	-1.32%
2008	8	0.81%	$27,049	0.78%	$32,801	0.74%	$39,997	1.45%	$35,113	0.81%	0.78%	0.74%
2008	9	-3.93%	$25,987	-3.47%	$31,663	-7.39%	$37,041	-8.91%	$31,986	-3.93%	-3.47%	-7.39%
2008	10	-6.76%	$24,229	-7.19%	$29,385	-12.18%	$32,528	-16.79%	$26,615	-6.76%	-7.19%	-12.18%
2008	11	-0.08%	$24,209	0.33%	$29,482	-2.06%	$31,859	-7.17%	$24,705	-0.08%	0.33%	-2.06%
2008	12	2.23%	$24,749	4.07%	$30,682	3.87%	$33,092	1.07%	$24,969	2.23%	4.07%	3.87%
2009	1	-2.37%	$24,162	-4.62%	$29,265	-5.44%	$31,290	-8.41%	$22,868	-2.37%	-4.62%	-5.44%
2009	2	-3.27%	$23,373	-4.96%	$27,814	-6.45%	$29,272	-10.66%	$20,431	-3.27%	-4.96%	-6.45%
2009	3	3.46%	$24,181	2.94%	$28,631	5.04%	$30,746	8.76%	$22,221	3.46%	2.94%	5.04%
2009	4	3.04%	$24,915	3.54%	$29,645	5.87%	$32,550	9.56%	$24,345	3.04%	3.54%	5.87%
2009	5	2.21%	$25,465	4.39%	$30,946	6.30%	$34,600	5.62%	$25,713	2.21%	4.39%	6.30%
2009	6	0.59%	$25,616	1.25%	$31,333	0.52%	$34,779	0.22%	$25,769	0.59%	1.25%	0.52%
2009	7	3.05%	$26,398	5.68%	$33,112	5.71%	$36,766	7.58%	$27,722	3.05%	5.68%	5.71%
2009	8	1.79%	$26,871	2.32%	$33,882	2.70%	$37,759	3.60%	$28,720	1.79%	2.32%	2.70%
2009	9	1.81%	$27,359	1.87%	$34,514	2.54%	$38,719	3.72%	$29,787	1.81%	1.87%	2.54%
2009	10	-0.08%	$27,338	-0.05%	$34,497	-0.47%	$38,539	-1.87%	$29,231	-0.08%	-0.05%	-0.47%
2009	11	2.35%	$27,980	3.20%	$35,602	4.54%	$40,290	5.98%	$30,979	2.35%	3.20%	4.54%
2009	12	-0.86%	$27,739	-0.01%	$35,599	0.37%	$40,437	1.95%	$31,582	-0.86%	-0.01%	0.37%
2010	1	0.45%	$27,864	-0.29%	$35,494	-1.70%	$39,750	-3.60%	$30,444	0.45%	-0.29%	-1.70%
2010	2	0.90%	$28,115	1.08%	$35,878	1.48%	$40,339	3.09%	$31,385	0.90%	1.08%	1.48%
2010	3	1.25%	$28,466	1.99%	$36,592	3.93%	$41,924	6.01%	$33,273	1.25%	1.99%	3.93%
2010	4	1.26%	$28,824	1.49%	$37,138	0.74%	$42,234	1.58%	$33,798	1.26%	1.49%	0.74%
2010	5	-1.09%	$28,508	-2.71%	$36,133	-5.38%	$39,963	-8.01%	$31,092	-1.09%	-2.71%	-5.38%
2010	6	-0.06%	$28,492	0.19%	$36,203	-2.17%	$39,095	-5.24%	$29,463	-0.06%	0.19%	-2.17%
2010	7	2.38%	$29,169	3.49%	$37,467	5.42%	$41,214	7.00%	$31,524	2.38%	3.49%	5.42%
2010	8	0.07%	$29,190	0.86%	$37,787	-2.21%	$40,304	-4.53%	$30,096	0.07%	0.86%	-2.21%
2010	9	2.23%	$29,840	2.70%	$38,810	5.26%	$42,423	8.92%	$32,781	2.23%	2.70%	5.26%
2010	10	1.07%	$30,160	0.88%	$39,151	2.13%	$43,325	3.79%	$34,022	1.07%	0.88%	2.13%
2010	11	-0.42%	$30,032	-0.92%	$38,792	-1.02%	$42,881	0.00%	$34,022	-0.42%	-0.92%	-1.02%
2010	12	0.88%	$30,297	1.54%	$39,389	4.61%	$44,859	6.67%	$36,292	0.88%	1.54%	4.61%
2011	1	0.50%	$30,448	0.65%	$39,643	1.99%	$45,754	2.36%	$37,148	0.50%	0.65%	1.99%
2011	2	0.99%	$30,750	1.88%	$40,387	2.30%	$46,807	3.42%	$38,417	0.99%	1.88%	2.30%
2011	3	0.08%	$30,775	0.14%	$40,445	-0.18%	$46,724	0.03%	$38,427	0.08%	0.14%	-0.18%
