Backtest Portfolio Returns Rev10b

This is a spreadsheet to backtest portfolio returns from 1972-2010 [1985-2010 if you want to include Sector/Tax-Exempt funds]

sample portfolios like Coffeehouse and draws charts to compare the growth.The worksheet Returns_72_10 calculates portfolio returns (total/cagr/sharpe ratio/correlation etc) for funds from 1972-2010The worksheet Returns_85_10 calculates portfolio returns (total/cagr/sharpe ratio/correlation etc) for funds[includes sector funds] from 1985-2010The worksheet Data_72_10 includes the returns of various funds from 1972-2010The worksheet Data_85_10 includes the returns of various funds from 1985-2010 (to include many of the funds that were started in 1984)

The worksheet Compare_Portfolios allows you to compare upto 5 different portfolios for 1972-2010 and 1985-2010 with the abilty to change the starting and ending yearsThe Spreadsheet also includes the total/cagr etc for a portfolio that's rebalanced annually (default) and one that is not rebalanced (un-rebalanced) and thecharts reflect both the returns.

It's now easier to compare different portfolios for the user defined time periods

You can change the time period for comparing the lazy portfolios in cells E4 and E5 in the Lazy_Portfolios_85 worksheet

pale blue1 - %allocation of funds in worksheet Portfolio2 - You can change the Starting Year in Cell B57/K57 in worksheet Portfolio3 - You can change the Ending Year in Cell B58/K58 in worksheet Portfolio4 - Initial investment for your portfolio5 - MAR (Minimum Acceptable Return) returns [Used in calculating Sortino Ratios]6 - Expense ratio for the funds using Index Returns/Synthetic returns in Data_72_10 and Data_85_10 worksheets

For example to calculate the returns from 1981-1990change cell B57 (for Starting Year) to 1981 in worksheet Portfoliochange cell B58 (for Ending Year) to 1990 in worksheet PortfolioThe spreadsheet would return the porfolio return over the period 1981-1990.

To calculate returns for a portfolio that includes sector funds (Health/P. Metals/Energy) or Windsor II funds from 1991-2000Change your allocation to include the sector fundschange cell K57 to 1991 in worksheet Portfoliochange cell K58 to 2000 in worksheet PortfolioThe spreadsheet would return the porfolio return over the period 1991-2000.

Adding returns for additional FundsLets say you want to enter returns for a Fund in the worksheet Data_85_10

The worksheet Portfolio is a simple way to change the allocations of various funds. It provides the CAGR/total/Sharpe Ratio etc. It also compares your portfolio to

The worksheet Data_Sources lists the sources of the various fund returns

You can also change the percentage allocations of any fund. If the total doesn't add up to 100% then you would see an

The worksheet Lazy_Portfolios_85 compares 25 lazy portfolios and shows a chart with the risk/return for all the 25 lazy portfolios.

Things you can change: (Cells that can be changed have

1. Enter Fund Name in cell AQ1 in Data_85_102. Enter Fund Symbol in cell AQ2 3. Enter ER (Expense Ratio) in cell AQ3 4. Enter starting year for the Fund in cell AQ4 5. Add the fund returns in cell cell AQ56 6. If you have returns for the Fund from inception then there is no ER deduction but if you are using synthetic returns then the ER is deducted from the returns. If you want no ER to be deducted, then enter an ER of 0 in cell AQ3

Please use this spreadsheet only for learning purposes and as a need for diversification. Don't change your AA purely based on historical returns of a fund.Past returns are not indicative of future returns.

For comments/Feedback/updates visit

Regards,Simba

Revision History

Rev10b1. Added a Chart for 3, 5, 10 and 15 year Rolling Returns for both Nominal and Real Returns2. Rolling Returns Chart has the checkbox option to display either 3,5,10, 15 or all the Rolling Returns 3. Updated the portfolio composition for Fund Advice Ultimate Buy & Hold in Lazy_Portfolios_85 worksheet

Rev10a1. Added the returns for 20102. Replaced VINEX with VFWIX from 2010 onwards3. Fixed Correlations table in Data_72_10 and Data_85_104. Fixed Sharpe Ratio in Returns_85_10

Rev9b1. Fixed a typo and modified 2008 to 2010 in worksheet Lazy_Portfolios_852. Added the returns for PCRIX, PGLIX and BRSIX3. Corrected the 2009 returns for VBMFX4. Added returns for International Small5. Fixed the data point for Portfolio 2 in the CAGR vs Std Dev chart in Lazy_Portfolios_85 worksheet

Rev9a1. Added the returns for 20102. Added Return vs. Risk charts at bottom of Portfolio worksheet (Thanks to Paul Douglas Boyer)3. Moved the data from SP_72_10 and SP_85_10 to the Returns_72_10 and Returns_85_10 worksheets. 4. Moved the Portfolio comparison section from Portfolio worksheet to Compare_Portfolios worksheet5. Updated the source/returns for Gold

Rev8i1. Corrected the returns for BRSIX,VMGIX for 20082. Corrected the formula to deduct the ER's. Earlier I was using (ActualReturns-Inflation). The new formula uses (ActualReturn-Inflation)/(1+Inflation%)3. Corrected the Std deviation for Unrebalanced_Returns in Returns_72_10 tab

Rev8h1. Corrected the Formula to calculate the total real value for rebalanced portfolio in the Compare Portfolio section2. Corrected the Formula to calculate the un-rebalanced returns in Returns_72_10 and Returns_85_10 for 2008 and higher years3. Fixed a typo for Down SD in the Compare Portfolio section for 1985-2008

http://www.bogleheads.org/forum/viewtopic.php?t=2520Visit the Bogleheads Forum - http://www.bogleheads.orgVersion # rev10b

http://www.bogleheads.org/forum/viewtopic.php?t=2520

http://www.bogleheads.org/

4. Fixed the formula for Sortino Ratio in SP_72_10 and SP_85_10 worksheets

Rev8g1. Corrected the Sortino Formula in Returns_72_10 and Returns_85_10

Rev8f1. Fixed CAGR formula for Comparing 72-08 portfolios2. Updated the Compare Portfolio section to now have the ability to select different time periods instead of the fixed 1972-2008 or 1985-20083. Fixed Correlation for CHP and SBFS in SP_72_10 and SP_85_104. Charts in Excel spreadsheet now have dynamic titles that reflect the time period being tested5. The unrebalanced calculations now include the time period being tested instead of the entire 1972-2008 or 1985-2008 time periods6. User can now change the time period for comparing the Lazy Portfolios7. The correlations in the Lazy Portfolio are now time period dependent instead of being fixed for the entire period8. Updated the formula for Sortino Ratio9. Updated the formula for Sharpe Ratio to calculate Tbill average only for the time period being tested instead of the entire period

Rev8e1. Sharpe Ratio uses the average of Tbill for the selected Time period instead of using the average for the entire 1972-2008 or 1985-2008 periods.2. Fixed the formula used for 2008 and onwards returns in Returns_85_10 worksheet3. Fixed the formula used for 2010 and onwards returns in Returns_72_10 worksheet

This is a spreadsheet to backtest portfolio returns from 1972-2010 [1985-2010 if you want to include Sector/Tax-Exempt funds]

sample portfolios like Coffeehouse and draws charts to compare the growth.The worksheet Returns_72_10 calculates portfolio returns (total/cagr/sharpe ratio/correlation etc) for funds from 1972-2010The worksheet Returns_85_10 calculates portfolio returns (total/cagr/sharpe ratio/correlation etc) for funds[includes sector funds] from 1985-2010The worksheet Data_72_10 includes the returns of various funds from 1972-2010The worksheet Data_85_10 includes the returns of various funds from 1985-2010 (to include many of the funds that were started in 1984)

The worksheet Compare_Portfolios allows you to compare upto 5 different portfolios for 1972-2010 and 1985-2010 with the abilty to change the starting and ending yearsThe Spreadsheet also includes the total/cagr etc for a portfolio that's rebalanced annually (default) and one that is not rebalanced (un-rebalanced) and the

It's now easier to compare different portfolios for the user defined time periods

You can change the time period for comparing the lazy portfolios in cells E4 and E5 in the Lazy_Portfolios_85 worksheet

background)1 - %allocation of funds in worksheet Portfolio2 - You can change the Starting Year in Cell B57/K57 in worksheet Portfolio3 - You can change the Ending Year in Cell B58/K58 in worksheet Portfolio4 - Initial investment for your portfolio5 - MAR (Minimum Acceptable Return) returns [Used in calculating Sortino Ratios]6 - Expense ratio for the funds using Index Returns/Synthetic returns in Data_72_10 and Data_85_10 worksheets

For example to calculate the returns from 1981-1990change cell B57 (for Starting Year) to 1981 in worksheet Portfoliochange cell B58 (for Ending Year) to 1990 in worksheet PortfolioThe spreadsheet would return the porfolio return over the period 1981-1990.

To calculate returns for a portfolio that includes sector funds (Health/P. Metals/Energy) or Windsor II funds from 1991-2000Change your allocation to include the sector fundschange cell K57 to 1991 in worksheet Portfoliochange cell K58 to 2000 in worksheet PortfolioThe spreadsheet would return the porfolio return over the period 1991-2000.

is a simple way to change the allocations of various funds. It provides the CAGR/total/Sharpe Ratio etc. It also compares your portfolio to

You can also change the percentage allocations of any fund. If the total doesn't add up to 100% then you would see an ERROR.

compares 25 lazy portfolios and shows a chart with the risk/return for all the 25 lazy portfolios.

6. If you have returns for the Fund from inception then there is no ER deduction but if you are using synthetic returns then the ER is deducted from the returns. If you

Please use this spreadsheet only for learning purposes and as a need for diversification. Don't change your AA purely based on historical returns of a fund.Past returns are not indicative of future returns.

Regards,

Revision History

Rev10b1. Added a Chart for 3, 5, 10 and 15 year Rolling Returns for both Nominal and Real Returns2. Rolling Returns Chart has the checkbox option to display either 3,5,10, 15 or all the Rolling Returns 3. Updated the portfolio composition for Fund Advice Ultimate Buy & Hold in Lazy_Portfolios_85 worksheet

Rev10a1. Added the returns for 20102. Replaced VINEX with VFWIX from 2010 onwards3. Fixed Correlations table in Data_72_10 and Data_85_104. Fixed Sharpe Ratio in Returns_85_10

Rev9b1. Fixed a typo and modified 2008 to 2010 in worksheet Lazy_Portfolios_852. Added the returns for PCRIX, PGLIX and BRSIX3. Corrected the 2009 returns for VBMFX4. Added returns for International Small5. Fixed the data point for Portfolio 2 in the CAGR vs Std Dev chart in Lazy_Portfolios_85 worksheet

Rev9a1. Added the returns for 20102. Added Return vs. Risk charts at bottom of Portfolio worksheet (Thanks to Paul Douglas Boyer)3. Moved the data from SP_72_10 and SP_85_10 to the Returns_72_10 and Returns_85_10 worksheets. 4. Moved the Portfolio comparison section from Portfolio worksheet to Compare_Portfolios worksheet5. Updated the source/returns for Gold

Rev8i1. Corrected the returns for BRSIX,VMGIX for 20082. Corrected the formula to deduct the ER's. Earlier I was using (ActualReturns-Inflation). The new formula uses (ActualReturn-Inflation)/(1+Inflation%)3. Corrected the Std deviation for Unrebalanced_Returns in Returns_72_10 tab

Rev8h1. Corrected the Formula to calculate the total real value for rebalanced portfolio in the Compare Portfolio section2. Corrected the Formula to calculate the un-rebalanced returns in Returns_72_10 and Returns_85_10 for 2008 and higher years3. Fixed a typo for Down SD in the Compare Portfolio section for 1985-2008

4. Fixed the formula for Sortino Ratio in SP_72_10 and SP_85_10 worksheets

Rev8g1. Corrected the Sortino Formula in Returns_72_10 and Returns_85_10

Rev8f1. Fixed CAGR formula for Comparing 72-08 portfolios2. Updated the Compare Portfolio section to now have the ability to select different time periods instead of the fixed 1972-2008 or 1985-20083. Fixed Correlation for CHP and SBFS in SP_72_10 and SP_85_104. Charts in Excel spreadsheet now have dynamic titles that reflect the time period being tested5. The unrebalanced calculations now include the time period being tested instead of the entire 1972-2008 or 1985-2008 time periods6. User can now change the time period for comparing the Lazy Portfolios7. The correlations in the Lazy Portfolio are now time period dependent instead of being fixed for the entire period8. Updated the formula for Sortino Ratio9. Updated the formula for Sharpe Ratio to calculate Tbill average only for the time period being tested instead of the entire period

Rev8e1. Sharpe Ratio uses the average of Tbill for the selected Time period instead of using the average for the entire 1972-2008 or 1985-2008 periods.2. Fixed the formula used for 2008 and onwards returns in Returns_85_10 worksheet3. Fixed the formula used for 2010 and onwards returns in Returns_72_10 worksheet

To calculate portfolio returns from 1972-2010, Enter fund allocations here

Starting Allocation

Total US Market - TSM VTSMX 20.00% 13.56%Large Cap Value - LCV VIVAXLarge Cap Blend - LCB VFINXLarge Cap Growth - LCG VIGRXMid-Cap Blend - MCB VIMSXSmall Cap Value - SCV VISVX 20.00% 43.62%Small Cap Blend - SCB NAESXSmall Cap Growth - SCG VISGXMicro Cap BRSIXREIT VGSIXIntl Developed - EAFE VDMIXEmerging Mkt - EM VEIEXTotal_Intl - EAFE85/EM15 VGTSX 20.00% 18.95%Intl Pacific VPACXIntl Europe VEURXIntl.Value VTRIXCommodities PCRIX 20.00% 17.63%Long Term Govt Bond - LTGB VUSTX5 Yr T-Bills VFITXTotal Bond VBMFX 20.00% 6.24%Tbills/Treasury Money Mkt VMPXXSynthetic TIPS VIPSXWellington - Balanced VWELXWellesley - Balanced VWINXWindsor VWNDX2 Year ST Treasury VFISXGOLD GLDVG Intl Small VFWIX

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- -

100% 100%

Ending Allocation if not rebalanced

# of Years for backtest 39Starting Year for backtest 1972Ending Year for backtest 2010Initial Investment 10000MAR Nominal 5% Avg TBill Return (Nominal) = 5.62%MAR Real 2% Avg TBill Return (Real) = 1.13%

Total CAGR Std.Dev C-US

Portfolio Growth - Nominal $6,852,279 11.45 12.12 0.54 1.06 0.88Portfolio Growth - Real $128,489 0.64 12.06 0.52 0.77 0.87Coffee House - Nominal $519,055 10.66 11.32 0.50 1.06 0.91Coffee House - Real $97,329 6.01 11.41 0.48 0.70 0.89

$589,078 4.65 13.36 0.47 0.89 0.84

$110,459 0.26 13.28 0.46 0.65 0.83

Sharpe Ratio

Sortino Ratio

Portfolio Growth without Rebalancing (Nominal)

Portfolio Growth without Rebalancing (Real)

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$12Portfolio Growth (Nominal) 1972 - 2010

Portfolio Rebalanced CHP Portfolio UnBalanced

Portfolio Nominal (Rebalanced) = 6852279.42

CHP Nominal (Rebalanced) = 519054.88

Portfolio Nominal (Unbalanced) = 589077.90

B59

Minimum Acceptable Return (Nominal) Used in calculating Sortino Ratios

B60

Minimum Acceptable Return (Real) Used in calculating Sortino Ratios

G62

Correlation to US Market

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Avg. Drawdown Rebalanced = 1.7%

Avg. Drawdown Unbalanced = 2.2%

Max. Drawdown Rebalanced = 30.3%

Max. Drawdown Unbalanced = 35.5%

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$12 Portfolio Growth (Real) 1972 - 2010

Portfolio Rebalanced CHP Portfolio Unbalanced

Portfolio Real (Rebalanced) = 128488.80

CHP Real (Rebalanced) = 97329.28

Portfolio Real (Unbalanced) = 110459.47

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Rolling Returns (Nominal) 1972 - 2010

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Rolling Returns (Real) 1972 - 2010

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To calculate portfolio returns from 1985-2010, Enter the fund allocations here

Total US Market - TSM VTSMXLarge Cap Value - LCV VIVAXLarge Cap Blend - LCB VFINXLarge Cap Growth - LCG VIGRXMid-Cap Blend - MCB VIMSXSmall Cap Value - SCV VISVXSmall Cap Blend - SCB NAESXSmall Cap Growth - SCG VISGXMicro Cap BRSIXREIT VGSIXIntl Developed - EAFE VDMIXEmerging Mkt - EM VEIEXTotal_Intl - EAFE85/EM15 VGTSX 5.00% 5.56%Intl Pacific VPACXIntl Europe VEURXIntl.Value VTRIXCommodities PCRIX 20.00% 18.82%Long Term Govt Bond - LTGB VUSTX 20.00% 13.95%5 Yr T-Bills VFITXTotal Bond VBMFXTbills/Treasury Money Mkt VMPXXSynthetic TIPS VIPSXWellington - Balanced VWELX 50.00% 51.07%Wellesley - Balanced VWINXEnergy Fund VGENXHealth Care Fund VGHCXPrecious Metals Fund VGPMXWindsor VWNDXWindsor II VWNFXShort term Tax Exempt VWSTXInter Tem Tax Exempt VWITXLong Term Tax Exempt VWLTXHigh Yield Corp VWEHX2 Year ST Treasury VFISXMid-Cap Growth Index VMGIXMid-Cap Value Index VMVIXVG Extended Market VEXMXGlobal Bond Fund PIGLXST Investment Grade VFSTXGOLD GLDVG Intl Small VFWIX 5.00% 10.61%

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Starting Allocation

Ending Allocation if not rebalanced

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100% 100%

# of Years for backtest 26Starting Year for backtest 1985Ending Year for backtest 2010Initial Investment 10000MAR Nominal 5% Avg TBill Return (Nominal) = MAR Real 2% Avg TBill Return (Real) =

C-Intl Total CAGR Std. Dev Sharpe Ratio

0.79 Portfolio Growth - Nominal $1,219,488 11.32 10.06 0.73 1.310.79 Portfolio Growth - Real $585,860 8.23 9.56 0.75 1.440.67 Coffee House - Nominal $120,685 10.05 11.06 0.56 0.950.67 Coffee House - Real $57,979 6.99 10.78 0.56 0.99

0.79 $141,443 2.47 21.04 0.12 0.11

0.79 $67,951 -0.38 20.43 0.12 0.11

Sortino Ratio

Portfolio Growth without Rebalancing (Nominal)

Portfolio Growth without Rebalancing (Real)

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Portfolio Growth (Nominal) 1985 - 2010

CHP Portfolio Rebalanced Portfolio Un-Rebalanced




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K60


H62

Correlation to International Market

M72

Starting Year for backtesting (1985-2008)

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Portfolio Rebalanced CHP Portfolio Unbalanced




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CHP Portfolio Rebalanced Portfolio Unbalanced




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15-Year Rolling Returns 3-Year Rolling Returns 5-Year Rolling Returns 10-Year Rolling Returns 15-Year Rolling Returns

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15-Year Rolling Returns 3-Year Rolling Returns 5-Year Rolling Returns 10-Year Rolling Returns 15-Year Rolling Returns

4.42%1.51%

C-US C-Intl

0.81 0.720.82 0.730.90 0.730.89 0.73

0.21 0.06

0.21 0.06

Portfolio Growth (Nominal) 1972 - 2010 Portfolio Growth (Nominal) 1985 - 2010Portfolio Growth (Real) 1972 - 2010 Portfolio Growth (Real) 1985 - 2010

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Correlation to International Market

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Portfolio Growth (Nominal) 1985 - 2010Portfolio Growth (Real) 1985 - 2010

To compare portfolios from 1972-2010, Enter fund allocations here

Compare 5 portfoliosP1 P2 P3 P4 P5

Total US Market - TSM VTSMX 10.00% 10.00% 10.00% 20.00%Large Cap Value - LCV VIVAX 15.00% 10.00%Large Cap Blend - LCB VFINXLarge Cap Growth - LCG VIGRXMid-Cap Blend - MCB VIMSX 10.00% 10.00%Small Cap Value - SCV VISVX 10.00% 10.00% 20.00% 10.00%Small Cap Blend - SCB NAESX 5.00% 10.00%Small Cap Growth - SCG VISGXMicro Cap BRSIXREIT VGSIX 10.00%Intl Developed - EAFE VDMIX 10.00% 10.00% 10.00% 20.00%Emerging Mkt - EM VEIEX 5.00% 5.00% 10.00% 10.00% 10.00%Total_Intl - EAFE85/EM15 VGTSXIntl Pacific VPACXIntl Europe VEURXIntl.Value VTRIX 10.00% 10.00%Commodities PCRIX 20.00%Long Term Govt Bond - LTGB VUSTX 20.00%5 Yr T-Bills VFITXTotal Bond VBMFX 20.00% 20.00% 20.00%Tbills/Treasury Money Mkt VMPXX 5.00%Synthetic TIPS VIPSX 10.00% 20.00%Wellington - Balanced VWELX 50.00%Wellesley - Balanced VWINXWindsor VWNDX 10.00%2 Year ST Treasury VFISX 20.00%GOLD GLD

VG Intl Small VFWIX 5.00%- -

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- -

100% 100% 100% 100% 100%

Compare 5 Portfolios

Initial Investment for comparing portfolios 10000 10000 10000 10000 10000Starting Year for backtest 1972 1972 1972 1972 1972Ending Year for backtest 2010 2010 2010 2010 2010# of Years backtesting 39 39 39 39 39Offset 0 0 0 0 0MAR Nominal 5% Avg TBill Return (Nominal) = 5.62%MAR Real 2% Avg TBill Return (Real) = 1.13%

P1 P2 P3 P4 P5Average 11.82% 12.37% 13.29% 12.48% 11.52%

Std. Dev. 9.91% 14.00% 15.48% 12.93% 12.38%

Down SD 5.04% 7.78% 8.56% 6.97% 6.64%

Up SD 5.99% 8.09% 8.94% 7.21% 7.23%

CAGR 11.36% 11.44% 12.14% 11.69% 10.80%

Sharpe 0.63 0.48 0.50 0.53 0.48

Sortino 1.35 0.95 0.97 1.07 0.98

US Mkt. Corr. 0.82 0.92 0.89 0.88 0.86

Intl. Corr. 0.70 0.83 0.84 0.80 0.91

Total - Rebalanced (N) 663374 682862 872693 745857 545284

Total-Unbalanced (N) 763157 820929 1084701 1042706 863753

Total - Rebalanced (Real) 124391 128045 163641 139857 102248

9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% 16.00%

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Portfolios Return vs. Risk

P1

P2

P3

P4

P5

Annualized Standard Deviation

An

nu

ali

ze

d R

etu

rn

B63


B64


1972 19.80% 17.23% 17.91% 14.69% 16.73%

1973 6.08% -11.98% -16.50% -11.17% -10.87%

1974 -9.95% -15.77% -16.63% -13.53% -12.19%

1975 20.03% 37.53% 38.97% 33.27% 29.32%

1976 14.76% 24.78% 25.81% 25.00% 13.98%

1977 4.39% 11.54% 14.98% 14.44% 11.94%

1978 13.53% 16.39% 20.27% 16.88% 17.69%

1979 13.38% 17.08% 18.04% 18.55% 12.42%

1980 14.72% 21.70% 23.02% 22.23% 20.39%

1981 -2.54% 5.31% 6.40% 7.81% 4.12%

1982 20.95% 16.46% 16.31% 14.60% 10.02%

1983 17.70% 22.93% 24.35% 24.65% 21.21%

1984 8.73% 7.25% 7.36% 9.70% 9.50%

1985 29.35% 33.66% 35.96% 29.44% 32.03%

1986 18.84% 26.71% 28.85% 24.55% 30.95%

1987 7.94% 7.26% 8.44% 6.47% 10.02%

1988 16.84% 21.77% 24.06% 21.04% 21.31%

1989 24.65% 20.42% 21.75% 18.40% 19.38%

1990 3.31% -9.17% -11.41% -8.52% -6.28%

1991 19.29% 26.19% 30.35% 28.49% 25.57%

1992 6.26% 8.25% 9.13% 11.42% 6.37%

1993 16.79% 21.52% 25.24% 22.99% 23.38%

1994 -0.09% 0.64% 0.13% 0.06% 0.65%

1995 27.45% 22.74% 21.38% 17.51% 15.74%

1996 12.50% 13.56% 14.36% 15.47% 10.60%

1997 12.63% 15.84% 13.71% 14.78% 11.48%

1998 3.97% 9.71% 6.31% 2.73% 8.40%

1999 12.00% 15.27% 18.55% 13.85% 18.01%

2000 14.80% 2.74% 1.61% 4.61% -2.33%

2001 -1.36% -3.29% -1.12% 1.48% -2.40%

2002 6.80% -10.66% -11.20% -5.70% -4.52%

2003 22.63% 29.16% 33.14% 28.27% 25.87%

2004 13.18% 15.14% 16.43% 16.24% 14.02%

2005 11.46% 9.38% 10.65% 8.86% 8.67%

2006 10.21% 16.85% 17.48% 17.48% 14.14%

2007 12.98% 6.44% 7.87% 5.22% 10.18%

2008 -20.28% -28.16% -31.42% -25.81% -23.78%

2009 22.83% 25.87% 31.99% 25.64% 25.35%

2010 14.27% 14.22% 15.75% 14.82% 12.01%

9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% 16.00%

10.00%

10.20%

10.40%

10.60%

10.80%

11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

12.40%


P1

P2

P3

P4

P5


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To compare portfolios from 1985-2010, Enter fund allocations here

