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:

Shiller PE Ratio Market Valuation
Seasonal Model
Moving Averages - Single Asset
Moving Averages - Portfolio Assets
Momentum - Relative Strength
Momentum - Dual Momentum
Momentum - Adaptive Allocation
Target Volatility

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

Seasonal Model

Seasonal model moves the portfolio out of market based on specific calendar months. Sell in May and Go Away model is a well-known example that avoids historical underperformance of some stocks in the six-month period commencing in May and ending in October.

Shiller PE Ratio Market Valuation

Shiller PE Ratio (PE10) market valuation based timing model adjusts the allocation between stocks and bonds based on the start of year Shiller PE Ratio 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 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.

Timing Model

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Include YTD

Initial Amount

$ .00

Cashflows

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal Percentage

Frequency

Ticker

Tickers

Single absolute momentum

Absolute momentum asset

Target Volatility

Use Downside Volatility

Out Of Market Start Month

Out Of Market End Month

Out of Market Asset

Specify out of market asset

Buy Signal

Type of Moving Average

Performance Periods

Period Weighting

Timing Period

Timing period in trading days

Type of Moving Average #2

Timing Period #2

Timing period #2 in trading days

Exclude Previous Month

Normalize Returns

Volatility Period

Volatility window in trading days

Assets to hold

Allocation Weights

Risk Control

Risk Window Period

Risk window in trading days

Trading Frequency

Signal Asset

Specify signal asset

Trade Execution

Compared Allocation

Benchmark

Benchmark Ticker

Timing Periods

Length

Unit

Weight

Time Period #1

Period 1 length

Period 1 time unit

Period 1 weight %

Time Period #2

Period 2 length

Period 2 time unit

Period 2 weight %

Time Period #3

Period 3 length

Period 3 time unit

Period 3 weight %

Time Period #4

Period 4 length

Period 4 time unit

Period 4 weight %

Time Period #5

Period 5 length

Period 5 time unit

Period 5 weight %

Volatility Period

Volatility period length

Volatility period time unit

Volatility period weight %

Asset 1

Select asset 1

Enter percentage allocation for asset 1 %

Asset 2

Select asset 2

Enter percentage allocation for asset 2 %

Asset 3

Select asset 3

Enter percentage allocation for asset 3 %

Asset 4

Select asset 4

Enter percentage allocation for asset 4 %

Asset 5

Select asset 5

Enter percentage allocation for asset 5 %

Asset 6

Select asset 6

Enter percentage allocation for asset 6 %

Asset 7

Select asset 7

Enter percentage allocation for asset 7 %

Asset 8

Select asset 8

Enter percentage allocation for asset 8 %

Asset 9

Select asset 9

Enter percentage allocation for asset 9 %

Asset 10

Select asset 10

Enter percentage allocation for asset 10 %

Total

Total allocation for portfolio %

Market Timing Results (Jan 1997 - Sep 2020) Save

Tactical asset allocation model results from Jan 1997 to Sep 2020 are based on adaptive allocation model holding the top 2 best performing assets. The model uses a single performance window of 6 calendar month(s). Volatility based risk adjustments are done based on daily volatility over the past 3 calendar months. Inverse volatility weights based on the volatility window are used to set approximated risk parity asset weights for each lookback period. Tactical asset allocation model trades are executed using the end of month close price each month based on the end of month signals. The time period was constrained by the available data for Vanguard Real Estate Index Investor (VGSIX) [Jun 1996 - Sep 2020].

Performance statistics for the timing portfolio and benchmark portfolios
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
Adaptive Allocation Model	$10,000	$83,020	9.32%	10.32%	31.12%	-9.48%	-16.37%	0.72	1.06	0.63

Trailing Returns

Trailing Returns
Name	3 Month	YTD	1 year	3 year	5 year	10 year	Full
Adaptive Allocation Model	-1.04%	-6.27%	-4.51%	-1.03%	4.02%	6.62%	9.32%
Trailing returns are for full months ending in September 2020 excluding portfolio cashflows.

Notes on results:

Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
The backtested performance results are created by retroactively applying the specified investment strategy or methodology to historical data. Backtested models are developed with the benefit of hindsight but might not have foresight of the future.
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.
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.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
The annual results for 2020 are based on monthly returns from January to September
The results for the tactical asset allocation model assume monthly rebalancing trades
The relative strength signal is based on total return including dividends
Additional trading costs and taxes for tactical asset allocation 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 the risk free rate (3-month treasury bill)
Stock market correlation is based on the correlation of monthly returns
Drawdowns are calculated based on monthly returns excluding cashflows
Refer to the FAQ section regarding the data sources and methodology descriptions

Annual returns for the timing portfolio and various benchmark portfolios
Year	Inflation	Adaptive Allocation Model Return	Adaptive Allocation Model Balance	Vanguard 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)
1997	1.70%	17.41%	$11,741	30.99%	-0.77%	18.77%	9.44%
1998	1.61%	-9.48%	$10,628	23.26%	15.60%	-16.32%	8.58%
1999	2.68%	22.84%	$13,055	23.81%	29.92%	-4.04%	-0.76%
2000	3.39%	5.87%	$13,820	-10.57%	-15.61%	26.35%	11.39%
2001	1.55%	9.87%	$15,185	-10.97%	-20.15%	12.35%	8.43%
2002	2.38%	4.83%	$15,918	-20.96%	-15.08%	3.75%	8.26%
2003	1.88%	31.12%	$20,871	31.35%	40.34%	35.65%	3.97%
2004	3.26%	15.95%	$24,200	12.51%	20.84%	30.76%	4.24%
2005	3.42%	0.35%	$24,285	5.98%	15.57%	11.89%	2.40%
2006	2.54%	28.14%	$31,119	15.51%	26.64%	35.07%	4.27%
2007	4.08%	10.32%	$34,332	5.49%	15.52%	-16.46%	6.92%
2008	0.09%	-1.23%	$33,910	-37.04%	-44.10%	-37.05%	5.05%
2009	2.72%	27.90%	$43,370	28.70%	36.73%	29.58%	5.93%
2010	1.50%	4.80%	$45,452	17.09%	11.12%	28.30%	6.42%
2011	2.96%	7.96%	$49,070	0.96%	-14.56%	8.47%	7.56%
2012	1.74%	11.46%	$54,694	16.25%	18.14%	17.53%	4.05%
2013	1.50%	20.36%	$65,831	33.35%	15.04%	2.31%	-2.26%
2014	0.76%	13.83%	$74,938	12.43%	-4.24%	30.13%	5.76%
2015	0.73%	-8.20%	$68,792	0.29%	-4.37%	2.22%	0.30%
2016	2.07%	5.93%	$72,868	12.53%	4.65%	8.34%	2.50%
2017	2.11%	23.99%	$90,350	21.05%	27.40%	4.83%	3.46%
2018	1.91%	-8.02%	$83,104	-5.26%	-14.44%	-6.11%	-0.13%
2019	2.29%	6.59%	$88,577	30.65%	21.43%	28.78%	8.61%
2020	1.29%	-6.27%	$83,020	5.42%	-4.88%	-12.83%	6.92%
Annual returns for 2020 are based on partial year data