2011	4	1.83%	$31,338	2.58%	$41,488	2.80%	$48,030	2.95%	$39,559	1.83%	2.58%	2.80%
2011	5	0.35%	$31,447	0.84%	$41,836	-0.51%	$47,784	-1.15%	$39,106	0.35%	0.84%	-0.51%
2011	6	-0.66%	$31,239	-1.06%	$41,393	-1.32%	$47,152	-1.67%	$38,452	-0.66%	-1.06%	-1.32%
2011	7	0.42%	$31,370	0.04%	$41,411	-1.30%	$46,538	-2.05%	$37,665	0.42%	0.04%	-1.30%
2011	8	-1.11%	$31,021	-0.27%	$41,300	-3.52%	$44,900	-5.45%	$35,614	-1.11%	-0.27%	-3.52%
2011	9	-1.51%	$30,552	-1.46%	$40,697	-4.12%	$43,049	-7.04%	$33,106	-1.51%	-1.46%	-4.12%
2011	10	2.44%	$31,297	4.03%	$42,338	7.12%	$46,116	10.91%	$36,719	2.44%	4.03%	7.12%
2011	11	-0.42%	$31,166	-0.53%	$42,114	-0.64%	$45,821	-0.23%	$36,633	-0.42%	-0.53%	-0.64%
2011	12	0.88%	$31,440	2.53%	$43,182	1.67%	$46,587	1.02%	$37,006	0.88%	2.53%	1.67%
2012	1	1.84%	$32,018	1.88%	$43,991	3.29%	$48,118	4.46%	$38,658	1.84%	1.88%	3.29%
2012	2	0.83%	$32,285	1.28%	$44,556	2.56%	$49,352	4.31%	$40,323	0.83%	1.28%	2.56%
2012	3	-0.09%	$32,256	0.46%	$44,761	1.53%	$50,105	3.28%	$41,646	-0.09%	0.46%	1.53%
2012	4	0.69%	$32,480	0.93%	$45,179	-0.09%	$50,060	-0.64%	$41,380	0.69%	0.93%	-0.09%
2012	5	-0.76%	$32,234	-1.43%	$44,534	-3.98%	$48,070	-6.02%	$38,889	-0.76%	-1.43%	-3.98%
2012	6	0.89%	$32,520	2.00%	$45,423	3.22%	$49,617	4.11%	$40,487	0.89%	2.00%	3.22%
2012	7	1.31%	$32,947	2.44%	$46,533	1.46%	$50,341	1.37%	$41,042	1.31%	2.44%	1.46%
2012	8	0.55%	$33,127	0.53%	$46,782	1.23%	$50,959	2.24%	$41,961	0.55%	0.53%	1.23%
2012	9	0.66%	$33,347	0.86%	$47,183	1.93%	$51,944	2.58%	$43,042	0.66%	0.86%	1.93%
2012	10	-0.14%	$33,302	0.25%	$47,299	0.00%	$51,944	-1.86%	$42,242	-0.14%	0.25%	0.00%
2012	11	0.34%	$33,415	0.29%	$47,434	0.18%	$52,035	0.56%	$42,478	0.34%	0.29%	0.18%
2012	12	0.25%	$33,497	0.19%	$47,524	0.79%	$52,444	0.90%	$42,862	0.25%	0.19%	0.79%
2013	1	0.42%	$33,639	1.45%	$48,214	3.49%	$54,273	5.18%	$45,080	0.42%	1.45%	3.49%
2013	2	0.56%	$33,827	1.23%	$48,805	0.89%	$54,753	1.34%	$45,684	0.56%	1.23%	0.89%
2013	3	0.71%	$34,068	1.26%	$49,421	2.53%	$56,140	3.74%	$47,392	0.71%	1.26%	2.53%
2013	4	1.18%	$34,470	1.97%	$50,393	2.28%	$57,418	1.91%	$48,296	1.18%	1.97%	2.28%
2013	5	-1.30%	$34,021	-0.87%	$49,956	0.65%	$57,792	2.33%	$49,420	-1.30%	-0.87%	0.65%
2013	6	-1.59%	$33,481	-1.59%	$49,160	-1.35%	$57,012	-1.35%	$48,753	-1.59%	-1.59%	-1.35%
2013	7	1.21%	$33,886	2.04%	$50,161	3.55%	$59,036	5.07%	$51,226	1.21%	2.04%	3.55%
2013	8	-0.98%	$33,552	-1.87%	$49,220	-2.23%	$57,718	-2.91%	$49,734	-0.98%	-1.87%	-2.23%
2013	9	1.68%	$34,116	1.63%	$50,023	2.28%	$59,036	3.12%	$51,287	1.68%	1.63%	2.28%
2013	10	1.40%	$34,594	2.10%	$51,072	2.78%	$60,678	4.59%	$53,639	1.40%	2.10%	2.78%
2013	11	0.21%	$34,666	0.79%	$51,475	1.93%	$61,846	3.03%	$55,264	0.21%	0.79%	1.93%
