Strategy Research: Input Parameters

Strategy Research
Input parameters
Parameters Units Inputs Typical values
Risk-free rate Fraction rf = 6.6% 0.130
Market SD Fraction sm = 13.7% 0.276
Risk aversion parameter Fraction w= 0.200 0.500
Floor constraint Fraction a= 0.000 0.005
Ceiling constraint Fraction b= 1.000 0.150
Portfolio size Rm V= 300 200
Include costs? Toggle = 0 0
MST rate % m= 0.25 0.25
Fixed minimum charge R f= 15 15
VAT rate % v= 14 14
Brokerage rate % b= 0.20 0.30
Assets in universe: 56 100
Number of assets allowed: 1 to 56
Number of assets selected: K= 52 25
Cost function a k c
parameters: 30.45 100.00 1.246
Confidence adjustment - no. of SDs for range 0.5
Portfolio optimis
Asset Asset Asset Weight Number of Forecast Constraints
No. code name assets return dummy
i xi zi ri
(frac) (%)
1 BIL BHPBill 0.046 1 35% 1
2 AGL Anglo 0.074 1 13% 1
3 SOL Sasol 0.037 1 3% 1
4 IMP Impala 0.051 1 12% 1
5 ANG Anglogold 0.023 1 34% 1
6 AMS Angloplat 0.046 1 1% 1
7 GFI Gold Fields 0.015 1 63% 1
8 HAR Harmony 0.011 1 80% 1
9 ARI Af Rainbow 0.012 1 9% 1
10 EXX Exxaro 0.007 1 9% 1
11 NHM Northam 0.005 1 32% 1
12 LON Lonmin 0.002 1 15% 1
13 MTX Metorex 0.002 1 6% 1
14 DRD DRD Gold 0.000 1 15% 1
15 SBK Stanbank 0.132 1 -5% 1
16 FSR Firstrand 0.097 1 1% 1
17 ASA ABSA 0.031 1 -4% 1
18 NED Nedbank 0.010 1 -12% 1
19 SAB SAB 0.017 1 2% 1
20 MTN MTN 0.072 1 29% 1
21 CFR Richemont 0.045 1 19% 1
22 NPN Naspers 0.026 1 8% 1
23 KIO Kumba 0.026 1 1% 1
24 VOD Vodacom 0.005 1 9% 1
25 ACL ArcelorMittal 0.008 1 -21% 1
26 REM Remgro 0.011 1 16% 1
27 TBS Tigerbrands 0.005 1 10% 1
28 PPC PPC 0.004 1 4% 1
29 TKG Telkom 0.007 1 26% 1
30 SAP Sappi 0.010 1 -6% 1
31 AEG Aveng 0.008 1 -4% 1
32 MUR M&R 0.011 1 8% 1
33 PFG Pioneer 0.003 1 9% 1
34 ALT Altech 0.003 1 1% 1
35 AFE AECI 0.004 1 -5% 1
36 AVI AVI 0.006 1 18% 1
37 WBO WBHO 0.004 1 38% 1
38 MND Mondi 0.006 1 -9% 1
39 GRF Group 5 0.003 1 39% 1
40 MSM Massmart 0.002 1 -17% 1
41 SHP Shoprite 0.024 1 12% 1
42 SPP Spar 0.006 1 10% 1
43 WHL Woolies 0.004 1 9% 1
44 LBT Lib Int 0.015 1 8% 1
45 GRT Growthpoint 0.015 1 10% 1
46 RDF Redefine 0.013 1 10% 1
47 HYP Hyprop 0.005 1 4% 1
48 PAP Panprop 0.006 1 6% 1
49 RES Resilient 0.004 1 7% 1
50 FPT Fountainhead 0.005 1 6% 1
51 EMI Emira 0.004 1 9% 1
52 SAC SA Corp 0.003 1 10% 1
53 ACP Acucap 0.003 1 7% 1
54 SYC Sycom 0.003 1 0% 1
55 VKE Vukile 0.002 1 5% 1
56 HPA Hospitality-A 0.001 1 11% 1
Portfolio sum / average 1.000 56 10% 56
Maximum 0.13 True count
Average 0.02 -
Minimum 0.00 138
Comment
90-d TB rate
Measured, SWIX
Various
Add to Evolver too
Add to Evolver too
Interviews
Yes=1, No=0
-
-
-
-
Interviews
-
Cardinality: OK
Objective function ex. skew & kurt
44.5
Range is R-nSD - R+nSD
Portfolio optimisation
Weighting LiquidityConfidence Return Excess return Beta Standard
in factor -confidence (less costs) (vs Alsi) deviation
SWIX adjusted Ri bi sei
(frac) (Rm/month) (0 -> 1) (frac) ( frac) (x) (frac)
0.064 15,031 0.60 0.38 0.32 1.29 0.34
0.049 21,477 0.80 0.26 0.20 1.78 0.45
0.055 12,724 0.40 0.01 -0.06 1.06 0.28
0.038 11,113 1.00 0.36 0.30 1.61 0.48
0.011 7,669 0.80 0.47 0.40 0.55 0.41
0.030 5,251 1.00 0.26 0.19 1.73 0.49
0.007 5,780 0.60 0.67 0.60 0.23 0.38
0.006 3,148 1.00 1.05 0.99 0.16 0.51
0.006 1,523 1.00 0.34 0.27 1.71 0.50
0.003 1,576 0.80 0.22 0.15 1.23 0.44
0.003 609 1.00 0.63 0.57 1.70 0.63
0.001 606 1.00 0.45 0.38 1.67 0.59
0.001 167 1.00 0.45 0.38 1.67 0.76
0.000 83 1.00 0.51 0.44 0.09 0.71
0.051 10,150 0.60 -0.02 -0.08 0.64 0.32
0.032 4,715 0.60 0.05 -0.02 0.69 0.35
0.019 4,653 0.20 -0.13 -0.19 0.37 0.27
0.013 2,397 0.40 -0.14 -0.21 0.66 0.30
0.040 6,390 0.20 -0.06 -0.12 0.74 0.26
0.079 17,521 0.40 0.27 0.20 0.75 0.29
0.023 5,170 0.80 0.31 0.24 1.36 0.39
0.036 9,773 0.40 0.06 -0.01 0.91 0.29
0.013 2,380 0.80 0.14 0.08 1.31 0.44
0.009 2,669 0.00 0.01 -0.05 -0.01 0.15
0.008 2,637 0.80 -0.08 -0.15 1.15 0.44
0.018 2,176 0.00 0.08 0.01 0.51 0.17
0.010 2,364 0.00 0.00 -0.06 0.36 0.20
0.008 1,396 0.40 0.01 -0.06 0.40 0.28
0.003 1,832 0.20 0.18 0.11 0.44 0.27
0.005 888 1.00 0.21 0.15 1.55 0.54
0.004 2,099 0.80 0.08 0.02 0.87 0.42
0.005 1,703 0.80 0.21 0.15 0.94 0.43
0.001 78 0.20 0.01 -0.06 0.50 0.26
0.001 93 0.60 0.05 -0.01 0.44 0.38
0.003 197 0.40 -0.08 -0.14 0.84 0.28
0.003 333 0.40 0.15 0.09 0.42 0.31
0.002 275 0.60 0.41 0.35 0.64 0.34
0.003 400 1.00 0.14 0.07 1.13 0.45
0.001 241 0.80 0.52 0.45 0.98 0.44
0.008 1,549 0.60 -0.14 -0.20 0.19 0.31
0.015 2,828 0.40 0.09 0.02 0.38 0.27
0.005 693 0.00 -0.01 -0.07 0.25 0.21
0.002 1,683 0.60 0.12 0.06 0.55 0.32
0.005 1,586 0.60 0.11 0.05 0.39 0.33
0.009 906 0.00 -0.01 -0.08 0.26 0.22
0.008 610 0.20 0.02 -0.05 0.24 0.25
0.002 191 0.20 -0.04 -0.10 0.30 0.25
0.003 234 0.20 -0.02 -0.08 0.31 0.25
0.003 134 0.00 -0.04 -0.10 0.10 0.21
0.003 195 0.00 -0.06 -0.12 0.26 0.23
0.002 150 0.00 -0.02 -0.09 0.19 0.21
0.002 120 0.20 0.03 -0.04 0.35 0.26
0.001 93 0.00 -0.04 -0.11 0.30 0.22
0.001 59 0.40 -0.03 -0.09 0.37 0.28
0.001 56 0.20 -0.02 -0.09 0.52 0.24
0.000 22 0.00 0.02 -0.04 0.18 0.18
0.737 8024 0.50 0.16 0.093 0.92 0.1510
21477 1.00 1.05 0.99 1.78 0.761
3221 0.50 0.15 0.09 0.72 0.348
22 0.00 -0.14 -0.21 -0.01 0.151
Moment:
NB cant normalise moment magnitudes so do in weights. Suggested: Weight:
Value
Objective:
Weight (adj)
Weight (%)
Weight (%) Code Absolute ceilin
> .06
.04 - .06
Skewness Kurtosis < .04
sei2 xi2 Pro-rata Initial

(%) (frac) (frac) weights
0.0002 BIL 105.669 499.568 BIL 1 0.087
0.0011 AGL 110.998 533.444 AGL 1 0.066
0.0001 SOL -2.941 4.214 SOL 1 0.074
0.0006 IMP 123.904 617.705 IMP 1 0.052
0.0001 ANG 21.708 60.556 ANG 1 0.016
0.0005 AMS 18.683 49.574 AMS 1 0.040
0.0000 GFI 19.604 52.861 GFI 1 0.010
0.0000 HAR 41.205 142.319 HAR 1 0.008
0.0000 ARI 0.246 0.154 ARI 1 0.008
0.0000 EXX -0.013 0.003 EXX 1 0.005
0.0000 NHM 0.111 0.054 NHM 1 0.004
0.0000 LON -0.039 0.013 LON 1 0.001
0.0000 MTX -0.030 0.009 MTX 1 0.001
0.0000 DRD -0.208 0.123 DRD 1 0.000
0.0018 SBK -99.499 461.061 SBK 1 0.069
0.0012 FSR -2.030 2.570 FSR 1 0.044
0.0001 ASA -22.056 61.854 ASA 1 0.026
0.0000 NED -2.846 4.033 NED 1 0.018
0.0000 SAB -2.776 3.902 SAB 1 0.054
0.0004 MTN 103.436 485.543 MTN 1 0.107
0.0003 CFR 38.987 132.200 CFR 1 0.031
0.0001 NPN -0.372 0.267 NPN 1 0.049
0.0001 KIO 0.001 0.000 KIO 1 0.017
0.0000 VOD -0.361 0.257 VOD 1 0.013
0.0000 ACL -1.259 1.360 ACL 1 0.011
0.0000 REM -0.186 0.106 REM 1 0.024
0.0000 TBS -0.381 0.276 TBS 1 0.013
0.0000 PPC -0.365 0.261 PPC 1 0.010
0.0000 TKG -0.039 0.013 TKG 1 0.005
0.0000 SAP 0.000 0.000 SAP 1 0.007
0.0000 AEG -0.177 0.100 AEG 1 0.006
0.0000 MUR 0.000 0.000 MUR 1 0.007
0.0000 PFG -0.314 0.213 PFG 1 0.002
0.0000 ALT -0.255 0.162 ALT 1 0.002
0.0000 AFE -0.570 0.472 AFE 1 0.004
0.0000 AVI -0.075 0.032 AVI 1 0.004
0.0000 WBO 0.000 0.000 WBO 1 0.003
0.0000 MND -0.095 0.043 MND 1 0.004
0.0000 GRF -0.007 0.001 GRF 1 0.002
0.0000 MSM -0.478 0.374 MSM 1 0.011
0.0000 SHP -0.075 0.032 SHP 1 0.020
0.0000 SPP -0.459 0.354 SPP 1 0.007
0.0000 WHL -0.143 0.075 WHL 1 0.003
0.0000 LBT -0.040 0.014 LBT 1 0.007
0.0000 GRT -1.252 1.350 GRT 1 0.012
0.0000 RDF -0.617 0.525 RDF 1 0.011
0.0000 HYP -0.542 0.442 HYP 1 0.003
0.0000 PAP -0.490 0.387 PAP 1 0.004
0.0000 RES -0.471 0.366 RES 1 0.004
0.0000 FPT -0.580 0.483 FPT 1 0.003
0.0000 EMI -0.395 0.290 EMI 1 0.002
0.0000 SAC -0.299 0.200 SAC 1 0.003
0.0000 ACP -0.408 0.303 ACP 1 0.002
0.0000 SYC -0.402 0.296 SYC 1 0.002
0.0000 VKE -0.330 0.228 VKE 1 0.001
0.0000 HPA -0.249 0.157 HPA 1 0.000
0.0069 440.428 3121.199 1 1.000
- Population fac 0.019 0.020
- Excess factor - 3.171
- Moment 8.304 60.122
NB: Wts x no. of assets in sum comps - CHECK
Return Risk Skewness Kurtosis

0.97000 0.02900 0.00055 0.00045
9.3% 15% 8.3 60.1
0.057 Total
0.091 0.011 0.001 0.001 0.104
87 11 1 1 100
Sector Weights
Sector Recommended Pro-rata Evolver constraints Meets Constraints?

Resources 20% 33.0% 33.0% 1
Financials 16% 27.0% 27.0% 1
Industrials 19% 32.0% 32.0% 1
Property 5% 8.0% 8.0% 1
Total 60% 100.0% 100% 4
MQ Total 1.00
S |Deviations| from benchmark 0.00 0

S |Deviations| from last month 31% 1
All Constraints 5
Relaxed constraints 5
Absolute ceiling 0.2

Lower Upper
0.0 2.0
Constraints Over/ By
Lower limit Upper limit Under How
weighting weighting Weight Much?
(frac) (frac) (%)
0.00 0.13 Under -1.8
0.00 0.10 Over +2.5
0.00 0.11 Under -1.8
0.00 0.08 Over +1.3
0.00 0.02 Over +1.1
0.00 0.06 Over +1.6
0.00 0.01 Over +0.7
0.00 0.01 Over +0.6
0.00 0.01 Over +0.6
0.00 0.01 Over +0.3
0.00 0.01 Over +0.3
0.00 0.00 Over +0.1
0.00 0.00 Over +0.1
0.00 0.00 Over +0.0
0.00 0.15 Over +8.1
0.00 0.10 Over +6.5
0.00 0.06 Over +1.1
0.00 0.04 Under -0.3
0.00 0.08 Under -2.3 Average/Total
0.00 0.15 Under -0.7
0.00 0.05 Over +2.3
0.00 0.07 Under -1.1
0.00 0.03 Over +1.3
0.00 0.02 Under -0.5
0.00 0.02 Over +0.1
0.00 0.04 Under -0.7
0.00 0.02 Under -0.5
0.00 0.02 Under -0.3
0.00 0.01 Over +0.3
0.00 0.01 Over +0.5
0.00 0.01 Over +0.4
0.00 0.01 Over +0.5
0.00 0.00 Over +0.1
0.00 0.00 Over +0.1
0.00 0.01 Over +0.1 Average/Total
0.00 0.01 Over +0.3
0.00 0.00 Over +0.2
0.00 0.01 Over +0.3
0.00 0.00 Over +0.1
0.00 0.02 Under -0.6
0.00 0.03 Over +0.9
0.00 0.01 Over +0.1
0.00 0.00 Over +0.2
0.00 0.02 Over +1.0
0.00 0.03 Over +0.7
0.00 0.02 Over +0.5
0.00 0.01 Over +0.3
0.00 0.01 Over +0.3
0.00 0.01 Over +0.1
0.00 0.01 Over +0.2
0.00 0.00 Over +0.2
0.00 0.01 Over +0.1
0.00 0.00 Over +0.2
0.00 0.00 Over +0.2
0.00 0.00 Over +0.1
0.00 0.00 Over +0.0
Average/Total
Average/Total
Macquarie Group Limited:
Pro-rata to meet total equities weighting.
rf = 6.60 %
Kelly Portfolio - Resources

Asset Asset Forecast Transaction Expected Confidence Historical Full Kelly
code name return cost return factor SD
(%) (%) (%) (0 - 1) (%) (fraction) (%)
BIL BHPBill 35 0.0 35 0.4 34 1 13
AGL Anglo 13 0.0 13 0.2 45 0 1
SOL Sasol 3 0.0 3 0.4 28 0 -2
IMP Impala 12 0.0 12 0.2 48 0 1
ANG Anglogold 34 0.0 34 0.6 41 1 13
AMS Angloplat 1 0.0 1 0.2 49 0 -1
GFI Gold Fields 63 0.0 63 0.8 38 3 41
HAR Harmony 80 0.0 80 0.8 51 2 30
ARI Af Rainbow 9 0.0 9 0.2 50 0 0
EXX Exxaro 9 0.0 9 0.4 44 0 1
NHM Northam 32 0.0 32 0.2 63 0 2
LON Lonmin 15 0.0 15 0.2 59 0 1
MTX Metorex 6 0.0 6 0.2 76 0 0
DRD DRD Gold 15 0.0 15 0.8 71 0 2
Average/Total 23.5 0.0 23.5 0.4 49.7 8 100
Kelly Portfolio - Financials
(%) (%) (%) (0 - 1) (%) (fraction) (%)
SBK Stanbank -5 0.0 -5 0.6 32 -1 20
FSR Firstrand 1 0.0 1 0.6 35 0 8
ASA ABSA -4 0.0 -4 0.8 27 -1 36
NED Nedbank -12 0.0 -12 0.6 30 -1 36
Average/Total -4.9 0.0 -4.9 0.7 31.0 -3 100

Kelly Portfolio - Industrials
(%) (%) (%) (0 - 1) (%) (fraction) (%)
SAB SAB 2 0.0 2 0.6 26 -0.40 -15
MTN MTN 29 0.0 29 0.6 29 1.58 60
CFR Richemont 19 0.0 19 0.4 39 0.33 13
NPN Naspers 8 0.0 8 0.6 29 0.13 5
KIO Kumba 1 0.0 1 0.4 44 -0.12 -4
VOD Vodacom 9 0.0 9 15 0.00 0
ACL ArcelorMittal -21 0.0 -21 0.4 44 -0.58 -22
REM Remgro 16 0.0 16 17 0.00 0
TBS Tigerbrands 10 0.0 10 0.8 20 0.76 29
PPC PPC 4 0.0 4 0.6 28 -0.24 -9
TKG Telkom 26 0.0 26 27 0.00 0
SAP Sappi -6 0.0 -6 0.2 54 -0.08 -3
AEG Aveng -4 0.0 -4 0.6 42 -0.37 -14
MUR M&R 8 0.0 8 0.6 43 0.06 2
PFG Pioneer 9 0.0 9 26 0.00 0
ALT Altech 1 0.0 1 0.6 38 -0.22 -8
AFE AECI -5 0.0 -5 0.6 28 -0.90 -35
AVI AVI 18 0.0 18 0.6 31 0.74 28
WBO WBHO 38 0.0 38 0.6 34 1.59 61
MND Mondi -9 0.0 -9 45 0.00 0
GRF Group 5 39 0.0 39 0.6 44 1.00 38
MSM Massmart -17 0.0 -17 0.8 31 -1.94 -74
SHP Shoprite 12 0.0 12 0.8 27 0.52 20
SPP Spar 10 0.0 10 0.8 21 0.61 23
WHL Woolies 9 0.0 9 0.6 32 0.15 6
Average/Total 8.3 0.0 8.3 0.5 32.6 2.62 100
Kelly Portfolio - Property

(%) (%) (%) (0 - 1) (%) (fraction) (%)
LBT Lib Int 8 0.0 8 0.6 33 0 5
GRT Growthpoint 10 0.0 10 0.8 22 0 29
RDF Redefine 10 0.0 10 0.8 25 0 21
HYP Hyprop 4 0.0 4 0.8 25 0 -22
PAP Panprop 6 0.0 6 0.8 25 0 -5
RES Resilient 7 0.0 7 0.8 21 0 2
FPT Fountainhead 6 0.0 6 0.8 23 0 -4
EMI Emira 9 0.0 9 0.8 21 0 21
SAC SA Corp 10 0.0 10 0.8 26 0 27
ACP Acucap 7 0.0 7 0.8 22 0 2
SYC Sycom 0 0.0 0 0.8 28 -1 -36
VKE Vukile 5 0.0 5 0.6 24 0 -9
HPA Hospitality-A 11 0.0 11 0.8 18 1 69
Average/Total 7.1 0.0 7.1 0.8 24.2 2 100

Full Kelly Weight of sector in Equity Portfolio
(Sector Weighted) 33%
(fraction) (%)
1 4%
0 0%
0 -1%
0 0%
1 4%
0 0%
3 13%
2 10%
0 0%
0 0%
0 1%
0 0%
0 0%
0 1%
8 33%

(fraction) (%)
-1 5%
0 2%
-1 10%
-1 10%
0%
0%
0%
0%
0%
0%
-3 27%

(fraction) (%)
0 -5%
2 19%
0 4%
0 2%
0 -1%
0 0%
-1 -7%
0 0%
1 9%
0 -3%
0 0%
0 -1%
0 -4%
0 1%
0 0%
0 -3%
-1 -11%
1 9%
2 19%
0 0%
1 12%
-2 -24%
1 6%
1 7%
0 2%
3 32%
Full Kelly
(Sector Weighted)
(fraction) (%)
0 0%
0 2% Weight of sector in Equity Portfolio
0 2% 8%
0 -2%
0 0%
0 0%
0 0%
0 2%
0 2%
0 0%
-1 -3%
0 -1%
1 5%
2 8%
Model Portfolio - Tweaked
Code Company Weight in Weight in Weight in Weight Relative Hedge Hedge PE Beta Trade
Kelly criteria mean variance model in SWIX to SWIX component sensitivity
portfolio portfolio portfolio
(%) (%) (%) (%) (%) (%) (-) (x) (x) (Rm/mth)
1 SBK Stanbank 5.3 13.2 12 5.1 8.1 24 -0.44 15.4 0.64 10 150
2 FSR Firstrand 2.1 9.7 8 3.2 6.5 5 -0.53 15.4 0.69 4 715
3 ASA ABSA 9.8 3.1 4 1.9 1.1 3 -0.36 13.3 0.37 4 653
4 NED Nedbank 9.8 1.0 3 1.3 -0.3 10 -0.51 14.2 0.66 2 397
Financials 27.0 27.0 27 24.6 2 - - - - -
5 MTN MTN 19.3 7.2 9 7.9 -0.7 75 -0.62 13.9 0.75 17 521
6 CFR Richemont 4.0 4.5 5 2.3 2.3 100 0.13 23.1 1.36 5 170
7 KIO Kumba -1.4 2.6 2 1.3 1.3 99 -0.16 16.3 1.31 2 380
8 NPN Naspers 1.6 2.6 3 3.6 -1.1 35 -0.58 36.6 0.91 9 773
9 SHP Shoprite 6.4 2.4 3 1.5 0.9 19 -0.48 17.5 0.38 2 828
10 SAB SAB -4.9 1.7 4.0 -2.3 80 0.11 20.2 0.74 6 390
11 REM Remgro 0.0 1.1 1.8 -0.7 15 -0.01 19.4 0.00 2 176
12 MUR M&R 0.7 1.1 0.5 0.5 38 -0.51 7.6 0.94 1 703
13 SAP Sappi -1.0 1.0 0.5 0.5 45 -0.05 -9.6 1.55 888
14 ACL ArcelorMittal -7.1 0.8 0.8 0.1 25 -0.16 -89.0 1.15 2 637
15 AEG Aveng -4.5 0.8 0.4 0.4 46 -0.56 9.3 0.87 2 099
16 TKG Telkom 0.0 0.7 0.3 0.3 5 0.51 31.0 0.00 1 832
17 AVI AVI 9.0 0.6 2 0.3 0.3 - -0.34 13.7 0.42 333
18 MND Mondi 0.0 0.6 0.3 0.3 75 0.07 41.5 0.00 400
19 SPP Spar 7.4 0.6 2 0.5 0.1 0 -0.34 19.0 0.25 693
20 VOD Vodacom 0.0 0.5 0.9 -0.5 15 -0.57 14.4 0.00 2 669
21 TBS Tigerbrands 9.2 0.5 2 1.0 -0.5 16 -0.27 13.1 0.36 2 364
22 WBO WBHO 19.5 0.4 4 0.2 0.2 47 -0.49 6.8 0.64 275
23 WHL Woolies 1.9 0.4 0.2 0.2 9 -0.44 17.5 0.55 1 683
24 PPC PPC -2.9 0.4 0.8 -0.3 7 -0.47 20.2 0.40 1 396
25 AFE AECI -11.0 0.4 0.3 0.1 24 -0.25 18.8 0.84 197
26 ALT Altech -2.6 0.3 0.1 0.1 - -0.34 12.7 0.44 93
27 PFG Pioneer 0.0 0.3 0.1 0.1 - - 10.9 0.00 78
28 GRF Group 5 12.2 0.3 0.1 0.1 37 -0.36 7.0 0.98 241
29 MSM Massmart -23.7 0.2 0.8 -0.6 10 -0.41 21.4 0.19 1 549
Industrials 32.0 32.0 32 40.1 -8 - - - - -
30 AGL Anglo 0.3 7.4 8 4.9 2.5 100 0.30 15.8 1.78 21 477
31 IMP Impala 0.2 5.1 5 3.8 1.3 80 0.21 63.7 1.61 11 113
32 BIL BHPBill 4.3 4.6 6 6.4 -1.8 95 0.26 17.4 1.29 15 031
33 AMS Angloplat -0.2 4.6 3.0 1.6 100 0.31 249.1 1.73 5 251
34 SOL Sasol -0.7 3.7 4 5.5 -1.8 80 0.39 20.2 1.06 12 724
35 ANG Anglogold 4.2 2.3 4 1.1 1.1 100 0.10 -14.8 0.55 7 669
36 GFI Gold Fields 13.5 1.5 5 0.7 0.7 100 0.38 15.1 0.23 5 780
37 ARI Af Rainbow 0.1 1.2 0.6 0.6 100 -0.09 75.5 1.71 1 523
38 HAR Harmony 9.8 1.1 4 0.6 0.6 100 0.66 45.0 0.16 3 148
39 EXX Exxaro 0.2 0.7 0.3 0.3 95 0.08 17.9 1.23 1 576
40 NHM Northam 0.5 0.5 0.3 0.3 100 0.29 40.6 1.70 609
41 MTX Metorex 0.0 0.2 0.1 0.1 - -0.28 -38.4 1.67 167
42 LON Lonmin 0.2 0.2 0.1 0.1 100 0.42 -18.1 1.67 606
43 DRD DRD Gold 0.6 0.0 0.0 0.0 - 0.92 -187.0 0.09 83
Resources 33.0 33.0 36 30.7 5 - - - -
44 LBT Lib Int 0.4 1.5 0.5 1.0 100 0.38 5.6 0.39 1 586
45 GRT Growthpoint 2.3 1.5 3 0.9 0.7 5 -0.32 8.9 0.26 906
46 RDF Redefine 1.7 1.3 2 0.8 0.5 5 -0.37 13.0 0.24 610
47 PAP Panprop -0.4 0.6 0.3 0.3 0 -0.43 7.6 0.31 234
48 HYP Hyprop -1.8 0.5 0.2 0.3 0 -0.31 12.5 0.30 191
49 FPT Fountainhead -0.3 0.5 0.3 0.2 0 -0.33 12.7 0.26 195
50 RES Resilient 0.2 0.4 0.3 0.1 5 -0.34 10.0 0.10 134
51 EMI Emira 1.6 0.4 0.2 0.2 0 -0.31 9.8 0.19 150
52 SYC Sycom -2.9 0.3 0.1 0.2 5 -0.35 14.4 0.37 59
53 SAC SA Corp 2.1 0.3 0.2 0.1 0 -0.28 10.6 0.35 120
54 ACP Acucap 0.2 0.3 0.1 0.2 0 -0.29 15.5 0.30 93
55 VKE Vukile -0.7 0.2 0.1 0.1 0 -0.30 11.6 0.52 56
56 HPA Hospitality-A 5.5 0.1 0.0 0.0 0 0.03 10.4 0.18 22
Property 8.0 8.0 5 4.7 0 - - - - -
Total/Weighted average 100.0 100.0 100 100.0 0.0 55 -0.15 18.4 0.81 8 639
Count: 25
R 22 36.6666666667 36
F 16 26.6666666667 27
I 19 31.6666666667 32
P 3 5 5
60 100 100
Mean-variance
Industrials
Resources
operty
Resources Property
BHPBill
Sasol
Hospitality-A
Altech
Group 5
Lib Int
Growthpoint
Anglo
Impala
Anglogold
Exxaro
Northam
Lonmin
DRD Gold
Redefine
Panprop
Hyprop
Fountainhead
Emira
Sycom
Acucap
Vukile
Massmart
Angloplat
Resilient
SA Corp
Af Rainbow
Pioneer
Harmony
Gold Fields
Metorex
Strategy Research
Input parameters
Parameters Units
Risk-free rate Fraction rf =
Market SD Fraction sm =
Risk aversion parameter Fraction w=
Floor constraint Fraction a=
Ceiling constraint Fraction b=
Portfolio size Rm V=
Include costs? Toggle =
MST rate % m=
Fixed minimum charge R f=
VAT rate % v=
Brokerage rate % b=
Assets in universe:
Number of assets allowed: 1
Number of assets selected: K=
Cost function a k
parameters: 30.45 100.00
Confidence adjustment - no. of SDs for range
Portfo
Asset Asset Asset Weight Number of
No. code name assets
i xi zi
(frac)
1 J154 Mining 0.129 1
2 J835 Banks 0.123 1
3 J657 Mobile Telcos 0.102 1
4 J153 Platinum 0.074 1
5 J055 Oil & Gas 0.058 1
6 J254 Property 0.044 1
7 J353 Beverages 0.044 1
8 J857 Life Assurance 0.043 1
9 J555 Media 0.040 1
10 J537 Gen Retail 0.038 1
11 J150 Gold 0.030 1
12 J533 Food & Drug Retail 0.027 1
13 J235 Construction 0.026 1
14 J357 Food Producers 0.026 1
15 J272 General Ind 0.025 1
16 J175 Ind. Metals 0.023 1
17 J376 Personal 0.021 1
18 J279 Support Serv 0.020 1
19 J457 Pharma 0.013 1
20 J372 Household 0.013 1
21 J277 Transport 0.012 1
22 J898 Equity Inv 0.012 1
23 J453 Health 0.011 1
24 J173 Forestry & Paper 0.011 1
25 J575 Travel 0.008 1
26 J273 Electronics 0.007 1
27 J953 Software 0.006 1
28 J135 Chemicals 0.006 1
29 J653 Fixed Line Telcos 0.004 1
30 J853 Non-Life Insurance 0.002 1
Portfolio sum / average 1.000 30

