Test Market Timing Models

This tool allows you to test different market timing and tactical asset allocation models based on moving averages, momentum, market valuation and target volatility. The supported models include:

You can find a summary of the selected tactical asset allocation model below, and a more detailed description in the FAQ section.

Shiller PE Ratio Market Valuation

Shiller PE Ratio (PE10) market valuation based timing model uses shifts the allocation between stocks and bonds as follows:
  • PE10 >= 22 - 40% stocks, 60% bonds
  • 14 <= PE10 < 22 - 60% stocks, 40% bonds
  • PE10 < 14 - 80% stocks, 20% bonds
The balanced 60% stock and 40% bond allocation is used as the benchmark portfolio.

Moving Averages - Single Asset

The moving average timing model is either invested in a a specific stock, ETF or mutual fund, or is alternatively in cash or other risk-free asset based on the moving average signal. The model is invested in the asset when the adjusted close price is greater than the moving average and the model moves to cash when the adjusted close price is less than the moving average. The model also supports using moving average cross-over as the signal.

Moving Averages - Portfolio Assets

The moving average model applies the moving average signal to each portfolio asset. The model is invested in a portfolio asset when the adjusted close price is greater than the moving average and the allocation is moved to cash when the adjusted close price is less than the moving average. The model also supports using moving average cross-over as the signal.

Momentum - Relative Strength

The relative strength momentum model invests in the best performing assets in the model based on each asset's past return. The momentum can be based on a single timing period, or multiple weighted timing periods. Additionally the model supports using moving averages as a risk control to decide whether investments should be moved to cash.

Momentum - Dual Momentum

The dual momentum model uses relative momentum to select the best performing model assets and incorporates absolute momentum as a filter to invest in cash if the excess return of the selected asset over cash is negative.

Adaptive Allocation

The adaptive asset allocation model combines relative strength momentum model with different asset weighting. The relative strength model uses an equal weight allocation for the model selected assets, whereas the adaptive asset allocation uses either risk parity allocation or minimum variance allocation for the model assets to minimize the expected volatility.

Target Volatility

The target volatility model adjusts the market exposure of the portfolio based on the realized historic volatility and the given volatility target. The cash allocation in the portfolio is increased or decreased as required to meet the targeted volatility level in order to improve the risk adjusted performance.
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Timing Periods
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Time Period #3
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Time Period #4
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Time Period #5
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Volatility Period
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Asset 1
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Asset 2
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Asset 3
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Asset 4
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Asset 5
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Asset 6
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Asset 7
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Asset 9
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Market Timing Results (Jan 1997 - Dec 2016)

Market timing results from 1997 to 2016 are based on the annual target volatility of 8.00%. The timing portfolio adjusts the equity allocation monthly based on realized historical volatility and the specified target volatility using 1 calendar month volatility period. Timing model trades are executed using the end of month close price each month based on the end of month signals. The selected year range for the timing test was automatically adjusted based on the available data for Vanguard Real Estate Index Investor (VGSIX) (Jun 1996-Mar 2018).