2013	12	-0.09%	$34,635	0.81%	$51,890	1.47%	$62,757	2.51%	$56,653	-0.09%	0.81%	1.47%
2014	1	0.56%	$34,829	-0.36%	$51,702	-1.53%	$61,797	-3.47%	$54,687	0.56%	-0.36%	-1.53%
2014	2	1.32%	$35,288	2.06%	$52,767	3.00%	$63,650	4.56%	$57,181	1.32%	2.06%	3.00%
2014	3	0.13%	$35,335	0.92%	$53,253	0.92%	$64,236	0.82%	$57,653	0.13%	0.92%	0.92%
2014	4	0.62%	$35,553	1.19%	$53,885	1.09%	$64,935	0.72%	$58,070	0.62%	1.19%	1.09%
2014	5	1.23%	$35,991	1.21%	$54,538	1.46%	$65,884	2.33%	$59,426	1.23%	1.21%	1.46%
2014	6	0.58%	$36,201	0.78%	$54,961	1.40%	$66,806	2.05%	$60,645	0.58%	0.78%	1.40%
2014	7	-0.34%	$36,078	-1.00%	$54,410	-1.03%	$66,120	-1.39%	$59,803	-0.34%	-1.00%	-1.03%
2014	8	1.56%	$36,640	1.99%	$55,492	2.46%	$67,744	3.98%	$62,185	1.56%	1.99%	2.46%
2014	9	-1.11%	$36,234	-1.25%	$54,798	-1.36%	$66,821	-1.41%	$61,306	-1.11%	-1.25%	-1.36%
2014	10	1.15%	$36,652	1.17%	$55,438	1.56%	$67,865	2.42%	$62,792	1.15%	1.17%	1.56%
2014	11	0.94%	$36,996	1.31%	$56,165	1.81%	$69,095	2.68%	$64,476	0.94%	1.31%	1.81%
2014	12	-0.05%	$36,975	-0.16%	$56,075	-0.25%	$68,921	-0.26%	$64,306	-0.05%	-0.16%	-0.25%
2015	1	1.41%	$37,496	0.55%	$56,382	-1.38%	$67,970	-3.02%	$62,365	1.41%	0.55%	-1.38%
2015	2	0.33%	$37,620	0.82%	$56,843	3.26%	$70,189	5.74%	$65,945	0.33%	0.82%	3.26%
2015	3	0.18%	$37,688	-0.10%	$56,786	-0.98%	$69,504	-1.59%	$64,894	0.18%	-0.10%	-0.98%
2015	4	0.00%	$37,688	0.51%	$57,073	1.10%	$70,265	0.95%	$65,510	0.00%	0.51%	1.10%
2015	5	-0.26%	$37,588	-0.12%	$57,007	0.33%	$70,495	1.27%	$66,343	-0.26%	-0.12%	0.33%
2015	6	-1.27%	$37,109	-2.06%	$55,831	-1.94%	$69,130	-1.93%	$65,061	-1.27%	-2.06%	-1.94%
2015	7	0.88%	$37,435	1.23%	$56,521	1.78%	$70,359	2.08%	$66,414	0.88%	1.23%	1.78%
2015	8	-1.61%	$36,834	-2.16%	$55,298	-4.51%	$67,188	-6.05%	$62,399	-1.61%	-2.16%	-4.51%
2015	9	-0.05%	$36,817	0.11%	$55,360	-1.35%	$66,280	-2.48%	$60,848	-0.05%	0.11%	-1.35%
2015	10	1.57%	$37,395	3.40%	$57,242	5.44%	$69,885	8.42%	$65,973	1.57%	3.40%	5.44%
2015	11	-0.13%	$37,345	0.00%	$57,242	0.08%	$69,939	0.29%	$66,162	-0.13%	0.00%	0.08%
2015	12	-0.77%	$37,057	-0.79%	$56,791	-1.40%	$68,960	-1.59%	$65,108	-0.77%	-0.79%	-1.40%
2016	1	0.07%	$37,083	-0.20%	$56,675	-2.77%	$67,048	-4.98%	$61,868	0.07%	-0.20%	-2.77%
2016	2	0.48%	$37,261	0.45%	$56,930	-0.25%	$66,879	-0.15%	$61,778	0.48%	0.45%	-0.25%
2016	3	2.19%	$38,075	3.52%	$58,931	5.08%	$70,274	6.78%	$65,964	2.19%	3.52%	5.08%
2016	4	0.47%	$38,254	0.91%	$59,467	1.45%	$71,292	0.37%	$66,211	0.47%	0.91%	1.45%
2016	5	0.27%	$38,356	0.59%	$59,817	0.79%	$71,858	1.78%	$67,391	0.27%	0.59%	0.79%
2016	6	1.47%	$38,920	2.18%	$61,121	0.78%	$72,416	0.25%	$67,560	1.47%	2.18%	0.78%
2016	7	1.45%	$39,485	1.38%	$61,966	2.39%	$74,144	3.68%	$70,043	1.45%	1.38%	2.39%