Average 0.03 -
Minimum 0.00 63
2
N  N
p2 =  xii  m2 +
 i 1 

i 1
xi2ei2
Start Jump
Portfolio Forecast Return Chart 9% 0.3%
1 8.56%
2 0.00%
3 0.00%
4 0.00%
5 0.00%
6 0.00%
7 0.00%
8 0.00%
9 0.00%
10 0.00%
Strategy Research: Portfolio optimization
The optimal sectoral portfolio
Weight (%)
20% Portfolio weights

Benchmark weights
18% Benchmark constraints
Column AC
16%
Weight (%)
20% Portfolio weights

Benchmark weights
18% Benchmark constraints
Column AC
16%
14%
12%
10%
8%
6%
4%
2%
0%
g ks os m as rty es ce ia ail ld ail on rs nd ls al rv a ld ort nv lth er el
in d t o t i a n v
in an elc tinu G ope rag ran Me Re G Re uct uce ral I et rso t Se harm eho nsp ity I ea Pap Tra ro
M B T la il & r ve su t r d e M e r s a u H ct
i le P O P e s en g
ru ons Pro en nd. P ppo P u
o Tr Eq y
& le
b B A G D I H r E
o fe & C od G Su st
M Li d Fo ore
o F
Fo
21% 0%
-0.10 9%
0.11 0%
0.32
0.46
Skewness
0.60
0.74
0.88
1.02
1.11
1.18
parameters
Inputs Typical values Comment
7.1% 0.130 90-d TB rate
13.7% 0.276 Measured, SWIX
0.200 0.500 Various
0.000 0.005 Add to Evolver too
1.000 0.150 Add to Evolver too
300 200 Interviews
0 0 Yes=1, No=0
0.25 0.25 -
15 15 -
14 14 -
0.20 0.30 -
30 100 Interviews
to 30 -
18 25 Cardinality: OK
c Objective function ex. skew & kurt
1.246 33.72
0.5 Range is R-nSD - R+nSD
Forecast Constraints Weighting Liquidity Confidence Return Excess return
return dummy in factor -confidence (less costs)
ri SWIX adjusted Ri
(%) (frac) (Rm/month) (0 -> 1) (frac) (frac)
11% 1 0.126 40,032 0.80 0.21 0.14
8% 1 0.119 23,337 0.80 0.17 0.10
11% 1 0.099 18,986 0.60 0.14 0.07
-28% 1 0.072 16,584 1.00 -0.05 -0.12
35% 1 0.057 12,321 0.60 0.38 0.30
9% 1 0.043 4,848 0.00 0.00 -0.08
-7% 1 0.043 6,172 0.20 -0.14 -0.21
-3% 1 0.042 7,833 0.40 -0.06 -0.13
-15% 1 0.039 8,073 0.40 -0.18 -0.25
9% 1 0.037 7,926 0.40 0.06 -0.01
71% 1 0.029 20,134 0.80 0.82 0.75
-7% 1 0.026 3,707 0.20 -0.13 -0.21
26% 1 0.025 3,368 0.80 0.36 0.29
0% 1 0.025 3,888 0.00 -0.09 -0.16
17% 1 0.025 3,675 0.00 0.08 0.00
7% 1 0.022 2,649 1.00 0.28 0.21
-22% 1 0.021 4,238 1.00 0.11 0.04
0% 1 0.020 2,383 0.20 -0.07 -0.14
-3% 1 0.013 1,593 0.60 0.00 -0.07
26% 1 0.012 1,792 1.00 0.47 0.39
66% 1 0.012 1,857 0.80 0.75 0.68
36% 1 0.011 1,462 0.00 0.27 0.20
1% 1 0.011 994 0.40 -0.01 -0.08
116% 1 0.010 1,047 1.00 1.38 1.31
-7% 1 0.007 551 0.00 -0.18 -0.25
-7% 1 0.007 655 0.20 -0.15 -0.22
-4% 1 0.006 627 0.60 -0.01 -0.08
4% 1 0.006 412 0.20 -0.04 -0.11
-18% 1 0.004 2,797 0.60 -0.15 -0.22
6% 1 0.002 110 0.40 0.03 -0.04
8.6% 30 0.972 14686 0.50 0.13 0.063

40,032 1.00 1.38 1.31
8.6% 14,686 0.50 0.14 0.07
110 0.00 -0.18 -0.25
Portfolio Standard Dev

9%
10%
12%
13%
14%
15%
16%
17%
18%
19%
optimization
NB cant normalise moment magnitudes so do in weights. Suggested:
0.00Objective function
R
nts
-0.01
8.56%
8.00%
0.00Objective function
R
nts
-0.01
8.56%
8.00%
6.00%
-0.02
4.00%
2.00%
0.00%
0.00%
-0.03
-0.04
1.50
-0.05
1.00
v a rt v h r l s e s s e
rm old po In alt ape ave nic war ical lco nc 0.50
a eh s t y e P r ro f t e ra
Ph us ran qui H
&
T t
c So hem e T nsu 0.11
Ho
T E rt y E le C Lin e I 0.00
s if
ore
x ed n-L -0.10
F i
F No -0.50
-0.06
Risk,
Excess
10%
8%
6%
4%
2%
0%
21 0 0
0
% % %
%
Risk
Risk
0% 0% 0% 0% 0%
0%
0%
0%
0%
0%
XLSTAT 2010.2.02 - Histograms - on 24/02/10 at 14:48:47
Data: Workbook = Optimization Master 18Feb2010 .xls / Sheet = Generic Sectors / Range = 'Generic Sectors'
Intervals: Number = 10
Beta Standard Skewness Kurtosis

(vs Alsi) deviation
bi sei sei2 xi2
(x) (frac) (%) (frac) (frac)
0.02 0.35 0.0021 190.189 1093.741
-0.25 0.30 0.0013 52.694 197.551
0.06 0.29 0.0009 5.314 9.273
0.33 0.46 0.0011 -62.744 249.324
0.04 0.28 0.0003 174.521 975.281
-0.04 0.19 0.0001 -7.381 14.371
0.11 0.26 0.0001 -68.455 280.030
0.07 0.28 0.0001 -21.623 60.239
-0.03 0.26 0.0001 -77.609 331.043
0.00 0.27 0.0001 -0.606 0.513
0.12 0.37 0.0001 368.557 2642.442
0.00 0.22 0.0000 -20.261 55.235
0.32 0.32 0.0001 7.425 14.486
0.14 0.18 0.0000 -11.810 26.894
0.21 0.18 0.0000 -0.358 0.254
0.36 0.41 0.0001 0.806 0.750
0.85 0.67 0.0002 -0.073 0.030
0.12 0.24 0.0000 -5.466 9.629
-0.39 0.29 0.0000 -1.260 1.361
0.74 0.41 0.0000 1.075 1.101
0.20 0.30 0.0000 11.156 24.927
0.25 0.18 0.0000 0.000 0.000
0.18 0.26 0.0000 -1.271 1.376
0.23 0.44 0.0000 78.819 337.941
0.14 0.22 0.0000 -2.907 4.150
0.14 0.25 0.0000 -2.309 3.053
0.26 0.29 0.0000 -0.793 0.734
0.15 0.26 0.0000 -1.003 1.004
-0.07 0.28 0.0000 -1.230 1.317
0.39 0.27 0.0000 -0.475 0.370
0.08 0.0841 0.0069 602.923 6338.421

0.85 0.672 - Population factor 0.037 0.042
0.16 0.300 - Excess factor - 3.337
-0.39 0.183 - Moment 22.275 265.534
Start Jump Start

Portfolio Standard Dev 21.23 0.30 Portfolio Skewness -0.09664
1 21.23 21.23 1 -0.10
2 0.00 20.33 2 0.11
3 0.00 19.43 3 0.32
4 0.00 18.68 4 0.46
5 0.00 17.93 5 0.60
6 0.00 17.18 6 0.74
7 0.00 16.58 7 0.88
8 0.00 15.98 8 1.02
9 0.00 15.38 9 1.11
10 1.18
0.129664
0.012966
Moment: Return Risk Skewness Kurtosis

o do in weights. Suggested: Weight: 0.97000 0.02900 0.00055 0.00045
Value 6.3% 8% 22.3 265.5
Objective: -0.054 Total
Weight (adj) 0.061 0.008 0.002 0.002 0.073
Weight (%) 84 12 2 2 100
Return (%) Risk (%) Risk (%)

22
21.2
8.56%
21
8.00%
20
Return (%) Risk (%) Risk (%)
22
21.2
8.56%
21
8.00%
20
6.00%
19
4.00%
18
2.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 17
0.00%
16
Trials
15 Trials
Skewness Kurtosis
0.30
1.50 1.18 0.25 0
1.11 0.22
1.02 0.19
1.00 0.88 0.20
0.74
0.60 0.15
0.46 0.15
0.50 0.32 0.11
0.11 0.10 0.06
0.00 0.05
-0.10 0.00
-0.50 0.00
Trials Trials
Risk, Return and Skewness

Excess
10%
8%
6%
4%
1.18
2%
0% 0.88
21 0 0 0.46
0 0 0
% % % -0.10
% % % 0 0 0
#R
% % %
EF Skewness (frac)
!
Risk (%)
0% 0% #REF!
0%
0%
0%
/ Range = 'Generic Sectors'!$O$31:$O$60 / 30 rows and 1 column
Weight (%) Code Absolute ceiling 0.2

> .06 0.6
Lower Upper
.04 - .06 0.5
0.5 2.0
< .04 0.4
Constraints Over/
Lower limit Upper limit Under
Initial weighting weighting Weight
weights (frac) (frac)
0.126 0.129 0.06 0.20 Over
0.119 0.123 0.06 0.20 Over
0.099 0.102 0.05 0.20 Over
0.072 0.074 0.04 0.14 Over
0.057 0.058 0.03 0.11 Over
0.043 0.044 0.02 0.09 Over
0.043 0.044 0.02 0.09 Over
0.042 0.043 0.02 0.08 Over
0.039 0.040 0.02 0.08 Over
0.037 0.038 0.02 0.07 Over
0.029 0.030 0.01 0.06 Over
0.026 0.027 0.01 0.05 Over
0.025 0.026 0.01 0.05 Over
0.025 0.026 0.01 0.05 Over
0.025 0.025 0.01 0.05 Over
0.022 0.023 0.01 0.04 Over
0.021 0.021 0.01 0.04 Over
0.020 0.020 0.01 0.04 Over
0.013 0.013 0.01 0.03 Over
0.012 0.013 0.01 0.02 Over
0.012 0.012 0.01 0.02 Over
0.011 0.012 0.01 0.02 Over
0.011 0.011 0.01 0.02 Over
0.010 0.011 0.01 0.02 Over
0.007 0.008 0.00 0.01 Over
0.007 0.007 0.00 0.01 Over
0.006 0.006 0.00 0.01 Over
0.006 0.006 0.00 0.01 Over
0.004 0.004 0.00 0.01 Over
0.002 0.002 0.00 0.00 Over
0.972 1.000
Jump Start Jump

0.04 Portfolio Kurtosis 0.00 0.01
-0.10 1 0.00
0.11 2 0.06
0.32 3 0.11
0.46 4 0.15
0.60 5 0.19
0.74 6 0.22
0.88 7 0.24
1.02 8 0.25
1.11 9 0.26
1.18 10 0.27
0.000317134465 0.317134465025534
6.56267956E-05 0.065626795629368
start -3.33723596050596
stop 265.533855490
Risk (%)
Risk (%)
Trials
Kurtosis
0.26 0.27
0.24 0.25
0.22
0.19
0.15
0.11
06
Trials
By
How
Much?
(%)
+0.4
+0.3
+0.3
+0.2
+0.2
+0.1
+0.1
+0.1
+0.1
+0.1
+0.1
+0.1
+0.1
+0.1
+0.1
+0.1
+0.1
+0.1
+0.0
+0.0
+0.0
+0.0
+0.0
+0.0
+0.0
+0.0
+0.0
+0.0
+0.0
+0.0
0.00
0.06
0.11
0.15
0.19
0.22
0.24
0.25
0.26
0.27
/1000
-0.000333723596051
0.026553386
268871.09
Strategy Research
Input parameters
Parameters Units Inputs Typical values
Risk-free rate Fraction rf = 6.9% 0.130
Market SD Fraction sm = 13.7% 0.276
Risk aversion parameter Fraction w= 0.200 0.500
Floor constraint Fraction a= 0.000 0.005
Ceiling constraint Fraction b= 1.000 0.150
Portfolio size Rm V= 300 200
Include costs? Toggle = 0 0
MST rate % m= 0.25 0.25
Fixed minimum charge R f= 15 15
VAT rate % v= 14 14
Brokerage rate % b= 0.20 0.30
Assets in universe: 73 100
Number of assets allowed: 1 to 73
Number of assets selected: K= 18 25
Cost function a k c
parameters: 30.45 100.00 1.246
Confidence adjustment - no. of SDs for range 0.5
Asset Asset Asset Weight Number of Forecast Constraints

No. code name assets return dummy
i xi zi ri
(frac) (%)
1 AGL Anglo 0.025 1 13% 1
2 BIL BHPBill 0.087 1 35% 1
3 AMS Angloplat 0.002 1 1% 1
4 IMP Impala 0.063 1 12% 1
5 NHM Northam 0.007 1 32% 1
6 SOL Sasol 0.002 1 3% 1
7 ACL ArcelorMittal 0.016 1 -21% 1
8 EXX Exxaro 0.007 1 9% 1
9 KIO Kumba 0.009 1 1% 1
10 SAP Sappi 0.004 1 -6% 1
11 MND Mondi 0.001 1 -9% 1
12 TON Tongaat 0.009 1 15% 1
13 ILV Illovo 0.008 1 15% 1
14 ARI Af Rainbow 0.009 1 9% 1
15 MTX Metorex 0.003 1 6% 1
16 ANG Anglogold 0.032 1 34% 1
17 DRD DRD Gold 0.000 1 15% 1
18 GFI Gold Fields 0.031 1 63% 1
19 HAR Harmony 0.024 1 80% 1
20 OML Old Mutual 0.030 1 30% 1
21 SLM Sanlam 0.040 1 15% 1
22 DSY Discovery 0.010 1 15% 1
23 LBH Lib Hold 0.010 1 0% 1
24 MET Metropolitan 0.008 1 30% 1
25 ABL ABIL 0.020 1 15% 1
26 ASA ABSA 0.020 1 -4% 1
27 FSR Firstrand 0.030 1 1% 1
28 RMH RMB 0.026 1 15% 1
29 INL Investec Ltd 0.011 1 15% 1
30 INP Investec Plc 0.025 1 30% 1
31 NED Nedbank 0.011 1 -12% 1
32 SBK Stanbank 0.030 1 -5% 1
33 CFR Richemont 0.010 1 19% 1
34 BTI BAT 0.000 1 30% 1
35 REI Reinet 0.004 1 0% 1
36 SAB SAB 0.002 1 2% 1
37 REM Remgro 0.008 1 16% 1
38 SHF Steinhoff 0.001 1 30% 1
39 LBT Lib Int 0.007 1 8% 1
40 HLM Hulamin 0.001 1 15% 1
41 BVT Bidvest 0.003 1 13% 1
42 IPL Imperial 0.015 1 33% 1
43 BAW Barworld 0.004 1 -12% 1
44 AEG Aveng 0.010 1 -4% 1
45 MUR M&R 0.020 1 8% 1
46 PPC PPC 0.011 1 4% 1
47 FOS Foschini 0.005 1 15% 1
48 MPC Mr Price 0.012 1 15% 1
49 TRU Truwths 0.008 1 15% 1
50 WHL Woolies 0.006 1 9% 1
51 CLS Clicks 0.005 1 15% 1
52 PIK Piknpay 0.001 1 1% 1
53 SHP Shoprite 0.009 1 12% 1
54 SPP Spar 0.004 1 10% 1
55 JDG JD Group 0.006 1 15% 1
56 LEW Lewis 0.004 1 15% 1
57 MSM Massmart 0.006 1 -17% 1
58 NTC Netcare 0.006 1 15% 1
59 APN Aspen 0.008 1 15% 1
60 AIP Adcock 0.005 1 15% 1
61 MDC Medi-Clinic 0.007 1 15% 1
62 AVI AVI 0.007 1 18% 1
63 NPK Nampak 0.004 1 15% 1
64 TBS Tigerbrands 0.004 1 10% 1
65 GND Grindrod 0.004 1 41% 1
66 SUI Sun Int 0.004 1 15% 1
67 DDT Didata 0.006 1 15% 1
68 DTC Datatec 0.005 1 15% 1
69 RLO Reunert 0.005 1 15% 1
70 TKG Telkom 0.007 1 26% 1
71 VOD Vodacom 0.010 1 9% 1
72 NPN Naspers 0.037 1 8% 1
73 MTN MTN 0.050 1 29% 1
Portfolio sum / average 0.94 73 18% 73

Average 0.01 - 18.6%
Minimum 0.00 62
2
N  N
p2 =  xii  m2 +
 i 1 

i 1
xi2ei2
Comment
90-d TB rate
Measured, SWIX
Various
Add to Evolver too
Add to Evolver too
Interviews
Yes=1, No=0
-
-
-
-
Interviews
-
Cardinality: OK
Objective function ex. skew & kurt
101.5
Range is R-nSD - R+nSD
Weighting LiquidityConfidence Return Excess return Beta Standard
in factor -confidence (less costs) (vs Alsi) deviation
SWIX adjusted Ri bi sei
(frac) (Rm/month) (0 -> 1) (frac) (frac) (x) (frac)
0.049 21,477 1.00 0.35 0.28 1.78 0.45
0.064 15,031 0.60 0.38 0.31 1.29 0.34
0.030 5,251 1.00 0.26 0.19 1.73 0.49
0.038 11,113 1.00 0.36 0.29 1.61 0.48
0.003 609 1.00 0.63 0.56 1.70 0.63
0.055 12,724 0.20 -0.05 -0.12 1.06 0.28
0.008 2,637 0.80 -0.08 -0.15 1.15 0.44
0.003 1,576 0.80 0.22 0.15 1.23 0.44
0.013 2,380 1.00 0.23 0.16 1.31 0.44
0.005 888 1.00 0.21 0.14 1.55 0.54
0.003 400 1.00 0.14 0.07 1.13 0.45
0.004 979 0.80 0.27 0.20 0.61 0.40
0.003 263 0.60 0.18 0.11 0.64 0.32
0.006 1,523 1.00 0.34 0.27 1.71 0.50
0.001 167 1.00 0.45 0.38 1.67 0.76
0.011 7,669 0.80 0.47 0.40 0.55 0.41
0.000 83 1.00 0.51 0.44 0.09 0.71
0.007 5,780 0.60 0.67 0.60 0.23 0.38
0.006 3,148 1.00 1.05 0.99 0.16 0.51
0.012 4,260 0.80 0.42 0.35 1.37 0.39
0.020 2,106 0.00 0.03 -0.04 0.59 0.24
0.004 769 0.00 0.02 -0.05 0.56 0.25
0.004 520 0.00 -0.11 -0.18 0.23 0.22
0.004 362 0.20 0.22 0.15 0.74 0.28
0.011 2,101 0.60 0.18 0.11 0.67 0.33
0.019 4,653 0.20 -0.13 -0.19 0.37 0.27
0.005 2,397 0.60 0.05 -0.02 0.69 0.35
0.011 1,038 0.40 0.12 0.05 0.62 0.32
0.005 2,397 0.60 0.19 0.12 1.01 0.37
0.008 1,742 0.60 0.34 0.27 1.09 0.38
0.013 2,397 0.40 -0.14 -0.21 0.66 0.30
0.051 10,150 0.40 -0.08 -0.15 0.64 0.32
0.023 5,170 0.60 0.23 0.16 1.36 0.39
0.031 3,288 0.20 0.22 0.15 0.16 0.27
0.009 1,363 0.40 -0.03 -0.10 0.44 0.30
0.040 6,390 0.20 -0.06 -0.13 0.74 0.26
0.018 2,176 0.00 0.08 0.01 0.51 0.17
0.011 1,882 0.80 0.42 0.35 0.94 0.40
0.005 1,586 0.60 0.11 0.05 0.39 0.33
0.000 140 0.80 0.28 0.21 1.21 0.44
0.018 2,635 0.00 0.01 -0.06 0.69 0.25
0.008 1,627 0.80 0.47 0.40 0.85 0.44
0.003 1,212 0.80 0.01 -0.06 1.00 0.44
0.004 2,099 0.80 0.08 0.02 0.87 0.42
0.005 1,703 0.80 0.21 0.14 0.94 0.43
0.008 1,396 0.20 -0.05 -0.12 0.40 0.28
0.006 1,788 0.60 0.18 0.11 0.47 0.33
0.004 656 0.40 0.12 0.05 0.10 0.31
0.009 1,892 0.40 0.12 0.05 0.16 0.30
0.002 1,683 0.40 0.06 -0.01 0.55 0.32
0.003 434 0.20 0.07 0.00 0.65 0.28
0.004 704 0.00 -0.09 -0.16 0.37 0.21
0.015 2,828 0.20 0.03 -0.04 0.38 0.27
0.005 693 0.00 -0.01 -0.07 0.25 0.21
0.003 998 0.60 0.19 0.12 0.79 0.39
0.002 409 0.40 0.12 0.05 0.48 0.30
0.008 1,549 0.40 -0.20 -0.27 0.19 0.31
0.007 752 0.40 0.12 0.05 0.61 0.32
0.010 1,782 0.60 0.19 0.12 0.39 0.37
0.003 440 0.00 0.04 -0.03 0.35 0.22
0.003 185 0.00 0.04 -0.02 0.34 0.21
0.003 333 0.40 0.15 0.08 0.42 0.31
0.004 310 0.00 0.03 -0.04 0.39 0.24
0.010 2,364 0.00 0.00 -0.07 0.36 0.20
0.002 427 0.80 0.53 0.46 1.34 0.41
0.004 308 0.20 0.07 0.00 0.56 0.27
0.003 429 0.40 0.12 0.05 0.81 0.31
0.002 218 1.00 0.38 0.31 1.41 0.47
0.004 583 0.20 0.06 -0.01 0.49 0.29
0.003 1,832 0.20 0.18 0.11 0.44 0.27
0.009 2,669 0.00 0.01 -0.06 -0.01 0.15
0.036 9,773 0.20 0.00 -0.07 0.91 0.29
0.079 17,521 0.40 0.27 0.20 0.75 0.29
0.904 5680 0.50 0.21 0.158 0.80 0.125

21477 1.00 1.05 0.99 1.78 0.761
2943 0.50 0.17 0.17 0.85 0.133
83 0.00 -0.20 -0.27 -0.01 0.151
Moment:
NB cant normalise moment magnitudes so do in weights. Suggested: Weight:
Value
Objective:
Weight (adj)
Weight (%)
Weight (%) Code
> .06
.04 - .06
Skewness Kurtosis < .04
sei2 xi2 Swix Pro-rata

(%) (frac) (frac) Weights Weight
0.0001 24.274 70.285 0.049 0.054
0.0009 3132.902 45841.884 0.064 0.071
0.0000 -0.992 0.989 0.030 0.033
0.0009 873.878 8354.765 0.038 0.043
0.0000 1.581 1.842 0.003 0.003
0.0000 -2.570 3.520 0.055 0.061
0.0001 -19.385 52.076 0.008 0.009
0.0000 -0.254 0.161 0.003 0.004
0.0000 -0.096 0.044 0.013 0.014
0.0000 -0.887 0.852 0.005 0.005
0.0000 -1.748 2.106 0.003 0.003
0.0000 -0.014 0.003 0.004 0.004
0.0000 -0.411 0.305 0.003 0.003
0.0000 0.002 0.000 0.006 0.007
0.0000 -0.208 0.123 0.001 0.001
0.0002 236.842 1465.365 0.011 0.013
0.0000 -1.545 1.785 0.000 0.000
0.0001 907.913 8791.416 0.007 0.008
0.0001 1985.026 24947.182 0.006 0.006
0.0001 114.253 554.401 0.012 0.013
0.0001 -9.969 21.455 0.020 0.023
0.0000 -3.580 5.476 0.004 0.004
0.0000 -12.766 29.836 0.004 0.004
0.0000 -0.183 0.104 0.004 0.004
0.0000 0.000 0.000 0.011 0.012
0.0000 -43.869 154.719 0.019 0.021
0.0001 -4.334 7.066 0.005 0.005
0.0001 -0.152 0.081 0.011 0.012
0.0000 -0.141 0.074 0.005 0.005
0.0001 18.694 49.613 0.008 0.009
0.0000 -17.165 44.279 0.013 0.015
0.0001 -58.533 227.266 0.051 0.056
0.0000 -0.037 0.013 0.023 0.025
0.0000 -2.015 2.545 0.031 0.034
0.0000 -3.409 5.131 0.009 0.010
0.0000 -2.795 3.937 0.040 0.044
0.0000 -1.831 2.240 0.018 0.020
0.0000 -1.331 1.464 0.011 0.012
0.0000 -1.256 1.355 0.005 0.006
0.0000 -1.704 2.035 0.000 0.000
0.0000 -2.627 3.625 0.018 0.020
0.0000 9.385 19.797 0.008 0.009
0.0000 -2.775 3.900 0.003 0.004
0.0000 -1.619 1.902 0.004 0.005
0.0001 0.067 0.027 0.005 0.006
0.0000 -7.761 15.365 0.008 0.008
0.0000 -0.809 0.754 0.006 0.007
0.0000 -0.725 0.651 0.004 0.004
0.0000 -1.065 1.087 0.009 0.010
0.0000 -2.169 2.808 0.002 0.002
0.0000 -2.056 2.614 0.003 0.004
0.0000 -2.510 3.412 0.004 0.004
0.0000 -3.097 4.514 0.015 0.017
0.0000 -2.968 4.266 0.005 0.005
0.0000 -0.596 0.502 0.003 0.003
0.0000 -1.495 1.710 0.002 0.002
0.0000 -9.902 21.264 0.008 0.009
0.0000 -1.275 1.383 0.007 0.008
0.0000 -0.333 0.231 0.010 0.011
0.0000 -2.420 3.249 0.003 0.003
0.0000 -2.542 3.470 0.003 0.003
0.0000 -0.770 0.705 0.003 0.003
0.0000 -2.447 3.298 0.004 0.005
0.0000 -2.809 3.963 0.010 0.011
0.0000 -0.011 0.002 0.002 0.002
0.0000 -2.020 2.553 0.004 0.004
0.0000 -1.265 1.367 0.003 0.004
0.0000 -0.043 0.015 0.002 0.002
0.0000 -2.089 2.671 0.004 0.005
0.0000 -0.543 0.443 0.003 0.004
0.0000 -4.076 6.511 0.009 0.010
0.0001 -22.050 61.831 0.036 0.040
0.0002 88.735 395.785 0.079 0.087
0.0038 7113.504 91223.469 0.904 1.000