Performance statistics for the timing portfolio and benchmark portfolios
PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioUS Mkt Correlation
Timing Portfolio$10,000$33,1126.17%7.35%20.87%-12.06%-18.41% 0.560.820.90
Buy & Hold Portfolio$10,000$39,5027.11%10.67%25.37%-25.82%-39.59% 0.500.710.96
Vanguard 500 Index Investor$10,000$43,1077.58%15.29%33.19%-37.02%-50.97% 0.420.600.99
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Notes on results:
  • Past performance is not a guarantee of future returns and data and other errors may exist. See Disclaimer and Terms of Use
  • The results for the buy-and-hold comparison portfolio assume annual rebalancing
  • The results for the timing portfolio assume monthly rebalancing trades
  • Risk free returns (out of market) are based on 1-month US treasury bill returns or the selected asset
  • The volatility signal is based on daily total returns accounting for splits and dividends
  • Additional trading costs and taxes for timing models are not reflected in the results
  • CAGR = Compound Annual Growth Rate
  • Stdev = Annualized standard deviation of monthly returns
  • Sharpe and Sortino ratios are calculated and annualized from monthly excess returns over risk free rate (1-month t-bills)
  • Stock market correlation is based on the correlation of monthly returns
  • Drawdowns are calculated based on monthly returns
  • Refer to the FAQ regarding the list of data sources and methodology for additional details
Annual returns for the timing portfolio and various benchmark portfolios
YearInflationVanguard Total Stock Mkt Idx Inv (VTSMX)Vanguard Total Intl Stock Index Inv (VGTSX)Vanguard Real Estate Index Investor (VGSIX)Vanguard Total Bond Market Index Inv (VBMFX)Cash (CASHX)Timing PortfolioBuy & Hold PortfolioVanguard 500 Index Investor
ReturnBalanceReturnBalanceReturnBalance
19971.70%30.99%-0.77%18.77%9.44%5.25%15.09%$11,50916.95%$11,69533.19%$13,319
19981.61%23.26%15.60%-16.32%8.58%4.85%7.45%$12,36613.37%$13,25928.62%$17,131
19992.68%23.81%29.92%-4.04%-0.76%4.69%13.07%$13,98214.88%$15,23121.07%$20,740
20003.39%-10.57%-15.61%26.35%11.39%5.88%-0.35%$13,934-1.30%$15,033-9.06%$18,861
20011.55%-10.97%-20.15%12.35%8.43%3.82%-6.16%$13,075-4.65%$14,334-12.02%$16,594
20022.38%-20.96%-15.08%3.75%8.26%1.63%-7.51%$12,093-8.55%$13,108-22.15%$12,919
20031.88%31.35%40.34%35.65%3.97%1.02%20.87%$14,61625.37%$16,43428.50%$16,601
20043.26%12.51%20.84%30.76%4.24%1.19%14.16%$16,68513.52%$18,65610.74%$18,384
20053.42%5.98%15.57%11.89%2.40%2.98%6.71%$17,8057.41%$20,0394.77%$19,262
20062.54%15.51%26.64%35.07%4.27%4.81%15.24%$20,51816.32%$23,30915.64%$22,275
20074.08%5.49%15.52%-16.46%6.92%4.67%4.69%$21,4815.73%$24,6455.39%$23,475
20080.09%-37.04%-44.10%-37.05%5.05%1.59%-12.06%$18,891-25.82%$18,280-37.02%$14,784
20092.72%28.70%36.73%29.58%5.93%0.09%11.74%$21,10823.56%$22,58826.49%$18,700
20101.50%17.09%11.12%28.30%6.42%0.10%7.94%$22,78413.82%$25,70914.91%$21,489
20112.96%0.96%-14.56%8.47%7.56%0.04%2.23%$23,2920.59%$25,8601.97%$21,911
20121.74%16.25%18.14%17.53%4.05%0.06%11.16%$25,89313.10%$29,24615.82%$25,379
20131.50%33.35%15.04%2.31%-2.26%0.00%13.61%$29,41615.90%$33,89732.18%$33,544
20140.76%12.43%-4.24%30.13%5.76%0.00%8.18%$31,8228.86%$36,90213.51%$38,076
20150.73%0.29%-4.37%2.22%0.30%0.01%-1.85%$31,232-0.45%$36,7371.25%$38,551
20162.07%12.53%4.65%8.34%2.50%0.21%6.02%$33,1127.53%$39,50211.82%$43,107
Monthly returns for the timing portfolio and various benchmark portfolios
YearMonthVanguard Total Stock Mkt Idx Inv (VTSMX)Vanguard Total Intl Stock Index Inv (VGTSX)Vanguard Real Estate Index Investor (VGSIX)Vanguard Total Bond Market Index Inv (VBMFX)Cash (CASHX)Timing PortfolioBuy & Hold PortfolioVanguard 500 Index Investor
ReturnBalanceReturnBalanceReturnBalance
199715.46%-2.37%0.16%0.25%0.45%1.80%$10,1801.80%$10,1806.22%$10,622
19972-0.11%1.82%-0.32%0.11%0.39%0.32%$10,2130.31%$10,2110.79%$10,706
19973-4.45%-0.10%0.38%-0.97%0.43%-2.06%$10,003-2.11%$9,996-4.14%$10,263
199744.50%0.20%-3.10%1.49%0.43%1.98%$10,2011.98%$10,1945.96%$10,874
199757.10%6.54%2.95%0.87%0.49%4.06%$10,6154.75%$10,6786.09%$11,536
199764.37%5.40%5.13%1.16%0.37%3.69%$11,0063.73%$11,0764.45%$12,050
199777.77%1.59%2.85%2.80%0.43%4.55%$11,5074.67%$11,5947.97%$13,010
19978-3.72%-8.60%-0.75%-0.85%0.41%-3.54%$11,100-3.61%$11,175-5.61%$12,280
199795.77%5.51%9.24%1.45%0.44%4.77%$11,6294.84%$11,7165.47%$12,951
199710-3.40%-9.10%-2.80%1.45%0.42%-3.02%$11,278-3.08%$11,355-3.35%$12,518
1997113.33%-1.19%1.73%0.33%0.39%0.92%$11,3811.52%$11,5274.60%$13,093
1997121.70%0.92%2.48%1.04%0.48%1.12%$11,5091.46%$11,6951.72%$13,319
199810.44%3.04%-1.27%1.32%0.43%1.02%$11,6261.05%$11,8191.11%$13,467
199827.34%6.88%-1.65%-0.10%0.39%3.49%$12,0324.13%$12,3077.19%$14,435
199835.06%3.22%2.55%0.33%0.39%3.02%$12,3953.08%$12,6865.10%$15,172
199841.10%0.53%-3.36%0.51%0.43%0.36%$12,4400.40%$12,7371.01%$15,325
19985-2.71%-1.51%-0.89%1.02%0.40%-0.92%$12,325-1.25%$12,578-1.74%$15,058
199863.54%-0.27%-0.03%0.81%0.41%1.60%$12,5231.64%$12,7854.07%$15,671
19987-2.27%1.08%-6.90%0.23%0.40%-1.15%$12,379-1.28%$12,622-1.05%$15,506
19988-15.65%-13.66%-9.21%1.90%0.43%-8.80%$11,289-9.62%$11,407-14.47%$13,262
199896.68%-2.07%5.99%1.96%0.46%1.89%$11,5033.32%$11,7876.41%$14,112
1998107.51%10.77%-1.81%-0.55%0.32%2.36%$11,7754.74%$12,3468.16%$15,264
1998116.17%5.34%1.58%0.49%0.31%2.02%$12,0123.90%$12,8276.07%$16,191
1998126.45%3.26%-1.80%0.38%0.38%2.95%$12,3663.36%$13,2595.81%$17,131
199913.65%-0.63%-2.44%0.79%0.35%1.31%$12,5281.33%$13,4354.20%$17,851
19992-3.73%-2.16%-1.57%-1.77%0.35%-1.96%$12,282-2.63%$13,082-3.12%$17,293
199933.93%4.97%-0.44%0.56%0.43%2.27%$12,5612.70%$13,4344.00%$17,984
199944.68%5.08%9.55%0.40%0.37%3.49%$12,9993.96%$13,9663.85%$18,677
19995-2.00%-5.00%2.09%-0.88%0.34%-1.85%$12,758-1.89%$13,703-2.39%$18,231
199965.16%4.39%-1.87%-0.50%0.40%2.32%$13,0542.65%$14,0675.56%$19,243
19997-3.20%2.27%-2.91%-0.39%0.38%-1.18%$12,900-1.29%$13,885-3.13%$18,641
19998-0.92%0.33%-1.00%-0.08%0.39%-0.43%$12,845-0.43%$13,825-0.50%$18,549
19999-2.44%0.82%-4.12%1.26%0.39%-0.67%$12,759-0.88%$13,704-2.74%$18,041
1999106.29%3.74%-2.25%0.33%0.39%2.81%$13,1183.23%$14,1476.33%$19,182
1999113.42%4.08%-1.50%0.02%0.36%1.44%$13,3072.17%$14,4542.02%$19,570
1999127.59%9.37%3.07%-0.48%0.44%5.07%$13,9825.38%$15,2315.98%$20,740
20001-4.18%-6.22%0.61%-0.17%0.41%-2.91%$13,576-2.91%$14,788-5.03%$19,696
200022.54%2.83%-1.51%1.18%0.43%1.25%$13,7451.76%$15,048-1.91%$19,321
200035.69%3.48%3.50%1.40%0.47%3.17%$14,1813.72%$15,6089.76%$21,206
20004-5.21%-5.41%6.73%-0.49%0.46%-1.43%$13,978-2.64%$15,197-3.01%$20,569
20005-3.41%-2.67%1.03%-0.16%0.50%-0.62%$13,892-1.79%$14,925-2.04%$20,150
200064.42%4.27%2.49%2.15%0.40%2.20%$14,1973.47%$15,4422.49%$20,651
20007-1.95%-4.46%8.77%0.88%0.48%-0.30%$14,155-0.36%$15,387-1.49%$20,343
200087.28%1.00%-3.99%1.40%0.50%2.61%$14,5252.94%$15,8396.19%$21,602
20009-4.67%-5.00%2.93%0.76%0.51%-2.35%$14,184-2.20%$15,491-5.29%$20,459
200010-2.04%-3.03%-4.63%0.57%0.56%-1.59%$13,958-1.70%$15,227-0.43%$20,372
200011-9.90%-4.44%1.74%1.58%0.51%-2.13%$13,661-3.91%$14,632-7.88%$18,767
2000121.78%3.72%6.88%1.79%0.50%1.99%$13,9342.74%$15,0330.50%$18,861
200113.83%1.10%0.43%1.76%0.54%1.50%$14,1432.32%$15,3823.55%$19,530
20012-9.41%-7.61%-1.72%0.91%0.38%-3.06%$13,710-5.22%$14,579-9.14%$17,746
20013-6.72%-7.15%0.81%0.54%0.42%-3.44%$13,238-3.73%$14,035-6.36%$16,618
200148.16%7.89%2.28%-0.46%0.39%2.63%$13,5864.63%$14,6847.77%$17,909
200151.01%-3.52%2.15%0.73%0.32%0.24%$13,6180.17%$14,7100.65%$18,025
20016-1.64%-3.84%5.92%0.52%0.28%-0.50%$13,549-0.55%$14,628-2.45%$17,584
20017-1.71%-2.43%-2.10%2.23%0.30%-0.71%$13,453-0.62%$14,537-1.00%$17,409
20018-6.00%-2.30%3.54%1.11%0.31%-1.74%$13,219-1.94%$14,255-6.27%$16,316
20019-9.00%-10.73%-3.87%0.89%0.28%-5.86%$12,444-5.33%$13,495-8.09%$14,996
2001102.52%2.97%-3.37%1.86%0.22%0.85%$12,5511.65%$13,7181.90%$15,280
2001117.63%3.56%5.76%-1.34%0.17%3.22%$12,9553.48%$14,1967.65%$16,450
2001121.78%1.35%2.47%-0.58%0.15%0.93%$13,0750.97%$14,3340.87%$16,594
20021-1.24%-4.63%-0.25%0.69%0.14%-0.98%$12,946-1.24%$14,156-1.47%$16,349
20022-2.05%0.90%1.98%0.85%0.13%-0.17%$12,925-0.18%$14,130-1.94%$16,033
200234.38%5.71%6.24%-1.46%0.13%2.54%$13,2533.03%$14,5573.74%$16,633
20024-4.90%0.42%0.62%1.69%0.15%-1.09%$13,108-1.30%$14,368-6.07%$15,622
20025-1.22%1.16%1.30%0.80%0.14%0.12%$13,1230.15%$14,391-0.75%$15,505
20026-7.06%-4.28%2.81%0.29%0.13%-2.77%$12,760-3.15%$13,937-7.13%$14,398
20027-8.02%-9.80%-5.28%0.48%0.15%-4.72%$12,158-5.36%$13,189-7.72%$13,287
200280.53%-0.12%0.16%1.66%0.14%0.33%$12,1980.74%$13,2870.65%$13,374
20029-10.07%-10.88%-3.53%1.53%0.14%-2.79%$11,857-5.52%$12,553-10.87%$11,919
2002107.65%5.70%-4.95%-0.61%0.14%1.87%$12,0792.78%$12,9038.78%$12,966
2002116.06%4.75%4.43%0.02%0.12%1.60%$12,2723.50%$13,3555.88%$13,728
200212-5.57%-3.43%0.85%2.07%0.11%-1.46%$12,093-1.85%$13,108-5.89%$12,919
20031-2.54%-3.76%-2.70%0.05%0.10%-1.67%$11,891-2.02%$12,843-2.62%$12,580
20032-1.69%-2.42%1.74%1.38%0.09%-0.34%$11,851-0.55%$12,772-1.52%$12,389
200331.09%-1.93%2.04%-0.13%0.10%0.20%$11,8740.22%$12,8010.96%$12,507
200348.21%9.70%4.05%0.87%0.10%3.23%$12,2575.78%$13,5408.25%$13,540
200356.11%6.15%5.52%1.82%0.09%3.89%$12,7344.79%$14,1885.26%$14,252
200361.43%2.66%2.25%-0.13%0.10%1.22%$12,8891.31%$14,3741.26%$14,432
200372.36%3.18%5.18%-3.34%0.07%1.02%$13,0211.19%$14,5451.74%$14,684
200382.39%2.51%0.65%0.61%0.07%1.49%$13,2141.74%$14,7991.93%$14,967
20039-1.15%2.78%3.41%2.71%0.08%1.25%$13,3791.18%$14,974-1.07%$14,807
2003106.12%6.49%1.63%-0.96%0.07%3.57%$13,8573.78%$15,5405.64%$15,642
2003111.38%2.13%4.31%0.27%0.07%1.49%$14,0641.57%$15,7830.86%$15,778
2003124.48%7.80%3.08%0.88%0.08%3.93%$14,6164.12%$16,4345.22%$16,601
200412.23%1.60%4.28%0.86%0.07%1.90%$14,8941.90%$16,7461.82%$16,904
200421.43%2.50%1.64%1.03%0.06%1.55%$15,1241.55%$17,0051.38%$17,136
20043-1.07%0.45%5.43%0.80%0.09%0.44%$15,1910.45%$17,082-1.51%$16,877
20044-2.11%-3.14%-14.56%-2.61%0.08%-2.79%$14,767-3.80%$16,432-1.58%$16,611
200451.35%0.46%7.09%-0.43%0.06%1.15%$14,9371.18%$16,6261.36%$16,836
200462.09%2.40%2.79%0.56%0.08%1.35%$15,1381.77%$16,9211.93%$17,161
20047-3.80%-3.34%0.51%0.96%0.10%-1.76%$14,871-1.88%$16,603-3.31%$16,593
200480.31%0.75%7.83%1.94%0.11%1.64%$15,1151.67%$16,8810.38%$16,657
200491.74%2.96%-0.23%0.16%0.11%1.31%$15,3141.29%$17,0981.07%$16,834
2004101.68%3.24%5.39%0.85%0.11%2.11%$15,6372.15%$17,4661.51%$17,089
2004114.68%7.23%4.15%-0.81%0.15%3.49%$16,1833.53%$18,0824.05%$17,781
2004123.63%4.44%4.83%0.92%0.16%3.10%$16,6853.17%$18,6563.39%$18,384
20051-2.68%-1.67%-8.46%0.65%0.16%-2.05%$16,342-2.05%$18,272-2.45%$17,933
200522.07%4.68%2.85%-0.63%0.16%1.86%$16,6461.84%$18,6082.09%$18,308
20053-1.75%-2.93%-1.58%-0.49%0.21%-1.59%$16,382-1.60%$18,311-1.76%$17,986
20054-2.32%-2.07%5.81%1.35%0.21%-0.35%$16,324-0.38%$18,240-1.91%$17,642
200553.77%0.08%3.24%1.05%0.24%1.94%$16,6402.14%$18,6303.17%$18,201
200560.81%1.30%4.96%0.55%0.23%1.25%$16,8471.25%$18,8630.13%$18,224
200574.11%3.68%6.97%-0.99%0.24%2.78%$17,3152.77%$19,3863.71%$18,900
20058-0.94%2.85%-3.74%1.36%0.30%0.23%$17,3540.18%$19,420-0.91%$18,727