2016	8	0.00%	$39,485	0.00%	$61,966	0.20%	$74,296	0.13%	$70,134	0.00%	0.00%	0.20%
2016	9	0.08%	$39,514	-0.32%	$61,770	-0.13%	$74,199	0.01%	$70,140	0.08%	-0.32%	-0.13%
2016	10	-1.17%	$39,050	-1.22%	$61,014	-1.16%	$73,339	-1.83%	$68,854	-1.17%	-1.22%	-1.16%
2016	11	-1.39%	$38,509	-0.74%	$60,565	2.21%	$74,963	3.70%	$71,401	-1.39%	-0.74%	2.21%
2016	12	0.64%	$38,756	1.35%	$61,380	2.12%	$76,555	1.96%	$72,802	0.64%	1.35%	2.12%
2017	1	0.47%	$38,938	0.27%	$61,548	0.92%	$77,261	1.88%	$74,173	0.47%	0.27%	0.92%
2017	2	1.14%	$39,380	1.96%	$62,753	2.66%	$79,319	3.96%	$77,113	1.14%	1.96%	2.66%
2017	3	0.22%	$39,466	-0.04%	$62,729	-0.18%	$79,178	0.10%	$77,190	0.22%	-0.04%	-0.18%
2017	4	0.86%	$39,806	0.70%	$63,166	0.77%	$79,789	1.02%	$77,976	0.86%	0.70%	0.77%
2017	5	0.85%	$40,146	1.15%	$63,894	1.16%	$80,715	1.39%	$79,062	0.85%	1.15%	1.16%
2017	6	0.00%	$40,147	0.41%	$64,159	0.69%	$81,273	0.61%	$79,546	0.00%	0.41%	0.69%
2017	7	0.78%	$40,463	0.88%	$64,720	1.20%	$82,245	2.04%	$81,171	0.78%	0.88%	1.20%
2017	8	0.78%	$40,778	0.53%	$65,063	0.14%	$82,364	0.29%	$81,409	0.78%	0.53%	0.14%
2017	9	0.08%	$40,812	0.84%	$65,611	2.02%	$84,029	2.06%	$83,085	0.08%	0.84%	2.02%
2017	10	0.58%	$41,049	0.90%	$66,201	1.38%	$85,187	2.32%	$85,011	0.58%	0.90%	1.38%
2017	11	0.45%	$41,234	1.08%	$66,915	1.83%	$86,744	3.06%	$87,611	0.45%	1.08%	1.83%
2017	12	0.55%	$41,462	1.08%	$67,639	1.25%	$87,827	1.10%	$88,577	0.55%	1.08%	1.25%
2018	1	0.32%	$41,595	0.56%	$68,015	2.88%	$90,356	5.71%	$93,637	0.32%	0.56%	2.88%
2018	2	-1.35%	$41,036	-2.73%	$66,159	-3.58%	$87,117	-3.69%	$90,177	-1.35%	-2.73%	-3.58%
2018	3	0.26%	$41,142	-0.27%	$65,978	-1.10%	$86,159	-2.56%	$87,873	0.26%	-0.27%	-1.10%
2018	4	-0.33%	$41,008	-0.50%	$65,650	0.29%	$86,411	0.37%	$88,201	-0.33%	-0.50%	0.29%
2018	5	0.59%	$41,249	0.65%	$66,079	0.61%	$86,936	2.39%	$90,313	0.59%	0.65%	0.61%
2018	6	0.04%	$41,267	0.16%	$66,186	-0.14%	$86,813	0.61%	$90,859	0.04%	0.16%	-0.14%
2018	7	0.59%	$41,509	2.04%	$67,535	3.37%	$89,734	3.71%	$94,230	0.59%	2.04%	3.37%
2018	8	0.52%	$41,724	0.57%	$67,916	1.13%	$90,750	3.25%	$97,289	0.52%	0.57%	1.13%
2018	9	-0.30%	$41,601	-0.23%	$67,761	0.26%	$90,986	0.55%	$97,828	-0.30%	-0.23%	0.26%
2018	10	-1.95%	$40,790	-2.27%	$66,223	-3.93%	$87,407	-6.85%	$91,128	-1.95%	-2.27%	-3.93%
2018	11	0.73%	$41,087	1.63%	$67,300	2.02%	$89,175	2.03%	$92,975	0.73%	1.63%	2.02%
2018	12	-0.15%	$41,026	-2.08%	$65,899	-4.88%	$84,821	-9.04%	$84,570	-0.15%	-2.08%	-4.88%
2019	1	2.42%	$42,019	3.23%	$68,030	4.42%	$88,568	8.00%	$91,337	2.42%	3.23%	4.42%
2019	2	0.53%	$42,240	1.51%	$69,055	2.45%	$90,739	3.20%	$94,260	0.53%	1.51%	2.45%
2019	3	1.85%	$43,022	1.88%	$70,351	1.56%	$92,151	1.94%	$96,086	1.85%	1.88%	1.56%
2019	4	0.71%	$43,327	1.08%	$71,112	2.42%	$94,382	4.04%	$99,968	0.71%	1.08%	2.42%