- Population factor 0.014 0.015
- Excess factor - 3.129
- Moment 101.582 1373.992
Return Risk Skewness Kurtosis

0.97000 0.02900 0.00055 0.00045
15.8% 13% 101.6 1374.0
-0.418 Total
0.154 0.010 0.003 0.003 0.169
91 6 2 2 100
Pro-rata to meet OMIGSA's total benchmark
Sector Weights
Sector Recommended Pro-rata Evolver constraints

Resources 20% 34.0% 34.0%
Financial 16% 27.0% 27.0%
Industrial 12% 21.0% 21.1%
TMT 7% 12.0% 12.0%
Total 55% 94.0% 94.2%
OM Benchmark 0.93
S |Deviations| from last month 25.03
All Constraints
Relaxed constraints
Absolute ceiling 0.1

Lower Upper
0.1 2.0
Constraints Over/ By
Lower limit Upper limit Under How
weighting weighting Weight Much?
(frac) (frac) (%)
0.00 0.09 Under -2.9
0.02 0.13 Over +1.6
0.00 0.03 Under -3.0
0.03 0.08 Over +2.1
0.00 0.01 Over +0.5
0.00 0.06 Under -5.9
0.01 0.02 Over +0.8
0.00 0.01 Over +0.3
0.00 0.02 Under -0.6
0.00 0.01 Under -0.2
0.00 0.01 Under -0.2
0.01 0.01 Over +0.4
0.01 0.01 Over +0.5
0.00 0.01 Over +0.2
0.00 0.00 Over +0.2
0.02 0.04 Over +1.9
0.00 0.00 Over +0.0
0.02 0.04 Over +2.3
0.02 0.03 Over +1.8
0.01 0.04 Over +1.7
0.01 0.05 Over +1.7
0.00 0.01 Over +0.6
0.00 0.01 Over +0.6
0.00 0.01 Over +0.4
0.00 0.03 Over +0.8
0.00 0.02 Under -0.1
0.00 0.04 Over +2.5
0.01 0.03 Over +1.3
0.01 0.02 Over +0.5
0.02 0.03 Over +1.6
0.00 0.02 Under -0.4
0.00 0.08 Under -2.6
0.00 0.04 Under -1.5
0.00 0.00 Under -3.4
0.00 0.01 Under -0.6
0.00 0.06 Under -4.2
0.00 0.02 Under -1.2
0.00 0.01 Under -1.2
0.00 0.01 Over +0.1
0.00 0.00 Over +0.0
0.00 0.02 Under -1.6
0.01 0.03 Over +0.6
0.00 0.01 Over +0.0
0.01 0.02 Over +0.5
0.02 0.03 Over +1.4
0.00 0.01 Over +0.2
0.00 0.02 Under -0.2
0.01 0.01 Over +0.8
0.00 0.02 Under -0.2
0.01 0.02 Over +0.4
0.00 0.01 Over +0.1
0.00 0.01 Under -0.3
0.00 0.02 Under -0.7
0.00 0.01 Under -0.1
0.01 0.01 Over +0.3
0.00 0.01 Over +0.2
0.00 0.01 Under -0.4
0.00 0.02 Under -0.2
0.00 0.02 Under -0.3
0.00 0.01 Over +0.2
0.00 0.01 Over +0.4
0.00 0.01 Over +0.4
0.00 0.01 Under -0.1
0.00 0.02 Under -0.7
0.00 0.01 Over +0.2
0.00 0.00 Under -0.0
0.00 0.01 Over +0.3
0.00 0.01 Over +0.3
0.00 0.01 Over +0.0
0.00 0.01 Over +0.3
0.00 0.02 Under -0.0
0.00 0.06 Under -0.3
0.00 0.15 Under -3.7
-5.816
Pro-rata to meet OMIGSA's total benchmark weight.
Meets Constraints?
1
1
0
1
3
Capping to max 30% deviation
Benchmark weights this month Prev Weights Curr. Weights

(%) (%) (%)
AGL 5.00 0.84 2.50
BIL 6.64 1.33 8.72
AMS 2.99 0.05 0.24
IMP 3.93 1.71 6.34
NHM 0.27 2.75 0.74
SOL 5.70 0.03 0.15
ACL 0.79 1.54 1.63
EXX 0.35 2.29 0.72
KIO 1.33 0.67 0.86
SAP 0.52 0.74 0.36
MND 0.61 0.26 0.14
TON 0.42 2.27 0.87
ILV 0.27 2.61 0.79
ARI 0.62 1.19 0.88
MTX 0.12 3.78 0.31
ANG 1.21 2.60 3.22
DRD 0.01 3.42 0.04
GFI 0.77 4.09 3.13
HAR 0.60 4.11 2.41
OML 1.23 2.17 3.01
SLM 2.11 1.45 4.00
DSY 0.40 1.99 1.01
LBH 0.41 1.78 1.02
MET 0.32 1.93 0.81
ABL 1.14 1.30 2.00
ASA 2.01 0.23 2.00
FSR 3.33 0.06 3.00
RMH 1.14 2.03 2.57
INL 0.52 2.30 1.07
INP 0.87 3.20 2.50
NED 1.36 0.80 1.06
SBK 5.25 0.57 3.01
CFR 2.35 0.53 1.00
BTI 0.00 0.00 0.00
REI 0.91 0.00 0.42
SAB 4.24 0.37 0.20
REM 1.89 0.23 0.78
SHF 1.19 0.12 0.08
LBT 0.56 1.37 0.70
HLM 0.03 2.31 0.06
BVT 1.84 0.36 0.33
IPL 0.85 2.07 1.46
BAW 0.33 1.00 0.40
AEG 0.44 3.09 1.00
MUR 0.58 4.50 2.00
PPC 0.77 0.81 1.06
FOS 0.64 1.69 0.50
MPC 0.40 2.63 1.25
TRU 0.96 0.91 0.81
WHL 0.75 1.75 0.60
CLS 0.33 2.35 0.50
PIK 0.42 0.78 0.10
SHP 1.62 0.49 0.93
SPP 0.51 1.71 0.40
JDG 0.31 2.88 0.60
LEW 0.22 2.46 0.40
MSM 0.87 0.60 0.56
NTC 0.74 1.13 0.62
APN 1.02 1.02 0.83
AIP 0.30 0.37 0.48
MDC 0.31 2.48 0.72
AVI 0.32 1.36 0.72
NPK 0.46 1.54 0.39
TBS 1.05 0.53 0.39
GND 0.21 1.87 0.39
SUI 0.40 0.00 0.39
DDT 0.34 0.99 0.62
DTC 0.24 1.45 0.50
RLO 0.45 0.30 0.51
TKG 0.36 1.51 0.71
VOD 0.98 0.65 1.00
NPN 3.77 0.61 3.70
MTN 8.23 0.89 5.00
Last month rel to benchmark This month rel to benchmark Abs Change
(%) (%)
-0.77 -2.50 1.73
2.18 2.08 0.10
-2.64 -2.75 0.11
2.61 2.41 0.20
0.48 0.47 0.01
-5.45 -5.54 0.09
0.58 0.84 0.26
0.42 0.37 0.05
-0.46 -0.48 0.02
-0.14 -0.16 0.02
-0.41 -0.47 0.05
0.54 0.45 0.10
0.50 0.52 0.01
0.12 0.27 0.15
0.24 0.19 0.05
2.01 2.01 0.01
0.04 0.03 0.00
2.43 2.36 0.08
1.96 1.81 0.15
1.44 1.78 0.34
1.00 1.89 0.89
0.41 0.61 0.20
0.33 0.61 0.28
0.30 0.48 0.18
0.31 0.86 0.55
-1.54 -0.01 1.53
-3.06 -0.33 2.73
1.15 1.43 0.28
0.61 0.56 0.06
1.73 1.63 0.11
-0.26 -0.30 0.04
-2.26 -2.24 0.02
-1.07 -1.35 0.28
0.00 0.00 0.00
-0.98 -0.49 0.49
-2.72 -4.04 1.33
-1.40 -1.11 0.29
-1.05 -1.11 0.06
0.22 0.14 0.08
0.04 0.03 0.02
-1.22 -1.51 0.29
0.90 0.60 0.30
0.00 0.07 0.07
0.99 0.56 0.42
1.89 1.42 0.47
-0.15 0.28 0.43
0.43 -0.14 0.57
0.66 0.85 0.19
-0.08 -0.15 0.07
0.54 -0.15 0.69
0.44 0.17 0.27
-0.09 -0.32 0.23
-0.87 -0.69 0.18
0.38 -0.11 0.49
0.59 0.29 0.30
0.34 0.18 0.15
-0.31 -0.31 0.00
0.10 -0.12 0.22
0.02 -0.19 0.21
0.05 0.18 0.13
0.48 0.41 0.07
0.12 0.40 0.28
0.25 -0.08 0.33
-0.29 -0.66 0.38
0.18 0.18 0.01
-0.42 -0.01 0.41
0.00 0.28 0.28
0.10 0.26 0.16
-0.32 0.06 0.38
0.08 0.35 0.27
-0.21 0.02 0.23
-1.46 -0.07 1.39
-0.99 -3.23 2.24
25.03
What shows as deviation in sheet 34.6

9.57
OM Inputs
This Benchmark
Min Max
Month Weight
Resources (r)
AGL 2.5 5.0 0.0 9.2
BIL 8.7 6.6 2.2 13.3
AMS 0.2 3.0 0.0 3.3
IMP 6.3 3.9 2.6 7.9
NHM 0.7 0.3 0.5 1.0
SOL 0.2 5.7 0.0 5.9
ACL 1.6 0.8 0.6 2.2
EXX 0.7 0.3 0.4 1.1
KIO 0.9 1.3 0.0 2.2
SAP 0.4 0.5 0.0 0.9
MND 0.1 0.6 0.0 0.8
TON 0.9 0.4 0.5 1.4
ILV 0.8 0.3 0.5 1.0
ARI 0.9 0.6 0.1 1.4
MTX 0.3 0.1 0.2 0.5
ANG 3.2 1.2 2.0 4.4
DRD 0.0 0.0 0.0 0.1
GFI 3.1 0.8 2.4 4.0
HAR 2.4 0.6 2.0 3.2
Financial (r) 20.1

OML 3.0 1.2 1.4 3.9
SLM 4.0 2.1 1.0 5.0
DSY 1.0 0.4 0.4 1.2
LBH 1.0 0.4 0.3 1.1
MET 0.8 0.3 0.3 0.9
ABL 2.0 1.1 0.3 2.6
ASA 2.0 2.0 0.0 2.5
FSR 3.0 3.3 0.0 3.6
RMH 2.6 1.1 1.2 3.4
INL 1.1 0.5 0.6 1.7
INP 2.5 0.9 1.7 3.5
NED 1.1 1.4 0.0 2.5
SBK 3.0 5.3 0.0 8.2
Industrial (r) 27.9

RCH 0.0 0.0 0.0
CFR 1.0 2.4 0.0 3.6
BTI 0.0 0.0 0.0 0.0
REI 0.4 0.9 0.0 0.9
SAB 0.2 4.2 0.0 5.8
REM 0.8 1.9 0.0 2.4
SHF 0.1 1.2 0.0 1.3
LBT 0.7 0.6 0.2 1.3
HLM 0.1 0.0 0.0 0.1
BVT 0.3 1.8 0.0 2.5
IPL 1.5 0.9 0.9 2.6
SPG 0.0 0.1 0.0 0.1
BAW 0.4 0.3 0.0 0.7
AEG 1.0 0.4 1.0 1.9
MUR 2.0 0.6 1.9 3.0
PPC 1.1 0.8 0.0 1.4
FOS 0.5 0.6 0.4 1.7
MPC 1.2 0.4 0.7 1.5
TRU 0.8 1.0 0.0 1.8
WHL 0.6 0.8 0.5 2.0
CLS 0.5 0.3 0.4 1.1
PIK 0.1 0.4 0.0 0.8
SHP 0.9 1.6 0.0 2.4
SPP 0.4 0.5 0.4 1.4
JDG 0.6 0.3 0.6 1.2
LEW 0.4 0.2 0.3 0.8
MSM 0.6 0.9 0.0 1.4
NTC 0.6 0.7 0.1 1.6
APN 0.8 1.0 0.0 2.1
AIP 0.5 0.3 0.0 0.6
MDC 0.7 0.3 0.5 1.1
AVI 0.7 0.3 0.1 0.8
NPK 0.4 0.5 0.2 1.2
TBS 0.4 1.1 0.0 1.8
GND 0.4 0.2 0.2 0.6
SUI 0.388 0.4 0.0 0.396
TMT (r) 14.4

DDT 0.6 0.3 0.0 0.7
DTC 0.5 0.2 0.1 0.6
RLO 0.5 0.4 0.0 0.6
TKG 0.7 0.4 0.1 0.8
VOD 1.0 1.0 0.0 1.7
NPN 3.7 3.8 0.0 6.1
MTN 5.0 8.2 0.0 15.5
Large Companies (r) 94.5
Med/Small Companies (r) 5.5 3.9 9.9
Total (rr) 100.0 100.0
S |Deviations| (this month) (r) 0.3

S |Deviations| (last month) (rr) #NAME?
S |Chg in position| (this month) (r) 0.0

S |Chg in position| (last month) (rr) #NAME?
S Costs (chg to share tilts) (r) 0.24

S Costs (chg to SA Equity tilt) (r)
Notes:
Maximum allowed weight in any security/cluster is the higher of double its benchmark weight or 5%.
Please aim for a sum of the absolute deviations greater than 30%.
The maximum change allowed from last months positions is 30%.
Sector weights should correspond to that in the Summary sheet.
Benchmark weights as at 29/01/2008.
Equity recommendations must add up to 100%
Information will be confidential & not released to any person outside OMIGSA.
Optimization Inputs
Covered? Benchmark Weight Min Max
AGL AGL 5.00 - 9.23

BIL BIL 6.64 2.18 13.29
AMS AMS 2.99 - 3.33
IMP IMP 3.93 2.61 7.86
NHM NHM 0.27 0.48 1.02
SOL SOL 5.70 - 5.94
ACL ACL 0.79 0.58 2.16
EXX EXX 0.35 0.42 1.12
KIO KIO 1.33 - 2.20
SAP SAP 0.52 - 0.90
MND MND 0.61 - 0.80
TON TON 0.42 0.54 1.38
ILV ILV 0.27 0.50 1.04
ARI ARI 0.62 0.12 1.35
MTX MTX 0.12 0.24 0.47
ANG ANG 1.21 2.01 4.43
DRD DRD 0.01 0.04 0.05
GFI GFI 0.77 2.43 3.97
HAR HAR 0.60 1.96 3.16
OML 1.23 1.44 3.89
SLM 2.11 1.00 5.00
OML DSY 0.40 0.41 1.20
SLM LBH 0.41 0.33 1.15
DSY MET 0.32 0.30 0.95
LBH ABL 1.14 0.31 2.59
MET ASA 2.01 - 2.47
ABL FSR 3.33 - 3.60
ASA RMH 1.14 1.15 3.44
FSR INL 0.52 0.61 1.65
RMH INP 0.87 1.73 3.47
INL NED 1.36 - 2.45
INP SBK 5.25 - 8.24
NED CFR 2.35 - 3.63
SBK BTI - - -
REI 0.91 - 0.91
SAB 4.24 - 5.77
REM 1.89 - 2.39
CFR SHF 1.19 - 1.32
BTI LBT 0.56 0.22 1.34
REI HLM 0.03 0.04 0.10
SAB BVT 1.84 - 2.46
REM IPL 0.85 0.90 2.60
SHF BAW 0.33 - 0.66
LBT AEG 0.44 0.99 1.86
HLM MUR 0.58 1.89 3.04
BVT PPC 0.77 - 1.40
IPL FOS 0.64 0.43 1.71
MPC 0.40 0.66 1.45
BAW TRU 0.96 - 1.84
AEG WHL 0.75 0.54 2.04
MUR CLS 0.33 0.44 1.10
PPC PIK 0.42 - 0.75
FOS SHP 1.62 - 2.37
MPC SPP 0.51 0.38 1.40
TRU JDG 0.31 0.59 1.20
WHL LEW 0.22 0.34 0.77
CLS MSM 0.87 - 1.43
PIK NTC 0.74 0.10 1.59
SHP APN 1.02 0.02 2.06
SPP AIP 0.30 0.05 0.64
JDG MDC 0.31 0.48 1.10
LEW AVI 0.32 0.12 0.76
MSM NPK 0.46 0.25 1.18
NTC TBS 1.05 - 1.81
APN GND 0.21 0.18 0.60
AIP SUI 0.40 - 0.40
MDC DDT 0.34 - 0.68
AVI DTC 0.24 0.10 0.58
NPK RLO 0.45 - 0.57
TBS TKG 0.36 0.08 0.79
GND VOD 0.98 - 1.75
SUI NPN 3.77 - 6.09
MTN 8.23 - 15.47
DDT
DTC
RLO
TKG
VOD
NPN
MTN
k weight or 5%.
2.00 1.50
count 209 wt exp 0.00 0.00
MEAN 0.04483 sum -38.35568 519.36745
SD 1.04617 n fac 0.00485 0.00495
skew -0.18618 3 fac - 3.04376
Kurt -0.47372 Result -0.18618 -0.47372
Weight Excess return Skewness Kurtosis

(less costs)
xi Ri
(frac) (frac) (frac) (frac)
0.004784689 -1.375 0.829 -2.498086 3.389559
0.004784689 1.908 5.649825 10.062673
0.004784689 -0.666 -0.314243 0.213643
0.004784689 0.724 0.273464 0.177501
0.004784689 -0.211 -0.014698 0.003600
0.004784689 -1.371 -2.476275 3.350157
0.004784689 1.996 6.482506 12.087150
0.004784689 1.059 0.910186 0.882078
0.004784689 -0.849 -0.623771 0.532966
0.004784689 -0.733 -0.411135 0.305712
0.004784689 0.310 0.016335 0.004145
0.004784689 -0.720 -0.391460 0.286363
0.004784689 0.689 0.233485 0.143773
0.004784689 -1.442 -2.869639 4.077898
0.004784689 -0.414 -0.084157 0.036880
0.004784689 -0.447 -0.104130 0.048990
0.004784689 1.639 3.536184 5.387407
0.004784689 0.380 0.033025 0.010596
0.004784689 0.411 0.043030 0.015079
0.004784689 1.401 2.178157 2.823485
0.004784689 0.015 -0.000023 0.000001
0.004784689 0.401 0.039597 0.013497
0.004784689 0.526 0.097221 0.044704
0.004784689 -0.010 -0.000143 0.000007
0.004784689 -1.565 -3.646912 5.613500
0.004784689 0.137 0.000693 0.000061
0.004784689 1.141 1.150881 1.206074
0.004784689 0.271 0.010141 0.002195
0.004784689 1.274 1.621841 1.905509
0.004784689 -1.075 -1.226220 1.312476
0.004784689 1.635 3.510573 5.335445
0.004784689 1.391 2.129659 2.739975
0.004784689 0.580 0.133672 0.068347
0.004784689 -2.221 -10.165559 22.021237
0.004784689 -0.187 -0.010914 0.002421
0.004784689 0.574 0.129758 0.065692
0.004784689 1.837 5.024307 8.605343
0.004784689 1.126 1.102876 1.139468
0.004784689 -2.395 -12.690203 29.599980
0.004784689 -0.213 -0.014934 0.003677
0.004784689 -0.846 -0.618105 0.526522
0.004784689 0.928 0.601000 0.507184
0.004784689 0.075 0.000025 0.000001
0.004784689 0.404 0.040360 0.013844
0.004784689 1.396 2.156520 2.786151
0.004784689 -0.329 -0.045501 0.016244
0.004784689 1.016 0.799113 0.741557
0.004784689 -2.130 -8.985471 18.680471
0.004784689 0.551 0.113100 0.054695
0.004784689 -1.248 -1.885234 2.328916
0.004784689 -1.284 -2.048949 2.602405
0.004784689 0.441 0.054504 0.020665
0.004784689 -0.068 -0.001265 0.000137
0.004784689 1.030 0.835168 0.786500
0.004784689 1.368 2.025093 2.562083
0.004784689 -0.574 -0.207423 0.122784
0.004784689 1.428 2.310531 3.054563
0.004784689 0.688 0.232873 0.143271
0.004784689 0.955 0.657729 0.572000
0.004784689 1.818 4.871152 8.257380
0.004784689 -0.562 -0.194827 0.112945
0.004784689 -0.035 -0.000443 0.000034
0.004784689 1.125 1.101829 1.138026
0.004784689 0.365 0.028569 0.008734
0.004784689 1.369 2.028171 2.567277
0.004784689 0.343 0.023196 0.006615
0.004784689 1.428 2.309921 3.053487
0.004784689 0.514 0.090242 0.040477
0.004784689 -1.807 -5.545747 9.816276
0.004784689 0.749 0.304999 0.205304
0.004784689 -1.286 -2.056640 2.615438
0.004784689 -1.039 -1.110391 1.149833
0.004784689 0.133 0.000598 0.000050
0.004784689 -0.257 -0.024114 0.006967
0.004784689 -1.345 -2.346312 3.117796
0.004784689 -0.755 -0.446547 0.341316
0.004784689 0.399 0.038733 0.013105
0.004784689 0.351 0.025003 0.007311
0.004784689 1.936 5.904632 10.672277
0.004784689 1.388 2.116119 2.716773
0.004784689 -1.101 -1.314888 1.440517
0.004784689 1.057 0.906723 0.877605
0.004784689 0.131 0.000562 0.000046
0.004784689 -1.188 -1.635247 1.926539
0.004784689 0.824 0.412931 0.307494
0.004784689 -0.274 -0.028404 0.008666
0.004784689 0.914 0.574011 0.477046
0.004784689 0.261 0.008874 0.001837
0.004784689 0.046 0.000000 0.000000
0.004784689 -0.069 -0.001286 0.000140
0.004784689 -0.755 -0.447567 0.342356
0.004784689 -1.150 -1.491473 1.704070
0.004784689 -1.485 -3.126647 4.571989
0.004784689 -0.450 -0.105653 0.049947
0.004784689 1.631 3.485900 5.285506
0.004784689 0.676 0.219745 0.132605
0.004784689 0.269 0.009873 0.002118
0.004784689 1.565 3.068751 4.459460
0.004784689 -1.641 -4.186663 6.747724
0.004784689 -1.187 -1.630645 1.919313
0.004784689 -1.319 -2.216798 2.890468
0.004784689 -0.328 -0.045255 0.016127
0.004784689 1.345 1.918932 2.384585
0.004784689 -1.028 -1.076985 1.103941
0.004784689 0.222 0.004836 0.000818
0.004784689 0.095 0.000110 0.000005
0.004784689 0.420 0.046067 0.016514
0.004784689 1.149 1.175565 1.240687
0.004784689 -0.286 -0.031701 0.010033
0.004784689 0.845 0.447302 0.342085
0.004784689 -0.254 -0.023407 0.006696
0.004784689 -1.134 -1.430924 1.612460
0.004784689 1.416 2.251071 2.950205
0.004784689 -0.117 -0.003698 0.000572
0.004784689 -0.331 -0.046244 0.016598
0.004784689 1.042 0.865486 0.824796
0.004784689 0.102 0.000164 0.000009
0.004784689 0.557 0.117529 0.057569
0.004784689 -0.648 -0.290297 0.192216
0.004784689 -1.487 -3.137666 4.593485
0.004784689 1.130 1.115041 1.156257
0.004784689 0.532 0.100848 0.046942
0.004784689 -0.223 -0.016794 0.004301
0.004784689 -0.298 -0.035090 0.011488
0.004784689 0.424 0.047552 0.017228
0.004784689 -1.304 -2.144791 2.765965
0.004784689 0.174 0.001899 0.000235
0.004784689 0.023 -0.000009 0.000000
0.004784689 -0.374 -0.064092 0.025649
0.004784689 -1.100 -1.309475 1.432615
0.004784689 0.520 0.093629 0.042515
0.004784689 -0.024 -0.000285 0.000019
0.004784689 -0.708 -0.372604 0.268121
0.004784689 -1.429 -2.794155 3.935506
0.004784689 0.405 0.040970 0.014124
0.004784689 -1.250 -1.893999 2.343364
0.004784689 0.299 0.014383 0.003498
0.004784689 0.667 0.210743 0.125412
0.004784689 -0.473 -0.121565 0.060220
0.004784689 -0.705 -0.368427 0.264121
0.004784689 0.540 0.105896 0.050100
0.004784689 -0.315 -0.040555 0.013934
0.004784689 0.661 0.204180 0.120232
0.004784689 0.682 0.225650 0.137377
0.004784689 0.956 0.660697 0.575444
0.004784689 1.208 1.372771 1.525682
0.004784689 2.057 7.111706 13.676187
0.004784689 -1.075 -1.225401 1.311306
0.004784689 0.883 0.514212 0.411961
0.004784689 0.266 0.009457 0.002000
0.004784689 0.683 0.226976 0.138454
0.004784689 -0.766 -0.465651 0.360922
0.004784689 2.301 10.028257 21.625556
0.004784689 -1.019 -1.052008 1.069938
0.004784689 1.282 1.655072 1.957743
0.004784689 0.375 0.031564 0.009975
0.004784689 2.365 10.909910 24.197001
0.004784689 1.111 1.059705 1.080388
0.004784689 0.215 0.004309 0.000701
0.004784689 0.067 0.000009 0.000000
0.004784689 -0.005 -0.000108 0.000005
0.004784689 -0.802 -0.531009 0.430000
0.004784689 0.111 0.000258 0.000016
0.004784689 -0.393 -0.073537 0.030809
0.004784689 1.627 3.458487 5.230160
0.004784689 -0.262 -0.025131 0.007361
0.004784689 0.280 0.011354 0.002552
0.004784689 -1.037 -1.106772 1.144838
0.004784689 0.838 0.436278 0.330890
0.004784689 0.578 0.132344 0.067444
0.004784689 -0.881 -0.693102 0.613380
0.004784689 -0.681 -0.334394 0.232102
0.004784689 -0.376 -0.065023 0.026147
0.004784689 -0.409 -0.081406 0.035281
0.004784689 0.019 -0.000015 0.000000
0.004784689 -1.372 -2.486379 3.368396
0.004784689 -1.465 -3.005981 4.338254
0.004784689 1.095 1.012891 1.017225
0.004784689 1.039 0.858974 0.816532
0.004784689 -1.089 -1.272899 1.379511
0.004784689 -1.418 -2.732742 3.820599
0.004784689 -1.945 -6.884839 13.097601
0.004784689 -1.669 -4.396839 7.203121
0.004784689 -0.572 -0.205425 0.121210
0.004784689 -0.107 -0.003064 0.000445
0.004784689 -1.515 -3.314760 4.942380
0.004784689 -0.899 -0.733952 0.662049
0.004784689 0.186 0.002481 0.000336
0.004784689 1.446 2.402691 3.218082
0.004784689 -2.742 -18.896167 50.330545
0.004784689 -0.502 -0.142597 0.074499
0.004784689 -1.384 -2.546967 3.478280
0.004784689 1.288 1.679159 1.995825
0.004784689 -0.332 -0.046665 0.016800
0.004784689 -0.134 -0.004962 0.000846
0.004784689 1.647 3.588980 5.494921
0.004784689 0.745 0.299750 0.200607
0.004784689 -0.971 -0.916394 0.890108
0.004784689 0.312 0.016697 0.004267
0.004784689 1.708 4.015906 6.383293
0.004784689 -1.455 -2.948139 4.227308
0.004784689 -1.170 -1.565827 1.818271
0.004784689 0.902 0.549292 0.449853
0.004784689 -0.102 -0.002792 0.000393
0.004784689 0.472 0.068218 0.027874
0.004784689 1.002 0.766907 0.701978
0.004784689 -2.819 -20.507792 56.133897
0.004784689 0.279 0.011207 0.002508
0.004784689 1.039 0.857488 0.814649
2 3 4 5 6
Stocks
Date 4/30/2007 5/31/2007 6/30/2007 7/31/2007
J203 0.03 0.01 -0.02 0.00
ABL ABIL 0.12 -0.08 -0.06 0.10
ACL ArcelorMittal 0.08 -0.02 0.00 -0.03
ACP Acucap 0.04 0.02 -0.09 -0.01
ADR Adcorp 0.10 0.00 -0.03 -0.03
AEG Aveng 0.04 0.03 -0.01 0.07
AFE AECI 0.10 0.09 -0.09 -0.01
AFX Afrox 0.08 0.10 -0.08 0.04
AGL Anglo -0.02 0.12 -0.05 0.00
AIP Adcock
ALT Altech -0.01 -0.03 -0.01 -0.04
AMS Angloplat -0.01 0.04 -0.03 -0.16
ANG Anglogold -0.04 -0.08 -0.09 0.12
APN Aspen 0.04 0.00 -0.06 -0.10
AQP Aquarius -0.08 0.02 -0.02 -0.05
ARI Af Rainbow 0.15 0.02 0.00 0.04
ARL Astral -0.01 0.12 -0.02 -0.03
ASA ABSA 0.04 -0.08 -0.03 0.03
ASR Assore 0.14 0.15 -0.03 0.12
ATN Altron -0.04 0.14 -0.04 -0.03
AVI AVI 0.09 0.00 -0.12 -0.05
AVU Avusa 0.11 0.02 -0.04 -0.07
BAT Brait 0.05 0.03 -0.07 -0.12
BAW Barworld 0.08 -0.01 -0.01 0.08
BCX Connexion 0.01 0.07 -0.06 -0.01
BEL Bell 0.16 0.12 -0.07 0.01
BIL BHPBill -0.03 0.08 0.12 0.07
BLU Blue Label
BSR Basil Read 0.08 0.09 0.05 0.18
BTI BAT
BVT Bidvest 0.06 -0.04 0.00 0.00
CAT Caxton 0.04 0.04 0.02 -0.10
CBH Country Bird 0.00 -0.04
CFR Richemont 0.06 0.01 -0.04 0.05
CLH City Lodge 0.01 0.02 -0.03 -0.03
CLS Clicks 0.15 0.08 -0.10 0.01
CML Coronation 0.10 -0.02 -0.07 0.07
CMP Cipla -0.03 -0.03 -0.07 -0.02
CPL Capital 0.11 -0.04 -0.01 -0.05
CRM Ceramic 0.08 0.11 -0.02 -0.03
CSB Cashbuild 0.07 -0.06 0.01 0.02
DAW Dawn 0.06 -0.01 0.01 0.04
DCT Datacentrix 0.10 0.17 -0.07 -0.02
DDT Didata -0.09 0.12 0.07 -0.01
DRD DRD Gold 0.14 0.08 -0.15 -0.11
DSY Discovery 0.13 -0.05 -0.08 -0.03
DTC Datatec -0.05 0.07 0.02 0.02
EMI Emira 0.09 -0.08 -0.02 0.02
EQS Eqstra
ESR Esorfranki -0.09 0.09 -0.07 0.00
EXX Exxaro -0.08 0.14 -0.05 0.07
FBR Fambrands 0.09 0.16 -0.07 -0.13
FOS Foschini 0.06 -0.05 -0.14 -0.02
FPT Fountainhead 0.09 -0.08 -0.07 -0.01
FSR Firstrand 0.02 -0.10 -0.02 0.02
FWD Freeworld
GDF Goldreef 0.12 0.05 -0.03 -0.03
GFI Gold Fields -0.06 -0.07 -0.10 0.07
GIJ Gijima 0.05 0.09 0.05 -0.12
GND Grindrod 0.15 0.17 -0.06 0.07
GRF Group 5 -0.08 0.10 -0.07 0.17
GRT Growthpoint 0.06 -0.04 -0.05 0.05
HAR Harmony 0.11 -0.09 -0.04 -0.03
HCI Hosken 0.04 0.26 -0.01 -0.07
HDC Hudaco 0.06 0.02 0.03 -0.04
HLM Hulamin -0.30
HPA Hospitality-A 0.00 0.04 -0.06 0.00
HYP Hyprop 0.08 -0.04 -0.07 -0.02
ILA Iliad 0.05 -0.02 0.11 0.15
ILV Illovo 0.06 0.19 -0.05 -0.05
IMP Impala 0.00 -0.06 -0.02 -0.04
INL Investec Ltd 0.07 -0.08 -0.03 -0.03
INP Investec Plc 0.07 -0.06 -0.05 -0.04
IPL Imperial 0.05 -0.06 -0.05 -0.05
IVT Invicta 0.00 0.15 -0.12 -0.04
JDG JD Group 0.04 -0.13 -0.14 0.02
JSE JSE 0.01 0.15 -0.05 -0.10
KGM Kgmedia 0.02 -0.01 -0.07 0.00
KIO Kumba 0.03 0.25 -0.05 0.03
LBH Lib Hold 0.13 -0.02 -0.05 0.02
LBT Lib Int -0.04 -0.01 -0.06 -0.08
LEW Lewis 0.05 -0.10 -0.07 0.00
LON Lonmin -0.01 0.18 0.01 -0.13
MDC Medi-Clinic 0.03 0.01 -0.05 -0.12
MET Metropolitan 0.12 -0.04 -0.09 -0.01
MND Mondi
MPC Mr Price 0.08 -0.07 -0.11 0.01
MRF Merafe 0.18 0.12 0.04 -0.21
MSM Massmart 0.16 -0.06 -0.08 -0.03
MTN MTN 0.05 -0.06 -0.02 0.04
MTX Metorex 0.03 -0.01 0.03 0.06
MUR M&R 0.08 0.10 -0.06 0.19
NED Nedbank 0.07 -0.03 -0.12 0.01
NHM Northam 0.09 -0.02 0.00 -0.06
NPK Nampak 0.03 -0.08 0.02 -0.08
NPN Naspers 0.01 0.04 -0.04 -0.02
NTC Netcare 0.07 0.03 -0.08 -0.14
OCE Oceana 0.07 0.20 -0.13 -0.01
OML Old Mutual 0.08 -0.04 -0.04 -0.03
OMN Omnia 0.01 0.12 -0.02 -0.10
PAM Palamin 0.31 0.10 0.08 0.02
PAP Panprop 0.03 0.01 -0.11 0.07
PFG Pioneer
PGR Peregrine 0.15 0.04 0.00 0.07
PIK Piknpay 0.02 0.02 -0.02 -0.05
PPC PPC 0.02 0.04 -0.04 -0.14
RBW Rainbow 0.01 -0.02 -0.04 0.01
RBX Raubex 0.30 0.14 -0.04 0.06
RDF Redefine 0.11 -0.09 -0.03 0.02
REI Reinet
REM Remgro
RES Resilient 0.07 0.03 -0.01 -0.02
RLO Reunert -0.01 -0.07 0.00 -0.06
RMH RMB 0.04 -0.09 -0.06 0.03
SAB SAB 0.05 0.00 0.04 0.02
SAC SA Corp 0.09 -0.18 0.02 -0.01
SAP Sappi 0.14 0.05 -0.04 -0.12
SBK Stanbank 0.03 -0.06 -0.07 0.03
SHF Steinhoff 0.07 -0.07 0.02 -0.06
SHP Shoprite 0.14 0.04 -0.03 -0.04
SIM Simmers 0.16 -0.03 -0.03 -0.15
SLM Sanlam 0.18 -0.04 -0.03 0.01
SNT Santam 0.07 0.02 0.00 -0.08
SOL Sasol 0.00 0.05 0.03 0.02
SPP Spar 0.06 -0.02 0.00 0.01
SSK Stefanutti
SUI Sun Int 0.05 0.02 -0.02 0.01
SYC Sycom 0.06 -0.05 -0.07 -0.08
TBS Tigerbrands 0.11 -0.06 -0.04 0.02
TKG Telkom
TON Tongaat 0.12 0.04 -0.36 -0.02
TRU Truwths 0.10 0.05 -0.13 -0.01
VKE Vukile 0.08 -0.01 -0.04 -0.02
VOD Vodacom
WBO WBHO 0.05 0.03 0.07 -0.02
WHL Woolies 0.08 -0.08 -0.04 -0.09
Sectors
Date 1/31/2007 2/28/2007 3/31/2007 4/30/2007
J203 0.01 0.01 0.05 0.03
J055 Oil & Gas -0.06 -0.06 0.03 0.00
J135 Chemicals 0.04 -0.02 0.01 0.07
J150 Gold -0.06 -0.03 0.05 -0.01
J153 Platinum 0.08 0.04 0.10 0.01
J154 Mining 0.00 0.04 0.11 -0.02
J173 Forestry & Paper -0.15 0.01 0.07 0.14
J175 Ind. Metals 0.07 0.02 0.06 0.09
J235 Construction 0.12 0.06 0.09 0.04
J272 General Ind 0.03 -0.04 0.04 0.05
J273 Electronics 0.06 -0.04 0.04 0.00
J277 Transport -0.01 0.02 -0.04 0.06
J279 Support Serv 0.00 0.04 0.00 0.06
J353 Beverages 0.02 -0.03 -0.02 0.05
J357 Food Producers 0.00 -0.01 0.02 0.09
J372 Household -0.01 0.04 -0.11 0.07
J376 Personal -0.02 -0.02 0.00 0.06
J453 Health 0.06 -0.04 -0.03 0.06
J457 Pharma 0.07 0.00 0.02 0.03
J533 Food & Drug Retail 0.04 -0.02 0.05 0.09
J537 Gen Retail 0.07 0.04 0.02 0.08
J555 Media 0.08 -0.05 0.01 0.03
J575 Travel 0.05 0.04 0.03 0.05
J653 Fixed Line Telcos 0.13 0.01 0.01 0.04
J657 Mobile Telcos 0.01 0.01 0.11 0.05
J835 Banks 0.03 0.02 0.04 0.03
J853 Non-Life Insurance 0.04 0.04 0.00 0.02
J857 Life Assurance 0.02 0.00 -0.03 0.11
J877 General Financial 0.00 -0.01 0.08 0.07
J898 Equity Inv 0.05 0.01 -0.02 0.01
J953 Software 0.02 0.04 0.07 -0.06
J258 Resources 0.00 0.02 0.09 -0.01
J257 Industrials 0.03 0.00 0.02 0.06
J212 Financials 15 0.02 0.00 0.02 0.05
J254 Property 0.06 0.01 0.02 0.05
Stock Input Data