Monthly returns for the timing portfolio and various benchmark portfolios
Year	Month	Adaptive Allocation Model Return	Adaptive Allocation Model Balance	Vanguard 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)
1997	1	2.44%	$10,244	5.46%	-2.37%	0.16%	0.25%
1997	2	-0.22%	$10,222	-0.11%	1.82%	-0.32%	0.11%
1997	3	-1.73%	$10,045	-4.45%	-0.10%	0.38%	-0.97%
1997	4	0.01%	$10,046	4.50%	0.20%	-3.10%	1.49%
1997	5	4.49%	$10,497	7.10%	6.54%	2.95%	0.87%
1997	6	4.85%	$11,005	4.37%	5.40%	5.13%	1.16%
1997	7	4.10%	$11,456	7.77%	1.59%	2.85%	2.80%
1997	8	-6.53%	$10,708	-3.72%	-8.60%	-0.75%	-0.85%
1997	9	8.13%	$11,579	5.77%	5.51%	9.24%	1.45%
1997	10	-2.98%	$11,234	-3.40%	-9.10%	-2.80%	1.45%
1997	11	2.24%	$11,486	3.33%	-1.19%	1.73%	0.33%
1997	12	2.22%	$11,741	1.70%	0.92%	2.48%	1.04%
1998	1	-0.71%	$11,658	0.44%	3.04%	-1.27%	1.32%
1998	2	-0.63%	$11,585	7.34%	6.88%	-1.65%	-0.10%
1998	3	3.34%	$11,971	5.06%	3.22%	2.55%	0.33%
1998	4	0.66%	$12,050	1.10%	0.53%	-3.36%	0.51%
1998	5	-2.17%	$11,788	-2.71%	-1.51%	-0.89%	1.02%
1998	6	1.86%	$12,007	3.54%	-0.27%	-0.03%	0.81%
1998	7	-0.80%	$11,911	-2.27%	1.08%	-6.90%	0.23%
1998	8	-14.76%	$10,153	-15.65%	-13.66%	-9.21%	1.90%
1998	9	1.45%	$10,300	6.68%	-2.07%	5.99%	1.96%
1998	10	0.38%	$10,338	7.51%	10.77%	-1.81%	-0.55%
1998	11	1.30%	$10,473	6.17%	5.34%	1.58%	0.49%
1998	12	1.47%	$10,628	6.45%	3.26%	-1.80%	0.38%
1999	1	1.38%	$10,775	3.65%	-0.63%	-2.44%	0.79%
1999	2	-2.15%	$10,543	-3.73%	-2.16%	-1.57%	-1.77%
1999	3	4.52%	$11,019	3.93%	4.97%	-0.44%	0.56%
1999	4	4.90%	$11,559	4.68%	5.08%	9.55%	0.40%
1999	5	-3.73%	$11,128	-2.00%	-5.00%	2.09%	-0.88%
1999	6	4.73%	$11,654	5.16%	4.39%	-1.87%	-0.50%
1999	7	0.09%	$11,664	-3.20%	2.27%	-2.91%	-0.39%
1999	8	-0.19%	$11,642	-0.92%	0.33%	-1.00%	-0.08%
1999	9	-0.57%	$11,575	-2.44%	0.82%	-4.12%	1.26%
1999	10	-0.04%	$11,571	6.29%	3.74%	-2.25%	0.33%
1999	11	3.82%	$12,013	3.42%	4.08%	-1.50%	0.02%
1999	12	8.67%	$13,055	7.59%	9.37%	3.07%	-0.48%
2000	1	-5.39%	$12,351	-4.18%	-6.22%	0.61%	-0.17%
2000	2	2.71%	$12,685	2.54%	2.83%	-1.51%	1.18%
2000	3	4.46%	$13,250	5.69%	3.48%	3.50%	1.40%
2000	4	-5.32%	$12,544	-5.21%	-5.41%	6.73%	-0.49%
2000	5	0.05%	$12,551	-3.41%	-2.67%	1.03%	-0.16%
2000	6	2.91%	$12,916	4.42%	4.27%	2.49%	2.15%
2000	7	3.43%	$13,360	-1.95%	-4.46%	8.77%	0.88%
2000	8	-0.16%	$13,338	7.28%	1.00%	-3.99%	1.40%
2000	9	-0.32%	$13,296	-4.67%	-5.00%	2.93%	0.76%
2000	10	-0.69%	$13,203	-2.04%	-3.03%	-4.63%	0.57%
2000	11	1.62%	$13,417	-9.90%	-4.44%	1.74%	1.58%
2000	12	3.01%	$13,820	1.78%	3.72%	6.88%	1.79%
2001	1	1.45%	$14,020	3.83%	1.10%	0.43%	1.76%
2001	2	0.04%	$14,026	-9.41%	-7.61%	-1.72%	0.91%
2001	3	0.63%	$14,114	-6.72%	-7.15%	0.81%	0.54%
2001	4	0.57%	$14,194	8.16%	7.89%	2.28%	-0.46%
2001	5	1.18%	$14,362	1.01%	-3.52%	2.15%	0.73%
2001	6	2.36%	$14,701	-1.64%	-3.84%	5.92%	0.52%
2001	7	0.72%	$14,806	-1.71%	-2.43%	-2.10%	2.23%
2001	8	2.06%	$15,111	-6.00%	-2.30%	3.54%	1.11%
2001	9	-0.61%	$15,018	-9.00%	-10.73%	-3.87%	0.89%
2001	10	0.67%	$15,119	2.52%	2.97%	-3.37%	1.86%
2001	11	0.23%	$15,153	7.63%	3.56%	5.76%	-1.34%
2001	12	0.21%	$15,185	1.78%	1.35%	2.47%	-0.58%
2002	1	0.36%	$15,239	-1.24%	-4.63%	-0.25%	0.69%
2002	2	1.30%	$15,438	-2.05%	0.90%	1.98%	0.85%
2002	3	1.48%	$15,667	4.38%	5.71%	6.24%	-1.46%
2002	4	-1.25%	$15,471	-4.90%	0.42%	0.62%	1.69%
2002	5	1.24%	$15,662	-1.22%	1.16%	1.30%	0.80%
2002	6	-0.61%	$15,567	-7.06%	-4.28%	2.81%	0.29%
2002	7	-0.99%	$15,413	-8.02%	-9.80%	-5.28%	0.48%
2002	8	1.37%	$15,624	0.53%	-0.12%	0.16%	1.66%
2002	9	0.56%	$15,712	-10.07%	-10.88%	-3.53%	1.53%
2002	10	-1.44%	$15,486	7.65%	5.70%	-4.95%	-0.61%
2002	11	0.97%	$15,636	6.06%	4.75%	4.43%	0.02%
2002	12	1.80%	$15,918	-5.57%	-3.43%	0.85%	2.07%
2003	1	-0.53%	$15,834	-2.54%	-3.76%	-2.70%	0.05%
2003	2	0.89%	$15,975	-1.69%	-2.42%	1.74%	1.38%
2003	3	0.42%	$16,042	1.09%	-1.93%	2.04%	-0.13%
2003	4	1.99%	$16,361	8.21%	9.70%	4.05%	0.87%
2003	5	5.74%	$17,301	6.11%	6.15%	5.52%	1.82%
2003	6	0.38%	$17,367	1.43%	2.66%	2.25%	-0.13%
2003	7	3.92%	$18,048	2.36%	3.18%	5.18%	-3.34%
2003	8	1.45%	$18,310	2.39%	2.51%	0.65%	0.61%
2003	9	0.91%	$18,476	-1.15%	2.78%	3.41%	2.71%
2003	10	3.95%	$19,206	6.12%	6.49%	1.63%	-0.96%
2003	11	3.30%	$19,839	1.38%	2.13%	4.31%	0.27%
2003	12	5.20%	$20,871	4.48%	7.80%	3.08%	0.88%
2004	1	3.08%	$21,515	2.23%	1.60%	4.28%	0.86%
2004	2	2.00%	$21,945	1.43%	2.50%	1.64%	1.03%
2004	3	3.10%	$22,626	-1.07%	0.45%	5.43%	0.80%
2004	4	-9.54%	$20,468	-2.11%	-3.14%	-14.56%	-2.61%
2004	5	0.93%	$20,658	1.35%	0.46%	7.09%	-0.43%
2004	6	2.22%	$21,117	2.09%	2.40%	2.79%	0.56%
2004	7	-1.75%	$20,747	-3.80%	-3.34%	0.51%	0.96%
2004	8	3.23%	$21,417	0.31%	0.75%	7.83%	1.94%
2004	9	0.07%	$21,433	1.74%	2.96%	-0.23%	0.16%
2004	10	1.80%	$21,818	1.68%	3.24%	5.39%	0.85%
2004	11	6.05%	$23,139	4.68%	7.23%	4.15%	-0.81%
2004	12	4.59%	$24,200	3.63%	4.44%	4.83%	0.92%
2005	1	-4.30%	$23,160	-2.68%	-1.67%	-8.46%	0.65%
2005	2	4.02%	$24,092	2.07%	4.68%	2.85%	-0.63%
2005	3	-2.36%	$23,523	-1.75%	-2.93%	-1.58%	-0.49%
2005	4	-2.19%	$23,009	-2.32%	-2.07%	5.81%	1.35%
2005	5	1.41%	$23,333	3.77%	0.08%	3.24%	1.05%
2005	6	1.42%	$23,663	0.81%	1.30%	4.96%	0.55%
2005	7	0.80%	$23,851	4.11%	3.68%	6.97%	-0.99%
2005	8	-2.14%	$23,341	-0.94%	2.85%	-3.74%	1.36%
2005	9	0.75%	$23,517	0.86%	4.73%	0.57%	-1.10%
2005	10	-2.97%	$22,818	-1.86%	-3.37%	-2.35%	-0.81%
2005	11	3.28%	$23,567	3.97%	2.67%	4.25%	0.48%
2005	12	3.05%	$24,285	0.14%	5.14%	-0.10%	0.99%
2006	1	5.20%	$25,548	3.50%	6.87%	7.53%	-0.11%
2006	2	0.55%	$25,690	0.00%	-0.72%	1.83%	0.37%
2006	3	4.06%	$26,733	1.80%	3.17%	4.83%	-1.00%
2006	4	0.83%	$26,956	1.11%	5.12%	-3.63%	-0.21%
2006	5	-3.77%	$25,941	-3.23%	-4.45%	-2.80%	-0.09%
2006	6	2.22%	$26,516	0.17%	-0.38%	5.29%	0.10%
2006	7	2.42%	$27,158	-0.13%	1.15%	3.49%	1.35%
2006	8	3.20%	$28,027	2.31%	2.53%	3.72%	1.64%
2006	9	1.18%	$28,359	2.27%	0.25%	1.90%	0.81%
2006	10	5.08%	$29,800	3.53%	4.00%	6.11%	0.72%
2006	11	3.28%	$30,776	2.23%	3.73%	4.69%	1.11%
2006	12	1.12%	$31,119	1.13%	3.09%	-1.81%	-0.48%
2007	1	3.68%	$32,265	1.88%	0.96%	8.52%	-0.08%
2007	2	-0.90%	$31,975	-1.61%	0.06%	-2.41%	1.50%
2007	3	0.49%	$32,131	1.11%	2.80%	-2.37%	0.02%
2007	4	2.18%	$32,832	4.01%	3.92%	-0.04%	0.51%
2007	5	3.42%	$33,956	3.69%	3.09%	-0.11%	-0.78%
2007	6	-0.66%	$33,731	-1.67%	0.61%	-9.26%	-0.39%
2007	7	-2.30%	$32,955	-3.41%	-1.06%	-7.77%	0.84%
2007	8	0.41%	$33,090	1.45%	-0.72%	6.49%	1.34%
2007	9	4.92%	$34,718	3.59%	6.38%	4.25%	0.72%
2007	10	3.75%	$36,022	1.85%	5.90%	1.22%	0.93%
2007	11	-4.52%	$34,392	-4.49%	-4.57%	-9.32%	1.91%
2007	12	-0.17%	$34,332	-0.60%	-2.28%	-5.11%	0.22%
2008	1	-0.11%	$34,293	-6.08%	-8.55%	-0.34%	1.69%
2008	2	-0.28%	$34,197	-3.07%	0.33%	-3.73%	0.19%
2008	3	0.09%	$34,227	-0.58%	-0.71%	6.45%	0.30%
2008	4	0.96%	$34,557	5.02%	5.85%	5.89%	-0.30%
2008	5	-0.63%	$34,338	2.09%	1.51%	0.14%	-0.79%
2008	6	-1.83%	$33,710	-8.19%	-8.99%	-10.77%	-0.01%
2008	7	0.50%	$33,878	-0.77%	-3.67%	3.15%	0.00%
2008	8	0.89%	$34,179	1.58%	-5.10%	2.25%	0.70%
2008	9	-1.00%	$33,839	-9.26%	-13.09%	-0.11%	-1.10%
2008	10	-5.22%	$32,074	-17.63%	-22.09%	-31.23%	-2.53%
2008	11	2.47%	$32,867	-7.90%	-6.29%	-23.39%	3.64%
2008	12	3.17%	$33,910	1.86%	8.16%	17.39%	3.32%
2009	1	-1.39%	$33,438	-8.26%	-11.96%	-17.39%	-0.70%
2009	2	-1.42%	$32,964	-10.45%	-9.58%	-20.76%	-0.42%
2009	3	2.20%	$33,688	8.65%	9.31%	3.76%	1.48%
2009	4	1.45%	$34,175	10.61%	12.78%	31.31%	0.36%
2009	5	2.31%	$34,966	5.38%	14.35%	2.36%	0.85%
2009	6	-1.85%	$34,320	0.34%	-1.32%	-3.25%	0.54%
2009	7	8.86%	$37,362	7.82%	9.96%	10.64%	1.43%
2009	8	3.57%	$38,695	3.63%	3.50%	13.99%	1.01%
2009	9	5.68%	$40,893	4.23%	5.15%	6.69%	1.19%
2009	10	-2.95%	$39,686	-2.57%	-2.17%	-4.64%	0.41%
2009	11	4.86%	$41,617	5.63%	3.86%	6.85%	1.36%
2009	12	4.21%	$43,370	2.86%	1.53%	7.03%	-1.68%
2010	1	-5.17%	$41,129	-3.50%	-5.07%	-5.32%	1.57%
2010	2	4.14%	$42,831	3.36%	0.22%	5.55%	0.20%
2010	3	7.80%	$46,172	6.27%	6.71%	10.09%	-0.08%
2010	4	4.19%	$48,109	2.17%	-1.71%	7.09%	1.06%
2010	5	-7.07%	$44,707	-8.00%	-10.78%	-5.41%	0.87%
2010	6	-5.50%	$42,248	-5.66%	-1.17%	-5.24%	1.61%
2010	7	1.75%	$42,986	6.99%	10.33%	9.73%	0.94%
2010	8	1.24%	$43,520	-4.75%	-3.22%	-1.24%	1.48%
2010	9	0.46%	$43,720	9.47%	10.41%	4.37%	-0.01%
2010	10	0.90%	$44,116	3.94%	3.55%	4.80%	0.36%
2010	11	-3.40%	$42,616	0.58%	-4.52%	-2.04%	-0.57%
2010	12	6.65%	$45,452	6.81%	8.34%	4.63%	-1.15%
2011	1	1.57%	$46,165	2.19%	0.70%	3.32%	0.08%
2011	2	3.22%	$47,652	3.60%	2.71%	4.58%	0.16%
2011	3	0.06%	$47,681	0.45%	-0.43%	-1.44%	-0.01%
2011	4	4.18%	$49,675	2.99%	5.24%	5.66%	1.32%
2011	5	-0.01%	$49,672	-1.16%	-2.87%	1.36%	1.30%
2011	6	-2.49%	$48,434	-1.79%	-1.51%	-3.35%	-0.39%
2011	7	-0.57%	$48,158	-2.28%	-1.53%	1.55%	1.58%
2011	8	0.27%	$48,286	-5.99%	-8.45%	-5.53%	1.46%
2011	9	-0.51%	$48,040	-7.75%	-12.29%	-10.98%	0.89%
2011	10	1.78%	$48,894	11.51%	10.22%	14.39%	0.16%
2011	11	-0.67%	$48,565	-0.29%	-2.88%	-3.73%	-0.30%
2011	12	1.04%	$49,070	0.80%	-2.64%	4.61%	1.08%
2012	1	1.49%	$49,804	5.08%	7.27%	6.49%	0.87%
2012	2	-0.17%	$49,717	4.26%	5.14%	-1.12%	-0.05%
2012	3	4.00%	$51,706	3.07%	-0.75%	5.14%	-0.58%
2012	4	0.90%	$52,172	-0.65%	-1.78%	2.88%	1.14%
2012	5	-5.48%	$49,313	-6.24%	-11.14%	-4.60%	0.95%
2012	6	4.70%	$51,632	3.91%	6.03%	5.64%	0.04%
2012	7	1.45%	$52,383	1.03%	0.44%	1.93%	1.39%
2012	8	1.21%	$53,019	2.48%	2.72%	-0.14%	0.03%
2012	9	0.31%	$53,181	2.58%	3.62%	-1.83%	0.11%
2012	10	-0.09%	$53,131	-1.76%	0.56%	-0.83%	0.11%
2012	11	0.31%	$53,295	0.74%	1.82%	-0.37%	0.19%
2012	12	2.62%	$54,694	1.19%	4.17%	3.69%	-0.20%
2013	1	4.37%	$57,082	5.50%	3.34%	3.71%	-0.71%
2013	2	-0.07%	$57,044	1.28%	-1.23%	1.24%	0.54%
2013	3	2.25%	$58,328	3.88%	0.77%	2.89%	0.08%
2013	4	4.42%	$60,909	1.70%	3.58%	6.70%	0.91%
2013	5	-1.99%	$59,700	2.32%	-2.95%	-5.96%	-1.71%
2013	6	-1.59%	$58,750	-1.27%	-3.75%	-1.96%	-1.65%
2013	7	3.52%	$60,820	5.49%	4.56%	0.83%	0.20%
2013	8	-4.37%	$58,161	-2.82%	-1.63%	-6.86%	-0.64%
2013	9	5.31%	$61,250	3.66%	7.21%	3.28%	0.96%
2013	10	3.87%	$63,619	4.22%	3.41%	4.46%	0.78%
2013	11	1.51%	$64,578	2.88%	0.12%	-5.23%	-0.35%
2013	12	1.94%	$65,831	2.63%	1.25%	0.26%	-0.65%
2014	1	-4.00%	$63,200	-3.11%	-4.78%	4.19%	1.54%
2014	2	5.07%	$66,404	4.73%	5.39%	4.96%	0.48%
2014	3	0.46%	$66,709	0.51%	0.41%	0.49%	-0.15%
2014	4	1.77%	$67,890	0.06%	1.31%	3.37%	0.77%
2014	5	2.27%	$69,430	2.17%	1.88%	2.35%	1.05%
2014	6	1.81%	$70,685	2.54%	1.74%	1.14%	0.11%
2014	7	-0.91%	$70,040	-1.98%	-1.61%	0.04%	-0.26%
2014	8	1.88%	$71,358	4.18%	1.05%	2.93%	1.13%
2014	9	-3.98%	$68,517	-2.14%	-5.01%	-5.96%	-0.72%
2014	10	6.02%	$72,639	2.74%	-0.31%	9.93%	0.94%
2014	11	2.19%	$74,233	2.41%	-0.25%	1.98%	0.65%
2014	12	0.95%	$74,938	-0.01%	-3.65%	1.93%	0.09%
2015	1	2.44%	$76,763	-2.77%	0.13%	6.72%	2.31%
2015	2	-1.64%	$75,505	5.76%	5.52%	-3.59%	-1.08%
2015	3	0.28%	$75,719	-1.04%	-1.54%	1.72%	0.41%
2015	4	-2.33%	$73,952	0.42%	5.08%	-5.92%	-0.36%
2015	5	0.30%	$74,175	1.39%	-0.94%	-0.27%	-0.45%
2015	6	-2.17%	$72,568	-1.71%	-2.69%	-4.60%	-1.01%
2015	7	0.52%	$72,949	1.63%	-0.80%	5.60%	0.76%
2015	8	-6.58%	$68,150	-6.03%	-7.29%	-6.25%	-0.36%
2015	9	0.03%	$68,170	-2.93%	-3.90%	3.02%	0.76%
2015	10	1.27%	$69,036	7.84%	6.26%	5.78%	0.01%
2015	11	-0.33%	$68,811	0.54%	-1.32%	-0.64%	-0.27%
2015	12	-0.03%	$68,792	-2.03%	-2.07%	1.79%	-0.38%
2016	1	0.60%	$69,204	-5.67%	-5.59%	-3.36%	1.43%
2016	2	0.50%	$69,551	-0.04%	-2.27%	-0.43%	0.66%
2016	3	2.41%	$71,227	7.01%	8.19%	10.41%	0.94%
2016	4	-0.83%	$70,636	0.63%	2.22%	-2.41%	0.38%
2016	5	0.41%	$70,925	1.79%	-1.02%	2.36%	0.01%
2016	6	2.79%	$72,900	0.23%	-0.94%	6.88%	1.94%
2016	7	1.34%	$73,878	3.95%	4.41%	4.18%	0.64%
2016	8	-1.73%	$72,596	0.26%	0.74%	-3.68%	-0.17%
2016	9	-0.89%	$71,948	0.15%	1.37%	-1.83%	-0.09%
2016	10	-1.99%	$70,517	-2.21%	-1.72%	-5.72%	-0.81%
2016	11	1.34%	$71,462	4.44%	-2.15%	-1.73%	-2.64%
2016	12	1.97%	$72,868	1.92%	2.02%	4.66%	0.24%
2017	1	2.87%	$74,963	1.91%	3.87%	-0.04%	0.29%
2017	2	2.64%	$76,938	3.71%	1.50%	3.43%	0.66%
2017	3	1.37%	$77,995	0.07%	2.82%	-2.36%	-0.07%
2017	4	1.62%	$79,260	1.05%	2.20%	0.15%	0.76%
2017	5	1.98%	$80,829	1.01%	3.01%	-0.65%	0.67%
2017	6	0.73%	$81,418	0.92%	0.52%	2.10%	0.01%
2017	7	2.61%	$83,545	1.87%	3.42%	1.23%	0.39%
2017	8	0.39%	$83,873	0.15%	0.64%	-0.25%	0.85%
2017	9	2.12%	$85,650	2.45%	1.81%	-0.13%	-0.54%
2017	10	2.04%	$87,400	2.16%	1.94%	-1.01%	0.11%
2017	11	1.86%	$89,029	3.04%	0.78%	2.64%	-0.17%
2017	12	1.48%	$90,350	0.99%	2.01%	-0.23%	0.44%
2018	1	5.45%	$95,270	5.31%	5.59%	-4.21%	-1.09%
2018	2	-4.40%	$91,074	-3.72%	-5.14%	-7.65%	-1.03%
2018	3	-1.27%	$89,914	-1.99%	-0.64%	3.83%	0.63%
2018	4	0.63%	$90,478	0.38%	0.83%	0.84%	-0.83%
2018	5	0.09%	$90,561	2.79%	-1.92%	3.60%	0.61%
2018	6	-0.96%	$89,688	0.68%	-2.08%	4.13%	0.03%
2018	7	2.03%	$91,508	3.34%	2.48%	0.74%	0.03%
2018	8	3.00%	$94,257	3.44%	-2.19%	2.46%	0.52%
2018	9	-1.07%	$93,253	0.16%	0.30%	-2.63%	-0.54%
2018	10	-5.69%	$87,945	-7.40%	-8.35%	-2.98%	-0.73%
2018	11	3.38%	$90,913	2.06%	1.26%	4.73%	0.53%
2018	12	-8.59%	$83,104	-9.29%	-4.85%	-7.97%	1.80%
2019	1	2.34%	$85,053	8.59%	7.58%	11.74%	1.01%
2019	2	0.04%	$85,088	3.50%	1.72%	0.72%	-0.06%
2019	3	2.26%	$87,013	1.44%	0.72%	4.18%	1.96%
2019	4	0.01%	$87,024	3.98%	2.76%	-0.10%	0.04%
2019	5	-3.49%	$83,989	-6.45%	-5.55%	0.10%	1.83%
2019	6	1.26%	$85,047	6.97%	5.83%	1.69%	1.15%
2019	7	1.51%	$86,328	1.44%	-1.89%	1.58%	0.23%
2019	8	0.78%	$87,000	-2.03%	-2.35%	3.76%	2.78%
2019	9	-0.07%	$86,942	1.70%	2.72%	1.89%	-0.60%
2019	10	0.43%	$87,316	2.10%	3.38%	1.06%	0.21%
2019	11	-0.41%	$86,962	3.77%	1.11%	-1.28%	-0.06%
2019	12	1.86%	$88,577	2.85%	4.27%	0.81%	-0.15%
2020	1	0.50%	$89,019	-0.08%	-3.30%	1.17%	2.11%
2020	2	-7.72%	$82,148	-8.18%	-6.72%	-7.08%	1.71%
2020	3	-3.01%	$79,676	-13.78%	-16.11%	-19.30%	-0.59%
2020	4	3.20%	$82,229	13.25%	8.09%	8.87%	1.69%
2020	5	1.13%	$83,155	5.38%	4.80%	1.74%	0.54%
2020	6	0.89%	$83,896	2.28%	4.24%	2.44%	0.70%
2020	7	1.91%	$85,500	5.64%	4.10%	3.56%	1.55%
2020	8	-0.16%	$85,360	7.18%	4.31%	0.44%	-1.02%
2020	9	-2.74%	$83,020	-3.57%	-1.96%	-2.64%	0.08%

