Test Market Timing Models

Tactical Allocation Overview

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.

Model Configuration

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Timing Periods
Length
Unit
Weight
Time Period #1
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Time Period #2
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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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Portfolio Assets
Allocation
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 8
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Asset 9
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Asset 10
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Total
%

Model Simulation Results (Jan 1997 - May 2023) Save

Tactical asset allocation model results from Jan 1997 to May 2023 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 - May 2023].

Performance Summary

PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioMarket Correlation
Adaptive Allocation Model$10,000$92,6378.79%11.06%31.12%-28.47%-29.33% 0.640.960.67

Portfolio Growth

   

Annual Returns

Trailing Returns

NameTotal ReturnAnnualized ReturnAnnualized Standard Deviation
3 MonthYear To Date1 year3 year5 year10 yearFull3 year5 year
Adaptive Allocation Model2.29%6.49%-8.00%3.67%0.46%4.49%8.79%15.59%13.96%
Trailing return and volatility are as of last full calendar month ending May 2023
Notes and Disclosures
  • IMPORTANT: The projections or other information generated by Portfolio Visualizer regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
  • The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities. All use is subject to terms of service.
  • Investing involves risk, including possible loss of principal. Past performance is not a guarantee of future results.
  • Asset allocation and diversification strategies do not guarantee a profit or protect against a loss.
  • Hypothetical returns do not reflect trading costs, transaction fees, commissions, or actual taxes due on investment returns.
  • The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
  • Refer to the related documentation sections for more details on terms and definitions, methodology, and data sources.
  • The simulated performance results are created by retroactively applying the specified investment strategy to historical data. Future results may vary.
  • The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
  • Compound annualized growth rate (CAGR) is the annualized geometric mean return of the portfolio. It is calculated from the portfolio start and end balance and is thus impacted by any cashflows.
  • The time-weighted rate of return (TWRR) is a measure of the compound rate of growth in a portfolio. This is calculated from the holding period returns (e.g. monthly returns), and TWRR will thus not be impacted by cashflows. If there are no external cashflows, TWRR will equal CAGR.
  • The money-weighted rate of return (MWRR) is the internal rate of return (IRR) taking into account cashflows. This is the discount rate at which the present value of cash inflows equals the present value of cash outflows.
  • Total return is the combined return in income and capital appreciation from investment in an asset. Yield measures the current cash income received from investment in an asset. Bonds provide yield in the form of interest payments and stocks through dividends.
  • Standard deviation (Stdev) is used to measure the dispersion of returns around the mean and is often used as a measure of risk. A higher standard deviation implies greater the dispersion of data points around the mean.
  • Sharpe Ratio is a measure of risk-adjusted performance of the portfolio, and it is calculated by dividing the mean monthly excess return of the portfolio over the risk-free rate by the standard deviation of excess return, and the displayed value is annualized.
  • Sortino Ratio is a measure of risk-adjusted return which is a modification of the Sharpe Ratio. While the latter is the ratio of average returns in excess of a risk-free rate divided by the standard deviation of those excess returns, the Sortino Ratio has the same denominator divided by the standard deviation of returns below the risk-free rate.
  • Treynor Ratio is a measure of risk-adjusted performance of the portfolio. It is similar to the Sharpe Ratio, but it uses portfolio beta (systematic risk) as the risk metric in the denominator.
  • Calmar Ratio is a measure of risk-adjusted performance of the portfolio. It is calculated as the annualized return over the past 36 months divided by the maximum drawdown over the past 36 months based on monthly returns.
  • Risk-free returns are calculated based on the Federal Reserve 3-Month Treasury Bill (secondary market) rates.
  • Downside deviation measures the downside volatility of the portfolio returns unlike standard deviation, which includes both upside and downside deviations. Downside deviation is calculated based on negative returns that hurt the portfolio performance.
  • Skewness is a measure of the asymmetry of the probability distribution or returns from a normal Gaussian distribution shape about its mean. Negative skewness is associated with the left (typically negative returns) tail of the distribution extending further than the right tail; and positive skewness is associated with the right (typically positive returns) tail of the distribution extending further than the left tail.
  • Excess kurtosis is a measure of whether a data distribution is peaked or flat relative to a normal distribution. Distributions with high kurtosis tend to have a distinct peak near the mean, decline rather rapidly, and have heavy or fat tails.
  • A drawdown refers to the decline in value of a single investment or an investment portfolio from a relative peak value to a relative trough. A maximum drawdown (Max Drawdown) is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. Drawdown values are calculated based on monthly returns.
  • Value at Risk (VaR) measures the scale of loss at a given confidence level. For example, if the 95% confidence one-month VaR is 3%, there is 95% confidence that over the next month the portfolio will not lose more than 3%. Value at Risk can be calculated directly based on historical returns based on a given percentile or analytically based on the mean and standard deviation of the returns.
  • Conditional Value at Risk (CVaR) measures the scale of the expected loss once the specific Value at Risk (VaR) breakpoint has been breached, i.e., it calculates the average tail loss by taking a weighted average between the value at risk and losses exceeding the value at risk.
  • Beta is a measure of systematic risk and measures the volatility of a particular investment relative to the market or its benchmark. Alpha measures the active return of the investment compared to the market benchmark return. R-squared is the percentage of a portfolio's movements that can be explained by movements in the selected benchmark index.
  • Active return is the investment return minus the return of its benchmark. For periods longer than 12 months this is displayed as annualized value, i.e., annualized investment return minus annualized benchmark return.
  • Tracking error, also known as active risk, is the standard deviation of active return. This is displayed as annualized value based on the standard deviation of monthly active returns.
  • Information ratio is the active return divided by the tracking error. It measures whether the investment outperformed its benchmark consistently.
  • Gain/Loss ratio is a measure of downside risk, and it is calculated as the average positive return in up periods divided by the average negative return in down periods.
  • Upside Capture Ratio measures how well the fund performed relative to the benchmark when the market was up, and Downside Capture Ratio measures how well the fund performed relative to the benchmark when the market was down. An upside capture ratio greater than 100 would indicate that the fund outperformed its benchmark when the market was up, and a downside capture ratio below 100 would indicate that the fund lost less than its benchmark when the market was down. To calculate upside capture ratio a new series from the portfolio returns is constructed by dropping all time periods where the benchmark return is less than equal to zero. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The downside capture ratio is calculated analogously.
  • All risk measures for the portfolio and portfolio assets are calculated based on monthly returns.
  • The annual results for 2023 are based on monthly returns from January to May.
  • The results for the tactical asset allocation model assume monthly rebalancing trades.
  • The relative strength signal is based on total return including dividends.

Annual Returns

YearInflationAdaptive Allocation Model ReturnAdaptive Allocation Model BalanceVanguard 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)
19971.70%17.41%$11,74130.99%-0.77%18.77%9.44%
19981.61%-9.48%$10,62823.26%15.60%-16.32%8.58%
19992.68%22.84%$13,05523.81%29.92%-4.04%-0.76%
20003.39%5.87%$13,820-10.57%-15.61%26.35%11.39%
20011.55%9.87%$15,185-10.97%-20.15%12.35%8.43%
20022.38%4.83%$15,918-20.96%-15.08%3.75%8.26%
20031.88%31.12%$20,87131.35%40.34%35.65%3.97%
20043.26%15.95%$24,20012.51%20.84%30.76%4.24%
20053.42%0.35%$24,2855.98%15.57%11.89%2.40%
20062.54%28.14%$31,11915.51%26.64%35.07%4.27%
20074.08%10.32%$34,3325.49%15.52%-16.46%6.92%
20080.09%-1.24%$33,907-37.04%-44.10%-37.05%5.05%
20092.72%27.90%$43,36728.70%36.73%29.58%5.93%
20101.50%4.80%$45,44817.09%11.12%28.30%6.42%
20112.96%7.96%$49,0660.96%-14.56%8.47%7.56%
20121.74%11.46%$54,68916.25%18.14%17.53%4.05%
20131.50%20.36%$65,82633.35%15.04%2.31%-2.26%
20140.76%13.83%$74,93312.43%-4.24%30.13%5.76%
20150.73%-8.20%$68,7870.29%-4.37%2.22%0.30%
20162.07%5.93%$72,86312.53%4.65%8.34%2.50%
20172.11%23.99%$90,34321.05%27.40%4.83%3.46%
20181.91%-8.02%$83,098-5.26%-14.44%-6.11%-0.13%
20192.29%6.59%$88,57130.65%21.43%28.78%8.61%
20201.36%8.63%$96,21320.87%11.16%-4.78%7.61%
20217.04%26.39%$121,60425.59%8.61%40.19%-1.77%
20226.45%-28.47%$86,988-19.60%-16.05%-26.30%-13.25%
20232.21%6.49%$92,6378.69%4.78%-2.06%2.57%
Annual return for 2023 is from 01/01/2023 to 05/31/2023