200590.86%4.73%0.57%-1.10%0.29%1.02%$17,5301.03%$19,6200.79%$18,876
200510-1.86%-3.37%-2.35%-0.81%0.27%-1.90%$17,198-1.93%$19,243-1.68%$18,559
2005113.97%2.67%4.25%0.48%0.31%2.13%$17,5642.70%$19,7633.76%$19,258
2005120.14%5.14%-0.10%0.99%0.32%1.37%$17,8051.39%$20,0390.02%$19,262
200613.50%6.87%7.53%-0.11%0.35%3.49%$18,4273.49%$20,7392.65%$19,771
200620.00%-0.72%1.83%0.37%0.34%0.16%$18,4570.15%$20,7700.26%$19,823
200631.80%3.17%4.83%-1.00%0.37%1.54%$18,7411.59%$21,1001.23%$20,067
200641.11%5.12%-3.63%-0.21%0.36%1.04%$18,9371.06%$21,3231.33%$20,335
20065-3.23%-4.45%-2.80%-0.09%0.43%-2.49%$18,465-2.57%$20,774-2.90%$19,746
200660.17%-0.38%5.29%0.10%0.40%0.52%$18,5610.57%$20,8910.13%$19,771
20067-0.13%1.15%3.49%1.35%0.40%0.74%$18,6980.95%$21,0910.61%$19,891
200682.31%2.53%3.72%1.64%0.42%1.78%$19,0302.32%$21,5812.36%$20,361
200692.27%0.25%1.90%0.81%0.41%1.39%$19,2951.39%$21,8802.56%$20,883
2006103.53%4.00%6.11%0.72%0.41%3.04%$19,8813.13%$22,5643.25%$21,562
2006112.23%3.73%4.69%1.11%0.42%2.44%$20,3662.52%$23,1331.89%$21,969
2006121.13%3.09%-1.81%-0.48%0.40%0.75%$20,5180.76%$23,3091.39%$22,275
200711.88%0.96%8.52%-0.08%0.44%1.77%$20,8821.77%$23,7221.49%$22,607
20072-1.61%0.06%-2.41%1.50%0.38%-0.42%$20,793-0.45%$23,615-1.97%$22,162
200731.11%2.80%-2.37%0.02%0.43%0.69%$20,9370.76%$23,7941.11%$22,409
200744.01%3.92%-0.04%0.51%0.44%1.92%$21,3392.54%$24,3984.42%$23,399
200753.69%3.09%-0.11%-0.78%0.41%1.85%$21,7341.89%$24,8583.48%$24,212
20076-1.67%0.61%-9.26%-0.39%0.40%-1.59%$21,388-1.56%$24,469-1.68%$23,806
20077-3.41%-1.06%-7.77%0.84%0.40%-1.48%$21,072-2.08%$23,961-3.08%$23,072
200781.45%-0.72%6.49%1.34%0.42%1.14%$21,3131.38%$24,2911.50%$23,418
200793.59%6.38%4.25%0.72%0.32%1.77%$21,6903.39%$25,1143.72%$24,290
2007101.85%5.90%1.22%0.93%0.32%1.71%$22,0612.41%$25,7191.58%$24,673
200711-4.49%-4.57%-9.32%1.91%0.34%-2.29%$21,555-3.11%$24,919-4.19%$23,640
200712-0.60%-2.28%-5.11%0.22%0.27%-0.34%$21,481-1.10%$24,645-0.70%$23,475
20081-6.08%-8.55%-0.34%1.69%0.21%-2.05%$21,041-3.67%$23,740-6.02%$22,063
20082-3.07%0.33%-3.73%0.19%0.13%-0.68%$20,898-1.46%$23,394-3.25%$21,345
20083-0.58%-0.71%6.45%0.30%0.17%0.28%$20,9560.39%$23,484-0.44%$21,251
200845.02%5.85%5.89%-0.30%0.18%1.61%$21,2933.56%$24,3204.85%$22,283
200852.09%1.51%0.14%-0.79%0.18%0.67%$21,4370.87%$24,5321.29%$22,571
20086-8.19%-8.99%-10.77%-0.01%0.17%-5.15%$20,333-6.14%$23,027-8.44%$20,666
20087-0.77%-3.67%3.15%0.00%0.15%-0.39%$20,254-0.67%$22,874-0.83%$20,494
200881.58%-5.10%2.25%0.70%0.13%0.09%$20,2720.13%$22,9031.45%$20,791
20089-9.26%-13.09%-0.11%-1.10%0.15%-3.70%$19,523-6.25%$21,472-8.91%$18,939
200810-17.63%-22.09%-31.23%-2.53%0.08%-3.24%$18,891-14.71%$18,313-16.79%$15,759
200811-7.90%-6.29%-23.39%3.64%0.03%-0.74%$18,751-4.55%$17,480-7.17%$14,628
2008121.86%8.16%17.39%3.32%0.00%0.74%$18,8914.58%$18,2801.07%$14,784
20091-8.26%-11.96%-17.39%-0.70%0.00%-1.47%$18,613-7.64%$16,883-8.41%$13,540
20092-10.45%-9.58%-20.76%-0.42%0.01%-2.09%$18,225-7.97%$15,537-10.66%$12,097
200938.65%9.31%3.76%1.48%0.02%1.84%$18,5605.90%$16,4548.76%$13,157
2009410.61%12.78%31.31%0.36%0.01%2.00%$18,9329.16%$17,9619.56%$14,415
200955.38%14.35%2.36%0.85%0.00%1.59%$19,2325.50%$18,9505.62%$15,225
200960.34%-1.32%-3.25%0.54%0.01%-0.09%$19,216-0.28%$18,8970.22%$15,258
200977.82%9.96%10.64%1.43%0.01%3.41%$19,8716.63%$20,1497.58%$16,414
200983.63%3.50%13.99%1.01%0.01%1.94%$20,2563.78%$20,9113.60%$17,005
200994.23%5.15%6.69%1.19%0.01%2.29%$20,7213.84%$21,7133.72%$17,637
200910-2.57%-2.17%-4.64%0.41%0.00%-1.08%$20,497-1.89%$21,303-1.87%$17,308
2009115.63%3.86%6.85%1.36%0.00%1.98%$20,9034.18%$22,1945.98%$18,343
2009122.86%1.53%7.03%-1.68%0.01%0.98%$21,1081.77%$22,5881.95%$18,700
20101-3.50%-5.07%-5.32%1.57%0.00%-2.47%$20,586-2.47%$22,029-3.60%$18,026
201023.36%0.22%5.55%0.20%0.00%1.39%$20,8721.97%$22,4643.09%$18,583
201036.27%6.71%10.09%-0.08%0.01%2.94%$21,4854.79%$23,5396.01%$19,701
201042.17%-1.71%7.09%1.06%0.01%1.56%$21,8191.61%$23,9191.58%$20,012
20105-8.00%-10.78%-5.41%0.87%0.01%-3.98%$20,950-5.65%$22,566-8.01%$18,410
20106-5.66%-1.17%-5.24%1.61%0.01%-0.81%$20,780-2.55%$21,991-5.24%$17,445
201076.99%10.33%9.73%0.94%0.01%2.68%$21,3375.93%$23,2957.00%$18,666
20108-4.75%-3.22%-1.24%1.48%0.01%-1.23%$21,073-2.14%$22,796-4.53%$17,820
201099.47%10.41%4.37%-0.01%0.01%3.97%$21,9106.03%$24,1708.92%$19,410
2010103.94%3.55%4.80%0.36%0.01%1.97%$22,3432.88%$24,8663.79%$20,145
2010110.58%-4.52%-2.04%-0.57%0.01%-0.97%$22,126-1.05%$24,6030.00%$20,145
2010126.81%8.34%4.63%-1.15%0.01%2.97%$22,7844.49%$25,7096.67%$21,489
201112.19%0.70%3.32%0.08%0.01%1.37%$23,0961.37%$26,0612.36%$21,995
201123.60%2.71%4.58%0.16%0.01%2.49%$23,6702.50%$26,7143.42%$22,747
201130.45%-0.43%-1.44%-0.01%0.01%-0.05%$23,659-0.05%$26,7000.03%$22,753
201142.99%5.24%5.66%1.32%0.00%2.34%$24,2143.23%$27,5612.95%$23,423
20115-1.16%-2.87%1.36%1.30%0.00%-0.51%$24,090-0.54%$27,412-1.15%$23,155
20116-1.79%-1.51%-3.35%-0.39%0.00%-1.35%$23,764-1.49%$27,002-1.67%$22,768
20117-2.28%-1.53%1.55%1.58%0.00%-0.42%$23,663-0.60%$26,840-2.05%$22,302
20118-5.99%-8.45%-5.53%1.46%0.01%-2.95%$22,966-4.19%$25,714-5.45%$21,087
20119-7.75%-12.29%-10.98%0.89%0.00%-1.53%$22,615-6.20%$24,119-7.04%$19,602
20111011.51%10.22%14.39%0.16%0.00%3.22%$23,3447.70%$25,97710.91%$21,741
201111-0.29%-2.88%-3.73%-0.30%0.00%-0.42%$23,246-1.12%$25,685-0.23%$21,691
2011120.80%-2.64%4.61%1.08%0.00%0.20%$23,2920.68%$25,8601.02%$21,911
201215.08%7.27%6.49%0.87%0.00%2.63%$23,9044.40%$26,9974.46%$22,889
201224.26%5.14%-1.12%-0.05%0.00%2.61%$24,5272.64%$27,7114.31%$23,875
201233.07%-0.75%5.14%-0.58%0.00%1.42%$24,8741.44%$28,1093.28%$24,659
20124-0.65%-1.78%2.88%1.14%0.00%0.01%$24,877-0.03%$28,101-0.64%$24,501
20125-6.24%-11.14%-4.60%0.95%0.01%-3.62%$23,975-5.05%$26,683-6.02%$23,027
201263.91%6.03%5.64%0.04%0.00%2.82%$24,6513.34%$27,5744.11%$23,973
201271.03%0.44%1.93%1.39%0.00%0.62%$24,8031.12%$27,8821.37%$24,301
201282.48%2.72%-0.14%0.03%0.01%1.29%$25,1221.54%$28,3112.24%$24,845
201292.58%3.62%-1.83%0.11%0.01%1.60%$25,5251.61%$28,7662.58%$25,486
201210-1.76%0.56%-0.83%0.11%0.01%-0.63%$25,365-0.68%$28,571-1.86%$25,012
2012110.74%1.82%-0.37%0.19%0.01%0.68%$25,5370.69%$28,7680.56%$25,152
2012121.19%4.17%3.69%-0.20%0.01%1.39%$25,8931.66%$29,2460.90%$25,379
201315.50%3.34%3.71%-0.71%0.00%3.02%$26,6763.02%$30,1315.18%$26,692
201321.28%-1.23%1.24%0.54%0.00%0.55%$26,8230.56%$30,2991.34%$27,050
201333.88%0.77%2.89%0.08%0.00%1.93%$27,3392.07%$30,9263.74%$28,061
201341.70%3.58%6.70%0.91%0.00%2.34%$27,9792.35%$31,6541.91%$28,597
201352.32%-2.95%-5.96%-1.71%0.00%-0.63%$27,804-0.72%$31,4242.33%$29,262
20136-1.27%-3.75%-1.96%-1.65%0.00%-1.95%$27,261-1.92%$30,820-1.35%$28,867
201375.49%4.56%0.83%0.20%0.00%1.87%$27,7723.37%$31,8605.07%$30,331
20138-2.82%-1.63%-6.86%-0.64%0.00%-2.33%$27,124-2.41%$31,094-2.91%$29,448
201393.66%7.21%3.28%0.96%0.00%3.52%$28,0803.57%$32,2043.12%$30,367
2013104.22%3.41%4.46%0.78%0.00%3.05%$28,9373.16%$33,2234.59%$31,760
2013112.88%0.12%-5.23%-0.35%0.00%0.52%$29,0860.72%$33,4623.03%$32,722
2013122.63%1.25%0.26%-0.65%0.00%1.13%$29,4161.30%$33,8972.51%$33,544
20141-3.11%-4.78%4.19%1.54%0.00%-1.32%$29,029-1.32%$33,451-3.47%$32,381
201424.73%5.39%4.96%0.48%0.00%3.49%$30,0433.57%$34,6454.56%$33,857
201430.51%0.41%0.49%-0.15%0.00%0.29%$30,1310.29%$34,7460.82%$34,136
201440.06%1.31%3.37%0.77%0.00%0.86%$30,3890.87%$35,0500.72%$34,383
201452.17%1.88%2.35%1.05%0.00%1.79%$30,9341.80%$35,6812.33%$35,186
201462.54%1.74%1.14%0.11%0.00%1.51%$31,4011.51%$36,2192.05%$35,908
20147-1.98%-1.61%0.04%-0.26%0.00%-1.19%$31,029-1.18%$35,791-1.39%$35,410
201484.18%1.05%2.93%1.13%0.00%2.52%$31,8092.53%$36,6963.98%$36,820
20149-2.14%-5.01%-5.96%-0.72%0.00%-2.67%$30,960-2.71%$35,700-1.41%$36,300
2014102.74%-0.31%9.93%0.94%0.00%2.31%$31,6752.41%$36,5592.42%$37,179
2014112.41%-0.25%1.98%0.65%0.00%0.98%$31,9861.36%$37,0552.68%$38,177
201412-0.01%-3.65%1.93%0.09%0.00%-0.51%$31,822-0.41%$36,902-0.26%$38,076
20151-2.77%0.13%6.72%2.31%0.00%0.25%$31,9030.28%$37,006-3.02%$36,927
201525.76%5.52%-3.59%-1.08%0.00%2.47%$32,6922.63%$37,9775.74%$39,046
20153-1.04%-1.54%1.72%0.41%0.00%-0.43%$32,552-0.44%$37,811-1.59%$38,424
201540.42%5.08%-5.92%-0.36%0.00%0.35%$32,6680.49%$37,9950.95%$38,789
201551.39%-0.94%-0.27%-0.45%0.00%0.21%$32,7350.19%$38,0681.27%$39,282
20156-1.71%-2.69%-4.60%-1.01%0.00%-1.98%$32,085-1.99%$37,313-1.93%$38,523
201571.63%-0.80%5.60%0.76%0.00%1.28%$32,4961.23%$37,7732.08%$39,324
20158-6.03%-7.29%-6.25%-0.36%0.00%-4.60%$31,001-4.64%$36,022-6.04%$36,948
20159-2.93%-3.90%3.02%0.76%0.00%-0.71%$30,782-1.42%$35,509-2.49%$36,028
2015107.84%6.26%5.78%0.01%0.00%2.85%$31,6584.87%$37,2388.42%$39,063
2015110.54%-1.32%-0.64%-0.27%0.00%-0.19%$31,599-0.19%$37,1690.29%$39,175
201512-2.03%-2.07%1.79%-0.38%0.01%-1.16%$31,232-1.16%$36,737-1.59%$38,551
20161-5.67%-5.59%-3.36%1.43%0.01%-2.34%$30,501-3.29%$35,527-4.98%$36,632
20162-0.04%-2.27%-0.43%0.66%0.02%-0.15%$30,456-0.29%$35,422-0.15%$36,579
201637.01%8.19%10.41%0.94%0.02%3.70%$31,5825.65%$37,4236.78%$39,058
201640.63%2.22%-2.41%0.38%0.01%0.50%$31,7410.55%$37,6280.37%$39,204
201651.79%-1.02%2.36%0.01%0.01%0.75%$31,9800.75%$37,9101.78%$39,903
201660.23%-0.94%6.88%1.94%0.02%1.17%$32,3551.20%$38,3640.25%$40,002
201673.95%4.41%4.18%0.64%0.02%1.75%$32,9213.06%$39,5383.68%$41,473
201680.26%0.74%-3.68%-0.17%0.02%-0.17%$32,866-0.21%$39,4560.13%$41,527
201690.15%1.37%-1.83%-0.09%0.02%0.12%$32,9070.11%$39,4990.01%$41,530
201610-2.21%-1.72%-5.72%-0.81%0.02%-1.44%$32,433-2.06%$38,683-1.83%$40,769
2016114.44%-2.15%-1.73%-2.64%0.01%0.38%$32,5550.39%$38,8343.70%$42,277
2016121.92%2.02%4.66%0.24%0.03%1.71%$33,1121.72%$39,5021.96%$43,107
Portfolio return and risk metrics
MetricTiming PortfolioBuy & Hold PortfolioVanguard 500 Index Investor
Arithmetic Mean (monthly)0.52%0.62%0.71%
Arithmetic Mean (annualized)6.46%7.72%8.85%
Geometric Mean (monthly)0.50%0.57%0.61%
Geometric Mean (annualized)6.17%7.11%7.58%
Volatility (monthly)2.12%3.08%4.41%
Volatility (annualized)7.35%10.67%15.29%
Downside Deviation (monthly)1.37%2.08%3.00%
Max. Drawdown-18.41%-39.59%-50.97%
US Market Correlation0.900.960.99
Beta(*)0.430.661.00
Alpha (annualized)2.65%1.86%-0.00%
R278.25%89.11%100.00%
Sharpe Ratio0.560.500.42
Sortino Ratio0.820.710.60
Treynor Ratio (%)9.808.136.40
Information Ratio-0.24-0.17N/A
Skewness-0.72-0.86-0.62
Excess Kurtosis1.012.531.01
Historical Value-at-Risk (5%)-3.06%-5.21%-7.69%
Analytical Value-at-Risk (5%)-2.97%-4.56%-6.55%
Conditional Value-at-Risk (5%)-4.48%-7.14%-9.95%
Upside Capture Ratio (%)51.8370.16100.00
Downside Capture Ratio (%)45.2765.28100.00
Positive Periods153 out of 240 (63.75%)152 out of 240 (63.33%)150 out of 240 (62.50%)
Gain/Loss Ratio1.040.970.90
(*) Vanguard 500 Index Investor is used as the benchmark for calculations. Value-at-risk metrics are based on monthly returns.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress PeriodStartEndTiming PortfolioBuy & Hold PortfolioVanguard 500 Index Investor
Asian CrisisJul 1997Jan 1998-3.54%-3.61%-5.61%
Russian Crisis / LTCM DefaultJul 1998Oct 1998-9.85%-10.77%-15.38%
Dotcom CrashMar 2000Oct 2002-18.37%-20.74%-44.82%
Subprime CrisisNov 2007Mar 2009-17.39%-39.59%-50.97%