Compare 5 portfoliosP1 P2 P3 P4

Total US Market - TSM VTSMX 25.00% 7.50%Large Cap Value - LCV VIVAX 7.50%Large Cap Blend - LCB VFINXLarge Cap Growth - LCG VIGRXMid-Cap Blend - MCB VIMSX 5.00%Small Cap Value - SCV VISVX 20.00% 20.00% 25.00% 5.00%Small Cap Blend - SCB NAESX 5.00%Small Cap Growth - SCG VISGXMicro Cap BRSIX 5.00%REIT VGSIX 5.00%Intl Developed - EAFE VDMIXEmerging Mkt - EM VEIEX 20.00% 20.00% 7.50%Total_Intl - EAFE85/EM15 VGTSX 25.00%Intl Pacific VPACX 7.50%Intl Europe VEURX 7.50%Intl.Value VTRIX 7.50%Commodities PCRIX 15.00% 20.00%Long Term Govt Bond - LTGB VUSTX 15.00% 20.00%5 Yr T-Bills VFITXTotal Bond VBMFX 25.00% 15.00%Tbills/Treasury Money Mkt VMPXXSynthetic TIPS VIPSX 15.00%Wellington - Balanced VWELX 30.00% 20.00%Wellesley - Balanced VWINXEnergy Fund VGENXHealth Care Fund VGHCXPrecious Metals Fund VGPMXWindsor VWNDXWindsor II VWNFXShort term Tax Exempt VWSTXInter Tem Tax Exempt VWITXLong Term Tax Exempt VWLTXHigh Yield Corp VWEHX2 Year ST Treasury VFISXMid-Cap Growth Index VMGIXMid-Cap Value Index VMVIXVG Extended Market VEXMXGlobal Bond Fund PIGLXST Investment Grade VFSTX

GOLD GLD

VG Intl Small VFWIX- -

- -

- -

- -

- -

- -

- -

- -

- -

100% 100% 100% 100%

Initial Investment for comparing portfolios 10000 10000 10000 10000Starting Year for backtest 1985 1985 1985 1985Ending Year for backtest 2010 2010 2010 2010# of Years backtesting 26 26 26 26Offset 0 0 0 0MAR Nominal 5% Avg TBill Return (Nominal) = MAR Real 2% Avg TBill Return (Real) =

P1 P2 P3 P4Average 14.15% 14.12% 11.73% 12.21%

Std. Dev. 13.71% 13.31% 13.93% 13.88%

Down SD 6.82% 6.63% 7.81% 7.44%

Up SD 7.94% 8.07% 8.09% 8.47%

CAGR 13.28% 13.29% 10.81% 11.31%

Sharpe 0.71 0.73 0.52 0.56

Sortino 1.34 1.38 0.86 0.97

US Mkt. Corr. 0.80 0.76 0.92 0.86

Intl. Corr. 0.77 0.75 0.85 0.91

Total - Rebalanced 255630 256534 144173 161983

Total - Unbalanced 270772 267912 129875 173173

Total - Rebalanced (Real) 122808 123243 69263 77819

9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% 16.00%

10.00%

10.20%

10.40%

10.60%

10.80%

11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

12.40%


P1

P2

P3

P4

P5


An

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5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%


P1

P2

P3

P4

P5


An

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K63


K64


1985 33.30% 32.63% 34.32% 33.02%

1986 22.05% 21.11% 26.06% 30.16%

1987 8.86% 9.36% 5.40% 8.33%

1988 22.78% 22.56% 21.08% 21.94%

1989 28.62% 28.74% 18.26% 18.80%

1990 -2.80% -0.97% -10.26% -9.26%

1991 30.40% 29.09% 27.58% 26.50%

1992 12.42% 12.33% 9.24% 7.80%

1993 27.05% 26.86% 20.60% 24.35%

1994 -2.20% -2.21% 0.23% 1.12%

1995 23.17% 22.59% 22.28% 17.67%

1996 14.81% 14.05% 13.29% 12.67%

1997 11.84% 10.16% 17.72% 11.63%

1998 -3.19% -5.01% 10.18% 6.05%

1999 15.91% 16.02% 14.02% 18.94%

2000 10.32% 12.05% 1.77% 0.10%

2001 1.78% 0.81% -2.25% -1.47%

2002 2.09% 5.61% -10.50% -5.02%

2003 30.07% 29.62% 28.21% 31.42%

2004 16.81% 16.86% 15.29% 16.11%

2005 13.74% 14.41% 7.51% 10.03%

2006 14.02% 12.46% 16.42% 15.94%

2007 13.82% 14.64% 5.22% 7.37%

2008 -26.78% -25.59% -27.03% -27.49%

2009 32.10% 31.28% 25.42% 26.45%

2010 16.98% 17.54% 14.86% 14.31%

9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% 16.00%

10.00%

10.20%

10.40%

10.60%

10.80%

11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

12.40%


P1

P2

P3

P4

P5


An

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5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%


P1

P2

P3

P4

P5


An

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P520.00%

5.00%

25.00%

12.50%

12.50%

25.00%

100%

1000019852010

260

4.42%1.51%

P58.54%

6.32%

2.40%

4.76%

8.36%

0.65

1.47

0.63

0.77

80667

79303

38754

5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%


P1

P2

P3

P4

P5


An

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20.75%

20.04%

7.74%

5.04%

12.50%

0.74%

11.62%

3.06%

13.68%

-1.75%

17.51%

4.20%

5.63%

9.93%

5.01%

2.41%

-0.54%

6.65%

14.14%

6.70%

8.63%

11.40%

13.53%

-1.65%

10.82%

14.20%

5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%


P1

P2

P3

P4

P5


An

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To compare the Lazy Portfolios for different time periods (between 1985-2010), Change the starting and ending year in cells E4 and E5

Initial Investment 10000

Starting Year (>=1985) 1985

Ending Year (<= 2010) 2010

MAR Nominal 5%

Offset 0

# of Years of Backtesting 26

Average Std. Dev. Down SD Up SD CAGR

Wellington P1 11.47% 11.85% 6.16% 7.27% 10.82%

Wellesley P2 10.44% 9.56% 4.14% 6.71% 10.04%

P3 P3 11.23% 15.02% 8.59% 8.39% 10.16%

Taylor Larimore 3 Fund P4 11.82% 15.66% 9.15% 7.90% 10.65%

Taylor Larimore 4 Fund P5 11.86% 15.72% 9.26% 7.78% 10.67%

Rick Ferri Core Four P6 11.72% 14.86% 8.65% 8.04% 10.66%

Bill Berstein No Brainer Cowards P7 10.72% 11.79% 6.68% 6.19% 10.06%

Bill Berstein No Brainer P8 11.34% 14.34% 8.07% 8.04% 10.37%

Bill Bernstein Smart Money P9 10.72% 11.79% 6.68% 6.19% 10.06%

Dilbert's Portfolio P10 10.77% 13.40% 7.44% 7.36% 9.93%

Ted Aronson Family Taxable P11 12.26% 14.90% 7.92% 9.02% 11.23%

Bill Schultheis Coffee House P12 10.62% 11.06% 5.93% 6.28% 10.05%

P13 12.01% 12.09% 5.98% 7.89% 11.34%

David Swenson Lazy Portfolio P14 11.29% 12.61% 7.14% 6.88% 10.53%

David Swenson Yale Endowment P15 11.83% 12.66% 6.71% 7.67% 11.08%

2nd Grader P16 12.32% 17.29% 10.43% 8.22% 10.85%

Frank Armstrong Ideal Idx P17 10.99% 13.03% 7.35% 7.82% 10.19%

Scott Burns Couch Portfolio P18 10.05% 10.06% 5.63% 4.93% 9.57%

Scott Burns Margaritaville P19 11.41% 14.24% 8.10% 7.67% 10.45%

Scott Burns Four Square P20 10.30% 11.25% 6.28% 5.82% 9.70%

Scott Burns Five Fold P21 10.70% 11.50% 6.46% 7.04% 10.07%

P22 11.59% 11.93% 6.95% 6.37% 10.89%

Harry Browne Permanent P23 8.22% 5.85% 2.34% 4.21% 8.07%

Larry Swedroe Simple Portfolio P24 11.39% 11.94% 6.44% 7.00% 10.72%

P25 10.48% 8.44% 3.68% 6.09% 10.16%

FundAdvice Ultimate Buy & Hold Portfolio

Scott Burns Six Ways from Sunday

Larry Swedroe Minimize FatTails Portfolio

E6


P1 P2 P3 P4 P5

Wellington Wellesley P3

Total US Market - TSM VTSMX 80.0% 50.0% 50.0%

Large Cap Value - LCV VIVAX

Large Cap Blend - LCB VFINX

Large Cap Growth - LCG VIGRX

Mid-Cap Blend - MCB VIMSX

Small Cap Value - SCV VISVX

Small Cap Blend - SCB NAESX

Small Cap Growth - SCG VISGX

Micro Cap BRSIX

REIT VGSIX

Intl Developed - EAFE VDMIX

Emerging Mkt - EM VEIEX

Total_Intl - EAFE85/EM15 VGTSX 30.0% 30.0%

Intl Pacific VPACX

Intl Europe VEURX

Intl.Value VTRIX

Commodities PCRIX

Long Term Govt Bond - LTGB VUSTX

5 Yr T-Bills VFITX

Total Bond VBMFX 20.0% 20.0% 10.0%

Tbills/Treasury Money Mkt VMPXX

Synthetic TIPS VIPSX 10.0%

Wellington - Balanced VWELX 100.0%

Wellesley - Balanced VWINX 100.0%

Energy Fund VGENX

Health Care Fund VGHCX

Precious Metals Fund VGPMX

Windsor VWNDX

Windsor II VWNFX

Short term Tax Exempt VWSTX

Inter Tem Tax Exempt VWITX

Long Term Tax Exempt VWLTX

High Yield Corp VWEHX

2 Year ST Treasury VFISX

Mid-Cap Growth Index VMGIX

Mid-Cap Value Index VMVIX

VG Extended Market VEXMX

Global Bond Fund PIGLX

ST Investment Grade VFSTX

GOLD GOLD

VG Intl Small VFWIX

- -

- -

- -

- -

- -

- -

TaylorLarimore3 Fund


- -

- -

- -

100.0% 100.0% 100.0% 100.0% 100.0%

P1 P2 P3 P4 P5

Wellington Wellesley P3Average 11.47% 10.44% 11.23% 11.82% 11.86%

Std. Dev. 11.85% 9.56% 15.02% 15.66% 15.72%

Down SD 6.16% 4.14% 8.59% 9.15% 9.26%

Up SD 7.27% 6.71% 8.39% 7.90% 7.78%

CAGR 10.82% 10.04% 10.16% 10.65% 10.67%

Sharpe 0.59 0.63 0.45 0.47 0.47

Sortino 1.05 1.32 0.73 0.75 0.74

US Mkt. Corr. 0.91 0.68 1.00 0.94 0.93

Intl. Corr. 0.64 0.43 0.68 0.89 0.90

Total - Rebalanced (N) 144458 120210 123792 138750 139520

Total - Unbalanced (N) 144458 120210 120231 127187 127762

Total - Rebalanced (Real) 69400 57751 59471 66658 67028

$1 Portfolio = 14.45 12.02 12.38 13.88 13.95

1985 28.53% 27.41% 29.11% 36.59% 35.68%

1986 18.40% 18.34% 15.28% 31.01% 31.92%

1987 2.28% -1.92% 1.39% 8.88% 9.60%

1988 16.11% 13.61% 15.69% 19.36% 20.49%

1989 21.60% 20.93% 25.65% 22.63% 21.86%

1990 -2.81% 3.76% -3.21% -7.82% -8.09%

1991 23.65% 21.57% 30.61% 26.05% 26.09%

1992 7.93% 8.67% 9.10% 3.65% 3.66%

1993 13.52% 14.65% 10.26% 18.77% 19.35%

1994 -0.49% -4.44% -0.67% 1.03% 1.59%

1995 32.92% 28.91% 32.27% 24.42% 22.66%

1996 16.19% 9.42% 17.48% 13.45% 13.48%

1997 23.23% 20.19% 26.68% 17.07% 16.90%

1998 12.06% 11.84% 20.32% 18.03% 17.43%

1999 4.41% -4.14% 18.90% 20.73% 21.57%

2000 10.40% 16.17% -6.18% -7.69% -8.37%

2001 4.19% 7.39% -7.09% -9.84% -9.95%

2002 -6.90% 4.64% -15.12% -13.35% -12.52%

2003 20.75% 9.66% 25.87% 28.57% 28.97%

2004 11.17% 7.57% 10.86% 13.36% 13.76%

2005 6.82% 3.48% 5.26% 8.14% 8.16%

2006 14.97% 11.28% 13.26% 16.60% 16.22%

2007 8.34% 5.61% 5.78% 8.79% 9.25%

2008 -22.30% -9.84% -28.62% -30.74% -31.53%



2009 22.20% 16.02% 24.15% 26.55% 27.04%

2010 10.94% 10.65% 14.96% 13.17% 13.14%

To compare the Lazy Portfolios for different time periods (between 1985-2010), Change the starting and ending year in cells E4 and E5

Intl. Corr. 1$ Portfolio

0.59 1.05 0.91 0.64 144457.88 144457.88 69399.76 14.45

0.63 1.32 0.68 0.43 120209.94 120209.94 57750.68 12.02

0.45 0.73 1.00 0.68 123791.85 120231.35 59471.49 12.38

0.47 0.75 0.94 0.89 138750.14 127187.39 66657.68 13.88

0.47 0.74 0.93 0.90 139520.42 127762.03 67027.73 13.95

0.49 0.78 0.95 0.87 139110.33 126050.43 66830.72 13.91

0.53 0.86 0.92 0.82 120929.64 137102.83 58096.44 12.09

0.48 0.79 0.96 0.79 130069.94 126962.12 62487.58 13.01

0.53 0.86 0.92 0.82 120929.64 137102.83 58096.44 12.09

0.47 0.78 0.99 0.67 117360.18 113307.27 56381.62 11.74

0.53 0.92 0.86 0.93 159285.38 177040.75 76523.12 15.93

0.56 0.95 0.90 0.73 120684.57 111636.33 57978.71 12.07

0.63 1.17 0.82 0.93 163326.49 170231.24 78464.53 16.33

0.54 0.88 0.89 0.87 135145.16 142007.09 64925.79 13.51

0.59 1.02 0.89 0.87 153820.15 149822.28 73897.54 15.38

0.46 0.70 0.94 0.89 145513.32 134686.12 69906.81 14.55

0.50 0.82 0.86 0.92 124772.93 116138.34 59942.82 12.48

0.56 0.90 0.96 0.77 107769.54 102332.32 51774.13 10.78

0.49 0.79 0.86 0.95 132665.70 120778.01 63734.62 13.27

0.52 0.84 0.86 0.92 111056.91 104005.51 53353.43 11.11

0.55 0.88 0.85 0.87 121306.22 110655.94 58277.36 12.13

0.60 0.95 0.82 0.83 146957.76 141448.89 70600.74 14.70

0.65 1.38 0.70 0.73 75223.99 76154.65 36138.75 7.52

0.58 0.99 0.84 0.85 141111.34 146003.87 67792.03 14.11

0.72 1.49 0.67 0.80 123712.09 185504.72 59433.17 12.37

Sharpe Ratio

Sortino Ratio

Mkt. Corr.

Total - Rebalanced

(Nominal)

Total - Unbalanced

(Nominal)

Total - Rebalanced

(Real)

P6 P7 P8 P9 P10 P11 P12 P13

48.00% 15.00% 15.00% 70.00% 5.00%

10.00% 10.00% 10.00% 6.00%

25.00% 15.00% 10.00% 6.00%

10.00% 10.00% 5.00% 10.00% 6.00%

5.00% 25.00% 5.00% 10.00%

5.00%

6.00%

8.00% 5.00% 5.00% 10.00% 6.00%

6.00%

5.00% 5.00% 10.00% 6.00%

24.00% 10.00%

5.00% 5.00% 15.00%

5.00% 25.00% 5.00% 5.00%

6.00%

10.00%

20.00%

20.00% 30.00% 40.00%

15.00% 8.00%

5.00%

25.00% 12.00%

10.00%

40.00% 40.00%

12.00%

Rick Ferri Core Four

BillBersteinNo BrainerCowards

BillBersteinNo Brainer

Bill BernsteinSmartMoney

Dilbert's Portfolio

Ted Aronson FamilyTaxable

BillSchultheisCoffee House

FundAdviceUltimateBuy & Hold

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

P6 P7 P8 P9 P10 P11 P12 P13

11.72% 10.72% 11.34% 10.72% 10.77% 12.26% 10.62% 12.01%

14.86% 11.79% 14.34% 11.79% 13.40% 14.90% 11.06% 12.09%

8.65% 6.68% 8.07% 6.68% 7.44% 7.92% 5.93% 5.98%

8.04% 6.19% 8.04% 6.19% 7.36% 9.02% 6.28% 7.89%

10.66% 10.06% 10.37% 10.06% 9.93% 11.23% 10.05% 11.34%

0.49 0.53 0.48 0.53 0.47 0.53 0.56 0.63

0.78 0.86 0.79 0.86 0.78 0.92 0.95 1.17

0.95 0.92 0.96 0.92 0.99 0.86 0.90 0.82

0.87 0.82 0.79 0.82 0.67 0.93 0.73 0.93

139110 120930 130070 120930 117360 159285 120685 163326

126050 137103 126962 137103 113307 177041 111636 170231

66831 58096 62488 58096 56382 76523 57979 78465

13.91 12.09 13.01 12.09 11.74 15.93 12.07 16.33

34.05% 28.36% 38.56% 28.36% 27.69% 33.78% 27.07% 32.71%

28.11% 20.82% 19.81% 20.82% 14.98% 34.22% 18.92% 28.74%

6.95% 4.69% 1.31% 4.69% 1.34% 10.34% 1.51% 11.14%

18.26% 17.09% 15.64% 17.09% 14.65% 22.13% 16.56% 18.83%

21.63% 18.58% 21.12% 18.58% 24.15% 21.15% 16.61% 18.15%

-7.65% -4.48% -4.51% -4.48% -1.73% -9.46% -5.58% -7.04%

27.04% 25.11% 24.62% 25.11% 28.69% 28.68% 25.74% 21.76%

5.12% 9.64% 7.13% 9.64% 8.86% 5.40% 10.20% 5.44%

17.80% 17.39% 16.03% 17.39% 10.19% 24.38% 16.72% 22.89%

0.94% 0.18% 0.49% 0.18% -0.92% 0.72% -0.40% 1.72%

24.33% 20.16% 25.15% 20.16% 30.51% 19.20% 22.60% 15.89%

15.38% 13.48% 16.66% 13.48% 15.75% 10.26% 14.08% 10.57%

17.99% 14.80% 22.10% 14.80% 24.53% 10.24% 17.43% 8.28%

15.32% 6.62% 15.56% 6.62% 18.86% 7.97% 6.75% 8.68%

18.13% 14.18% 15.67% 14.18% 16.44% 25.06% 8.27% 21.39%

-4.43% 2.59% -2.77% 2.59% -3.98% -6.68% 7.25% 3.71%

-7.43% 0.09% -5.36% 0.09% -5.15% -6.19% 1.88% -0.45%

-11.73% -7.12% -13.02% -7.12% -12.19% -6.45% -5.56% -1.65%

28.38% 24.13% 28.80% 24.13% 23.14% 29.98% 23.54% 29.35%

14.32% 12.43% 13.13% 12.43% 10.04% 14.95% 13.80% 15.27%

8.04% 7.25% 5.79% 7.25% 4.91% 11.02% 6.24% 9.18%

17.50% 14.74% 17.12% 14.74% 12.14% 13.17% 15.15% 15.95%

6.43% 4.58% 7.06% 4.58% 5.92% 9.71% 2.63% 6.83%

-30.32% -24.51% -27.79% -24.51% -24.41% -26.79% -20.21% -21.42%

Rick Ferri Core Four

BillBersteinNo BrainerCowards

BillBersteinNo Brainer

Bill BernsteinSmartMoney

Dilbert's Portfolio

Ted Aronson FamilyTaxable

BillSchultheisCoffee House

FundAdviceUltimateBuy & Hold

26.14% 24.65% 23.99% 24.65% 21.87% 26.55% 20.26% 22.54%

14.42% 13.34% 12.55% 13.34% 13.89% 15.54% 14.68% 13.79%

4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%


P1

P2

P3

P4

P5

P6

P7

P8

P9

P10

P11

P12

P13

P14

P15

P16

P17

P18

P19

P20

P21

P22

P23

P24

P25


An

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rn

P14 P15 P16 P17 P18 P19 P20 P21

2nd Grader

30.00% 30.00% 60.00% 50.00% 34.00% 25.00% 20.00%

9.25%

6.25%

9.25%

6.25%

20.00% 20.00% 8.00% 20.00%

15.00% 15.00%

5.00% 5.00%

30.00% 31.00% 33.00% 25.00% 20.00%

15.00%

15.00% 15.00% 10.00% 50.00% 33.00% 25.00% 20.00%

15.00% 30.00%

25.00% 20.00%

DavidSwenson Lazy Portfolio

David Swenson Yale Endowment

FrankArmstrongIdeal Idx

Scott Burns Couch Portfolio

Scott Burns Margaritaville

Scott Burns Four Square

Scott Burns Five Fold

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

P14 P15 P16 P17 P18 P19 P20 P21

11.29% 11.83% 12.32% 10.99% 10.05% 11.41% 10.30% 10.70%

12.61% 12.66% 17.29% 13.03% 10.06% 14.24% 11.25% 11.50%

7.14% 6.71% 10.43% 7.35% 5.63% 8.10% 6.28% 6.46%

6.88% 7.67% 8.22% 7.82% 4.93% 7.67% 5.82% 7.04%

10.53% 11.08% 10.85% 10.19% 9.57% 10.45% 9.70% 10.07%

0.54 0.59 0.46 0.50 0.56 0.49 0.52 0.55

0.88 1.02 0.70 0.82 0.90 0.79 0.84 0.88

0.89 0.89 0.94 0.86 0.96 0.86 0.86 0.85

0.87 0.87 0.89 0.92 0.77 0.95 0.92 0.87

135145 153820 145513 124773 107770 132666 111057 121306

142007 149822 134686 116138 102332 120778 104006 110656

64926 73898 69907 59943 51774 63735 53353 58277

13.51 15.38 14.55 12.48 10.78 13.27 11.11 12.13

28.05% 30.71% 37.10% 32.61% 20.32% 32.50% 24.79% 23.60%

27.11% 28.99% 32.22% 30.01% 18.92% 35.19% 26.95% 25.35%

7.32% 5.98% 9.66% 8.59% 4.85% 11.94% 9.45% 6.80%

17.86% 18.39% 21.53% 19.14% 18.22% 22.10% 18.17% 17.19%

17.25% 18.67% 23.36% 15.61% 17.27% 17.82% 16.64% 15.03%

-6.84% -7.26% -9.57% -9.45% -0.10% -7.23% -3.42% -5.85%

26.12% 27.17% 28.01% 23.07% 25.06% 23.24% 21.08% 23.95%

6.55% 6.69% 3.91% 5.28% 8.44% 2.83% 3.08% 5.34%

18.88% 20.44% 19.43% 20.79% 12.94% 21.44% 19.10% 19.17%

1.69% 0.73% 1.84% 1.45% 1.41% 2.74% 2.26% 2.41%

17.36% 20.06% 24.42% 17.86% 18.19% 15.54% 16.19% 15.96%

16.24% 15.40% 15.22% 12.54% 12.43% 10.89% 9.05% 14.24%

14.56% 15.69% 19.05% 11.60% 19.39% 12.76% 9.20% 11.07%

7.30% 8.15% 18.90% 8.32% 12.93% 13.91% 13.49% 7.53%

14.89% 13.31% 24.03% 13.49% 15.75% 20.50% 14.28% 10.62%

0.60% 2.23% -10.57% 2.04% -2.99% -7.23% -5.29% 1.04%

-2.02% -2.55% -11.89% -3.55% -1.79% -7.94% -5.31% -1.78%

-4.57% -3.27% -15.44% -7.56% -2.18% -6.62% 0.47% 1.13%

26.77% 26.81% 31.71% 26.96% 19.68% 26.61% 24.07% 26.39%

15.65% 16.56% 14.59% 14.50% 10.40% 13.86% 13.30% 16.79%

8.43% 9.16% 8.52% 8.36% 4.29% 8.03% 4.45% 5.93%

17.69% 17.39% 17.34% 17.75% 7.97% 14.21% 12.11% 16.70%

4.87% 5.07% 9.11% 6.15% 8.54% 10.81% 10.47% 5.08%

-26.83% -24.46% -35.74% -25.74% -19.95% -28.09% -21.67% -24.74%

DavidSwenson Lazy Portfolio

David Swenson Yale Endowment

2nd Grader

FrankArmstrongIdeal Idx

Scott Burns Couch Portfolio

Scott Burns Margaritaville

Scott Burns Four Square

Scott Burns Five Fold

24.39% 22.36% 29.32% 23.07% 19.75% 25.44% 23.35% 24.60%

14.33% 15.28% 14.21% 12.97% 11.63% 11.52% 11.41% 14.78%

4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%


P1

P2

P3

P4

P5

P6

P7

P8

P9

P10

P11

P12

P13

P14

P15

P16

P17

P18

P19

P20

P21

P22

P23

P24

P25


An

nu

aliz

ed R

etu

rn

P22 P23 P24 P25

16.67% 25.00%

15.00%

15.00% 15.00%

13.00%

16.66%

4.00% 15.00%

16.66%

13.00%

25.00%

25.00%

16.66% 40.00% 35.00%

16.66%

35.00%

16.66%

25.00%


Harry BrownePermanent

LarrySwedroeSimple Portfolio

LarrySwedroeMinimize FatTails Portfolio

100.0% 100.0% 100.0% 100.0%

P22 P23 P24 P25

11.59% 8.22% 11.39% 10.48%

11.93% 5.85% 11.94% 8.44%

6.95% 2.34% 6.44% 3.68%

6.37% 4.21% 7.00% 6.09%

10.89% 8.07% 10.72% 10.16%

0.60 0.65 0.58 0.72

0.95 1.38 0.99 1.49

0.82 0.70 0.84 0.67

0.83 0.73 0.85 0.80

146958 75224 141111 123712

141449 76155 146004 185505

70601 36139 67792 59433

14.70 7.52 14.11 12.37

22.02% 18.81% 26.25% 21.20%

23.24% 16.72% 24.41% 22.12%

6.68% 6.54% 7.01% 9.34%

17.88% 4.63% 25.01% 18.85%

19.76% 13.06% 14.85% 16.48%

-5.10% 1.42% -8.00% 0.17%

20.00% 11.79% 25.78% 24.22%

5.47% 3.60% 10.63% 10.78%

20.39% 11.82% 23.08% 22.30%

1.73% -1.49% 1.94% -0.57%

17.52% 17.99% 14.87% 8.30%

17.53% 4.96% 12.19% 8.44%

11.70% 7.07% 14.23% 7.16%

2.85% 10.02% 3.69% -0.24%

12.34% 5.04% 13.73% 13.04%

6.93% 2.28% 3.61% 3.85%

-1.91% -0.56% 1.70% 6.94%

0.84% 5.54% -3.26% 5.38%

27.61% 13.49% 27.30% 17.86%

20.09% 6.28% 15.34% 10.71%

12.37% 8.28% 7.58% 7.24%

17.19% 10.94% 13.15% 8.76%

10.40% 12.62% 6.94% 11.59%

-27.76% -1.89% -23.57% -11.39%


Harry BrownePermanent

LarrySwedroeSimple Portfolio

LarrySwedroeMinimize FatTails Portfolio

26.88% 10.30% 23.93% 20.23%

14.55% 14.51% 13.64% 9.64%

Data_Sources

Credit to Trevh/Cb/Alec from Vanguard Diehards / Bogleheads forum for compiling this data from various sources.A special thanks to Gummy (gummy-stuff.org) for all the Math & Excel help.