Date 3/31/2007 4/30/2007 5/31/2007 6/30/2007
J203 27267.24 28170.6 28627.79 28337.22
TBT3 8.26 8.32 8.68 9.1
0.0068833333 0.00693333 0.00723333 0.00758333
ABL ABIL 3030 3405 3150 2990
ACL ArcelorMittal 11799 12800 12660 12740
ACP Acucap 3156 3300 3380 3100
ADR Adcorp 3400 3750 3790 3700
AEG Aveng 4600 4825 4999 4995
AFE AECI 7300 8055 8850 8145
AFX Afrox 2975 3220 3570 3320
AGL Anglo 38300 37697 42592 40950
AIP Adcock 0 0 0 0
ALT Altech 6698 6650 6503 6480
AMS Angloplat 114450 114501 119375 116401
ANG Anglogold 32500 31531 29205 26710
APN Aspen 3700 3866 3900 3700
AQP Aquarius 7784 7198 7380 7300
ARI Af Rainbow 10300 11900 12225 12349
ARL Astral 11700 11720 13200 13100
ASA ABSA 13951 14580 13510 13150
ASR Assore 20600 23690 27500 27000
ATN Altron 4649 4480 5150 4970
AVI AVI 2011 2210 2215 1971
AVU Avusa 8950 10000 10300 10000
BAT Brait 2920 3100 3220 3030
BAW Barworld 18100 19760 19750 19700
BCX Connexion 690 705 760 722
BEL Bell 3300 3855 4350 4060
BIL BHPBill 16245 15900 17341 19498
BLU Blue Label 0 0 0 0
BSR Basil Read 1950 2120 2320 2450
BTI BAT 0 0 0 0
BVT Bidvest 13799 14780 14351 14400
CAT Caxton 1670 1750 1830 1875
CBH Country Bird 0 0 476 480
CFR Richemont 4030 4312 4370 4213
CLH City Lodge 7855 7980 8200 8000
CLS Clicks 1265 1467 1600 1450
CML Coronation 776 861 854 800
CMP Cipla 428 418 410 385
CPL Capital 535 600 579 580
CRM Ceramic 15702 17000 19000 18800
CSB Cashbuild 6000 6440 6079 6200
DAW Dawn 1601 1710 1700 1725
DCT Datacentrix 405 450 529 495
DDT Didata 725 668 750 810
DRD DRD Gold 485 558 609 525
DSY Discovery 2880 3270 3145 2903
DTC Datatec 3920 3745 4050 4155
EMI Emira 1088 1190 1100 1090
EQS Eqstra 0 0 0 0
ESR Esorfranki 555 509 558 523
EXX Exxaro 6550 6061 6950 6650
FBR Fambrands 1595 1750 2038 1920
FOS Foschini 6910 7400 7063 6101
FPT Fountainhead 685 750 693 650
FSR Firstrand 2460 2520 2289 2260
FWD Freeworld 0 0 0 0
GDF Goldreef 2645 2989 3154 3098
GFI Gold Fields 13450 12801 12052 10940
GIJ Gijima 91 96 105 111
GND Grindrod 1700 1973 2330 2205
GRF Group 5 5660 5245 5800 5440
GRT Growthpoint 1485 1590 1545 1485
HAR Harmony 10125 11297 10388 10027
HCI Hosken 6035 6300 8007 7949
HDC Hudaco 7450 7950 8199 8500
HLM Hulamin 0 0 0 3300
HPA Hospitality-A 1425 1440 1501 1421
HYP Hyprop 4470 4850 4700 4385
ILA Iliad 1675 1777 1755 1960
ILV Illovo 1900 2035 2430 2335
IMP Impala 22801 23000 21801 21600
INL Investec Ltd 9330 10005 9295 9130
INP Investec Plc 9399 10132 9611 9186
IPL Imperial 15150 16000 15150 14580
IVT Invicta 2750 2770 3201 2845
JDG JD Group 8905 9350 8185 7099
JSE JSE 7095 7200 8325 7990
KGM Kgmedia 1565 1600 1600 1505
KIO Kumba 14900 15410 19300 18500
LBH Lib Hold 6867 7799 7667 7367
LBT Lib Int 17725 17100 17101 16264
LEW Lewis 6850 7250 6590 6150
LON Lonmin 47080 46799 55650 56760
MDC Medi-Clinic 2510 2595 2630 2530
MET Metropolitan 1485 1680 1625 1486
MND Mondi 0 0 0 0
MPC Mr Price 2980 3235 3048 2721
MRF Merafe 137 163 184 193
MSM Massmart 8435 9814 9290 8630
MTN MTN 9850 10375 9780 9640
MTX Metorex 2308 2400 2395 2480
MUR M&R 5596 6085 6749 6400
NED Nedbank 14100 15135 14800 13200
NHM Northam 5150 5640 5549 5600
NPK Nampak 2221 2300 2140 2190
NPN Naspers 17550 17900 18795 18200
NTC Netcare 1385 1490 1550 1443
OCE Oceana 1675 1800 2170 1900
OML Old Mutual 2335 2528 2450 2374
OMN Omnia 6600 6700 7575 7450
PAM Palamin 5301 6995 7740 8400
PAP Panprop 1565 1625 1650 1480
PFG Pioneer 0 0 0 0
PGR Peregrine 1480 1715 1800 1820
PIK Piknpay 3438 3530 3609 3550
PPC PPC 4720 4841 5050 4900
RBW Rainbow 1660 1690 1660 1605
RBX Raubex 1815 2375 2730 2650
RDF Redefine 745 830 760 740
REI Reinet 0 0 0 0
REM Remgro 0 0 0 0
RES Resilient 2251 2420 2500 2490
RLO Reunert 8070 8050 7506 7590
RMH RMB 3599 3758 3465 3286
SAB SAB 15915 16831 16963 17706
SAC SA Corp 420 462 381 390
SAP Sappi 11000 12625 13303 12874
SBK Stanbank 10680 11080 10525 9830
SHF Steinhoff 2335 2505 2360 2421
SHP Shoprite 2775 3180 3342 3265
SIM Simmers 625 728 715 700
SLM Sanlam 2000 2380 2300 2249
SNT Santam 10199 11005 11300 11375
SOL Sasol 24205 24411 25706 26600
SPP Spar 4990 5340 5250 5300
SSK Stefanutti 0 0 0 0
SUI Sun Int 15281 16112 16499 16223
SYC Sycom 2070 2204 2100 1970
TBS Tigerbrands 17700 19830 18800 18150
TKG Telkom 0 0 0 0
TON Tongaat 12300 13900 14500 9400
TRU Truwths 3550 3926 4150 3650
VKE Vukile 1077 1170 1170 1130
VOD Vodacom 0 0 0 0
WBO WBHO 8779 9250 9550 10335
WHL Woolies 2190 2388 2223 2140
Sector Input Data
Date 12/31/2006 1/31/2007 2/28/2007 3/31/2007
J203 24915.2 25447.73 25795.99 27267.24
TBT3 8.49 8.87 8.41 8.26
0.007075 0.00739167 0.00700833 0.00688333
J055 Oil & Gas 10550 10006 9498 9867
J135 Chemicals 12806 13409 13196 13416
J150 Gold 2938 2794 2735 2884
J153 Platinum 80 87 92 102
J154 Mining 6549 6621 6910 7708
J173 Forestry & Paper 24304 20893 21202 22753
J175 Ind. Metals 21609 23318 23855 25403
J235 Construction 49 56 59 65
J272 General Ind 49052 51071 49312 51496
J273 Electronics 27818 29652 28818 30227
J277 Transport 130 129 133 128
J279 Support Serv 2103 2129 2223 2232
J353 Beverages 54825 56384 54863 54385
J357 Food Producers 33206 33384 33354 34217
J372 Household 135 135 141 126
J376 Personal 151 148 147 149
J453 Health 32629 34679 33698 32994
J457 Pharma 4433 4794 4816 4951
J533 Food & Drug Retail 19574 20424 20230 21301
J537 Gen Retail 30155 32511 34009 34905
J555 Media 39436 42751 41085 41907
J575 Travel 4129 4358 4566 4746
J653 Fixed Line Telcos 1429 1626 1646 1676
J657 Mobile Telcos 137 139 142 158
J835 Banks 36121 37572 38412 40082
J853 Non-Life Insurance 18628 19449 20437 20582
J857 Life Assurance 18278 18782 18935 18419
J877 General Financial 2673 2685 2664 2883
J898 Equity Inv 1893 2004 2047 2026
J953 Software 265 274 287 309
J258 Resources 24199 24367 25010 27500
J257 Industrials 21598.63 22302.86 22360 23039.63
J212 Financials 15 8831.65 9044.78 9126.35 9344.94
J254 Property 288.93 306.97 312.33 319.6
7 8 9 10 11 12 13 14
8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008

0.00 0.04 0.04 -0.04 -0.05 -0.07 0.11 -0.04
-0.06 -0.01 0.14 -0.04 -0.06 -0.18 0.12 -0.15
-0.02 0.10 0.06 -0.06 -0.02 0.05 0.28 0.05
-0.04 0.03 0.09 -0.09 0.02 -0.09 -0.03 -0.04
-0.01 0.03 0.14 -0.13 0.05 -0.14 0.01 -0.16
-0.02 0.03 0.16 -0.10 0.04 -0.15 0.18 -0.07
-0.03 0.03 0.08 -0.10 -0.05 -0.20 0.07 -0.08
-0.06 0.05 0.01 -0.04 -0.07 -0.16 0.05 -0.07
-0.02 0.11 -0.03 0.01 -0.10 -0.05 0.24 -0.04
0.00 -0.02 0.27 -0.12 -0.05 -0.22 -0.06 0.09

-0.04 0.09 0.06 -0.14 0.03 0.05 0.16 -0.05
-0.08 0.16 -0.08 0.10 -0.14 0.06 -0.10 -0.05
0.05 -0.06 0.12 -0.06 0.05 -0.17 -0.04 0.03
0.02 0.09 0.06 -0.03 -0.09 0.14 0.35 0.01
-0.10 0.11 0.13 -0.01 0.01 -0.02 0.35 0.10
-0.05 -0.02 0.09 0.10 0.03 -0.24 -0.02 -0.17
-0.06 -0.05 0.03 -0.03 -0.14 -0.10 0.10 -0.10
0.26 -0.02 0.12 -0.08 0.10 0.01 0.41 -0.04
-0.16 0.16 0.02 -0.09 0.06 -0.21 -0.06 0.07
0.03 0.10 0.02 -0.09 -0.02 -0.21 0.09 -0.11
-0.06 0.01 0.15 -0.11 -0.43 -0.26 0.08 -0.31
-0.03 -0.04 0.10 -0.04 -0.07 -0.26 0.10 -0.02
-0.44 0.05 -0.04 -0.10 -0.06 -0.19 0.06 0.13
-0.07 0.01 -0.08 -0.13 0.05 -0.17 -0.04 0.07
-0.03 0.18 0.07 -0.05 0.05 -0.18 0.13 -0.09
-0.01 0.15 0.01 -0.10 -0.08 0.04 0.16 -0.07
0.06 -0.10 0.00 -0.05
0.08 0.04 0.14 -0.11 -0.05 -0.22 0.05 0.06
-0.05 -0.03 0.00 -0.13 0.00 -0.16 0.13 -0.04

-0.08 0.10 -0.03 0.01 0.01 -0.25 -0.05 0.11
0.01 0.06 0.02 0.09 0.09 -0.19 -0.22 -0.01
-0.01 0.01 0.01 0.00 -0.02 -0.10 0.07 -0.01
-0.04 0.07 0.03 0.00 -0.04 -0.14 0.06 -0.02
0.03 0.09 0.07 -0.10 -0.12 -0.09 0.12 -0.07
-0.02 0.01 0.09 -0.01 -0.15 -0.27 0.12 -0.08
-0.05 0.10 -0.01 -0.03 0.01 -0.16 -0.14 0.12
0.02 0.06 0.02 -0.06 0.01 -0.11 0.05 -0.10
-0.06 -0.03 0.04 -0.09 -0.06 -0.09 -0.36 0.00
-0.04 0.02 0.03 -0.12 -0.10 -0.17 0.06 0.03
0.04 0.04 0.16 -0.21 -0.08 -0.21 0.22 -0.17
0.00 0.02 0.06 -0.15 0.01 -0.19 0.02 -0.01
0.01 0.01 0.01 -0.01 -0.01 -0.12 0.04 -0.03
-0.18 0.45 0.04 -0.05 -0.07 0.67 0.08 -0.17
-0.06 -0.03 0.05 -0.01 -0.04 -0.13 0.14 -0.12
-0.02 -0.16 0.06 -0.07 -0.08 -0.17 0.14 -0.15
0.02 0.05 0.04 -0.08 0.01 -0.14 0.04 -0.12
0.03 0.22 0.14 0.09 0.02 -0.24 0.10 -0.13

0.01 0.19 0.20 -0.02 -0.01 0.07 -0.10 0.07
-0.03 0.03 0.13 -0.02 0.00 -0.19 0.01 -0.10
-0.05 -0.11 0.01 -0.10 -0.01 -0.19 0.05 -0.09
-0.02 0.05 0.07 -0.08 -0.01 -0.15 0.01 0.02
0.00 -0.06 0.15 -0.17 -0.09 -0.17 0.12 -0.15
-0.20 0.14 -0.11
0.03 0.04 0.00 0.01 -0.01 -0.17 -0.05 -0.12
-0.07 0.13 -0.07 -0.02 -0.15 0.12 -0.03 0.04
-0.07 -0.01 0.17 0.01 -0.04 -0.10 0.04 0.10
0.03 0.04 -0.03 -0.04 -0.05 -0.16 0.20 -0.09
-0.14 -0.01 0.16 -0.13 -0.04 -0.18 0.18 -0.05
-0.03 0.04 0.00 -0.03 -0.04 -0.11 0.03 -0.07
-0.36 0.26 -0.11 -0.02 -0.04 0.05 0.28 0.00
0.01 -0.03 0.11 -0.02 -0.05 -0.17 0.14 0.00
0.04 0.00 0.00 -0.03 -0.01 -0.21 0.06 -0.05
0.06 -0.04 -0.07 -0.05 -0.05 -0.21 0.36 0.06
-0.02 -0.01 -0.10 -0.02 -0.01 0.02 -0.01 -0.03
0.01 0.04 0.02 -0.01 -0.06 -0.13 0.06 -0.06
-0.06 -0.18 -0.04 -0.12 -0.05 -0.20 -0.01 -0.09
0.02 0.06 -0.07 0.07 -0.11 0.07 0.25 -0.03
0.00 0.12 0.01 -0.04 -0.01 0.16 0.17 -0.05
-0.10 -0.09 0.08 -0.11 -0.11 -0.04 -0.06 -0.05
-0.12 -0.09 0.07 -0.09 -0.14 -0.03 -0.07 -0.07
0.01 -0.11 0.01 -0.22 0.01 -0.28 0.04 -0.02
-0.01 0.05 0.03 0.00 -0.03 -0.15 -0.03 0.01
-0.05 -0.17 0.06 -0.14 -0.06 -0.27 0.12 -0.15
-0.03 0.12 0.07 0.05 -0.06 -0.22 0.05 -0.12
-0.06 0.00 -0.02 -0.02 -0.06 -0.14 0.03 0.01
0.08 0.08 0.12 0.05 0.05 -0.01 0.18 -0.09
-0.02 -0.01 0.08 -0.06 -0.02 -0.18 0.04 -0.04
0.14 -0.09 0.00 -0.02 -0.08 0.03 -0.05 0.04
0.00 -0.09 -0.01 -0.16 -0.05 -0.12 0.09 -0.08
-0.11 0.12 -0.09 -0.04 -0.09 0.01 0.22 -0.04
-0.04 0.01 0.03 -0.01 -0.01 -0.11 0.05 -0.10
-0.01 0.02 0.04 -0.07 0.00 -0.12 0.07 -0.08
0.12 -0.02 -0.04 -0.11 0.08 0.00 0.00 0.04
-0.05 -0.03 0.00 -0.19 0.00 -0.15 0.04 -0.09
-0.01 0.10 0.18 0.02 0.12 -0.24 0.35 0.29
0.09 -0.10 -0.04 -0.11 -0.02 -0.06 0.05 -0.08
0.07 -0.05 0.20 0.08 -0.08 -0.09 0.05 -0.02
-0.14 0.21 0.04 -0.24 -0.04 -0.15 -0.03 0.13
-0.02 0.19 0.10 -0.04 0.05 -0.18 0.15 -0.04
-0.01 -0.08 0.13 -0.06 0.00 -0.21 0.06 -0.01
0.02 -0.11 -0.09 -0.03 -0.11 0.09 0.67 -0.05
-0.01 0.06 -0.01 0.01 -0.03 -0.19 0.04 -0.12
-0.01 0.06 0.07 -0.14 -0.11 -0.16 0.08 -0.06
0.01 -0.07 0.09 -0.12 -0.01 -0.16 -0.04 -0.11
-0.06 0.25 0.10 -0.06 -0.17 -0.08 -0.09 0.11
-0.02 -0.04 0.11 -0.07 -0.03 -0.21 0.06 -0.10
0.10 0.07 0.02 -0.15 0.01 -0.11 0.15 -0.06
-0.07 0.09 0.15 -0.06 -0.01 -0.12 0.34 -0.01
0.00 0.08 0.00 -0.02 -0.03 -0.10 0.00 -0.11
-0.08 0.08 0.07 -0.06 -0.02 -0.21 -0.01 -0.06

-0.03 0.06 0.02 0.00 0.02 -0.16 -0.03 -0.09
0.06 0.05 -0.02 -0.05 -0.04 -0.15 0.13 -0.07
-0.01 -0.03 0.00 0.05 0.15 -0.11 -0.05 -0.16
-0.01 0.12 0.11 -0.03 0.35 -0.21 0.02 -0.09
-0.03 0.09 0.02 -0.05 -0.04 -0.11 0.02 -0.06
-0.07 0.11 0.05 -0.03 0.01 -0.09 -0.03 -0.15