Monthly Returns

YearMonthAdaptive Allocation Model ReturnAdaptive Allocation Model BalanceVanguard 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)
199712.44%$10,2445.46%-2.37%0.16%0.25%
19972-0.22%$10,222-0.11%1.82%-0.32%0.11%
19973-1.73%$10,045-4.45%-0.10%0.38%-0.97%
199740.01%$10,0464.50%0.20%-3.10%1.49%
199754.49%$10,4977.10%6.54%2.95%0.87%
199764.85%$11,0054.37%5.40%5.13%1.16%
199774.10%$11,4567.77%1.59%2.85%2.80%
19978-6.53%$10,708-3.72%-8.60%-0.75%-0.85%
199798.13%$11,5795.77%5.51%9.24%1.45%
199710-2.98%$11,234-3.40%-9.10%-2.80%1.45%
1997112.24%$11,4863.33%-1.19%1.73%0.33%
1997122.22%$11,7411.70%0.92%2.48%1.04%
19981-0.71%$11,6580.44%3.04%-1.27%1.32%
19982-0.63%$11,5857.34%6.88%-1.65%-0.10%
199833.34%$11,9715.06%3.22%2.55%0.33%
199840.66%$12,0501.10%0.53%-3.36%0.51%
19985-2.17%$11,788-2.71%-1.51%-0.89%1.02%
199861.86%$12,0073.54%-0.27%-0.03%0.81%
19987-0.80%$11,911-2.27%1.08%-6.90%0.23%
19988-14.76%$10,153-15.65%-13.66%-9.21%1.90%
199891.45%$10,3006.68%-2.07%5.99%1.96%
1998100.38%$10,3387.51%10.77%-1.81%-0.55%
1998111.30%$10,4736.17%5.34%1.58%0.49%
1998121.47%$10,6286.45%3.26%-1.80%0.38%
199911.38%$10,7753.65%-0.63%-2.44%0.79%
19992-2.15%$10,543-3.73%-2.16%-1.57%-1.77%
199934.52%$11,0193.93%4.97%-0.44%0.56%
199944.90%$11,5594.68%5.08%9.55%0.40%
19995-3.73%$11,128-2.00%-5.00%2.09%-0.88%
199964.73%$11,6545.16%4.39%-1.87%-0.50%
199970.09%$11,664-3.20%2.27%-2.91%-0.39%
19998-0.19%$11,642-0.92%0.33%-1.00%-0.08%
19999-0.57%$11,575-2.44%0.82%-4.12%1.26%
199910-0.04%$11,5716.29%3.74%-2.25%0.33%
1999113.82%$12,0133.42%4.08%-1.50%0.02%
1999128.67%$13,0557.59%9.37%3.07%-0.48%
20001-5.39%$12,351-4.18%-6.22%0.61%-0.17%
200022.71%$12,6852.54%2.83%-1.51%1.18%
200034.46%$13,2505.69%3.48%3.50%1.40%
20004-5.32%$12,544-5.21%-5.41%6.73%-0.49%
200050.05%$12,551-3.41%-2.67%1.03%-0.16%
200062.91%$12,9164.42%4.27%2.49%2.15%
200073.43%$13,360-1.95%-4.46%8.77%0.88%
20008-0.16%$13,3387.28%1.00%-3.99%1.40%
20009-0.32%$13,296-4.67%-5.00%2.93%0.76%
200010-0.69%$13,203-2.04%-3.03%-4.63%0.57%
2000111.62%$13,417-9.90%-4.44%1.74%1.58%
2000123.01%$13,8201.78%3.72%6.88%1.79%
200111.45%$14,0203.83%1.10%0.43%1.76%
200120.04%$14,026-9.41%-7.61%-1.72%0.91%
200130.63%$14,114-6.72%-7.15%0.81%0.54%
200140.57%$14,1948.16%7.89%2.28%-0.46%
200151.18%$14,3621.01%-3.52%2.15%0.73%
200162.36%$14,701-1.64%-3.84%5.92%0.52%
200170.72%$14,806-1.71%-2.43%-2.10%2.23%
200182.06%$15,111-6.00%-2.30%3.54%1.11%
20019-0.61%$15,018-9.00%-10.73%-3.87%0.89%
2001100.67%$15,1192.52%2.97%-3.37%1.86%
2001110.23%$15,1537.63%3.56%5.76%-1.34%
2001120.21%$15,1851.78%1.35%2.47%-0.58%
200210.36%$15,239-1.24%-4.63%-0.25%0.69%
200221.30%$15,438-2.05%0.90%1.98%0.85%
200231.48%$15,6674.38%5.71%6.24%-1.46%
20024-1.25%$15,471-4.90%0.42%0.62%1.69%
200251.24%$15,662-1.22%1.16%1.30%0.80%
20026-0.61%$15,567-7.06%-4.28%2.81%0.29%
20027-0.99%$15,413-8.02%-9.80%-5.28%0.48%
200281.37%$15,6240.53%-0.12%0.16%1.66%
200290.56%$15,712-10.07%-10.88%-3.53%1.53%
200210-1.44%$15,4867.65%5.70%-4.95%-0.61%
2002110.97%$15,6366.06%4.75%4.43%0.02%
2002121.80%$15,918-5.57%-3.43%0.85%2.07%
20031-0.53%$15,834-2.54%-3.76%-2.70%0.05%
200320.89%$15,975-1.69%-2.42%1.74%1.38%
200330.42%$16,0421.09%-1.93%2.04%-0.13%
200341.99%$16,3618.21%9.70%4.05%0.87%
200355.74%$17,3016.11%6.15%5.52%1.82%
200360.38%$17,3671.43%2.66%2.25%-0.13%
200373.92%$18,0482.36%3.18%5.18%-3.34%
200381.45%$18,3102.39%2.51%0.65%0.61%
200390.91%$18,476-1.15%2.78%3.41%2.71%
2003103.95%$19,2066.12%6.49%1.63%-0.96%
2003113.30%$19,8391.38%2.13%4.31%0.27%
2003125.20%$20,8714.48%7.80%3.08%0.88%
200413.08%$21,5152.23%1.60%4.28%0.86%
200422.00%$21,9451.43%2.50%1.64%1.03%
200433.10%$22,626-1.07%0.45%5.43%0.80%
20044-9.54%$20,468-2.11%-3.14%-14.56%-2.61%
200450.93%$20,6581.35%0.46%7.09%-0.43%
200462.22%$21,1172.09%2.40%2.79%0.56%
20047-1.75%$20,747-3.80%-3.34%0.51%0.96%
200483.23%$21,4170.31%0.75%7.83%1.94%
200490.07%$21,4331.74%2.96%-0.23%0.16%
2004101.80%$21,8181.68%3.24%5.39%0.85%
2004116.05%$23,1394.68%7.23%4.15%-0.81%
2004124.59%$24,2003.63%4.44%4.83%0.92%
20051-4.30%$23,160-2.68%-1.67%-8.46%0.65%
200524.02%$24,0922.07%4.68%2.85%-0.63%
20053-2.36%$23,523-1.75%-2.93%-1.58%-0.49%
20054-2.19%$23,009-2.32%-2.07%5.81%1.35%
200551.41%$23,3333.77%0.08%3.24%1.05%
200561.42%$23,6630.81%1.30%4.96%0.55%
200570.80%$23,8514.11%3.68%6.97%-0.99%
20058-2.14%$23,341-0.94%2.85%-3.74%1.36%
200590.75%$23,5170.86%4.73%0.57%-1.10%
200510-2.97%$22,818-1.86%-3.37%-2.35%-0.81%
2005113.28%$23,5673.97%2.67%4.25%0.48%
2005123.05%$24,2850.14%5.14%-0.10%0.99%
200615.20%$25,5483.50%6.87%7.53%-0.11%
200620.55%$25,6900.00%-0.72%1.83%0.37%
200634.06%$26,7331.80%3.17%4.83%-1.00%
200640.83%$26,9561.11%5.12%-3.63%-0.21%
20065-3.77%$25,941-3.23%-4.45%-2.80%-0.09%
200662.22%$26,5160.17%-0.38%5.29%0.10%
200672.42%$27,158-0.13%1.15%3.49%1.35%
200683.20%$28,0272.31%2.53%3.72%1.64%
200691.18%$28,3592.27%0.25%1.90%0.81%
2006105.08%$29,8003.53%4.00%6.11%0.72%
2006113.28%$30,7762.23%3.73%4.69%1.11%
2006121.12%$31,1191.13%3.09%-1.81%-0.48%
200713.68%$32,2651.88%0.96%8.52%-0.08%
20072-0.90%$31,975-1.61%0.06%-2.41%1.50%
200730.49%$32,1311.11%2.80%-2.37%0.02%
200742.18%$32,8324.01%3.92%-0.04%0.51%
200753.42%$33,9563.69%3.09%-0.11%-0.78%
20076-0.66%$33,731-1.67%0.61%-9.26%-0.39%
20077-2.30%$32,955-3.41%-1.06%-7.77%0.84%
200780.41%$33,0901.45%-0.72%6.49%1.34%
200794.92%$34,7183.59%6.38%4.25%0.72%
2007103.75%$36,0221.85%5.90%1.22%0.93%
200711-4.52%$34,392-4.49%-4.57%-9.32%1.91%
200712-0.17%$34,332-0.60%-2.28%-5.11%0.22%
20081-0.11%$34,293-6.08%-8.55%-0.34%1.69%
20082-0.28%$34,197-3.07%0.33%-3.73%0.19%
200830.09%$34,227-0.58%-0.71%6.45%0.30%
200840.96%$34,5575.02%5.85%5.89%-0.30%
20085-0.63%$34,3382.09%1.51%0.14%-0.79%
20086-1.84%$33,706-8.19%-8.99%-10.77%-0.01%
200870.50%$33,875-0.77%-3.67%3.15%0.00%
200880.89%$34,1761.58%-5.10%2.25%0.70%
20089-1.00%$33,836-9.26%-13.09%-0.11%-1.10%
200810-5.22%$32,071-17.63%-22.09%-31.23%-2.53%
2008112.47%$32,864-7.90%-6.29%-23.39%3.64%
2008123.17%$33,9071.86%8.16%17.39%3.32%
20091-1.39%$33,435-8.26%-11.96%-17.39%-0.70%
20092-1.42%$32,962-10.45%-9.58%-20.76%-0.42%
200932.20%$33,6858.65%9.31%3.76%1.48%
200941.45%$34,17310.61%12.78%31.31%0.36%
200952.31%$34,9645.38%14.35%2.36%0.85%
20096-1.85%$34,3170.34%-1.32%-3.25%0.54%
200978.86%$37,3597.82%9.96%10.64%1.43%
200983.57%$38,6923.63%3.50%13.99%1.01%
200995.68%$40,8904.23%5.15%6.69%1.19%
200910-2.95%$39,683-2.57%-2.17%-4.64%0.41%
2009114.86%$41,6145.63%3.86%6.85%1.36%
2009124.21%$43,3672.86%1.53%7.03%-1.68%
20101-5.17%$41,126-3.50%-5.07%-5.32%1.57%
201024.14%$42,8273.36%0.22%5.55%0.20%
201037.80%$46,1686.27%6.71%10.09%-0.08%
201044.19%$48,1052.17%-1.71%7.09%1.06%
20105-7.07%$44,703-8.00%-10.78%-5.41%0.87%
20106-5.50%$42,245-5.66%-1.17%-5.24%1.61%
201071.75%$42,9826.99%10.33%9.73%0.94%
201081.24%$43,516-4.75%-3.22%-1.24%1.48%
201090.46%$43,7179.47%10.41%4.37%-0.01%
2010100.90%$44,1123.94%3.55%4.80%0.36%
201011-3.40%$42,6130.58%-4.52%-2.04%-0.57%
2010126.65%$45,4486.81%8.34%4.63%-1.15%
201111.57%$46,1622.19%0.70%3.32%0.08%
201123.22%$47,6483.60%2.71%4.58%0.16%
201130.06%$47,6770.45%-0.43%-1.44%-0.01%
201144.18%$49,6722.99%5.24%5.66%1.32%
20115-0.01%$49,669-1.16%-2.87%1.36%1.30%
20116-2.49%$48,431-1.79%-1.51%-3.35%-0.39%
20117-0.57%$48,155-2.28%-1.53%1.55%1.58%
201180.27%$48,283-5.99%-8.45%-5.53%1.46%
20119-0.51%$48,036-7.75%-12.29%-10.98%0.89%
2011101.78%$48,89011.51%10.22%14.39%0.16%
201111-0.67%$48,561-0.29%-2.88%-3.73%-0.30%
2011121.04%$49,0660.80%-2.64%4.61%1.08%
201211.49%$49,8005.08%7.27%6.49%0.87%
20122-0.17%$49,7134.26%5.14%-1.12%-0.05%
201234.00%$51,7023.07%-0.75%5.14%-0.58%
201240.90%$52,168-0.65%-1.78%2.88%1.14%
20125-5.48%$49,309-6.24%-11.14%-4.60%0.95%
201264.70%$51,6283.91%6.03%5.64%0.04%
201271.45%$52,3791.03%0.44%1.93%1.39%
201281.21%$53,0142.48%2.72%-0.14%0.03%
201290.31%$53,1772.58%3.62%-1.83%0.11%
201210-0.09%$53,127-1.76%0.56%-0.83%0.11%
2012110.31%$53,2910.74%1.82%-0.37%0.19%
2012122.62%$54,6891.19%4.17%3.69%-0.20%
201314.37%$57,0785.50%3.34%3.71%-0.71%
20132-0.07%$57,0391.28%-1.23%1.24%0.54%
201332.25%$58,3243.88%0.77%2.89%0.08%
201344.42%$60,9041.70%3.58%6.70%0.91%
20135-1.99%$59,6952.32%-2.95%-5.96%-1.71%
20136-1.59%$58,746-1.27%-3.75%-1.96%-1.65%
201373.52%$60,8155.49%4.56%0.83%0.20%
20138-4.37%$58,157-2.82%-1.63%-6.86%-0.64%
201395.31%$61,2463.66%7.21%3.28%0.96%
2013103.87%$63,6144.22%3.41%4.46%0.78%
2013111.51%$64,5732.88%0.12%-5.23%-0.35%
2013121.94%$65,8262.63%1.25%0.26%-0.65%
20141-4.00%$63,195-3.11%-4.78%4.19%1.54%
201425.07%$66,3994.73%5.39%4.96%0.48%
201430.46%$66,7040.51%0.41%0.49%-0.15%
201441.77%$67,8840.06%1.31%3.37%0.77%
201452.27%$69,4252.17%1.88%2.35%1.05%
201461.81%$70,6802.54%1.74%1.14%0.11%
20147-0.91%$70,035-1.98%-1.61%0.04%-0.26%
201481.88%$71,3524.18%1.05%2.93%1.13%
20149-3.98%$68,511-2.14%-5.01%-5.96%-0.72%
2014106.02%$72,6332.74%-0.31%9.93%0.94%
2014112.19%$74,2272.41%-0.25%1.98%0.65%
2014120.95%$74,933-0.01%-3.65%1.93%0.09%
201512.44%$76,757-2.77%0.13%6.72%2.31%
20152-1.64%$75,4995.76%5.52%-3.59%-1.08%
201530.28%$75,713-1.04%-1.54%1.72%0.41%
20154-2.33%$73,9460.42%5.08%-5.92%-0.36%
201550.30%$74,1701.39%-0.94%-0.27%-0.45%
20156-2.17%$72,562-1.71%-2.69%-4.60%-1.01%
201570.52%$72,9431.63%-0.80%5.60%0.76%
20158-6.58%$68,145-6.03%-7.29%-6.25%-0.36%
201590.03%$68,165-2.93%-3.90%3.02%0.76%
2015101.27%$69,0317.84%6.26%5.78%0.01%
201511-0.33%$68,8060.54%-1.32%-0.64%-0.27%
201512-0.03%$68,787-2.03%-2.07%1.79%-0.38%
201610.60%$69,198-5.67%-5.59%-3.36%1.43%
201620.50%$69,546-0.04%-2.27%-0.43%0.66%
201632.41%$71,2217.01%8.19%10.41%0.94%
20164-0.83%$70,6300.63%2.22%-2.41%0.38%
201650.41%$70,9191.79%-1.02%2.36%0.01%
201662.79%$72,8950.23%-0.94%6.88%1.94%
201671.34%$73,8723.95%4.41%4.18%0.64%
20168-1.73%$72,5910.26%0.74%-3.68%-0.17%
20169-0.89%$71,9420.15%1.37%-1.83%-0.09%
201610-1.99%$70,512-2.21%-1.72%-5.72%-0.81%
2016111.34%$71,4574.44%-2.15%-1.73%-2.64%
2016121.97%$72,8631.92%2.02%4.66%0.24%
201712.87%$74,9571.91%3.87%-0.04%0.29%
201722.64%$76,9323.71%1.50%3.43%0.66%
201731.37%$77,9890.07%2.82%-2.36%-0.07%
201741.62%$79,2541.05%2.20%0.15%0.76%
201751.98%$80,8231.01%3.01%-0.65%0.67%
201760.73%$81,4110.92%0.52%2.10%0.01%
201772.61%$83,5391.87%3.42%1.23%0.39%
201780.39%$83,8670.15%0.64%-0.25%0.85%
201792.12%$85,6442.45%1.81%-0.13%-0.54%
2017102.04%$87,3932.16%1.94%-1.01%0.11%
2017111.86%$89,0223.04%0.78%2.64%-0.17%
2017121.48%$90,3430.99%2.01%-0.23%0.44%
201815.45%$95,2635.31%5.59%-4.21%-1.09%
20182-4.41%$91,065-3.72%-5.14%-7.65%-1.03%
20183-1.27%$89,908-1.99%-0.64%3.83%0.63%
201840.63%$90,4720.38%0.83%0.84%-0.83%
201850.09%$90,5552.79%-1.92%3.60%0.61%
20186-0.96%$89,6810.68%-2.08%4.13%0.03%
201872.03%$91,5023.34%2.48%0.74%0.03%
201883.00%$94,2513.44%-2.19%2.46%0.52%
20189-1.07%$93,2460.16%0.30%-2.63%-0.54%
201810-5.69%$87,939-7.40%-8.35%-2.98%-0.73%
2018113.38%$90,9072.06%1.26%4.73%0.53%
201812-8.59%$83,098-9.29%-4.85%-7.97%1.80%
201912.34%$85,0478.59%7.58%11.74%1.01%
201920.04%$85,0823.50%1.72%0.72%-0.06%
201932.26%$87,0071.44%0.72%4.18%1.96%
201940.01%$87,0183.98%2.76%-0.10%0.04%
20195-3.49%$83,983-6.45%-5.55%0.10%1.83%
201961.26%$85,0416.97%5.83%1.69%1.15%
201971.51%$86,3211.44%-1.89%1.58%0.23%
201980.78%$86,994-2.03%-2.35%3.76%2.78%
20199-0.07%$86,9361.70%2.72%1.89%-0.60%
2019100.43%$87,3102.10%3.38%1.06%0.21%
201911-0.41%$86,9563.77%1.11%-1.28%-0.06%
2019121.86%$88,5712.85%4.27%0.81%-0.15%
202010.50%$89,013-0.08%-3.30%1.17%2.11%
20202-7.72%$82,142-8.18%-6.72%-7.08%1.71%
20203-3.01%$79,670-13.78%-16.11%-19.30%-0.59%
202043.20%$82,22313.25%8.09%8.87%1.69%
202051.13%$83,1505.38%4.80%1.74%0.54%
202060.89%$83,8902.28%4.24%2.44%0.70%
202071.91%$85,4945.64%4.10%3.56%1.55%
20208-0.17%$85,3457.18%4.31%0.44%-1.02%
20209-2.73%$83,012-3.57%-1.96%-2.64%0.08%
202010-2.19%$81,198-2.16%-2.21%-3.09%-0.61%
20201112.62%$91,44212.19%12.93%9.67%1.11%
2020125.22%$96,2134.45%5.82%2.78%0.15%
20211-0.21%$96,007-0.34%-0.10%0.00%-0.80%
202122.76%$98,6563.19%2.32%3.37%-1.51%
202132.56%$101,1863.47%1.69%5.10%-1.38%
202143.88%$105,1105.14%2.78%7.97%0.95%
202150.60%$105,7440.43%3.14%0.76%0.24%
202162.57%$108,4662.53%-0.46%2.62%0.77%
202172.95%$111,6681.71%-1.28%4.44%1.21%
202182.54%$114,5092.86%1.73%2.15%-0.20%
20219-4.99%$108,795-4.49%-3.42%-5.66%-0.91%
2021106.86%$116,2566.71%2.61%7.03%-0.03%
202111-1.81%$114,148-1.49%-4.41%-2.18%0.33%
2021126.53%$121,6043.81%4.09%9.70%-0.41%
20221-7.07%$113,009-6.04%-2.84%-8.18%-2.17%
20222-3.11%$109,491-2.55%-2.97%-3.70%-1.13%
20223-0.96%$108,4433.23%-0.43%6.30%-2.82%
20224-6.47%$101,426-9.03%-6.26%-4.19%-3.85%
20225-0.73%$100,689-0.27%1.39%-4.64%0.58%
20226-7.92%$92,714-8.38%-8.31%-7.50%-1.50%
202272.67%$95,1909.40%3.63%8.66%2.31%
20228-3.51%$91,852-3.75%-4.09%-6.05%-2.77%
20229-6.44%$85,937-9.28%-9.99%-12.86%-4.18%
2022101.21%$86,9738.16%3.40%3.49%-1.38%
2022114.07%$90,5145.23%13.36%6.17%3.69%
202212-3.90%$86,988-5.88%-2.15%-5.07%-0.61%
202317.71%$93,6956.89%8.40%10.40%3.19%
20232-3.34%$90,566-2.34%-4.15%-5.88%-2.55%
202332.63%$92,9492.63%2.64%-2.09%2.56%
202341.41%$94,2631.05%1.69%0.29%0.54%
20235-1.73%$92,6370.41%-3.38%-4.01%-1.09%