For comments/Feedback/updates visit

Annual Return Data Sources:http://www.tamasset.com/other/AC2705.xlshttp://www.fpanet.org/journal/articles/2006_Issues/jfp0206-art7.cfmhttps://flagship.vanguard.com/VGApp/hnw/FundsByTypehttp://www.mscibarra.com/products/indices/us/annualReturns.jspCPI-U data was collected from http://www.bls.gov/cpi and the actual data was obtained from ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt

Credit to Cb/Gnobility/Jeff for calculating the synthetic returns of CCF data Credit to Stratton for the Global Bond Funds DataCredit to CraigR for the Gold returns - http://crawlingroad.com/blog/2008/12/22/permanent-portfolio-historical-returns/#more-299

Folowing is the list of the Abbreviations and a summary of the data sources by year range.

MKT = US Cap Weighted Market: EAFE============================= ================================CRSP Market Decile 1-10 1972-1992 MSCI EAFE Index 1972-2000 (Developed Only)Vanguards Total Stock Market Index Fund 1993-2010 Vanguard Developed Mkts Idx (VDMIX) 2001-2010

LCB = US Large Blend: EM===================== ================================S&P 500: Standard & Poors 1972-1976 IFA website (added back expenses):1972-1987 Vanguards 500 Index Fund 1977-2010 (http://www.ifa.com/library/support/data/IFAindexdata.asp)

Allocated 50% IFA Intl Value Index and 50% IFA Intl SmallLCV = US Large Value: MSCI Emerging Mkts Index 1988-1994===================== Vanguard Emerging Mkts Idx - 1995-2010Fama and French 1972-1978 Russell 1000 Value Index 1979-1992Vanguards Value Index Fund 1993-2010 EAFE/EM

INTLT - Total International:LCG = US Large Growth: ================================================== MSCI EAFE Index 1972-1987 (Developed Only)Fama and French 1972-1978 85% EAFE IndexRussell 1000 Growth Index 1979-1992 Vanguards Total International Index Fund 1997-2010Vanguards Growth Index Fund 1993-2010

PacificMCB = US Mid Blend: =============================================== MSCI Data 1972-1990CRSP Decile 3-5 1972-1978 Vanguard Pacific Stock Index (VPACX) 1991-2010Russell Mid Cap Index 1979-1998Vanguards Mid Cap Index Fund 1999-2010

EuropeMCG = US Mid Growth: =============================================== MSCI Data 1972-1984Russell Mid Cap Growth Index 1986-1995 Vanguard Europe Stock Index (VEURX) 1991-2010

http://www.bogleheads.org


http://gnobility.com/Syn_Comm/CCF_1972-2007_san.xls



Data_Sources

MSCI Mid Cap Growth Index 1996-2010 International ValueMCG = US Mid Value: =============================================== IFA Intl Value (ifa.com) 1972-1974Russell Mid Cap Value Index 1986-1995 MSCI EAFE Value 1975-1996MSCI Mid Cap Value Index 1996-2010 Vanguard Intl Value (VTRIX) 1997-2010 SCB = US Small Blend: Windsor===================== ==================================Ibbotson 1972-1978 Vanguard Windsor (VWNDX) - 1972-2010Russell 2000 Index 1979-1991Vanguards Small Cap Index Fund 1992-2010 Windsor II

==================================SCV = US Small Value: Vanguard Windsor II (VWNFX) 1985-2010=====================Ibbotson 1972-1978 EnergyRussell 2000 Value Index 1979-1998 ============================Vanguards Small Cap Value Index Fund 1999-2010 Vanguard Energy (VGENX) - 1985-2010

SCG = US Small Growth: Health Care====================== ============================Ibbotson 1972–1978 Vanguard Health (VGHCX) - 1985-2010Russell 2000 Growth Index 1979-1998Vanguards Small Cap Growth Index Fund (VISGX) 1999-2010 Precious Metals

============================MICRO = US MicroCap Blend: Vanguard Precious Metals (VGPMX) - 1985-2010==========================CRSP Decile 10 1972-1997 Short Term Treasuries BRSIX Bridgeway Ultra Small Market 1998-2010 ===============================

ST Treasury (2F) IFA website: 1972-1991

Extended market Index Vanguard Short Term Treasury (VFISX) 1992-2010=============================55% Mid-Cap(VIMSX)+45% Small Cap(NAESX) - 1985-1987 5YT - InterTerm Treasury Bonds:VG Extended Mkt - 1988-2010 ===============================

Tamasset Spreadsheet 1972-1991REIT = Real Estate: Vanguards InterTerm Treasury Fund (VFITX) 1992-2010===================Nat. Assn. of Real Estate Inv Trusts 1972-1996 Tbill - Risk Free Benchmark for Sharpe:Vanguards REIT Index Fund - 1997-2010 ===============================

T-Bills 1972-1983Vanguard Treasury Money Market Fund (VMPXX) 1984-2010VG Treasury (VMPXX) merged with Admiral Treasury (VUSXX) in Aug 2009

Data_Sources

Credit to Trevh/Cb/Alec from Vanguard Diehards / Bogleheads forum for compiling this data from various sources.

CPI-U data was collected from http://www.bls.gov/cpi and the actual data was obtained from ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt

Credit to CraigR for the Gold returns - http://crawlingroad.com/blog/2008/12/22/permanent-portfolio-historical-returns/#more-299

ITB = Intermediate Term Bonds:================================ ==============================MSCI EAFE Index 1972-2000 (Developed Only) Ibbotson 1972Vanguard Developed Mkts Idx (VDMIX) 2001-2010 Lehman Brothers 1973-1986

Vanguards Total Bond Index Fund 1987-2010

================================ TIPSIFA website (added back expenses):1972-1987 ===============================(http://www.ifa.com/library/support/data/IFAindexdata.asp) Synthetic TIPS data provided by Cb (Data from Kothari's paper)Allocated 50% IFA Intl Value Index and 50% IFA Intl Small http://www.diehards.org/forum/viewtopic.php?t=281MSCI Emerging Mkts Index 1988-1994 Vanguard Inflation-Protected Security Fund (VIPSX) 2001-2010Vanguard Emerging Mkts Idx - 1995-2010

LTGB = Long Term Government Bonds:==================================Tamasset Spreadsheet 1972-1986Vanguards Long Term Treasury(VUSTX) 1987-2010

============================MSCI EAFE Index 1972-1987 (Developed Only) High Yield Corporate

==================================Vanguards Total International Index Fund 1997-2010 Vanguard High Yield Corporate (VWHEX) 1985-2010

CPI-U (Inflation)============================ ==================================

Consumer Price Index - Urban - 1972-2010Vanguard Pacific Stock Index (VPACX) 1991-2010 Compiled by Bureau of Labor and Statistics

Commodities============================

============================ COMM - Commodities/Natural ResourcesCollaterallized Chase Index 1972-1990

Vanguard Europe Stock Index (VEURX) 1991-2010 DJ-AIJ plus T-Bills 1991-1996





Data_Sources

DJ-AIG plus Yahoo's IPS 'category' returns 1997-2001 (prior to VIPSX)DJ-AIJ plus VIPSX - 2001-2002

============================ Pimco PCRIX 2003-2010IFA Intl Value (ifa.com) 1972-1974MSCI EAFE Value 1975-1996 Global Bonds (Unhedged)Vanguard Intl Value (VTRIX) 1997-2010 ============================

JP Morgan Global Gov Bond - 1987-1996Pimco Global Bond PIGLX Instl - 1997-2010

==================================Vanguard Windsor (VWNDX) - 1972-2010 Short Term Investment Grade

==================================Vanguard ST Investment Grade (VFSTX) 1985-2010

==================================Vanguard Windsor II (VWNFX) 1985-2010 Gold

==================================

============================Vanguard Energy (VGENX) - 1985-2010 http://www.kitco.com/charts/historicalgold.html

Kitco returns - 1972 - 2004GLD ETF - 2004 - 2010

============================Vanguard Health (VGHCX) - 1985-2010 International Small

============================Intl Small IFA website (added back expenses):1972-1974

============================ Intl Small 1975-1996Vanguard Precious Metals (VGPMX) - 1985-2010 VG Intl Explorer - 1997 - 2009

FTSE All-World ex-US Small Cap Idx (VFWIX) 2010 -

===============================ST Treasury (2F) IFA website: 1972-1991

Vanguard Short Term Treasury (VFISX) 1992-2010

5YT - InterTerm Treasury Bonds:===============================Tamasset Spreadsheet 1972-1991Vanguards InterTerm Treasury Fund (VFITX) 1992-2010

Tbill - Risk Free Benchmark for Sharpe:===============================

Vanguard Treasury Money Market Fund (VMPXX) 1984-2010VG Treasury (VMPXX) merged with Admiral Treasury (VUSXX) in Aug 2009

http://www.finfacts.ie/Private/curency/goldmarketprice.htm

http://www.onlygold.com/TutorialPages/prices200yrsfs.htm - 1972-2010

http://www.finfacts.ie/Private/curency/goldmarketprice.htm

http://www.onlygold.com/TutorialPages/prices200yrsfs.htm%20-%201972-2009

Data_Sources

Synthetic TIPS data provided by Cb (Data from Kothari's paper)

Vanguard Inflation-Protected Security Fund (VIPSX) 2001-2010

Data_Sources

DJ-AIG plus Yahoo's IPS 'category' returns 1997-2001 (prior to VIPSX)

http://www.onlygold.com/TutorialPages/prices200yrsfs.htm - 1972-2010

http://www.onlygold.com/TutorialPages/prices200yrsfs.htm%20-%201972-2009

Year US Mkt LCV LCG MCB SCV SCB SCG

VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX

Allocation 20% 0% 0% 0% 0% 20% 0% 0%

Amount 2000 2000

1972 3.34 1.35

1973 -3.65 -5.23

1974 -5.47 -3.68

1975 7.69 10.83

1976 5.29 10.65

1977 -0.88 4.30

1978 1.46 4.30

1979 4.55 7.02

1980 6.49 5.02

1981 -0.78 2.93

1982 4.11 5.64

1983 4.35 7.66

1984 0.86 0.41

1985 6.39 6.14

1986 3.18 1.43

1987 0.30 -1.46

1988 3.56 5.84

1989 5.73 2.43

1990 -1.24 -4.40

1991 6.89 8.27

1992 1.92 5.76

1993 2.08 4.70

1994 -0.03 -0.35

1995 7.16 5.10

1996 4.19 4.22

1997 6.20 6.30

1998 4.65 -1.34

1999 4.76 0.62

2000 -2.11 4.38

2001 -2.19 2.74

2002 -4.19 -2.84

2003 6.27 7.44

2004 2.50 4.71

2005 1.20 1.21

2006 3.10 3.85

2007 1.10 -1.41

2008 -7.41 -6.41

2009 5.74 6.07

2010 3.42 4.96

LCB-500 Idx

Portfolio Total CAGR Std.Dev C-US C-Intl

Nominal 6852279.42 11.45 12.12 0.54 1.06 0.88 0.79Real 128488.80 0.64 12.06 0.52 0.77 0.87 0.79

0 38 39 Portfolio Nominal (Rebalanced) = 6852279.42Correlation of your portfolio with different assets

Portfolio US Mkt LCV LCG MCB SCV SCB SCG

Correlation VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX

0.88 0.87 0.85 0.78 0.89 0.78 0.83 0.83

Returns without Rebalancing

Year US Mkt LCV LCG MCB SCV SCB SCG


Allocation 20% 0% 0% 0% 0% 20% 0% 0%

Amount 2000 2000

1972 2333.57 2135.09

1973 1907.57 1576.34

1974 1386.07 1286.49

1975 1918.84 1983.06

1976 2426.56 3038.99

1977 2320.24 3693.00

1978 2489.52 4487.75

1979 3056.31 6062.47

1980 4048.03 7584.90

1981 3890.86 8695.05

1982 4691.24 11147.50

1983 5712.46 15414.98

1984 5958.20 15733.34

1985 7861.81 20563.37

1986 9110.25 22034.38

1987 9247.55 20422.97

1988 10891.42 26387.06

1989 14012.41 29590.99

1990 13146.69 23087.06

1991 17675.01 32639.29

1992 19370.36 42040.63

1993 21386.85 51926.86

1994 21350.50 51030.59

1995 28991.84 64049.17

1996 35068.53 77577.26

1997 45936.27 102012.20

1998 56621.04 95162.54

1999 70102.51 98124.80

2000 62692.68 119594.50

2001 55815.29 135978.95

Sharpe Ratio

Sortino Ratio

LCB-500 Idx

LCB-500 Idx

I53

Correlation with EAFE Intl

2002 44116.41 116669.94

2003 57946.90 160059.49

2004 65201.85 197753.50

2005 69100.92 209757.13

2006 79818.48 250114.41

2007 84200.51 232431.32

2008 53012.64 157937.08

2009 68227.27 205855.19

2010 79887.31 256948.45

%Allocation 13.56% 43.62%

Portfolio CAGR Std.Dev C-US C-Intl

Nominal 589077.90 4.65 13.36 0.47 0.89 0.84 0.79

Real 110459.47 0.26 13.28 0.46 0.65 0.83 0.79


CoffeeHouse Portfolio

Year LCB LCV SCV SCB EAFE / EM REIT ITB

0 VFINX VIVAX VISVX NAESX VGTSX VGSIX VBMFX Nominal Allocation 10% 10% 10% 10% 10% 10% 40%

1972 1.88 1.88 0.68 0.42 3.80 0.78 2.20 11.62

1973 -1.49 -0.38 -2.62 -3.11 -1.50 -1.57 1.28 -9.38

1974 -2.66 -2.33 -1.84 -2.01 -2.37 -2.16 2.71 -10.65

1975 3.70 5.69 5.41 5.24 3.63 1.90 3.23 28.81

1976 2.37 4.37 5.32 5.70 0.29 4.73 4.59 27.38

1977 -0.80 0.12 2.15 2.51 2.26 2.21 1.12 9.58

1978 0.59 0.31 2.15 2.32 3.54 1.01 0.80 10.71

1979 1.80 2.02 3.51 4.28 0.42 3.56 2.55 18.14

1980 3.19 2.41 2.51 3.83 2.29 2.41 2.55 19.20

1981 -0.52 0.11 1.46 0.18 -0.05 0.58 4.23 5.99

1982 2.09 1.97 2.82 2.46 -0.12 2.13 10.06 21.42

1983 2.13 2.80 3.83 2.88 2.54 3.03 3.19 20.41

1984 0.62 0.99 0.21 -0.75 0.79 2.06 5.63 9.55

1985 3.12 3.12 3.07 3.08 5.69 1.89 7.11 27.07

1986 1.81 1.97 0.72 0.55 6.83 1.90 5.15 18.92

1987 0.47 0.03 -0.73 -0.90 2.65 -0.38 0.38 1.51

1988 1.62 2.29 2.92 2.46 3.00 1.33 2.94 16.56

1989 3.14 2.49 1.21 1.59 1.86 0.86 5.46 16.61

1990 -0.33 -0.83 -2.20 -1.97 -2.15 -1.56 3.46 -5.58

1991 3.02 2.43 4.14 4.58 1.93 3.54 6.10 25.74

1992 0.74 1.36 2.88 1.79 -0.86 1.44 2.86 10.20

1993 0.99 1.81 2.35 1.87 3.88 1.94 3.87 16.72

1994 0.12 -0.07 -0.17 -0.05 0.55 0.30 -1.06 -0.40

Sharpe Ratio

Sortino Ratio

Portfolio Returns

1995 3.75 3.69 2.55 2.87 0.96 1.51 7.27 22.60

1996 2.29 2.19 2.11 1.81 0.75 3.50 1.43 14.08

1997 3.32 2.98 3.15 2.46 -0.11 1.85 3.78 17.43

1998 2.86 1.46 -0.67 -0.26 1.56 -1.63 3.43 6.75

1999 2.11 1.26 0.31 2.31 2.99 -0.40 -0.30 8.27

2000 -0.91 0.61 2.19 -0.27 -1.56 2.64 4.56 7.25

2001 -1.20 -1.19 1.37 0.31 -2.02 1.24 3.37 1.88

2002 -2.22 -2.09 -1.42 -2.00 -1.51 0.38 3.30 -5.56

2003 2.85 3.23 3.72 4.56 4.03 3.57 1.59 23.54

2004 1.07 1.53 2.36 1.99 2.08 3.08 1.70 13.80

2005 0.48 0.71 0.61 0.74 1.56 1.19 0.96 6.24

2006 1.56 2.22 1.92 1.56 2.66 3.51 1.71 15.15

2007 0.54 0.01 -0.71 0.12 1.55 -1.65 2.77 2.63

2008 -3.70 -3.60 -3.21 -3.61 -4.41 -3.71 2.02 -20.21

2009 2.65 1.96 3.03 3.61 3.67 2.96 2.37 20.26

2010 1.49 1.43 2.48 2.77 1.11 2.83 2.57 14.68

Portfolio Total CAGR Std.Dev C-US C-Intl

Nominal 519054.8837 10.657 11.32 0.50 1.06 0.91 0.67

Real 97329.275778 6.008 11.41 0.48 0.70 0.89 0.670 38 39

Correlation of your portfolio with different assetsPortfolio LCB LCV SCV SCB REIT EAFE/ EM ITB TIPS

Correlation VFINX VIVAX VISVX NAESX VGSIX VGTSX VBMFX VIPSX

0.88 0.88 0.91 0.92 0.82 0.67 0.42 0.29

CHP Nominal (Rebalanced) = 519054.88CHP Real (Rebalanced) = 97329.28

Sharpe Ratio

Sortino Ratio

D10 REIT EAFE EM Total Intl Pacific Europe Int.Val COMM LTGB

BRSIX VGSIX VDMIX VEIEX VGTSX VPACX VEURX VTRIX PCRIX VUSTX

0% 0% 0% 0% 20% 0% 0% 0% 20% 0%

2000 2000

7.60 7.74

-3.00 13.68

-4.75 0.82

7.26 1.02

0.58 -1.11

4.52 0.61

7.07 5.27

0.83 6.85

4.57 1.22

-0.09 -4.50

-0.24 0.77

5.09 2.45

1.59 -0.70

11.37 2.61

13.67 -1.24

5.29 3.58

6.00 3.70

3.72 5.54

-4.31 5.03

3.85 0.75

-1.72 1.32

7.76 1.28

1.10 1.18

1.92 4.86

1.50 3.67

-0.21 -0.20

3.12 -5.06

5.98 3.93

-3.12 7.17

-4.03 -3.05

-3.02 7.99

8.07 5.96

4.17 3.27

3.11 4.10

5.33 -0.61

3.10 4.76

-8.82 -8.67

7.35 7.98

2.22 4.83

Portfolio Nominal (Rebalanced) = 6852279.42 Portfolio Real (Rebalanced) = 128488.80

D10 REIT EAFE EM Pacific Europe Int.Val COMM LTGB


0.73 0.71 0.77 0.74 0.79 0.58 0.81 0.75 0.41 0.02

D10 REIT EAFE EM Pacific Europe Int.Val COMM LTGB


0% 0% 0% 0% 20% 0% 0% 0% 20% 0%

2000 2000

2759.63 2773.80

2346.13 4671.08

1789.21 4862.59

2439.07 5111.07

2510.27 4827.41

3078.00 4974.64

4166.19 6286.46

4339.73 8440.20

5332.25 8956.74

5308.19 6939.68

5243.49 7206.16

6577.07 8088.20

7099.57 7804.30

11137.18 8821.20

18746.95 8275.17

23705.55 9757.25

30814.79 11562.35

36541.14 14767.43

28670.37 18478.48

34192.61 19175.12

31256.36 20438.34

43377.29 21750.64

45755.00 23032.13

50158.16 28626.29

53920.06 33878.26

53348.83 33538.49

61671.24 25052.21

80123.28 29977.03

67616.04 40718.03

53991.40 34509.11

EAFE85 / EM15

EAFE85 / EM15

45849.50 48288.49

64345.19 62688.12

77754.73 72943.89

89861.14 87897.39

113800.15 85225.31

131461.93 105508.94

73487.22 59791.91

100479.07 83660.85

111652.35 103848.21

18.95% 17.63%

Portfolio Nominal (Unbalanced) = 589077.90 Portfolio Real (Unbalanced) = 110459.47

Total Total

Nominal Real Real

10000 1000011161.63 7.94 10793.95

10115.00 -16.63 8998.41

9037.53 -20.46 7156.89

11641.48 20.46 8620.99

14828.68 21.47 10471.80

16249.15 2.70 10754.27

17989.88 1.55 10921.48

21253.93 4.28 11389.00

25334.52 5.94 12065.45

26852.87 -2.69 11740.99

32604.54 16.94 13729.99

39259.53 16.01 15928.60

43009.22 5.39 16787.07

54653.21 22.42 20551.21

64993.28 17.63 24173.97

65973.22 -2.80 23496.53

76900.37 11.63 26229.09

89672.61 11.43 29227.16

84669.46 -11.01 26008.33

106461.28 22.00 31729.94

117325.28 7.10 33982.16

136936.92 13.59 38601.56

136394.54 -2.99 37447.00

Portfolio Returns

167225.58 19.57 44775.06

190773.94 10.41 49437.63

224019.97 15.46 57081.34

239149.26 5.06 59969.70

258932.36 5.44 63233.04

277712.73 3.74 65597.66

282939.28 0.33 65811.00

267216.35 -7.75 60710.84

330129.76 21.26 73620.91

375700.88 10.22 81141.91

399125.83 2.73 83354.02

459577.42 12.29 93600.75

471668.90 -1.39 92296.52

376363.49 -20.28 73579.82

452599.67 17.07 86141.11

519054.88 12.99 97329.28

5 Yr T ITB TBILL STIPS Bal Bal Windsor GOLD VG Intl Smal -

VFITX VBMFX VMPXX VIPSX VWELX VWINX VWNDX VFISX GLD VFWIX -

0% 20% 0% 0% 0% 0% 0% 0% 0% 0% 0%

2000

1.10

0.64

1.36

1.62

2.30

0.56

0.40

1.28

1.28

2.12

5.03

1.60

2.81

3.55

2.57

0.19

1.47

2.73

1.73

3.05

1.43

1.94

-0.53

3.64

0.72

1.89

1.72

-0.15

2.28

1.69

1.65

0.79

0.85

0.48

0.85

1.38

1.01

1.19

1.28

ST Treasury


5 Yr T ITB TBILL TIPS Bal Bal Windsor GOLD VG Intl Smal -

VFITX VBMFX VMPXX VIPSX VWELX VWINX VWNDX VFISX PIGLX VFWIX -

0.00 0.22 0.00 0.33 0.85 0.67 0.84 -0.03 -0.03 0.67

5 Yr T ITB TBILL STIPS Bal Bal Windsor GOLD VG Intl Smal -

VFITX VBMFX VUSXX VIPSX VWELX VWINX VWNDX VFISX GLD VFWIX -

0% 20% 0% 0% 0% 0% 0% 0% 0% 0% 0%

2000

2109.78

2177.16

2324.91

2512.85

2801.25

2879.53

2937.01

3124.60

3324.18

3675.83

4600.30

4967.59

5666.62

6673.26

7532.39

7603.06

8161.88

9275.16

10077.46

11614.28

12443.54

13648.07

13285.03

15700.25

16262.32

17797.48

19324.51

19177.64

21361.97

23162.79

ST Treasury

ST Treasury

25076.04

26071.55

27176.99

27829.24

29017.54

31025.56

32592.35

34525.08

36741.59

6.24%


- - - - - - - - Total

- - - - - - - -

0% 0% 0% 0% 0% 0% 0% 0%

100000

21.12 121118.64

2.44 124070.26

-11.72 109534.83

28.42 140664.09

17.71 165576.62

9.12 180677.07

18.51 214115.60

20.53 258081.49

18.59 306052.86

-0.33 305049.85

15.31 351751.03

21.14 426116.64

4.97 447314.40

30.06 581789.91

19.61 695873.41

7.90 750836.57

20.56 905236.86

20.15 1087625.38

-3.18 1053001.47

22.82 1293297.57

8.71 1405907.41

17.76 1655613.37

1.36 1678186.67

22.68 2058776.49

14.30 2353215.09

13.97 2682030.89

3.08 2764757.24

15.15 3183568.72

8.58 3456851.14

-4.85 3289272.77

-0.41 3275784.73

28.53 4210497.15

15.50 4863208.42

10.10 5354586.99

12.52 6025195.47

8.93 6563365.93

-30.29 4575059.85

28.32 5870899.81

16.72 6852279.42

Portfolio Returns

- - - - - - - -

- - - - - - - -

- - - - - - - - Total

- - - - - - - -

0% 0% 0% 0% 0% 0% 0% 0%

1000021.12 12111.86

4.68 12678.28

-8.12 11649.27

19.88 13964.90

11.74 15604.48

8.59 16945.41

20.19 20366.93

22.86 25023.31

16.88 29246.09

-2.52 28509.61

15.36 32888.69

23.93 40760.30

3.68 42262.03

30.27 55056.83

19.33 65699.15

7.67 70736.38

24.15 87817.49

18.64 104187.14

-10.30 93460.06

23.36 115296.31

8.89 125549.22

21.14 152089.71

1.55 154453.25

21.41 187525.72

15.56 216706.43

16.58 252633.27

2.06 257831.54

15.39 297505.26

4.87 311983.22

-2.73 303457.54

Portfolio Returns

-7.73 280000.37

32.54 371111.25

18.79 440830.96

9.89 484445.82

15.18 557975.88

4.78 584628.25

-35.55 376821.20

30.76 492747.45

19.55 589077.90

TBILL Inflation10 1.7% VMPXX CPI-U

Max. Drawdown Rebalanced = 30.3% 0.2410000 Avg. Drawdown Rebalanced = 1.7% 1984

5.62% 4.43%1.13%

17.13 11712.88 10.00 10.00 0.0% 3.551476 3.41 0.14-5.77 11037.42 10.24 10.24 0.0% 6.644054 8.71 -1.90

