The conservative portfolio was up just 0.44% in May as bonds fell on rising rates. Stocks were very strong in May with the S&P 500 up almost 3.5%. Vanguard U.S. Value (VUVLX) and Janus Research (JARFX) were up 3.58% and 4.21% respectively, but the hits to bonds funds like Harbor (HABDX) down 1.38% largely wiped out the stock gains.