Drawdowns for Timing Portfolio

Drawdowns for Timing Portfolio
RankDrawdown StartDrawdown EndDrawdown LengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Sep 2000Feb 20032 years 6 monthsDec 200310 months3 years 4 months-18.41%
2Nov 2007Feb 20091 year 4 monthsOct 20101 year 8 months3 years-17.39%
3Jul 1998Aug 19982 monthsJan 19995 months7 months-9.85%
4Jun 2015Feb 20169 monthsJul 20165 months1 year 2 months-6.96%
5May 2011Sep 20115 monthsFeb 20125 months10 months-6.60%
6May 2012May 20121 monthAug 20123 months4 months-3.62%
7Aug 1997Aug 19971 monthSep 19971 month2 months-3.54%
8May 2013Aug 20134 monthsSep 20131 month5 months-3.06%
9Jun 2007Jul 20072 monthsOct 20073 months5 months-3.05%
10Oct 1997Oct 19971 monthFeb 19984 months5 months-3.02%
11Jan 2000Jan 20001 monthMar 20002 months3 months-2.91%
12Apr 2004Apr 20041 monthSep 20045 months6 months-2.79%
13Sep 2014Sep 20141 monthNov 20142 months3 months-2.67%
14May 2006May 20061 monthAug 20063 months4 months-2.49%
15Jul 1999Sep 19993 monthsOct 19991 month4 months-2.26%
16Jan 2005Apr 20054 monthsJun 20052 months6 months-2.17%
17Mar 1997Mar 19971 monthMay 19972 months3 months-2.06%
18Apr 2000May 20002 monthsJun 20001 month3 months-2.04%
19Feb 1999Feb 19991 monthMar 19991 month2 months-1.96%
20Oct 2005Oct 20051 monthNov 20051 month2 months-1.90%
21May 1999May 19991 monthJun 19991 month2 months-1.85%
22Aug 2016Oct 20163 monthsDec 20162 months5 months-1.48%
23Jan 2014Jan 20141 monthFeb 20141 month2 months-1.32%
24Jul 2014Jul 20141 monthAug 20141 month2 months-1.19%
25Nov 2010Nov 20101 monthDec 20101 month2 months-0.97%
26May 1998May 19981 monthJun 19981 month2 months-0.92%
27Oct 2012Oct 20121 monthNov 20121 month2 months-0.63%
28Dec 2014Dec 20141 monthFeb 20152 months3 months-0.51%
29Mar 2015Mar 20151 monthMay 20152 months3 months-0.43%
30Feb 2007Feb 20071 monthMar 20071 month2 months-0.42%
31Jul 2000Jul 20001 monthAug 20001 month2 months-0.30%
32Mar 2011Mar 20111 monthApr 20111 month2 months-0.05%

Drawdowns for Buy & Hold Portfolio

Drawdowns for Buy & Hold Portfolio
RankDrawdown StartDrawdown EndDrawdown LengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Nov 2007Feb 20091 year 4 monthsJan 20111 year 11 months3 years 3 months-39.59%
2Sep 2000Sep 20022 years 1 monthDec 20031 year 3 months3 years 4 months-20.74%
3May 2011Sep 20115 monthsFeb 20125 months10 months-12.49%
4Jul 1998Aug 19982 monthsNov 19983 months5 months-10.77%
5Jun 2015Feb 20169 monthsJun 20164 months1 year 1 month-6.95%
6Apr 2012May 20122 monthsAug 20123 months5 months-5.07%
7Apr 2000May 20002 monthsAug 20003 months5 months-4.38%
8Apr 2004Apr 20041 monthSep 20045 months6 months-3.80%
9Aug 1997Aug 19971 monthSep 19971 month2 months-3.61%
10Jun 2007Jul 20072 monthsSep 20072 months4 months-3.61%
11Oct 1997Oct 19971 monthJan 19983 months4 months-3.08%
12Jan 2000Jan 20001 monthMar 20002 months3 months-2.91%
13Sep 2014Sep 20141 monthNov 20142 months3 months-2.71%
14May 2013Jun 20132 monthsJul 20131 month3 months-2.63%
15Feb 1999Feb 19991 monthApr 19992 months3 months-2.63%
16Jul 1999Sep 19993 monthsOct 19991 month4 months-2.57%
17May 2006May 20061 monthAug 20063 months4 months-2.57%
18Aug 2013Aug 20131 monthSep 20131 month2 months-2.41%
19Jan 2005Apr 20054 monthsJun 20052 months6 months-2.23%
20Aug 2016Oct 20163 months-2.16%
21Mar 1997Mar 19971 monthMay 19972 months3 months-2.11%
22Oct 2005Oct 20051 monthNov 20051 month2 months-1.93%
23May 1999May 19991 monthJun 19991 month2 months-1.89%
24Jan 2014Jan 20141 monthFeb 20141 month2 months-1.32%
25May 1998May 19981 monthJun 19981 month2 months-1.25%
26Jul 2014Jul 20141 monthAug 20141 month2 months-1.18%
27Oct 2012Oct 20121 monthNov 20121 month2 months-0.68%
28Feb 2007Feb 20071 monthMar 20071 month2 months-0.45%
29Mar 2015Mar 20151 monthApr 20151 month2 months-0.44%
30Dec 2014Dec 20141 monthFeb 20152 months3 months-0.41%
31Mar 2011Mar 20111 monthApr 20111 month2 months-0.05%