Risk and Return Metrics

MetricAdaptive Allocation Model
Arithmetic Mean (monthly)0.76%
Arithmetic Mean (annualized)9.46%
Geometric Mean (monthly)0.70%
Geometric Mean (annualized)8.79%
Standard Deviation (monthly)3.19%
Standard Deviation (annualized)11.06%
Downside Deviation (monthly)2.08%
Maximum Drawdown-29.33%
Stock Market Correlation0.67
Beta(*)0.46
Alpha (annualized)4.62%
R244.96%
Sharpe Ratio0.64
Sortino Ratio0.96
Treynor Ratio (%)15.40
Calmar Ratio0.13
Active Return0.12%
Tracking Error11.92%
Information Ratio0.01
Skewness-0.60
Excess Kurtosis2.48
Historical Value-at-Risk (5%)5.24%
Analytical Value-at-Risk (5%)4.49%
Conditional Value-at-Risk (5%)7.25%
Upside Capture Ratio (%)59.93
Downside Capture Ratio (%)47.77
Safe Withdrawal Rate9.31%
Perpetual Withdrawal Rate5.89%
Positive Periods212 out of 317 (66.88%)
Gain/Loss Ratio0.94
* US stock market is used as the benchmark for calculations. Value-at-risk metrics are monthly values.

