MODEL PORTFOLIO TRADING HISTORY

Model Portfolio Trading History

On December 1, 1995, Adviser Financial Group, Inc constructed three diversified model portfolios each with an initial investment of $50,000. These portfolios were built to test our theory that low cost, well-diversified investment portfolios of retail no-load mutual funds will out perform major stock and bond indexes over long time periods. To see how these three model portfolios have performed relative to their target indexes, go to: Portfolio Diversification -- A Hands-on Example.

From time to time, transactions to purchase or sell investments in each of the three model portfolios have been necessary to rebalance the portfolios’ diversification allocations back to our original target percentage allocations. Typically, we rebalanced (exchanged investments in the portfolios) when the actual percentage of an investment sector in the portfolio was outside a range of plus or minus 5% of the established target percentage for that sector. Every trade made since December 1, 1995, has been publicly announced in advance either in our newsletter or on this web site. Listed below are complete histories of all trades made in the three model portfolios.

Note: The investment performance results of our three model portfolios include all normal advisory fees, brokerage costs, and reinvestment of all dividends and interest. The tables below include our normal advisory fees and brokerage costs. Reinvested dividends and interest have been omitted from the history tables but are available upon request. For purposes of convenience in presenting the trading history tables below, fractional shares have been rounded up the nearest whole share, and dollar amounts have been rounded up to the nearest whole dollar.

  • Growth Portfolio Trading History
  • Conservative Growth Portfolio Trading History
  • Income Portfolio Trading History




    • Growth Portfolio Trading History
    Since December 1, 1995
    Date
    Investment
    Activity
    Shares
    Amount
    12/01/1995 T Rowe Price New Horizons Initial Purchase 338 $7,500
    12/01/1995 Vanguard Health Care Initial Purchase 102 $5,000
    12/01/1995 Vanguard Horizon Cap Opp Initial Purchase 742 $7,500
    12/01/1995 Vanguard Index-500 Initial Purchase 262 $15,000
    12/01/1995 Vanguard Int'L. Growth Initial Purchase 999 $15,000
    12/01/1995 Adviser Financial Group Advisory Fee-18 -$375
    07/01/1996 T Rowe Price New Horizons Sold -375 -$8,683
    07/01/1996 T Rowe Small Company Stock Purchased 467 $8,683
    09/01/1996 T Rowe Small Company Stock Sold-235 -$4,336
    09/01/1996 Vanguard Health Care Purchased 125 $6,801
    09/01/1996 Vanguard Horizon Cap Opp Sold-371 -$3,669
    09/01/1996 Vanguard Index-500 Purchased 110.82 $6,801
    09/01/1996 Vanguard Int'L. Growth Sold -347 -$5,597
    09/01/1996 Vanguard Horizon Cap Opp Misc. Fee 0 -$37
    12/01/1996 Adviser Financial Group Advisory Fee-12 -$372
    02/01/1997 Vanguard Horizon Cap Opp Purchased 228 $2,718
    02/01/1997 Vanguard Index 500 Sold-37 -$2,718
    09/02/1997 Cohen & Steers Realty Shs Purchased 171 $8,174
    09/02/1997 Vanguard Index 500 Sold-94 -$8,174
    12/01/1997 Adviser Financial Group Advisory Fee -432-$432
    10/01/1998 T Rowe Small Company Stock Purchased 151$2,816
    10/01/1998 Vanguard Health Care Sold-70 -$5,860
    10/01/1998 Vanguard Int'L. Growth Purchased 187$3,044
    12/01/1998 Adviser Financial Group Advisory Fee463 -$463
    12/01/1999 Adviser Financial Group Advisory Fee-500 -$500
    05/01/2000 Cohen & Steers Realty Shs Purchased 88$3,350
    05/01/2000 T Rowe Small Company Stock Sold-111 -$3,350
    12/01/2000 Adviser Financial Group Advisory Fee-500 -$500
    12/01/2001 Adviser Financial Group Advisory Fee-500 -$500
    06/01/2002 Cohen and Steers Realty Shs Sold-103 -$5,000
    06/01/2002 Vanguard Health Care Sold -52-$6,100
    06/01/2002 Vanguard Horizon Cap Opp Sold-77 -$1,600
    06/01/2002 Vanguard Index-500 Purchased 78$7,700
    06/01/2002 Vanguard Int'L. Growth Purchased 332$5,000
    12/01/2002 Adviser Financial Group Advisory Fee -500-$500
    12/01/2003 Adviser Financial Group Advisory Fee -804-$804
    12/01/2004 Adviser Financial Group Advisory Fee-859 -$859
    03/01/2005 Cohen & Steers Realty Shs Sold-58 -$3,800
    03/01/2005 Vanguard Index-500 Purchased 34$3,800
    12/31/2005 Adviser Financial Group Advisory Fee-912 -$912
    12/01/2006Adviser Financial GroupAdvisory Fee-493-$493
    6/01/2007Adviser Financial GroupAdvisory Fee-516-$516
    12/01/2007Adviser Financial GroupAdvisory Fee-512-$512
    6/01/2008Adviser Financial GroupAdvisory Fee-502-$502
    12/01/2008Adviser Financial GroupAdvisory Fee-406-$406
    6/01/2009Adviser Financial GroupAdvisory Fee-425-$425
    12/01/2009Adviser Financial GroupAdvisory Fee-470-$470
    6/01/2010Adviser Financial GroupAdvisory Fee-463-$463
    12/01/2010Adviser Financial GroupAdvisory Fee-488-$488
    6/01/2011Adviser Financial GroupAdvisory Fee-527-$527
    12/01/2011Adviser Financial GroupAdvisory Fee-500-$500