2019	5	0.06%	$43,355	-0.65%	$70,650	-2.83%	$91,715	-6.36%	$93,606	0.06%	-0.65%	-2.83%
2019	6	2.27%	$44,339	3.14%	$72,872	4.39%	$95,739	7.03%	$100,189	2.27%	3.14%	4.39%
2019	7	0.50%	$44,562	0.49%	$73,228	1.14%	$96,827	1.43%	$101,618	0.50%	0.49%	1.14%
2019	8	1.63%	$45,287	1.68%	$74,459	0.38%	$97,197	-1.59%	$100,001	1.63%	1.68%	0.38%
2019	9	0.03%	$45,299	0.59%	$74,900	1.63%	$98,782	1.86%	$101,860	0.03%	0.59%	1.63%
2019	10	0.50%	$45,523	0.63%	$75,369	1.42%	$100,180	2.15%	$104,055	0.50%	0.63%	1.42%
2019	11	0.49%	$45,748	0.62%	$75,837	1.67%	$101,857	3.62%	$107,822	0.49%	0.62%	1.67%
2019	12	0.48%	$45,969	1.14%	$76,701	2.02%	$103,913	3.01%	$111,063	0.48%	1.14%	2.02%
2020	1	1.36%	$46,593	1.28%	$77,684	0.35%	$104,272	-0.05%	$111,007	1.36%	1.28%	0.35%
2020	2	-0.37%	$46,423	-2.46%	$75,775	-5.33%	$98,715	-8.24%	$101,858	-0.37%	-2.46%	-5.33%
2020	3	-3.96%	$44,586	-6.28%	$71,013	-9.25%	$89,580	-12.37%	$89,256	-3.96%	-6.28%	-9.25%
2020	4	3.51%	$46,153	5.70%	$75,060	7.98%	$96,727	12.81%	$100,693	3.51%	5.70%	7.98%
2020	5	1.36%	$46,779	2.11%	$76,645	2.82%	$99,455	4.76%	$105,482	1.36%	2.11%	2.82%
2020	6	1.18%	$47,329	0.47%	$77,007	0.86%	$100,313	1.98%	$107,568	1.18%	0.47%	0.86%
2020	7	2.12%	$48,331	2.81%	$79,173	4.60%	$104,926	5.63%	$113,621	2.12%	2.81%	4.60%
2020	8	0.47%	$48,560	0.22%	$79,344	3.29%	$108,373	7.18%	$121,776	0.47%	0.22%	3.29%
2020	9	-0.35%	$48,388	-0.70%	$78,787	-1.97%	$106,238	-3.81%	$117,135	-0.35%	-0.70%	-1.97%
2020	10	-0.65%	$48,072	-1.27%	$77,783	-1.49%	$104,653	-2.67%	$114,006	-0.65%	-1.27%	-1.49%
2020	11	3.11%	$49,566	5.72%	$82,230	7.46%	$112,459	10.94%	$126,474	3.11%	5.72%	7.46%
2020	12	1.21%	$50,164	1.16%	$83,186	2.20%	$114,928	3.84%	$131,329	1.21%	1.16%	2.20%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	LifeStrategy Income	Wellesley Income	Wellington	Vanguard 500 Index Investor
Large-cap Value	7.99%	23.90%	28.45%	46.05%
Large-cap Growth	8.71%	7.61%	23.61%	53.95%
Mid-cap Value	0.07%	0.00%	0.00%	0.00%
Mid-cap Growth	3.90%	0.00%	0.00%	0.00%
Small-cap Value	0.00%	0.00%	0.00%	0.00%
Small-cap Growth	0.00%	0.00%	0.00%	0.00%
Global ex-US Developed Markets	0.79%	3.66%	8.60%	0.00%
Emerging Markets	3.75%	0.00%	1.21%	0.00%
Corporate Bonds	13.07%	22.86%	15.51%	0.00%
Long-Term Treasuries	2.14%	6.83%	1.39%	0.00%
Intermediate-Term Treasuries	15.92%	9.18%	0.20%	0.00%
Short-Term Treasuries	43.66%	25.95%	21.04%	0.00%
R Squared	92.98%	93.77%	97.47%	99.91%
Style analysis is based on monthly returns from April 2005 to December 2020 and uses total portfolio return with monthly rebalancing. Returns based style analysis aims to explain the portfolio returns based on asset class exposures, it does not identify the actual portfolio holdings.