Drawdowns

Historical Market Stress Periods

Stress PeriodStartEndAdaptive Allocation Model
Asian CrisisJul 1997Jan 1998-6.53%
Russian Debt DefaultJul 1998Oct 1998-15.45%
Dotcom CrashMar 2000Oct 2002-5.32%
Subprime CrisisNov 2007Mar 2009-10.97%
COVID-19 StartJan 2020Mar 2020-10.50%

Drawdowns for Adaptive Allocation Model

RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Jan 2022Sep 20229 months-29.33%
2Feb 2018Mar 20202 years 2 monthsDec 20209 months2 years 11 months-16.37%
3May 1998Aug 19984 monthsDec 19991 year 4 months1 year 8 months-15.74%
4May 2010Jun 20102 monthsApr 201110 months1 year-12.18%
5Feb 2015Aug 20157 monthsFeb 20171 year 6 months2 years 1 month-11.22%
6Nov 2007Oct 20081 yearJul 20099 months1 year 9 months-10.97%
7Apr 2004Apr 20041 monthNov 20047 months8 months-9.54%
8Aug 1997Aug 19971 monthSep 19971 month2 months-6.53%
9Jan 2005Oct 200510 monthsDec 20052 months1 year-5.71%
10May 2012May 20121 monthJul 20122 months3 months-5.48%
Worst 10 drawdowns included above

Rolling Returns

Roll PeriodAverageHighLow
1 year9.43%43.18%-28.47%
3 years9.78%18.56%-2.42%
5 years10.04%18.39%-0.75%
7 years10.36%16.66%3.36%
10 years10.60%14.39%4.46%
15 years10.55%13.05%6.05%