Drawdowns for Vanguard 500 Index Investor

Drawdowns for Vanguard 500 Index Investor
RankDrawdown StartDrawdown EndDrawdown LengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Nov 2007Feb 20091 year 4 monthsAug 20123 years 6 months4 years 10 months-50.97%
2Sep 2000Sep 20022 years 1 monthNov 20064 years 2 months6 years 3 months-44.82%
3Jul 1998Aug 19982 monthsNov 19983 months5 months-15.38%
4Aug 2015Sep 20152 monthsMay 20168 months10 months-8.38%
5Jan 2000Feb 20002 monthsMar 20001 month3 months-6.84%
6Jul 1999Sep 19993 monthsNov 19992 months5 months-6.25%
7Aug 1997Aug 19971 monthNov 19973 months4 months-5.61%
8Apr 2000May 20002 monthsAug 20003 months5 months-4.98%
9Jun 2007Jul 20072 monthsSep 20072 months4 months-4.71%
10Mar 1997Mar 19971 monthApr 19971 month2 months-4.14%
11Jan 2014Jan 20141 monthFeb 20141 month2 months-3.47%
12Dec 2014Jan 20152 monthsFeb 20151 month3 months-3.27%
13Feb 1999Feb 19991 monthMar 19991 month2 months-3.12%
14Aug 2013Aug 20131 monthSep 20131 month2 months-2.91%
15May 1999May 19991 monthJun 19991 month2 months-2.39%
16Feb 2007Feb 20071 monthApr 20072 months3 months-1.97%
17Jun 2015Jun 20151 monthJul 20151 month2 months-1.93%
18Oct 2012Oct 20121 monthJan 20133 months4 months-1.86%
19Oct 2016Oct 20161 monthNov 20161 month2 months-1.83%
20May 1998May 19981 monthJun 19981 month2 months-1.74%
21Mar 2015Mar 20151 monthMay 20152 months3 months-1.59%
22Sep 2014Sep 20141 monthOct 20141 month2 months-1.41%
23Jul 2014Jul 20141 monthAug 20141 month2 months-1.39%
24Jun 2013Jun 20131 monthJul 20131 month2 months-1.35%
Timing periods and related holdings for the timing portfolio
#StartEndMonthsAssetsTiming PortfolioBuy & Hold PortfolioVanguard 500 Index Investor
1Jan 1997Apr 1997440.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
2.01%1.94%8.74%
2May 1997May 1997133.86% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.93% Vanguard Total Intl Stock Index Inv (VGTSX)
8.47% Vanguard Real Estate Index Investor (VGSIX)
25.40% Vanguard Total Bond Market Index Inv (VBMFX)
15.34% Cash (CASHX)
4.06%4.75%6.09%
3Jun 1997Oct 1997540.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
6.25%6.33%8.51%
4Nov 1997Nov 1997121.62% Vanguard Total Stock Mkt Idx Inv (VTSMX)
10.81% Vanguard Total Intl Stock Index Inv (VGTSX)
5.41% Vanguard Real Estate Index Investor (VGSIX)
16.22% Vanguard Total Bond Market Index Inv (VBMFX)
45.94% Cash (CASHX)
0.92%1.52%4.60%
5Dec 1997Dec 1997127.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.63% Vanguard Total Intl Stock Index Inv (VGTSX)
6.81% Vanguard Real Estate Index Investor (VGSIX)
20.44% Vanguard Total Bond Market Index Inv (VBMFX)
31.86% Cash (CASHX)
1.12%1.46%1.72%
6Jan 1998Jan 1998137.79% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.89% Vanguard Total Intl Stock Index Inv (VGTSX)
9.45% Vanguard Real Estate Index Investor (VGSIX)
28.34% Vanguard Total Bond Market Index Inv (VBMFX)
5.53% Cash (CASHX)
1.02%1.05%1.11%
7Feb 1998Feb 1998133.21% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.61% Vanguard Total Intl Stock Index Inv (VGTSX)
8.30% Vanguard Real Estate Index Investor (VGSIX)
24.91% Vanguard Total Bond Market Index Inv (VBMFX)
16.96% Cash (CASHX)
3.49%4.13%7.19%
8Mar 1998Apr 1998240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
3.40%3.50%6.16%
9May 1998May 1998133.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.85% Vanguard Total Intl Stock Index Inv (VGTSX)
8.43% Vanguard Real Estate Index Investor (VGSIX)
25.28% Vanguard Total Bond Market Index Inv (VBMFX)
15.73% Cash (CASHX)
-0.92%-1.25%-1.74%
10Jun 1998Jun 1998140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
1.60%1.64%4.07%
11Jul 1998Jul 1998136.10% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.05% Vanguard Total Intl Stock Index Inv (VGTSX)
9.02% Vanguard Real Estate Index Investor (VGSIX)
27.07% Vanguard Total Bond Market Index Inv (VBMFX)
9.76% Cash (CASHX)
-1.15%-1.28%-1.05%
12Aug 1998Aug 1998137.78% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.89% Vanguard Total Intl Stock Index Inv (VGTSX)
9.45% Vanguard Real Estate Index Investor (VGSIX)
28.34% Vanguard Total Bond Market Index Inv (VBMFX)
5.54% Cash (CASHX)
-8.80%-9.62%-14.47%
13Sep 1998Sep 1998119.19% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.60% Vanguard Total Intl Stock Index Inv (VGTSX)
4.80% Vanguard Real Estate Index Investor (VGSIX)
14.39% Vanguard Total Bond Market Index Inv (VBMFX)
52.02% Cash (CASHX)
1.89%3.32%6.41%
14Oct 1998Oct 1998118.17% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.09% Vanguard Total Intl Stock Index Inv (VGTSX)
4.54% Vanguard Real Estate Index Investor (VGSIX)
13.63% Vanguard Total Bond Market Index Inv (VBMFX)
54.57% Cash (CASHX)
2.36%4.74%8.16%
15Nov 1998Nov 1998119.33% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.66% Vanguard Total Intl Stock Index Inv (VGTSX)
4.83% Vanguard Real Estate Index Investor (VGSIX)
14.49% Vanguard Total Bond Market Index Inv (VBMFX)
51.69% Cash (CASHX)
2.02%3.90%6.07%
16Dec 1998Dec 1998136.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.42% Vanguard Total Intl Stock Index Inv (VGTSX)
9.21% Vanguard Real Estate Index Investor (VGSIX)
27.63% Vanguard Total Bond Market Index Inv (VBMFX)
7.91% Cash (CASHX)
2.95%3.36%5.81%
17Jan 1999Jan 1999139.30% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.65% Vanguard Total Intl Stock Index Inv (VGTSX)
9.83% Vanguard Real Estate Index Investor (VGSIX)
29.48% Vanguard Total Bond Market Index Inv (VBMFX)
1.74% Cash (CASHX)
1.31%1.33%4.20%
18Feb 1999Feb 1999131.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.62% Vanguard Total Intl Stock Index Inv (VGTSX)
7.81% Vanguard Real Estate Index Investor (VGSIX)
23.42% Vanguard Total Bond Market Index Inv (VBMFX)
21.92% Cash (CASHX)
-1.96%-2.63%-3.12%
19Mar 1999Mar 1999132.51% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.25% Vanguard Total Intl Stock Index Inv (VGTSX)
8.13% Vanguard Real Estate Index Investor (VGSIX)
24.38% Vanguard Total Bond Market Index Inv (VBMFX)
18.73% Cash (CASHX)
2.27%2.70%4.00%
20Apr 1999Apr 1999134.75% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.38% Vanguard Total Intl Stock Index Inv (VGTSX)
8.69% Vanguard Real Estate Index Investor (VGSIX)
26.06% Vanguard Total Bond Market Index Inv (VBMFX)
13.12% Cash (CASHX)
3.49%3.96%3.85%
21May 1999May 1999140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-1.85%-1.89%-2.39%
22Jun 1999Jun 1999134.79% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.39% Vanguard Total Intl Stock Index Inv (VGTSX)
8.70% Vanguard Real Estate Index Investor (VGSIX)
26.09% Vanguard Total Bond Market Index Inv (VBMFX)
13.03% Cash (CASHX)
2.32%2.65%5.56%
23Jul 1999Jul 1999138.78% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.39% Vanguard Total Intl Stock Index Inv (VGTSX)
9.70% Vanguard Real Estate Index Investor (VGSIX)
29.09% Vanguard Total Bond Market Index Inv (VBMFX)
3.04% Cash (CASHX)
-1.18%-1.29%-3.13%
24Aug 1999Aug 1999140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-0.43%-0.43%-0.50%
25Sep 1999Sep 1999134.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.10% Vanguard Total Intl Stock Index Inv (VGTSX)
8.55% Vanguard Real Estate Index Investor (VGSIX)
25.65% Vanguard Total Bond Market Index Inv (VBMFX)
14.49% Cash (CASHX)
-0.67%-0.88%-2.74%
26Oct 1999Oct 1999135.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.62% Vanguard Total Intl Stock Index Inv (VGTSX)
8.81% Vanguard Real Estate Index Investor (VGSIX)
26.42% Vanguard Total Bond Market Index Inv (VBMFX)
11.92% Cash (CASHX)
2.81%3.23%6.33%
27Nov 1999Nov 1999125.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.92% Vanguard Total Intl Stock Index Inv (VGTSX)
6.46% Vanguard Real Estate Index Investor (VGSIX)
19.37% Vanguard Total Bond Market Index Inv (VBMFX)
35.42% Cash (CASHX)
1.44%2.17%2.02%
28Dec 1999Jan 2000240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
2.02%2.31%0.64%
29Feb 2000Feb 2000124.12% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.06% Vanguard Total Intl Stock Index Inv (VGTSX)
6.03% Vanguard Real Estate Index Investor (VGSIX)
18.09% Vanguard Total Bond Market Index Inv (VBMFX)
39.70% Cash (CASHX)
1.25%1.76%-1.91%
30Mar 2000Mar 2000133.02% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.51% Vanguard Total Intl Stock Index Inv (VGTSX)
8.25% Vanguard Real Estate Index Investor (VGSIX)
24.76% Vanguard Total Bond Market Index Inv (VBMFX)
17.46% Cash (CASHX)
3.17%3.72%9.76%
31Apr 2000Apr 2000124.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.20% Vanguard Total Intl Stock Index Inv (VGTSX)
6.10% Vanguard Real Estate Index Investor (VGSIX)
18.30% Vanguard Total Bond Market Index Inv (VBMFX)
39.00% Cash (CASHX)
-1.43%-2.64%-3.01%
32May 2000May 2000119.06% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.53% Vanguard Total Intl Stock Index Inv (VGTSX)
4.77% Vanguard Real Estate Index Investor (VGSIX)
14.30% Vanguard Total Bond Market Index Inv (VBMFX)
52.35% Cash (CASHX)
-0.62%-1.79%-2.04%
33Jun 2000Jun 2000123.12% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.56% Vanguard Total Intl Stock Index Inv (VGTSX)
5.78% Vanguard Real Estate Index Investor (VGSIX)
17.34% Vanguard Total Bond Market Index Inv (VBMFX)
42.20% Cash (CASHX)
2.20%3.47%2.49%
34Jul 2000Jul 2000130.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.33% Vanguard Total Intl Stock Index Inv (VGTSX)
7.67% Vanguard Real Estate Index Investor (VGSIX)
23.00% Vanguard Total Bond Market Index Inv (VBMFX)
23.34% Cash (CASHX)
-0.30%-0.36%-1.49%
35Aug 2000Aug 2000132.10% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.05% Vanguard Total Intl Stock Index Inv (VGTSX)
8.03% Vanguard Real Estate Index Investor (VGSIX)
24.08% Vanguard Total Bond Market Index Inv (VBMFX)
19.75% Cash (CASHX)
2.61%2.94%6.19%
36Sep 2000Sep 2000140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-2.35%-2.20%-5.29%
37Oct 2000Oct 2000137.81% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.90% Vanguard Total Intl Stock Index Inv (VGTSX)
9.45% Vanguard Real Estate Index Investor (VGSIX)
28.35% Vanguard Total Bond Market Index Inv (VBMFX)
5.49% Cash (CASHX)
-1.59%-1.70%-0.43%
38Nov 2000Nov 2000122.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.19% Vanguard Total Intl Stock Index Inv (VGTSX)
5.60% Vanguard Real Estate Index Investor (VGSIX)
16.79% Vanguard Total Bond Market Index Inv (VBMFX)
44.03% Cash (CASHX)
-2.13%-3.91%-7.88%
39Dec 2000Dec 2000127.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.70% Vanguard Total Intl Stock Index Inv (VGTSX)
6.85% Vanguard Real Estate Index Investor (VGSIX)
20.55% Vanguard Total Bond Market Index Inv (VBMFX)
31.50% Cash (CASHX)
1.99%2.74%0.50%
40Jan 2001Jan 2001121.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)
10.81% Vanguard Total Intl Stock Index Inv (VGTSX)
5.40% Vanguard Real Estate Index Investor (VGSIX)
16.21% Vanguard Total Bond Market Index Inv (VBMFX)
45.96% Cash (CASHX)
1.50%2.32%3.55%
41Feb 2001Feb 2001124.75% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.37% Vanguard Total Intl Stock Index Inv (VGTSX)
6.19% Vanguard Real Estate Index Investor (VGSIX)
18.56% Vanguard Total Bond Market Index Inv (VBMFX)
38.13% Cash (CASHX)
-3.06%-5.22%-9.14%