-0.08 0.00 0.15 -0.02 -0.08 -0.15 -0.07 -0.03
0.01 -0.04 0.13 -0.11 -0.14 -0.13 0.07 -0.13
0.07 -0.02 0.00 -0.02 -0.02 -0.18 0.03 0.08
-0.01 0.02 0.04 -0.06 0.00 -0.16 0.02 -0.14
-0.03 -0.08 -0.06 -0.07 0.04 -0.19 0.22 -0.07
0.02 -0.06 0.17 -0.11 -0.06 -0.11 0.09 -0.11
0.00 -0.16 0.03 -0.06 0.01 -0.17 0.10 0.00
0.07 0.05 0.12 -0.01 0.05 -0.20 0.16 -0.08
-0.21 0.19 -0.04 -0.06 -0.07 0.03 0.08 -0.08
-0.07 0.03 0.06 -0.02 -0.04 -0.15 -0.04 0.01
0.07 0.01 0.12 -0.02 -0.20 -0.13 -0.01 -0.08
0.05 0.02 0.11 0.03 -0.02 0.04 0.13 -0.04
-0.04 0.05 0.04 -0.03 0.05 -0.18 -0.02 -0.03
0.32 0.21 -0.18 0.07 -0.34 0.35 -0.12
-0.07 -0.06 0.00 -0.05 0.02 -0.19 0.09 -0.13
-0.03 0.01 0.17 -0.08 -0.02 -0.09 0.07 -0.09
0.00 -0.04 0.02 -0.04 -0.08 -0.11 -0.08 -0.05
0.07 0.02 -0.01 -0.09 -0.06 -0.18 0.14 0.04

-0.11 -0.04 0.02 -0.13 -0.06 -0.05 0.01 -0.05
-0.03 0.08 0.05 -0.06 -0.14 -0.07 0.05 -0.05
-0.01 0.16 0.09 -0.05 0.09 -0.13 0.15 -0.07

0.00 -0.09 0.03 -0.19 0.02 -0.27 0.05 -0.03
5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007

0.01 -0.02 0.00 0.00 0.04 0.04 -0.04 -0.05
0.05 0.03 0.02 0.05 0.02 0.11 0.03 -0.02
0.10 -0.07 -0.01 -0.02 0.04 0.05 -0.09 -0.06
-0.07 -0.08 0.06 -0.14 0.17 -0.07 0.03 -0.13
-0.01 -0.03 -0.09 -0.02 0.10 0.02 -0.07 0.00
0.11 0.02 0.02 -0.01 0.13 -0.01 -0.05 -0.08
0.05 -0.04 -0.15 0.01 -0.06 -0.06 -0.08 0.05
-0.01 0.00 -0.01 0.05 0.10 0.07 -0.06 -0.02
0.06 -0.03 0.03 -0.01 0.09 0.09 -0.07 0.03
-0.03 0.02 -0.01 0.00 -0.02 0.04 0.03 -0.03
-0.02 0.00 -0.06 -0.10 0.04 0.10 -0.06 -0.04
-0.01 -0.05 -0.04 0.01 -0.04 -0.02 -0.16 -0.01
-0.04 0.00 0.01 -0.05 -0.03 0.00 -0.12 0.00
0.00 0.04 0.02 0.07 -0.02 0.00 -0.02 -0.02
0.00 -0.06 -0.01 0.00 0.00 0.02 -0.02 -0.05
-0.07 0.02 -0.06 0.00 -0.16 0.03 -0.04 0.01
0.01 -0.04 0.05 -0.01 0.02 0.01 0.00 -0.02
0.03 -0.07 -0.13 0.00 -0.06 0.08 -0.09 -0.01
0.00 -0.06 -0.09 0.04 -0.02 0.10 -0.06 0.04
0.02 -0.02 -0.03 0.02 0.05 0.08 -0.01 0.05
-0.06 -0.10 -0.03 -0.01 -0.07 0.03 -0.13 -0.02
0.04 -0.04 -0.03 -0.01 0.05 0.07 -0.12 -0.10
0.02 -0.02 -0.01 0.02 -0.03 0.00 -0.03 0.01
-0.02 0.03 -0.03 0.03 -0.02 0.01 -0.19 -0.06
-0.06 -0.02 0.04 0.06 -0.05 0.20 0.08 -0.08
-0.07 -0.06 0.03 0.00 -0.05 0.14 -0.10 -0.08
0.00 0.01 -0.07 0.07 0.01 0.12 -0.02 -0.04
-0.04 -0.04 -0.02 -0.03 -0.02 0.09 -0.06 -0.03
-0.04 -0.05 -0.02 -0.09 -0.04 0.08 -0.06 -0.09
0.02 0.01 -0.01 -0.03 0.00 -0.02 -0.02 -0.03
0.09 0.04 0.00 0.00 -0.05 0.03 -0.04 -0.02
0.06 0.00 0.00 -0.02 0.11 0.00 -0.04 -0.07
-0.01 -0.02 0.00 0.02 -0.01 0.05 -0.03 -0.03
-0.06 -0.05 0.00 -0.01 -0.04 0.11 -0.08 -0.06
-0.05 -0.05 -0.01 0.01 0.03 0.03 -0.04 -0.03
7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008

28561.81 28660.35 29959.19 31334.99 30307.8 28957.97 27317.14 30673.74
8.86 9.26 9.43 9.96 10.7 10.52 10.37 10.24
0.00738333 0.00771667 0.00785833 0.0083 0.00891667 0.00876667 0.00864167 0.00853333
3310 3149 3131 3610 3493 3300 2750 3110
12450 12350 13705 14600 13825 13650 14500 18700
3098 3000 3110 3430 3150 3248 2969 2900
3625 3600 3750 4320 3780 4000 3474 3555
5372 5290 5500 6410 5800 6085 5200 6200
8150 7950 8250 9009 8200 7900 6425 6900
3474 3300 3475 3550 3426 3221 2730 2900
41400 41097 45750 44750 45500 41502 39800 49858
0 0 0 0 0 0 0 0
6250 6300 6210 7925 7060 6790 5350 5075
98802 95400 104260 111500 97100 101005 106500 124000
30122 27921 32620 30399 33800 29300 31190 28350
3350 3542 3351 3795 3600 3800 3170 3080
7000 7200 7905 8433 8248 7600 8722 11836
12899 11750 13150 15000 14975 15200 15050 20375
12850 12300 12100 13250 14674 15195 11744 11600
13700 13020 12500 13000 12750 11100 10080 11200
30400 38500 38000 43000 39800 44000 45000 64000
4850 4120 4796 4950 4550 4850 3885 3700
1880 1950 2151 2210 2025 2005 1601 1760
9325 8805 9000 10401 9400 5480 4100 4465
2700 2650 2575 2860 2771 2600 1940 2150
21400 12250 12960 12600 11401 10770 8850 9500
718 670 679 630 555 590 496 482
4125 4050 4801 5200 5000 5300 4390 5000
21000 21049 24361 24750 22400 20760 21750 25480
0 0 0 0 824 880 800 810
2899 3160 3300 3790 3425 3300 2600 2752
0 0 0 0 0 0 0 0
14569 13910 13548 13640 11999 12050 10200 11601
1700 1575 1750 1710 1750 1780 1350 1300
465 471 505 520 570 624 510 400
4457 4454 4512 4616 4669 4620 4190 4530
7780 7550 8110 8400 8450 8200 7100 7555
1470 1525 1670 1795 1639 1461 1335 1500
860 848 867 950 945 815 599 675
380 365 406 405 395 403 340 295
555 570 610 625 595 604 545 575
18445 17399 17000 17900 16500 15700 14400 9300
6400 6200 6400 6650 5900 5375 4500 4800
1815 1900 2000 2340 1880 1750 1404 1720
490 495 510 545 470 479 390 400
810 825 840 856 856 854 759 794
473 391 570 597 574 540 905 985
2849 2700 2640 2805 2789 2713 2380 2740
4251 4200 3552 3800 3560 3297 2775 3200
1115 1145 1214 1274 1180 1203 1050 1105
0 0 0 0 0 0 0 0
525 545 670 770 843 870 670 745
7150 7275 8700 10511 10399 10345 11200 10200
1685 1650 1715 1951 1935 1950 1600 1624
6050 5795 5200 5305 4830 4830 3950 4187
650 640 675 727 675 675 580 590
2318 2335 2210 2570 2150 1975 1660 1870
0 0 0 0 0 1055 850 980
3014 3140 3299 3310 3365 3350 2805 2700
11739 10950 12415 11688 11509 9900 11219 10950
99 93 93 110 112 109 99 104
2375 2469 2578 2516 2450 2342 1995 2410
6400 5539 5540 6450 5650 5500 4549 5400
1575 1546 1619 1640 1604 1560 1400 1457
9825 6410 8159 7355 7300 7046 7450 9620
7490 7600 7450 8300 8200 7900 6600 7605
8199 8550 8600 8700 8500 8500 6800 7300
2339 2490 2399 2240 2150 2060 1650 2250
1425 1409 1401 1275 1260 1260 1290 1286
4350 4437 4650 4760 4750 4500 3975 4260
2259 2150 1789 1735 1540 1479 1200 1200
2240 2300 2457 2300 2473 2235 2400 3025
21000 21210 24000 24400 23686 23725 27800 32806
8915 8050 7399 8085 7250 6525 6299 6000
8901 7902 7250 7845 7200 6287 6160 5770
14000 14300 12900 13120 10290 10438 7600 8000
2750 2750 2900 2999 3035 2980 2550 2500
7305 6970 5820 6230 5400 5100 3750 4235
7249 7100 8000 8650 9200 8700 6900 7301
1510 1435 1440 1420 1400 1330 1150 1195
19100 20800 22600 25400 27000 28500 28400 33700
7541 7433 7384 8000 7623 7533 6267 6542
15064 17300 15960 16115 15943 14784 15405 14750
6170 6190 5670 5655 4800 4595 4090 4500
49800 44734 50450 46457 44800 41140 41820 51200
2238 2175 2220 2300 2301 2290 2050 2180
1479 1480 1520 1591 1500 1509 1340 1440
6100 6900 6840 6590 5950 6450 6500 6530
2780 2675 2620 2640 2175 2200 1890 1975
153 153 170 202 208 234 180 244
8400 9200 8338 8111 7300 7200 6800 7200
10135 10880 10450 12625 13760 12806 11750 12400
2635 2274 2775 2920 2250 2185 1882 1840
7640 7530 8986 9950 9665 10200 8500 9850
13440 13475 12501 14250 13510 13600 10900 11700
5325 5490 4944 4550 4449 4006 4400 7400
2030 2025 2160 2165 2201 2150 1770 1850
17900 17910 19102 20600 18000 16200 13700 14919
1250 1277 1193 1310 1160 1158 985 957
1900 1800 2260 2500 2380 2000 1855 1700
2327 2298 2229 2496 2335 2291 1824 1949
6740 7450 8050 8300 7100 7200 6500 7500
8650 8100 8875 10300 9800 9760 8650 11650
1600 1610 1749 1760 1740 1705 1550 1561
0 0 0 0 0 0 0 0
1969 1835 1990 2150 2030 1999 1595 1585
3400 3320 3560 3650 3670 3762 3180 3100
4250 4525 4780 4730 4530 4372 3750 4280
1635 1639 1610 1625 1725 2000 1800 1720
2835 2835 3200 3580 3490 4749 3800 3900
760 740 811 837 802 780 698 715
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2455 2310 2573 2720 2650 2700 2490 2435
7200 6680 6700 7750 7665 7149 6150 5750
3400 3455 3337 3800 3400 2960 2600 2800
18146 19600 19325 19400 19268 19001 15730 16300
389 388 399 420 397 400 339 350
11460 11225 10450 9900 9290 9730 7950 9780
10210 10449 9946 11730 10500 10008 8960 9850
2282 2299 1950 2020 1908 1940 1630 1799
3150 3410 3600 4050 4050 4305 3500 4075
600 479 575 559 530 495 515 560
2291 2156 2227 2370 2338 2275 1944 1875
10500 11330 11500 13000 12900 10400 9150 9100
27200 28900 29600 33200 34401 33900 35500 40250
5370 5219 5511 5800 5690 6030 5015 4975
0 1640 2180 2650 2200 2380 1583 2150
16499 15550 14750 14800 14200 14600 11900 13017
1830 1795 1830 2150 2000 1984 1825 1960
18670 18725 18185 18740 18100 16800 15100 14001
0 0 0 0 0 0 0 0
9250 10000 10244 10180 9400 8900 7415 8500
3655 3277 3161 3260 2860 2700 2600 2651
1120 1100 1200 1272 1210 1057 990 1050
0 0 0 0 0 0 0 0
10250 10200 11900 13101 12550 13802 12100 13975
1959 1970 1810 1885 1549 1600 1175 1242
4/30/2007 5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007
28170.6 28627.79 28337.22 28561.81 28660.35 29959.19 31334.99 30307.8
8.32 8.68 9.1 8.86 9.26 9.43 9.96 10.7
0.00693333 0.00723333 0.00758333 0.00738333 0.00771667 0.00785833 0.0083 0.00891667
9951 10479 10844 11088 11781 12067 13534 14024
14509 16062 15001 14961 14787 15528 16447 15072
2867 2674 2470 2632 2288 2690 2530 2624
104 103 101 93 92 102 105 98
7597 8461 8672 8892 8864 10042 10062 9670
26114 27517 26629 22831 23237 22028 20970 19462
27883 27724 28037 27911 29546 32755 35302 33557
68 73 71 74 74 81 89 83
54377 52946 54263 54079 54445 53738 56342 58393
30297 29984 30135 28504 25966 27189 30101 28613
137 137 132 127 130 126 124 106
2392 2324 2344 2382 2272 2233 2260 2000
57515 57966 60505 62008 66977 66037 66293 65842
37566 37653 35604 35641 35879 36060 36971 36559
136 128 131 124 125 106 109 106
159 161 156 165 164 169 173 175
35269 36540 34303 30065 30408 28924 31383 28784
5136 5166 4889 4481 4674 4605 5119 4875
23317 23933 23614 23031 23676 25086 27194 27102
37850 35759 32371 31743 31715 29605 30780 27112
43253 45175 43810 42736 42564 45198 48873 43234
5007 5158 5078 5053 5208 5113 5169 5071
1752 1732 1802 1756 1831 1803 1839 1512
166 157 155 162 174 167 202 220
41661 38964 37078 38295 38532 36809 42330 38568
21236 21388 21708 20253 21854 22182 25075 24882
20503 19884 19244 19096 18623 18417 20239 19202
3113 2997 2885 2862 2639 2542 2770 2627
2065 2111 2140 2137 2080 2087 2063 2047
292 322 337 341 343 328 342 330
27343 29150 29380 29737 29419 32981 33364 32452
24485.06 24407.71 24054.35 24162.11 24716.38 24639.21 26089.4 25478.9
9880.86 9401.74 9010.55 9084.9 9074.49 8741.11 9739.21 9080.21
338.84 325.38 312.19 312.05 317.92 329.91 343.18 330.99
Monthly Price Returns in excess of risk free rate
15 16 17 18 19 20 21 22
4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 9/30/2008 10/31/2008 11/30/2008

0.03 0.03 -0.05 -0.10 -0.01 -0.15 -0.13 0.00
-0.01 -0.09 -0.05 0.17 -0.01 -0.10 0.05 0.02
0.15 0.08 -0.12 -0.13 -0.08 -0.11 -0.45 -0.07
-0.10 -0.10 -0.09 0.15 0.07 -0.04 -0.09 0.04
0.05 0.06 -0.17 0.01 0.01 -0.05 -0.16 0.02
-0.03 0.13 -0.12 0.06 0.06 -0.07 -0.24 -0.40
0.02 0.02 -0.07 -0.06 0.09 -0.09 -0.15 -0.11
-0.09 0.03 -0.04 -0.04 0.09 0.01 -0.08 -0.19
0.02 0.03 0.05 -0.24 -0.04 -0.33 -0.15 -0.04
-0.11 0.01 0.04
-0.06 0.12 -0.20 0.00 0.04 -0.03 -0.09 -0.16
0.01 0.08 -0.02 -0.27 0.00 -0.25 -0.47 0.15
-0.08 0.12 -0.07 -0.11 -0.15 -0.09 -0.03 0.15
-0.04 0.05 -0.04 0.31 0.10 -0.10 -0.21 0.09
-0.02 0.05 0.00 -0.44 -0.06 -0.41 -0.49 0.11
0.13 0.16 -0.07 -0.12 0.04 -0.41 -0.38 0.01
0.05 -0.07 -0.06 0.01 0.10 -0.07 -0.10 0.01
-0.07 -0.11 -0.05 0.24 0.06 -0.02 -0.07 0.02
0.29 0.03 -0.05 -0.13 0.06 -0.20 -0.18 -0.21
-0.07 0.14 -0.15 -0.05 0.02 -0.12 -0.27 0.01
-0.06 -0.04 -0.12 0.08 0.07 -0.04 0.02 0.22
-0.19 -0.08 -0.09 0.07 0.05 -0.05 -0.02 -0.14
-0.07 0.07 -0.07 -0.09 -0.08 0.04 -0.15 -0.15
0.02 -0.08 -0.23 -0.17 0.01 -0.06 -0.13 -0.21
0.00 0.01 -0.17 0.01 0.18 -0.20 -0.15 0.04
-0.07 -0.21 0.01 0.03 -0.15 -0.23 -0.45 0.21
0.12 0.07 0.01 -0.18 -0.03 -0.22 -0.12 0.06
-0.05 0.02 -0.09 -0.13 0.05 -0.10 -0.33 0.25
-0.09 0.07 -0.09 -0.01 0.14 -0.20 -0.28 -0.13
-0.06
0.01 -0.07 -0.09 0.02 0.11 -0.09 -0.01 -0.09
-0.07 -0.09 -0.13 -0.09 0.13 0.01 -0.03 -0.01
-0.26 -0.37 0.10 -0.22 0.01 -0.11 -0.05 0.12
0.01 0.03 -0.11 0.02 0.00 -0.18 -0.44 -0.18
-0.01 -0.03 -0.06 0.00 0.05 -0.06 -0.07 0.03
-0.03 0.00 -0.13 0.05 0.17 -0.01 0.02 -0.06
0.05 -0.16 -0.20 0.09 0.03 0.10 -0.14 -0.01
-0.11 -0.06 -0.11 -0.03 0.03 -0.01 -0.07 -0.05
-0.04 -0.10 -0.08 0.23 0.00 -0.05 -0.09 0.10
-0.11 -0.04 -0.06 -0.10 -0.01 0.10 -0.07 0.06
0.13 -0.03 -0.15 0.03 -0.01 0.09 -0.03 -0.08
-0.04 -0.01 -0.12 -0.05 0.10 -0.02 -0.25 -0.20
0.14 -0.14 -0.11 -0.01 -0.01 -0.13 -0.14 -0.07
-0.10 0.11 -0.10 0.01 0.02 -0.19 -0.16 0.04
-0.30 0.04 0.01 -0.25 -0.11 -0.10 -0.01 0.11
0.01 -0.04 -0.11 -0.01 0.02 -0.04 0.11 -0.08
-0.02 0.13 -0.17 0.04 0.07 -0.15 -0.40 -0.12
-0.05 -0.07 -0.08 0.15 0.11 -0.07 -0.02 0.04
-0.08 -0.09 0.23 -0.15 -0.16 -0.26
-0.05 -0.18 0.01 -0.09 0.30 -0.15 -0.32 -0.43
0.12 0.25 -0.09 -0.25 0.05 -0.27 -0.25 0.10
-0.05 0.12 -0.13 -0.01 0.13 -0.07 -0.08 0.01
-0.07 -0.07 -0.14 0.24 0.14 -0.08 0.00 0.06
-0.08 -0.13 -0.09 0.16 0.10 -0.07 -0.09 0.07
-0.03 -0.07 -0.10 0.25 -0.03 0.01 -0.17 0.17
0.05 -0.04 -0.19 0.00 0.00 0.04 -0.25 -0.01
-0.14 -0.12 -0.18 -0.02 0.17 -0.17 0.02 0.02
-0.14 -0.03 0.01 -0.12 -0.21 0.12 -0.15 0.20
0.02 -0.04 -0.11 -0.11 -0.12 -0.23 -0.24 -0.05
0.16 0.02 -0.02 -0.10 0.04 -0.30 -0.22 -0.09
-0.04 0.04 -0.16 -0.02 0.25 0.00 -0.27 -0.24
-0.07 -0.06 -0.09 0.18 0.09 -0.06 -0.06 0.16
-0.12 0.04 0.04 -0.16 -0.17 0.22 -0.12 0.16
-0.05 -0.13 -0.01 -0.09 -0.06 -0.02 -0.12 -0.13
0.11 0.02 -0.05 -0.01 0.00 -0.11 -0.19 -0.03
-0.10 0.06 -0.12 -0.05 -0.01 -0.15 -0.07 -0.10
-0.04 -0.07 -0.08 -0.04 0.18 -0.05 -0.06 -0.01
-0.08 -0.06 -0.13 0.16 0.11 -0.05 -0.11 0.10
-0.02 -0.10 -0.16 -0.11 0.13 -0.03 -0.35 0.06
0.07 -0.04 -0.14 -0.14 0.09 -0.03 -0.14 0.01
-0.02 0.05 -0.06 -0.21 -0.12 -0.25 -0.40 0.22
-0.04 -0.05 -0.12 0.05 0.14 -0.18 0.00 -0.11
-0.01 -0.03 -0.11 0.04 0.12 -0.19 -0.04 -0.08
-0.04 -0.32 -0.01 -0.17 0.22 0.09 -0.08 -0.09
0.05 0.04 -0.06 -0.08 0.11 -0.08 -0.09 -0.08
-0.04 -0.16 -0.13 0.13 -0.01 -0.02 -0.07 0.07
0.00 0.09 -0.25 -0.15 0.11 0.02 -0.08 -0.20
0.06 -0.16 -0.02 -0.17 0.13 0.04 0.04 0.05
0.06 0.02 -0.08 -0.20 -0.02 -0.26 -0.33 0.23
-0.04 0.15 0.01 -0.02 -0.05 0.02 0.03 -0.17
-0.06 -0.10 -0.02 0.02 -0.01 -0.01 -0.21 -0.25
-0.09 -0.11 -0.05 0.16 -0.01 0.03 -0.08 0.13
-0.06 0.10 -0.06 -0.30 0.37 -0.36 -0.42 -0.31
-0.01 -0.04 -0.04 -0.01 -0.01 -0.02 -0.09 0.07
-0.02 -0.07 -0.12 0.04 0.10 -0.15 -0.10 0.05
-0.09 -0.08 -0.19 -0.08 0.11 -0.11 -0.10 -0.27
-0.09 -0.05 -0.07 0.29 0.13 -0.01 0.07 -0.01
0.10 0.08 0.11 -0.35 -0.01 -0.52 -0.20 -0.33
0.05 -0.02 -0.13 0.21 0.10 -0.11 0.15 -0.09
0.17 0.04 -0.19 0.01 -0.07 -0.04 -0.06 -0.05
0.13 0.00 -0.05 -0.15 -0.18 -0.22 -0.59 -0.57
-0.08 -0.02 -0.02 0.09 0.07 -0.09 -0.32 -0.27
-0.03 -0.14 -0.09 0.12 -0.01 -0.02 -0.10 -0.01
-0.08 0.03 -0.02 -0.23 0.00 -0.17 -0.33 -0.31
0.00 -0.18 -0.04 0.05 0.04 -0.06 -0.06 -0.07
0.16 0.07 -0.05 0.04 0.07 -0.18 0.00 -0.06
0.02 -0.06 -0.13 -0.04 0.19 -0.05 -0.17 0.11
0.04 0.07 -0.08 -0.06 -0.02 0.11 0.04 0.03
0.09 -0.09 -0.20 -0.02 -0.05 -0.16 -0.27 -0.06
0.15 -0.08 -0.01 -0.14 0.21 -0.15 -0.15 -0.14
0.28 0.00 0.03 -0.19 -0.20 -0.20 -0.29 -0.01
-0.03 -0.04 -0.13 0.22 0.04 -0.16 -0.07 0.15
-0.14 -0.11 -0.03 0.10 -0.03 -0.03 0.04
-0.08 -0.11 -0.12 -0.05 0.17 -0.24 -0.16 0.00
0.03 0.00 -0.10 0.06 0.01 -0.01 0.04 0.03
-0.01 -0.12 -0.20 0.18 -0.01 -0.09 -0.05 0.02
0.09 -0.06 -0.06 -0.02 0.13 -0.16 0.03 -0.06
0.07 0.07 -0.20 0.01 0.09 -0.20 -0.18 -0.18
-0.11 -0.09 -0.08 0.18 0.11 -0.11 -0.08 0.02
-0.27
0.03
-0.06 -0.05 -0.09 0.18 0.05 -0.04 -0.07 0.09
-0.02 -0.02 -0.13 0.06 0.10 -0.02 -0.16 -0.07
0.01 -0.06 -0.12 0.23 0.00 -0.02 -0.14 0.17
-0.02 0.11 -0.10 -0.15 0.06 -0.04 -0.03 0.05
-0.07 -0.03 -0.13 0.16 -0.09 -0.12 -0.05 0.08
0.10 0.06 -0.14 -0.17 0.00 -0.02 -0.26 -0.40
0.01 -0.09 -0.09 0.18 -0.02 0.03 -0.19 0.12
0.02 0.05 -0.20 -0.01 0.15 -0.16 -0.10 -0.26
0.13 -0.03 -0.07 0.07 0.07 0.00 0.10 -0.13
-0.18 -0.01 -0.08 -0.01 -0.03 -0.32 -0.34 0.03
0.04 -0.04 -0.15 0.05 0.00 -0.02 -0.11 0.03
0.00 -0.01 -0.08 -0.05 0.05 0.10 -0.21 -0.05
0.10 0.09 -0.03 -0.15 0.07 -0.19 -0.18 -0.01
0.15 -0.08 -0.06 0.04 0.03 -0.07 0.12 -0.07
-0.11 0.12 -0.22 0.09 0.03 0.01 -0.35 -0.17
-0.05 -0.19 -0.02 -0.03 0.09 -0.05 -0.12 0.02
-0.01 -0.09 -0.20 0.18 0.11 0.02 -0.12 -0.01
0.08 0.07 -0.11 0.02 -0.07 0.00 0.02 -0.05
0.01 0.00 -0.11 -0.08 0.00 -0.09 -0.25 -0.08

0.00 -0.11 -0.01 0.26 0.06 -0.07 0.13 -0.05
-0.07 -0.06 -0.11 0.15 0.02 -0.01 -0.05 0.00
-0.04 -0.06 -0.10 0.04 0.17 0.05 -0.22 -0.17

-0.02 -0.06 -0.11 0.15 0.06 -0.08 -0.04 0.07
Monthly Price Returns in excess of risk free rate
1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008

-0.07 0.11 -0.04 0.03 0.03 -0.05 -0.10 -0.01
0.04 0.13 -0.04 0.10 0.09 -0.03 -0.15 0.07
-0.17 0.08 -0.08 0.02 0.00 -0.06 -0.06 0.10
0.09 -0.01 -0.01 -0.12 0.04 0.00 -0.12 -0.17
0.11 0.18 -0.05 -0.02 0.06 -0.05 -0.24 -0.06
-0.01 0.20 -0.05 0.07 0.05 0.02 -0.21 -0.04
-0.14 0.15 -0.04 0.04 0.02 -0.15 -0.15 0.03
0.02 0.31 0.05 0.13 0.07 -0.10 -0.12 -0.08
-0.17 0.15 -0.06 -0.04 0.01 -0.11 0.08 0.07
-0.13 0.11 -0.03 0.01 0.00 -0.13 -0.01 -0.03
-0.16 -0.05 0.00 -0.04 0.02 -0.11 0.01 0.04
-0.24 0.08 -0.06 0.02 -0.09 -0.03 -0.14 0.11
-0.16 0.11 -0.05 0.00 -0.06 -0.10 0.02 0.11
-0.18 0.03 0.08 -0.02 0.11 -0.10 -0.15 0.06
-0.12 -0.01 -0.06 0.04 0.02 -0.11 -0.01 0.15
-0.17 0.10 0.00 0.02 0.05 -0.20 -0.01 0.15
-0.10 0.07 -0.01 0.01 0.03 -0.11 0.02 0.00
-0.13 -0.01 -0.11 0.01 -0.06 -0.10 -0.01 0.12
-0.17 -0.05 0.04 -0.05 0.03 -0.05 0.28 0.05
-0.18 0.07 -0.07 0.11 -0.04 -0.07 0.06 0.05
-0.16 0.06 -0.07 -0.02 -0.07 -0.10 0.19 0.08
-0.17 0.07 -0.05 0.12 0.05 -0.05 0.03 0.07
-0.18 0.05 -0.11 -0.05 -0.13 -0.05 -0.03 0.08
0.01 -0.01 -0.08 -0.03 0.06 0.02 -0.03 -0.01
-0.09 0.05 -0.01 0.16 0.04 -0.19 0.01 -0.07
-0.14 0.12 -0.11 -0.01 -0.09 -0.09 0.20 -0.01
-0.13 -0.01 -0.08 0.00 -0.01 -0.08 -0.05 0.05
-0.19 0.03 -0.07 0.06 -0.07 -0.18 0.01 -0.02
-0.13 0.01 -0.10 -0.02 -0.04 -0.11 0.06 0.07
-0.15 0.06 -0.01 -0.04 -0.06 -0.03 -0.11 -0.02
-0.14 0.06 -0.06 -0.07 0.11 -0.13 0.03 0.04
0.02 0.17 -0.05 0.04 0.06 0.00 -0.20 -0.04
-0.13 0.07 -0.02 0.04 0.03 -0.12 -0.01 0.02
-0.13 0.06 -0.08 0.00 -0.08 -0.11 0.12 0.00
-0.10 0.02 -0.05 -0.07 -0.08 -0.09 0.15 0.05
3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 9/30/2008 10/31/2008