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years

Timing Periods

#StartEndMonthsAssetsAsset PerformanceAdaptive Allocation Model
318Jun 2023Jun 20231Please sign-in for forward signals--
317May 2023May 2023156.27% Vanguard Total Intl Stock Index Inv (VGTSX)
43.73% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -3.38%
VTSMX: 0.41%		-1.73%
316Apr 2023Apr 2023156.93% Vanguard Total Intl Stock Index Inv (VGTSX)
43.07% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.69%
VTSMX: 1.05%		1.41%
315Mar 2023Mar 2023157.65% Vanguard Total Intl Stock Index Inv (VGTSX)
42.35% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.64%
VTSMX: 2.63%		2.63%
314Feb 2023Feb 2023155.10% Vanguard Total Intl Stock Index Inv (VGTSX)
44.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -4.15%
VTSMX: -2.34%		-3.34%
313Jan 2023Jan 2023154.28% Vanguard Total Intl Stock Index Inv (VGTSX)
45.72% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 8.40%
VTSMX: 6.89%		7.71%
312Dec 2022Dec 2022153.27% Vanguard Total Intl Stock Index Inv (VGTSX)
46.73% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.15%
VTSMX: -5.88%		-3.90%
311Nov 2022Nov 2022175.28% Vanguard Total Bond Market Index Inv (VBMFX)
24.72% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 3.69%
VTSMX: 5.23%		4.07%
310Oct 2022Oct 2022172.90% Vanguard Total Bond Market Index Inv (VBMFX)
27.10% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -1.38%
VTSMX: 8.16%		1.21%
309Sep 2022Sep 2022173.96% Vanguard Total Bond Market Index Inv (VBMFX)
26.04% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -4.18%
VGSIX: -12.86%		-6.44%
308Aug 2022Aug 2022177.50% Vanguard Total Bond Market Index Inv (VBMFX)
22.50% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -2.77%
VGSIX: -6.05%		-3.51%
307Jul 2022Jul 2022172.91% Vanguard Total Bond Market Index Inv (VBMFX)
27.09% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 2.31%
VGTSX: 3.63%		2.67%
306Jun 2022Jun 2022147.59% Vanguard Real Estate Index Investor (VGSIX)
52.41% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -7.50%
VGTSX: -8.31%		-7.92%
305May 2022May 2022174.91% Vanguard Total Bond Market Index Inv (VBMFX)
25.09% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.58%
VGSIX: -4.64%		-0.73%
304Apr 2022Apr 2022152.89% Vanguard Real Estate Index Investor (VGSIX)
47.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -4.19%
VTSMX: -9.03%		-6.47%
303Mar 2022Mar 2022179.56% Vanguard Total Bond Market Index Inv (VBMFX)
20.44% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -2.82%
VGSIX: 6.30%		-0.96%
302Feb 2022Feb 2022148.64% Vanguard Real Estate Index Investor (VGSIX)
51.36% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.70%
VTSMX: -2.55%		-3.11%
301Jan 2022Jan 2022148.04% Vanguard Real Estate Index Investor (VGSIX)
51.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -8.18%
VTSMX: -6.04%		-7.07%
300Dec 2021Dec 2021146.16% Vanguard Real Estate Index Investor (VGSIX)
53.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 9.70%
VTSMX: 3.81%		6.53%
299Nov 2021Nov 2021146.58% Vanguard Real Estate Index Investor (VGSIX)
53.42% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.18%
VTSMX: -1.49%		-1.81%
298Oct 2021Oct 2021145.63% Vanguard Real Estate Index Investor (VGSIX)
54.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 7.03%
VTSMX: 6.71%		6.86%
297Sep 2021Sep 2021142.77% Vanguard Real Estate Index Investor (VGSIX)
57.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.66%
VTSMX: -4.49%		-4.99%
296Aug 2021Aug 2021144.16% Vanguard Real Estate Index Investor (VGSIX)
55.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.15%
VTSMX: 2.86%		2.54%
295Jul 2021Jul 2021145.64% Vanguard Real Estate Index Investor (VGSIX)
54.36% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 4.44%
VTSMX: 1.71%		2.95%
294Jun 2021Jun 2021151.50% Vanguard Real Estate Index Investor (VGSIX)
48.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.62%
VTSMX: 2.53%		2.57%
293May 2021May 2021152.96% Vanguard Real Estate Index Investor (VGSIX)
47.04% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.76%
VTSMX: 0.43%		0.60%
292Apr 2021Apr 2021153.47% Vanguard Total Intl Stock Index Inv (VGTSX)
46.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.78%
VTSMX: 5.14%		3.88%
291Mar 2021Mar 2021150.75% Vanguard Total Intl Stock Index Inv (VGTSX)
49.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.69%
VTSMX: 3.47%		2.56%
290Feb 2021Feb 2021149.52% Vanguard Total Intl Stock Index Inv (VGTSX)
50.48% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.32%
VTSMX: 3.19%		2.76%
289Jan 2021Jan 2021152.52% Vanguard Total Intl Stock Index Inv (VGTSX)
47.48% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.10%
VTSMX: -0.34%		-0.21%
288Dec 2020Dec 2020156.19% Vanguard Total Intl Stock Index Inv (VGTSX)
43.81% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.82%
VTSMX: 4.45%		5.22%
287Nov 2020Nov 2020157.11% Vanguard Total Intl Stock Index Inv (VGTSX)
42.89% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 12.93%
VTSMX: 12.19%		12.62%
286Oct 2020Oct 2020154.11% Vanguard Total Intl Stock Index Inv (VGTSX)
45.89% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.21%
VTSMX: -2.16%		-2.19%
285Sep 2020Sep 2020151.96% Vanguard Total Intl Stock Index Inv (VGTSX)
48.04% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.96%
VTSMX: -3.57%		-2.73%
284Aug 2020Aug 2020189.64% Vanguard Total Bond Market Index Inv (VBMFX)
10.36% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -1.02%
VTSMX: 7.18%		-0.17%
283Jul 2020Jul 2020191.19% Vanguard Total Bond Market Index Inv (VBMFX)
8.81% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.55%
VTSMX: 5.64%		1.91%
282Jun 2020Jun 2020187.89% Vanguard Total Bond Market Index Inv (VBMFX)
12.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.70%
VTSMX: 2.28%		0.89%
281May 2020May 2020187.80% Vanguard Total Bond Market Index Inv (VBMFX)
12.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.54%
VTSMX: 5.38%		1.13%
280Apr 2020Apr 2020186.92% Vanguard Total Bond Market Index Inv (VBMFX)
13.08% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.69%
VTSMX: 13.25%		3.20%
279Mar 2020Mar 2020181.63% Vanguard Total Bond Market Index Inv (VBMFX)
18.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -0.59%
VTSMX: -13.78%		-3.01%
278Feb 2020Feb 2020141.84% Vanguard Real Estate Index Investor (VGSIX)
58.16% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -7.08%
VTSMX: -8.18%		-7.72%
277Jan 2020Jan 2020146.24% Vanguard Real Estate Index Investor (VGSIX)
53.76% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.17%
VTSMX: -0.08%		0.50%
276Dec 2019Dec 2019148.69% Vanguard Real Estate Index Investor (VGSIX)
51.31% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.81%
VTSMX: 2.85%		1.86%
275Nov 2019Nov 2019171.82% Vanguard Total Bond Market Index Inv (VBMFX)
28.18% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.06%
VGSIX: -1.28%		-0.41%
274Oct 2019Oct 2019174.39% Vanguard Total Bond Market Index Inv (VBMFX)
25.61% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.21%
VGSIX: 1.06%		0.43%
273Sep 2019Sep 2019178.69% Vanguard Total Bond Market Index Inv (VBMFX)
21.31% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.60%
VGSIX: 1.89%		-0.07%
272Aug 2019Aug 2019148.50% Vanguard Real Estate Index Investor (VGSIX)
51.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 3.76%
VTSMX: -2.03%		0.78%
271Jul 2019Jul 2019146.78% Vanguard Real Estate Index Investor (VGSIX)
53.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.58%
VTSMX: 1.44%		1.51%
270Jun 2019Jun 2019179.94% Vanguard Total Bond Market Index Inv (VBMFX)
20.06% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.15%
VGSIX: 1.69%		1.26%
269May 2019May 2019145.17% Vanguard Real Estate Index Investor (VGSIX)
54.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.10%
VTSMX: -6.45%		-3.49%
268Apr 2019Apr 2019179.10% Vanguard Total Bond Market Index Inv (VBMFX)
20.90% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.04%
VGSIX: -0.10%		0.01%
267Mar 2019Mar 2019186.19% Vanguard Total Bond Market Index Inv (VBMFX)
13.81% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.96%
VGSIX: 4.18%		2.26%
266Feb 2019Feb 2019186.80% Vanguard Total Bond Market Index Inv (VBMFX)
13.20% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.06%
VGSIX: 0.72%		0.04%
265Jan 2019Jan 2019187.54% Vanguard Total Bond Market Index Inv (VBMFX)
12.46% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.01%
VGSIX: 11.74%		2.34%
264Dec 2018Dec 2018153.23% Vanguard Real Estate Index Investor (VGSIX)
46.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -7.97%
VTSMX: -9.29%		-8.59%
263Nov 2018Nov 2018149.24% Vanguard Real Estate Index Investor (VGSIX)
50.76% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 4.73%
VTSMX: 2.06%		3.38%
262Oct 2018Oct 2018138.70% Vanguard Real Estate Index Investor (VGSIX)
61.30% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.98%
VTSMX: -7.40%		-5.69%
261Sep 2018Sep 2018143.86% Vanguard Real Estate Index Investor (VGSIX)
56.14% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.63%
VTSMX: 0.16%		-1.07%
260Aug 2018Aug 2018144.57% Vanguard Real Estate Index Investor (VGSIX)
55.43% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.46%
VTSMX: 3.44%		3.00%
259Jul 2018Jul 2018150.33% Vanguard Real Estate Index Investor (VGSIX)
49.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.74%
VTSMX: 3.34%		2.03%
258Jun 2018Jun 2018159.53% Vanguard Total Intl Stock Index Inv (VGTSX)
40.47% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.08%
VTSMX: 0.68%		-0.96%
257May 2018May 2018157.33% Vanguard Total Intl Stock Index Inv (VGTSX)
42.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.92%
VTSMX: 2.79%		0.09%
256Apr 2018Apr 2018155.29% Vanguard Total Intl Stock Index Inv (VGTSX)
44.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.83%
VTSMX: 0.38%		0.63%
255Mar 2018Mar 2018153.23% Vanguard Total Intl Stock Index Inv (VGTSX)
46.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.64%
VTSMX: -1.99%		-1.27%
254Feb 2018Feb 2018148.54% Vanguard Total Intl Stock Index Inv (VGTSX)
51.46% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -5.14%
VTSMX: -3.72%		-4.41%
253Jan 2018Jan 2018148.83% Vanguard Total Intl Stock Index Inv (VGTSX)
51.17% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.59%
VTSMX: 5.31%		5.45%
252Dec 2017Dec 2017148.07% Vanguard Total Intl Stock Index Inv (VGTSX)
51.93% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.01%
VTSMX: 0.99%		1.48%
251Nov 2017Nov 2017152.14% Vanguard Total Intl Stock Index Inv (VGTSX)
47.86% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.78%
VTSMX: 3.04%		1.86%
250Oct 2017Oct 2017151.87% Vanguard Total Intl Stock Index Inv (VGTSX)
48.13% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.94%
VTSMX: 2.16%		2.04%
249Sep 2017Sep 2017151.75% Vanguard Total Intl Stock Index Inv (VGTSX)
48.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.81%
VTSMX: 2.45%		2.12%
248Aug 2017Aug 2017150.12% Vanguard Total Intl Stock Index Inv (VGTSX)
49.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.64%
VTSMX: 0.15%		0.39%
247Jul 2017Jul 2017148.07% Vanguard Total Intl Stock Index Inv (VGTSX)
51.93% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.42%
VTSMX: 1.87%		2.61%
246Jun 2017Jun 2017148.77% Vanguard Total Intl Stock Index Inv (VGTSX)
51.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.52%
VTSMX: 0.92%		0.73%
245May 2017May 2017148.59% Vanguard Total Intl Stock Index Inv (VGTSX)
51.41% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.01%
VTSMX: 1.01%		1.98%
244Apr 2017Apr 2017149.82% Vanguard Total Intl Stock Index Inv (VGTSX)
50.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.20%
VTSMX: 1.05%		1.62%
243Mar 2017Mar 2017147.43% Vanguard Total Intl Stock Index Inv (VGTSX)
52.57% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.82%
VTSMX: 0.07%		1.37%
242Feb 2017Feb 2017148.72% Vanguard Total Intl Stock Index Inv (VGTSX)
51.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.50%
VTSMX: 3.71%		2.64%
241Jan 2017Jan 2017149.23% Vanguard Total Intl Stock Index Inv (VGTSX)
50.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.87%
VTSMX: 1.91%		2.87%
240Dec 2016Dec 2016148.68% Vanguard Total Intl Stock Index Inv (VGTSX)
51.32% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.02%
VTSMX: 1.92%		1.97%