-21.41 8674.15 9.04 10.24 11.7% 7.741421 12.34 -4.0920.09 10416.75 11.61 11.61 0.0% 5.546688 6.94 -1.3012.25 11692.78 13.67 13.67 0.0% 4.848364 4.86 -0.022.27 11957.85 14.92 14.92 0.0% 4.848364 6.70 -1.748.70 12998.75 17.68 17.68 0.0% 6.943336 9.02 -1.906.39 13829.40 21.31 21.31 0.0% 10.13567 13.29 -2.795.40 14575.63 25.27 25.27 0.0% 11.03352 12.52 -1.32

-8.49 13337.82 25.19 25.27 0.3% 14.42538 8.92 5.0511.06 14812.47 29.04 29.04 0.0% 10.23543 3.83 6.1716.72 17288.64 35.18 35.18 0.0% 8.539505 3.79 4.580.99 17459.28 36.93 36.93 0.0% 9.537111 3.95 5.38

25.30 21877.00 48.03 48.03 0.0% 7.37 3.80 3.4418.31 25882.71 57.45 57.45 0.0% 6 1.10 4.853.32 26741.23 61.99 61.99 0.0% 6.12 4.43 1.61

15.46 30875.71 74.74 74.74 0.0% 7.18 4.42 2.6414.81 35449.17 89.80 89.80 0.0% 8.87 4.65 4.04-8.76 32345.56 86.94 89.80 3.2% 7.94 6.11 1.7319.17 38545.71 106.78 106.78 0.0% 5.73 3.06 2.595.64 40720.79 116.08 116.08 0.0% 3.53 2.90 0.61

14.61 46670.58 136.69 136.69 0.0% 2.86 2.75 0.11-1.28 46074.46 138.56 138.56 0.0% 3.81 2.67 1.1119.64 55124.24 169.98 169.98 0.0% 5.49 2.54 2.8810.63 60981.80 194.29 194.29 0.0% 5.09 3.32 1.7112.07 68339.41 221.44 221.44 0.0% 5.12 1.70 3.361.45 69329.79 228.27 228.27 0.0% 5 1.61 3.33

12.14 77744.90 262.85 262.85 0.0% 4.55 2.68 1.825.03 81653.21 285.41 285.41 0.0% 5.8 3.39 2.33

-6.30 76507.70 271.57 285.41 4.8% 3.99 1.55 2.40-2.72 74424.96 270.46 285.41 5.2% 1.51 2.38 -0.8526.16 93896.60 347.63 347.63 0.0% 0.82 1.88 -1.0411.86 105033.04 401.52 401.52 0.0% 1 3.26 -2.186.47 111825.98 442.09 442.09 0.0% 2.77 3.42 -0.629.74 122713.35 497.46 497.46 0.0% 4.55 2.54 1.964.66 128432.43 541.90 541.90 0.0% 4.65 4.08 0.55

-30.36 89443.35 377.73 541.90 30.3% 1.97 0.09 1.8824.93 111738.01 484.72 541.90 10.6% 0.53 2.72 -2.1314.99 128488.80 565.75 565.75 0.0% 2.76 1.50 1.24

Portfolio Returns Real

Total in 1972 dollars

Growth of 100000

Previous Max Growth

TBill72Real

10 2.2% Max. Drawdown Unbalanced = 35.5%

10000 Avg. Drawdown Unbalanced = 2.2%17.13 11712.88 10.00 10.00 0.0%-3.71 11278.73 10.47 10.47 0.0%

-18.21 9225.15 9.62 10.47 8.1%12.10 10341.57 11.53 11.53 0.0%6.56 11019.66 12.88 12.88 0.0%1.77 11215.08 13.99 13.99 0.0%

10.25 12364.56 16.82 16.82 0.0%8.45 13408.84 20.66 20.66 0.0%3.87 13928.32 24.15 24.15 0.0%

-10.50 12465.37 23.54 24.15 2.5%11.10 13849.64 27.15 27.15 0.0%19.41 16537.49 33.65 33.65 0.0%-0.25 16495.44 34.89 34.89 0.0%25.51 20702.98 45.46 45.46 0.0%18.03 24436.52 54.24 54.24 0.0%3.10 25192.94 58.40 58.40 0.0%

18.89 29952.69 72.51 72.51 0.0%13.37 33957.90 86.02 86.02 0.0%

-15.46 28708.58 77.16 86.02 10.3%19.70 34363.15 95.19 95.19 0.0%5.82 36364.15 103.66 103.66 0.0%

17.90 42873.03 125.57 125.57 0.0%-1.09 42405.00 127.52 127.52 0.0%18.41 50210.47 154.83 154.83 0.0%11.84 56157.85 178.92 178.92 0.0%14.63 64372.15 208.58 208.58 0.0%0.44 64654.52 212.88 212.88 0.0%

12.37 72652.80 245.63 245.63 0.0%1.43 73692.59 257.58 257.58 0.0%

-4.22 70583.50 250.55 257.58 2.7%



Growth of 100000

Previous Max Growth

-9.87 63615.34 231.18 257.58 10.3%30.09 82760.02 306.40 306.40 0.0%15.04 95208.37 363.97 363.97 0.0%6.26 101172.37 399.98 399.98 0.0%

12.32 113641.27 460.69 460.69 0.0%0.67 114400.49 482.69 482.69 0.0%

-35.60 73669.31 311.12 482.69 35.5%27.30 93782.25 406.83 482.69 15.7%17.78 110459.47 486.36 486.36 0.0%

1 1 0 0

21.12% 3.08% 10.61% 11.80% 13.81%2.44% 5.11% 8.33% 11.25% 12.93%

-11.72% 10.10% 11.53% 13.13% 14.17%28.42% 18.15% 18.70% 15.11% 16.54%17.71% 15.03% 16.82% 15.25% 14.36%

9.12% 15.95% 13.00% 15.44% 14.69%18.51% 19.21% 14.25% 15.31% 14.66%20.53% 12.52% 14.76% 15.51% 14.61%18.59% 10.87% 11.63% 15.47% 13.29%-0.33% 11.66% 13.71% 13.15% 13.55%15.31% 13.61% 17.93% 15.54% 14.59%21.14% 18.26% 16.38% 14.86% 14.50%

4.97% 17.76% 16.26% 14.54% 13.28%30.06% 18.84% 19.45% 14.14% 13.98%19.61% 15.88% 12.60% 13.47% 12.61%

7.90% 16.05% 13.20% 12.96% 10.91%20.56% 11.93% 13.37% 13.58% 10.32%20.15% 12.63% 12.83% 11.81% 10.79%-3.18% 8.93% 9.06% 11.34% 10.50%22.82% 16.28% 14.35% 12.62% 11.45%

8.71% 9.07% 12.72% 9.78% 10.80%17.76% 13.56% 13.79% 8.83% 10.82%

1.36% 12.43% 10.80% 9.78% 7.01%22.68% 16.92% 13.66% 11.23% 8.71%14.30% 10.33% 10.92% 10.03% 8.35%13.97% 10.60% 6.93% 9.86%

3.08% 8.83% 4.08% 9.36%15.15% 5.96% 8.78% 5.17%

8.58% 0.96% 8.84% 6.31%-4.85% 6.79% 9.15% 7.08%-0.41% 13.92% 12.87%28.53% 17.80% 14.91%15.50% 12.69% 1.67%10.10% 10.51% 3.84%12.52% -5.11% 5.06%

8.93% -0.86%-30.29% 1.45%28.32%16.72%

Rolling Returns1 year

Rolling Returns3 years




21.12% 5.22% 9.31% 11.05% 13.37%4.68% 4.86% 6.95% 10.51% 12.49%

-8.12% 7.17% 9.94% 12.39% 13.77%19.88% 13.31% 16.52% 13.75% 15.73%11.74% 13.40% 15.93% 14.70% 13.51%

8.59% 17.05% 12.81% 15.46% 14.26%20.19% 19.95% 14.18% 15.36% 14.28%22.86% 11.86% 14.88% 15.74% 14.34%16.88% 9.54% 11.05% 15.33% 12.90%-2.52% 11.70% 13.49% 12.32% 13.19%15.36% 14.02% 18.17% 15.00% 14.48%23.93% 18.74% 16.55% 14.33% 14.56%

3.68% 17.25% 16.59% 14.07% 13.09%30.27% 18.73% 19.78% 13.84% 13.89%19.33% 16.84% 11.16% 13.04% 12.26%

7.67% 16.61% 11.91% 12.68% 10.74%24.15% 9.73% 12.16% 13.58% 9.61%18.64% 9.50% 11.61% 11.37% 10.09%

-10.30% 6.41% 8.19% 11.06% 10.09%23.36% 17.62% 14.94% 12.81% 11.59%

8.89% 10.24% 13.45% 10.16% 11.08%21.14% 14.31% 15.01% 8.35% 10.80%

1.55% 12.53% 11.13% 9.33% 6.24%21.41% 17.82% 14.01% 11.06% 8.04%15.56% 11.20% 10.72% 9.96% 7.93%16.58% 11.14% 6.97% 9.92%

2.06% 7.29% 2.08% 8.75%15.39% 5.58% 7.56% 3.87%

4.87% -2.00% 8.18% 5.18%-2.73% 5.96% 9.20% 6.56%






-7.73% 13.26% 12.95%32.54% 20.05% 15.86%18.79% 14.56% 0.31%

9.89% 9.87% 2.25%15.18% -8.03% 3.99%

4.78% -4.06%-35.55% 0.25%30.76%19.55%

1 1 0 0

17.13% -4.63% 3.18% 2.92% 6.55%-5.77% -3.83% 0.41% 2.38% 5.66%

-21.41% 1.94% 3.33% 4.59% 7.10%20.09% 11.29% 9.78% 7.25% 9.84%12.25% 7.66% 6.95% 7.70% 7.85%

2.27% 5.75% 2.67% 8.27% 8.28%8.70% 6.82% 4.37% 8.38% 8.51%6.39% 0.86% 5.87% 9.04% 8.90%5.40% 2.32% 4.77% 9.87% 8.35%

-8.49% 5.85% 8.46% 8.30% 9.27%11.06% 9.39% 14.18% 11.20% 10.66%16.72% 13.88% 12.54% 10.64% 10.73%

0.99% 14.40% 12.30% 10.44% 9.70%25.30% 15.27% 15.22% 10.19% 10.47%18.31% 12.17% 8.13% 9.68% 9.18%

3.32% 11.05% 8.29% 8.95% 7.49%15.46% 6.55% 8.77% 9.84% 7.06%14.81% 7.68% 8.61% 8.43% 7.70%-8.76% 4.73% 5.38% 8.17% 7.51%19.17% 13.00% 11.25% 9.70% 8.62%

5.64% 6.13% 9.61% 7.10% 8.03%14.61% 10.62% 10.91% 6.22% 7.96%-1.28% 9.32% 8.24% 7.24% 4.43%19.64% 14.04% 11.03% 8.59% 6.08%10.63% 7.94% 8.17% 7.33% 5.80%12.07% 8.43% 4.64% 7.24%

1.45% 6.11% 1.72% 6.51%12.14% 3.34% 6.25% 2.58%

5.03% -1.44% 6.20% 3.69%-6.30% 4.77% 6.49% 4.64%-2.72% 11.14% 9.91%26.16% 14.54% 11.53%11.86% 9.33% -0.97%

6.47% 6.93% 1.25%9.74% -7.17% 2.82%4.66% -3.07%

-30.36% 0.01%24.93%14.99%

Rolling Returns(Real)1 year

Rolling Returns(Real)3 years




17.13% -2.65% 1.96% 2.23% 6.14%-3.71% -4.07% -0.86% 1.69% 5.24%

-18.21% -0.77% 1.86% 3.90% 6.73%12.10% 6.73% 7.77% 5.98% 9.08%

6.56% 6.14% 6.14% 7.19% 7.04%1.77% 6.76% 2.50% 8.29% 7.88%

10.25% 7.49% 4.31% 8.43% 8.16%8.45% 0.27% 5.99% 9.25% 8.64%3.87% 1.08% 4.23% 9.74% 7.98%

-10.50% 5.89% 8.25% 7.50% 8.92%11.10% 9.79% 14.41% 10.67% 10.56%19.41% 14.34% 12.71% 10.13% 10.79%-0.25% 13.90% 12.61% 9.99% 9.52%25.51% 15.16% 15.54% 9.90% 10.39%18.03% 13.10% 6.76% 9.26% 8.83%

3.10% 11.59% 7.06% 8.68% 7.33%18.89% 4.45% 7.62% 9.84% 6.37%13.37% 4.69% 7.44% 8.00% 7.01%

-15.46% 2.31% 4.54% 7.90% 7.11%19.70% 14.30% 11.83% 9.89% 8.76%

5.82% 7.26% 10.32% 7.46% 8.30%17.90% 11.35% 12.10% 5.75% 7.94%-1.09% 9.41% 8.56% 6.80% 3.67%18.41% 14.93% 11.37% 8.42% 5.43%11.84% 8.79% 7.98% 7.26% 5.40%14.63% 8.96% 4.68% 7.30%

0.44% 4.61% -0.24% 5.92%12.37% 2.97% 5.06% 1.31%

1.43% -4.33% 5.56% 2.59%-4.22% 3.94% 6.54% 4.13%






-9.87% 10.49% 9.99%30.09% 16.73% 12.45%15.04% 11.15% -2.30%

6.26% 6.31% -0.30%12.32% -10.03% 1.77%

0.67% -6.20%-35.60% -1.16%27.30%17.78%

Year MKT-TSM LCV 500 Idx LCG MCB SCV SCB SCG


Allocation 0% 0% 0% 0% 0% 0% 0%

Amount

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Portfolio Total CAGR Std. Dev C-US C-IntlNominal ### 11.32 10.06 0.73 1.31 0.81 0.72Real 585860.40 8.23 9.56 0.75 1.44 0.82 0.73

0 25 26 Portfolio Nominal (Rebalanced) = 1219487.58Correlation of your portfolio with different assets

Portfolio US Mkt LCV LCG MCB SCV SCB SCG

Correlation VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX

0.81 0.86 0.79 0.69 0.88 0.70 0.75 0.80

Sharpe Ratio

Sortino Ratio

LCB-500 Idx

H39

Correlation with S&P (VFINX)

I39

Correlation with EAFE Intl

Returns without Rebalancing

Year MKT-TSM LCV 500 Idx LCG MCB SCV SCB SCG


Allocation 0% 0% 0% 0% 0% 0% 0% 0%

Amount

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Allocation

Portfolio Total CAGR Std. Dev C-US C-IntlNominal 141443.18 2.47 21.04 0.12 0.11 0.21 0.06Real 67951.45 -0.38 20.43 0.12 0.11 0.21 0.06 Portfolio Nominal (Unbalanced) = 141443.18

CoffeeHouse Portfolio

Sharpe Ratio

Sortino Ratio

Year LCV LCB SCV SCB REIT EAFE/ EM ITB

VIVAX VFINX VISVX NAESX VGSIX VGTSX VBMFX Nominal

Allocation 10% 10% 10% 10% 10% 10% 40%

1985 3.12 3.12 3.07 3.08 1.89 5.69 7.11 27.07

1986 1.97 1.81 0.72 0.55 1.90 6.83 5.15 18.92

1987 0.03 0.47 -0.73 -0.90 -0.38 2.65 0.38 1.51

1988 2.29 1.62 2.92 2.46 1.33 3.00 2.94 16.56

1989 2.49 3.14 1.21 1.59 0.86 1.86 5.46 16.61

1990 -0.83 -0.33 -2.20 -1.97 -1.56 -2.15 3.46 -5.58

1991 2.43 3.02 4.14 4.58 3.54 1.93 6.10 25.74

1992 1.36 0.74 2.88 1.79 1.44 -0.86 2.86 10.20

1993 1.81 0.99 2.35 1.87 1.94 3.88 3.87 16.72

1994 -0.07 0.12 -0.17 -0.05 0.30 0.55 -1.06 -0.40

1995 3.69 3.75 2.55 2.87 1.51 0.96 7.27 22.60

1996 2.19 2.29 2.11 1.81 3.50 0.75 1.43 14.08

1997 2.98 3.32 3.15 2.46 1.85 -0.11 3.78 17.43

1998 1.46 2.86 -0.67 -0.26 -1.63 1.56 3.43 6.75

1999 1.26 2.11 0.31 2.31 -0.40 2.99 -0.30 8.27

2000 0.61 -0.91 2.19 -0.27 2.64 -1.56 4.56 7.25

2001 -1.19 -1.20 1.37 0.31 1.24 -2.02 3.37 1.88

2002 -2.09 -2.22 -1.42 -2.00 0.38 -1.51 3.30 -5.56

2003 3.23 2.85 3.72 4.56 3.57 4.03 1.59 23.54

2004 1.53 1.07 2.36 1.99 3.08 2.08 1.70 13.80

2005 0.71 0.48 0.61 0.74 1.19 1.56 0.96 6.24

2006 2.22 1.56 1.92 1.56 3.51 2.66 1.71 15.15

2007 0.01 0.54 -0.71 0.12 -1.65 1.55 2.77 2.63

2008 -3.60 -3.70 -3.21 -3.61 -3.71 -4.41 2.02 -20.21

2009 1.96 2.65 3.03 3.61 2.96 3.67 2.37 20.26

2010 1.43 1.49 2.48 2.77 2.83 1.11 2.57 14.68

Portfolio Total CAGR Std Dev C-US C-Intl

Nominal 120684.57371 10.053 11.06 0.56 0.95 0.90 0.73

Real 57978.706263 6.993 10.78 0.56 0.99 0.89 0.73

0 25 26

Correlation of your portfolio with different assets

Portfolio LCB LCV SCV SCB REIT EAFE/ EM ITB TIPS

Correlation VFINX VIVAX VISVX NAESX VGSIX VGTSX VBMFX VIPSX

0.88 0.95 0.89 0.92 0.78 0.73 0.46 0.33

CHP Nominal (Rebalanced) = 120684.57CHP Real (Rebalanced) = 57978.71

Rolling Returns

Portfolio Returns

Sharpe Ratio

Sortino Ratio

100001985 96884.96 868.85% 131.45% 77.57% 38.47% 29.65%1986 115439.52 19.15% 14.19% 13.37% 13.09% 12.51%1987 123989.74 7.41% 15.21% 13.01% 12.40% 11.03%1988 144262.26 16.35% 13.53% 12.56% 13.02% 10.97%1989 176526.70 22.37% 13.84% 12.31% 11.93% 11.30%1990 181438.76 2.78% 8.27% 7.99% 10.79% 10.71%1991 212815.38 17.29% 12.41% 12.82% 12.08% 11.25%1992 224061.47 5.28% 6.79% 11.80% 10.06% 10.78%1993 257731.58 15.03% 13.96% 13.47% 10.17% 11.23%1994 259195.74 0.57% 12.98% 11.56% 10.80% 8.58%1995 331584.78 27.93% 17.60% 13.66% 12.09% 9.92%1996 371651.38 12.08% 10.33% 11.34% 10.48% 9.07%1997 421503.15 13.41% 9.78% 8.34% 10.28%1998 445353.39 5.66% 10.42% 6.97% 10.12%1999 491737.62 10.42% 7.60% 10.05% 7.12%2000 567443.83 15.40% 6.29% 10.54% 8.09%2001 554811.30 -2.23% 8.21% 9.62% 7.95%2002 590440.94 6.42% 13.53% 12.25%2003 718923.84 21.76% 15.00% 13.36%2004 811747.70 12.91% 11.20% 4.27%2005 898077.06 10.63% 10.84% 5.70%2006 988549.35 10.07% -0.45% 6.31%2007 1105311.85 11.81% 2.70%2008 885929.56 -19.85% 3.33%2009 1070792.05 20.87%2010 1219487.58 13.89%

Portfolio Balance






D10 REIT EAFED EM Total Intl Pacific Europe Intl Value COMM

BRSIX VGSIX VDMIX VEIEX VGTSX VPACX VEURX VTRIX PCRIX

0% 0% 0% 5% 0% 0% 0% 20%

500 2000

2.84 2.61

3.42 -1.24

1.32 3.58

1.50 3.70

0.93 5.54

-1.08 5.03

0.96 0.75

-0.43 1.32

1.94 1.28

0.27 1.18

0.48 4.86

0.38 3.67

-0.05 -0.20

0.78 -5.06

1.50 3.93

-0.78 7.17

-1.01 -3.05

-0.75 7.99

2.02 5.96

1.04 3.27

0.78 4.10

1.33 -0.61

0.78 4.76

-2.21 -8.67

1.84 7.98

0.56 4.83

Portfolio Nominal (Rebalanced) = 1219487.58 Portfolio Real (Rebalanced) = 585860.40

D10 REIT EAFE EM Pacific Europe Intl.Val COMM


0.59 0.63 0.70 0.65 0.72 0.49 0.80 0.69 0.59

EAFE85 / EM15

D10 REIT EAFED EM Total Intl Pacific Europe Intl Value COMM


0% 0% 0% 0% 5% 0% 0% 0% 20%

500 2000

784.36 2260.60

1320.29 2120.67

1669.51 2500.48

2170.19 2963.07

2573.48 3784.43

2019.16 4735.46

2408.08 4913.99

2201.28 5237.71

3054.92 5574.01

3222.38 5902.42

3532.48 7336.03

3797.42 8681.94

3757.19 8594.87

4343.31 6420.10

5642.82 7682.18

4761.98 10434.77

3802.44 8843.61

3229.03 12374.84

4531.62 16065.02

5476.02 18693.25

6328.63 22525.37

8014.58 21840.60

9258.44 27038.66

5175.47 15322.81

7076.42 21439.67

7863.32 26613.07

5.56% 18.82%

Portfolio Nominal (Unbalanced) = 141443.18 Portfolio Real (Unbalanced) = 67951.45

Total Total

Nominal REAL REAL

10000 1000012707.32 22.42 12242.28

15111.48 17.63 14400.35

15339.32 -2.80 13996.80

17879.97 11.63 15624.57

20849.63 11.43 17410.51

19686.35 -11.01 15493.07

24753.13 22.00 18901.41

27279.10 7.10 20243.06

31838.97 13.59 22994.81

31712.86 -2.99 22307.04

38881.34 19.57 26672.34

44356.53 10.41 29449.82

52086.50 15.46 34003.16

55604.19 5.06 35723.74

60203.93 5.44 37667.70

64570.52 3.74 39076.30

65785.73 0.33 39203.38

62130.02 -7.75 36165.24

76757.91 21.26 43855.71

87353.58 10.22 48335.95

92800.07 2.73 49653.70

106855.57 12.29 55757.64

109666.94 -1.39 54980.71

87507.64 -20.28 43831.24

105233.19 17.07 51313.96

120684.57 12.99 57978.71

PortfolioReturns

11985 1.29 29.18% 18.24% 18.67%1986 1.54 19.15% 14.19% 13.37%1987 1.65 7.41% 15.21% 13.01%1988 1.92 16.35% 13.53% 12.56%1989 2.35 22.37% 13.84% 12.31%1990 2.42 2.78% 8.27% 7.99%1991 2.84 17.29% 12.41% 12.82%1992 2.99 5.28% 6.79% 11.80%1993 3.44 15.03% 13.96% 13.47%1994 3.46 0.57% 12.98% 11.56%1995 4.42 27.93% 17.60% 13.66%1996 4.96 12.08% 10.33% 11.34%1997 5.62 13.41% 9.78% 8.34%1998 5.94 5.66% 10.42% 6.97%1999 6.56 10.42% 7.60% 10.05%2000 7.57 15.40% 6.29% 10.54%2001 7.40 -2.23% 8.21% 9.62%2002 7.87 6.42% 13.53% 12.25%2003 9.59 21.76% 15.00% 13.36%2004 10.82 12.91% 11.20% 4.27%2005 11.97 10.63% 10.84% 5.70%2006 13.18 10.07% -0.45% 6.31%2007 14.74 11.81% 2.70%2008 11.81 -19.85% 3.33%2009 14.28 20.87%2010 16.26 13.89%