42Mar 2001Mar 2001135.94% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.97% Vanguard Total Intl Stock Index Inv (VGTSX)
8.98% Vanguard Real Estate Index Investor (VGSIX)
26.95% Vanguard Total Bond Market Index Inv (VBMFX)
10.16% Cash (CASHX)
-3.44%-3.73%-6.36%
43Apr 2001Apr 2001119.68% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.84% Vanguard Total Intl Stock Index Inv (VGTSX)
4.92% Vanguard Real Estate Index Investor (VGSIX)
14.76% Vanguard Total Bond Market Index Inv (VBMFX)
50.80% Cash (CASHX)
2.63%4.63%7.77%
44May 2001May 2001118.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.13% Vanguard Total Intl Stock Index Inv (VGTSX)
4.56% Vanguard Real Estate Index Investor (VGSIX)
13.69% Vanguard Total Bond Market Index Inv (VBMFX)
54.37% Cash (CASHX)
0.24%0.17%0.65%
45Jun 2001Jun 2001132.82% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.41% Vanguard Total Intl Stock Index Inv (VGTSX)
8.21% Vanguard Real Estate Index Investor (VGSIX)
24.62% Vanguard Total Bond Market Index Inv (VBMFX)
17.94% Cash (CASHX)
-0.50%-0.55%-2.45%
46Jul 2001Jul 2001140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-0.71%-0.62%-1.00%
47Aug 2001Aug 2001132.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.48% Vanguard Total Intl Stock Index Inv (VGTSX)
8.24% Vanguard Real Estate Index Investor (VGSIX)
24.72% Vanguard Total Bond Market Index Inv (VBMFX)
17.60% Cash (CASHX)
-1.74%-1.94%-6.27%
48Sep 2001Sep 2001140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-5.86%-5.33%-8.09%
49Oct 2001Oct 2001115.81% Vanguard Total Stock Mkt Idx Inv (VTSMX)
7.90% Vanguard Total Intl Stock Index Inv (VGTSX)
3.95% Vanguard Real Estate Index Investor (VGSIX)
11.86% Vanguard Total Bond Market Index Inv (VBMFX)
60.48% Cash (CASHX)
0.85%1.65%1.90%
50Nov 2001Nov 2001132.38% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.19% Vanguard Total Intl Stock Index Inv (VGTSX)
8.10% Vanguard Real Estate Index Investor (VGSIX)
24.29% Vanguard Total Bond Market Index Inv (VBMFX)
19.04% Cash (CASHX)
3.22%3.48%7.65%
51Dec 2001Dec 2001134.21% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.10% Vanguard Total Intl Stock Index Inv (VGTSX)
8.55% Vanguard Real Estate Index Investor (VGSIX)
25.66% Vanguard Total Bond Market Index Inv (VBMFX)
14.48% Cash (CASHX)
0.93%0.97%0.87%
52Jan 2002Jan 2002132.45% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.22% Vanguard Total Intl Stock Index Inv (VGTSX)
8.11% Vanguard Real Estate Index Investor (VGSIX)
24.34% Vanguard Total Bond Market Index Inv (VBMFX)
18.88% Cash (CASHX)
-0.98%-1.24%-1.47%
53Feb 2002Feb 2002138.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.11% Vanguard Total Intl Stock Index Inv (VGTSX)
9.56% Vanguard Real Estate Index Investor (VGSIX)
28.67% Vanguard Total Bond Market Index Inv (VBMFX)
4.43% Cash (CASHX)
-0.17%-0.18%-1.94%
54Mar 2002Mar 2002132.70% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.35% Vanguard Total Intl Stock Index Inv (VGTSX)
8.18% Vanguard Real Estate Index Investor (VGSIX)
24.53% Vanguard Total Bond Market Index Inv (VBMFX)
18.24% Cash (CASHX)
2.54%3.03%3.74%
55Apr 2002Apr 2002134.15% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.07% Vanguard Total Intl Stock Index Inv (VGTSX)
8.54% Vanguard Real Estate Index Investor (VGSIX)
25.61% Vanguard Total Bond Market Index Inv (VBMFX)
14.63% Cash (CASHX)
-1.09%-1.30%-6.07%
56May 2002May 2002139.01% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.51% Vanguard Total Intl Stock Index Inv (VGTSX)
9.75% Vanguard Real Estate Index Investor (VGSIX)
29.26% Vanguard Total Bond Market Index Inv (VBMFX)
2.47% Cash (CASHX)
0.12%0.15%-0.75%
57Jun 2002Jun 2002133.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.83% Vanguard Total Intl Stock Index Inv (VGTSX)
8.42% Vanguard Real Estate Index Investor (VGSIX)
25.25% Vanguard Total Bond Market Index Inv (VBMFX)
15.83% Cash (CASHX)
-2.77%-3.15%-7.13%
58Jul 2002Jul 2002134.16% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.08% Vanguard Total Intl Stock Index Inv (VGTSX)
8.54% Vanguard Real Estate Index Investor (VGSIX)
25.62% Vanguard Total Bond Market Index Inv (VBMFX)
14.60% Cash (CASHX)
-4.72%-5.36%-7.72%
59Aug 2002Aug 2002113.35% Vanguard Total Stock Mkt Idx Inv (VTSMX)
6.67% Vanguard Total Intl Stock Index Inv (VGTSX)
3.34% Vanguard Real Estate Index Investor (VGSIX)
10.01% Vanguard Total Bond Market Index Inv (VBMFX)
66.64% Cash (CASHX)
0.33%0.74%0.65%
60Sep 2002Sep 2002118.79% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.40% Vanguard Total Intl Stock Index Inv (VGTSX)
4.70% Vanguard Real Estate Index Investor (VGSIX)
14.09% Vanguard Total Bond Market Index Inv (VBMFX)
53.02% Cash (CASHX)
-2.79%-5.52%-10.87%
61Oct 2002Oct 2002120.45% Vanguard Total Stock Mkt Idx Inv (VTSMX)
10.23% Vanguard Total Intl Stock Index Inv (VGTSX)
5.11% Vanguard Real Estate Index Investor (VGSIX)
15.34% Vanguard Total Bond Market Index Inv (VBMFX)
48.87% Cash (CASHX)
1.87%2.78%8.78%
62Nov 2002Nov 2002116.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
8.00% Vanguard Total Intl Stock Index Inv (VGTSX)
4.00% Vanguard Real Estate Index Investor (VGSIX)
12.00% Vanguard Total Bond Market Index Inv (VBMFX)
60.01% Cash (CASHX)
1.60%3.50%5.88%
63Dec 2002Dec 2002127.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.60% Vanguard Total Intl Stock Index Inv (VGTSX)
6.80% Vanguard Real Estate Index Investor (VGSIX)
20.40% Vanguard Total Bond Market Index Inv (VBMFX)
32.00% Cash (CASHX)
-1.46%-1.85%-5.89%
64Jan 2003Jan 2003133.32% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.66% Vanguard Total Intl Stock Index Inv (VGTSX)
8.33% Vanguard Real Estate Index Investor (VGSIX)
24.99% Vanguard Total Bond Market Index Inv (VBMFX)
16.69% Cash (CASHX)
-1.67%-2.02%-2.62%
65Feb 2003Feb 2003125.68% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.84% Vanguard Total Intl Stock Index Inv (VGTSX)
6.42% Vanguard Real Estate Index Investor (VGSIX)
19.26% Vanguard Total Bond Market Index Inv (VBMFX)
35.79% Cash (CASHX)
-0.34%-0.55%-1.52%
66Mar 2003Mar 2003133.31% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.66% Vanguard Total Intl Stock Index Inv (VGTSX)
8.33% Vanguard Real Estate Index Investor (VGSIX)
24.98% Vanguard Total Bond Market Index Inv (VBMFX)
16.72% Cash (CASHX)
0.20%0.22%0.96%
67Apr 2003Apr 2003121.62% Vanguard Total Stock Mkt Idx Inv (VTSMX)
10.81% Vanguard Total Intl Stock Index Inv (VGTSX)
5.40% Vanguard Real Estate Index Investor (VGSIX)
16.21% Vanguard Total Bond Market Index Inv (VBMFX)
45.96% Cash (CASHX)
3.23%5.78%8.25%
68May 2003May 2003132.45% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.23% Vanguard Total Intl Stock Index Inv (VGTSX)
8.11% Vanguard Real Estate Index Investor (VGSIX)
24.34% Vanguard Total Bond Market Index Inv (VBMFX)
18.87% Cash (CASHX)
3.89%4.79%5.26%
69Jun 2003Jun 2003137.55% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.77% Vanguard Total Intl Stock Index Inv (VGTSX)
9.39% Vanguard Real Estate Index Investor (VGSIX)
28.16% Vanguard Total Bond Market Index Inv (VBMFX)
6.13% Cash (CASHX)
1.22%1.31%1.26%
70Jul 2003Jul 2003137.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.55% Vanguard Total Intl Stock Index Inv (VGTSX)
9.28% Vanguard Real Estate Index Investor (VGSIX)
27.83% Vanguard Total Bond Market Index Inv (VBMFX)
7.24% Cash (CASHX)
1.02%1.19%1.74%
71Aug 2003Aug 2003134.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.31% Vanguard Total Intl Stock Index Inv (VGTSX)
8.65% Vanguard Real Estate Index Investor (VGSIX)
25.96% Vanguard Total Bond Market Index Inv (VBMFX)
13.46% Cash (CASHX)
1.49%1.74%1.93%
72Sep 2003Sep 2003140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
1.25%1.18%-1.07%
73Oct 2003Oct 2003139.47% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.73% Vanguard Total Intl Stock Index Inv (VGTSX)
9.87% Vanguard Real Estate Index Investor (VGSIX)
29.60% Vanguard Total Bond Market Index Inv (VBMFX)
1.33% Cash (CASHX)
3.57%3.78%5.64%
74Nov 2003Mar 2004540.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
9.62%9.92%7.89%
75Apr 2004Apr 2004130.26% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.13% Vanguard Total Intl Stock Index Inv (VGTSX)
7.57% Vanguard Real Estate Index Investor (VGSIX)
22.70% Vanguard Total Bond Market Index Inv (VBMFX)
24.34% Cash (CASHX)
-2.79%-3.80%-1.58%
76May 2004May 2004137.89% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.94% Vanguard Total Intl Stock Index Inv (VGTSX)
9.47% Vanguard Real Estate Index Investor (VGSIX)
28.41% Vanguard Total Bond Market Index Inv (VBMFX)
5.29% Cash (CASHX)
1.15%1.18%1.36%
77Jun 2004Jun 2004130.16% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.08% Vanguard Total Intl Stock Index Inv (VGTSX)
7.54% Vanguard Real Estate Index Investor (VGSIX)
22.62% Vanguard Total Bond Market Index Inv (VBMFX)
24.60% Cash (CASHX)
1.35%1.77%1.93%
78Jul 2004Jul 2004138.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.14% Vanguard Total Intl Stock Index Inv (VGTSX)
9.57% Vanguard Real Estate Index Investor (VGSIX)
28.71% Vanguard Total Bond Market Index Inv (VBMFX)
4.31% Cash (CASHX)
-1.76%-1.88%-3.31%
79Aug 2004Apr 2005940.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
9.77%9.86%6.32%
80May 2005May 2005135.30% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.65% Vanguard Total Intl Stock Index Inv (VGTSX)
8.83% Vanguard Real Estate Index Investor (VGSIX)
26.48% Vanguard Total Bond Market Index Inv (VBMFX)
11.74% Cash (CASHX)
1.94%2.14%3.17%
81Jun 2005Oct 2005540.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
3.35%3.29%1.97%
82Nov 2005Nov 2005130.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.29% Vanguard Total Intl Stock Index Inv (VGTSX)
7.65% Vanguard Real Estate Index Investor (VGSIX)
22.94% Vanguard Total Bond Market Index Inv (VBMFX)
23.53% Cash (CASHX)
2.13%2.70%3.76%
83Dec 2005Jan 2006240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
4.91%4.94%2.67%
84Feb 2006Feb 2006137.15% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.57% Vanguard Total Intl Stock Index Inv (VGTSX)
9.29% Vanguard Real Estate Index Investor (VGSIX)
27.86% Vanguard Total Bond Market Index Inv (VBMFX)
7.13% Cash (CASHX)
0.16%0.15%0.26%
85Mar 2006May 2006340.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
0.04%0.02%-0.39%
86Jun 2006Jun 2006131.65% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.83% Vanguard Total Intl Stock Index Inv (VGTSX)
7.91% Vanguard Real Estate Index Investor (VGSIX)
23.74% Vanguard Total Bond Market Index Inv (VBMFX)
20.87% Cash (CASHX)
0.52%0.57%0.13%
87Jul 2006Jul 2006125.31% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.66% Vanguard Total Intl Stock Index Inv (VGTSX)
6.33% Vanguard Real Estate Index Investor (VGSIX)
18.98% Vanguard Total Bond Market Index Inv (VBMFX)
36.72% Cash (CASHX)
0.74%0.95%0.61%
88Aug 2006Aug 2006128.95% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.47% Vanguard Total Intl Stock Index Inv (VGTSX)
7.24% Vanguard Real Estate Index Investor (VGSIX)
21.71% Vanguard Total Bond Market Index Inv (VBMFX)
27.63% Cash (CASHX)
1.78%2.32%2.36%
89Sep 2006Feb 2007640.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
9.26%9.43%8.85%
90Mar 2007Mar 2007130.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.29% Vanguard Total Intl Stock Index Inv (VGTSX)