29587.51 30743.49 31841.27 30413.43 27719.67 27702.06 23835.97 20991.72
10.04 10.46 11.55 11.38 11.35 11.16 11.11 10.7
0.00836667 0.00871667 0.009625 0.00948333 0.00945833 0.0093 0.00925833 0.00891667
2665 2655 2450 2360 2775 2775 2520 2660
19700 22890 25000 22300 19600 18200 16400 9150
2815 2550 2325 2130 2477 2680 2598 2380
3000 3189 3400 2850 2900 2950 2820 2400
5800 5705 6525 5800 6200 6620 6250 4799
6400 6590 6805 6400 6100 6700 6150 5290
2735 2500 2600 2530 2460 2701 2765 2579
48050 49497 51568 54800 42200 40794 27800 23935
0 0 0 0 0 3750 3370 3420
5560 5300 5995 4840 4899 5129 5000 4600
119000 121250 132501 130700 96500 97400 74400 40000
27201 25300 28650 26885 24125 20850 19200 18849
3190 3105 3282 3180 4199 4675 4250 3400
12056 11881 12600 12750 7211 6870 4127 2150
22501 25699 29947 28000 24800 26000 15680 9900
9680 10200 9550 9100 9249 10300 9650 8800
10151 9500 8550 8201 10225 10889 10800 10100
61700 80000 83000 79999 70000 75000 60500 50000
4000 3745 4300 3700 3549 3649 3250 2400
1580 1500 1459 1295 1416 1535 1495 1539
3100 2540 2360 2170 2337 2468 2375 2349
2125 2000 2150 2010 1850 1710 1790 1540
10781 11050 10299 8000 6720 6829 6450 5650
520 523 535 450 460 545 440 380
4610 4350 3500 3565 3720 3200 2500 1400
23901 27000 29200 29647 24463 23928 18795 16786
775 740 765 700 615 650 590 400
2949 2700 2925 2690 2700 3100 2520 1825
0 0 0 0 0 0 0 26621
11200 11403 10725 9838 10150 11400 10440 10400
1450 1360 1250 1100 1010 1150 1170 1150
400 300 193 215 170 174 156 150
4515 4595 4790 4294 4422 4485 3698 2087
7500 7500 7350 6999 7100 7550 7200 6750
1414 1390 1410 1238 1315 1550 1550 1597
625 660 560 455 500 520 575 500
334 300 285 255 250 260 260 245
525 510 465 430 535 540 520 477
9350 8400 8120 7700 7020 7005 7760 7300
4999 5715 5596 4824 5000 4998 5500 5400
1449 1400 1400 1250 1200 1330 1310 990
400 460 400 360 360 360 315 275
780 706 790 715 727 745 613 521
825 586 615 628 476 429 390 390
2430 2485 2400 2170 2160 2220 2150 2399
2740 2710 3075 2585 2717 2930 2520 1540
985 940 881 819 950 1060 995 980
0 0 1350 1255 1150 1425 1231 1040
655 630 520 528 488 640 549 380
11035 12500 15750 14445 10902 11500 8527 6440
1475 1410 1590 1405 1400 1600 1500 1390
3851 3605 3399 2955 3695 4250 3950 4000
605 562 494 456 535 595 560 515
1600 1566 1470 1330 1672 1642 1671 1399
880 930 900 735 745 750 789 600
2390 2080 1850 1535 1520 1799 1510 1552
11500 10000 9775 9950 8847 7100 8050 6900
115 118 114 103 93 83 65 50
2205 2586 2650 2625 2390 2500 1780 1400
5175 5030 5264 4490 4460 5600 5650 4150
1367 1280 1211 1110 1320 1445 1370 1300
9725 8630 9050 9500 8025 6750 8275 7370
7700 7380 6500 6500 5950 5665 5599 4985
6970 7770 8000 7650 7650 7750 7000 5700
2398 2190 2340 2075 2000 1990 1700 1600
1260 1225 1145 1065 1035 1230 1185 1125
4025 3750 3545 3135 3680 4120 3940 3550
1097 1090 995 843 760 864 850 560
2964 3200 3090 2675 2325 2551 2490 2160
31300 30800 32501 30900 24582 21795 16600 10090
5743 5535 5306 4720 5010 5750 4750 4779
5401 5418 5299 4745 4974 5625 4610 4449
7925 7655 5300 5275 4406 5400 5909 5494
2550 2701 2840 2693 2500 2800 2600 2380
3651 3536 2998 2625 2998 3010 2975 2800
6500 6526 7164 5450 4675 5250 5404 5037
1220 1300 1100 1090 920 1050 1101 1150
30950 33000 33999 31500 25600 25200 18900 12800
6333 6133 7100 7267 7160 6833 7034 7300
15482 14700 13390 13300 13725 13755 13700 10900
4190 3850 3450 3300 3850 3850 3999 3700
49364 46975 51940 49400 35000 48440 31300 18569
1970 1958 1900 1850 1845 1840 1813 1670
1340 1320 1235 1093 1150 1280 1100 996
6850 6270 5850 4782 4455 5000 4500 4100
1820 1670 1600 1500 1956 2219 2225 2400
317 350 380 425 281 280 138 112
6680 7075 6999 6170 7500 8320 7500 8700
12300 14450 15219 12450 12680 11864 11500 10900
2089 2384 2400 2310 1975 1640 1300 540
9550 8850 8800 8699 9600 10400 9590 6598
11680 11450 9963 9195 10412 10420 10350 9370
7111 6599 6843 6760 5300 5370 4500 3050
1640 1650 1370 1325 1406 1470 1402 1330
14100 16426 17750 17100 17929 19375 16100 16200
855 878 831 735 716 860 825 690
1905 2000 2150 2000 1900 1880 2105 2200
1767 1936 1775 1438 1425 1361 1150 849
7100 8195 7600 7600 6635 8100 7000 6000
11650 15000 15190 15750 12875 10375 8400 6000
1401 1365 1320 1160 1430 1494 1275 1202
0 3000 2610 2350 2300 2540 2477 2422
1500 1395 1260 1120 1070 1264 970 820
2850 2949 2968 2700 2885 2949 2950 3108
4005 4000 3545 2869 3400 3398 3125 3000
1460 1600 1525 1449 1440 1640 1390 1440
3600 3900 4200 3400 3450 3780 3050 2525
680 610 560 519 615 690 620 575
0 0 0 0 0 0 0 1240
0 0 0 0 0 0 0 7099
2100 2000 1910 1760 2099 2225 2150 2025
5650 5600 5550 4900 5251 5810 5749 4900
2450 2488 2372 2100 2600 2617 2600 2269
17701 17560 19663 17805 15330 16454 16000 15600
305 285 280 247 289 265 235 225
9191 10210 10885 9495 7990 8075 8000 5960
8820 9000 8310 7630 9090 9000 9353 7700
1810 1855 1960 1592 1595 1845 1575 1426
3780 4295 4200 3949 4245 4600 4650 5150
520 430 430 400 400 393 272 182
1910 2000 1930 1660 1760 1776 1760 1590
8422 8455 8425 7871 7520 8000 8900 7100
38857 43000 47300 46100 39500 42495 34990 28850
4850 5600 5200 4950 5200 5400 5050 5699
1910 1725 1940 1540 1700 1770 1800 1195
11390 10890 8900 8800 8580 9430 9073 8110
1800 1792 1650 1330 1585 1770 1830 1620
13350 14475 15680 14100 14500 13554 13740 14195
0 0 0 0 0 0 0 0
8921 9110 9200 8300 7750 7800 7149 5410
2550 2560 2291 2295 2907 3118 2919 3315
1006 940 890 800 925 951 950 910
0 0 0 0 0 0 0 0
13100 12700 12100 11050 11600 13700 14500 11500
1211 1195 1130 1020 1178 1257 1170 1130
12/31/2007 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008
28957.97 27317.14 30673.74 29587.51 30743.49 31841.27 30413.43 27719.67
10.52 10.37 10.24 10.04 10.46 11.55 11.38 11.35
0.00876667 0.00864167 0.00853333 0.00836667 0.00871667 0.009625 0.00948333 0.00945833
13819 14472 16408 15840 17529 19282 18793 16102
14295 11950 13055 12167 12463 12533 11874 11246
2309 2527 2518 2517 2249 2366 2398 2127
99 111 132 126 125 133 129 99
8936 8937 10815 10327 11108 11798 12194 9723
20586 17956 20735 20145 21141 21768 18691 16127
33295 34092 44809 47596 54349 58667 53278 47164
86 72 84 79 77 78 70 76
57320 50367 56178 55218 56373 56868 50100 50318
27753 23671 22681 22815 22198 22962 20632 20951
105 81 89 84 86 80 78 68
2014 1705 1908 1835 1858 1760 1598 1644
64930 53752 55700 60488 60006 67192 60843 52386
35125 31157 31168 29677 31086 32110 28914 28967
108 91 100 101 103 109 88 89
173 157 169 169 172 179 161 165
28709 25091 25085 22495 22856 21809 19926 19831
5121 4279 4095 4292 4133 4312 4145 5356
28562 23545 25461 23841 26703 25945 24311 25968
26721 22629 24117 22521 22309 20999 19108 22867
39339 32797 35494 34188 38493 40869 39172 40759
5152 4251 4507 4054 3896 3421 3279 3223
1434 1460 1465 1363 1336 1423 1470 1444
205 187 198 196 230 242 198 202
35876 31249 35355 31616 31468 29007 26598 32198
24165 21261 21145 19569 19646 19576 18289 17473
18846 15432 16100 15136 16142 15152 12623 12806
2403 2122 2167 1977 1963 1896 1702 1819
2003 1727 1839 1844 1787 1695 1667 1497
325 284 304 289 270 302 266 276
30448 31443 36937 35491 37174 39664 40195 32507
24969.86 21829.82 23544.09 23295.2 24337.6 25261.3 22541.21 22478.99
8570.95 7492.54 8029.36 7423.55 7485.07 6959.74 6257.75 7055.88
322.56 293.5 300.67 288.24 270.46 250.64 230.64 267.55
23 24 25 26 27 28 29 30
12/31/2008 1/31/2009 2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009

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0.14 0.13 0.03 0.15 -0.25 0.32 -0.19 0.04
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0.03 0.03 -0.06 0.13 0.15 0.23 -0.28 0.10
0.09 0.07 -0.07 0.22 -0.17 0.08 0.03 0.01
0.06 -0.06 -0.05 0.04 0.07 -0.01 -0.04 0.12
0.04 -0.15 -0.05 0.07 0.02 0.03 0.08 0.06
0.20 -0.19 -0.15 0.29 0.01 0.06 -0.01 0.10
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0.09 -0.06 -0.18 0.05 0.02 0.03 0.03 0.10
0.03 -0.05 -0.09 0.14 -0.09 0.03 -0.03 0.00
0.26 -0.05 0.13 -0.16 -0.03 0.33 0.03 -0.04
0.02 -0.17 -0.11 0.09 0.04 0.13 -0.08 0.17
0.02 0.00 -0.14 0.02 0.03 0.05 -0.03 0.03
0.11 -0.04 -0.11 0.01 0.09 0.06 0.04 0.11
-0.08 -0.03 -0.03 0.11 0.16 -0.08 0.15 0.11
-0.03 0.12 0.15 0.14 0.20 -0.16 0.07 0.02
0.11 -0.04 -0.02 0.00 0.05 -0.02 -0.02 0.07
0.00 -0.06 -0.02 -0.07 -0.04 0.10 0.02 0.03
0.03 0.09 -0.04 0.23 -0.05 0.02 -0.04 0.07
-0.04 -0.11 -0.01 -0.02 -0.02 -0.04 -0.02 -0.01
0.07 0.10 -0.14 0.01 0.24 -0.01 0.08 0.17
0.06 -0.09 -0.07 0.10 0.15 0.16 0.02 0.03
0.26 0.30 0.13 -0.05 -0.13 0.17 -0.26 -0.08
0.14 -0.02 -0.06 0.03 -0.02 0.13 -0.08 0.06
0.19 -0.08 -0.20 0.19 0.14 -0.04 0.08 0.22
0.03 -0.01 -0.01 -0.06 0.04 -0.05 0.01 0.07
0.07 -0.15 -0.20 -0.11 0.15 0.10 -0.07 0.06
0.40 -0.09 -0.27 0.08 0.06 0.31 0.06 0.07
0.00 -0.06 -0.02 0.02 -0.10 0.27 -0.06 0.08
0.05 0.05 -0.08 -0.02 0.11 0.12 -0.02 0.08
0.11 -0.05 -0.10 0.05 0.02 0.04 0.06 0.16
0.02 -0.01 -0.04 0.02 0.03 -0.07 0.00 0.06
-0.03 -0.08 -0.20 -0.01 0.08 0.04 0.02 0.07
0.07 0.01 -0.26 0.00 0.15 0.03 0.11 0.19
0.12 -0.08 -0.05 0.06 0.02 0.02 -0.05 -0.01
0.09 0.17 -0.04 -0.01 -0.16 0.24 -0.16 -0.02
0.01 0.11 -0.39 0.58 -0.14 0.02 0.14 0.19
0.18 -0.14 -0.02 -0.09 0.15 0.11 -0.10 0.08
0.10 -0.10 -0.16 0.02 0.12 0.03 0.05 0.00
-0.02 -0.04 -0.08 0.00 0.03 -0.05 -0.04 0.04
0.13 0.22 0.01 -0.19 -0.22 0.22 -0.18 -0.13
-0.10 0.07 -0.04 -0.04 0.11 -0.02 0.03 0.14
0.12 -0.02 -0.27 -0.05 0.11 -0.05 0.08 0.12
-0.10 -0.03 -0.27 0.05 0.02 0.11 -0.03 0.19
0.04 -0.06 0.03 0.01 -0.06 0.02 -0.05 0.10
0.05 -0.04 -0.04 -0.01 0.07 -0.10 0.00 0.05
0.11 0.19 -0.21 0.01 0.00 0.15 -0.19 0.24
0.01 0.05 0.05 0.12 -0.09 0.01 0.06 0.09
0.08 -0.13 -0.01 0.33 0.03 0.17 -0.12 0.10
-0.03 -0.11 -0.20 0.28 0.04 0.08 -0.04 0.30
-0.04 -0.12 -0.19 0.34 0.05 0.08 -0.08 0.27
0.17 -0.15 -0.15 0.20 0.01 0.10 -0.03 0.16
0.04 0.00 -0.20 0.06 0.07 0.02 0.00 0.04
0.20 -0.01 -0.20 0.11 0.03 0.09 0.07 0.17
-0.12 0.08 -0.05 0.16 0.17 -0.06 -0.03 0.24
-0.03 0.00 -0.14 0.01 0.04 0.20 -0.02 0.01
0.02 -0.09 0.07 0.01 -0.01 0.18 -0.07 0.14
0.02 0.05 -0.04 -0.02 -0.09 0.03 -0.01 0.00
-0.18 -0.22 -0.12 0.09 -0.05 -0.07 0.07 0.13
0.13 -0.11 -0.16 0.16 -0.02 0.07 0.07 0.05
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0.12 0.06 0.02 -0.04 -0.05 -0.04 -0.03 0.10
0.01 0.12 -0.11 -0.05 0.01 0.08 0.00 0.10
0.10 -0.06 -0.31 0.24 0.02 0.26 -0.06 0.05
0.03 0.04 -0.09 0.01 0.07 0.03 0.03 0.08
0.11 -0.17 -0.20 0.22 0.12 0.22 0.02 0.14
0.05 -0.05 -0.11 -0.05 0.05 0.04 0.03 -0.06
0.03 -0.11 -0.13 0.21 0.05 0.03 0.02 0.08
-0.09 0.00 -0.27 0.02 0.04 0.27 0.36 0.08
-0.03 -0.11 -0.15 0.09 0.17 0.04 0.00 -0.06
0.01 -0.06 -0.18 0.12 0.02 0.02 0.09 0.09
-0.05 -0.16 0.24 0.17 0.09 0.20 -0.13 0.23
0.05 -0.02 -0.02 -0.03 -0.01 0.12 0.02 0.06
0.07 -0.06 -0.03 0.03 0.08 0.09 0.06 0.13
0.08 0.05 -0.04 -0.08 0.16 0.06 -0.03 0.09
-0.02 0.01 0.14 -0.16 0.07 0.10 -0.14 0.06
-0.06 0.02 -0.23 0.15 0.19 0.13 0.06 0.21
-0.03 -0.03 -0.16 0.22 -0.01 -0.02 0.11 -0.03
0.14 -0.14 -0.14 -0.04 0.23 0.31 -0.09 -0.04
0.05 -0.05 -0.02 0.00 -0.01 -0.03 0.00 0.06
0.01 -0.06 -0.06 -0.04 0.07 0.20 -0.07 0.06
-0.01 -0.14 -0.35 0.20 0.12 0.03 0.03 0.25
0.11 -0.05 -0.11 -0.05 0.03 0.13 -0.05 0.08
0.01 -0.06 0.00 0.05 0.04 -0.07 -0.06 -0.01
0.13 -0.11 0.06 0.02 0.04 0.03 -0.05 0.01
0.03 -0.23 0.05 0.00 0.22 -0.02 0.25 -0.09
0.05 0.08 -0.01 -0.04 0.09 -0.06 -0.04 0.13
0.04 0.00 -0.06 -0.02 0.01 0.09 0.03 0.00
0.03 -0.08 -0.07 0.01 0.07 0.00 0.01 0.08
0.07 -0.05 0.04 -0.05 -0.01 -0.02 0.00 0.03
0.09 -0.08 -0.22 -0.02 0.14 -0.03 0.06 0.07
-0.05 -0.12 -0.17 0.06 0.08 -0.02 0.06 0.07
-0.02 0.01 -0.13 -0.03 0.02 0.13 -0.05 0.15
0.05 0.02 -0.08 -0.04 0.03 0.01 -0.01 0.03
0.03 -0.12 -0.44 -0.05 0.24 0.20 -0.18 0.10
-0.05 -0.15 -0.09 0.22 0.03 -0.01 0.07 0.05
0.17 -0.05 -0.07 -0.11 0.01 0.27 0.02 0.14
0.16 0.02 -0.09 0.01 0.00 0.08 -0.02 0.03
0.07 0.02 0.09 0.15 0.02 0.13 -0.22 -0.08
0.02 -0.06 -0.06 0.10 -0.06 0.07 0.00 0.14
0.16 -0.02 0.03 -0.06 0.01 0.00 0.08 0.08
-0.03 -0.02 -0.09 0.08 -0.07 0.16 -0.11 0.02
0.05 -0.04 -0.04 -0.03 0.02 0.06 -0.01 0.05
0.03 -0.14 -0.08 -0.20 0.24 0.21 -0.04 0.00
0.11 -0.06 -0.19 -0.01 0.11 -0.07 0.01 0.09
0.16 -0.03 -0.05 -0.05 -0.01 0.01 -0.05 0.08
0.05 -0.03 -0.11 0.06 -0.03 0.04 0.03 0.08
0.05 0.01
0.25 0.04 0.14 -0.10 0.08 0.01 0.18 0.09
0.07 0.03 -0.12 0.02 0.05 0.06 0.01 0.07
-0.01 -0.02 -0.10 0.11 0.01 0.03 -0.12 0.08
0.09 0.02
0.10 -0.10 -0.13 -0.01 0.17 0.03 0.02 0.06
0.03 0.05 -0.12 -0.05 0.05 0.04 0.03 0.20
9/30/2008 10/31/2008 11/30/2008 12/31/2008 1/31/2009 2/28/2009 3/31/2009 4/30/2009

-0.15 -0.13 0.00 0.01 -0.05 -0.11 0.10 0.01
-0.19 -0.18 -0.01 -0.03 -0.02 -0.09 0.08 -0.07
-0.06 -0.14 -0.13 0.07 -0.02 -0.19 0.00 0.07
0.02 -0.09 0.17 0.12 0.16 0.01 0.03 -0.21
-0.25 -0.42 0.15 0.08 -0.15 -0.03 0.29 0.01
-0.28 -0.14 0.01 -0.05 -0.07 -0.16 0.16 0.02
-0.04 -0.22 -0.12 0.04 -0.11 -0.41 0.03 0.18
-0.11 -0.45 -0.05 0.02 -0.10 -0.05 -0.01 0.06
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-0.06 -0.19 -0.05 0.03 -0.05 -0.19 0.00 0.12
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-0.18 0.27 -1.01 -0.17 -0.11 0.09 0.04
-0.04 -0.15 0.10 0.09 0.07 -0.02 -0.07 0.09
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-0.26 0.00 -0.04 0.11 0.01 -0.16 0.06 0.01
-0.04 -0.06 -0.05 0.03 -0.10 -0.13 0.21 0.05
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11/30/2008 12/31/2008 1/31/2009 2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009

21209.49 21509.2 20570.05 18465.33 20363.91 20647.03 22770.62 22049.42
10.9 10.61 10.1 8.92 8.24 8.21 7.06 7.38
0.00908333 0.00884167 0.00841667 0.00743333 0.00686667 0.00684167 0.00588333 0.00615
2725 2570 2630 2105 2520 2707 2600 2777
8600 8845 8095 7395 7310 8000 9493 9550
2500 2750 2789 2651 2760 2825 2825 2645
2460 2250 2290 2050 1700 2100 2300 2400
2900 3072 2640 2575 2605 3270 3490 3500
4750 5100 5099 4399 4400 4875 4600 4650
2100 2425 2370 1800 1595 1700 1710 1905
23091 21099 18597 14128 15971 18851 22919 22300
3600 3900 4000 3826 3600 4200 4200 4264
3920 5320 5050 5125 5000 5755 5700 5600
46400 51760 42500 38587 47600 45800 55484 54551
21900 25200 28625 29750 34500 26180 34600 28302
3745 3360 4235 4150 4560 4320 4800 5475
2398 2500 2600 2452 2794 3222 3983 2900
10080 11100 12000 11300 13849 11550 12585 12990
9000 9600 9100 8735 9167 9900 9882 9545
10350 10815 9300 8900 9620 9845 10155 11000
40000 48500 39500 34000 44000 44900 48000 48015
2450 2244 2380 1915 2001 2200 2300 2515
1885 2104 1949 2000 1729 1650 1751 1700
2050 1949 1780 1395 1700 1770 1900 2000
1320 1205 1235 1143 1050 1200 1400 1570
4489 4179 3360 3019 3200 3600 3705 3880
400 365 370 370 316 336 336 380
1700 1449 1324 850 550 555 825 700
18025 17762 17425 15640 18767 17981 19242 17500
505 490 479 457 460 420 403 515
1600 1475 1610 1280 1245 1330 1340 1395
25350 24526 27627 25525 21915 20852 22000 21300
9520 10495 9999 8300 8795 9000 9320 9674
1154 1200 1150 1050 1200 1106 1150 1120
169 215 207 235 200 195 260 270
1739 1795 1500 1340 1472 1539 1752 1616
7000 7200 7250 6269 6450 6700 7050 6900
1520 1700 1650 1475 1500 1645 1750 1835
500 462 450 440 490 570 527 611
234 230 260 300 345 415 352 380
530 595 577 570 575 610 604 593
7800 7900 7500 7433 7000 6800 7500 7699
5000 5200 5700 5500 6800 6510 6650 6400
800 775 700 701 690 680 660 650
259 280 310 270 274 341 341 370
544 580 531 500 552 640 745 764
435 550 720 819 782 685 808 603
2240 2582 2547 2415 2506 2470 2801 2584
1370 1640 1530 1230 1470 1680 1630 1765
1025 1065 1060 1055 1000 1045 1000 1015
775 837 720 580 520 600 665 622
220 311 287 212 231 247 324 345
7140 7190 6844 6750 6924 6268 8010 7575
1410 1500 1595 1475 1450 1615 1817 1800
4285 4800 4580 4148 4394 4513 4700 5025
555 571 568 549 565 585 550 551
1650 1611 1490 1205 1206 1305 1365 1406
600 650 665 497 500 579 600 670
1600 1800 1675 1599 1699 1750 1799 1720
8370 9190 10839 10450 10450 8835 11001 9352
48 49 55 34 54 47 48 55
1290 1530 1336 1314 1210 1395 1560 1420
3210 3550 3230 2751 2825 3183 3300 3470
1520 1500 1451 1345 1357 1411 1350 1300
8600 9770 12045 12275 10041 7901 9719 8000
4395 4000 4300 4177 4021 4480 4400 4550
5600 6300 6200 4600 4400 4900 4700 5100
1450 1320 1295 950 1001 1030 1149 1125
1125 1185 1120 1160 1177 1120 1150 1101
3950 4200 4061 3930 3901 4200 3825 3855
600 670 800 635 644 650 750 610
2200 2251 2386 2523 2849 2600 2639 2801
12400 13500 11892 11859 15825 16385 19300 17045
4300 4199 3760 3020 3886 4050 4384 4240
4139 4007 3550 2900 3903 4136 4475 4165
5030 5954 5140 4430 5345 5450 6000 5830
2200 2301 2320 1875 2000 2150 2200 2220
3030 3665 3660 2951 3301 3425 3755 4045
4100 3660 3975 3800 4450 5229 4948 4849
1220 1200 1210 1050 1065 1120 1350 1325
15800 16201 14900 16100 16392 16329 19399 18100
6100 6246 6640 6399 6300 5800 6000 6001
8275 6875 5400 4800 5280 5050 4720 5061
4200 4800 4300 3643 4269 4200 4498 4820
12999 13000 12580 14174 19100 18200 18370 15050
1810 2035 2180 2230 2150 2050 1980 1930
1058 1080 1220 1092 1050 1070 1163 1165
3050 3380 3200 2220 2769 2850 3601 3390
2393 2475 2600 2380 2425 2610 2714 2808
76 85 71 57 70 79 97 100
8011 8456 8100 7240 6960 7350 7700 8000
10460 10850 9800 8600 10500 11100 11535 11831
235 216 218 160 165 172 220 300
4890 4800 4320 3706 4050 4775 4981 5000
9350 9550 9100 7525 8500 8700 8927 9805
2140 2060 1750 2183 2570 2830 3420 3000
1250 1320 1310 1290 1260 1260 1415 1455
15420 16625 15705 15400 16000 17382 19061 20300
770 840 891 860 799 935 995 970
2275 2255 2300 2650 2256 2440 2700 2350
805 760 780 607 700 838 951 1013
5200 5075 4990 4233 5200 5195 5105 5715
6000 6900 5990 5195 5000 6200 8150 7465
1390 1475 1418 1399 1409 1401 1365 1380
2550 2595 2470 2350 2275 2450 2949 2755
831 830 721 476 576 650 675 701
3230 3601 3465 3100 2951 3060 3462 3300
3075 3135 2960 2970 3139 3275 3060 2902
1370 1564 1400 1500 1545 1620 1674 1599
2090 2170 1700 1790 1800 2200 2170 2725
589 625 680 677 653 715 675 650
921 970 975 920 906 920 1010 1045
7350 7644 7100 6630 6750 7250 7278 7411
2225 2400 2300 2399 2300 2300 2270 2290
4600 5070 4730 3724 3658 4200 4100 4361
2669 2570 2295 1925 2060 2240 2205 2345
16464 16232 16450 14400 14107 14449 16366 15691
245 260 268 248 240 250 255 253
3615 3760 3340 1900 1825 2279 2748 2270
8658 8300 7090 6500 7950 8250 8250 8870
1065 1255 1200 1122 1009 1022 1300 1340
4522 5300 5450 4988 5059 5107 5550 5500
190 205 210 230 265 273 310 244
1650 1700 1620 1528 1684 1590 1715 1728
6800 7930 7800 8100 7650 7800 7840 8500
28732 28002 27600 25200 27500 25800 30100 26998
5379 5700 5500 5329 5190 5325 5700 5675
1000 1040 905 840 675 840 1020 990
8337 9335 8825 7175 7180 8050 7525 7634
1614 1887 1850 1780 1710 1710 1730 1650
13600 14344 14099 12650 13534 13250 13920 14410
0 0 0 0 0 0 3600 3798
5050 6350 6650 7650 6900 7500 7600 8990
3171 3410 3525 3114 3213 3400 3630 3700
915 915 905 825 919 930 960 850
0 0 0 0 0 0 5200 5720
9700 10751 9718 8500 8509 10001 10355 10620
1225 1271 1345 1190 1140 1200 1250 1295
8/31/2008 9/30/2008 10/31/2008 11/30/2008 12/31/2008 1/31/2009 2/28/2009 3/31/2009
27702.06 23835.97 20991.72 21209.49 21509.2 20570.05 18465.33 20363.91
11.16 11.11 10.7 10.9 10.61 10.1 8.92 8.24
0.0093 0.00925833 0.00891667 0.00908333 0.00884167 0.00841667 0.00743333 0.00686667
17323 14264 11761 11713 11415 11251 10273 11211
12511 11833 10301 9017 9734 9661 7907 7972
1794 1845 1689 1992 2250 2633 2667 2758
94 71 42 48 53 45 44 58
9464 6925 5990 6132 5872 5521 4706 5508
16758 16184 12747 11357 11960 10764 6407 6612
43740 39407 21979 20999 21536 19551 18656 18550
82 77 60 47 49 44 41 43
49119 49089 51874 49812 50897 47044 43949 44780
22060 20962 17186 16441 17127 16349 13327 13377
76 69 62 57 64 57 50 55
1836 1724 1685 1553 1701 1629 1362 1444
56226 54675 53308 56261 55468 56213 49208 48206
33564 32805 32120 32169 34973 33979 32708 33390
103 88 79 59 74 71 66 59
168 138 176 0 179 150 134 147
22388 21659 18700 20664 22773 24591 24223 22803
5695 5180 4563 4916 4742 5595 5480 5805
27580 27370 30165 27747 31535 31623 29153 29004
24909 23629 22256 20050 21327 21220 18816 19312
44137 37263 37500 35736 38219 36165 35083 36638
3517 3318 3056 3147 3454 3349 2843 2905
1449 1092 1099 1060 1190 1208 1029 1096
189 183 173 166 173 156 138 167
32170 32848 27948 31200 30566 27006 23759 26863
18589 20680 16497 15800 18426 18124 18821 17775
12684 11434 9503 9387 9390 9443 8244 9067
1957 1708 1684 1607 1535 1473 1220 1494
1479 1449 1459 1333 1369 1381 1319 1293
290 243 191 193 207 191 178 194
31566 24443 20203 21249 21199 20639 18656 21323
23178 21386.02 20446.2 19451.13 20418.46 19413.96 17355.84 18328.51
7112.96 6905.83 5938.14 6185.31 6018.95 5520.4 4843.41 5438
282.94 269.29 245.87 257 264.47 254.31 243.66 246.38
31 32 33 34 35 36 37 38
8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009 1/31/2010 2/28/2010 3/31/2010