Portfolio ReturnsCumulative




LTGB 5 Yr T ITB TBILL TIPS Wellington Wellesley Energy Health P.Metals

VUSTX VFITX VBMFX VUSXX VIPSX VWELX VWINX VGENX VGHCX VGPMX

20% 0% 0% 0% 50% 0% 0% 0% 0%

2000 5000

6.13 14.27

4.84 9.20

-0.64 1.14

1.83 8.06

3.59 10.80

1.16 -1.41

3.49 11.83

1.48 3.97

3.36 6.76

-1.41 -0.25

6.02 16.46

-0.25 8.10

2.78 11.62

2.61 6.03

-1.73 2.21

3.94 5.20

0.86 2.10

3.33 -3.45

0.54 10.38

1.42 5.59

1.32 3.41

0.35 7.49

1.85 4.17

4.50 -11.15

-2.41 11.10

1.79 5.47


LTGB 5 Yr T ITB TBILL STIPS Bal Bal Energy Health P.Metals

VUSTX VFITX VBMFX VMPXX VIPSX VWELX VWINX VGENX VGHCX VGPMX

0.24 0.24 0.52 0.25 0.36 0.91 0.81 0.71 0.70 0.40

LTGB 5 Yr T ITB TBILL TIPS Wellington Wellesley Energy Health P.Metals

VUSTX VFITX VBMFX VUSXX VIPSX VWELX VWINX VGENX VGHCX VGPMX

20% 0% 0% 0% 0% 50% 0% 0% 0% 0%

2000 5000

2613.21 6426.50

3245.00 7608.98

3141.76 7782.46

3429.23 9036.22

4044.09 10988.04

4277.84 10679.27

5023.46 13204.92

5395.20 14252.07

6301.05 16178.95

5858.09 16099.68

7621.96 21399.69

7526.69 24864.30

8572.90 30640.27

9691.66 34335.49

8852.36 35849.69

10598.05 39578.05

11054.82 41236.37

12897.66 38391.07

13243.32 46357.21

14186.24 51535.31

15123.95 55050.02

15387.11 63291.01

16808.88 68569.48

20594.24 53278.48

18112.63 65106.31

19730.09 72228.94

13.95% 51.07%


13.20% 13.36%13.09% 12.51%12.40% 11.03%13.02% 10.97%11.93% 11.30%10.79% 10.71%12.08% 11.25%10.06% 10.78%10.17% 11.23%10.80% 8.58%12.09% 9.92%10.48% 9.07%10.28%10.12%

7.12%8.09%7.95%



Windsor Windsor II V Int TE V LT TE Hi-Yld C

VWNDX VWNFX VWSTX VWITX VWLTX VWEHX VFISX VMGIX VMVIX VEXMX PIGLX VFSTX

0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Windsor WindsorII ST TE Inter TE LT TE MCG MCV Global Bo ST Inves


0.82 0.80 0.26 0.65 0.71 0.78 0.25 0.69 0.82 0.78 0.39 0.73

V ST TE

ST Treasury

MidCap Growth

MidCap Val

V Ext Mkt

Global Bond Fund

ST Investment Grade

Hi-Yld Corp

ST Trsry

VG Ext Mkt

Windsor Windsor II V Int TE V LT TE Hi-Yld C


0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

V ST TE

ST Treasury

MidCap Growth

MidCap Val

V Ext Mkt

Global Bond Fund

ST Investment Grade

GOLD - - - - - - - - - Total

GLD VFWIX - - - - - - - - -

0% 5% 0% 0% 0% 0% 0% 0% 0% 0% 0%

500 75000

3.33 29.18 96884.96

2.94 19.15 115439.52

2.00 7.41 123989.74

1.27 16.35 144262.26

1.51 22.37 176526.70

-0.92 2.78 181438.76

0.27 17.29 212815.38

-1.05 5.28 224061.47

1.69 15.03 257731.58

0.77 0.57 259195.74

0.11 27.93 331584.78

0.19 12.08 371651.38

-0.73 13.41 421503.15

1.30 5.66 445353.39

4.51 10.42 491737.62

-0.13 15.40 567443.83

-1.13 -2.23 554811.30

-0.69 6.42 590440.94

2.87 21.76 718923.84

1.59 12.91 811747.70

1.02 10.64 898077.06

1.52 10.07 988549.35

0.26 11.81 1105311.85

-2.33 -19.85 885929.56

2.36 20.87 1070792.05

1.25 13.89 1219487.58

GOLD VG Intl S - - - - - - -

GLD VFWIX - - - - - - -

0.06 0.59

VG Intl Small

Portfolio Returns

GOLD - - - - - - - - - Total

GLD VFWIX - - - - - - - - -

0% 5% 0% 0% 0% 0% 0% 0% 0% 0% 0%

500 75000833.33 -82.78 12917.99

1322.89 20.90 15617.82

1851.64 8.50 16945.85

2320.36 17.55 19919.06

3019.24 22.54 24409.27

2465.26 -0.95 24176.99

2596.01 16.42 28146.45

2051.49 3.52 29137.76

2743.28 16.18 33852.22

3163.92 1.16 34246.48

3231.92 25.92 43122.07

3357.34 11.84 48227.68

2868.60 12.87 54433.83

3613.86 7.29 58404.42

6876.82 11.13 64903.87

6692.52 11.03 72065.37

5185.37 -2.70 70122.62

4465.64 1.76 71358.23

7027.57 22.24 87224.74

9260.23 13.67 99151.05

11157.66 11.13 110185.63

14542.89 11.70 123076.18

15291.85 11.29 136967.30

8162.79 -25.14 102533.79

12009.09 20.69 123744.13

15007.77 14.30 141443.18

10.61%

VG Intl Small

Portfolio Returns

TBILL Inflation7.5 1.0% VMPXX CPI-U

Max. Drawdown Rebalanced = 19.8% 0.2475000 Avg. Drawdown Rebalanced = 1.0% 1984

4.42% 2.87%1.51%

24.45 93339.31 7.50 7.50 0.0% 7.37 3.80 3.4417.86 110007.07 8.94 8.94 0.0% 6 1.10 4.852.85 113137.95 9.60 9.60 0.0% 6.12 4.43 1.61

11.43 126064.87 11.17 11.17 0.0% 7.18 4.42 2.6416.93 147408.90 13.67 13.67 0.0% 8.87 4.65 4.04-3.13 142791.49 14.05 14.05 0.0% 7.94 6.11 1.7313.81 162505.15 16.47 16.47 0.0% 5.73 3.06 2.592.32 166269.71 17.34 17.34 0.0% 3.53 2.90 0.61

11.95 186139.48 19.95 19.95 0.0% 2.86 2.75 0.11-2.05 182320.05 20.06 20.06 0.0% 3.81 2.67 1.1124.76 227465.00 25.67 25.67 0.0% 5.49 2.54 2.888.48 246752.15 28.77 28.77 0.0% 5.09 3.32 1.71

11.52 275166.03 32.63 32.63 0.0% 5.12 1.70 3.363.98 286123.93 34.48 34.48 0.0% 5 1.61 3.337.53 307664.71 38.07 38.07 0.0% 4.55 2.68 1.82

11.62 343401.35 43.93 43.93 0.0% 5.8 3.39 2.33-3.72 330626.09 42.95 43.93 2.2% 3.99 1.55 2.403.95 343689.50 45.71 45.71 0.0% 1.51 2.38 -0.85

19.51 410757.90 55.65 55.65 0.0% 0.82 1.88 -1.049.35 449169.90 62.84 62.84 0.0% 1 3.26 -2.186.98 480525.99 69.52 69.52 0.0% 2.77 3.42 -0.627.35 515828.77 76.52 76.52 0.0% 4.55 2.54 1.967.43 554139.95 85.56 85.56 0.0% 4.65 4.08 0.55

-19.92 443748.61 68.58 85.56 19.8% 1.97 0.09 1.8817.67 522141.17 82.89 85.56 3.1% 0.53 2.72 -2.1312.20 585860.40 94.40 94.40 0.0% 2.76 1.50 1.24



Growth of 75000

Previous Max Growth

TBill85Real

7.5 1.5%Max. Drawdown Unbalanced = 25.1%

75000 Avg. Drawdown Unbalanced = 1.5%-83.41 12445.24 7.50 7.50 0.0%19.59 14882.87 9.07 9.07 0.0%3.90 15462.72 9.84 9.84 0.0%

12.57 17406.45 11.56 11.56 0.0%17.10 20383.00 14.17 14.17 0.0%-6.65 19027.18 14.04 14.17 1.0%12.96 21492.54 16.34 16.34 0.0%0.60 21622.31 16.92 16.92 0.0%

13.07 24448.83 19.65 19.65 0.0%-1.47 24089.21 19.88 19.88 0.0%22.80 29581.46 25.04 25.04 0.0%8.24 32020.02 28.00 28.00 0.0%

10.98 35535.54 31.60 31.60 0.0%5.59 37522.79 33.91 33.91 0.0%8.22 40608.31 37.68 37.68 0.0%7.40 43611.97 41.84 41.84 0.0%

-4.18 41787.84 40.71 41.84 2.7%-0.60 41536.88 41.43 41.84 1.0%19.98 49835.95 50.64 50.64 0.0%10.09 54863.93 57.57 57.57 0.0%7.46 58956.03 63.97 63.97 0.0%8.93 64221.62 71.46 71.46 0.0%6.92 68667.55 79.52 79.52 0.0%

-25.21 51357.61 59.53 79.52 25.1%17.49 60340.29 71.84 79.52 9.7%12.61 67951.45 82.12 82.12 0.0%



Growth of 75000

Previous Max Growth

1 1 0 0

29.18% 18.24% 18.67% 13.20% 13.36% 24.45%19.15% 14.19% 13.37% 13.09% 12.51% 17.86%

7.41% 15.21% 13.01% 12.40% 11.03% 2.85%16.35% 13.53% 12.56% 13.02% 10.97% 11.43%22.37% 13.84% 12.31% 11.93% 11.30% 16.93%

2.78% 8.27% 7.99% 10.79% 10.71% -3.13%17.29% 12.41% 12.82% 12.08% 11.25% 13.81%

5.28% 6.79% 11.80% 10.06% 10.78% 2.32%15.03% 13.96% 13.47% 10.17% 11.23% 11.95%

0.57% 12.98% 11.56% 10.80% 8.58% -2.05%27.93% 17.60% 13.66% 12.09% 9.92% 24.76%12.08% 10.33% 11.34% 10.48% 9.07% 8.48%13.41% 9.78% 8.34% 10.28% 11.52%

5.66% 10.42% 6.97% 10.12% 3.98%10.42% 7.60% 10.05% 7.12% 7.53%15.40% 6.29% 10.54% 8.09% 11.62%-2.23% 8.21% 9.62% 7.95% -3.72%6.42% 13.53% 12.25% 3.95%

21.76% 15.00% 13.36% 19.51%12.91% 11.20% 4.27% 9.35%10.63% 10.84% 5.70% 6.98%10.07% -0.45% 6.31% 7.35%11.81% 2.70% 7.43%

-19.85% 3.33% -19.92%20.87% 17.67%13.89% 12.20%







-82.78% -39.09% -20.11% -7.54% -0.96% -83.41%20.90% 15.53% 13.36% 12.81% 12.14% 19.59%

8.50% 16.05% 12.50% 11.94% 10.53% 3.90%17.55% 12.58% 11.45% 12.38% 10.06% 12.57%22.54% 12.22% 11.19% 11.36% 10.35% 17.10%-0.95% 6.08% 7.01% 10.27% 9.80% -6.65%16.42% 11.87% 12.27% 11.54% 10.64% 12.96%

3.52% 6.76% 11.37% 9.56% 10.34% 0.60%16.18% 13.96% 13.31% 9.37% 10.87% 13.07%

1.16% 12.52% 11.52% 9.93% 7.67% -1.47%25.92% 16.70% 13.64% 11.22% 8.94% 22.80%11.84% 10.64% 10.82% 9.84% 8.24% 8.24%12.87% 10.41% 7.77% 9.82% 10.98%

7.29% 9.80% 5.56% 9.67% 5.59%11.13% 6.28% 8.35% 5.79% 8.22%11.03% 3.21% 8.84% 6.67% 7.40%-2.70% 6.57% 8.86% 6.98% -4.18%1.76% 12.24% 11.91% -0.60%

22.24% 15.58% 13.93% 19.98%13.67% 12.16% 3.29% 10.09%11.13% 11.37% 4.53% 7.46%11.70% -2.37% 5.12% 8.93%11.29% 0.18% 6.92%

-25.14% 1.08% -25.21%20.69% 17.49%14.30% 12.61%







1 1 0 0

14.69% 14.47% 9.29% 9.87%10.54% 8.87% 9.32% 9.07%10.25% 8.12% 8.41% 7.61%

8.07% 8.00% 9.29% 7.69%8.83% 8.11% 8.54% 8.19%4.09% 4.34% 7.64% 7.71%9.24% 9.76% 9.17% 8.43%3.91% 8.71% 7.36% 8.00%

11.01% 10.60% 7.53% 8.36%9.85% 8.98% 8.24% 5.96%

14.71% 11.03% 9.44% 7.27%7.95% 8.59% 7.77% 6.51%7.63% 6.03% 7.65%7.66% 4.55% 7.25%4.94% 7.50% 4.49%3.76% 7.86% 5.43%6.15% 6.95% 5.49%

10.75% 9.30%11.82% 10.02%

7.89% 1.56%7.25% 3.06%

-2.62% 4.04%0.41%1.87%





-40.92% -22.94% -10.74% -4.01%11.83% 8.86% 9.04% 8.72%11.05% 7.63% 7.96% 7.13%

7.16% 6.94% 8.68% 6.81%7.28% 7.03% 7.98% 7.26%1.99% 3.40% 7.14% 6.82%8.72% 9.23% 8.65% 7.83%3.88% 8.30% 6.88% 7.57%

11.01% 10.45% 6.75% 8.01%9.41% 8.95% 7.38% 5.07%

13.84% 11.01% 8.58% 6.31%8.25% 8.07% 7.14% 5.70%8.24% 5.47% 7.21%7.07% 3.17% 6.81%3.65% 5.84% 3.19%0.76% 6.20% 4.04%4.55% 6.21% 4.53%9.50% 8.97%

12.38% 10.58%8.82% 0.60%7.77% 1.92%

-4.50% 2.88%-2.06%-0.35%





YEAR MKT-TSM LCV 500 Idx LCG MCB SCV SCB SCG D10 REIT2010 VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX VGSIX

ER 0.19 0.21 0.18 0.22 0.22 0.23 0.23 0.23 0.67 0.21YOI 1993 1993 1977 1992 1999 1999 1992 1999 1998 1997

Minimum for the Year

1972 16.68 18.75 18.79 21.23 8.86 6.75 4.16 3.46 -0.86 7.771973 -18.26 -3.80 -14.85 -21.77 -26.66 -26.17 -31.06 -39.24 -42.09 -15.681974 -27.34 -23.26 -26.63 -29.36 -25.36 -18.39 -20.08 -33.55 -29.37 -21.561975 38.44 56.87 36.95 33.91 57.05 54.15 52.45 62.83 71.25 19.051976 26.46 43.70 23.68 17.54 40.09 53.25 57.04 43.17 54.66 47.291977 -4.38 1.19 -7.97 -9.90 3.77 21.52 25.11 20.02 22.38 22.141978 7.30 3.08 5.90 6.67 10.66 21.52 23.22 18.33 27.55 10.071979 22.77 20.25 18.00 23.63 32.21 35.09 42.77 50.45 41.25 35.621980 32.45 24.14 31.90 39.29 32.21 25.11 38.28 51.95 29.63 24.141981 -3.88 1.09 -5.20 -11.49 2.18 14.64 1.77 -9.41 7.08 5.781982 20.57 19.75 20.90 20.24 23.03 28.21 24.61 20.72 27.15 21.351983 21.77 28.03 21.30 15.75 23.53 38.28 28.80 19.82 36.39 30.331984 4.30 9.87 6.21 -1.22 1.18 2.07 -7.51 -15.99 -20.04 20.651985 31.95 31.22 31.23 32.61 31.71 30.70 30.80 30.70 24.86 18.851986 15.88 19.75 18.06 15.15 17.94 7.15 5.46 3.36 -0.37 18.951987 1.51 0.29 4.71 5.07 -0.02 -7.31 -9.01 -10.71 -15.47 -3.801988 17.78 22.94 16.22 11.06 19.54 29.20 24.61 20.12 20.00 13.261989 28.66 24.94 31.36 35.60 26.02 12.14 15.93 19.92 4.80 8.571990 -6.18 -8.29 -3.32 -0.52 -11.69 -21.98 -19.68 -17.59 -31.76 -15.581991 34.44 24.34 30.22 40.89 41.19 41.37 45.76 50.85 47.31 35.421992 9.59 13.56 7.42 4.77 16.14 28.80 17.93 7.55 32.71 14.361993 10.41 18.10 9.89 1.53 14.05 23.52 18.70 13.14 24.57 19.451994 -0.17 -0.73 1.18 2.89 -2.31 -1.73 -0.51 -2.62 -3.55 2.981995 35.79 36.94 37.45 38.06 34.10 25.51 28.74 30.70 29.23 15.061996 20.96 21.86 22.88 23.74 18.74 21.12 18.12 11.04 16.02 35.021997 30.99 29.77 33.19 36.34 28.72 31.50 24.59 12.64 20.69 18.521998 23.26 14.64 28.62 42.21 9.86 -6.71 -2.61 0.97 -2.46 -16.321999 23.81 12.57 21.07 28.76 15.07 3.11 23.13 19.53 31.49 -4.042000 -10.57 6.08 -9.06 -22.21 18.10 21.88 -2.67 1.59 0.67 26.352001 -10.97 -11.88 -12.02 -12.93 -0.50 13.70 3.10 -0.78 23.98 12.352002 -20.96 -20.91 -22.15 -23.68 -14.61 -14.20 -20.02 -15.41 4.90 3.752003 31.35 32.25 28.50 25.92 34.14 37.19 45.63 42.88 79.43 35.652004 12.52 15.29 10.74 7.20 20.35 23.55 19.90 16.06 20.12 30.762005 5.98 7.09 4.77 5.09 13.93 6.07 7.36 8.64 4.08 11.892006 15.51 22.15 15.64 9.01 13.60 19.24 15.64 11.94 11.48 35.072007 5.49 0.09 5.39 12.56 6.02 -7.07 1.16 9.63 -5.40 -16.462008 -37.04 -35.97 -37.02 -38.32 -41.82 -32.05 -36.07 -40.00 -39.49 -37.052009 28.70 19.58 26.49 36.29 40.22 30.34 36.12 41.85 25.95 29.582010 17.09 14.28 14.91 16.96 25.46 24.82 27.72 30.69 24.86 28.30

VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX VGSIXAverage 11.61 13.07 11.42 11.24 14.27 15.28 14.34 12.55 14.71 13.53StDEV 18.56 18.33 18.28 21.14 20.22 20.90 22.52 24.63 27.00 18.79

CAGR 9.92 11.49 9.78 9.08 12.29 13.26 12.00 9.69 11.35 11.83Variance 344.42 336.02 334.07 447.01 408.92 436.76 507.08 606.51 729.13 353.18

1.00 0.93 0.99 0.96 0.92 0.76 0.85 0.86 0.73 0.62

0.66 0.63 0.66 0.60 0.58 0.44 0.53 0.53 0.44 0.41

0.25 0.34 0.25 0.21 0.37 0.40 0.33 0.23 0.29 0.35$1 Portfolio = $39.94 $69.49 $38.05 $29.69 $91.98 $128.47 $83.00 $36.86 $66.10 $78.37

Best = VEIEX72P - 1$ $39.94 $69.49 $38.05 $29.69 $91.98 $128.47 $83.00 $36.86 $66.10 $78.3772P1 - 1$ $39.94 $69.49 $38.05 $29.69 $91.98 $128.47 $83.00 $36.86 $66.10 $78.3772P2 - 1$ $39.94 $69.49 $38.05 $29.69 $91.98 $128.47 $83.00 $36.86 $66.10 $78.3772P3 - 1$ $39.94 $69.49 $38.05 $29.69 $91.98 $128.47 $83.00 $36.86 $66.10 $78.3772P4 - 1$ $39.94 $69.49 $38.05 $29.69 $91.98 $128.47 $83.00 $36.86 $66.10 $78.37

72P5 - 1$ $39.94 $69.49 $38.05 $29.69 $91.98 $128.47 $83.00 $36.86 $66.10 $78.37

YEAR MKT-TSM LCV 500 Idx LCG MCB SCV SCB SCG D10 REIT2010 VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX VGSIX

1972 16.9 19 19 21.5 9.1 7 4.4 3.7 -0.2 81973 -18.1 -3.6 -14.7 -21.6 -26.5 -26 -30.9 -39.1 -41.7 -15.51974 -27.2 -23.1 -26.5 -29.2 -25.2 -18.2 -19.9 -33.4 -28.9 -21.41975 38.7 57.2 37.2 34.2 57.4 54.5 52.8 63.2 72.4 19.31976 26.7 44 23.9 17.8 40.4 53.6 57.4 43.5 55.7 47.61977 -4.2 1.4 -7.8 -9.7 4 21.8 25.4 20.3 23.2 22.41978 7.5 3.3 5.9 6.9 10.9 21.8 23.5 18.6 28.4 10.31979 23 20.5 18 23.9 32.5 35.4 43.1 50.8 42.2 35.91980 32.7 24.4 31.9 39.6 32.5 25.4 38.6 52.3 30.5 24.41981 -3.7 1.3 -5.2 -11.3 2.4 14.9 2 -9.2 7.8 61982 20.8 20 20.9 20.5 23.3 28.5 24.9 21 28 21.61983 22 28.3 21.3 16 23.8 38.6 29.1 20.1 37.3 30.61984 4.5 10.1 6.21 -1 1.4 2.3 -7.3 -15.8 -19.5 20.91985 32.2 31.5 31.23 32.9 32 31 31.1 31 25.7 19.11986 16.1 20 18.06 15.4 18.2 7.4 5.7 3.6 0.3 19.21987 1.7 0.5 4.71 5.3 0.2 -7.1 -8.8 -10.5 -14.9 -3.61988 18 23.2 16.22 11.3 19.8 29.5 24.9 20.4 20.8 13.51989 28.9 25.2 31.36 35.9 26.3 12.4 16.2 20.2 5.5 8.81990 -6 -8.1 -3.32 -0.3 -11.5 -21.8 -19.5 -17.4 -31.3 -15.41991 34.7 24.6 30.22 41.2 41.5 41.7 46.1 51.2 48.3 35.71992 9.8 13.8 7.42 5 16.4 29.1 18.2 7.8 33.6 14.61993 10.62 18.35 9.89 1.53 14.3 23.8 18.7 13.4 25.4 19.71994 -0.17 -0.73 1.18 2.89 -2.1 -1.5 -0.51 -2.4 -2.9 3.21995 35.79 36.94 37.45 38.06 34.4 25.8 28.74 31 30.1 15.31996 20.96 21.86 22.88 23.74 19 21.4 18.12 11.3 16.8 35.31997 30.99 29.77 33.19 36.34 29 31.8 24.59 12.9 21.5 18.771998 23.26 14.64 28.62 42.21 10.1 -6.5 -2.61 1.2 -1.81 -16.321999 23.81 12.57 21.07 28.76 15.32 3.35 23.13 19.8 31.49 -4.042000 -10.57 6.08 -9.06 -22.21 18.1 21.88 -2.67 1.59 0.67 26.352001 -10.97 -11.88 -12.02 -12.93 -0.5 13.7 3.1 -0.78 23.98 12.352002 -20.96 -20.91 -22.15 -23.68 -14.61 -14.2 -20.02 -15.41 4.9 3.75

Correlation w/ US Mkt

Correlation w/ Intl Mkt

Sharpe Ratio

2003 31.35 32.25 28.5 25.92 34.14 37.19 45.63 42.88 79.43 35.652004 12.52 15.29 10.74 7.2 20.35 23.55 19.9 16.06 20.12 30.762005 5.98 7.09 4.77 5.09 13.93 6.07 7.36 8.64 4.08 11.892006 15.51 22.15 15.64 9.01 13.6 19.24 15.64 11.94 11.48 35.072007 5.49 0.09 5.39 12.56 6.02 -7.07 1.16 9.63 -5.4 -16.462008 -37.04 -35.97 -37.02 -38.32 -41.82 -32.05 -36.07 -40 -39.49 -37.052009 28.70 19.58 26.49 36.29 40.22 30.34 36.12 41.85 25.95 29.582010 17.09 14.28 14.91 16.96 25.46 24.82 27.72 30.69 24.86 28.3

Correlations between different assetsVTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX VGSIX