Portfolio return and risk metrics
Metric	Adaptive Allocation Model
Arithmetic Mean (monthly)	0.79%
Arithmetic Mean (annualized)	9.90%
Geometric Mean (monthly)	0.75%
Geometric Mean (annualized)	9.32%
Volatility (monthly)	2.98%
Volatility (annualized)	10.32%
Downside Deviation (monthly)	1.95%
Max. Drawdown	-16.37%
US Market Correlation	0.63
Beta^(*)	0.41
Alpha (annualized)	5.56%
R²	39.35%
Sharpe Ratio	0.72
Sortino Ratio	1.06
Treynor Ratio (%)	18.22
Calmar Ratio	-0.06
Active Return	0.69%
Tracking Error	12.32%
Information Ratio	0.06
Skewness	-0.88
Excess Kurtosis	3.16
Historical Value-at-Risk (5%)	-4.97%
Analytical Value-at-Risk (5%)	-4.11%
Conditional Value-at-Risk (5%)	-7.04%
Upside Capture Ratio (%)	57.80
Downside Capture Ratio (%)	41.25
Safe Withdrawal Rate	9.79%
Perpetual Withdrawal Rate	6.81%
Positive Periods	195 out of 285 (68.42%)
Gain/Loss Ratio	0.95
^* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Adaptive Allocation Model
Asian Crisis	Jul 1997	Jan 1998	-6.53%
Russian Debt Default	Jul 1998	Oct 1998	-15.45%
Dotcom Crash	Mar 2000	Oct 2002	-5.32%
Subprime Crisis	Nov 2007	Mar 2009	-10.96%