Holdings Based Style Analysis for LifeStrategy Income

Holdings Based Style Analysis for LifeStrategy Income
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VASIX	Vanguard LifeStrategy Income Inv	15% to 30% Equity	100.00%	2.07%	1.99%	0.11%	0.11%	15.52	6.79	$40,164	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Wellesley Income

Holdings Based Style Analysis for Wellesley Income
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VWINX	Vanguard Wellesley Income Inv	30% to 50% Equity	100.00%	4.01%	3.04%	0.23%	0.23%	15.67	6.76	$73,186	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Wellington

Holdings Based Style Analysis for Wellington
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VWELX	Vanguard Wellington Inv	50% to 70% Equity	100.00%	2.57%	2.12%	0.24%	0.24%	18.69	6.75	$104,928	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Fund fundamentals data as of 03/24/2023. (c) 2023 Morningstar. All Rights Reserved. The fund fundamentals information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Risk and Return Metrics

Portfolio return and risk metrics
Metric	LifeStrategy Income	Wellesley Income	Wellington	Vanguard 500 Index Investor
Arithmetic Mean (monthly)	0.53%	0.70%	0.82%	0.92%
Arithmetic Mean (annualized)	6.50%	8.70%	10.36%	11.68%
Geometric Mean (monthly)	0.52%	0.68%	0.79%	0.83%
Geometric Mean (annualized)	6.40%	8.49%	9.85%	10.41%
Standard Deviation (monthly)	1.28%	1.80%	2.79%	4.36%
Standard Deviation (annualized)	4.44%	6.23%	9.67%	15.09%
Downside Deviation (monthly)	0.75%	1.00%	1.75%	2.89%
Maximum Drawdown	-15.50%	-18.82%	-32.53%	-50.97%
Stock Market Correlation	0.79	0.70	0.90	0.99
Beta^(*)	0.23	0.30	0.59	1.00
Alpha (annualized)	3.71%	5.01%	3.34%	0.00%
R²	63.61%	53.79%	85.13%	100.00%
Sharpe Ratio	0.92	0.98	0.79	0.59
Sortino Ratio	1.43	1.64	1.21	0.86
Treynor Ratio (%)	17.29	20.17	12.92	8.84
Calmar Ratio	1.52	0.83	0.67	0.71
Active Return	-4.01%	-1.92%	-0.57%	N/A
Tracking Error	11.85%	11.34%	7.21%	N/A
Information Ratio	-0.34	-0.17	-0.08	N/A
Skewness	-0.85	-0.30	-0.68	-0.65
Excess Kurtosis	3.68	2.35	1.99	1.22
Historical Value-at-Risk (5%)	-1.54%	-2.27%	-4.04%	-7.15%
Analytical Value-at-Risk (5%)	-1.58%	-2.26%	-3.77%	-6.24%
Conditional Value-at-Risk (5%)	-2.59%	-3.56%	-6.19%	-9.76%
Upside Capture Ratio (%)	29.92	39.53	65.59	100.00
Downside Capture Ratio (%)	14.87	18.83	53.63	100.00
Safe Withdrawal Rate	7.21%	8.99%	10.31%	10.31%
Perpetual Withdrawal Rate	3.99%	5.84%	7.00%	7.48%
Positive Periods	221 out of 312 (70.83%)	221 out of 312 (70.83%)	210 out of 312 (67.31%)	208 out of 312 (66.67%)
Gain/Loss Ratio	1.19	1.13	1.03	0.85
^* Vanguard 500 Index Investor is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns

Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	LifeStrategy Income	Wellesley Income	Wellington	Vanguard 500 Index Investor
Asian Crisis	Jul 1997	Jan 1998	-1.69%	-2.28%	-3.86%	-5.61%
Russian Debt Default	Jul 1998	Oct 1998	-1.92%	-3.64%	-9.11%	-15.38%
Dotcom Crash	Mar 2000	Oct 2002	-3.94%	-4.78%	-15.11%	-44.82%
Subprime Crisis	Nov 2007	Mar 2009	-15.50%	-18.82%	-32.53%	-50.97%
COVID-19 Start	Jan 2020	Mar 2020	-4.31%	-8.59%	-14.09%	-19.63%

Drawdowns for LifeStrategy Income

Drawdowns for LifeStrategy Income (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Dec 2007	Feb 2009	1 year 3 months	Nov 2009	9 months	2 years	-15.50%
2	Feb 2020	Mar 2020	2 months	May 2020	2 months	4 months	-4.31%
3	Jun 2002	Sep 2002	4 months	Apr 2003	7 months	11 months	-3.94%
4	May 2013	Jun 2013	2 months	Oct 2013	4 months	6 months	-2.87%
5	Jun 2011	Sep 2011	4 months	Jan 2012	4 months	8 months	-2.84%
6	Feb 2001	Mar 2001	2 months	Jul 2001	4 months	6 months	-2.71%
7	Oct 2016	Nov 2016	2 months	Apr 2017	5 months	7 months	-2.55%
8	May 2015	Sep 2015	5 months	Mar 2016	6 months	11 months	-2.31%
9	Sep 2018	Oct 2018	2 months	Jan 2019	3 months	5 months	-2.24%
10	Apr 2004	Apr 2004	1 month	Sep 2004	5 months	6 months	-2.23%
Worst 10 drawdowns included above

Drawdowns for Wellesley Income

Drawdowns for Wellesley Income (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Sep 2009	7 months	1 year 11 months	-18.82%
2	Feb 2020	Mar 2020	2 months	Jul 2020	4 months	6 months	-8.59%
3	May 1999	Feb 2000	10 months	Aug 2000	6 months	1 year 4 months	-8.44%
4	Jun 2002	Sep 2002	4 months	Dec 2002	3 months	7 months	-4.78%
5	Jul 1998	Aug 1998	2 months	Sep 1998	1 month	3 months	-3.64%
6	Feb 2018	Apr 2018	3 months	Jan 2019	9 months	1 year	-3.48%
7	Jan 1999	Feb 1999	2 months	Apr 1999	2 months	4 months	-3.39%
8	Jul 2003	Jul 2003	1 month	Dec 2003	5 months	6 months	-3.38%
9	May 2015	Aug 2015	4 months	Oct 2015	2 months	6 months	-3.11%
10	Feb 1996	Apr 1996	3 months	Sep 1996	5 months	8 months	-2.74%
Worst 10 drawdowns included above

Drawdowns for Wellington

Drawdowns for Wellington (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Dec 2010	1 year 10 months	3 years 2 months	-32.53%
2	Apr 2002	Sep 2002	6 months	Oct 2003	1 year 1 month	1 year 7 months	-15.11%
3	Feb 2020	Mar 2020	2 months	Jul 2020	4 months	6 months	-14.09%
4	Jul 1999	Feb 2000	8 months	Aug 2000	6 months	1 year 2 months	-10.84%
5	May 2011	Sep 2011	5 months	Jan 2012	4 months	9 months	-10.37%
6	May 1998	Aug 1998	4 months	Nov 1998	3 months	7 months	-9.16%
7	Jun 2001	Sep 2001	4 months	Feb 2002	5 months	9 months	-7.26%
8	Oct 2018	Dec 2018	3 months	Mar 2019	3 months	6 months	-6.78%
9	Jun 2015	Sep 2015	4 months	Apr 2016	7 months	11 months	-5.98%
10	Feb 2018	Mar 2018	2 months	Aug 2018	5 months	7 months	-4.64%
Worst 10 drawdowns included above

Drawdowns for Vanguard 500 Index Investor

Drawdowns for Vanguard 500 Index Investor (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Aug 2012	3 years 6 months	4 years 10 months	-50.97%
2	Sep 2000	Sep 2002	2 years 1 month	Nov 2006	4 years 2 months	6 years 3 months	-44.82%
3	Jan 2020	Mar 2020	3 months	Jul 2020	4 months	7 months	-19.63%
4	Jul 1998	Aug 1998	2 months	Nov 1998	3 months	5 months	-15.38%
5	Oct 2018	Dec 2018	3 months	Apr 2019	4 months	7 months	-13.55%
6	Aug 2015	Sep 2015	2 months	May 2016	8 months	10 months	-8.38%
7	Jan 2000	Feb 2000	2 months	Mar 2000	1 month	3 months	-6.84%
8	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-6.38%
9	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-6.36%
10	Jul 1999	Sep 1999	3 months	Nov 1999	2 months	5 months	-6.25%
Worst 10 drawdowns included above