239Nov 2016Nov 2016147.00% Vanguard Total Intl Stock Index Inv (VGTSX)
53.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.15%
VTSMX: 4.44%		1.34%
238Oct 2016Oct 2016145.53% Vanguard Total Intl Stock Index Inv (VGTSX)
54.47% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.72%
VTSMX: -2.21%		-1.99%
237Sep 2016Sep 2016152.76% Vanguard Real Estate Index Investor (VGSIX)
47.24% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -1.83%
VTSMX: 0.15%		-0.89%
236Aug 2016Aug 2016150.59% Vanguard Real Estate Index Investor (VGSIX)
49.41% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.68%
VTSMX: 0.26%		-1.73%
235Jul 2016Jul 2016180.19% Vanguard Total Bond Market Index Inv (VBMFX)
19.81% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.64%
VGSIX: 4.18%		1.34%
234Jun 2016Jun 2016182.86% Vanguard Total Bond Market Index Inv (VBMFX)
17.14% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.94%
VGSIX: 6.88%		2.79%
233May 2016May 2016183.13% Vanguard Total Bond Market Index Inv (VBMFX)
16.87% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.01%
VGSIX: 2.36%		0.41%
232Apr 2016Apr 2016148.01% Vanguard Real Estate Index Investor (VGSIX)
51.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.41%
VTSMX: 0.63%		-0.83%
231Mar 2016Mar 2016184.52% Vanguard Total Bond Market Index Inv (VBMFX)
15.48% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.94%
VGSIX: 10.41%		2.41%
230Feb 2016Feb 2016185.49% Vanguard Total Bond Market Index Inv (VBMFX)
14.51% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.66%
VGSIX: -0.43%		0.50%
229Jan 2016Jan 2016182.65% Vanguard Total Bond Market Index Inv (VBMFX)
17.35% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.43%
VGSIX: -3.36%		0.60%
228Dec 2015Dec 2015183.77% Vanguard Total Bond Market Index Inv (VBMFX)
16.23% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.38%
VGSIX: 1.79%		-0.03%
227Nov 2015Nov 2015184.34% Vanguard Total Bond Market Index Inv (VBMFX)
15.66% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.27%
VGSIX: -0.64%		-0.33%
226Oct 2015Oct 2015183.95% Vanguard Total Bond Market Index Inv (VBMFX)
16.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.01%
VTSMX: 7.84%		1.27%
225Sep 2015Sep 2015180.31% Vanguard Total Bond Market Index Inv (VBMFX)
19.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.76%
VTSMX: -2.93%		0.03%
224Aug 2015Aug 2015143.56% Vanguard Total Intl Stock Index Inv (VGTSX)
56.44% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -7.29%
VTSMX: -6.03%		-6.58%
223Jul 2015Jul 2015145.46% Vanguard Total Intl Stock Index Inv (VGTSX)
54.54% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.80%
VTSMX: 1.63%		0.52%
222Jun 2015Jun 2015146.61% Vanguard Total Intl Stock Index Inv (VGTSX)
53.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.69%
VTSMX: -1.71%		-2.17%
221May 2015May 2015146.63% Vanguard Total Intl Stock Index Inv (VGTSX)
53.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.94%
VTSMX: 1.39%		0.30%
220Apr 2015Apr 2015143.41% Vanguard Real Estate Index Investor (VGSIX)
56.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.92%
VTSMX: 0.42%		-2.33%
219Mar 2015Mar 2015147.82% Vanguard Real Estate Index Investor (VGSIX)
52.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.72%
VTSMX: -1.04%		0.28%
218Feb 2015Feb 2015177.74% Vanguard Total Bond Market Index Inv (VBMFX)
22.26% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -1.08%
VGSIX: -3.59%		-1.64%
217Jan 2015Jan 2015154.84% Vanguard Real Estate Index Investor (VGSIX)
45.16% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 6.72%
VTSMX: -2.77%		2.44%
216Dec 2014Dec 2014149.31% Vanguard Real Estate Index Investor (VGSIX)
50.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.93%
VTSMX: -0.01%		0.95%
215Nov 2014Nov 2014150.30% Vanguard Real Estate Index Investor (VGSIX)
49.70% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.98%
VTSMX: 2.41%		2.19%
214Oct 2014Oct 2014145.57% Vanguard Real Estate Index Investor (VGSIX)
54.43% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 9.93%
VTSMX: 2.74%		6.02%
213Sep 2014Sep 2014148.23% Vanguard Real Estate Index Investor (VGSIX)
51.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.96%
VTSMX: -2.14%		-3.98%
212Aug 2014Aug 2014144.11% Vanguard Real Estate Index Investor (VGSIX)
55.89% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 2.93%
VGTSX: 1.05%		1.88%
211Jul 2014Jul 2014152.82% Vanguard Real Estate Index Investor (VGSIX)
47.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.04%
VTSMX: -1.98%		-0.91%
210Jun 2014Jun 2014152.34% Vanguard Real Estate Index Investor (VGSIX)
47.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.14%
VTSMX: 2.54%		1.81%
209May 2014May 2014154.04% Vanguard Real Estate Index Investor (VGSIX)
45.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.35%
VTSMX: 2.17%		2.27%
208Apr 2014Apr 2014151.63% Vanguard Real Estate Index Investor (VGSIX)
48.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 3.37%
VTSMX: 0.06%		1.77%
207Mar 2014Mar 2014151.40% Vanguard Total Intl Stock Index Inv (VGTSX)
48.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.41%
VTSMX: 0.51%		0.46%
206Feb 2014Feb 2014151.16% Vanguard Total Intl Stock Index Inv (VGTSX)
48.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.39%
VTSMX: 4.73%		5.07%
205Jan 2014Jan 2014153.33% Vanguard Total Intl Stock Index Inv (VGTSX)
46.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -4.78%
VTSMX: -3.11%		-4.00%
204Dec 2013Dec 2013149.89% Vanguard Total Intl Stock Index Inv (VGTSX)
50.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.25%
VTSMX: 2.63%		1.94%
203Nov 2013Nov 2013149.77% Vanguard Total Intl Stock Index Inv (VGTSX)
50.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.12%
VTSMX: 2.88%		1.51%
202Oct 2013Oct 2013143.95% Vanguard Total Intl Stock Index Inv (VGTSX)
56.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.41%
VTSMX: 4.22%		3.87%
201Sep 2013Sep 2013146.39% Vanguard Total Intl Stock Index Inv (VGTSX)
53.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 7.21%
VTSMX: 3.66%		5.31%
200Aug 2013Aug 2013138.34% Vanguard Real Estate Index Investor (VGSIX)
61.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -6.86%
VTSMX: -2.82%		-4.37%
199Jul 2013Jul 2013142.18% Vanguard Real Estate Index Investor (VGSIX)
57.82% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.83%
VTSMX: 5.49%		3.52%
198Jun 2013Jun 2013146.26% Vanguard Real Estate Index Investor (VGSIX)
53.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -1.96%
VTSMX: -1.27%		-1.59%
197May 2013May 2013152.01% Vanguard Real Estate Index Investor (VGSIX)
47.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.96%
VTSMX: 2.32%		-1.99%
196Apr 2013Apr 2013154.48% Vanguard Real Estate Index Investor (VGSIX)
45.52% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 6.70%
VTSMX: 1.70%		4.42%
195Mar 2013Mar 2013152.34% Vanguard Total Intl Stock Index Inv (VGTSX)
47.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.77%
VTSMX: 3.88%		2.25%
194Feb 2013Feb 2013153.67% Vanguard Total Intl Stock Index Inv (VGTSX)
46.33% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.23%
VTSMX: 1.28%		-0.07%
193Jan 2013Jan 2013152.36% Vanguard Total Intl Stock Index Inv (VGTSX)
47.64% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.34%
VTSMX: 5.50%		4.37%
192Dec 2012Dec 2012147.97% Vanguard Total Intl Stock Index Inv (VGTSX)
52.03% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 4.17%
VTSMX: 1.19%		2.62%
191Nov 2012Nov 2012178.50% Vanguard Total Bond Market Index Inv (VBMFX)
21.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.19%
VTSMX: 0.74%		0.31%
190Oct 2012Oct 2012178.20% Vanguard Total Bond Market Index Inv (VBMFX)
21.80% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.11%
VGSIX: -0.83%		-0.09%
189Sep 2012Sep 2012151.51% Vanguard Real Estate Index Investor (VGSIX)
48.49% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -1.83%
VTSMX: 2.58%		0.31%
188Aug 2012Aug 2012148.47% Vanguard Real Estate Index Investor (VGSIX)
51.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -0.14%
VTSMX: 2.48%		1.21%
187Jul 2012Jul 2012146.97% Vanguard Real Estate Index Investor (VGSIX)
53.03% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.93%
VTSMX: 1.03%		1.45%
186Jun 2012Jun 2012145.72% Vanguard Real Estate Index Investor (VGSIX)
54.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.64%
VTSMX: 3.91%		4.70%
185May 2012May 2012146.13% Vanguard Real Estate Index Investor (VGSIX)
53.87% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -4.60%
VTSMX: -6.24%		-5.48%
184Apr 2012Apr 2012143.91% Vanguard Real Estate Index Investor (VGSIX)
56.09% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.88%
VTSMX: -0.65%		0.90%
183Mar 2012Mar 2012145.11% Vanguard Real Estate Index Investor (VGSIX)
54.89% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.14%
VTSMX: 3.07%		4.00%
182Feb 2012Feb 2012188.07% Vanguard Total Bond Market Index Inv (VBMFX)
11.93% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.05%
VGSIX: -1.12%		-0.17%
181Jan 2012Jan 2012188.94% Vanguard Total Bond Market Index Inv (VBMFX)
11.06% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.87%
VGSIX: 6.49%		1.49%
180Dec 2011Dec 2011186.80% Vanguard Total Bond Market Index Inv (VBMFX)
13.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.08%
VTSMX: 0.80%		1.04%
179Nov 2011Nov 2011189.24% Vanguard Total Bond Market Index Inv (VBMFX)
10.76% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.30%
VGSIX: -3.73%		-0.67%
178Oct 2011Oct 2011188.63% Vanguard Total Bond Market Index Inv (VBMFX)
11.37% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.16%
VGSIX: 14.39%		1.78%
177Sep 2011Sep 2011188.18% Vanguard Total Bond Market Index Inv (VBMFX)
11.82% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.89%
VGSIX: -10.98%		-0.51%
176Aug 2011Aug 2011182.86% Vanguard Total Bond Market Index Inv (VBMFX)
17.14% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.46%
VGSIX: -5.53%		0.27%
175Jul 2011Jul 2011144.66% Vanguard Real Estate Index Investor (VGSIX)
55.34% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.55%
VTSMX: -2.28%		-0.57%
174Jun 2011Jun 2011145.23% Vanguard Real Estate Index Investor (VGSIX)
54.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.35%
VTSMX: -1.79%		-2.49%
173May 2011May 2011145.78% Vanguard Real Estate Index Investor (VGSIX)
54.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.36%
VTSMX: -1.16%		-0.01%
172Apr 2011Apr 2011144.71% Vanguard Real Estate Index Investor (VGSIX)
55.29% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.66%
VTSMX: 2.99%		4.18%
171Mar 2011Mar 2011144.27% Vanguard Total Intl Stock Index Inv (VGTSX)
55.73% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.43%
VTSMX: 0.45%		0.06%
170Feb 2011Feb 2011142.41% Vanguard Total Intl Stock Index Inv (VGTSX)
57.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.71%
VTSMX: 3.60%		3.22%
169Jan 2011Jan 2011141.47% Vanguard Total Intl Stock Index Inv (VGTSX)
58.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.70%
VTSMX: 2.19%		1.57%
168Dec 2010Dec 2010145.49% Vanguard Real Estate Index Investor (VGSIX)
54.51% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.63%
VGTSX: 8.34%		6.65%
167Nov 2010Nov 2010145.30% Vanguard Real Estate Index Investor (VGSIX)
54.70% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.04%
VGTSX: -4.52%		-3.40%
166Oct 2010Oct 2010187.76% Vanguard Total Bond Market Index Inv (VBMFX)
12.24% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.36%
VGSIX: 4.80%		0.90%
165Sep 2010Sep 2010189.21% Vanguard Total Bond Market Index Inv (VBMFX)
10.79% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.01%
VGSIX: 4.37%		0.46%
164Aug 2010Aug 2010191.24% Vanguard Total Bond Market Index Inv (VBMFX)
8.76% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.48%
VGSIX: -1.24%		1.24%
163Jul 2010Jul 2010190.79% Vanguard Total Bond Market Index Inv (VBMFX)
9.21% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.94%
VGSIX: 9.73%		1.75%
162Jun 2010Jun 2010138.04% Vanguard Real Estate Index Investor (VGSIX)
61.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.24%
VTSMX: -5.66%		-5.50%
161May 2010May 2010135.95% Vanguard Real Estate Index Investor (VGSIX)
64.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.41%
VTSMX: -8.00%		-7.07%
160Apr 2010Apr 2010141.08% Vanguard Real Estate Index Investor (VGSIX)
58.92% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 7.09%