Drawdowns for Adaptive Allocation Model

Drawdowns for Adaptive Allocation Model (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Feb 2018	Mar 2020	2 years 2 months				-16.37%
2	May 1998	Aug 1998	4 months	Dec 1999	1 year 4 months	1 year 8 months	-15.74%
3	May 2010	Jun 2010	2 months	Apr 2011	10 months	1 year	-12.18%
4	Feb 2015	Aug 2015	7 months	Feb 2017	1 year 6 months	2 years 1 month	-11.22%
5	Nov 2007	Oct 2008	1 year	Jul 2009	9 months	1 year 9 months	-10.96%
6	Apr 2004	Apr 2004	1 month	Nov 2004	7 months	8 months	-9.54%
7	Aug 1997	Aug 1997	1 month	Sep 1997	1 month	2 months	-6.53%
8	Jan 2005	Oct 2005	10 months	Dec 2005	2 months	1 year	-5.71%
9	May 2012	May 2012	1 month	Jul 2012	2 months	3 months	-5.48%
10	Jan 2000	Jan 2000	1 month	Mar 2000	2 months	3 months	-5.39%
Worst 10 drawdowns included above

Rolling returns summary
Roll Period	Average	High	Low
1 year	10.55%	31.12%	-9.48%
3 years	10.54%	16.81%	3.44%
5 years	10.69%	16.62%	3.40%
7 years	11.21%	15.39%	7.13%
10 years	11.25%	13.14%	7.40%
15 years	11.17%	12.93%	9.04%
Result statistics are based on annualized rolling returns over full calendar year periods