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0.07 0.05 0.11 0.00 -0.05 0.03 -0.02 -0.04
0.24 -0.04 0.02 0.11 0.03 -0.09 -0.02 0.03
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0.05 -0.01 -0.01 0.24 0.14 -0.06 -0.06 0.10
0.22 -0.07 0.01 0.03 0.09 -0.04 0.09 0.04
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0.07 -0.06 0.03 0.02 0.00 0.04 -0.02 0.07
0.10 0.07 0.02 0.07 0.00 -0.02 0.03 0.06
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0.04 0.02 -0.01 -0.06 -0.04 0.00 -0.11 0.21
0.15 0.07 -0.02 0.10 0.04 -0.02 0.02 0.01
0.30 0.11 -0.07 0.00 -0.13 -0.01 0.08 0.11
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0.18 0.07 -0.01 -0.12 -0.14 -0.10 0.05 0.08
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0.05 0.04 0.03 -0.03 0.07 0.01 0.00 0.03
0.02 0.03 0.14 0.06 0.01 -0.06 0.03 0.06
0.47 -0.09 -0.03 0.10 -0.06 -0.10 -0.01 -0.16
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0.07 0.06 -0.03 0.00 -0.01 -0.01 -0.03 -0.01
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0.11 0.01 0.04 0.03 0.04 0.01 -0.01 0.10
0.06 0.06 0.09 -0.05 0.07 0.06 0.02 0.07
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0.02 0.18 0.11 0.06 -0.01 -0.06 -0.06 0.13
0.01 0.07 -0.08 0.01 0.05 -0.03 -0.02 0.03
0.06 0.16 -0.13 0.00 0.00 0.01 0.04 0.13
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0.01 0.04 0.06 0.02 0.00 -0.03 0.08 0.02
0.11 0.00 0.19 -0.11 0.02 0.06 0.07 0.05
0.04 -0.04 0.02 0.01 0.01 0.02 -0.02 0.01
0.23 -0.12 0.02 -0.08 -0.06 -0.05 -0.04 -0.01
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0.12 -0.03 -0.02 0.02 0.14 0.01 0.08 0.09
-0.04 -0.01 0.25 -0.14 0.12 0.05 0.05 0.03
0.03 0.01 0.00 -0.09 0.06 -0.08 0.07 0.10
0.04 0.01 0.01 -0.04 0.02 -0.02 0.06 0.03
0.04 0.03 0.07 -0.03 0.05 0.01 -0.03 0.11
0.18 -0.06 0.00 -0.01 -0.07 -0.01 0.12 -0.02
0.06 0.00 0.05 -0.03 0.02 -0.02 0.00 -0.02
0.02 0.07 -0.02 0.07 -0.10 -0.10 -0.01 0.03
0.25 0.10 -0.03 -0.04 0.07 0.24 0.03 -0.03
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0.19 0.05 -0.09 -0.09 0.03 -0.17 0.00 0.14
0.01 -0.03 0.02 -0.01 0.00 -0.03 0.06 0.01
0.03 0.09 -0.02 0.04 -0.08 -0.06 -0.05 -0.01
0.01 0.16 0.18 -0.10 0.07 -0.06 0.12 0.02
-0.01 0.00 -0.01 0.14 -0.01 -0.02 0.06 0.04
0.04 -0.16 0.17 -0.01 -0.03 -0.04 -0.12 -0.05
0.00 -0.02 0.02 0.02 -0.03 0.01 0.05 -0.05
0.08 -0.04 0.07 -0.04 0.04 -0.01 0.08 -0.01
0.01 0.01 0.10 0.06 0.05 -0.14 -0.03 -0.01
0.04 0.01 0.08 -0.18 0.08 0.05 -0.06 -0.07
-0.04 -0.04 -0.01 -0.02 0.18 -0.03 -0.05 0.13
0.05 -0.03 0.01 -0.04 -0.06 0.02 -0.01 0.14
0.04 -0.02 0.04 -0.07 -0.05 0.02 -0.01 0.13
0.08 0.07 0.01 -0.01 0.09 -0.10 0.16 0.06
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0.00 0.01 -0.03 -0.01 -0.01 -0.07 0.10 0.04
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0.21 -0.02 -0.05 0.06 0.20 0.06 0.12 -0.04
0.06 0.05 -0.01 -0.02 0.03 -0.04 0.04 0.03
0.15 -0.13 0.01 -0.03 0.02 -0.07 -0.01 0.01
0.02 0.05 -0.02 -0.07 0.03 -0.02 0.05 0.01
0.01 0.10 -0.04 0.12 0.07 -0.05 -0.05 0.07
0.06 -0.03 0.07 -0.04 0.10 -0.05 0.08 0.01
0.05 -0.07 0.03 -0.01 0.01 -0.01 0.04 0.20
0.08 -0.01 0.13 -0.08 0.02 0.05 -0.02 0.22
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0.39 0.01 -0.14 -0.08 0.06 -0.08 0.11 0.13
0.02 0.13 0.02 -0.08 0.06 -0.03 0.05 0.18
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0.22 -0.18 -0.05 -0.03 0.57 -0.07 -0.20 0.05
0.15 0.07 -0.06 -0.16 -0.03 -0.16 -0.03 0.12
0.07 0.03 -0.02 -0.05 0.09 -0.02 -0.02 0.16
0.07 -0.18 0.12 0.07 0.20 0.03 -0.11 0.07
0.10 -0.01 -0.01 -0.06 -0.06 0.03 0.05 0.09
0.09 0.00 0.10 -0.03 0.08 -0.11 0.06 0.09
-0.03 0.00 0.11 0.04 0.13 -0.06 -0.02 0.02
-0.03 0.07 0.13 0.00 0.03 -0.05 0.08 -0.07
-0.03 -0.01 0.15 0.02 -0.07 -0.04 0.03 0.03
0.04 0.02 -0.04 0.00 0.01 0.00 0.00 0.03
0.17 0.12 0.07 0.04 -0.02 0.01 0.05 0.06
0.03 0.04 0.01 0.02 0.01 0.00 0.06 -0.02
0.05 0.07 0.04 0.06 0.05 -0.02 0.00 -0.03
0.07 -0.03 -0.01 0.02 0.16 -0.06 0.02 0.10
0.04 0.05 0.02 -0.03 0.03 -0.04 0.00 0.06
0.10 0.05 -0.03 -0.06 0.11 -0.04 -0.04 0.05
-0.04 0.01 0.00 -0.02 0.00 -0.02 -0.01 0.00
0.02 0.00 -0.05 -0.04 0.01 -0.06 0.00 0.01
-0.02 -0.02 -0.01 -0.02 0.00 0.00 0.05 0.03
0.00 -0.01 0.15 -0.08 0.06 -0.01 -0.01 0.00
0.06 0.02 0.03 -0.07 0.03 0.00 -0.01 0.08
0.00 0.04 0.00 0.01 0.01 0.00 0.01 0.02
0.08 0.10 -0.02 -0.02 0.06 -0.04 -0.02 0.05
0.04 0.03 0.04 -0.03 0.05 0.04 -0.05 0.10
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0.20 -0.07 0.02 0.10 0.10 -0.08 -0.11 0.09
0.07 -0.04 0.00 -0.03 0.06 0.06 -0.02 0.06
0.13 -0.06 0.15 -0.06 0.15 -0.07 -0.02 0.04
0.01 0.06 0.03 -0.04 0.05 0.07 0.07 -0.03
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0.03 -0.01 0.04 0.02 0.02 0.00 0.06 0.01
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0.05 -0.04 0.04 -0.02 0.02 -0.04 -0.02 0.07
0.04 0.03 0.06 -0.05 0.07 -0.01 0.02 0.02
0.01 0.04 -0.07 -0.01 0.01 0.01 -0.05 0.14
-0.01 0.04 0.03 0.01 0.02 -0.03 -0.01 0.00
-0.01 0.05 -0.02 -0.01 0.03 -0.02 0.07 0.06
-0.02 -0.04 0.04 0.02 0.05 0.03 -0.01 0.04
0.12 -0.01 0.01 -0.16 0.00 -0.12 0.00 0.01
-0.07 0.02 0.06 -0.09 0.06 0.00 -0.01 0.04
-0.02 0.07 0.05 -0.08 0.04 -0.03 0.16 0.05
0.11 0.05 -0.02 0.02 -0.02 -0.05 0.07 0.07
-0.02 -0.03 -0.04 0.04 -0.01 -0.04 -0.02 0.03
0.01 0.09 -0.10 -0.09 0.02 -0.09 0.10 0.09
0.01 0.02 0.08 -0.05 0.07 0.02 0.12 0.09
5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009

0.10 -0.04 0.09 0.02 -0.01 0.05 0.01 0.02
0.16 -0.11 0.02 0.05 -0.04 0.04 -0.02 0.02
-0.03 0.06 0.08 0.06 0.02 0.03 -0.01 0.00
0.27 -0.18 -0.01 0.01 0.04 -0.03 0.08 -0.07
0.18 -0.09 0.08 0.05 -0.04 0.00 0.03 0.12
0.12 -0.07 0.14 -0.01 -0.01 0.11 0.07 0.02
0.21 -0.15 0.08 0.17 -0.09 0.09 0.00 0.03
0.14 -0.01 0.05 0.15 0.02 -0.10 -0.03 -0.01
0.01 -0.01 0.00 0.11 0.06 -0.05 -0.10 0.04
0.02 0.02 0.09 0.07 0.01 0.02 -0.06 0.00
-0.01 0.05 0.08 0.06 0.05 0.00 -0.04 0.05
0.10 -0.04 0.12 0.08 0.03 0.06 -0.02 0.06
0.03 0.02 0.10 0.05 0.04 0.04 -0.02 0.06
0.13 -0.05 0.15 -0.03 0.01 0.15 0.03 -0.01
0.04 0.02 0.08 -0.01 -0.01 0.05 -0.04 0.05
0.27 0.02 0.14 0.13 -0.06 0.15 -0.02 0.15
0.13 -0.08 0.17 0.11 -0.01 0.04 0.08 0.04
0.03 -0.03 0.11 -0.01 -0.01 0.10 0.02 0.12
0.06 0.10 0.08 -0.01 0.05 0.08 0.00 0.07
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0.05 0.04 0.08 -0.01 0.07 0.03 -0.07 0.06
0.09 0.05 0.12 0.09 0.00 0.10 -0.03 0.07
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0.10 0.02 0.15 0.00 0.00 0.09 0.02 -0.03
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7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009 1/31/2010 2/28/2010

24258.51 24929.42 24910.85 26360.55 26894.74 27666.45 26675.95 26764.61
7.44 6.98 6.9 7.03 7.03 7.14 7.07 7.05
0.0062 0.00581667 0.00575 0.00585833 0.00585833 0.00595 0.00589167 0.005875
2997 2885 2950 3080 2888 2980 2969 3097
10000 11680 12000 10650 10270 10300 10540 11667
2890 3000 3000 3025 2901 3100 3051 3161
2475 2450 2754 2680 2400 2500 2590 2700
3700 4120 4325 4175 3700 3990 3550 3740
5300 5600 5880 6050 6000 6200 5950 5990
1948 2015 2050 2300 2250 2200 2244 2080
24968 25000 23868 29200 31900 31949 28400 27650
4600 4639 4800 5340 5114 5420 5365 5450
6090 6575 6921 7700 7750 7442 7685 7599
55450 69000 66700 68404 76200 79250 72599 71450
29600 29805 30150 28990 32401 30629 27895 27699
5950 5850 6185 6620 6800 7360 6740 7100
3200 3392 3375 3354 4182 4798 4560 4300
13147 16100 15000 15290 15890 17377 16800 18400
10725 10400 10399 10000 10500 10200 9945 10750
11750 12675 12000 12451 12750 12850 13425 13280
53000 58400 63000 64800 70000 70300 69500 72000
2720 2710 2700 2920 2661 2755 2860 2600
1899 1900 1900 2085 1930 2090 2115 2185
2000 1950 1887 2200 1670 1720 1790 1900
1850 1850 1900 1845 1793 2100 2100 2000
4550 4760 4900 4900 4653 4510 4520 4040
388 450 485 476 525 550 540 555
800 1045 1165 1090 1100 960 955 1040
20480 19840 20415 21591 22857 23700 22800 23105
570 540 584 560 550 515 495 475
1335 1580 1700 1690 1500 1298 1175 1240
24390 23731 23501 25300 22539 24199 25250 26000
10749 11300 11855 12299 11987 12900 13117 13200
1130 1161 1200 1376 1470 1500 1425 1480
260 384 350 340 375 355 320 320
1903 2124 2109 2205 2390 2488 2594 2555
7140 7660 8200 7975 8050 8000 8000 7800
2048 2030 2290 2470 2515 2725 2650 2760
680 760 770 807 835 875 890 885
391 415 442 483 460 495 530 544
640 635 669 680 685 710 702 695
8000 8200 9740 10850 11600 11600 10975 10400
6900 7000 7565 6981 7099 7500 7300 7201
650 695 811 710 715 720 730 765
435 420 430 429 460 480 475 480
790 750 761 915 917 885 943 1044
560 555 525 464 384 501 433 475
2760 2790 2920 3115 3185 3195 3105 3361
2162 2415 2423 2900 2605 2685 2858 3074
1090 1138 1097 1120 1135 1150 1178 1159
662 821 729 750 695 660 630 610
370 368 425 420 445 365 350 286
8200 9240 9000 8850 9100 10450 10600 11500
1950 1890 1890 2380 2051 2310 2435 2560
5880 6099 6200 6218 5680 6049 5617 6050
587 615 623 635 615 630 620 658
1517 1588 1651 1779 1737 1834 1865 1819
799 948 898 900 900 839 834 940
1721 1840 1843 1945 1900 1949 1925 1929
9245 9473 10150 10050 10810 9798 8905 8885
66 83 92 90 87 94 117 121
1549 1710 1590 1803 1780 1778 1505 1470
3490 4170 4395 4030 3700 3850 3200 3234
1363 1380 1350 1391 1389 1399 1369 1455
7020 7299 8000 7850 8200 7579 7200 6905
5200 5287 6140 7300 6600 7124 6750 7600
5750 5745 5800 5780 6600 6600 6500 6900
1345 1400 1190 1395 1390 1351 1300 1150
1214 1220 1206 1242 1275 1240 1265 1332
4059 4400 4230 4550 4375 4585 4588 4999
760 775 790 870 924 980 845 822
3070 3205 3262 3550 2948 3191 3355 3180
18799 18180 17500 17430 17175 20299 19750 18785
5530 5833 5713 5820 5602 5325 5443 5445
5315 5545 5456 5710 5343 5100 5250 5219
6801 7410 7983 8140 8090 8835 8014 9375
2315 2170 2207 2300 2460 2500 2471 2450
4750 4249 4460 4390 4400 4960 4360 4280
6049 6100 6200 6060 6030 6028 5650 6220
1350 1340 1345 1280 1400 1497 1485 1500
20700 25149 24800 23600 25200 30500 32498 36700
6038 6450 6800 6756 6680 6920 6700 7026
5750 6650 5823 5900 5765 5908 5540 5520
5100 5233 5549 5470 5130 5300 5225 5540
17900 18150 20001 19250 21650 23200 22150 21079
2140 2280 2230 2400 2329 2570 2450 2670
1285 1361 1279 1330 1321 1342 1333 1399
3580 3899 3900 4420 4100 4200 4450 4400
3053 3052 3400 3590 3260 3500 3519 3855
115 160 162 141 131 140 130 145
7578 7750 8812 9055 8422 8940 8715 9171
12800 12750 12215 11750 11880 11790 10945 11190
326 400 330 315 306 481 452 366
4745 5500 5935 5638 4784 4648 3952 3860
10705 11527 11950 11840 11300 12405 12200 12000
3709 4006 3300 3710 3980 4804 4975 4454
1545 1715 1700 1700 1601 1513 1560 1640
23150 25450 25667 28444 27731 30000 27000 28800
1065 1034 1037 1154 1210 1380 1300 1284
2499 2450 2625 2980 2985 3100 2950 3200
1232 1198 1193 1375 1409 1318 1267 1310
5580 5850 6000 5805 5850 5950 6000 6050
7200 8500 9600 10300 10800 10595 10798 11400
1475 1535 1606 1630 1675 1705 1710 1820
2949 3127 3350 3495 3740 3950 3880 3900
883 950 930 930 955 1110 1050 1080
3599 3770 3990 4080 4000 4160 4030 4040
2904 3213 3390 3295 3102 3473 3355 3250
1625 1570 1598 1609 1589 1605 1575 1575
2485 2550 2555 2450 2365 2399 2260 2262
741 729 720 720 708 715 716 758
1048 1058 1050 1210 1125 1200 1192 1185
8044 8600 8860 9200 8652 8920 8995 9000
2384 2390 2500 2525 2555 2600 2610 2650
4675 5080 5600 5541 5480 5815 5613 5519
2525 2645 2732 2865 2800 2960 3089 2939
18144 17750 18050 20925 21625 21640 20860 19800
262 258 243 261 260 261 275 278
2500 3020 2830 2905 3222 3550 3280 2951
9338 10050 9715 9820 9580 10200 10885 10746
1540 1742 1650 1901 1803 2077 1948 1912
5700 5799 6200 6400 6196 6522 6985 7490
225 225 180 205 190 180 180 142
1978 2050 2051 2155 2215 2275 2288 2443
9250 9000 8850 10050 9570 10850 10050 10398
27800 29301 28240 29580 29080 29800 28700 28195
5982 6240 6470 6900 6620 7109 7100 7300
1000 1020 1071 1000 1000 1020 1035 990
8404 8400 8780 9114 9233 9492 9250 9200
1800 1800 1900 1875 1865 1930 1895 2040
15700 15546 15050 15699 16157 17111 17700 17600
3865 4341 4322 4400 3732 3745 3319 3355
9850 9201 9400 10050 9249 9889 9900 9816
3999 3935 4250 4500 4161 4360 4240 4944
922 1030 1086 1075 1100 1080 1030 1110
5870 5760 5615 5440 5700 5649 5450 5375
11300 11500 12619 11400 10455 10749 9798 10846
1557 1575 1615 1749 1665 1785 1828 2061
4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009
20647.03 22770.62 22049.42 24258.51 24929.42 24910.85 26360.55 26894.74
8.21 7.06 7.38 7.44 6.98 6.9 7.03 7.03
0.00684167 0.00588333 0.00615 0.0062 0.00581667 0.00575 0.00585833 0.00585833
10517 12270 11006 11333 11945 11512 12058 11855
8607 8391 8962 9698 10329 10584 10963 10876
2186 2793 2312 2304 2344 2440 2378 2587
58 69 63 68 72 69 70 72
5666 6390 5999 6873 6828 6794 7592 8141
7832 9559 8187 8909 10464 9568 10520 10556
19783 22728 22611 23786 27542 28121 25385 24697
49 49 49 49 55 59 56 51
47689 49158 50364 55144 59437 60429 62022 58367
15024 15016 15849 17199 18291 19318 19375 18738
58 64 61 69 75 78 83 82
1486 1544 1588 1762 1865 1953 2036 2015
49375 55926 53619 62001 60655 61680 71505 73897
33275 34670 35503 38686 38468 38253 40289 38927
60 77 79 91 103 97 112 110
154 175 161 190 212 211 220 239
24908 25738 25091 27921 27887 27750 30567 31328
5903 6275 6918 7486 7434 7818 8461 8506
29511 32203 31765 33599 34405 36735 38277 37294
20261 21370 22252 24258 24277 26114 26965 25269
39499 43227 45817 51811 56620 57150 63289 61656
3115 3089 3081 3302 3372 3514 3659 3640
1114 1030 1087 1177 1322 1316 1340 1137
177 183 189 204 203 195 188 191
28146 28564 30482 32478 34689 34353 35387 34701
18124 18217 19750 21493 20912 20564 23352 22237
9512 10502 10788 12527 12624 12643 13860 14164
1608 1644 1649 1970 2013 2023 2080 2001
1327 1436 1481 1510 1542 1562 1797 1672
219 241 250 269 267 271 319 314
20659 24045 21887 24026 24314 24150 25890 27413
19301.87 20735.73 20827.16 22965.77 23789.47 24033.66 25235.97 25146.79
5684.05 5857.15 6123.34 6747.24 7064.99 6970.4 7305.73 7193.21
253.29 242.83 242.91 263.12 272.64 268.31 273.78 271.51
Variance Calc
39 40 41 42 43 44 45
Variance of StDev of StDev of Regression
excess return excess return excess return (ann) Slope Intercept r^2
0.004 0.062 0.214 1.000 0.000 1.000
0.009 0.095 0.328 0.670 0.004 0.192
0.016 0.126 0.436 1.153 -0.001 0.322
0.004 0.065 0.224 0.300 -0.003 0.083
0.009 0.094 0.326 0.488 -0.009 0.103
0.015 0.122 0.422 0.869 -0.002 0.195
0.006 0.080 0.277 0.843 -0.004 0.427
0.008 0.087 0.301 0.472 -0.011 0.113
0.017 0.129 0.447 1.776 0.003 0.728
0.004 0.063 0.219 0.349 0.018 0.156
0.012 0.110 0.381 0.442 0.002 0.062
0.020 0.142 0.492 1.735 -0.001 0.571
0.014 0.119 0.411 0.550 -0.003 0.082
0.011 0.107 0.370 0.390 0.021 0.051
0.031 0.175 0.607 2.131 0.006 0.567
0.021 0.144 0.499 1.715 0.028 0.544
0.006 0.077 0.265 0.511 -0.003 0.170
0.006 0.078 0.269 0.373 -0.003 0.089
0.021 0.144 0.498 1.627 0.046 0.490
0.011 0.103 0.358 0.854 -0.013 0.262
0.008 0.089 0.308 0.424 0.003 0.087
0.018 0.136 0.470 0.963 -0.035 0.193
0.010 0.098 0.339 0.701 -0.010 0.197
0.016 0.127 0.440 0.998 -0.030 0.237
0.008 0.091 0.315 0.351 -0.008 0.057
0.035 0.186 0.646 1.549 -0.012 0.265
0.009 0.097 0.336 1.288 0.015 0.675
0.013 0.112 0.389 0.578 -0.016 0.125
0.014 0.116 0.403 0.870 -0.007 0.214
0.006 0.079 0.274 0.159 -0.009 0.013
0.005 0.073 0.252 0.689 -0.002 0.344
0.007 0.082 0.284 0.495 -0.004 0.139
0.027 0.165 0.571 0.035 -0.011 0.000
0.013 0.112 0.388 1.363 -0.004 0.566
0.002 0.050 0.172 0.493 -0.004 0.379
0.007 0.081 0.280 0.652 0.022 0.250
0.010 0.102 0.353 0.585 0.006 0.127
0.008 0.089 0.309 -0.050 0.005 0.001
0.005 0.070 0.242 0.270 0.004 0.057
0.009 0.095 0.327 0.031 -0.010 0.000
0.006 0.079 0.274 0.452 0.003 0.125
0.011 0.107 0.371 0.827 -0.015 0.229
0.011 0.102 0.355 0.650 0.000 0.154
0.008 0.088 0.305 0.806 0.009 0.321
0.042 0.206 0.713 0.090 0.004 0.001
0.005 0.073 0.253 0.562 0.002 0.226
0.018 0.134 0.466 1.412 0.003 0.423
0.004 0.062 0.214 0.191 -0.003 0.037
0.017 0.131 0.455 0.886 -0.026 0.224
0.031 0.176 0.611 1.370 -0.001 0.231
0.016 0.127 0.440 1.231 0.024 0.359
0.009 0.097 0.335 0.727 0.014 0.217
0.009 0.094 0.327 0.472 -0.002 0.096
0.005 0.068 0.234 0.259 -0.004 0.056
0.010 0.102 0.352 0.693 -0.005 0.179
0.015 0.121 0.419 0.926 0.000 0.283
0.006 0.080 0.279 0.471 -0.012 0.131
0.012 0.109 0.379 0.233 -0.011 0.017
0.027 0.164 0.570 1.474 0.018 0.308
0.014 0.119 0.412 1.342 0.002 0.488
0.016 0.127 0.439 0.979 -0.007 0.229
0.004 0.064 0.222 0.263 -0.005 0.064
0.021 0.146 0.506 0.158 -0.007 0.004
0.010 0.099 0.343 0.597 0.007 0.139
0.008 0.088 0.303 0.813 -0.001 0.330
0.016 0.128 0.442 1.211 -0.026 0.373
0.003 0.052 0.181 0.182 -0.009 0.046
0.005 0.072 0.248 0.303 -0.001 0.068
0.016 0.127 0.438 1.106 -0.014 0.293
0.009 0.093 0.324 0.643 0.012 0.181
0.019 0.137 0.476 1.611 0.007 0.527
0.012 0.108 0.375 1.006 -0.009 0.331
0.012 0.111 0.384 1.092 -0.010 0.372
0.016 0.127 0.438 0.851 -0.007 0.173
0.006 0.077 0.265 0.724 0.000 0.343
0.013 0.114 0.394 0.792 -0.017 0.186
0.012 0.111 0.384 0.822 -0.001 0.210
0.006 0.074 0.257 0.442 -0.003 0.136
0.016 0.128 0.444 1.307 0.031 0.398
0.004 0.065 0.225 0.230 -0.003 0.048
0.009 0.094 0.326 0.394 -0.033 0.067
0.007 0.086 0.299 0.483 -0.007 0.120
0.029 0.171 0.594 1.667 -0.005 0.363
0.004 0.061 0.210 0.343 -0.002 0.122
0.006 0.080 0.277 0.742 0.002 0.329
0.017 0.130 0.449 1.126 0.003 0.323
0.008 0.089 0.308 0.100 0.005 0.005
0.040 0.200 0.691 2.166 0.028 0.451
0.008 0.090 0.312 0.188 0.004 0.017
0.007 0.085 0.295 0.747 0.003 0.296
0.048 0.220 0.761 1.673 -0.021 0.222
0.015 0.123 0.428 0.943 -0.003 0.224
0.007 0.086 0.298 0.656 -0.001 0.223
0.033 0.181 0.627 1.701 0.012 0.338
0.005 0.068 0.237 0.387 -0.010 0.123
0.007 0.083 0.289 0.913 0.016 0.458
0.008 0.092 0.318 0.606 -0.002 0.167
0.010 0.098 0.341 0.058 0.014 0.001
0.013 0.114 0.394 1.370 -0.010 0.555
0.010 0.100 0.347 0.919 0.000 0.322
0.023 0.153 0.531 1.695 0.034 0.469
0.005 0.073 0.254 0.309 0.000 0.068
0.006 0.075 0.259 0.497 0.010 0.211
0.016 0.126 0.437 1.461 0.001 0.515
0.004 0.061 0.211 0.373 0.002 0.144
0.006 0.080 0.276 0.396 -0.012 0.095
0.005 0.070 0.243 0.222 -0.005 0.038
0.019 0.137 0.476 0.579 0.010 0.068
0.005 0.073 0.254 0.243 -0.003 0.042
0.007 0.086 0.297 0.438 -0.011 0.083
0.002 0.049 0.171 0.506 0.007 0.336
0.004 0.062 0.215 0.099 0.000 0.010
0.007 0.083 0.287 0.494 -0.011 0.136
0.009 0.093 0.323 0.620 -0.004 0.170
0.006 0.076 0.262 0.744 0.007 0.372
0.005 0.074 0.256 0.352 -0.015 0.087
0.024 0.156 0.541 1.554 -0.021 0.380
0.009 0.092 0.320 0.638 0.001 0.182
0.013 0.115 0.397 0.936 -0.002 0.256
0.006 0.079 0.274 0.376 0.024 0.087
0.017 0.129 0.447 0.954 -0.038 0.209
0.005 0.069 0.238 0.586 0.003 0.278
0.007 0.085 0.296 0.415 -0.002 0.091
0.007 0.081 0.280 1.063 0.006 0.661
0.004 0.061 0.212 0.246 0.006 0.062
0.029 0.170 0.589 1.215 0.001 0.226
0.006 0.078 0.271 0.559 -0.016 0.195
0.007 0.082 0.285 0.365 -0.001 0.076
0.003 0.059 0.203 0.364 -0.003 0.148
0.006 0.078 0.271 0.436 -0.016 0.059
0.013 0.116 0.402 0.615 -0.003 0.107
0.007 0.085 0.296 0.159 0.007 0.013
0.005 0.069 0.240 0.520 0.000 0.216
0.002 0.043 0.151 -0.014 0.002 0.000
0.010 0.099 0.343 0.635 0.008 0.158
0.009 0.093 0.321 0.554 0.000 0.137
Variance Calc
Variance of StDev of StDev of Regression
excess return excess return excess return (ann) Slope Intercept r^2
0.004 0.061 0.212 0.086 -0.003 0.008
0.007 0.081 0.281 0.045 0.000 0.001
0.006 0.076 0.263 0.146 -0.009 0.014
0.011 0.107 0.371 0.121 -0.007 0.005
0.017 0.132 0.456 0.334 0.003 0.025
0.010 0.102 0.352 0.025 0.004 0.000
0.016 0.127 0.440 0.228 -0.020 0.012
0.014 0.117 0.407 0.361 0.005 0.036
0.009 0.094 0.324 0.324 0.000 0.046
0.003 0.053 0.183 0.213 0.000 0.062
0.005 0.073 0.253 0.145 -0.014 0.015
0.008 0.087 0.300 0.204 -0.014 0.021
0.005 0.070 0.242 0.120 -0.004 0.011
0.005 0.074 0.256 0.112 0.004 0.009
0.003 0.053 0.183 0.138 0.000 0.026
0.014 0.118 0.410 0.740 0.001 0.150
0.038 0.194 0.672 0.847 -0.013 0.069
0.006 0.076 0.264 0.182 -0.002 0.022
0.007 0.084 0.291 -0.386 0.014 0.081
0.004 0.065 0.225 -0.001 0.014 0.000
0.006 0.077 0.265 0.002 -0.008 0.000
0.006 0.076 0.264 -0.025 0.010 0.000
0.004 0.065 0.224 0.142 -0.008 0.019
0.007 0.081 0.281 -0.074 -0.011 0.003
0.007 0.085 0.293 0.062 0.005 0.002
0.007 0.086 0.297 -0.255 -0.005 0.034
0.006 0.077 0.265 0.386 0.005 0.098
0.006 0.080 0.276 0.072 -0.012 0.003
0.007 0.082 0.284 -0.032 -0.013 0.001
0.003 0.053 0.184 0.252 -0.007 0.086
0.007 0.085 0.294 0.262 0.001 0.037
0.008 0.090 0.311 0.082 0.001 0.003
0.003 0.054 0.188 0.136 -0.001 0.024
0.005 0.070 0.243 -0.128 -0.011 0.013
0.003 0.054 0.186 -0.038 -0.008 0.002
3/31/2010
28747.56
6.6
0.0055
3560
9256
3295
2560
3760
6465
2163
31895
5740
7319
74000
27795
7955
4763
19169
11350
14230
77000
2785
2380
1950
2015
4929
565
1165
25200
480
1340
25360
13625
1575
270
2840
7800
2964
974
585
720
11860
7449
865
395
1002
374
3450
3250
1180
610
317
12590
2639
6700
680
2020
922
1895
9220
118
1531
3710
1475
6880
7800
7180
1099
1275
4990
820
2970
21400
6249
5945
10029
2879
4425
6480
1550
35290
7250
5620
5650
22625
2700
1688
5380
3980
164
10851
11200
385
4329
14000
4800
1790
31650
1320
3000
1356
6289
12200
1793
3801
1190
4300
3420
1590
2300
782
1190
9800
2712
5799
3237
21424
280
3240
11460
2000
7270
127
2487
10245
30273
7450
1137
9205
2177
18340
3415
10300
5230
1195
5560
11855
2253
12/31/2009
27666.45
7.14
0.00595
12148
10929
2410
81
8365
10980
24572
53
58613
19808
88
2158
73948
41258
127
248
35398
9141
39435
26910
66551
3766
1140
189
36675
25211
13865
1982
1787
311
28109
25987.33
7382.24
275.99
Variance Calcs
46 47 48 49 50 51 52 53 54
Sum: se2 se (annualised) Points Warning Var Sqrt (%)