VTSMX 1.00VIVAX 0.93 1.00VFINX 0.99 0.92 1.00VIGRX 0.96 0.81 0.97 1.00VIMSX 0.92 0.92 0.89 0.82 1.00VISVX 0.76 0.83 0.70 0.59 0.90 1.00NAESX 0.85 0.84 0.79 0.73 0.93 0.94 1.00VISGX 0.86 0.81 0.80 0.77 0.94 0.87 0.96 1.00BRSIX 0.73 0.74 0.66 0.59 0.84 0.90 0.93 0.89 1.00VGSIX 0.62 0.70 0.57 0.45 0.77 0.86 0.79 0.73 0.74 1.00VDMIX 0.66 0.63 0.66 0.60 0.58 0.44 0.53 0.53 0.44 0.41VEIEX 0.56 0.49 0.53 0.51 0.53 0.43 0.54 0.56 0.47 0.40VGTSX 0.66 0.62 0.65 0.61 0.59 0.46 0.55 0.56 0.46 0.42VPACX 0.43 0.40 0.43 0.39 0.35 0.25 0.34 0.34 0.28 0.25VEURX 0.76 0.72 0.76 0.72 0.67 0.51 0.59 0.60 0.48 0.44VTRIX 0.60 0.58 0.59 0.53 0.54 0.44 0.51 0.51 0.43 0.41PCRIX 0.09 0.10 0.09 0.08 0.11 -0.01 0.04 0.11 0.02 0.12VUSTX 0.08 0.15 0.11 0.05 0.10 0.08 -0.02 -0.01 -0.01 0.01VFITX 0.07 0.12 0.09 0.04 0.09 0.08 -0.03 -0.02 -0.02 0.01VBMFX 0.29 0.32 0.30 0.24 0.31 0.29 0.19 0.18 0.14 0.21VUSXX 0.07 0.08 0.09 0.06 0.02 0.05 0.01 -0.01 -0.11 -0.02VIPSX 0.22 0.19 0.19 0.17 0.29 0.26 0.26 0.30 0.28 0.24VWELX 0.92 0.91 0.92 0.84 0.92 0.80 0.80 0.80 0.69 0.71VWINX 0.71 0.76 0.72 0.62 0.75 0.70 0.61 0.59 0.51 0.63VWNDX 0.85 0.92 0.82 0.70 0.93 0.92 0.89 0.83 0.82 0.81VFISX 0.06 0.09 0.07 0.04 0.07 0.09 0.01 0.01 -0.02 0.01GLD -0.22 -0.27 -0.24 -0.17 -0.23 -0.25 -0.13 -0.08 -0.18 -0.11VFWIX 0.52 0.47 0.50 0.48 0.45 0.35 0.48 0.49 0.41 0.32---------

YearEnd 17.09 14.28 14.91 16.96 25.46 24.82 27.72 30.69 24.86 28.30

MKT-TSM LCV 500 Idx LCG MCB SCV SCB SCG D10 REITVTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX VGSIX

1972-1975 -1.03% 8.29% 0.40% -2.68% -1.64% -0.21% -3.29% -9.19% -8.71% -4.02%

1976-1980 16.10% 17.48% 13.41% 14.23% 22.97% 30.77% 36.73% 35.98% 34.62% 27.23%

1981-1985 14.20% 17.45% 14.15% 10.04% 15.66% 22.08% 14.59% 7.55% 13.14% 19.12%

1986-1990 10.83% 11.09% 12.78% 12.63% 9.42% 2.34% 2.17% 1.85% -6.29% 3.50%

1991-1995 17.14% 17.78% 16.41% 16.31% 19.63% 22.64% 21.18% 18.50% 24.87% 16.99%

1996-2000 16.68% 16.70% 18.31% 19.17% 17.94% 13.30% 11.43% 8.93% 12.57% 10.18%

2001-2005 1.97% 2.62% 0.42% -1.17% 9.34% 11.89% 9.10% 8.62% 23.88% 18.26%

2006-2010 3.44% 2.29% 2.63% 4.03% 5.82% 4.46% 5.72% 6.79% 0.73% 4.75%

1972-1979 5.44% 12.01% 4.71% 2.86% 8.98% 14.87% 14.83% 9.59% 11.38% 10.84%

1980-1989 16.45% 17.73% 17.04% 15.14% 17.13% 17.18% 14.25% 11.26% 9.79% 15.40%

1990-1999 17.47% 15.55% 18.08% 20.66% 15.38% 12.74% 13.99% 11.26% 14.04% 9.05%

2000-2009 -0.27% 1.23% -1.03% -2.75% 6.13% 7.69% 4.36% 4.84% 8.97% 10.40%

1972-2010 9.92% 11.49% 9.78% 9.08% 12.29% 13.26% 12.00% 9.69% 11.35% 11.83%

EAFED EM Pacific Europe COMM LTGB 5 Yr T ITB TBILL S-TIPSVDMIX VEIEX VGTSX VPACX VEURX VTRIX PCRIX VUSTX VFITX VBMFX VUSXX VIPSX

0.27 0.42 0.29 0.27 0.27 0.46 0 0.26 0.26 0.2 0.24 0.22001 1995 1997 1991 1991 1991 2003 1987 1992 1987 1984 2001

Minimum for the Year Maximum for the year

35.93 49.57 37.98 106.99 15.29 36.32 38.69 5.43 4.93 5.49 3.55 -2.59-15.13 -14.16 -14.98 -21.16 -7.95 -14.97 68.40 -1.36 4.33 3.19 6.64 -3.99-23.41 -25.61 -23.74 -21.15 -23.01 -22.88 4.10 4.13 5.43 6.79 7.74 4.9935.04 43.60 36.32 26.38 43.51 38.35 5.11 8.92 7.52 8.08 5.55 16.17

2.22 6.85 2.92 21.31 -6.65 2.86 -5.55 16.50 12.61 11.48 4.85 -0.3017.78 49.97 22.62 13.38 23.57 29.39 3.05 -0.96 1.14 2.79 4.85 7.7832.24 52.96 35.35 48.37 23.97 42.02 26.37 -1.46 3.23 2.00 6.94 9.68

4.52 2.17 4.17 -3.74 14.39 5.50 34.26 -1.46 3.83 6.39 10.14 9.7822.27 26.27 22.87 36.01 14.19 18.21 6.12 -4.25 3.63 6.39 11.03 15.17-1.27 4.16 -0.45 8.02 -10.64 8.49 -22.52 1.64 9.12 10.58 14.43 5.79-1.17 -1.51 -1.22 -6.51 5.42 -2.65 3.84 40.04 28.77 25.15 10.24 -7.7824.26 32.05 25.43 26.08 22.07 28.76 12.24 0.44 7.12 7.98 8.54 16.87

7.61 9.84 7.94 13.17 1.03 8.51 -3.51 15.20 13.70 14.07 9.54 15.5756.28 60.23 56.87 39.01 79.32 54.40 13.03 30.66 19.99 17.76 7.37 8.6869.44 62.02 68.33 93.30 44.11 64.61 -6.19 24.18 14.80 12.87 6.00 21.9624.56 37.12 26.45 39.47 3.82 34.40 17.91 -3.18 2.63 0.94 6.12 8.1828.25 39.81 29.99 34.83 16.09 37.97 18.50 9.15 5.82 7.35 7.18 18.6610.50 64.31 18.58 2.40 28.75 17.62 27.72 17.93 13.01 13.64 8.87 5.89

-23.41 -10.97 -21.54 -34.47 -3.66 -21.99 25.13 5.78 9.42 8.65 7.94 5.9912.20 59.23 19.26 10.35 12.10 10.29 3.77 17.43 15.00 15.25 5.73 15.67

-12.04 10.93 -8.59 -18.17 -3.32 -10.80 6.59 7.40 7.50 7.14 3.53 7.2932.54 74.07 38.78 35.46 29.13 40.40 6.42 16.79 11.43 9.68 2.86 15.47

7.81 -7.69 5.48 13.04 1.88 11.40 5.89 -7.03 -4.33 -2.66 3.81 2.9911.30 0.14 9.62 2.75 22.28 11.70 24.29 30.11 20.44 18.18 5.49 0.60

6.11 15.83 7.50 -7.82 21.26 9.20 18.35 -1.25 1.92 3.58 5.09 3.891.83 -16.82 -1.06 -25.67 24.23 -4.58 -1.00 13.90 8.96 9.44 5.12 7.78

19.98 -18.12 15.60 2.41 28.86 19.46 -25.30 13.05 10.61 8.58 5.00 2.5926.96 61.57 29.92 57.05 16.62 21.81 19.66 -8.66 -3.52 -0.76 4.55 7.68

-14.23 -27.56 -15.61 -25.74 -8.18 -7.48 35.83 19.72 14.03 11.39 5.80 4.59-22.25 -2.88 -20.15 -26.34 -20.30 -14.02 -15.25 4.31 7.55 8.43 3.99 7.40-15.70 -7.43 -15.08 -9.32 -17.95 -13.35 39.93 16.67 14.15 8.26 1.51 16.6138.61 57.65 40.34 38.42 38.70 41.90 29.82 2.68 2.37 3.97 0.82 8.0020.25 26.12 20.84 18.83 20.86 19.77 16.36 7.12 3.40 4.24 1.00 8.2713.34 32.05 15.57 22.59 9.26 17.96 20.50 6.61 2.32 2.40 2.77 2.5926.18 29.39 26.64 11.99 33.42 27.37 -3.04 1.74 3.14 4.27 4.55 0.4310.99 38.90 15.52 4.78 13.82 12.66 23.80 9.24 9.98 6.92 4.65 11.59

-41.62 -52.81 -44.10 -34.36 -44.73 -41.74 -43.33 22.52 13.32 5.05 1.97 -2.8528.17 75.98 36.73 21.18 31.91 33.77 39.92 -12.05 -1.69 5.93 0.53 10.80

8.54 18.86 11.12 15.77 4.91 7.31 24.13 8.93 7.35 6.42 2.76 6.17

VDMIX VEIEX VGTSX VPACX VEURX VTRIX PCRIX VUSTX VFITX VBMFX VUSXX VIPSX11.94 21.95 13.39 13.56 12.78 14.31 12.67 8.63 8.08 7.88 5.62 7.5422.62 32.15 23.34 31.20 22.21 22.89 20.69 11.44 6.74 5.44 3.02 6.71

Total Intl

Intl Value

S2

Returns are after deducting an ER of 0.74%

9.58 17.37 10.86 9.62 10.53 11.91 10.66 8.06 7.88 7.75 5.57 7.33511.86 1033.66 544.91 973.23 493.15 524.04 428.07 130.87 45.48 29.64 9.10 45.08

0.66 0.56 0.66 0.43 0.76 0.60 0.09 0.08 0.07 0.29 0.07 0.22

1.00 0.81 0.99 0.86 0.87 0.98 0.11 -0.04 -0.12 0.00 -0.05 0.43

0.22 0.47 0.28 0.21 0.27 0.32 0.28 0.15 0.18 0.18 -0.42 0.10$35.39 $516.25 $55.83 $35.92 $49.55 $80.40 $51.92 $20.56 $19.23 $18.37 $8.30 $15.81

$35.39 $516.25 $55.83 $35.92 $49.55 $80.40 $51.92 $20.56 $19.23 $18.37 $8.30 $15.81

$35.39 $516.25 $55.83 $35.92 $49.55 $80.40 $51.92 $20.56 $19.23 $18.37 $8.30 $15.81

$35.39 $516.25 $55.83 $35.92 $49.55 $80.40 $51.92 $20.56 $19.23 $18.37 $8.30 $15.81

$35.39 $516.25 $55.83 $35.92 $49.55 $80.40 $51.92 $20.56 $19.23 $18.37 $8.30 $15.81

$35.39 $516.25 $55.83 $35.92 $49.55 $80.40 $51.92 $20.56 $19.23 $18.37 $8.30 $15.81

$35.39 $516.25 $55.83 $35.92 $49.55 $80.40 $51.92 $20.56 $19.23 $18.37 $8.30 $15.81


36.3 50.2 38.39 107.55 15.6 36.95 38.69 5.7 5.2 5.7 3.8 -2.4-14.9 -13.8 -14.74 -20.95 -7.7 -14.58 68.4 -1.1 4.6 3.4 6.9 -3.8-23.2 -25.3 -23.52 -20.94 -22.8 -22.53 4.1 4.4 5.7 7 8 5.235.4 44.2 36.72 26.72 43.9 38.99 5.11 9.2 7.8 8.3 5.8 16.4

2.5 7.3 3.22 21.64 -6.4 3.33 -5.55 16.8 12.9 11.7 5.1 -0.118.1 50.6 22.98 13.69 23.9 29.99 3.05 -0.7 1.4 3 5.1 832.6 53.6 35.75 48.77 24.3 42.67 26.37 -1.2 3.5 2.2 7.2 9.9

4.8 2.6 4.47 -3.48 14.7 5.99 34.26 -1.2 4.1 6.6 10.4 1022.6 26.8 23.23 36.38 14.5 18.75 6.12 -4 3.9 6.6 11.3 15.4

-1 4.6 -0.16 8.31 -10.4 8.99 -22.52 1.9 9.4 10.8 14.7 6-0.9 -1.1 -0.93 -6.26 5.7 -2.2 3.84 40.4 29.1 25.4 10.5 -7.624.6 32.6 25.80 26.42 22.4 29.35 12.24 0.7 7.4 8.2 8.8 17.1

7.9 10.3 8.26 13.48 1.3 9.01 -3.51 15.5 14 14.3 9.8 15.856.7 60.9 57.33 39.39 79.8 55.11 13.03 31 20.3 18 7.37 8.969.9 62.7 68.82 93.82 44.5 65.37 -6.19 24.5 15.1 13.1 6 22.224.9 37.7 26.82 39.85 4.1 35.02 17.91 -2.93 2.9 1.14 6.12 8.428.6 40.4 30.37 35.19 16.4 38.6 18.5 9.15 6.1 7.35 7.18 18.910.8 65 18.93 2.68 29.1 18.16 27.72 17.93 13.3 13.64 8.87 6.1

-23.2 -10.6 -21.31 -34.29 -3.4 -21.63 25.13 5.78 9.7 8.65 7.94 6.212.5 59.9 19.61 10.65 12.4 10.8 3.77 17.43 15.3 15.25 5.73 15.9

-11.8 11.4 -8.32 -18.17 -3.32 -10.8 6.5878 7.4 7.78 7.14 3.53 7.532.9 74.8 39.18 35.46 29.13 40.4 6.4208 16.79 11.43 9.68 2.86 15.7

8.1 -7.3 5.79 13.04 1.88 11.4 5.8918 -7.03 -4.33 -2.66 3.81 3.211.6 0.56 9.94 2.75 22.28 11.7 24.288 30.11 20.44 18.18 5.49 0.8

6.4 15.83 7.81 -7.82 21.26 9.2 18.347 -1.25 1.92 3.58 5.09 4.12.1 -16.82 -0.77 -25.67 24.23 -4.58 -1.0029 13.9 8.96 9.44 5.12 8

20.3 -18.12 15.60 2.41 28.86 19.46 -25.303 13.05 10.61 8.58 5 2.827.3 61.57 29.92 57.05 16.62 21.81 19.658 -8.66 -3.52 -0.76 4.55 7.9-14 -27.56 -15.61 -25.74 -8.18 -7.48 35.831 19.72 14.03 11.39 5.8 4.8

-22.04 -2.88 -20.15 -26.34 -20.3 -14.02 -15.249 4.31 7.55 8.43 3.99 7.61-15.7 -7.43 -15.08 -9.32 -17.95 -13.35 39.93 16.67 14.15 8.26 1.51 16.61

Total Intl

Intl Value

38.61 57.65 40.34 38.42 38.7 41.9 29.82 2.68 2.37 3.97 0.82 820.25 26.12 20.84 18.83 20.86 19.77 16.36 7.12 3.4 4.24 1 8.2713.34 32.05 15.57 22.59 9.26 17.96 20.5 6.61 2.32 2.4 2.77 2.5926.18 29.39 26.64 11.99 33.42 27.37 -3.04 1.74 3.14 4.27 4.55 0.4310.99 38.9 15.52 4.78 13.82 12.66 23.8 9.24 9.98 6.92 4.65 11.59

-41.62 -52.81 -44.1 -34.36 -44.73 -41.74 -43.33 22.52 13.32 5.05 1.97 -2.8528.17 75.98 36.73 21.18 31.91 33.77 39.92 -12.05 -1.69 5.93 0.53 10.8

8.54 18.86 11.12 15.77 4.91 7.31 24.13 8.93 7.35 6.42 2.76 6.17

VDMIX VEIEX VGTSX VPACX VEURX VTRIX PCRIX VUSTX VFITX VBMFX VUSXX VIPSX

1.000.81 1.000.99 0.87 1.000.86 0.73 0.85 1.000.87 0.71 0.87 0.54 1.000.98 0.84 0.98 0.84 0.84 1.000.11 0.25 0.14 0.12 0.16 0.12 1.00

-0.04 -0.17 -0.06 -0.12 0.07 -0.09 -0.25 1.00-0.12 -0.20 -0.13 -0.19 0.00 -0.16 -0.22 0.95 1.000.00 -0.05 0.00 -0.13 0.15 -0.04 -0.17 0.84 0.93 1.00

-0.05 -0.13 -0.06 -0.06 -0.03 -0.04 -0.14 0.08 0.28 0.39 1.000.43 0.47 0.45 0.31 0.32 0.45 0.00 -0.12 -0.08 0.00 0.06 1.000.59 0.47 0.59 0.34 0.70 0.55 0.06 0.30 0.31 0.51 0.12 0.240.40 0.30 0.40 0.16 0.55 0.37 -0.03 0.58 0.61 0.78 0.20 0.200.58 0.51 0.59 0.38 0.61 0.57 0.01 0.07 0.08 0.32 0.12 0.30

-0.11 -0.21 -0.13 -0.15 -0.07 -0.14 -0.29 0.56 0.75 0.79 0.76 0.05-0.04 -0.03 -0.04 0.06 -0.08 -0.06 0.46 -0.23 -0.21 -0.24 -0.03 -0.180.87 0.81 0.89 0.83 0.73 0.88 0.19 -0.24 -0.31 -0.20 -0.10 0.29

8.54 18.86 11.12 15.77 4.91 7.31 24.13 8.93 7.35 6.42 2.76 6.17


4.52% 8.22% 5.09% 12.92% 4.06% 5.45% 26.44% 4.21% 5.54% 5.87% 5.86% 3.34%

15.27% 25.89% 16.93% 21.72% 13.31% 18.71% 11.87% 1.42% 4.81% 5.76% 7.53% 8.31%

15.32% 18.98% 15.87% 14.91% 15.81% 17.90% -0.30% 16.56% 15.48% 14.96% 10.00% 7.45%

18.03% 35.36% 20.82% 19.52% 16.59% 22.87% 15.94% 10.36% 9.04% 8.59% 7.22% 11.93%

9.43% 23.24% 11.84% 7.28% 11.76% 11.44% 9.15% 12.25% 9.68% 9.27% 4.28% 8.22%

7.14% -1.58% 6.16% -3.93% 15.76% 7.00% 7.30% 6.81% 6.21% 6.35% 5.11% 5.29%

4.37% 18.74% 5.85% 6.14% 3.67% 8.35% 16.64% 7.37% 5.86% 5.43% 2.01% 8.48%

4.32% 15.24% 6.22% 4.80% 4.05% 5.96% 6.06% 5.65% 5.62% 5.15% 2.86% 4.66%

8.95% 16.68% 10.17% 15.62% 8.48% 11.94% 19.72% 3.55% 5.33% 5.74% 6.27% 4.99%

22.25% 31.42% 23.75% 26.07% 18.19% 25.47% 5.75% 12.29% 11.61% 11.49% 8.90% 10.58%

7.06% 12.42% 8.17% 0.26% 14.29% 7.35% 7.34% 8.15% 7.49% 7.53% 4.90% 6.89%

1.08% 9.82% 2.29% -0.69% 1.99% 4.45% 10.81% 7.42% 6.72% 6.06% 2.74% 6.60%

9.58% 17.37% 10.86% 9.62% 10.53% 11.91% 10.66% 8.06% 7.88% 7.75% 5.57% 7.33%

Total Intl

Intl Value

Wellington Wellesley Windsor ST Trsry GOLD - - -VWELX VWINX VWNDX VFISX GLD VFWIX - - -

0.3 0.25 0.36 0.26 0.4 0.5 - - -1972 1972 1972 1992 2004 1997 - - -

10.66 9.48 9.80 3.63 48.66 63.43 0.00 0.00 0.00-11.83 -3.49 -25.00 5.82 71.24 -14.12 0.00 0.00 0.00-17.73 -6.43 -16.80 8.82 72.02 -28.98 0.00 0.00 0.0025.18 17.46 54.50 7.62 -27.62 49.11 0.00 0.00 0.0023.36 23.28 46.40 8.62 -4.48 10.91 0.00 0.00 0.00-4.38 4.27 1.00 3.43 22.15 73.21 0.00 0.00 0.005.32 3.61 8.80 5.23 36.47 64.71 0.00 0.00 0.00

13.54 6.20 22.60 10.11 125.65 -1.27 0.00 0.00 0.0022.58 11.88 22.60 13.80 14.73 34.79 0.00 0.00 0.00

2.90 8.67 16.80 18.59 -32.87 -0.40 0.00 0.00 0.0024.55 23.30 21.70 19.19 14.49 -0.46 0.00 0.00 0.0023.57 18.60 30.10 8.32 -16.64 35.44 0.00 0.00 0.0010.70 16.64 19.47 12.51 -19.52 11.06 0.00 0.00 0.0028.53 27.41 28.03 12.91 5.26 66.67 0.00 0.00 0.0018.40 18.34 20.27 11.61 20.82 58.75 0.00 0.00 0.00

2.28 -1.92 1.23 5.73 21.72 39.97 0.00 0.00 0.0016.11 13.61 28.70 5.63 -15.59 25.31 0.00 0.00 0.0021.60 20.93 15.02 8.42 -3.23 30.12 0.00 0.00 0.00-2.81 3.76 -15.50 8.62 -1.86 -18.35 0.00 0.00 0.0023.65 21.57 28.55 10.41 -10.43 5.30 0.00 0.00 0.00

7.93 8.67 16.50 6.47 -6.12 -20.98 0.00 0.00 0.0013.52 14.65 19.37 6.41 17.21 33.72 0.00 0.00 0.00-0.49 -4.44 -0.15 -0.58 -2.56 15.33 0.00 0.00 0.0032.92 28.91 30.15 12.11 0.58 2.15 0.00 0.00 0.0016.19 9.42 26.36 4.39 -4.97 3.88 0.00 0.00 0.0023.23 20.19 21.97 6.39 -21.72 -14.56 0.00 0.00 0.0012.06 11.84 0.81 7.36 -1.22 25.98 0.00 0.00 0.00

4.41 -4.14 11.57 1.85 0.45 90.29 0.00 0.00 0.0010.40 16.17 15.89 8.83 -5.82 -2.68 0.00 0.00 0.00

4.19 7.39 5.72 7.80 0.44 -22.52 0.00 0.00 0.00-6.90 4.64 -22.25 8.02 24.96 -13.88 0.00 0.00 0.0020.75 9.66 37.01 2.38 19.12 57.37 0.00 0.00 0.0011.17 7.57 13.38 1.03 4.48 31.77 0.00 0.00 0.00

6.82 3.48 4.99 1.77 17.76 20.49 0.00 0.00 0.0014.97 11.28 19.35 3.77 21.95 30.34 0.00 0.00 0.00

8.34 5.61 -3.30 7.89 31.10 5.15 0.00 0.00 0.00-22.30 -9.84 -41.10 6.68 4.99 -46.62 0.00 0.00 0.0022.20 16.02 34.69 1.44 24.03 47.12 0.00 0.00 0.0010.94 10.65 14.82 2.64 29.27 24.97 0.00 0.00 0.00

VWELX VWINX VWNDX VFISX GLD VFWIX - - -

10.94 10.38 13.44 7.32 12.18 19.81 0.00 0.00 0.0012.60 9.40 19.36 4.43 29.83 31.66 0.00 0.00 0.00

VG Intl Small

10.19 9.99 11.61 7.24 8.90 15.55 0.00 0.00 0.00158.70 88.35 374.88 19.64 889.62 1002.57 0.00 0.00 0.00

0.92 0.71 0.85 0.06 -0.22 0.52

0.59 0.40 0.58 -0.11 -0.04 0.87

0.32 0.37 0.34 0.10 0.18 0.41$44.00 $40.94 $72.53 $15.26 $27.79 $280.15 $1.00 $1.00 $1.00

$44.00 $40.94 $72.53 $15.26 $27.79 $280.15 $1.00 $1.00 $1.00

$44.00 $40.94 $72.53 $15.26 $27.79 $280.15 $1.00 $1.00 $1.00

$44.00 $40.94 $72.53 $15.26 $27.79 $280.15 $1.00 $1.00 $1.00

$44.00 $40.94 $72.53 $15.26 $27.79 $280.15 $1.00 $1.00 $1.00

$44.00 $40.94 $72.53 $15.26 $27.79 $280.15 $1.00 $1.00 $1.00

$44.00 $40.94 $72.53 $15.26 $27.79 $280.15 $1.00 $1.00 $1.00


10.99 9.75 10.2 3.9 49.25 64.25-11.83 -3.49 -25 6.1 71.92 -13.69-17.73 -6.43 -16.8 9.1 72.71 -28.6325.18 17.46 54.5 7.9 -27.33 49.8623.36 23.28 46.4 8.9 -4.10 11.46-4.38 4.27 1 3.7 22.64 74.085.32 3.61 8.8 5.5 37.01 65.53

13.54 6.2 22.6 10.4 126.55 -0.7822.58 11.88 22.6 14.1 15.19 35.46

2.9 8.67 16.8 18.9 -32.60 0.1024.55 23.3 21.7 19.5 14.94 0.0423.57 18.6 30.1 8.6 -16.31 36.12

10.7 16.64 19.47 12.8 -19.19 11.6228.53 27.41 28.03 13.2 5.68 67.50

18.4 18.34 20.27 11.9 21.31 59.542.28 -1.92 1.23 6 22.21 40.67

16.11 13.61 28.7 5.9 -15.26 25.9421.6 20.93 15.02 8.7 -2.84 30.77

-2.81 3.76 -15.5 8.9 -1.47 -17.9423.65 21.57 28.55 10.7 -10.07 5.83

7.93 8.67 16.5 6.75 -5.75 -20.5813.52 14.65 19.37 6.41 17.68 34.39-0.49 -4.44 -0.15 -0.58 -2.17 15.9132.92 28.91 30.15 12.11 0.98 2.6616.19 9.42 26.36 4.39 -4.59 4.4023.23 20.19 21.97 6.39 -21.41 -14.1312.06 11.84 0.81 7.36 -0.83 25.98

4.41 -4.14 11.57 1.85 0.85 90.2910.4 16.17 15.89 8.83 -5.44 -2.684.19 7.39 5.72 7.8 0.84 -22.52-6.9 4.64 -22.25 8.02 25.46 -13.88