Timing periods and related holdings for the timing portfolio
#	Start	End	Months	Assets	Asset Performance	Adaptive Allocation Model
1	Jan 1997	Jan 1997	1	56.89% Vanguard Real Estate Index Investor (VGSIX) 43.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.16% VTSMX: 5.46%	2.44%
2	Feb 1997	Feb 1997	1	53.78% Vanguard Real Estate Index Investor (VGSIX) 46.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -0.32% VTSMX: -0.11%	-0.22%
3	Mar 1997	Mar 1997	1	56.34% Vanguard Real Estate Index Investor (VGSIX) 43.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.38% VTSMX: -4.45%	-1.73%
4	Apr 1997	Apr 1997	1	59.10% Vanguard Real Estate Index Investor (VGSIX) 40.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -3.10% VTSMX: 4.50%	0.01%
5	May 1997	May 1997	1	63.01% Vanguard Real Estate Index Investor (VGSIX) 36.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 2.95% VTSMX: 7.10%	4.49%
6	Jun 1997	Jun 1997	1	62.45% Vanguard Real Estate Index Investor (VGSIX) 37.55% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 5.13% VTSMX: 4.37%	4.85%
7	Jul 1997	Jul 1997	1	59.42% Vanguard Total Intl Stock Index Inv (VGTSX) 40.58% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 1.59% VTSMX: 7.77%	4.10%
8	Aug 1997	Aug 1997	1	57.62% Vanguard Total Intl Stock Index Inv (VGTSX) 42.38% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -8.60% VTSMX: -3.72%	-6.53%
9	Sep 1997	Sep 1997	1	68.12% Vanguard Real Estate Index Investor (VGSIX) 31.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 9.24% VTSMX: 5.77%	8.13%
10	Oct 1997	Oct 1997	1	69.98% Vanguard Real Estate Index Investor (VGSIX) 30.02% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -2.80% VTSMX: -3.40%	-2.98%
11	Nov 1997	Nov 1997	1	67.86% Vanguard Real Estate Index Investor (VGSIX) 32.14% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.73% VTSMX: 3.33%	2.24%
12	Dec 1997	Dec 1997	1	67.15% Vanguard Real Estate Index Investor (VGSIX) 32.85% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 2.48% VTSMX: 1.70%	2.22%
13	Jan 1998	Jan 1998	1	67.26% Vanguard Real Estate Index Investor (VGSIX) 32.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -1.27% VTSMX: 0.44%	-0.71%
14	Feb 1998	Feb 1998	1	65.63% Vanguard Total Bond Market Index Inv (VBMFX) 34.37% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.10% VGSIX: -1.65%	-0.63%
15	Mar 1998	Mar 1998	1	68.60% Vanguard Real Estate Index Investor (VGSIX) 31.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 2.55% VTSMX: 5.06%	3.34%
16	Apr 1998	Apr 1998	1	75.04% Vanguard Total Bond Market Index Inv (VBMFX) 24.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.51% VTSMX: 1.10%	0.66%
17	May 1998	May 1998	1	44.73% Vanguard Total Intl Stock Index Inv (VGTSX) 55.27% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -1.51% VTSMX: -2.71%	-2.17%
18	Jun 1998	Jun 1998	1	44.17% Vanguard Total Intl Stock Index Inv (VGTSX) 55.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -0.27% VTSMX: 3.54%	1.86%
19	Jul 1998	Jul 1998	1	43.75% Vanguard Total Intl Stock Index Inv (VGTSX) 56.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 1.08% VTSMX: -2.27%	-0.80%
20	Aug 1998	Aug 1998	1	44.91% Vanguard Total Intl Stock Index Inv (VGTSX) 55.09% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -13.66% VTSMX: -15.65%	-14.76%
21	Sep 1998	Sep 1998	1	87.28% Vanguard Total Bond Market Index Inv (VBMFX) 12.72% Vanguard Total Intl Stock Index Inv (VGTSX)	VBMFX: 1.96% VGTSX: -2.07%	1.45%
22	Oct 1998	Oct 1998	1	88.48% Vanguard Total Bond Market Index Inv (VBMFX) 11.52% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: -0.55% VTSMX: 7.51%	0.38%
23	Nov 1998	Nov 1998	1	85.60% Vanguard Total Bond Market Index Inv (VBMFX) 14.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.49% VTSMX: 6.17%	1.30%
24	Dec 1998	Dec 1998	1	82.09% Vanguard Total Bond Market Index Inv (VBMFX) 17.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.38% VTSMX: 6.45%	1.47%
25	Jan 1999	Jan 1999	1	79.29% Vanguard Total Bond Market Index Inv (VBMFX) 20.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.79% VTSMX: 3.65%	1.38%
26	Feb 1999	Feb 1999	1	80.60% Vanguard Total Bond Market Index Inv (VBMFX) 19.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: -1.77% VTSMX: -3.73%	-2.15%
27	Mar 1999	Mar 1999	1	56.61% Vanguard Total Intl Stock Index Inv (VGTSX) 43.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 4.97% VTSMX: 3.93%	4.52%
28	Apr 1999	Apr 1999	1	54.72% Vanguard Total Intl Stock Index Inv (VGTSX) 45.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 5.08% VTSMX: 4.68%	4.90%
29	May 1999	May 1999	1	57.61% Vanguard Total Intl Stock Index Inv (VGTSX) 42.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -5.00% VTSMX: -2.00%	-3.73%
30	Jun 1999	Jun 1999	1	56.39% Vanguard Total Intl Stock Index Inv (VGTSX) 43.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 4.39% VTSMX: 5.16%	4.73%
31	Jul 1999	Jul 1999	1	60.05% Vanguard Total Intl Stock Index Inv (VGTSX) 39.95% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.27% VTSMX: -3.20%	0.09%
32	Aug 1999	Aug 1999	1	58.21% Vanguard Total Intl Stock Index Inv (VGTSX) 41.79% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.33% VTSMX: -0.92%	-0.19%
33	Sep 1999	Sep 1999	1	57.31% Vanguard Total Intl Stock Index Inv (VGTSX) 42.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.82% VTSMX: -2.44%	-0.57%
34	Oct 1999	Oct 1999	1	63.12% Vanguard Real Estate Index Investor (VGSIX) 36.88% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -2.25% VGTSX: 3.74%	-0.04%
35	Nov 1999	Nov 1999	1	60.79% Vanguard Total Intl Stock Index Inv (VGTSX) 39.21% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 4.08% VTSMX: 3.42%	3.82%
36	Dec 1999	Dec 1999	1	60.79% Vanguard Total Intl Stock Index Inv (VGTSX) 39.21% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 9.37% VTSMX: 7.59%	8.67%
37	Jan 2000	Jan 2000	1	59.40% Vanguard Total Intl Stock Index Inv (VGTSX) 40.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -6.22% VTSMX: -4.18%	-5.39%
38	Feb 2000	Feb 2000	1	55.90% Vanguard Total Intl Stock Index Inv (VGTSX) 44.10% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.83% VTSMX: 2.54%	2.71%
39	Mar 2000	Mar 2000	1	55.65% Vanguard Total Intl Stock Index Inv (VGTSX) 44.35% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 3.48% VTSMX: 5.69%	4.46%
40	Apr 2000	Apr 2000	1	58.52% Vanguard Total Intl Stock Index Inv (VGTSX) 41.48% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -5.41% VTSMX: -5.21%	-5.32%
41	May 2000	May 2000	1	77.94% Vanguard Real Estate Index Investor (VGSIX) 22.06% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.03% VTSMX: -3.41%	0.05%
42	Jun 2000	Jun 2000	1	78.16% Vanguard Real Estate Index Investor (VGSIX) 21.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 2.49% VTSMX: 4.42%	2.91%
43	Jul 2000	Jul 2000	1	67.64% Vanguard Total Bond Market Index Inv (VBMFX) 32.36% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.88% VGSIX: 8.77%	3.43%
44	Aug 2000	Aug 2000	1	70.99% Vanguard Total Bond Market Index Inv (VBMFX) 29.01% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.40% VGSIX: -3.99%	-0.16%
45	Sep 2000	Sep 2000	1	57.29% Vanguard Real Estate Index Investor (VGSIX) 42.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 2.93% VTSMX: -4.67%	-0.32%
46	Oct 2000	Oct 2000	1	75.74% Vanguard Total Bond Market Index Inv (VBMFX) 24.26% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.57% VGSIX: -4.63%	-0.69%
47	Nov 2000	Nov 2000	1	77.95% Vanguard Total Bond Market Index Inv (VBMFX) 22.05% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.58% VGSIX: 1.74%	1.62%
48	Dec 2000	Dec 2000	1	76.05% Vanguard Total Bond Market Index Inv (VBMFX) 23.95% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.79% VGSIX: 6.88%	3.01%
49	Jan 2001	Jan 2001	1	76.32% Vanguard Total Bond Market Index Inv (VBMFX) 23.68% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.76% VGSIX: 0.43%	1.45%
50	Feb 2001	Feb 2001	1	67.15% Vanguard Total Bond Market Index Inv (VBMFX) 32.85% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.91% VGSIX: -1.72%	0.04%
51	Mar 2001	Mar 2001	1	67.38% Vanguard Total Bond Market Index Inv (VBMFX) 32.62% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.54% VGSIX: 0.81%	0.63%
52	Apr 2001	Apr 2001	1	62.52% Vanguard Total Bond Market Index Inv (VBMFX) 37.48% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.46% VGSIX: 2.28%	0.57%
53	May 2001	May 2001	1	68.34% Vanguard Total Bond Market Index Inv (VBMFX) 31.66% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.73% VGSIX: 2.15%	1.18%
54	Jun 2001	Jun 2001	1	65.99% Vanguard Total Bond Market Index Inv (VBMFX) 34.01% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.52% VGSIX: 5.92%	2.36%
55	Jul 2001	Jul 2001	1	65.03% Vanguard Total Bond Market Index Inv (VBMFX) 34.97% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 2.23% VGSIX: -2.10%	0.72%
56	Aug 2001	Aug 2001	1	60.96% Vanguard Total Bond Market Index Inv (VBMFX) 39.04% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.11% VGSIX: 3.54%	2.06%
57	Sep 2001	Sep 2001	1	68.42% Vanguard Total Bond Market Index Inv (VBMFX) 31.58% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.89% VGSIX: -3.87%	-0.61%
58	Oct 2001	Oct 2001	1	77.23% Vanguard Total Bond Market Index Inv (VBMFX) 22.77% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.86% VGSIX: -3.37%	0.67%
59	Nov 2001	Nov 2001	1	77.97% Vanguard Total Bond Market Index Inv (VBMFX) 22.03% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -1.34% VGSIX: 5.76%	0.23%
60	Dec 2001	Dec 2001	1	74.10% Vanguard Total Bond Market Index Inv (VBMFX) 25.90% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.58% VGSIX: 2.47%	0.21%
61	Jan 2002	Jan 2002	1	64.82% Vanguard Total Bond Market Index Inv (VBMFX) 35.18% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.69% VGSIX: -0.25%	0.36%
62	Feb 2002	Feb 2002	1	60.00% Vanguard Total Bond Market Index Inv (VBMFX) 40.00% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.85% VGSIX: 1.98%	1.30%
63	Mar 2002	Mar 2002	1	61.82% Vanguard Total Bond Market Index Inv (VBMFX) 38.18% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -1.46% VGSIX: 6.24%	1.48%
64	Apr 2002	Apr 2002	1	66.12% Vanguard Real Estate Index Investor (VGSIX) 33.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.62% VTSMX: -4.90%	-1.25%
65	May 2002	May 2002	1	56.26% Vanguard Real Estate Index Investor (VGSIX) 43.74% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 1.30% VGTSX: 1.16%	1.24%
66	Jun 2002	Jun 2002	1	51.73% Vanguard Real Estate Index Investor (VGSIX) 48.27% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 2.81% VGTSX: -4.28%	-0.61%
67	Jul 2002	Jul 2002	1	74.48% Vanguard Total Bond Market Index Inv (VBMFX) 25.52% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.48% VGSIX: -5.28%	-0.99%
68	Aug 2002	Aug 2002	1	80.79% Vanguard Total Bond Market Index Inv (VBMFX) 19.21% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.66% VGSIX: 0.16%	1.37%
69	Sep 2002	Sep 2002	1	80.84% Vanguard Total Bond Market Index Inv (VBMFX) 19.16% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.53% VGSIX: -3.53%	0.56%
70	Oct 2002	Oct 2002	1	80.97% Vanguard Total Bond Market Index Inv (VBMFX) 19.03% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.61% VGSIX: -4.95%	-1.44%
71	Nov 2002	Nov 2002	1	78.60% Vanguard Total Bond Market Index Inv (VBMFX) 21.40% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.02% VGSIX: 4.43%	0.97%