VTSMX: 2.17%		4.19%
159Mar 2010Mar 2010140.04% Vanguard Real Estate Index Investor (VGSIX)
59.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 10.09%
VTSMX: 6.27%		7.80%
158Feb 2010Feb 2010135.49% Vanguard Real Estate Index Investor (VGSIX)
64.51% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.55%
VTSMX: 3.36%		4.14%
157Jan 2010Jan 2010139.31% Vanguard Real Estate Index Investor (VGSIX)
60.69% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -5.32%
VGTSX: -5.07%		-5.17%
156Dec 2009Dec 2009132.43% Vanguard Real Estate Index Investor (VGSIX)
67.57% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 7.03%
VTSMX: 2.86%		4.21%
155Nov 2009Nov 2009133.61% Vanguard Real Estate Index Investor (VGSIX)
66.39% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 6.85%
VGTSX: 3.86%		4.86%
154Oct 2009Oct 2009131.61% Vanguard Real Estate Index Investor (VGSIX)
68.39% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -4.64%
VGTSX: -2.17%		-2.95%
153Sep 2009Sep 2009134.73% Vanguard Real Estate Index Investor (VGSIX)
65.27% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 6.69%
VGTSX: 5.15%		5.68%
152Aug 2009Aug 2009148.31% Vanguard Total Intl Stock Index Inv (VGTSX)
51.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.50%
VTSMX: 3.63%		3.57%
151Jul 2009Jul 2009148.78% Vanguard Total Intl Stock Index Inv (VGTSX)
51.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 9.96%
VTSMX: 7.82%		8.86%
150Jun 2009Jun 2009127.30% Vanguard Real Estate Index Investor (VGSIX)
72.70% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -3.25%
VGTSX: -1.32%		-1.85%
149May 2009May 2009189.15% Vanguard Total Bond Market Index Inv (VBMFX)
10.85% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 0.85%
VGTSX: 14.35%		2.31%
148Apr 2009Apr 2009189.37% Vanguard Total Bond Market Index Inv (VBMFX)
10.63% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.36%
VTSMX: 10.61%		1.45%
147Mar 2009Mar 2009190.04% Vanguard Total Bond Market Index Inv (VBMFX)
9.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.48%
VTSMX: 8.65%		2.20%
146Feb 2009Feb 2009190.09% Vanguard Total Bond Market Index Inv (VBMFX)
9.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -0.42%
VTSMX: -10.45%		-1.42%
145Jan 2009Jan 2009190.82% Vanguard Total Bond Market Index Inv (VBMFX)
9.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -0.70%
VTSMX: -8.26%		-1.39%
144Dec 2008Dec 2008189.83% Vanguard Total Bond Market Index Inv (VBMFX)
10.17% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 3.32%
VTSMX: 1.86%		3.17%
143Nov 2008Nov 2008189.88% Vanguard Total Bond Market Index Inv (VBMFX)
10.12% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 3.64%
VTSMX: -7.90%		2.47%
142Oct 2008Oct 2008190.66% Vanguard Total Bond Market Index Inv (VBMFX)
9.34% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -2.53%
VGSIX: -31.23%		-5.22%
141Sep 2008Sep 2008189.12% Vanguard Total Bond Market Index Inv (VBMFX)
10.88% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -1.10%
VGSIX: -0.11%		-1.00%
140Aug 2008Aug 2008187.72% Vanguard Total Bond Market Index Inv (VBMFX)
12.28% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.70%
VGSIX: 2.25%		0.89%
139Jul 2008Jul 2008184.13% Vanguard Total Bond Market Index Inv (VBMFX)
15.87% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.00%
VGSIX: 3.15%		0.50%
138Jun 2008Jun 2008182.96% Vanguard Total Bond Market Index Inv (VBMFX)
17.04% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.01%
VGSIX: -10.77%		-1.84%
137May 2008May 2008183.42% Vanguard Total Bond Market Index Inv (VBMFX)
16.58% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.79%
VGSIX: 0.14%		-0.63%
136Apr 2008Apr 2008179.43% Vanguard Total Bond Market Index Inv (VBMFX)
20.57% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: -0.30%
VGTSX: 5.85%		0.96%
135Mar 2008Mar 2008179.09% Vanguard Total Bond Market Index Inv (VBMFX)
20.91% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 0.30%
VGTSX: -0.71%		0.09%
134Feb 2008Feb 2008188.05% Vanguard Total Bond Market Index Inv (VBMFX)
11.95% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.19%
VGSIX: -3.73%		-0.28%
133Jan 2008Jan 2008182.38% Vanguard Total Bond Market Index Inv (VBMFX)
17.62% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 1.69%
VGTSX: -8.55%		-0.11%
132Dec 2007Dec 2007184.40% Vanguard Total Bond Market Index Inv (VBMFX)
15.60% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 0.22%
VGTSX: -2.28%		-0.17%
131Nov 2007Nov 2007146.42% Vanguard Total Intl Stock Index Inv (VGTSX)
53.58% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -4.57%
VTSMX: -4.49%		-4.52%
130Oct 2007Oct 2007147.00% Vanguard Total Intl Stock Index Inv (VGTSX)
53.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.90%
VTSMX: 1.85%		3.75%
129Sep 2007Sep 2007147.58% Vanguard Total Intl Stock Index Inv (VGTSX)
52.42% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 6.38%
VTSMX: 3.59%		4.92%
128Aug 2007Aug 2007148.09% Vanguard Total Intl Stock Index Inv (VGTSX)
51.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.72%
VTSMX: 1.45%		0.41%
127Jul 2007Jul 2007147.34% Vanguard Total Intl Stock Index Inv (VGTSX)
52.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.06%
VTSMX: -3.41%		-2.30%
126Jun 2007Jun 2007144.10% Vanguard Total Intl Stock Index Inv (VGTSX)
55.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.61%
VTSMX: -1.67%		-0.66%
125May 2007May 2007144.29% Vanguard Total Intl Stock Index Inv (VGTSX)
55.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.09%
VTSMX: 3.69%		3.42%
124Apr 2007Apr 2007144.02% Vanguard Real Estate Index Investor (VGSIX)
55.98% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -0.04%
VGTSX: 3.92%		2.18%
123Mar 2007Mar 2007144.65% Vanguard Real Estate Index Investor (VGSIX)
55.35% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.37%
VGTSX: 2.80%		0.49%
122Feb 2007Feb 2007138.69% Vanguard Real Estate Index Investor (VGSIX)
61.31% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.41%
VGTSX: 0.06%		-0.90%
121Jan 2007Jan 2007135.96% Vanguard Real Estate Index Investor (VGSIX)
64.04% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 8.52%
VGTSX: 0.96%		3.68%
120Dec 2006Dec 2006140.22% Vanguard Real Estate Index Investor (VGSIX)
59.78% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -1.81%
VGTSX: 3.09%		1.12%
119Nov 2006Nov 2006142.40% Vanguard Real Estate Index Investor (VGSIX)
57.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 4.69%
VTSMX: 2.23%		3.28%
118Oct 2006Oct 2006151.22% Vanguard Real Estate Index Investor (VGSIX)
48.78% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 6.11%
VGTSX: 4.00%		5.08%
117Sep 2006Sep 2006156.63% Vanguard Real Estate Index Investor (VGSIX)
43.37% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.90%
VGTSX: 0.25%		1.18%
116Aug 2006Aug 2006156.20% Vanguard Real Estate Index Investor (VGSIX)
43.80% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 3.72%
VGTSX: 2.53%		3.20%
115Jul 2006Jul 2006154.31% Vanguard Real Estate Index Investor (VGSIX)
45.69% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 3.49%
VGTSX: 1.15%		2.42%
114Jun 2006Jun 2006145.86% Vanguard Real Estate Index Investor (VGSIX)
54.14% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 5.29%
VGTSX: -0.38%		2.22%
113May 2006May 2006141.29% Vanguard Real Estate Index Investor (VGSIX)
58.71% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.80%
VGTSX: -4.45%		-3.77%
112Apr 2006Apr 2006149.01% Vanguard Real Estate Index Investor (VGSIX)
50.99% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -3.63%
VGTSX: 5.12%		0.83%
111Mar 2006Mar 2006153.59% Vanguard Real Estate Index Investor (VGSIX)
46.41% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.83%
VGTSX: 3.17%		4.06%
110Feb 2006Feb 2006149.96% Vanguard Real Estate Index Investor (VGSIX)
50.04% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.83%
VGTSX: -0.72%		0.55%
109Jan 2006Jan 2006150.56% Vanguard Total Intl Stock Index Inv (VGTSX)
49.44% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 6.87%
VTSMX: 3.50%		5.20%
108Dec 2005Dec 2005139.92% Vanguard Real Estate Index Investor (VGSIX)
60.08% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -0.10%
VGTSX: 5.14%		3.05%
107Nov 2005Nov 2005138.64% Vanguard Real Estate Index Investor (VGSIX)
61.36% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.25%
VGTSX: 2.67%		3.28%
106Oct 2005Oct 2005138.68% Vanguard Real Estate Index Investor (VGSIX)
61.32% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.35%
VGTSX: -3.37%		-2.97%
105Sep 2005Sep 2005135.98% Vanguard Real Estate Index Investor (VGSIX)
64.02% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.57%
VTSMX: 0.86%		0.75%
104Aug 2005Aug 2005142.81% Vanguard Real Estate Index Investor (VGSIX)
57.19% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.74%
VTSMX: -0.94%		-2.14%
103Jul 2005Jul 2005177.51% Vanguard Total Bond Market Index Inv (VBMFX)
22.49% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.99%
VGSIX: 6.97%		0.80%
102Jun 2005Jun 2005180.40% Vanguard Total Bond Market Index Inv (VBMFX)
19.60% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.55%
VGSIX: 4.96%		1.42%
101May 2005May 2005141.93% Vanguard Real Estate Index Investor (VGSIX)
58.07% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 3.24%
VGTSX: 0.08%		1.41%
100Apr 2005Apr 2005153.28% Vanguard Total Intl Stock Index Inv (VGTSX)
46.72% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.07%
VTSMX: -2.32%		-2.19%
99Mar 2005Mar 2005151.80% Vanguard Total Intl Stock Index Inv (VGTSX)
48.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.93%
VTSMX: -1.75%		-2.36%
98Feb 2005Feb 2005135.84% Vanguard Real Estate Index Investor (VGSIX)
64.16% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 2.85%
VGTSX: 4.68%		4.02%
97Jan 2005Jan 2005138.76% Vanguard Real Estate Index Investor (VGSIX)
61.24% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -8.46%
VGTSX: -1.67%		-4.30%
96Dec 2004Dec 2004137.59% Vanguard Real Estate Index Investor (VGSIX)
62.41% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.83%
VGTSX: 4.44%		4.59%
95Nov 2004Nov 2004138.19% Vanguard Real Estate Index Investor (VGSIX)
61.81% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.15%
VGTSX: 7.23%		6.05%
94Oct 2004Oct 2004179.10% Vanguard Total Bond Market Index Inv (VBMFX)
20.90% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.85%
VGSIX: 5.39%		1.80%
93Sep 2004Sep 2004177.62% Vanguard Total Bond Market Index Inv (VBMFX)
22.38% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.16%
VGSIX: -0.23%		0.07%
92Aug 2004Aug 2004178.08% Vanguard Total Bond Market Index Inv (VBMFX)
21.92% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.94%
VGSIX: 7.83%		3.23%
91Jul 2004Jul 2004141.19% Vanguard Real Estate Index Investor (VGSIX)
58.81% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 0.51%
VGTSX: -3.34%		-1.75%
90Jun 2004Jun 2004142.26% Vanguard Total Intl Stock Index Inv (VGTSX)
57.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.40%
VTSMX: 2.09%		2.22%
89May 2004May 2004147.41% Vanguard Total Intl Stock Index Inv (VGTSX)
52.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.46%
VTSMX: 1.35%		0.93%
88Apr 2004Apr 2004156.03% Vanguard Real Estate Index Investor (VGSIX)
43.97% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -14.56%
VGTSX: -3.14%		-9.54%
87Mar 2004Mar 2004153.31% Vanguard Real Estate Index Investor (VGSIX)
46.69% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 5.43%
VGTSX: 0.45%		3.10%
86Feb 2004Feb 2004157.94% Vanguard Real Estate Index Investor (VGSIX)
42.06% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.64%
VGTSX: 2.50%		2.00%
85Jan 2004Jan 2004155.32% Vanguard Real Estate Index Investor (VGSIX)
44.68% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.28%
VGTSX: 1.60%		3.08%
84Dec 2003Dec 2003155.05% Vanguard Real Estate Index Investor (VGSIX)
44.95% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 3.08%
VGTSX: 7.80%		5.20%
83Nov 2003Nov 2003153.38% Vanguard Real Estate Index Investor (VGSIX)
46.62% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.31%
VGTSX: 2.13%		3.30%
82Oct 2003Oct 2003152.27% Vanguard Real Estate Index Investor (VGSIX)
47.73% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.63%
VGTSX: 6.49%		3.95%
81Sep 2003Sep 2003152.27% Vanguard Total Intl Stock Index Inv (VGTSX)
47.73% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.78%
VTSMX: -1.15%		0.91%