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    Conservative Growth Portfolio Trading History
    Since December 1, 1995
    Date
    Investment
    Activity
    Shares
    Amount
    12/01/1995 T Rowe Price Int Bond Initial Purchase 478$5,000
    12/01/1995 T Rowe Price New Horizons Initial Purchase 450$10,000
    12/01/1995 Vanguard GNMA Fund Initial Purchase 965$10,000
    12/01/1995 Vanguard Index-500 Initial Purchase 262$15,000
    12/01/1995 Vanguard Int'L. Growth Initial Purchase 666$10,000
    12/01/1995Adviser Financial Group Advisory Fee -21-$375
    07/01/1996 T Rowe Price New Horizons Sold -500-$11,577
    07/01/1996 T Rowe Price Small Comp Stock Purchased 623$11,577
    09/01/1996 Cohen & Steers Realty Shs Purchased 144$5,516
    09/01/1996 Vanguard Int’l Growth Sold -342- $5,516
    12/01/1996Adviser Financial Group Advisory Fee -59 -$397
    02/01/1997 T Rowe Price Int Bond Sold -517-$5,190
    02/01/1997 Vanguard Index 500 Purchased 71 $5,190
    09/02/1997 Cohen & Steers Realty Shs Purchased 70 $3,354
    09/02/1997 T Rowe Small Company Stock Sold -158 -$3,418
    09/02/1997 Vanguard Health Care Purchased 125 $8,877
    09/02/1997 Vanguard Index 500 Sold -180 -$15,653
    09/02/1997 Vanguard Int'L. Growth Purchased 380 $6,840
    12/01/1997 Adviser Financial Group Advisory Fee -422 -$422
    10/01/1998 T Rowe Small Company Stock Purchased 206 $3,846
    10/01/1998 Vanguard Health Care Sold -46 -$3,846
    12/01/1998 Adviser Financial Group Advisory Fee -443 -$443
    12/01/1999 Adviser Financial Group Advisory Fee -462 -$462
    05/01/2000 Cohen & Steers Realty Shs Purchased 118 $4,500
    05/01/2000 Vanguard Index 500 Sold -34-$4,500
    12/01/2000 Adviser Financial Group Advisory Fee -487 -$487
    12/01/2001 Adviser Financial Group Advisory Fee -487 -$487
    06/01/2002 Cohen & Steers Realty Shs Sold -92 -$4,500
    06/01/2002 T Rowe Price Small Company Stock Sold -116 -$3,000
    06/01/2002 Vanguard Health Care Sold -30 -$3,500
    06/01/2002 Vanguard Index-500 Purchased 66 $6,500
    06/01/2002 Vanguard Int'L. Growth Purchased 299 $4,500
    12/01/2002 Adviser Financial Group Advisory Fee -475 -$475
    12/01/2003 Adviser Financial Group Advisory Fee -767 -$767
    12/01/2004 Adviser Financial Group Advisory Fee -815 -$815
    03/01/2005 Cohen & Steers Realty Shs Sold -73 -$4,770
    03/01/2005 Vanguard Index-500 Purchased 21 $2,385
    03/01/2005 Vanguard Int'L. Growth Purchased 124 $2,385
    12/01/2005 Adviser Financial Group Advisory Fee -857- $857
    12/01/2006 Cohen & Steers Realty Sold-76-$7,476
    12/01/2006Vanguard GNMAPurchased729$7,476
    12/01/2006Adviser Financial GroupAdvisory Fee-461-$461
    6/01/2007Adviser Financial GroupAdvisory Fee-478-$478
    12/01/2007Adviser Financial GroupAdvisory Fee-473-$473
    6/01/2008Adviser Financial GroupAdvisory Fee-467-$467
    12/01/2008Adviser Financial GroupAdvisory Fee-386-$386
    1/02/2009Vanguard Index Trust 500Purchased42$3,500
    1/02/2009T Rowe Price Small Co StockPurchased195-$3,800
    1/02/2009Cohen and Steers RealtyPurchased141$5,200
    1/02/2009Vanguard GNMASold-1,181-$12,500
    6/01/2009Adviser Financial GroupAdvisory Fee-411-$411
    12/01/2009Adviser Financial GroupAdvisory Fee-450-$450
    6/01/2010Adviser Financial GroupAdvisory Fee-450-$450
    12/01/2010Adviser Financial GroupAdvisory Fee-473-$473
    6/01/2011Adviser Financial GroupAdvisory Fee-509-$509
    12/01/2011Adviser Financial GroupAdvisory Fee-485-$485