72	Dec 2002	Dec 2002	1	78.16% Vanguard Total Bond Market Index Inv (VBMFX) 21.84% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 2.07% VGSIX: 0.85%	1.80%
73	Jan 2003	Jan 2003	1	79.04% Vanguard Total Bond Market Index Inv (VBMFX) 20.96% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.05% VGSIX: -2.70%	-0.53%
74	Feb 2003	Feb 2003	1	84.17% Vanguard Total Bond Market Index Inv (VBMFX) 15.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 1.38% VTSMX: -1.69%	0.89%
75	Mar 2003	Mar 2003	1	74.89% Vanguard Total Bond Market Index Inv (VBMFX) 25.11% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.13% VGSIX: 2.04%	0.42%
76	Apr 2003	Apr 2003	1	84.68% Vanguard Total Bond Market Index Inv (VBMFX) 15.32% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.87% VTSMX: 8.21%	1.99%
77	May 2003	May 2003	1	61.82% Vanguard Real Estate Index Investor (VGSIX) 38.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 5.52% VTSMX: 6.11%	5.74%
78	Jun 2003	Jun 2003	1	78.46% Vanguard Total Bond Market Index Inv (VBMFX) 21.54% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.13% VGSIX: 2.25%	0.38%
79	Jul 2003	Jul 2003	1	55.47% Vanguard Real Estate Index Investor (VGSIX) 44.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 5.18% VTSMX: 2.36%	3.92%
80	Aug 2003	Aug 2003	1	54.09% Vanguard Real Estate Index Investor (VGSIX) 45.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.65% VTSMX: 2.39%	1.45%
81	Sep 2003	Sep 2003	1	52.27% Vanguard Total Intl Stock Index Inv (VGTSX) 47.73% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.78% VTSMX: -1.15%	0.91%
82	Oct 2003	Oct 2003	1	52.27% Vanguard Real Estate Index Investor (VGSIX) 47.73% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 1.63% VGTSX: 6.49%	3.95%
83	Nov 2003	Nov 2003	1	53.38% Vanguard Real Estate Index Investor (VGSIX) 46.62% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 4.31% VGTSX: 2.13%	3.30%
84	Dec 2003	Dec 2003	1	55.05% Vanguard Real Estate Index Investor (VGSIX) 44.95% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 3.08% VGTSX: 7.80%	5.20%
85	Jan 2004	Jan 2004	1	55.32% Vanguard Real Estate Index Investor (VGSIX) 44.68% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 4.28% VGTSX: 1.60%	3.08%
86	Feb 2004	Feb 2004	1	57.94% Vanguard Real Estate Index Investor (VGSIX) 42.06% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 1.64% VGTSX: 2.50%	2.00%
87	Mar 2004	Mar 2004	1	53.31% Vanguard Real Estate Index Investor (VGSIX) 46.69% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 5.43% VGTSX: 0.45%	3.10%
88	Apr 2004	Apr 2004	1	56.03% Vanguard Real Estate Index Investor (VGSIX) 43.97% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -14.56% VGTSX: -3.14%	-9.54%
89	May 2004	May 2004	1	47.41% Vanguard Total Intl Stock Index Inv (VGTSX) 52.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.46% VTSMX: 1.35%	0.93%
90	Jun 2004	Jun 2004	1	42.26% Vanguard Total Intl Stock Index Inv (VGTSX) 57.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.40% VTSMX: 2.09%	2.22%
91	Jul 2004	Jul 2004	1	41.19% Vanguard Real Estate Index Investor (VGSIX) 58.81% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 0.51% VGTSX: -3.34%	-1.75%
92	Aug 2004	Aug 2004	1	78.08% Vanguard Total Bond Market Index Inv (VBMFX) 21.92% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.94% VGSIX: 7.83%	3.23%
93	Sep 2004	Sep 2004	1	77.62% Vanguard Total Bond Market Index Inv (VBMFX) 22.38% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.16% VGSIX: -0.23%	0.07%
94	Oct 2004	Oct 2004	1	79.10% Vanguard Total Bond Market Index Inv (VBMFX) 20.90% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.85% VGSIX: 5.39%	1.80%
95	Nov 2004	Nov 2004	1	38.19% Vanguard Real Estate Index Investor (VGSIX) 61.81% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 4.15% VGTSX: 7.23%	6.05%
96	Dec 2004	Dec 2004	1	37.59% Vanguard Real Estate Index Investor (VGSIX) 62.41% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 4.83% VGTSX: 4.44%	4.59%
97	Jan 2005	Jan 2005	1	38.76% Vanguard Real Estate Index Investor (VGSIX) 61.24% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -8.46% VGTSX: -1.67%	-4.30%
98	Feb 2005	Feb 2005	1	35.84% Vanguard Real Estate Index Investor (VGSIX) 64.16% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 2.85% VGTSX: 4.68%	4.02%
99	Mar 2005	Mar 2005	1	51.80% Vanguard Total Intl Stock Index Inv (VGTSX) 48.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -2.93% VTSMX: -1.75%	-2.36%
100	Apr 2005	Apr 2005	1	53.28% Vanguard Total Intl Stock Index Inv (VGTSX) 46.72% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -2.07% VTSMX: -2.32%	-2.19%
101	May 2005	May 2005	1	41.93% Vanguard Real Estate Index Investor (VGSIX) 58.07% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 3.24% VGTSX: 0.08%	1.41%
102	Jun 2005	Jun 2005	1	80.40% Vanguard Total Bond Market Index Inv (VBMFX) 19.60% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.55% VGSIX: 4.96%	1.42%
103	Jul 2005	Jul 2005	1	77.51% Vanguard Total Bond Market Index Inv (VBMFX) 22.49% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.99% VGSIX: 6.97%	0.80%
104	Aug 2005	Aug 2005	1	42.81% Vanguard Real Estate Index Investor (VGSIX) 57.19% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -3.74% VTSMX: -0.94%	-2.14%
105	Sep 2005	Sep 2005	1	35.98% Vanguard Real Estate Index Investor (VGSIX) 64.02% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.57% VTSMX: 0.86%	0.75%
106	Oct 2005	Oct 2005	1	38.68% Vanguard Real Estate Index Investor (VGSIX) 61.32% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -2.35% VGTSX: -3.37%	-2.97%
107	Nov 2005	Nov 2005	1	38.64% Vanguard Real Estate Index Investor (VGSIX) 61.36% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 4.25% VGTSX: 2.67%	3.28%
108	Dec 2005	Dec 2005	1	39.92% Vanguard Real Estate Index Investor (VGSIX) 60.08% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -0.10% VGTSX: 5.14%	3.05%
109	Jan 2006	Jan 2006	1	50.56% Vanguard Total Intl Stock Index Inv (VGTSX) 49.44% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 6.87% VTSMX: 3.50%	5.20%
110	Feb 2006	Feb 2006	1	49.96% Vanguard Real Estate Index Investor (VGSIX) 50.04% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 1.83% VGTSX: -0.72%	0.55%
111	Mar 2006	Mar 2006	1	53.59% Vanguard Real Estate Index Investor (VGSIX) 46.41% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 4.83% VGTSX: 3.17%	4.06%
112	Apr 2006	Apr 2006	1	49.01% Vanguard Real Estate Index Investor (VGSIX) 50.99% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -3.63% VGTSX: 5.12%	0.83%
113	May 2006	May 2006	1	41.29% Vanguard Real Estate Index Investor (VGSIX) 58.71% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -2.80% VGTSX: -4.45%	-3.77%
114	Jun 2006	Jun 2006	1	45.86% Vanguard Real Estate Index Investor (VGSIX) 54.14% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 5.29% VGTSX: -0.38%	2.22%
115	Jul 2006	Jul 2006	1	54.31% Vanguard Real Estate Index Investor (VGSIX) 45.69% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 3.49% VGTSX: 1.15%	2.42%
116	Aug 2006	Aug 2006	1	56.20% Vanguard Real Estate Index Investor (VGSIX) 43.80% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 3.72% VGTSX: 2.53%	3.20%
117	Sep 2006	Sep 2006	1	56.63% Vanguard Real Estate Index Investor (VGSIX) 43.37% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 1.90% VGTSX: 0.25%	1.18%
118	Oct 2006	Oct 2006	1	51.22% Vanguard Real Estate Index Investor (VGSIX) 48.78% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 6.11% VGTSX: 4.00%	5.08%
119	Nov 2006	Nov 2006	1	42.40% Vanguard Real Estate Index Investor (VGSIX) 57.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 4.69% VTSMX: 2.23%	3.28%
120	Dec 2006	Dec 2006	1	40.22% Vanguard Real Estate Index Investor (VGSIX) 59.78% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -1.81% VGTSX: 3.09%	1.12%
121	Jan 2007	Jan 2007	1	35.96% Vanguard Real Estate Index Investor (VGSIX) 64.04% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 8.52% VGTSX: 0.96%	3.68%
122	Feb 2007	Feb 2007	1	38.69% Vanguard Real Estate Index Investor (VGSIX) 61.31% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -2.41% VGTSX: 0.06%	-0.90%
123	Mar 2007	Mar 2007	1	44.65% Vanguard Real Estate Index Investor (VGSIX) 55.35% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -2.37% VGTSX: 2.80%	0.49%
124	Apr 2007	Apr 2007	1	44.02% Vanguard Real Estate Index Investor (VGSIX) 55.98% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -0.04% VGTSX: 3.92%	2.18%
125	May 2007	May 2007	1	44.29% Vanguard Total Intl Stock Index Inv (VGTSX) 55.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 3.09% VTSMX: 3.69%	3.42%
126	Jun 2007	Jun 2007	1	44.10% Vanguard Total Intl Stock Index Inv (VGTSX) 55.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.61% VTSMX: -1.67%	-0.66%
127	Jul 2007	Jul 2007	1	47.34% Vanguard Total Intl Stock Index Inv (VGTSX) 52.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -1.06% VTSMX: -3.41%	-2.30%
128	Aug 2007	Aug 2007	1	48.09% Vanguard Total Intl Stock Index Inv (VGTSX) 51.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -0.72% VTSMX: 1.45%	0.41%
129	Sep 2007	Sep 2007	1	47.58% Vanguard Total Intl Stock Index Inv (VGTSX) 52.42% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 6.38% VTSMX: 3.59%	4.92%
130	Oct 2007	Oct 2007	1	47.00% Vanguard Total Intl Stock Index Inv (VGTSX) 53.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 5.90% VTSMX: 1.85%	3.75%
131	Nov 2007	Nov 2007	1	46.42% Vanguard Total Intl Stock Index Inv (VGTSX) 53.58% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -4.57% VTSMX: -4.49%	-4.52%
132	Dec 2007	Dec 2007	1	84.40% Vanguard Total Bond Market Index Inv (VBMFX) 15.60% Vanguard Total Intl Stock Index Inv (VGTSX)	VBMFX: 0.22% VGTSX: -2.28%	-0.17%
133	Jan 2008	Jan 2008	1	82.38% Vanguard Total Bond Market Index Inv (VBMFX) 17.62% Vanguard Total Intl Stock Index Inv (VGTSX)	VBMFX: 1.69% VGTSX: -8.55%	-0.11%
134	Feb 2008	Feb 2008	1	88.05% Vanguard Total Bond Market Index Inv (VBMFX) 11.95% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.19% VGSIX: -3.73%	-0.28%
135	Mar 2008	Mar 2008	1	79.09% Vanguard Total Bond Market Index Inv (VBMFX) 20.91% Vanguard Total Intl Stock Index Inv (VGTSX)	VBMFX: 0.30% VGTSX: -0.71%	0.09%
136	Apr 2008	Apr 2008	1	79.43% Vanguard Total Bond Market Index Inv (VBMFX) 20.57% Vanguard Total Intl Stock Index Inv (VGTSX)	VBMFX: -0.30% VGTSX: 5.85%	0.96%
137	May 2008	May 2008	1	83.42% Vanguard Total Bond Market Index Inv (VBMFX) 16.58% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.79% VGSIX: 0.14%	-0.63%
138	Jun 2008	Jun 2008	1	83.07% Vanguard Total Bond Market Index Inv (VBMFX) 16.93% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.01% VGSIX: -10.77%	-1.83%
139	Jul 2008	Jul 2008	1	84.24% Vanguard Total Bond Market Index Inv (VBMFX) 15.76% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.00% VGSIX: 3.15%	0.50%
140	Aug 2008	Aug 2008	1	87.80% Vanguard Total Bond Market Index Inv (VBMFX) 12.20% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.70% VGSIX: 2.25%	0.89%
141	Sep 2008	Sep 2008	1	89.12% Vanguard Total Bond Market Index Inv (VBMFX) 10.88% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -1.10% VGSIX: -0.11%	-1.00%
142	Oct 2008	Oct 2008	1	90.66% Vanguard Total Bond Market Index Inv (VBMFX) 9.34% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -2.53% VGSIX: -31.23%	-5.22%
143	Nov 2008	Nov 2008	1	89.88% Vanguard Total Bond Market Index Inv (VBMFX) 10.12% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 3.64% VTSMX: -7.90%	2.47%