VG Intl Small

20.75 9.66 37.01 2.38 19.60 57.3711.17 7.57 13.38 1.03 4.90 31.77

6.82 3.48 4.99 1.77 17.76 20.4914.97 11.28 19.35 3.77 21.95 30.34

8.34 5.61 -3.3 7.89 31.10 5.15-22.3 -9.84 -41.1 6.68 4.99 -46.6222.2 16.02 34.69 1.44 24.03 47.12

10.94 10.65 14.82 2.64 29.27 24.97

VWELX VWINX VWNDX VFISX GLD VFWIX - - -

1.000.89 1.000.89 0.75 1.000.24 0.46 0.14 1.00

-0.32 -0.38 -0.33 -0.13 1.000.38 0.18 0.44 -0.28 -0.02 1.00

10.94 10.65 14.82 2.64 29.27 24.97 0.00 0.00 0.00


0.12% 3.81% 1.43% 6.46% 33.43%

11.57% 9.61% 19.31% 8.18% 32.75%

17.64% 18.75% 23.12% 14.23% -11.50%

10.69% 10.60% 8.78% 7.98% 3.35%

14.91% 13.29% 18.36% 6.87% -0.69%

13.09% 10.37% 14.97% 5.74% -7.01%

6.82% 6.52% 6.04% 4.16% 12.96%

5.79% 5.86% 1.66% 4.00% 21.20%

4.46% 6.40% 9.64% 6.63% 35.54%

16.79% 15.47% 20.11% 11.58% -2.86%

12.55% 10.56% 13.03% 6.28% -3.51%

6.15% 6.96% 3.59% 4.92% 13.69%

10.19% 9.99% 11.61% 7.24% 8.90%

VG Intl Small

- - - - - - Inflation- - - - - - CPI-U- - - - - -- - - - - -

0.00 0.00 0.00 0.00 0.00 0.00 3.410.00 0.00 0.00 0.00 0.00 0.00 8.710.00 0.00 0.00 0.00 0.00 0.00 12.340.00 0.00 0.00 0.00 0.00 0.00 6.940.00 0.00 0.00 0.00 0.00 0.00 4.860.00 0.00 0.00 0.00 0.00 0.00 6.700.00 0.00 0.00 0.00 0.00 0.00 9.020.00 0.00 0.00 0.00 0.00 0.00 13.290.00 0.00 0.00 0.00 0.00 0.00 12.520.00 0.00 0.00 0.00 0.00 0.00 8.920.00 0.00 0.00 0.00 0.00 0.00 3.830.00 0.00 0.00 0.00 0.00 0.00 3.790.00 0.00 0.00 0.00 0.00 0.00 3.950.00 0.00 0.00 0.00 0.00 0.00 3.800.00 0.00 0.00 0.00 0.00 0.00 1.100.00 0.00 0.00 0.00 0.00 0.00 4.430.00 0.00 0.00 0.00 0.00 0.00 4.420.00 0.00 0.00 0.00 0.00 0.00 4.650.00 0.00 0.00 0.00 0.00 0.00 6.110.00 0.00 0.00 0.00 0.00 0.00 3.060.00 0.00 0.00 0.00 0.00 0.00 2.900.00 0.00 0.00 0.00 0.00 0.00 2.750.00 0.00 0.00 0.00 0.00 0.00 2.670.00 0.00 0.00 0.00 0.00 0.00 2.540.00 0.00 0.00 0.00 0.00 0.00 3.320.00 0.00 0.00 0.00 0.00 0.00 1.700.00 0.00 0.00 0.00 0.00 0.00 1.610.00 0.00 0.00 0.00 0.00 0.00 2.680.00 0.00 0.00 0.00 0.00 0.00 3.390.00 0.00 0.00 0.00 0.00 0.00 1.550.00 0.00 0.00 0.00 0.00 0.00 2.380.00 0.00 0.00 0.00 0.00 0.00 1.880.00 0.00 0.00 0.00 0.00 0.00 3.260.00 0.00 0.00 0.00 0.00 0.00 3.420.00 0.00 0.00 0.00 0.00 0.00 2.540.00 0.00 0.00 0.00 0.00 0.00 4.080.00 0.00 0.00 0.00 0.00 0.00 0.090.00 0.00 0.00 0.00 0.00 0.00 2.720.00 0.00 0.00 0.00 0.00 0.00 1.50

- - - - - - CPI-U0.00 0.00 0.00 0.00 0.00 0.00 4.430.00 0.00 0.00 0.00 0.00 0.00 3.18

0.00 0.00 0.00 0.00 0.00 0.00 4.390.00 0.00 0.00 0.00 0.00 0.00 10.10

-0.08

-0.11

-0.77$1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $5.33

$1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $5.33

$1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $5.33

$1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $5.33

$1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $5.33

$1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $5.33

$1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $5.33

- - - - - - Inflation- - - - - - CPI-U

3.418.71

12.346.944.866.709.02

13.2912.52

8.923.833.793.953.801.104.434.424.656.113.062.902.752.672.543.321.701.612.683.391.552.38

1.883.263.422.544.080.092.72

1.5

- - - - - -

0.00 0.00 0.00 0.00 0.00 0.00

- - - - - - Inflation- - - - - - CPI-U

7.80%

9.23%

4.84%

4.13%

2.79%

2.54%

2.49%

2.38%

8.11%

5.10%

2.93%

2.52%

4.64%

YEAR MKT-TSM LCV 500 Idx LCG MCB SCV SCB SCG D102010 VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX

ER 0.19 0.21 0.18 0.22 0.22 0.23 0.23 0.23 0.67YOI 1993 1993 1977 1992 1999 1999 1992 1999 1999

Minimum for the Year

1985 31.95 31.22 31.23 32.61 31.71 30.70 30.80 30.70 24.861986 15.88 19.75 18.06 15.15 17.94 7.15 5.46 3.36 -0.371987 1.51 0.29 4.71 5.07 -0.02 -7.31 -9.01 -10.71 -15.471988 17.78 22.94 16.22 11.06 19.54 29.20 24.61 20.12 20.001989 28.66 24.94 31.36 35.60 26.02 12.14 15.93 19.92 4.801990 -6.18 -8.29 -3.32 -0.52 -11.69 -21.98 -19.68 -17.59 -31.761991 34.44 24.34 30.22 40.89 41.19 41.37 45.76 50.85 47.311992 9.59 13.56 7.42 4.77 16.14 28.80 17.93 7.55 32.711993 10.41 18.10 9.89 1.53 14.05 23.52 18.70 13.14 24.571994 -0.17 -0.73 1.18 2.89 -2.31 -1.73 -0.51 -2.62 -3.551995 35.79 36.94 37.45 38.06 34.10 25.51 28.74 30.70 29.231996 20.96 21.86 22.88 23.74 18.74 21.12 18.12 11.04 16.021997 30.99 29.77 33.19 36.34 28.72 31.50 24.59 12.64 20.691998 23.26 14.64 28.62 42.21 9.86 -6.71 -2.61 0.97 -2.461999 23.81 12.57 21.07 28.76 15.07 3.11 23.13 19.53 30.612000 -10.57 6.08 -9.06 -22.21 18.10 21.88 -2.67 1.59 0.672001 -10.97 -11.88 -12.02 -12.93 -0.50 13.70 3.10 -0.78 23.982002 -20.96 -20.91 -22.15 -23.68 -14.61 -14.20 -20.02 -15.41 4.902003 31.35 32.25 28.50 25.92 34.14 37.19 45.63 42.88 79.432004 12.52 15.29 10.74 7.20 20.35 23.55 19.90 16.06 20.122005 5.98 7.09 4.77 5.09 13.93 6.07 7.36 8.64 4.082006 15.51 22.15 15.64 9.01 13.60 19.24 15.64 11.94 11.482007 5.49 0.09 5.39 12.56 6.02 -7.07 1.16 9.63 -5.402008 -37.04 -35.97 -37.02 -38.32 -41.82 -32.05 -36.07 -40.00 -39.492009 28.70 19.58 26.49 36.29 40.22 30.34 36.12 41.85 25.952010 17.09 14.28 14.91 16.96 25.46 24.82 27.72 30.69 24.86

VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIXAverage 12.15 11.92 12.17 12.85 14.38 13.07 12.30 11.41 13.38StDEV 18.33 17.21 18.25 21.30 18.46 19.14 20.01 20.16 23.99CAGR 10.50 10.45 10.53 10.68 12.67 11.34 10.41 9.50 10.80Variance 335.83 296.15 333.02 453.86 340.76 366.22 400.35 406.53 575.44

1.00 0.95 0.99 0.96 0.90 0.72 0.88 0.86 0.66

0.67 0.68 0.66 0.58 0.60 0.43 0.56 0.56 0.40

0.42 0.44 0.42 0.40 0.54 0.45 0.39 0.35 0.37$1 Portfolio = $13.41 $13.26 $13.52 $13.98 $22.25 $16.33 $13.14 $10.59 $14.40

Best = VEIEX85P - 1$ $13.41 $13.26 $13.52 $13.98 $22.25 $16.33 $13.14 $10.59 $14.40

85P1 - 1$ $13.41 $13.26 $13.52 $13.98 $22.25 $16.33 $13.14 $10.59 $14.40

Correlation w/ US Mkt

Correlation w/ Intl Mkt

Sharpe Ratio

85P2 - 1$ $13.41 $13.26 $13.52 $13.98 $22.25 $16.33 $13.14 $10.59 $14.4085P3 - 1$ $13.41 $13.26 $13.52 $13.98 $22.25 $16.33 $13.14 $10.59 $14.4085P4 - 1$ $13.41 $13.26 $13.52 $13.98 $22.25 $16.33 $13.14 $10.59 $14.4085P5 - 1$ $13.41 $13.26 $13.52 $13.98 $22.25 $16.33 $13.14 $10.59 $14.40

85Lazy - 1$ $13.41 $13.26 $13.52 $13.98 $22.25 $16.33 $13.14 $10.59 $14.40

YEAR MKT-TSM LCV 500 Idx LCG MCB SCV SCB SCG D102010 VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX

1985 32.2 31.5 31.23 32.9 32 31 31.1 31 25.71986 16.1 20 18.06 15.4 18.2 7.4 5.7 3.6 0.31987 1.7 0.5 4.71 5.3 0.2 -7.1 -8.8 -10.5 -14.91988 18 23.2 16.22 11.3 19.8 29.5 24.9 20.4 20.81989 28.9 25.2 31.36 35.9 26.3 12.4 16.2 20.2 5.51990 -6 -8.1 -3.32 -0.3 -11.5 -21.8 -19.5 -17.4 -31.31991 34.7 24.6 30.22 41.2 41.5 41.7 46.1 51.2 48.31992 9.8 13.8 7.42 5 16.4 29.1 18.2 7.8 33.61993 10.62 18.35 9.89 1.53 14.3 23.8 18.7 13.4 25.41994 -0.17 -0.73 1.18 2.89 -2.1 -1.5 -0.51 -2.4 -2.91995 35.79 36.94 37.45 38.06 34.4 25.8 28.74 31 30.11996 20.96 21.86 22.88 23.74 19 21.4 18.12 11.3 16.81997 30.99 29.77 33.19 36.34 29 31.8 24.59 12.9 21.51998 23.26 14.64 28.62 42.21 10.1 -6.5 -2.61 1.2 -1.811999 23.81 12.57 21.07 28.76 15.32 3.35 23.13 19.8 31.492000 -10.57 6.08 -9.06 -22.21 18.1 21.88 -2.67 1.59 0.672001 -10.97 -11.88 -12.02 -12.93 -0.5 13.7 3.1 -0.78 23.982002 -20.96 -20.91 -22.15 -23.68 -14.61 -14.2 -20.02 -15.41 4.92003 31.35 32.25 28.5 25.92 34.14 37.19 45.63 42.88 79.432004 12.52 15.29 10.74 7.2 20.35 23.55 19.9 16.06 20.122005 5.98 7.09 4.77 5.09 13.93 6.07 7.36 8.64 4.082006 15.51 22.15 15.64 9.01 13.6 19.24 15.64 11.94 11.482007 5.49 0.09 5.39 12.56 6.02 -7.07 1.16 9.63 -5.42008 -37.04 -35.97 -37.02 -38.32 -41.82 -32.05 -36.07 -40 -39.492009 28.70 19.58 26.49 36.29 40.22 30.34 36.12 41.85 25.952010 17.09 14.28 14.91 16.96 25.46 24.82 27.72 30.69 24.86

Correlations between different assetsVTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX

VTSMX 1.00VIVAX 0.95 1.00VFINX 0.99 0.94 1.00VIGRX 0.96 0.83 0.97 1.00VIMSX 0.90 0.92 0.87 0.79 1.00VISVX 0.72 0.81 0.67 0.53 0.89 1.00NAESX 0.88 0.87 0.82 0.74 0.93 0.91 1.00VISGX 0.86 0.83 0.81 0.76 0.94 0.85 0.97 1.00BRSIX 0.66 0.67 0.59 0.51 0.76 0.84 0.89 0.84 1.00

VGSIX 0.55 0.68 0.50 0.35 0.77 0.87 0.76 0.72 0.72VDMIX 0.67 0.68 0.66 0.58 0.60 0.43 0.56 0.56 0.40VEIEX 0.61 0.56 0.56 0.52 0.61 0.47 0.65 0.67 0.51VGTSX 0.68 0.69 0.67 0.60 0.63 0.46 0.60 0.61 0.43VPACX 0.44 0.43 0.42 0.36 0.38 0.22 0.40 0.40 0.30VEURX 0.81 0.83 0.82 0.74 0.72 0.54 0.65 0.64 0.44VTRIX 0.62 0.66 0.62 0.53 0.58 0.43 0.54 0.55 0.39PCRIX 0.25 0.27 0.22 0.16 0.42 0.28 0.32 0.41 0.29VUSTX 0.00 0.11 0.02 -0.04 0.03 0.05 -0.08 -0.04 -0.09VFITX -0.01 0.06 0.01 -0.02 0.02 0.01 -0.11 -0.04 -0.11VBMFX 0.31 0.37 0.33 0.28 0.38 0.33 0.23 0.30 0.15VUSXX 0.22 0.24 0.29 0.27 0.10 -0.04 -0.05 -0.03 -0.27VIPSX 0.16 0.16 0.12 0.09 0.25 0.24 0.24 0.25 0.26VWELX 0.91 0.95 0.90 0.81 0.93 0.81 0.83 0.84 0.64VWINX 0.68 0.76 0.69 0.59 0.76 0.69 0.61 0.64 0.45VGENX 0.48 0.57 0.46 0.34 0.64 0.53 0.54 0.57 0.41VGHCX 0.62 0.69 0.65 0.57 0.68 0.53 0.48 0.55 0.30VGPMX 0.22 0.21 0.19 0.16 0.31 0.19 0.31 0.38 0.33VWNDX 0.85 0.92 0.82 0.69 0.94 0.92 0.92 0.87 0.78VWNFX 0.85 0.92 0.85 0.74 0.90 0.82 0.79 0.78 0.62VWSTX 0.15 0.16 0.19 0.19 0.11 0.03 -0.03 0.01 -0.16VWITX 0.41 0.50 0.41 0.32 0.49 0.45 0.35 0.38 0.25VWLTX 0.44 0.55 0.45 0.34 0.56 0.52 0.40 0.44 0.31VWEHX 0.79 0.81 0.75 0.67 0.86 0.84 0.86 0.85 0.77VFISX 0.04 0.08 0.08 0.06 0.04 -0.02 -0.11 -0.06 -0.13VMGIX 0.90 0.77 0.86 0.88 0.79 0.55 0.82 0.83 0.64VMVIX 0.81 0.89 0.77 0.65 0.96 0.96 0.90 0.87 0.79VEXMX 0.95 0.89 0.91 0.87 0.91 0.78 0.96 0.94 0.80PIGLX 0.29 0.24 0.27 0.29 0.31 0.23 0.29 0.41 0.36VFSTX 0.58 0.56 0.58 0.56 0.65 0.50 0.49 0.56 0.32GLD -0.17 -0.19 -0.19 -0.17 -0.11 -0.22 -0.11 0.00 -0.05VFWIX 0.58 0.55 0.57 0.52 0.51 0.30 0.51 0.53 0.39

---------

YearEnd 17.09 14.28 14.91 16.96 25.46 24.82 27.72 30.69 24.86

MKT-TSM LCV 500 Idx LCG MCB SCV SCB SCG D10VTSMX VIVAX VFINX VIGRX VIMSX VISVX NAESX VISGX BRSIX

1985-1990 14.10% 14.21% 15.66% 15.74% 12.86% 6.60% 6.47% 6.17% -1.70%

1991-1995 17.14% 17.78% 16.41% 16.31% 19.63% 22.64% 21.18% 18.50% 24.87%

1996-2000 16.68% 16.70% 18.31% 19.17% 17.94% 13.30% 11.43% 8.93% 12.42%

2000-2005 1.97% 2.62% 0.42% -1.17% 9.34% 11.89% 9.10% 8.62% 23.88%

2006-2010 2.94% 1.36% 2.21% 3.82% 4.27% 4.14% 5.39% 6.42% 0.07%

1985-1989 18.65% 19.34% 19.89% 19.29% 18.53% 13.47% 12.64% 11.69% 5.75%

1990-1999 17.47% 15.55% 18.08% 20.66% 15.38% 12.74% 13.99% 11.26% 13.96%

2000-2009 -0.27% 1.23% -1.03% -2.75% 6.13% 7.69% 4.36% 4.84% 8.97%

1985-2009 10.50% 10.45% 10.53% 10.68% 12.67% 11.34% 10.41% 9.50% 10.80%

REIT EAFED EM Total Intl Pacific Europe Intl Value COMM LTGB 5 Yr T ITBVGSIX VDMIX VEIEX VGTSX VPACX VEURX VTRIX PCRIX VUSTX VFITX VBMFX

0.21 0.27 0.42 0.29 0.27 0.27 0.46 0 0.26 0.26 0.21997 2001 1995 1997 1991 1991 1991 2003 1987 1992 1987

Minimum for the Year Maximum for the year

18.85 56.28 60.23 56.87 39.01 79.32 54.40 13.03 30.66 19.99 17.7618.95 69.44 62.02 68.33 93.30 44.11 64.61 -6.19 24.18 14.80 12.87-3.80 24.56 37.12 26.45 39.47 3.82 34.40 17.91 -3.18 2.63 0.9413.26 28.25 39.81 29.99 34.83 16.09 37.97 18.50 9.15 5.82 7.35

8.57 10.50 64.31 18.58 2.40 28.75 17.62 27.72 17.93 13.01 13.64-15.58 -23.41 -10.97 -21.54 -34.47 -3.66 -21.99 25.13 5.78 9.42 8.6535.42 12.20 59.23 19.26 10.35 12.10 10.29 3.77 17.43 15.00 15.2514.36 -12.04 10.93 -8.59 -18.17 -3.32 -10.80 6.59 7.40 7.50 7.1419.45 32.54 74.07 38.78 35.46 29.13 40.40 6.42 16.79 11.43 9.68

2.98 7.81 -7.69 5.48 13.04 1.88 11.40 5.89 -7.03 -4.33 -2.6615.06 11.30 0.14 9.62 2.75 22.28 11.70 24.29 30.11 20.44 18.1835.02 6.11 15.83 7.50 -7.82 21.26 9.20 18.35 -1.25 1.92 3.5818.52 1.83 -16.82 -1.06 -25.67 24.23 -4.58 -1.00 13.90 8.96 9.44

-16.32 19.98 -18.12 15.60 2.41 28.86 19.46 -25.30 13.05 10.61 8.58-4.04 26.96 61.57 29.92 57.05 16.62 21.81 19.66 -8.66 -3.52 -0.7626.35 -14.23 -27.56 -15.61 -25.74 -8.18 -7.48 35.83 19.72 14.03 11.3912.35 -22.25 -2.88 -20.15 -26.34 -20.30 -14.02 -15.25 4.31 7.55 8.43

3.75 -15.70 -7.43 -15.08 -9.32 -17.95 -13.35 39.93 16.67 14.15 8.2635.65 38.61 57.65 40.34 38.42 38.70 41.90 29.82 2.68 2.37 3.9730.76 20.25 26.12 20.84 18.83 20.86 19.77 16.36 7.12 3.40 4.2411.89 13.34 32.05 15.57 22.59 9.26 17.96 20.50 6.61 2.32 2.4035.07 26.18 29.39 26.64 11.99 33.42 27.37 -3.04 1.74 3.14 4.27

-16.46 10.99 38.90 15.52 4.78 13.82 12.66 23.80 9.24 9.98 6.92-37.05 -41.62 -52.81 -44.10 -34.36 -44.73 -41.74 -43.33 22.52 13.32 5.0529.58 28.17 75.98 36.73 21.18 31.91 33.77 39.92 -12.05 -1.69 5.9328.30 8.54 18.86 11.12 15.77 4.91 7.31 24.13 8.93 7.35 6.42

VGSIX VDMIX VEIEX VGTSX VPACX VEURX VTRIX PCRIX VUSTX VFITX VBMFX12.34 12.48 23.84 14.12 10.84 14.74 14.62 12.44 9.76 8.06 7.5718.93 24.60 35.15 25.26 30.21 24.11 24.35 19.65 11.21 6.65 5.1910.60 9.73 18.36 11.18 6.95 12.10 11.92 10.47 9.20 7.86 7.45

358.22 605.30 1235.52 637.87 912.79 581.11 592.99 386.10 125.64 44.21 26.92

0.55 0.67 0.61 0.68 0.44 0.81 0.62 0.25 0.00 -0.01 0.31

0.41 1.00 0.77 0.99 0.91 0.88 0.98 0.15 0.02 -0.06 0.12

0.42 0.33 0.55 0.38 0.21 0.43 0.42 0.41 0.48 0.55 0.61$13.73 $11.17 $80.01 $15.73 $5.74 $19.48 $18.69 $13.31 $9.87 $7.16 $6.48

$13.73 $11.17 $80.01 $15.73 $5.74 $19.48 $18.69 $13.31 $9.87 $7.16 $6.48

$13.73 $11.17 $80.01 $15.73 $5.74 $19.48 $18.69 $13.31 $9.87 $7.16 $6.48

$13.73 $11.17 $80.01 $15.73 $5.74 $19.48 $18.69 $13.31 $9.87 $7.16 $6.48

$13.73 $11.17 $80.01 $15.73 $5.74 $19.48 $18.69 $13.31 $9.87 $7.16 $6.48

$13.73 $11.17 $80.01 $15.73 $5.74 $19.48 $18.69 $13.31 $9.87 $7.16 $6.48

$13.73 $11.17 $80.01 $15.73 $5.74 $19.48 $18.69 $13.31 $9.87 $7.16 $6.48

$13.73 $11.17 $80.01 $15.73 $5.74 $19.48 $18.69 $13.31 $9.87 $7.16 $6.48


19.1 56.7 60.9 57.33 39.39 79.8 55.11 13.03 31 20.3 1819.2 69.9 62.7 68.82 93.82 44.5 65.37 -6.19 24.5 15.1 13.1-3.6 24.9 37.7 26.82 39.85 4.1 35.02 17.91 -2.93 2.9 1.1413.5 28.6 40.4 30.37 35.19 16.4 38.6 18.5 9.15 6.1 7.35

8.8 10.8 65 18.93 2.68 29.1 18.16 27.72 17.93 13.3 13.64-15.4 -23.2 -10.6 -21.31 -34.29 -3.4 -21.63 25.13 5.78 9.7 8.6535.7 12.5 59.9 19.61 10.65 12.4 10.8 3.77 17.43 15.3 15.2514.6 -11.8 11.4 -8.32 -18.17 -3.32 -10.8 6.58779 7.4 7.78 7.1419.7 32.9 74.8 39.18 35.46 29.13 40.4 6.42077 16.79 11.43 9.68

3.2 8.1 -7.3 5.79 13.04 1.88 11.4 5.89177 -7.03 -4.33 -2.6615.3 11.6 0.56 9.94 2.75 22.28 11.7 24.2885 30.11 20.44 18.1835.3 6.4 15.83 7.81 -7.82 21.26 9.2 18.3467 -1.25 1.92 3.58

18.77 2.1 -16.82 -0.77 -25.67 24.23 -4.58 -1.00293 13.9 8.96 9.44-16.32 20.3 -18.12 15.60 2.41 28.86 19.46 -25.3031 13.05 10.61 8.58

-4.04 27.3 61.57 29.92 57.05 16.62 21.81 19.6583 -8.66 -3.52 -0.7626.35 -14 -27.56 -15.61 -25.74 -8.18 -7.48 35.8308 19.72 14.03 11.3912.35 -22.04 -2.88 -20.15 -26.34 -20.3 -14.02 -15.2486 4.31 7.55 8.43

3.75 -15.7 -7.43 -15.08 -9.32 -17.95 -13.35 39.9297 16.67 14.15 8.2635.65 38.61 57.65 40.34 38.42 38.7 41.9 29.82 2.68 2.37 3.9730.76 20.25 26.12 20.84 18.83 20.86 19.77 16.36 7.12 3.4 4.2411.89 13.34 32.05 15.57 22.59 9.26 17.96 20.5 6.61 2.32 2.435.07 26.18 29.39 26.64 11.99 33.42 27.37 -3.04 1.74 3.14 4.27

-16.46 10.99 38.9 15.52 4.78 13.82 12.66 23.8 9.24 9.98 6.92-37.05 -41.62 -52.81 -44.1 -34.36 -44.73 -41.74 -43.33 22.52 13.32 5.0529.58 28.17 75.98 36.73 21.18 31.91 33.77 39.92 -12.05 -1.69 5.93

28.3 8.54 18.86 11.12 15.77 4.91 7.31 24.13 8.93 7.35 6.42

VGSIX VDMIX VEIEX VGTSX VPACX VEURX VTRIX PCRIX VUSTX VFITX VBMFX

1.000.41 1.000.44 0.77 1.000.44 0.99 0.85 1.000.25 0.91 0.76 0.90 1.000.47 0.88 0.67 0.87 0.62 1.000.42 0.98 0.80 0.98 0.90 0.84 1.000.38 0.15 0.38 0.21 0.14 0.20 0.20 1.00