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    Income Portfolio Trading History
    Since December 1, 1995
    Date
    Investment
    Activity
    Shares
    Amount
    12/01/1995 T Rowe Price Int’l Bond Initial Purchase717 $7,500
    12/01/1995Vanguard GNMA Fund Initial Purchase 965$10,000
    12/01/1995 Vanguard Index Small Cap Initial Purchase 265 $5,000.00
    12/01/1995Vanguard Int’l Growth Initial Purchase 333$5,000
    12/01/1995 Vanguard Bond Market Initial Purchase 1,241$12,500
    12/01/1995 Vanguard Windsor II Initial Purchase 470 $10,000
    12/01/1995 Vanguard Index Small Cap Misc. Fee -3 -$50
    12/01/1995 Adviser Financial Group Advisory Fee-30 -$375
    09/01/1996 Cohen & Steers Realty Shs Purchased 142 $5,427
    09/01/1996 T Rowe Price Int’l Bond Sold -250 -$2,583
    09/01/1996 Vanguard Index Small Cap Sold -138 -$2,756
    09/01/1996 Vanguard Int’l Growth Sold -340 -$5,479
    09/01/1996 Vanguard Prime Money Fund Purchased 5,390 $5,390
    12/01/1996 Adviser Financial Group Advisory Fee -145-$390
    02/01/1997Vanguard Index Small Cap Sold -144 -$2,985
    02/01/1997 Vanguard Windsor II Purchased120 $2,985
    09/02/1997 Cohen & Steers Realty Shs Purchased 118 $5,643
    09/02/1997 Vanguard Prime Money Fund Sold -5,643 -$5,643
    12/01/1997 Adviser Financial Group Advisory Fee-409-$409
    12/01/1998 Adviser Financial Group Advisory Fee-421 -$421
    12/01/1999 Adviser Financial Group Advisory Fee-416 -$416
    12/01/2000 Adviser Financial Group Advisory Fee-433 -$433
    12/01/2001 Adviser Financial Group Advisory Fee-385 -$385
    06/01/2002 Cohen & Steers Realty Shs Sold -31 -$1,500
    06/01/2002 T Rowe Price Int’l Bond Purchased 274$2,250
    06/01/2002 Vanguard Bond Market Sold -74 -$750
    12/01/2002 Adviser Financial Group Advisory Fee -447-$447
    12/01/2003 Adviser Financial Group Advisory Fee-706 -$706
    12/01/2004 Adviser Financial Group Advisory Fee-767 -$767
    03/02/2005 Cohen & Steers Realty Shs Sold -84 -$5,530
    03/01/2005 Vanguard Bond Market Purchased 542 $5,530
    12/01/2005 Adviser Financial Group Advisory Fee -789-$789
    12/01/2006Cohen & Steers RealtySold-102-$10,031
    12/01/2006Vanguard GNMAPurchased978$10,031
    12/01/2006Adviser Financial GroupAdvisory Fee-417-$417
    6/01/2007Adviser Financial GroupAdvisory Fee-425-$425
    12/01/2007Adviser Financial GroupAdvisory Fee-422-$422
    6/01/2008Adviser Financial GroupAdvisory Fee-421-$421
    12/01/2008Adviser Financial GroupAdvisory Fee-397-$397
    1/02/2009Vanguard Windsor IIPurchased434$8,300
    1/02/2009Cohen & Steers Realty Purchased224$8,300
    1/02/2009Vanguard GNMASold-941-$9,960
    1/02/2009Vanguard Total BondSold-652-$6,640
    6/01/2009Adviser Financial GroupAdvisory Fee-396-$396
    12/01/2009Adviser Financial GroupAdvisory Fee-421-$421
    6/01/2010Adviser Financial GroupAdvisory Fee-425-$425
    12/01/2010Adviser Financial GroupAdvisory Fee-436-$436
    6/01/2011Adviser Financial GroupAdvisory Fee-457-$457
    12/01/2011Adviser Financial GroupAdvisory Fee-448-$448
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