144	Dec 2008	Dec 2008	1	89.83% Vanguard Total Bond Market Index Inv (VBMFX) 10.17% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 3.32% VTSMX: 1.86%	3.17%
145	Jan 2009	Jan 2009	1	90.82% Vanguard Total Bond Market Index Inv (VBMFX) 9.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: -0.70% VTSMX: -8.26%	-1.39%
146	Feb 2009	Feb 2009	1	90.09% Vanguard Total Bond Market Index Inv (VBMFX) 9.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: -0.42% VTSMX: -10.45%	-1.42%
147	Mar 2009	Mar 2009	1	90.04% Vanguard Total Bond Market Index Inv (VBMFX) 9.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 1.48% VTSMX: 8.65%	2.20%
148	Apr 2009	Apr 2009	1	89.37% Vanguard Total Bond Market Index Inv (VBMFX) 10.63% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.36% VTSMX: 10.61%	1.45%
149	May 2009	May 2009	1	89.15% Vanguard Total Bond Market Index Inv (VBMFX) 10.85% Vanguard Total Intl Stock Index Inv (VGTSX)	VBMFX: 0.85% VGTSX: 14.35%	2.31%
150	Jun 2009	Jun 2009	1	27.30% Vanguard Real Estate Index Investor (VGSIX) 72.70% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -3.25% VGTSX: -1.32%	-1.85%
151	Jul 2009	Jul 2009	1	48.78% Vanguard Total Intl Stock Index Inv (VGTSX) 51.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 9.96% VTSMX: 7.82%	8.86%
152	Aug 2009	Aug 2009	1	48.31% Vanguard Total Intl Stock Index Inv (VGTSX) 51.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 3.50% VTSMX: 3.63%	3.57%
153	Sep 2009	Sep 2009	1	34.73% Vanguard Real Estate Index Investor (VGSIX) 65.27% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 6.69% VGTSX: 5.15%	5.68%
154	Oct 2009	Oct 2009	1	31.61% Vanguard Real Estate Index Investor (VGSIX) 68.39% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -4.64% VGTSX: -2.17%	-2.95%
155	Nov 2009	Nov 2009	1	33.61% Vanguard Real Estate Index Investor (VGSIX) 66.39% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 6.85% VGTSX: 3.86%	4.86%
156	Dec 2009	Dec 2009	1	32.43% Vanguard Real Estate Index Investor (VGSIX) 67.57% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 7.03% VTSMX: 2.86%	4.21%
157	Jan 2010	Jan 2010	1	39.31% Vanguard Real Estate Index Investor (VGSIX) 60.69% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -5.32% VGTSX: -5.07%	-5.17%
158	Feb 2010	Feb 2010	1	35.49% Vanguard Real Estate Index Investor (VGSIX) 64.51% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 5.55% VTSMX: 3.36%	4.14%
159	Mar 2010	Mar 2010	1	40.04% Vanguard Real Estate Index Investor (VGSIX) 59.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 10.09% VTSMX: 6.27%	7.80%
160	Apr 2010	Apr 2010	1	41.08% Vanguard Real Estate Index Investor (VGSIX) 58.92% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 7.09% VTSMX: 2.17%	4.19%
161	May 2010	May 2010	1	35.95% Vanguard Real Estate Index Investor (VGSIX) 64.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -5.41% VTSMX: -8.00%	-7.07%
162	Jun 2010	Jun 2010	1	38.04% Vanguard Real Estate Index Investor (VGSIX) 61.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -5.24% VTSMX: -5.66%	-5.50%
163	Jul 2010	Jul 2010	1	90.79% Vanguard Total Bond Market Index Inv (VBMFX) 9.21% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.94% VGSIX: 9.73%	1.75%
164	Aug 2010	Aug 2010	1	91.24% Vanguard Total Bond Market Index Inv (VBMFX) 8.76% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.48% VGSIX: -1.24%	1.24%
165	Sep 2010	Sep 2010	1	89.21% Vanguard Total Bond Market Index Inv (VBMFX) 10.79% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.01% VGSIX: 4.37%	0.46%
166	Oct 2010	Oct 2010	1	87.76% Vanguard Total Bond Market Index Inv (VBMFX) 12.24% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.36% VGSIX: 4.80%	0.90%
167	Nov 2010	Nov 2010	1	45.30% Vanguard Real Estate Index Investor (VGSIX) 54.70% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: -2.04% VGTSX: -4.52%	-3.40%
168	Dec 2010	Dec 2010	1	45.49% Vanguard Real Estate Index Investor (VGSIX) 54.51% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 4.63% VGTSX: 8.34%	6.65%
169	Jan 2011	Jan 2011	1	41.47% Vanguard Total Intl Stock Index Inv (VGTSX) 58.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.70% VTSMX: 2.19%	1.57%
170	Feb 2011	Feb 2011	1	42.41% Vanguard Total Intl Stock Index Inv (VGTSX) 57.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.71% VTSMX: 3.60%	3.22%
171	Mar 2011	Mar 2011	1	44.27% Vanguard Total Intl Stock Index Inv (VGTSX) 55.73% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -0.43% VTSMX: 0.45%	0.06%
172	Apr 2011	Apr 2011	1	44.71% Vanguard Real Estate Index Investor (VGSIX) 55.29% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 5.66% VTSMX: 2.99%	4.18%
173	May 2011	May 2011	1	45.78% Vanguard Real Estate Index Investor (VGSIX) 54.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.36% VTSMX: -1.16%	-0.01%
174	Jun 2011	Jun 2011	1	45.23% Vanguard Real Estate Index Investor (VGSIX) 54.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -3.35% VTSMX: -1.79%	-2.49%
175	Jul 2011	Jul 2011	1	44.66% Vanguard Real Estate Index Investor (VGSIX) 55.34% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.55% VTSMX: -2.28%	-0.57%
176	Aug 2011	Aug 2011	1	82.86% Vanguard Total Bond Market Index Inv (VBMFX) 17.14% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.46% VGSIX: -5.53%	0.27%
177	Sep 2011	Sep 2011	1	88.18% Vanguard Total Bond Market Index Inv (VBMFX) 11.82% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.89% VGSIX: -10.98%	-0.51%
178	Oct 2011	Oct 2011	1	88.63% Vanguard Total Bond Market Index Inv (VBMFX) 11.37% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.16% VGSIX: 14.39%	1.78%
179	Nov 2011	Nov 2011	1	89.24% Vanguard Total Bond Market Index Inv (VBMFX) 10.76% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.30% VGSIX: -3.73%	-0.67%
180	Dec 2011	Dec 2011	1	86.80% Vanguard Total Bond Market Index Inv (VBMFX) 13.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 1.08% VTSMX: 0.80%	1.04%
181	Jan 2012	Jan 2012	1	88.94% Vanguard Total Bond Market Index Inv (VBMFX) 11.06% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.87% VGSIX: 6.49%	1.49%
182	Feb 2012	Feb 2012	1	88.07% Vanguard Total Bond Market Index Inv (VBMFX) 11.93% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.05% VGSIX: -1.12%	-0.17%
183	Mar 2012	Mar 2012	1	45.11% Vanguard Real Estate Index Investor (VGSIX) 54.89% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 5.14% VTSMX: 3.07%	4.00%
184	Apr 2012	Apr 2012	1	43.91% Vanguard Real Estate Index Investor (VGSIX) 56.09% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 2.88% VTSMX: -0.65%	0.90%
185	May 2012	May 2012	1	46.13% Vanguard Real Estate Index Investor (VGSIX) 53.87% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -4.60% VTSMX: -6.24%	-5.48%
186	Jun 2012	Jun 2012	1	45.72% Vanguard Real Estate Index Investor (VGSIX) 54.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 5.64% VTSMX: 3.91%	4.70%
187	Jul 2012	Jul 2012	1	46.97% Vanguard Real Estate Index Investor (VGSIX) 53.03% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.93% VTSMX: 1.03%	1.45%
188	Aug 2012	Aug 2012	1	48.47% Vanguard Real Estate Index Investor (VGSIX) 51.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -0.14% VTSMX: 2.48%	1.21%
189	Sep 2012	Sep 2012	1	51.51% Vanguard Real Estate Index Investor (VGSIX) 48.49% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -1.83% VTSMX: 2.58%	0.31%
190	Oct 2012	Oct 2012	1	78.20% Vanguard Total Bond Market Index Inv (VBMFX) 21.80% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.11% VGSIX: -0.83%	-0.09%
191	Nov 2012	Nov 2012	1	78.50% Vanguard Total Bond Market Index Inv (VBMFX) 21.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.19% VTSMX: 0.74%	0.31%
192	Dec 2012	Dec 2012	1	47.97% Vanguard Total Intl Stock Index Inv (VGTSX) 52.03% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 4.17% VTSMX: 1.19%	2.62%
193	Jan 2013	Jan 2013	1	52.36% Vanguard Total Intl Stock Index Inv (VGTSX) 47.64% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 3.34% VTSMX: 5.50%	4.37%
194	Feb 2013	Feb 2013	1	53.67% Vanguard Total Intl Stock Index Inv (VGTSX) 46.33% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -1.23% VTSMX: 1.28%	-0.07%
195	Mar 2013	Mar 2013	1	52.34% Vanguard Total Intl Stock Index Inv (VGTSX) 47.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.77% VTSMX: 3.88%	2.25%
196	Apr 2013	Apr 2013	1	54.48% Vanguard Real Estate Index Investor (VGSIX) 45.52% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 6.70% VTSMX: 1.70%	4.42%
197	May 2013	May 2013	1	52.01% Vanguard Real Estate Index Investor (VGSIX) 47.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -5.96% VTSMX: 2.32%	-1.99%
198	Jun 2013	Jun 2013	1	46.26% Vanguard Real Estate Index Investor (VGSIX) 53.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -1.96% VTSMX: -1.27%	-1.59%
199	Jul 2013	Jul 2013	1	42.18% Vanguard Real Estate Index Investor (VGSIX) 57.82% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.83% VTSMX: 5.49%	3.52%
200	Aug 2013	Aug 2013	1	38.34% Vanguard Real Estate Index Investor (VGSIX) 61.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -6.86% VTSMX: -2.82%	-4.37%
201	Sep 2013	Sep 2013	1	46.39% Vanguard Total Intl Stock Index Inv (VGTSX) 53.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 7.21% VTSMX: 3.66%	5.31%
202	Oct 2013	Oct 2013	1	43.95% Vanguard Total Intl Stock Index Inv (VGTSX) 56.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 3.41% VTSMX: 4.22%	3.87%
203	Nov 2013	Nov 2013	1	49.77% Vanguard Total Intl Stock Index Inv (VGTSX) 50.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.12% VTSMX: 2.88%	1.51%
204	Dec 2013	Dec 2013	1	49.89% Vanguard Total Intl Stock Index Inv (VGTSX) 50.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 1.25% VTSMX: 2.63%	1.94%
205	Jan 2014	Jan 2014	1	53.33% Vanguard Total Intl Stock Index Inv (VGTSX) 46.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -4.78% VTSMX: -3.11%	-4.00%
206	Feb 2014	Feb 2014	1	51.16% Vanguard Total Intl Stock Index Inv (VGTSX) 48.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 5.39% VTSMX: 4.73%	5.07%
207	Mar 2014	Mar 2014	1	51.40% Vanguard Total Intl Stock Index Inv (VGTSX) 48.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.41% VTSMX: 0.51%	0.46%
208	Apr 2014	Apr 2014	1	51.63% Vanguard Real Estate Index Investor (VGSIX) 48.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 3.37% VTSMX: 0.06%	1.77%
209	May 2014	May 2014	1	54.04% Vanguard Real Estate Index Investor (VGSIX) 45.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 2.35% VTSMX: 2.17%	2.27%
210	Jun 2014	Jun 2014	1	52.34% Vanguard Real Estate Index Investor (VGSIX) 47.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.14% VTSMX: 2.54%	1.81%
211	Jul 2014	Jul 2014	1	52.82% Vanguard Real Estate Index Investor (VGSIX) 47.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.04% VTSMX: -1.98%	-0.91%
212	Aug 2014	Aug 2014	1	44.11% Vanguard Real Estate Index Investor (VGSIX) 55.89% Vanguard Total Intl Stock Index Inv (VGTSX)	VGSIX: 2.93% VGTSX: 1.05%	1.88%
213	Sep 2014	Sep 2014	1	48.23% Vanguard Real Estate Index Investor (VGSIX) 51.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -5.96% VTSMX: -2.14%	-3.98%
214	Oct 2014	Oct 2014	1	45.57% Vanguard Real Estate Index Investor (VGSIX) 54.43% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 9.93% VTSMX: 2.74%	6.02%