7.65% Vanguard Real Estate Index Investor (VGSIX)
22.94% Vanguard Total Bond Market Index Inv (VBMFX)
23.53% Cash (CASHX)
0.69%0.76%1.11%
91Apr 2007Apr 2007128.19% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.10% Vanguard Total Intl Stock Index Inv (VGTSX)
7.05% Vanguard Real Estate Index Investor (VGSIX)
21.14% Vanguard Total Bond Market Index Inv (VBMFX)
29.52% Cash (CASHX)
1.92%2.54%4.42%
92May 2007Jun 2007240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
0.23%0.29%1.74%
93Jul 2007Jul 2007130.06% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.03% Vanguard Total Intl Stock Index Inv (VGTSX)
7.52% Vanguard Real Estate Index Investor (VGSIX)
22.55% Vanguard Total Bond Market Index Inv (VBMFX)
24.85% Cash (CASHX)
-1.48%-2.08%-3.08%
94Aug 2007Aug 2007127.03% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.51% Vanguard Total Intl Stock Index Inv (VGTSX)
6.76% Vanguard Real Estate Index Investor (VGSIX)
20.27% Vanguard Total Bond Market Index Inv (VBMFX)
32.43% Cash (CASHX)
1.14%1.38%1.50%
95Sep 2007Sep 2007119.12% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.56% Vanguard Total Intl Stock Index Inv (VGTSX)
4.78% Vanguard Real Estate Index Investor (VGSIX)
14.34% Vanguard Total Bond Market Index Inv (VBMFX)
52.21% Cash (CASHX)
1.77%3.39%3.72%
96Oct 2007Oct 2007127.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.92% Vanguard Total Intl Stock Index Inv (VGTSX)
6.96% Vanguard Real Estate Index Investor (VGSIX)
20.88% Vanguard Total Bond Market Index Inv (VBMFX)
30.41% Cash (CASHX)
1.71%2.41%1.58%
97Nov 2007Nov 2007130.93% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.47% Vanguard Total Intl Stock Index Inv (VGTSX)
7.73% Vanguard Real Estate Index Investor (VGSIX)
23.20% Vanguard Total Bond Market Index Inv (VBMFX)
22.67% Cash (CASHX)
-2.29%-3.11%-4.19%
98Dec 2007Dec 2007117.34% Vanguard Total Stock Mkt Idx Inv (VTSMX)
8.67% Vanguard Total Intl Stock Index Inv (VGTSX)
4.34% Vanguard Real Estate Index Investor (VGSIX)
13.01% Vanguard Total Bond Market Index Inv (VBMFX)
56.64% Cash (CASHX)
-0.34%-1.10%-0.70%
99Jan 2008Jan 2008123.29% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.65% Vanguard Total Intl Stock Index Inv (VGTSX)
5.82% Vanguard Real Estate Index Investor (VGSIX)
17.47% Vanguard Total Bond Market Index Inv (VBMFX)
41.77% Cash (CASHX)
-2.05%-3.67%-6.02%
100Feb 2008Feb 2008120.10% Vanguard Total Stock Mkt Idx Inv (VTSMX)
10.05% Vanguard Total Intl Stock Index Inv (VGTSX)
5.02% Vanguard Real Estate Index Investor (VGSIX)
15.07% Vanguard Total Bond Market Index Inv (VBMFX)
49.76% Cash (CASHX)
-0.68%-1.46%-3.25%
101Mar 2008Mar 2008122.63% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.32% Vanguard Total Intl Stock Index Inv (VGTSX)
5.66% Vanguard Real Estate Index Investor (VGSIX)
16.97% Vanguard Total Bond Market Index Inv (VBMFX)
43.42% Cash (CASHX)
0.28%0.39%-0.44%
102Apr 2008Apr 2008116.36% Vanguard Total Stock Mkt Idx Inv (VTSMX)
8.18% Vanguard Total Intl Stock Index Inv (VGTSX)
4.09% Vanguard Real Estate Index Investor (VGSIX)
12.27% Vanguard Total Bond Market Index Inv (VBMFX)
59.10% Cash (CASHX)
1.61%3.56%4.85%
103May 2008May 2008126.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.37% Vanguard Total Intl Stock Index Inv (VGTSX)
6.69% Vanguard Real Estate Index Investor (VGSIX)
20.06% Vanguard Total Bond Market Index Inv (VBMFX)
33.15% Cash (CASHX)
0.67%0.87%1.29%
104Jun 2008Jun 2008133.65% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.82% Vanguard Total Intl Stock Index Inv (VGTSX)
8.41% Vanguard Real Estate Index Investor (VGSIX)
25.24% Vanguard Total Bond Market Index Inv (VBMFX)
15.88% Cash (CASHX)
-5.15%-6.14%-8.44%
105Jul 2008Jul 2008124.57% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.28% Vanguard Total Intl Stock Index Inv (VGTSX)
6.14% Vanguard Real Estate Index Investor (VGSIX)
18.43% Vanguard Total Bond Market Index Inv (VBMFX)
38.58% Cash (CASHX)
-0.39%-0.67%-0.83%
106Aug 2008Aug 2008119.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.70% Vanguard Total Intl Stock Index Inv (VGTSX)
4.85% Vanguard Real Estate Index Investor (VGSIX)
14.55% Vanguard Total Bond Market Index Inv (VBMFX)
51.51% Cash (CASHX)
0.09%0.13%1.45%
107Sep 2008Sep 2008122.58% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.29% Vanguard Total Intl Stock Index Inv (VGTSX)
5.64% Vanguard Real Estate Index Investor (VGSIX)
16.93% Vanguard Total Bond Market Index Inv (VBMFX)
43.56% Cash (CASHX)
-3.70%-6.25%-8.91%
108Oct 2008Oct 200818.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)
4.30% Vanguard Total Intl Stock Index Inv (VGTSX)
2.15% Vanguard Real Estate Index Investor (VGSIX)
6.44% Vanguard Total Bond Market Index Inv (VBMFX)
78.52% Cash (CASHX)
-3.24%-14.71%-16.79%
109Nov 2008Nov 200815.41% Vanguard Total Stock Mkt Idx Inv (VTSMX)
2.71% Vanguard Total Intl Stock Index Inv (VGTSX)
1.35% Vanguard Real Estate Index Investor (VGSIX)
4.06% Vanguard Total Bond Market Index Inv (VBMFX)
86.47% Cash (CASHX)
-0.74%-4.55%-7.17%
110Dec 2008Dec 200815.81% Vanguard Total Stock Mkt Idx Inv (VTSMX)
2.91% Vanguard Total Intl Stock Index Inv (VGTSX)
1.45% Vanguard Real Estate Index Investor (VGSIX)
4.36% Vanguard Total Bond Market Index Inv (VBMFX)
85.46% Cash (CASHX)
0.74%4.58%1.07%
111Jan 2009Jan 200917.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)
3.85% Vanguard Total Intl Stock Index Inv (VGTSX)
1.92% Vanguard Real Estate Index Investor (VGSIX)
5.77% Vanguard Total Bond Market Index Inv (VBMFX)
80.77% Cash (CASHX)
-1.47%-7.64%-8.41%
112Feb 2009Feb 2009110.09% Vanguard Total Stock Mkt Idx Inv (VTSMX)
5.04% Vanguard Total Intl Stock Index Inv (VGTSX)
2.52% Vanguard Real Estate Index Investor (VGSIX)
7.57% Vanguard Total Bond Market Index Inv (VBMFX)
74.78% Cash (CASHX)
-2.09%-7.97%-10.66%
113Mar 2009Mar 2009111.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)
5.95% Vanguard Total Intl Stock Index Inv (VGTSX)
2.97% Vanguard Real Estate Index Investor (VGSIX)
8.92% Vanguard Total Bond Market Index Inv (VBMFX)
70.26% Cash (CASHX)
1.84%5.90%8.76%
114Apr 2009Apr 200917.94% Vanguard Total Stock Mkt Idx Inv (VTSMX)
3.97% Vanguard Total Intl Stock Index Inv (VGTSX)
1.98% Vanguard Real Estate Index Investor (VGSIX)
5.95% Vanguard Total Bond Market Index Inv (VBMFX)
80.15% Cash (CASHX)
2.00%9.16%9.56%
115May 2009May 2009111.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)
5.76% Vanguard Total Intl Stock Index Inv (VGTSX)
2.88% Vanguard Real Estate Index Investor (VGSIX)
8.65% Vanguard Total Bond Market Index Inv (VBMFX)
71.18% Cash (CASHX)
1.59%5.50%5.62%
116Jun 2009Jun 2009112.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)
6.35% Vanguard Total Intl Stock Index Inv (VGTSX)
3.17% Vanguard Real Estate Index Investor (VGSIX)
9.52% Vanguard Total Bond Market Index Inv (VBMFX)
68.26% Cash (CASHX)
-0.09%-0.28%0.22%
117Jul 2009Jul 2009120.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)
10.30% Vanguard Total Intl Stock Index Inv (VGTSX)
5.15% Vanguard Real Estate Index Investor (VGSIX)
15.45% Vanguard Total Bond Market Index Inv (VBMFX)
48.50% Cash (CASHX)
3.41%6.63%7.58%
118Aug 2009Aug 2009120.04% Vanguard Total Stock Mkt Idx Inv (VTSMX)
10.02% Vanguard Total Intl Stock Index Inv (VGTSX)
5.01% Vanguard Real Estate Index Investor (VGSIX)
15.03% Vanguard Total Bond Market Index Inv (VBMFX)
49.90% Cash (CASHX)
1.94%3.78%3.60%
119Sep 2009Sep 2009124.47% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.23% Vanguard Total Intl Stock Index Inv (VGTSX)
6.12% Vanguard Real Estate Index Investor (VGSIX)
18.35% Vanguard Total Bond Market Index Inv (VBMFX)
38.83% Cash (CASHX)
2.29%3.84%3.72%
120Oct 2009Oct 2009123.95% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.98% Vanguard Total Intl Stock Index Inv (VGTSX)
5.99% Vanguard Real Estate Index Investor (VGSIX)
17.97% Vanguard Total Bond Market Index Inv (VBMFX)
40.12% Cash (CASHX)
-1.08%-1.89%-1.87%
121Nov 2009Nov 2009119.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.61% Vanguard Total Intl Stock Index Inv (VGTSX)
4.81% Vanguard Real Estate Index Investor (VGSIX)
14.42% Vanguard Total Bond Market Index Inv (VBMFX)
51.94% Cash (CASHX)
1.98%4.18%5.98%
122Dec 2009Dec 2009123.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.85% Vanguard Total Intl Stock Index Inv (VGTSX)
5.92% Vanguard Real Estate Index Investor (VGSIX)
17.77% Vanguard Total Bond Market Index Inv (VBMFX)
40.77% Cash (CASHX)
0.98%1.77%1.95%
123Jan 2010Jan 2010140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-2.47%-2.47%-3.60%
124Feb 2010Feb 2010127.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.92% Vanguard Total Intl Stock Index Inv (VGTSX)
6.96% Vanguard Real Estate Index Investor (VGSIX)
20.87% Vanguard Total Bond Market Index Inv (VBMFX)
30.42% Cash (CASHX)
1.39%1.97%3.09%
125Mar 2010Mar 2010124.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.12% Vanguard Total Intl Stock Index Inv (VGTSX)
6.06% Vanguard Real Estate Index Investor (VGSIX)
18.19% Vanguard Total Bond Market Index Inv (VBMFX)
39.38% Cash (CASHX)
2.94%4.79%6.01%
126Apr 2010Apr 2010140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
1.56%1.61%1.58%
127May 2010May 2010128.30% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.15% Vanguard Total Intl Stock Index Inv (VGTSX)
7.07% Vanguard Real Estate Index Investor (VGSIX)
21.22% Vanguard Total Bond Market Index Inv (VBMFX)
29.26% Cash (CASHX)
-3.98%-5.65%-8.01%
128Jun 2010Jun 2010112.92% Vanguard Total Stock Mkt Idx Inv (VTSMX)
6.46% Vanguard Total Intl Stock Index Inv (VGTSX)
3.23% Vanguard Real Estate Index Investor (VGSIX)
9.69% Vanguard Total Bond Market Index Inv (VBMFX)
67.71% Cash (CASHX)
-0.81%-2.55%-5.24%
129Jul 2010Jul 2010117.49% Vanguard Total Stock Mkt Idx Inv (VTSMX)
8.74% Vanguard Total Intl Stock Index Inv (VGTSX)
4.37% Vanguard Real Estate Index Investor (VGSIX)
13.11% Vanguard Total Bond Market Index Inv (VBMFX)
56.28% Cash (CASHX)
2.68%5.93%7.00%
130Aug 2010Aug 2010122.29% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.15% Vanguard Total Intl Stock Index Inv (VGTSX)
5.57% Vanguard Real Estate Index Investor (VGSIX)
16.72% Vanguard Total Bond Market Index Inv (VBMFX)
44.27% Cash (CASHX)
-1.23%-2.14%-4.53%
131Sep 2010Sep 2010125.17% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.59% Vanguard Total Intl Stock Index Inv (VGTSX)
6.29% Vanguard Real Estate Index Investor (VGSIX)
18.88% Vanguard Total Bond Market Index Inv (VBMFX)
37.06% Cash (CASHX)
3.97%6.03%8.92%
132Oct 2010Oct 2010127.44% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.72% Vanguard Total Intl Stock Index Inv (VGTSX)
6.86% Vanguard Real Estate Index Investor (VGSIX)
20.58% Vanguard Total Bond Market Index Inv (VBMFX)
31.40% Cash (CASHX)
1.97%2.88%3.79%
133Nov 2010Nov 2010137.06% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.53% Vanguard Total Intl Stock Index Inv (VGTSX)
9.27% Vanguard Real Estate Index Investor (VGSIX)
27.80% Vanguard Total Bond Market Index Inv (VBMFX)
7.35% Cash (CASHX)
-0.97%-1.05%0.00%
134Dec 2010Dec 2010126.33% Vanguard Total Stock Mkt Idx Inv (VTSMX)
13.17% Vanguard Total Intl Stock Index Inv (VGTSX)
6.58% Vanguard Real Estate Index Investor (VGSIX)
19.75% Vanguard Total Bond Market Index Inv (VBMFX)
34.17% Cash (CASHX)
2.97%4.49%6.67%