Portfolio Assets

Performance statistics for portfolio components
Ticker	Name	CAGR	Stdev	Best Year	Worst Year	Max Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
VASIX	Vanguard LifeStrategy Income Inv	6.40%	4.44%	22.99%	-10.53%	-15.50%	0.92	1.43	0.79
VWINX	Vanguard Wellesley Income Inv	8.49%	6.23%	28.91%	-9.84%	-18.82%	0.98	1.64	0.70
VWELX	Vanguard Wellington Inv	9.85%	9.67%	32.92%	-22.30%	-32.53%	0.79	1.21	0.90

Portfolio Asset Performance

Performance of portfolio assets
Name	Total Return			Annualized Return			Expense Ratio
Name	3 Month	Year To Date	1 year	3 year	5 year	10 year	Net	Gross
Vanguard LifeStrategy Income Inv	3.67%	9.13%	9.13%	6.56%	6.24%	5.17%	0.11%	0.11%
Vanguard Wellesley Income Inv	5.58%	8.45%	8.45%	7.14%	7.93%	7.76%	0.23%	0.23%
Vanguard Wellington Inv	8.18%	10.60%	10.60%	9.38%	10.76%	9.86%	0.24%	0.24%
Trailing returns as of last calendar month ending December 2020

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VASIX	VWINX	VWELX	LifeStrategy Income	Wellesley Income	Wellington	Vanguard 500 Index Investor
VASIX	Vanguard LifeStrategy Income Inv	1.00	0.89	0.84	1.00	0.89	0.84	0.80
VWINX	Vanguard Wellesley Income Inv	0.89	1.00	0.88	0.89	1.00	0.88	0.73
VWELX	Vanguard Wellington Inv	0.84	0.88	1.00	0.84	0.88	1.00	0.92

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	LifeStrategy Income	Wellesley Income	Wellington
VASIX	Vanguard LifeStrategy Income Inv	$40,164
VWINX	Vanguard Wellesley Income Inv		$73,186
VWELX	Vanguard Wellington Inv			$104,928
Return attribution decomposes portfolio gains into its constituent parts and identifies the contribution to returns by each of the assets.

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	LifeStrategy Income	Wellesley Income	Wellington
VASIX	Vanguard LifeStrategy Income Inv	100.00%
VWINX	Vanguard Wellesley Income Inv		100.00%
VWELX	Vanguard Wellington Inv			100.00%
Risk attribution decomposes portfolio risk into its constituent parts and identifies the contribution to overall volatility by each of the assets.

Annual Asset Returns

Rolling Returns

Rolling returns summary
Roll Period	LifeStrategy Income			Wellesley Income			Wellington			Vanguard 500 Index Investor
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low	Average	High	Low
1 year	6.11%	22.99%	-14.30%	8.22%	28.99%	-16.51%	9.65%	37.81%	-28.71%	10.82%	53.61%	-43.32%
3 years	5.67%	14.79%	-1.29%	7.74%	19.24%	-1.88%	8.79%	23.93%	-5.79%	9.14%	32.68%	-16.14%
5 years	5.40%	11.97%	0.83%	7.49%	13.66%	0.97%	8.30%	17.36%	-0.22%	7.80%	28.49%	-6.73%
7 years	5.28%	10.24%	2.34%	7.46%	12.41%	2.65%	8.16%	14.38%	1.76%	7.09%	17.12%	-3.94%
10 years	5.24%	8.81%	3.24%	7.38%	10.84%	4.27%	8.06%	12.34%	3.47%	6.87%	16.52%	-3.51%
15 years	5.21%	7.04%	4.26%	7.32%	8.83%	6.39%	7.94%	9.76%	6.78%	6.59%	10.39%	3.64%

Backtest Portfolio Asset Allocation

Portfolio Backtesting Overview

Portfolio Model Configuration

Portfolio Analysis Results (Jan 1995 - Dec 2020)

LifeStrategy Income

Wellesley Income

Wellington

Performance Summary

Portfolio Growth

Annual Returns

Trailing Returns

Annual Returns

Monthly Returns

Returns Based Style Analysis

Holdings Based Style Analysis for LifeStrategy Income

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Wellesley Income

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Wellington

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Risk and Return Metrics

Drawdowns

Historical Market Stress Periods

Drawdowns for LifeStrategy Income

Drawdowns for Wellesley Income

Drawdowns for Wellington

Drawdowns for Vanguard 500 Index Investor

Portfolio Assets

Portfolio Asset Performance

Monthly Correlations

Portfolio Return Decomposition

Portfolio Risk Decomposition

Annual Asset Returns

Rolling Returns

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years