215	Nov 2014	Nov 2014	1	50.30% Vanguard Real Estate Index Investor (VGSIX) 49.70% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.98% VTSMX: 2.41%	2.19%
216	Dec 2014	Dec 2014	1	49.31% Vanguard Real Estate Index Investor (VGSIX) 50.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.93% VTSMX: -0.01%	0.95%
217	Jan 2015	Jan 2015	1	54.84% Vanguard Real Estate Index Investor (VGSIX) 45.16% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 6.72% VTSMX: -2.77%	2.44%
218	Feb 2015	Feb 2015	1	77.74% Vanguard Total Bond Market Index Inv (VBMFX) 22.26% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -1.08% VGSIX: -3.59%	-1.64%
219	Mar 2015	Mar 2015	1	47.82% Vanguard Real Estate Index Investor (VGSIX) 52.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.72% VTSMX: -1.04%	0.28%
220	Apr 2015	Apr 2015	1	43.41% Vanguard Real Estate Index Investor (VGSIX) 56.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -5.92% VTSMX: 0.42%	-2.33%
221	May 2015	May 2015	1	46.63% Vanguard Total Intl Stock Index Inv (VGTSX) 53.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -0.94% VTSMX: 1.39%	0.30%
222	Jun 2015	Jun 2015	1	46.61% Vanguard Total Intl Stock Index Inv (VGTSX) 53.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -2.69% VTSMX: -1.71%	-2.17%
223	Jul 2015	Jul 2015	1	45.46% Vanguard Total Intl Stock Index Inv (VGTSX) 54.54% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -0.80% VTSMX: 1.63%	0.52%
224	Aug 2015	Aug 2015	1	43.56% Vanguard Total Intl Stock Index Inv (VGTSX) 56.44% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -7.29% VTSMX: -6.03%	-6.58%
225	Sep 2015	Sep 2015	1	80.31% Vanguard Total Bond Market Index Inv (VBMFX) 19.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.76% VTSMX: -2.93%	0.03%
226	Oct 2015	Oct 2015	1	83.95% Vanguard Total Bond Market Index Inv (VBMFX) 16.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.01% VTSMX: 7.84%	1.27%
227	Nov 2015	Nov 2015	1	84.34% Vanguard Total Bond Market Index Inv (VBMFX) 15.66% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.27% VGSIX: -0.64%	-0.33%
228	Dec 2015	Dec 2015	1	83.77% Vanguard Total Bond Market Index Inv (VBMFX) 16.23% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.38% VGSIX: 1.79%	-0.03%
229	Jan 2016	Jan 2016	1	82.65% Vanguard Total Bond Market Index Inv (VBMFX) 17.35% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.43% VGSIX: -3.36%	0.60%
230	Feb 2016	Feb 2016	1	85.49% Vanguard Total Bond Market Index Inv (VBMFX) 14.51% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.66% VGSIX: -0.43%	0.50%
231	Mar 2016	Mar 2016	1	84.52% Vanguard Total Bond Market Index Inv (VBMFX) 15.48% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.94% VGSIX: 10.41%	2.41%
232	Apr 2016	Apr 2016	1	48.01% Vanguard Real Estate Index Investor (VGSIX) 51.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -2.41% VTSMX: 0.63%	-0.83%
233	May 2016	May 2016	1	83.13% Vanguard Total Bond Market Index Inv (VBMFX) 16.87% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.01% VGSIX: 2.36%	0.41%
234	Jun 2016	Jun 2016	1	82.86% Vanguard Total Bond Market Index Inv (VBMFX) 17.14% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.94% VGSIX: 6.88%	2.79%
235	Jul 2016	Jul 2016	1	80.19% Vanguard Total Bond Market Index Inv (VBMFX) 19.81% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.64% VGSIX: 4.18%	1.34%
236	Aug 2016	Aug 2016	1	50.59% Vanguard Real Estate Index Investor (VGSIX) 49.41% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -3.68% VTSMX: 0.26%	-1.73%
237	Sep 2016	Sep 2016	1	52.76% Vanguard Real Estate Index Investor (VGSIX) 47.24% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -1.83% VTSMX: 0.15%	-0.89%
238	Oct 2016	Oct 2016	1	45.53% Vanguard Total Intl Stock Index Inv (VGTSX) 54.47% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -1.72% VTSMX: -2.21%	-1.99%
239	Nov 2016	Nov 2016	1	47.00% Vanguard Total Intl Stock Index Inv (VGTSX) 53.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -2.15% VTSMX: 4.44%	1.34%
240	Dec 2016	Dec 2016	1	48.68% Vanguard Total Intl Stock Index Inv (VGTSX) 51.32% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.02% VTSMX: 1.92%	1.97%
241	Jan 2017	Jan 2017	1	49.23% Vanguard Total Intl Stock Index Inv (VGTSX) 50.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 3.87% VTSMX: 1.91%	2.87%
242	Feb 2017	Feb 2017	1	48.72% Vanguard Total Intl Stock Index Inv (VGTSX) 51.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 1.50% VTSMX: 3.71%	2.64%
243	Mar 2017	Mar 2017	1	47.43% Vanguard Total Intl Stock Index Inv (VGTSX) 52.57% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.82% VTSMX: 0.07%	1.37%
244	Apr 2017	Apr 2017	1	49.82% Vanguard Total Intl Stock Index Inv (VGTSX) 50.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.20% VTSMX: 1.05%	1.62%
245	May 2017	May 2017	1	48.59% Vanguard Total Intl Stock Index Inv (VGTSX) 51.41% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 3.01% VTSMX: 1.01%	1.98%
246	Jun 2017	Jun 2017	1	48.77% Vanguard Total Intl Stock Index Inv (VGTSX) 51.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.52% VTSMX: 0.92%	0.73%
247	Jul 2017	Jul 2017	1	48.07% Vanguard Total Intl Stock Index Inv (VGTSX) 51.93% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 3.42% VTSMX: 1.87%	2.61%
248	Aug 2017	Aug 2017	1	50.12% Vanguard Total Intl Stock Index Inv (VGTSX) 49.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.64% VTSMX: 0.15%	0.39%
249	Sep 2017	Sep 2017	1	51.75% Vanguard Total Intl Stock Index Inv (VGTSX) 48.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 1.81% VTSMX: 2.45%	2.12%
250	Oct 2017	Oct 2017	1	51.87% Vanguard Total Intl Stock Index Inv (VGTSX) 48.13% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 1.94% VTSMX: 2.16%	2.04%
251	Nov 2017	Nov 2017	1	52.14% Vanguard Total Intl Stock Index Inv (VGTSX) 47.86% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.78% VTSMX: 3.04%	1.86%
252	Dec 2017	Dec 2017	1	48.07% Vanguard Total Intl Stock Index Inv (VGTSX) 51.93% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 2.01% VTSMX: 0.99%	1.48%
253	Jan 2018	Jan 2018	1	48.65% Vanguard Total Intl Stock Index Inv (VGTSX) 51.35% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 5.59% VTSMX: 5.31%	5.45%
254	Feb 2018	Feb 2018	1	48.36% Vanguard Total Intl Stock Index Inv (VGTSX) 51.64% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -5.14% VTSMX: -3.72%	-4.40%
255	Mar 2018	Mar 2018	1	53.02% Vanguard Total Intl Stock Index Inv (VGTSX) 46.98% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -0.64% VTSMX: -1.99%	-1.27%
256	Apr 2018	Apr 2018	1	55.29% Vanguard Total Intl Stock Index Inv (VGTSX) 44.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: 0.83% VTSMX: 0.38%	0.63%
257	May 2018	May 2018	1	57.33% Vanguard Total Intl Stock Index Inv (VGTSX) 42.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -1.92% VTSMX: 2.79%	0.09%
258	Jun 2018	Jun 2018	1	59.53% Vanguard Total Intl Stock Index Inv (VGTSX) 40.47% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -2.08% VTSMX: 0.68%	-0.96%
259	Jul 2018	Jul 2018	1	50.33% Vanguard Real Estate Index Investor (VGSIX) 49.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.74% VTSMX: 3.34%	2.03%
260	Aug 2018	Aug 2018	1	44.57% Vanguard Real Estate Index Investor (VGSIX) 55.43% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 2.46% VTSMX: 3.44%	3.00%
261	Sep 2018	Sep 2018	1	43.86% Vanguard Real Estate Index Investor (VGSIX) 56.14% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -2.63% VTSMX: 0.16%	-1.07%
262	Oct 2018	Oct 2018	1	38.70% Vanguard Real Estate Index Investor (VGSIX) 61.30% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -2.98% VTSMX: -7.40%	-5.69%
263	Nov 2018	Nov 2018	1	49.24% Vanguard Real Estate Index Investor (VGSIX) 50.76% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 4.73% VTSMX: 2.06%	3.38%
264	Dec 2018	Dec 2018	1	53.23% Vanguard Real Estate Index Investor (VGSIX) 46.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -7.97% VTSMX: -9.29%	-8.59%
265	Jan 2019	Jan 2019	1	87.54% Vanguard Total Bond Market Index Inv (VBMFX) 12.46% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.01% VGSIX: 11.74%	2.34%
266	Feb 2019	Feb 2019	1	86.80% Vanguard Total Bond Market Index Inv (VBMFX) 13.20% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.06% VGSIX: 0.72%	0.04%
267	Mar 2019	Mar 2019	1	86.19% Vanguard Total Bond Market Index Inv (VBMFX) 13.81% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.96% VGSIX: 4.18%	2.26%
268	Apr 2019	Apr 2019	1	79.10% Vanguard Total Bond Market Index Inv (VBMFX) 20.90% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.04% VGSIX: -0.10%	0.01%
269	May 2019	May 2019	1	45.17% Vanguard Real Estate Index Investor (VGSIX) 54.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.10% VTSMX: -6.45%	-3.49%
270	Jun 2019	Jun 2019	1	79.94% Vanguard Total Bond Market Index Inv (VBMFX) 20.06% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 1.15% VGSIX: 1.69%	1.26%
271	Jul 2019	Jul 2019	1	46.78% Vanguard Real Estate Index Investor (VGSIX) 53.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.58% VTSMX: 1.44%	1.51%
272	Aug 2019	Aug 2019	1	48.50% Vanguard Real Estate Index Investor (VGSIX) 51.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 3.76% VTSMX: -2.03%	0.78%
273	Sep 2019	Sep 2019	1	78.69% Vanguard Total Bond Market Index Inv (VBMFX) 21.31% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.60% VGSIX: 1.89%	-0.07%
274	Oct 2019	Oct 2019	1	74.39% Vanguard Total Bond Market Index Inv (VBMFX) 25.61% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: 0.21% VGSIX: 1.06%	0.43%
275	Nov 2019	Nov 2019	1	71.82% Vanguard Total Bond Market Index Inv (VBMFX) 28.18% Vanguard Real Estate Index Investor (VGSIX)	VBMFX: -0.06% VGSIX: -1.28%	-0.41%
276	Dec 2019	Dec 2019	1	48.69% Vanguard Real Estate Index Investor (VGSIX) 51.31% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 0.81% VTSMX: 2.85%	1.86%
277	Jan 2020	Jan 2020	1	46.24% Vanguard Real Estate Index Investor (VGSIX) 53.76% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: 1.17% VTSMX: -0.08%	0.50%
278	Feb 2020	Feb 2020	1	41.84% Vanguard Real Estate Index Investor (VGSIX) 58.16% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGSIX: -7.08% VTSMX: -8.18%	-7.72%
279	Mar 2020	Mar 2020	1	81.63% Vanguard Total Bond Market Index Inv (VBMFX) 18.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: -0.59% VTSMX: -13.78%	-3.01%
280	Apr 2020	Apr 2020	1	86.92% Vanguard Total Bond Market Index Inv (VBMFX) 13.08% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 1.69% VTSMX: 13.25%	3.20%
281	May 2020	May 2020	1	87.80% Vanguard Total Bond Market Index Inv (VBMFX) 12.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.54% VTSMX: 5.38%	1.13%
282	Jun 2020	Jun 2020	1	87.89% Vanguard Total Bond Market Index Inv (VBMFX) 12.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 0.70% VTSMX: 2.28%	0.89%
283	Jul 2020	Jul 2020	1	91.19% Vanguard Total Bond Market Index Inv (VBMFX) 8.81% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: 1.55% VTSMX: 5.64%	1.91%
284	Aug 2020	Aug 2020	1	89.52% Vanguard Total Bond Market Index Inv (VBMFX) 10.48% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VBMFX: -1.02% VTSMX: 7.18%	-0.16%
285	Sep 2020	Sep 2020	1	51.50% Vanguard Total Intl Stock Index Inv (VGTSX) 48.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)	VGTSX: -1.96% VTSMX: -3.57%	-2.74%
286	Oct 2020	Oct 2020	1	Please sign-in for forward signals	-	-