80Aug 2003Aug 2003154.09% Vanguard Real Estate Index Investor (VGSIX)
45.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.65%
VTSMX: 2.39%		1.45%
79Jul 2003Jul 2003155.47% Vanguard Real Estate Index Investor (VGSIX)
44.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.18%
VTSMX: 2.36%		3.92%
78Jun 2003Jun 2003178.46% Vanguard Total Bond Market Index Inv (VBMFX)
21.54% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.13%
VGSIX: 2.25%		0.38%
77May 2003May 2003161.82% Vanguard Real Estate Index Investor (VGSIX)
38.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.52%
VTSMX: 6.11%		5.74%
76Apr 2003Apr 2003184.68% Vanguard Total Bond Market Index Inv (VBMFX)
15.32% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.87%
VTSMX: 8.21%		1.99%
75Mar 2003Mar 2003174.89% Vanguard Total Bond Market Index Inv (VBMFX)
25.11% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.13%
VGSIX: 2.04%		0.42%
74Feb 2003Feb 2003184.17% Vanguard Total Bond Market Index Inv (VBMFX)
15.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.38%
VTSMX: -1.69%		0.89%
73Jan 2003Jan 2003179.04% Vanguard Total Bond Market Index Inv (VBMFX)
20.96% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.05%
VGSIX: -2.70%		-0.53%
72Dec 2002Dec 2002178.16% Vanguard Total Bond Market Index Inv (VBMFX)
21.84% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 2.07%
VGSIX: 0.85%		1.80%
71Nov 2002Nov 2002178.60% Vanguard Total Bond Market Index Inv (VBMFX)
21.40% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.02%
VGSIX: 4.43%		0.97%
70Oct 2002Oct 2002180.97% Vanguard Total Bond Market Index Inv (VBMFX)
19.03% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.61%
VGSIX: -4.95%		-1.44%
69Sep 2002Sep 2002180.84% Vanguard Total Bond Market Index Inv (VBMFX)
19.16% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.53%
VGSIX: -3.53%		0.56%
68Aug 2002Aug 2002180.79% Vanguard Total Bond Market Index Inv (VBMFX)
19.21% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.66%
VGSIX: 0.16%		1.37%
67Jul 2002Jul 2002174.48% Vanguard Total Bond Market Index Inv (VBMFX)
25.52% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.48%
VGSIX: -5.28%		-0.99%
66Jun 2002Jun 2002151.73% Vanguard Real Estate Index Investor (VGSIX)
48.27% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 2.81%
VGTSX: -4.28%		-0.61%
65May 2002May 2002156.26% Vanguard Real Estate Index Investor (VGSIX)
43.74% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.30%
VGTSX: 1.16%		1.24%
64Apr 2002Apr 2002166.12% Vanguard Real Estate Index Investor (VGSIX)
33.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.62%
VTSMX: -4.90%		-1.25%
63Mar 2002Mar 2002161.82% Vanguard Total Bond Market Index Inv (VBMFX)
38.18% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -1.46%
VGSIX: 6.24%		1.48%
62Feb 2002Feb 2002160.00% Vanguard Total Bond Market Index Inv (VBMFX)
40.00% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.85%
VGSIX: 1.98%		1.30%
61Jan 2002Jan 2002164.82% Vanguard Total Bond Market Index Inv (VBMFX)
35.18% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.69%
VGSIX: -0.25%		0.36%
60Dec 2001Dec 2001174.10% Vanguard Total Bond Market Index Inv (VBMFX)
25.90% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.58%
VGSIX: 2.47%		0.21%
59Nov 2001Nov 2001177.97% Vanguard Total Bond Market Index Inv (VBMFX)
22.03% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -1.34%
VGSIX: 5.76%		0.23%
58Oct 2001Oct 2001177.23% Vanguard Total Bond Market Index Inv (VBMFX)
22.77% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.86%
VGSIX: -3.37%		0.67%
57Sep 2001Sep 2001168.42% Vanguard Total Bond Market Index Inv (VBMFX)
31.58% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.89%
VGSIX: -3.87%		-0.61%
56Aug 2001Aug 2001160.96% Vanguard Total Bond Market Index Inv (VBMFX)
39.04% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.11%
VGSIX: 3.54%		2.06%
55Jul 2001Jul 2001165.03% Vanguard Total Bond Market Index Inv (VBMFX)
34.97% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 2.23%
VGSIX: -2.10%		0.72%
54Jun 2001Jun 2001165.99% Vanguard Total Bond Market Index Inv (VBMFX)
34.01% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.52%
VGSIX: 5.92%		2.36%
53May 2001May 2001168.34% Vanguard Total Bond Market Index Inv (VBMFX)
31.66% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.73%
VGSIX: 2.15%		1.18%
52Apr 2001Apr 2001162.52% Vanguard Total Bond Market Index Inv (VBMFX)
37.48% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.46%
VGSIX: 2.28%		0.57%
51Mar 2001Mar 2001167.38% Vanguard Total Bond Market Index Inv (VBMFX)
32.62% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.54%
VGSIX: 0.81%		0.63%
50Feb 2001Feb 2001167.15% Vanguard Total Bond Market Index Inv (VBMFX)
32.85% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.91%
VGSIX: -1.72%		0.04%
49Jan 2001Jan 2001176.32% Vanguard Total Bond Market Index Inv (VBMFX)
23.68% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.76%
VGSIX: 0.43%		1.45%
48Dec 2000Dec 2000176.05% Vanguard Total Bond Market Index Inv (VBMFX)
23.95% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.79%
VGSIX: 6.88%		3.01%
47Nov 2000Nov 2000177.95% Vanguard Total Bond Market Index Inv (VBMFX)
22.05% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.58%
VGSIX: 1.74%		1.62%
46Oct 2000Oct 2000175.74% Vanguard Total Bond Market Index Inv (VBMFX)
24.26% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.57%
VGSIX: -4.63%		-0.69%
45Sep 2000Sep 2000157.29% Vanguard Real Estate Index Investor (VGSIX)
42.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.93%
VTSMX: -4.67%		-0.32%
44Aug 2000Aug 2000170.99% Vanguard Total Bond Market Index Inv (VBMFX)
29.01% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.40%
VGSIX: -3.99%		-0.16%
43Jul 2000Jul 2000167.64% Vanguard Total Bond Market Index Inv (VBMFX)
32.36% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.88%
VGSIX: 8.77%		3.43%
42Jun 2000Jun 2000178.16% Vanguard Real Estate Index Investor (VGSIX)
21.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.49%
VTSMX: 4.42%		2.91%
41May 2000May 2000177.94% Vanguard Real Estate Index Investor (VGSIX)
22.06% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.03%
VTSMX: -3.41%		0.05%
40Apr 2000Apr 2000158.52% Vanguard Total Intl Stock Index Inv (VGTSX)
41.48% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -5.41%
VTSMX: -5.21%		-5.32%
39Mar 2000Mar 2000155.65% Vanguard Total Intl Stock Index Inv (VGTSX)
44.35% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.48%
VTSMX: 5.69%		4.46%
38Feb 2000Feb 2000155.90% Vanguard Total Intl Stock Index Inv (VGTSX)
44.10% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.83%
VTSMX: 2.54%		2.71%
37Jan 2000Jan 2000159.40% Vanguard Total Intl Stock Index Inv (VGTSX)
40.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -6.22%
VTSMX: -4.18%		-5.39%
36Dec 1999Dec 1999160.79% Vanguard Total Intl Stock Index Inv (VGTSX)
39.21% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 9.37%
VTSMX: 7.59%		8.67%
35Nov 1999Nov 1999160.79% Vanguard Total Intl Stock Index Inv (VGTSX)
39.21% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 4.08%
VTSMX: 3.42%		3.82%
34Oct 1999Oct 1999163.12% Vanguard Real Estate Index Investor (VGSIX)
36.88% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.25%
VGTSX: 3.74%		-0.04%
33Sep 1999Sep 1999157.31% Vanguard Total Intl Stock Index Inv (VGTSX)
42.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.82%
VTSMX: -2.44%		-0.57%
32Aug 1999Aug 1999158.21% Vanguard Total Intl Stock Index Inv (VGTSX)
41.79% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.33%
VTSMX: -0.92%		-0.19%
31Jul 1999Jul 1999160.05% Vanguard Total Intl Stock Index Inv (VGTSX)
39.95% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.27%
VTSMX: -3.20%		0.09%
30Jun 1999Jun 1999156.39% Vanguard Total Intl Stock Index Inv (VGTSX)
43.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 4.39%
VTSMX: 5.16%		4.73%
29May 1999May 1999157.61% Vanguard Total Intl Stock Index Inv (VGTSX)
42.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -5.00%
VTSMX: -2.00%		-3.73%
28Apr 1999Apr 1999154.72% Vanguard Total Intl Stock Index Inv (VGTSX)
45.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.08%
VTSMX: 4.68%		4.90%
27Mar 1999Mar 1999156.61% Vanguard Total Intl Stock Index Inv (VGTSX)
43.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 4.97%
VTSMX: 3.93%		4.52%
26Feb 1999Feb 1999180.60% Vanguard Total Bond Market Index Inv (VBMFX)
19.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -1.77%
VTSMX: -3.73%		-2.15%
25Jan 1999Jan 1999179.29% Vanguard Total Bond Market Index Inv (VBMFX)
20.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.79%
VTSMX: 3.65%		1.38%
24Dec 1998Dec 1998182.09% Vanguard Total Bond Market Index Inv (VBMFX)
17.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.38%
VTSMX: 6.45%		1.47%
23Nov 1998Nov 1998185.60% Vanguard Total Bond Market Index Inv (VBMFX)
14.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.49%
VTSMX: 6.17%		1.30%
22Oct 1998Oct 1998188.48% Vanguard Total Bond Market Index Inv (VBMFX)
11.52% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -0.55%
VTSMX: 7.51%		0.38%
21Sep 1998Sep 1998187.28% Vanguard Total Bond Market Index Inv (VBMFX)
12.72% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 1.96%
VGTSX: -2.07%		1.45%
20Aug 1998Aug 1998144.91% Vanguard Total Intl Stock Index Inv (VGTSX)
55.09% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -13.66%
VTSMX: -15.65%		-14.76%
19Jul 1998Jul 1998143.75% Vanguard Total Intl Stock Index Inv (VGTSX)
56.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.08%
VTSMX: -2.27%		-0.80%
18Jun 1998Jun 1998144.17% Vanguard Total Intl Stock Index Inv (VGTSX)
55.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.27%
VTSMX: 3.54%		1.86%
17May 1998May 1998144.73% Vanguard Total Intl Stock Index Inv (VGTSX)
55.27% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.51%
VTSMX: -2.71%		-2.17%
16Apr 1998Apr 1998175.04% Vanguard Total Bond Market Index Inv (VBMFX)
24.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.51%
VTSMX: 1.10%		0.66%
15Mar 1998Mar 1998168.60% Vanguard Real Estate Index Investor (VGSIX)
31.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.55%
VTSMX: 5.06%		3.34%
14Feb 1998Feb 1998165.63% Vanguard Total Bond Market Index Inv (VBMFX)
34.37% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.10%
VGSIX: -1.65%		-0.63%
13Jan 1998Jan 1998167.26% Vanguard Real Estate Index Investor (VGSIX)
32.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -1.27%
VTSMX: 0.44%		-0.71%
12Dec 1997Dec 1997167.15% Vanguard Real Estate Index Investor (VGSIX)
32.85% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.48%
VTSMX: 1.70%		2.22%
11Nov 1997Nov 1997167.86% Vanguard Real Estate Index Investor (VGSIX)
32.14% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.73%
VTSMX: 3.33%		2.24%
10Oct 1997Oct 1997169.98% Vanguard Real Estate Index Investor (VGSIX)
30.02% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.80%
VTSMX: -3.40%		-2.98%
9Sep 1997Sep 1997168.12% Vanguard Real Estate Index Investor (VGSIX)
31.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 9.24%
VTSMX: 5.77%		8.13%
8Aug 1997Aug 1997157.62% Vanguard Total Intl Stock Index Inv (VGTSX)
42.38% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -8.60%
VTSMX: -3.72%		-6.53%
7Jul 1997Jul 1997159.42% Vanguard Total Intl Stock Index Inv (VGTSX)
40.58% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.59%
VTSMX: 7.77%		4.10%
6Jun 1997Jun 1997162.45% Vanguard Real Estate Index Investor (VGSIX)
37.55% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.13%
VTSMX: 4.37%		4.85%
5May 1997May 1997163.01% Vanguard Real Estate Index Investor (VGSIX)
36.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.95%
VTSMX: 7.10%		4.49%
4Apr 1997Apr 1997159.10% Vanguard Real Estate Index Investor (VGSIX)
40.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.10%
VTSMX: 4.50%		0.01%
3Mar 1997Mar 1997156.34% Vanguard Real Estate Index Investor (VGSIX)
43.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.38%
VTSMX: -4.45%		-1.73%
2Feb 1997Feb 1997153.78% Vanguard Real Estate Index Investor (VGSIX)
46.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -0.32%
VTSMX: -0.11%		-0.22%
1Jan 1997Jan 1997156.89% Vanguard Real Estate Index Investor (VGSIX)
43.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.16%
VTSMX: 5.46%		2.44%