-0.07 0.02 -0.17 -0.02 -0.08 0.13 -0.03 -0.21 1.00-0.10 -0.06 -0.16 -0.08 -0.17 0.08 -0.10 -0.14 0.95 1.000.17 0.12 0.09 0.13 -0.07 0.33 0.09 0.01 0.83 0.90 1.00

-0.15 0.11 0.05 0.11 0.01 0.24 0.12 -0.01 0.32 0.38 0.450.23 0.45 0.55 0.49 0.51 0.25 0.46 0.25 0.11 0.15 0.250.67 0.63 0.54 0.64 0.35 0.80 0.61 0.30 0.23 0.23 0.560.56 0.42 0.33 0.43 0.13 0.64 0.40 0.21 0.56 0.59 0.840.58 0.41 0.57 0.46 0.31 0.48 0.46 0.72 -0.17 -0.21 0.020.40 0.36 0.17 0.34 0.10 0.56 0.35 0.24 0.38 0.37 0.590.35 0.54 0.73 0.60 0.59 0.35 0.60 0.41 -0.28 -0.25 -0.130.82 0.64 0.61 0.66 0.43 0.71 0.65 0.34 -0.05 -0.07 0.290.72 0.52 0.43 0.53 0.26 0.65 0.52 0.29 0.11 0.08 0.40

-0.11 0.08 0.11 0.09 -0.03 0.19 0.07 -0.11 0.58 0.69 0.770.35 0.40 0.35 0.41 0.21 0.52 0.39 0.15 0.64 0.70 0.880.44 0.40 0.34 0.41 0.19 0.53 0.39 0.24 0.61 0.66 0.860.73 0.65 0.64 0.68 0.46 0.69 0.63 0.26 0.13 0.16 0.45

-0.14 0.01 -0.06 0.00 -0.10 0.14 -0.01 -0.14 0.81 0.92 0.880.40 0.64 0.72 0.68 0.56 0.69 0.59 0.34 -0.20 -0.20 0.090.86 0.51 0.49 0.53 0.27 0.64 0.50 0.36 0.08 0.05 0.400.63 0.65 0.69 0.68 0.49 0.73 0.61 0.33 -0.10 -0.12 0.210.25 0.08 0.22 0.12 -0.03 0.16 0.10 0.39 0.13 0.26 0.370.39 0.38 0.45 0.42 0.16 0.55 0.38 0.33 0.33 0.48 0.770.00 0.28 0.33 0.30 0.38 0.09 0.30 0.24 -0.14 -0.11 -0.210.31 0.88 0.77 0.89 0.88 0.74 0.87 0.29 -0.22 -0.29 -0.11

28.3 8.54 18.86 11.12 15.77 4.91 7.31 24.13 8.93 7.35 6.42


5.92% 23.69% 39.22% 26.19% 22.57% 25.26% 27.64% 15.45% 13.51% 10.80% 10.07%

16.99% 9.43% 23.24% 11.84% 7.28% 11.76% 11.44% 9.15% 12.25% 9.68% 9.27%

10.18% 7.14% -1.58% 6.16% -3.93% 15.76% 7.00% 7.30% 6.81% 6.21% 6.35%

18.26% 4.37% 18.74% 5.85% 6.14% 3.67% 8.35% 16.64% 7.37% 5.86% 5.43%

3.38% 2.61% 12.15% 4.44% 1.56% 3.04% 3.71% 3.39% 5.46% 6.29% 5.71%

10.83% 36.13% 52.24% 38.77% 38.92% 32.02% 40.85% 13.60% 15.12% 11.07% 10.36%

9.05% 7.06% 12.42% 8.17% 0.26% 14.29% 7.35% 7.34% 8.15% 7.49% 7.53%

10.40% 1.08% 9.82% 2.29% -0.69% 1.99% 4.45% 10.81% 7.42% 6.72% 6.06%

10.60% 9.73% 18.36% 11.18% 6.95% 12.10% 11.92% 10.47% 9.20% 7.86% 7.45%

TBILL TIPS Wellington Wellesley Energy Health P.Metals Windsor Windsor II V ST TEVUSXX VIPSX VWELX VWINX VGENX VGHCX VGPMX VWNDX VWNFX VWSTX

0.24 0.2 0.3 0.25 0.25 0.25 0.35 0.36 0.34 0.161984 2001 1972 1972 1985 1985 1985 1972 1985 1985

7.37 8.68 28.53 27.41 14.14 45.40 -5.36 28.03 10.74 6.786.00 21.96 18.40 18.34 12.70 21.42 49.88 20.27 21.41 7.396.12 8.18 2.28 -1.92 6.13 -0.50 38.73 1.23 -2.14 4.117.18 18.66 16.11 13.61 21.37 28.40 -14.19 28.70 24.72 5.618.87 5.89 21.60 20.93 43.45 32.95 30.40 15.02 27.83 7.087.94 5.99 -2.81 3.76 -1.37 16.79 -19.86 -15.50 -9.98 6.575.73 15.67 23.65 21.57 0.28 46.32 4.37 28.55 28.70 7.203.53 7.29 7.93 8.67 6.10 -1.57 -19.41 16.50 11.99 4.712.86 15.47 13.52 14.65 26.52 11.81 93.36 19.37 13.60 3.823.81 2.99 -0.49 -4.44 -1.63 9.54 -5.42 -0.15 -1.16 1.705.49 0.60 32.92 28.91 25.32 45.17 -4.48 30.15 38.83 5.925.09 3.89 16.19 9.42 34.00 21.36 -0.75 26.36 24.18 3.695.12 7.78 23.23 20.19 14.89 28.57 -38.92 21.97 32.37 4.075.00 2.59 12.06 11.84 -20.53 40.80 -3.91 0.81 16.36 4.324.55 7.68 4.41 -4.14 20.98 7.05 28.82 11.57 -5.81 2.585.80 4.59 10.40 16.17 36.43 60.53 -7.34 15.89 16.86 4.913.99 7.40 4.19 7.39 -2.55 -6.87 18.33 5.72 -3.40 4.751.51 16.61 -6.90 4.64 -0.62 -11.36 33.35 -22.25 -16.86 3.490.82 8.00 20.75 9.66 33.80 26.58 59.45 37.01 30.08 1.641.00 8.27 11.17 7.57 36.65 9.51 8.09 13.38 18.31 1.122.77 2.59 6.82 3.48 44.60 15.41 43.79 4.99 7.01 1.654.55 0.43 14.97 11.28 19.66 10.87 34.30 19.35 18.25 3.264.65 11.59 8.34 5.61 37.00 4.42 36.13 -3.30 2.23 4.191.97 -2.85 -22.30 -9.84 -42.87 -18.45 -56.02 -41.10 -36.70 3.740.53 10.80 22.20 16.02 38.36 20.96 76.46 34.69 27.05 3.072.76 6.17 10.94 10.65 13.43 6.16 37.45 14.82 10.62 0.95

VUSXX VIPSX VWELX VWINX VGENX VGHCX VGPMX VWNDX VWNFX VWSTX4.42 7.96 11.47 10.44 16.01 18.13 16.05 12.00 11.73 4.172.22 5.91 11.85 9.56 20.75 19.38 34.79 18.20 17.29 1.914.40 7.81 10.82 10.04 13.91 16.60 10.61 10.31 10.27 4.154.94 34.93 140.32 91.41 430.37 375.51 1210.06 331.07 299.10 3.64

0.22 0.16 0.91 0.68 0.48 0.62 0.22 0.85 0.85 0.15

0.11 0.45 0.63 0.42 0.41 0.36 0.54 0.64 0.52 0.08

0.00 0.60 0.59 0.63 0.56 0.71 0.33 0.42 0.42 -0.13$3.06 $7.06 $14.45 $12.02 $29.57 $54.21 $13.75 $12.82 $12.71 $2.88

$3.06 $7.06 $14.45 $12.02 $29.57 $54.21 $13.75 $12.82 $12.71 $2.88

$3.06 $7.06 $14.45 $12.02 $29.57 $54.21 $13.75 $12.82 $12.71 $2.88

$3.06 $7.06 $14.45 $12.02 $29.57 $54.21 $13.75 $12.82 $12.71 $2.88

$3.06 $7.06 $14.45 $12.02 $29.57 $54.21 $13.75 $12.82 $12.71 $2.88

$3.06 $7.06 $14.45 $12.02 $29.57 $54.21 $13.75 $12.82 $12.71 $2.88

$3.06 $7.06 $14.45 $12.02 $29.57 $54.21 $13.75 $12.82 $12.71 $2.88

$3.06 $7.06 $14.45 $12.02 $29.57 $54.21 $13.75 $12.82 $12.71 $2.88


7.37 8.9 28.53 27.41 14.43 45.76 -5.03 28.03 11.12 6.956 22.2 18.4 18.34 12.7 21.42 49.88 20.27 21.41 7.39

6.12 8.4 2.28 -1.92 6.13 -0.5 38.73 1.23 -2.14 4.117.18 18.9 16.11 13.61 21.37 28.4 -14.19 28.7 24.72 5.618.87 6.1 21.6 20.93 43.45 32.95 30.4 15.02 27.83 7.087.94 6.2 -2.81 3.76 -1.37 16.79 -19.86 -15.5 -9.98 6.575.73 15.9 23.65 21.57 0.28 46.32 4.37 28.55 28.7 7.23.53 7.5 7.93 8.67 6.1 -1.57 -19.41 16.5 11.99 4.712.86 15.7 13.52 14.65 26.52 11.81 93.36 19.37 13.6 3.823.81 3.2 -0.49 -4.44 -1.63 9.54 -5.42 -0.15 -1.16 1.75.49 0.8 32.92 28.91 25.32 45.17 -4.48 30.15 38.83 5.925.09 4.1 16.19 9.42 34 21.36 -0.75 26.36 24.18 3.695.12 8 23.23 20.19 14.89 28.57 -38.92 21.97 32.37 4.07

5 2.8 12.06 11.84 -20.53 40.8 -3.91 0.81 16.36 4.324.55 7.9 4.41 -4.14 20.98 7.05 28.82 11.57 -5.81 2.58

5.8 4.8 10.4 16.17 36.43 60.53 -7.34 15.89 16.86 4.913.99 7.61 4.19 7.39 -2.55 -6.87 18.33 5.72 -3.4 4.751.51 16.61 -6.9 4.64 -0.62 -11.36 33.35 -22.25 -16.86 3.490.82 8 20.75 9.66 33.8 26.58 59.45 37.01 30.08 1.64

1 8.27 11.17 7.57 36.65 9.51 8.09 13.38 18.31 1.122.77 2.59 6.82 3.48 44.6 15.41 43.79 4.99 7.01 1.654.55 0.43 14.97 11.28 19.66 10.87 34.3 19.35 18.25 3.264.65 11.59 8.34 5.61 37 4.42 36.13 -3.3 2.23 4.191.97 -2.85 -22.3 -9.84 -42.87 -18.45 -56.02 -41.1 -36.7 3.740.53 10.8 22.2 16.02 38.36 20.96 76.46 34.69 27.05 3.072.76 6.17 10.94 10.65 13.43 6.16 37.45 14.82 10.62 0.95

VUSXX VIPSX VWELX VWINX VGENX VGHCX VGPMX VWNDX VWNFX VWSTX

1.000.07 1.000.28 0.22 1.000.36 0.27 0.89 1.000.00 0.16 0.57 0.38 1.000.48 0.03 0.74 0.76 0.35 1.00

-0.33 0.40 0.23 0.08 0.51 -0.10 1.000.11 0.27 0.91 0.71 0.62 0.62 0.32 1.000.18 0.18 0.93 0.79 0.60 0.71 0.20 0.90 1.000.77 0.32 0.31 0.54 -0.15 0.44 -0.25 0.11 0.19 1.000.39 0.51 0.64 0.86 0.17 0.58 0.09 0.49 0.51 0.750.32 0.48 0.70 0.89 0.29 0.62 0.13 0.55 0.59 0.660.01 0.50 0.85 0.75 0.38 0.49 0.37 0.86 0.77 0.210.59 0.25 0.27 0.57 -0.22 0.39 -0.24 0.00 0.09 0.880.09 0.20 0.69 0.40 0.48 0.40 0.37 0.70 0.60 0.000.03 0.24 0.91 0.78 0.61 0.63 0.23 0.95 0.91 0.090.02 0.22 0.83 0.58 0.53 0.48 0.34 0.86 0.77 -0.01

-0.21 0.26 0.33 0.40 0.14 0.17 0.34 0.21 0.35 0.070.46 0.41 0.74 0.85 0.29 0.62 0.20 0.59 0.58 0.69

-0.46 0.13 -0.15 -0.20 0.17 -0.41 0.73 -0.15 -0.23 -0.370.04 0.29 0.44 0.17 0.44 0.26 0.58 0.52 0.32 -0.12

2.76 6.17 10.94 10.65 13.43 6.16 37.45 14.82 10.62 0.95


7.24% 11.38% 13.48% 13.24% 15.26% 23.23% 9.93% 11.77% 11.18% 6.25%

4.28% 8.22% 14.91% 13.29% 10.66% 20.69% 8.00% 18.36% 17.57% 4.65%

5.11% 5.29% 13.09% 10.37% 15.09% 30.43% -7.01% 14.97% 16.05% 3.91%

2.01% 8.48% 6.82% 6.52% 20.69% 5.72% 31.35% 6.04% 5.75% 2.52%

2.88% 5.07% 5.58% 6.35% 8.01% 3.93% 14.29% 1.01% 1.47% 3.04%

7.10% 12.50% 17.06% 15.23% 18.91% 24.56% 17.10% 18.20% 15.97% 6.19%

4.90% 6.89% 12.55% 10.56% 9.25% 21.54% -1.23% 13.03% 13.80% 4.45%

2.74% 6.60% 6.15% 6.96% 16.30% 9.24% 17.79% 3.59% 4.16% 3.17%

4.40% 7.81% 10.82% 10.04% 13.91% 16.60% 10.61% 10.31% 10.27% 4.15%

V Int TE V LT TE Hi-Yld C ST Treasury MidCap Val V Ext MktVWITX VWLTX VWEHX VFISX VMGIX VMVIX VEXMX PIGLX VFSTX

0.17 0.16 0.17 0.26 0.26 0.26 0.25 0 0.211985 1985 1985 1992 2007 2007 1988 1987 1982

17.13 20.58 21.78 12.91 31.66 31.66 31.27 1.65 14.9016.21 19.38 16.86 11.61 17.30 17.59 12.30 1.65 11.40

1.64 -1.14 2.65 5.73 2.53 -2.45 -4.09 1.65 4.4610.00 12.24 13.55 5.63 12.61 24.28 19.45 6.25 6.9510.00 11.54 1.89 8.42 31.16 22.38 24.10 13.45 11.45

7.20 6.82 -5.85 8.62 -5.35 -16.32 -14.05 8.05 9.2312.16 13.50 29.01 10.41 46.62 37.54 41.85 14.95 13.08

8.85 9.30 14.24 6.47 8.42 21.38 12.47 4.05 7.2011.55 13.45 18.24 6.41 10.91 15.30 14.49 11.75 7.07-2.12 -5.75 -1.71 -0.58 -2.45 -2.35 -1.76 0.75 -0.0813.65 18.72 19.15 12.11 33.65 34.55 33.80 18.75 12.74

4.20 4.41 9.54 4.39 18.62 21.15 17.65 3.85 4.797.08 9.29 11.91 6.39 20.29 36.72 26.73 -0.90 6.955.76 6.02 5.62 7.36 16.96 1.26 8.32 12.50 6.57

-0.50 -3.53 2.55 1.85 70.09 1.93 36.22 -4.29 3.309.24 13.32 -0.88 8.83 -26.48 22.15 -15.55 0.43 8.175.05 4.54 2.90 7.80 -20.64 8.51 -9.13 2.48 8.147.91 10.11 1.73 8.02 -23.53 -9.92 -18.06 21.33 5.224.46 5.21 17.20 2.38 39.90 37.55 43.43 16.59 4.203.23 4.12 8.52 1.03 13.52 26.84 18.71 11.56 2.112.24 3.07 2.77 1.77 14.72 12.56 10.29 -6.36 2.204.43 5.16 8.24 3.77 9.39 17.51 14.27 5.85 4.993.43 2.54 2.04 7.89 17.00 -4.62 4.33 9.26 5.86

-0.14 -4.87 -21.29 6.68 -47.07 -36.64 -38.73 -2.67 -4.7410.22 14.08 20.13 1.44 42.54 37.61 37.43 17.17 14.03

2.13 1.50 12.40 2.64 28.93 21.63 27.37 11.24 5.21

VWITX VWLTX VWEHX VFISX VMGIX VMVIX VEXMX PIGLX VFSTX6.73 7.45 8.20 6.15 13.90 14.53 12.81 6.96 6.755.03 7.17 10.45 3.61 25.15 18.75 20.56 7.52 4.506.62 7.22 7.69 6.09 10.87 12.85 10.79 6.71 6.65

25.34 51.47 109.17 13.04 632.68 351.54 422.81 56.49 20.26

0.41 0.44 0.79 0.04 0.90 0.81 0.95 0.29 0.58

0.40 0.40 0.65 0.01 0.64 0.51 0.65 0.08 0.38

0.46 0.42 0.36 0.48 0.38 0.54 0.41 0.34 0.52$5.29 $6.12 $6.86 $4.65 $14.62 $23.16 $14.37 $5.41 $5.34

$5.29 $6.12 $6.86 $4.65 $14.62 $23.16 $14.37 $5.41 $5.34

$5.29 $6.12 $6.86 $4.65 $14.62 $23.16 $14.37 $5.41 $5.34

MidCap Growth

Global Bond Fund

ST Investment Grade

$5.29 $6.12 $6.86 $4.65 $14.62 $23.16 $14.37 $5.41 $5.34

$5.29 $6.12 $6.86 $4.65 $14.62 $23.16 $14.37 $5.41 $5.34

$5.29 $6.12 $6.86 $4.65 $14.62 $23.16 $14.37 $5.41 $5.34

$5.29 $6.12 $6.86 $4.65 $14.62 $23.16 $14.37 $5.41 $5.34

$5.29 $6.12 $6.86 $4.65 $14.62 $23.16 $14.37 $5.41 $5.34

V Int TE V LT TE Hi-Yld C ST Treasury MidCap Val V Ext MktVWITX VWLTX VWEHX VFISX VMGIX VMVIX VEXMX PIGLX VFSTX

17.33 20.77 21.99 13.2 32 32 31.60 1.65 14.9016.21 19.38 16.86 11.9 17.6 17.9 12.58 1.65 11.40

1.64 -1.14 2.65 6 2.8 -2.2 -3.85 1.65 4.4610 12.24 13.55 5.9 12.9 24.6 19.75 6.25 6.9510 11.54 1.89 8.7 31.5 22.7 24.1 13.45 11.45

7.2 6.82 -5.85 8.9 -5.1 -16.1 -14.05 8.05 9.2312.16 13.5 29.01 10.7 47 37.9 41.85 14.95 13.08

8.85 9.3 14.24 6.75 8.7 21.7 12.47 4.05 7.2011.55 13.45 18.24 6.41 11.2 15.6 14.49 11.75 7.07-2.12 -5.75 -1.71 -0.58 -2.2 -2.1 -1.76 0.75 -0.0813.65 18.72 19.15 12.11 34 34.9 33.8 18.75 12.74

4.2 4.41 9.54 4.39 18.93 21.46 17.65 3.85 4.797.08 9.29 11.91 6.39 20.6 37.08 26.73 -0.9 6.955.76 6.02 5.62 7.36 17.26 1.52 8.32 12.5 6.57-0.5 -3.53 2.55 1.85 70.53 2.2 36.22 -4.29 3.309.24 13.32 -0.88 8.83 -26.29 22.47 -15.55 0.43 8.175.05 4.54 2.9 7.8 -20.43 8.79 -9.13 2.48 8.147.91 10.11 1.73 8.02 -23.33 -9.69 -18.06 21.33 5.224.46 5.21 17.2 2.38 40.26 37.91 43.43 16.59 4.203.23 4.12 8.52 1.03 13.82 27.17 18.71 11.56 2.112.24 3.07 2.77 1.77 15.02 12.85 10.29 -6.36 2.204.43 5.16 8.24 3.77 9.67 17.82 14.27 5.85 4.993.43 2.54 2.04 7.89 17.3 -4.37 4.33 9.26 5.86

-0.14 -4.87 -21.29 6.68 -47.07 -36.64 -38.73 -2.67 -4.7410.22 14.08 20.13 1.44 42.54 37.61 37.43 17.17 14.03

2.13 1.5 12.4 2.64 28.93 21.63 27.37 11.24 5.21

VWITX VWLTX VWEHX VFISX VMGIX VMVIX VEXMX PIGLX VFSTX

MidCap Growth

Global Bond Fund

ST Investment Grade

1.000.98 1.000.64 0.67 1.000.75 0.68 0.19 1.000.20 0.22 0.67 -0.12 1.000.52 0.60 0.85 0.04 0.62 1.000.32 0.36 0.82 -0.11 0.94 0.83 1.000.34 0.38 0.41 0.15 0.22 0.29 0.31 1.000.86 0.86 0.68 0.61 0.43 0.60 0.49 0.40 1.00

-0.13 -0.11 0.00 -0.18 0.01 -0.19 -0.06 0.25 -0.100.13 0.14 0.44 -0.21 0.71 0.37 0.63 0.01 0.23

2.13 1.5 12.4 2.64 28.93 21.63 27.37 11.24 5.21

V Int TE V LT TE Hi-Yld C V Ext MktVWITX VWLTX VWEHX VFISX VMGIX VMVIX VEXMX PIGLX VFSTX

10.24% 11.32% 8.05% 8.78% 14.16% 11.51% 10.31% 5.36% 9.68%

8.66% 9.51% 15.34% 6.87% 18.11% 20.39% 19.14% 9.84% 7.89%

5.10% 5.75% 5.65% 5.74% 15.85% 15.87% 13.19% 2.16% 5.94%

4.56% 5.38% 6.47% 4.16% 2.03% 13.93% 6.93% 8.65% 4.35%

3.96% 3.50% 3.26% 4.46% 4.48% 3.52% 5.04% 7.97% 4.90%

10.85% 12.24% 11.07% 8.82% 18.52% 18.09% 15.95% 4.83% 9.77%

6.67% 6.98% 9.82% 6.28% 19.97% 13.72% 16.33% 6.71% 7.02%

4.96% 5.59% 3.54% 4.92% -2.39% 8.64% 1.72% 7.21% 4.92%

6.62% 7.22% 7.69% 6.09% 10.87% 12.85% 10.79% 6.71% 6.65%

ST Treasury

MidCap Growth

MidCap Val

Global Bond Fund

ST Investment Grade

GOLD - - - - - - - -

GLD VFWIX - - - - - - - -0.4 0.5 - - - - - - - -

2004 1997 - - - - - - - -

5.26 66.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0020.82 58.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0021.72 39.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-15.59 25.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-3.23 30.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-1.86 -18.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-10.43 5.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-6.12 -20.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0017.21 33.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-2.56 15.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.58 2.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-4.97 3.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-21.72 -14.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-1.22 25.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.45 90.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-5.82 -2.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.44 -22.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

24.96 -13.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0019.12 57.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4.48 31.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0017.76 20.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0021.95 30.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0031.10 5.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4.99 -46.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0024.03 47.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0029.27 24.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

GLD VFWIX - - - - - - - -6.56 18.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

14.54 31.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.005.60 13.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

211.37 999.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-0.17 0.58

0.28 0.88

0.15 0.44$4.12 $30.02 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

$4.12 $30.02 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

$4.12 $30.02 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

VG Intl Small

$4.12 $30.02 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

$4.12 $30.02 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

$4.12 $30.02 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

$4.12 $30.02 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

$4.12 $30.02 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

GOLD - - - - - - - -

GLD VFWIX - - - - - - - -5.68 67.50

21.31 59.5422.21 40.67

-15.26 25.94-2.84 30.77-1.47 -17.94

-10.07 5.83-5.75 -20.5817.68 34.39-2.17 15.910.98 2.66

-4.59 4.40-21.41 -14.13

-0.83 25.980.85 90.29

-5.44 -2.680.84 -22.52

25.46 -13.8819.60 57.37

4.90 31.7717.76 20.4921.95 30.3431.10 5.15

4.99 -46.6224.03 47.1229.27 24.97

GLD VFWIX - - - - - - - -

VG Intl Small

1.000.31 1.00

29.27 24.97 0 0 0 0 0 0 0 0

GOLD - - - - - - - -GLD VFWIX - - - - - - - -

3.66%

-0.69%

-7.01%

12.96%

21.90%

4.81%

-3.51%

13.69%

5.60%

VG Intl Small

- Inflation- CPI-U--

0.00 3.800.00 1.100.00 4.430.00 4.420.00 4.650.00 6.110.00 3.060.00 2.900.00 2.750.00 2.670.00 2.540.00 3.320.00 1.700.00 1.610.00 2.680.00 3.390.00 1.550.00 2.380.00 1.880.00 3.260.00 3.420.00 2.540.00 4.080.00 0.090.00 2.720.00 1.50

- CPI-U0.00 2.870.00 1.280.00 2.860.00 1.63

0.12

0.04

-1.22$1.00 $2.08

$1.00 $2.08

$1.00 $2.08

$1.00 $2.08

$1.00 $2.08

$1.00 $2.08

$1.00 $2.08

$1.00 $2.08

- Inflation- CPI-U

3.801.104.434.424.656.113.062.902.752.672.543.321.701.612.683.391.552.381.883.263.422.544.080.092.72

1.5

-

- Inflation- CPI-U

4.07%

2.79%

2.54%

2.49%

2.18%

3.67%

2.93%

2.52%

2.86%

Backtest Portfolio Returns Rev10b

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