135Jan 2011Feb 2011240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
3.89%3.91%5.85%
136Mar 2011Mar 2011136.95% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.47% Vanguard Total Intl Stock Index Inv (VGTSX)
9.24% Vanguard Real Estate Index Investor (VGSIX)
27.71% Vanguard Total Bond Market Index Inv (VBMFX)
7.63% Cash (CASHX)
-0.05%-0.05%0.03%
137Apr 2011Apr 2011129.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.62% Vanguard Total Intl Stock Index Inv (VGTSX)
7.31% Vanguard Real Estate Index Investor (VGSIX)
21.93% Vanguard Total Bond Market Index Inv (VBMFX)
26.89% Cash (CASHX)
2.34%3.23%2.95%
138May 2011May 2011140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-0.51%-0.54%-1.15%
139Jun 2011Jun 2011136.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.45% Vanguard Total Intl Stock Index Inv (VGTSX)
9.23% Vanguard Real Estate Index Investor (VGSIX)
27.68% Vanguard Total Bond Market Index Inv (VBMFX)
7.74% Cash (CASHX)
-1.35%-1.49%-1.67%
140Jul 2011Jul 2011128.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.30% Vanguard Total Intl Stock Index Inv (VGTSX)
7.15% Vanguard Real Estate Index Investor (VGSIX)
21.46% Vanguard Total Bond Market Index Inv (VBMFX)
28.48% Cash (CASHX)
-0.42%-0.60%-2.05%
141Aug 2011Aug 2011128.09% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.04% Vanguard Total Intl Stock Index Inv (VGTSX)
7.02% Vanguard Real Estate Index Investor (VGSIX)
21.06% Vanguard Total Bond Market Index Inv (VBMFX)
29.79% Cash (CASHX)
-2.95%-4.19%-5.45%
142Sep 2011Sep 201119.57% Vanguard Total Stock Mkt Idx Inv (VTSMX)
4.78% Vanguard Total Intl Stock Index Inv (VGTSX)
2.39% Vanguard Real Estate Index Investor (VGSIX)
7.18% Vanguard Total Bond Market Index Inv (VBMFX)
76.08% Cash (CASHX)
-1.53%-6.20%-7.04%
143Oct 2011Oct 2011115.86% Vanguard Total Stock Mkt Idx Inv (VTSMX)
7.93% Vanguard Total Intl Stock Index Inv (VGTSX)
3.96% Vanguard Real Estate Index Investor (VGSIX)
11.89% Vanguard Total Bond Market Index Inv (VBMFX)
60.35% Cash (CASHX)
3.22%7.70%10.91%
144Nov 2011Nov 2011114.64% Vanguard Total Stock Mkt Idx Inv (VTSMX)
7.32% Vanguard Total Intl Stock Index Inv (VGTSX)
3.66% Vanguard Real Estate Index Investor (VGSIX)
10.98% Vanguard Total Bond Market Index Inv (VBMFX)
63.40% Cash (CASHX)
-0.42%-1.12%-0.23%
145Dec 2011Dec 2011113.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)
6.98% Vanguard Total Intl Stock Index Inv (VGTSX)
3.49% Vanguard Real Estate Index Investor (VGSIX)
10.47% Vanguard Total Bond Market Index Inv (VBMFX)
65.09% Cash (CASHX)
0.20%0.68%1.02%
146Jan 2012Jan 2012123.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.94% Vanguard Total Intl Stock Index Inv (VGTSX)
5.97% Vanguard Real Estate Index Investor (VGSIX)
17.91% Vanguard Total Bond Market Index Inv (VBMFX)
40.31% Cash (CASHX)
2.63%4.40%4.46%
147Feb 2012Mar 2012240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
4.06%4.12%7.73%
148Apr 2012Apr 2012136.45% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.23% Vanguard Total Intl Stock Index Inv (VGTSX)
9.11% Vanguard Real Estate Index Investor (VGSIX)
27.34% Vanguard Total Bond Market Index Inv (VBMFX)
8.87% Cash (CASHX)
0.01%-0.03%-0.64%
149May 2012May 2012129.62% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.81% Vanguard Total Intl Stock Index Inv (VGTSX)
7.41% Vanguard Real Estate Index Investor (VGSIX)
22.22% Vanguard Total Bond Market Index Inv (VBMFX)
25.94% Cash (CASHX)
-3.62%-5.05%-6.02%
150Jun 2012Jun 2012133.72% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.86% Vanguard Total Intl Stock Index Inv (VGTSX)
8.43% Vanguard Real Estate Index Investor (VGSIX)
25.29% Vanguard Total Bond Market Index Inv (VBMFX)
15.69% Cash (CASHX)
2.82%3.34%4.11%
151Jul 2012Jul 2012122.17% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.08% Vanguard Total Intl Stock Index Inv (VGTSX)
5.54% Vanguard Real Estate Index Investor (VGSIX)
16.62% Vanguard Total Bond Market Index Inv (VBMFX)
44.59% Cash (CASHX)
0.62%1.12%1.37%
152Aug 2012Aug 2012133.51% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.76% Vanguard Total Intl Stock Index Inv (VGTSX)
8.38% Vanguard Real Estate Index Investor (VGSIX)
25.13% Vanguard Total Bond Market Index Inv (VBMFX)
16.22% Cash (CASHX)
1.29%1.54%2.24%
153Sep 2012Sep 2012140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
1.60%1.61%2.58%
154Oct 2012Oct 2012139.13% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.56% Vanguard Total Intl Stock Index Inv (VGTSX)
9.78% Vanguard Real Estate Index Investor (VGSIX)
29.35% Vanguard Total Bond Market Index Inv (VBMFX)
2.18% Cash (CASHX)
-0.63%-0.68%-1.86%
155Nov 2012Nov 2012140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
0.68%0.69%0.56%
156Dec 2012Dec 2012134.27% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.13% Vanguard Total Intl Stock Index Inv (VGTSX)
8.57% Vanguard Real Estate Index Investor (VGSIX)
25.70% Vanguard Total Bond Market Index Inv (VBMFX)
14.34% Cash (CASHX)
1.39%1.66%0.90%
157Jan 2013Feb 2013240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
3.59%3.60%6.58%
158Mar 2013Mar 2013138.14% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.07% Vanguard Total Intl Stock Index Inv (VGTSX)
9.53% Vanguard Real Estate Index Investor (VGSIX)
28.60% Vanguard Total Bond Market Index Inv (VBMFX)
4.66% Cash (CASHX)
1.93%2.07%3.74%
159Apr 2013Apr 2013140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
2.34%2.35%1.91%
160May 2013May 2013132.51% Vanguard Total Stock Mkt Idx Inv (VTSMX)
16.26% Vanguard Total Intl Stock Index Inv (VGTSX)
8.13% Vanguard Real Estate Index Investor (VGSIX)
24.38% Vanguard Total Bond Market Index Inv (VBMFX)
18.72% Cash (CASHX)
-0.63%-0.72%2.33%
161Jun 2013Jun 2013140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-1.95%-1.92%-1.35%
162Jul 2013Jul 2013123.07% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.53% Vanguard Total Intl Stock Index Inv (VGTSX)
5.77% Vanguard Real Estate Index Investor (VGSIX)
17.30% Vanguard Total Bond Market Index Inv (VBMFX)
42.34% Cash (CASHX)
1.87%3.37%5.07%
163Aug 2013Oct 2013340.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
4.19%4.28%4.71%
164Nov 2013Nov 2013137.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.80% Vanguard Total Intl Stock Index Inv (VGTSX)
9.40% Vanguard Real Estate Index Investor (VGSIX)
28.20% Vanguard Total Bond Market Index Inv (VBMFX)
6.01% Cash (CASHX)
0.52%0.72%3.03%
165Dec 2013Jan 2014240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-0.20%-0.03%-1.04%
166Feb 2014Feb 2014138.70% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.35% Vanguard Total Intl Stock Index Inv (VGTSX)
9.67% Vanguard Real Estate Index Investor (VGSIX)
29.02% Vanguard Total Bond Market Index Inv (VBMFX)
3.26% Cash (CASHX)
3.49%3.57%4.56%
167Mar 2014Oct 2014840.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
5.43%5.53%9.81%
168Nov 2014Nov 2014130.01% Vanguard Total Stock Mkt Idx Inv (VTSMX)
15.01% Vanguard Total Intl Stock Index Inv (VGTSX)
7.50% Vanguard Real Estate Index Investor (VGSIX)
22.51% Vanguard Total Bond Market Index Inv (VBMFX)
24.97% Cash (CASHX)
0.98%1.36%2.68%
169Dec 2014Dec 2014140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-0.51%-0.41%-0.26%
170Jan 2015Jan 2015136.08% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.04% Vanguard Total Intl Stock Index Inv (VGTSX)
9.02% Vanguard Real Estate Index Investor (VGSIX)
27.06% Vanguard Total Bond Market Index Inv (VBMFX)
9.80% Cash (CASHX)
0.25%0.28%-3.02%
171Feb 2015Feb 2015136.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)
18.14% Vanguard Total Intl Stock Index Inv (VGTSX)
9.07% Vanguard Real Estate Index Investor (VGSIX)
27.21% Vanguard Total Bond Market Index Inv (VBMFX)
9.31% Cash (CASHX)
2.47%2.63%5.74%
172Mar 2015Mar 2015140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-0.43%-0.44%-1.59%
173Apr 2015Apr 2015129.32% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.66% Vanguard Total Intl Stock Index Inv (VGTSX)
7.33% Vanguard Real Estate Index Investor (VGSIX)
21.99% Vanguard Total Bond Market Index Inv (VBMFX)
26.70% Cash (CASHX)
0.35%0.49%0.95%
174May 2015Aug 2015440.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-5.10%-5.19%-4.74%
175Sep 2015Sep 2015119.86% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.93% Vanguard Total Intl Stock Index Inv (VGTSX)
4.96% Vanguard Real Estate Index Investor (VGSIX)
14.89% Vanguard Total Bond Market Index Inv (VBMFX)
50.36% Cash (CASHX)
-0.71%-1.42%-2.49%
176Oct 2015Oct 2015122.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.46% Vanguard Total Intl Stock Index Inv (VGTSX)
5.73% Vanguard Real Estate Index Investor (VGSIX)
17.18% Vanguard Total Bond Market Index Inv (VBMFX)
42.72% Cash (CASHX)
2.85%4.87%8.42%
177Nov 2015Nov 2015138.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)
19.45% Vanguard Total Intl Stock Index Inv (VGTSX)
9.73% Vanguard Real Estate Index Investor (VGSIX)
29.18% Vanguard Total Bond Market Index Inv (VBMFX)
2.74% Cash (CASHX)
-0.19%-0.19%0.29%
178Dec 2015Dec 2015140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-1.16%-1.16%-1.59%
179Jan 2016Jan 2016128.49% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.24% Vanguard Total Intl Stock Index Inv (VGTSX)
7.12% Vanguard Real Estate Index Investor (VGSIX)
21.37% Vanguard Total Bond Market Index Inv (VBMFX)
28.78% Cash (CASHX)
-2.34%-3.29%-4.98%
180Feb 2016Feb 2016119.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)
9.88% Vanguard Total Intl Stock Index Inv (VGTSX)
4.94% Vanguard Real Estate Index Investor (VGSIX)
14.83% Vanguard Total Bond Market Index Inv (VBMFX)
50.58% Cash (CASHX)
-0.15%-0.29%-0.15%
181Mar 2016Mar 2016125.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)
12.79% Vanguard Total Intl Stock Index Inv (VGTSX)
6.40% Vanguard Real Estate Index Investor (VGSIX)
19.19% Vanguard Total Bond Market Index Inv (VBMFX)
36.03% Cash (CASHX)
3.70%5.65%6.78%
182Apr 2016Apr 2016135.46% Vanguard Total Stock Mkt Idx Inv (VTSMX)
17.73% Vanguard Total Intl Stock Index Inv (VGTSX)
8.87% Vanguard Real Estate Index Investor (VGSIX)
26.60% Vanguard Total Bond Market Index Inv (VBMFX)
11.35% Cash (CASHX)
0.50%0.55%0.37%
183May 2016Jun 2016240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
1.93%1.96%2.04%
184Jul 2016Jul 2016122.70% Vanguard Total Stock Mkt Idx Inv (VTSMX)
11.35% Vanguard Total Intl Stock Index Inv (VGTSX)
5.67% Vanguard Real Estate Index Investor (VGSIX)
17.02% Vanguard Total Bond Market Index Inv (VBMFX)
43.26% Cash (CASHX)
1.75%3.06%3.68%
185Aug 2016Sep 2016240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
-0.04%-0.10%0.14%
186Oct 2016Oct 2016128.33% Vanguard Total Stock Mkt Idx Inv (VTSMX)
14.17% Vanguard Total Intl Stock Index Inv (VGTSX)
7.08% Vanguard Real Estate Index Investor (VGSIX)
21.25% Vanguard Total Bond Market Index Inv (VBMFX)
29.17% Cash (CASHX)
-1.44%-2.06%-1.83%
187Nov 2016Dec 2016240.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
2.10%2.12%5.73%
188Jan 2017Jan 2017140.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)
20.00% Vanguard Total Intl Stock Index Inv (VGTSX)
10.00% Vanguard Real Estate Index Investor (VGSIX)
30.00% Vanguard Total Bond Market Index Inv (VBMFX)
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