0.0000 0.0000 0.0000 36 0.004 0.062 21.44
0.2529 0.0070 0.2904 36 0.011 0.105 36.41
0.3759 0.0104 0.3540 36 0.031 0.177 61.46
0.1336 0.0037 0.2111 36 0.004 0.064 22.14
0.2771 0.0077 0.3039 36 0.010 0.099 34.30
0.4173 0.0116 0.3729 36 0.023 0.151 52.29
0.1280 0.0036 0.2066 36 0.008 0.090 31.16
0.2350 0.0065 0.2799 36 0.008 0.091 31.39
0.1584 0.0044 0.2298 36 0.057 0.238 82.58
0.0608 0.0032 0.1960 19 ! 0.004 0.061 21.03
0.3970 0.0110 0.3638 36 0.013 0.116 40.08
0.3028 0.0084 0.3177 36 0.069 0.263 91.10
0.4519 0.0126 0.3881 36 0.017 0.130 44.91
0.3782 0.0105 0.3550 36 0.012 0.111 38.32
0.4653 0.0129 0.3938 36 0.152 0.390 135.20
0.3308 0.0092 0.3320 36 0.070 0.265 91.70
0.1702 0.0047 0.2382 36 0.006 0.079 27.40
0.1921 0.0053 0.2531 36 0.006 0.079 27.23
0.3691 0.0103 0.3508 36 0.065 0.255 88.34
0.2751 0.0076 0.3028 36 0.015 0.124 43.01
0.2523 0.0070 0.2900 36 0.008 0.092 31.81
0.5200 0.0144 0.4164 36 0.032 0.178 61.52
0.2685 0.0075 0.2991 36 0.012 0.110 38.20
0.4301 0.0119 0.3786 36 0.028 0.167 57.94
0.2720 0.0076 0.3011 36 0.009 0.093 32.07
0.8938 0.0248 0.5458 36 0.108 0.329 113.89
0.1071 0.0030 0.1889 36 0.019 0.136 47.24
0.2987 0.0107 0.3578 28 0.015 0.122 42.27
0.3730 0.0104 0.3526 36 0.021 0.144 49.74
0.0990 0.0058 0.2644 17 ! 0.006 0.077 26.80
0.1216 0.0034 0.2014 36 0.006 0.077 26.59
0.2031 0.0056 0.2602 36 0.007 0.085 29.58
0.8977 0.0264 0.5629 34 0.026 0.163 56.33
0.1908 0.0053 0.2522 36 0.029 0.169 58.62
0.0534 0.0015 0.1335 36 0.002 0.046 15.81
0.1711 0.0048 0.2388 36 0.008 0.087 30.05
0.3171 0.0088 0.3251 36 0.012 0.111 38.51
0.2787 0.0077 0.3048 36 0.008 0.088 30.52
0.1608 0.0045 0.2315 36 0.005 0.069 24.06
0.3126 0.0087 0.3228 36 0.009 0.093 32.29
0.1911 0.0053 0.2524 36 0.007 0.081 28.10
0.3093 0.0086 0.3211 36 0.016 0.128 44.40
0.3109 0.0086 0.3219 36 0.013 0.114 39.61
0.1846 0.0051 0.2481 36 0.010 0.101 34.94
1.4820 0.0412 0.7029 36 0.042 0.204 70.58
0.1444 0.0040 0.2194 36 0.006 0.075 26.14
0.3648 0.0101 0.3487 36 0.046 0.215 74.40
0.1286 0.0036 0.2071 36 0.004 0.061 21.11
0.2815 0.0128 0.3919 22 0.026 0.162 56.23
0.8364 0.0232 0.5280 36 0.082 0.286 98.96
0.3624 0.0101 0.3475 36 0.035 0.186 64.41
0.2567 0.0071 0.2925 36 0.012 0.110 38.08
0.2819 0.0078 0.3065 36 0.010 0.099 34.32
0.1512 0.0042 0.2245 36 0.005 0.067 23.26
0.2967 0.0082 0.3145 36 0.013 0.115 39.80
0.2721 0.0101 0.3477 27 0.023 0.150 52.05
0.1967 0.0055 0.2561 36 0.007 0.083 28.77
0.4110 0.0114 0.3701 36 0.012 0.110 38.05
0.6551 0.0182 0.4673 36 0.077 0.277 96.12
0.2529 0.0070 0.2903 36 0.032 0.180 62.41
0.4329 0.0120 0.3799 36 0.027 0.166 57.34
0.1345 0.0037 0.2117 36 0.004 0.063 21.96
0.7426 0.0206 0.4975 36 0.021 0.145 50.39
0.2950 0.0082 0.3136 36 0.012 0.108 37.45
0.1800 0.0050 0.2449 36 0.010 0.100 34.76
0.3271 0.0099 0.3449 33 0.034 0.184 63.73
0.0909 0.0025 0.1741 36 0.003 0.051 17.71
0.1670 0.0046 0.2359 36 0.005 0.071 24.76
0.3964 0.0110 0.3635 36 0.031 0.175 60.58
0.2504 0.0070 0.2889 36 0.011 0.103 35.62
0.3121 0.0087 0.3225 36 0.058 0.240 83.15
0.2743 0.0076 0.3024 36 0.019 0.140 48.35
0.2701 0.0075 0.3001 36 0.022 0.149 51.54
0.4633 0.0129 0.3930 36 0.024 0.156 54.20
0.1348 0.0037 0.2120 36 0.007 0.083 28.61
0.3684 0.0102 0.3504 36 0.018 0.135 46.92
0.3395 0.0094 0.3364 36 0.018 0.133 46.12
0.1665 0.0046 0.2356 36 0.006 0.075 26.15
0.3461 0.0096 0.3396 36 0.038 0.194 67.26
0.1401 0.0039 0.2161 36 0.004 0.064 22.22
0.2885 0.0080 0.3101 36 0.009 0.097 33.56
0.2290 0.0064 0.2763 36 0.008 0.090 31.17
0.6551 0.0182 0.4673 36 0.100 0.316 109.42
0.1133 0.0031 0.1944 36 0.004 0.060 20.73
0.1502 0.0042 0.2238 36 0.008 0.088 30.38
0.3531 0.0110 0.3639 32 0.032 0.180 62.31
0.2754 0.0076 0.3030 36 0.008 0.088 30.45
0.7649 0.0212 0.5049 36 0.208 0.456 158.06
0.2792 0.0078 0.3050 36 0.008 0.090 31.06
0.1783 0.0050 0.2438 36 0.009 0.095 32.85
1.3135 0.0365 0.6617 36 0.172 0.414 143.51
0.4143 0.0115 0.3716 36 0.025 0.158 54.85
0.2009 0.0056 0.2588 36 0.009 0.094 32.42
0.7602 0.0211 0.5034 36 0.116 0.341 118.01
0.1437 0.0040 0.2189 36 0.005 0.069 23.74
0.1320 0.0037 0.2097 36 0.009 0.097 33.70
0.2461 0.0068 0.2864 36 0.010 0.100 34.53
0.3383 0.0094 0.3358 36 0.009 0.097 33.64
0.2018 0.0056 0.2593 36 0.030 0.173 59.91
0.2387 0.0066 0.2821 36 0.015 0.123 42.61
0.4359 0.0121 0.3812 36 0.079 0.282 97.65
0.1749 0.0049 0.2415 36 0.005 0.073 25.39
0.0969 0.0042 0.2249 23 0.006 0.075 25.91
0.2697 0.0075 0.2998 36 0.041 0.203 70.46
0.1109 0.0031 0.1922 36 0.004 0.060 20.77
0.2008 0.0056 0.2587 36 0.007 0.081 28.08
0.1652 0.0046 0.2347 36 0.005 0.070 24.08
0.6166 0.0171 0.4534 36 0.023 0.153 53.05
0.1803 0.0050 0.2452 36 0.005 0.073 25.29
0.1080 0.0064 0.2761 17 ! 0.008 0.088 30.52
0.0258 0.0015 0.1350 17 ! 0.002 0.046 16.02
0.1329 0.0037 0.2105 36 0.004 0.061 21.15
0.2083 0.0058 0.2635 36 0.007 0.086 29.93
0.2523 0.0070 0.2900 36 0.010 0.102 35.24
0.1254 0.0035 0.2044 36 0.007 0.082 28.23
0.1746 0.0048 0.2412 36 0.006 0.074 25.76
0.5285 0.0147 0.4197 36 0.073 0.271 93.88
0.2445 0.0068 0.2855 36 0.010 0.101 35.09
0.3414 0.0095 0.3373 36 0.021 0.145 50.18
0.2006 0.0056 0.2586 36 0.006 0.080 27.84
0.4614 0.0128 0.3922 36 0.028 0.167 57.96
0.1196 0.0033 0.1997 36 0.005 0.070 24.36
0.2321 0.0064 0.2782 36 0.008 0.088 30.41
0.0777 0.0022 0.1610 36 0.010 0.098 33.87
0.1224 0.0034 0.2020 36 0.004 0.060 20.86
0.6706 0.0216 0.5095 31 0.064 0.253 87.79
0.1731 0.0048 0.2402 36 0.007 0.082 28.41
0.2186 0.0061 0.2699 36 0.007 0.083 28.93
0.1023 0.0028 0.1847 36 0.003 0.057 19.89
0.0519 0.0052 0.2496 10 ! 0.006 0.080 27.62
0.4215 0.0117 0.3748 36 0.017 0.130 44.91
0.2518 0.0070 0.2897 36 0.007 0.085 29.35
0.1318 0.0037 0.2096 36 0.005 0.070 24.40
0.0170 0.0017 0.1428 10 ! 0.002 0.041 14.28
0.2893 0.0080 0.3105 36 0.012 0.110 37.94
0.2593 0.0072 0.2940 36 0.010 0.099 34.36
Variance Calcs
Sum: se2 se (annualised) Points Warning Var Sqrt (%)

0.1297 0.0036 0.2080 36 0.004 0.060 20.88
0.2299 0.0064 0.2768 36 0.006 0.080 27.71
0.1984 0.0055 0.2572 36 0.006 0.075 26.00
0.3986 0.0111 0.3645 36 0.011 0.106 36.73
0.5908 0.0164 0.4438 36 0.018 0.135 46.92
0.3608 0.0100 0.3468 36 0.010 0.100 34.69
0.5564 0.0155 0.4307 36 0.016 0.128 44.22
0.4653 0.0129 0.3938 36 0.015 0.121 42.03
0.2928 0.0081 0.3124 36 0.009 0.095 32.96
0.0920 0.0026 0.1751 36 0.003 0.052 17.94
0.1839 0.0051 0.2476 36 0.005 0.072 25.03
0.2573 0.0071 0.2928 36 0.007 0.086 29.92
0.1683 0.0047 0.2369 36 0.005 0.069 23.86
0.1890 0.0053 0.2510 36 0.005 0.073 25.26
0.0947 0.0026 0.1777 36 0.003 0.052 17.94
0.4165 0.0116 0.3726 36 0.019 0.139 48.05
1.1903 0.0340 0.6388 35 0.061 0.247 85.57
0.1982 0.0055 0.2571 36 0.006 0.075 26.15
0.2268 0.0063 0.2749 36 0.007 0.086 29.70
0.1472 0.0041 0.2215 36 0.004 0.064 22.15
0.2049 0.0057 0.2614 36 0.006 0.075 26.14
0.2026 0.0056 0.2598 36 0.006 0.075 25.99
0.1432 0.0040 0.2185 36 0.004 0.064 22.08
0.2298 0.0064 0.2768 36 0.006 0.080 27.75
0.2506 0.0070 0.2890 36 0.007 0.084 28.96
0.2477 0.0069 0.2873 36 0.007 0.086 29.71
0.1849 0.0051 0.2483 36 0.006 0.078 26.85
0.2212 0.0061 0.2716 36 0.006 0.079 27.23
0.2356 0.0065 0.2802 36 0.007 0.081 28.04
0.0906 0.0025 0.1738 36 0.003 0.052 17.99
0.2424 0.0067 0.2842 36 0.007 0.085 29.45
0.2807 0.0078 0.3059 36 0.008 0.089 30.70
0.1007 0.0028 0.1832 36 0.003 0.053 18.50
0.1698 0.0047 0.2379 36 0.005 0.069 23.99
0.1004 0.0028 0.1830 36 0.003 0.053 18.31
FC Return
55 56 57 58 59 60
Close Target Price Target DPS Total Return

( c) (c) (c) (%)
ABL 3560 - - 15%
ACL 9256 7000 299 -21%
ACP 3295 3240 281 7%
ADR 2560 - - 15%
AEG 3760 3500 101 -4%
AFE 6465 6000 145 -5%
AFX 2163 - - 15%
AGL 31895 34950 1115 13%
AIP 5740 - - 15%
ALT 7319 7000 420 1%
AMS 74000 73500 1505 1%
ANG 27795 36600 739 34%
APN 7955 - - 15%
AQP 4763 5386.5 63 14%
ARI 19169 20300 592 9%
ARL 11350 - - 30%
ASA 14230 13000 595 -4%
ASR 77000 78100 3000 5%
ATN 2785 - - 15%
AVI 2380 2710 104 18%
AVU 1950 - - 15%
BAT 2015 - - 15%
BAW 4929 4200 120 -12%
BCX 565 - - 15%
BEL 1165 703 0 -40%
BIL 25200 33250 723 35%
BLU 480 - - 30%
BSR 1340 - - 30%
BTI 25360 - - 30%
BVT 13625 15000 453 13%
CAT 1575 - - 0%
CBH 270 - - 30%
CFR 2840 3340 38 19%
CLH 7800 - - 30%
CLS 2964 - - 15%
CML 974 - - 15%
CMP 585 - - 15%
CPL 720 710 61 7%
CRM 11860 - - 30%
CSB 7449 - - 15%
DAW 865 - - 30%
DCT 395 - - 30%
DDT 1002 - - 15%
DRD 374 - - 15%
DSY 3450 - - 15%
DTC 3250 - - 15%
EMI 1180 1170 112 9%
EQS 610 621 40 8%
ESR 317 - - 30%
EXX 12590 13200 487 9%
FBR 2639 - - 30%
FOS 6700 - - 15%
FPT 680 665 57 6%
FSR 2020 1960 86 1%
FWD 922 963 11 6%
GDF 1895 - - 15%
GFI 9220 14600 450 63%
GIJ 118 - - 30%
GND 1531 2080 76 41%
GRF 3710 5000 146 39%
GRT 1475 1490 127 10%
HAR 6880 12100 296 80%
HCI 7800 - - 30%
HDC 7180 6003 334 -12%
HLM 1099 - - 15%
HPA 1275 1300 121 11%
HYP 4990 4810 364 4%
ILA 820 - - 0%
ILV 2970 - - 15%
IMP 21400 23500 556 12%
INL 6249 - - 15%
INP 5945 - - 30%
IPL 10029 13100 288 33%
IVT 2879 3068 106 10%
JDG 4425 - - 15%
JSE 6480 - - 30%
KGM 1550 - - 15%
KIO 35290 32800 2779 1%
LBH 7250 - - 0%
LBT 5620 5825 254 8%
LEW 5650 - - 15%
LON 22625 - - 15%
MDC 2700 - - 15%
MET 1688 - - 30%
MND 5380 4800 119 -9%
MPC 3980 - - 15%
MRF 164 141 2 -13%
MSM 10851 8611 397 -17%
MTN 11200 14500 3 29%
MTX 385 400 10 6%
MUR 4329 4500 192 8%
NED 14000 11800 590 -12%
NHM 4800 6250 75 32%
NPK 1790 - - 15%
NPN 31650 34000 318 8%
NTC 1320 - - 15%
OCE 3000 - - 30%
OML 1356 - - 30%
OMN 6289 - - 15%
PAM 12200 11700 1820 11%
PAP 1793 1745 155 6%
PFG 3801 4000 132 9%
PGR 1190 - - 15%
PIK 4300 4131 215 1%
PPC 3420 3300 241 4%
RBW 1590 - - 15%
RBX 2300 3600 124 62%
RDF 782 785 71 10%
REI 1190 - - 0%
REM 9800 11072 326 16%
RES 2712 2680 218 7%
RLO 5799 - - 15%
RMH 3237 - - 15%
SAB 21424 21250 614 2%
SAC 280 280 29 10%
SAP 3240 3000 55 -6%
SBK 11460 10500 407 -5%
SHF 2000 - - 30%
SHP 7270 7854 255 12%
SIM 127 280 0 120%
SLM 2487 - - 15%
SNT 10245 - - 15%
SOL 30273 30000 1327 3%
SPP 7450 7815 380 10%
SSK 1137 - - 30%
SUI 9205 - - 15%
SYC 2177 2010 172 0%
TBS 18340 19500 763 10%
TKG 3415 4000 300 26%
TON 10300 - - 15%
TRU 5230 - - 15%
VKE 1195 1145 112 5%
VOD 5560 5800 243 9%
WBO 11855 16000 346 38%
WHL 2253 2332 128 9%
FC Return
Rating Change Index Move Forward DY Total Return

(%) (%) (%) (%)
3% 35% 35%
-66% 4% 4%
107% 71% 71%
-64% -28% -28%
-35% 11% 11%
122% 116% 116%
-48% 7% 7%
19% 26% 26%
-35% 17% 17%
-5% -7% -7%
-63% 66% 66%
-29% 0% 0%
-50% -7% -7%
-19% 0% 0%
18% 26% 26%
-37% -22% -22%
-45% 1% 1%
-39% -3% -3%
-41% -7% -7%
-26% 9% 9%
-67% -15% -15%
-35% -7% -7%
-50% -18% -18%
-16% 11% 11%
-21% 8% 8%
-26% 6% 6%
-43% -3% -3%
-15% 20% 20%
160% 36% 36%
-25% -4% -4%
-14% 33% 2% 35%
2% 29% 3% 32%
0% 56% 4% 60%
-43% 1% 8% 9%
Close Target Px Target DPS FC Return PE

3560 - - 0.15 15.8082772
9256 7000 298.7 -88.999644
3295 3240 281.08 15.4643161
2560 - - 0.15 10.8567024
3760 3500 101.025 9.3254005
6465 6000 145.175 18.7934599
2163 - - 0.15 28.9947519
31895 34950 1114.77 15.8020321
5740 - - 0.15 12.801147
7319 7000 420.3641666667 12.6845604
74000 73500 1505.1 249.128052
27795 36600 738.7625 -14.7845885
7955 - - 0.15 18.9494429
4763 5386.5 62.775 35.9311559
19169 20300 592 75.4660026
11350 - - 0.3 12.7528248
14230 13000 595 13.2742188
77000 78100 3000 28.1436452
2785 - - 0.15 15.7344033
2380 2710 103.925 13.6625087
1950 - - 0.15 10.5405178
2015 - - 0.15 12.5078174
4929 4200 120 17.5722218
565 - - 0.15 15.3115909
1165 703 0 -4.2518272
25200 33250 723.2275 17.3873733
480 - - 0.3 9.8866984
1340 - - 0.3 4.0309253
25360 - - 0.3 13.5188114
13625 15000 453.25 14.1103429
1575 - - 0 16.2371929
270 - - 0.3 4.7178045
2840 3340 38.27 23.0744381
7800 - - 0.3 16.7563129
2964 - - 0.15 17.8660759
974 - - 0.15 16.0991709
585 - - 0.15 16.027439
720 710 60.8375 9.0349744
11860 - - 0.3 18.6244017
7449 - - 0.15 11.5292381
865 - - 0.3 34.7523892
395 - - 0.3 6.4647927
1002 - - 0.15 14.9776833
374 - - 0.15 -186.9857891
3450 - - 0.15 12.7118105
3250 - - 0.15 14.8231597
1180 1170 111.8225 9.7860764
610 621 39.8375 -6.8004543
317 - - 0.3 4.1492226
12590 13200 486.75 17.9343245
2639 - - 0.3 15.3430711
6700 - - 0.15 12.0244336
680 665 56.835 12.6723439
2020 1960 85.85 15.4080831
922 963 10.71 13.3623742
1895 - - 0.15 14.3669904
9220 14600 449.6825 15.0900119
118 - - 0.3 7.3842155
1531 2080 76.25 8.1133928
3710 5000 146.05 7.0398243
1475 1490 126.965 8.9318411
6880 12100 296.43 44.9680727
7800 - - 0.3 31.4317146
7180 6003 333.8166666667 9.1465367
1099 - - 0.15 26.1663658
1275 1300 120.665 10.378504
4990 4810 364.435 12.5062531
820 - - 0 15.3557937
2970 - - 0.15 11.8280206
21400 23500 555.575 63.6902108
6249 - - 0.15 13.6554192
5945 - - 0.3 12.9910621
10029 13100 287.5 13.4077014
2879 3068 106.08 6.9206547
4425 - - 0.15 100.1101211
6480 - - 0.3 14.4127524
1550 - - 0.15 12.6324832
35290 32800 2778.75 16.2551407
7250 - - 0 455.996352
5620 5825 254.4725 5.5887153
5650 - - 0.15 9.1143578
22625 - - 0.15 -18.0854719
2700 - - 0.15 23.851548
1688 - - 0.3 8.5685397
5380 4800 119.005 41.5127236
3980 - - 0.15 15.5530671
164 141 2 -27.3336067
10851 8611 396.515 21.3771137
11200 14500 2.775 13.9442787
385 400 9.975 -38.3847689
4329 4500 192.025 7.5549814
14000 11800 590 14.2421739
4800 6250 74.85 40.6091371
1790 - - 0.15 20.9845973
31650 34000 318 36.589828
1320 - - 0.15 17.0322932
3000 - - 0.3 11.0497238
1356 - - 0.3 28.6073922
6289 - - 0.15 133.8150676
12200 11700 1820.2625 20.4015016
1793 1745 155.1025 7.574323
3801 4000 132.01 10.8662581
1190 - - 0.15 17.8679913
4300 4131 215.0091666667 20.4139958
3420 3300 241.01 20.2249009
1590 - - 0.15 12.7916496
2300 3600 123.7725 7.5982646
782 785 71.435 12.9663006
1190 - - 0 2.1806874
9800 11072 326 19.4250194
2712 2680 217.65 10.0329079
5799 - - 0.15 8.9740023
3237 - - 0.15 13.5043889
21424 21250 614.41 20.2130455
280 280 29.0525 10.6020929
3240 3000 55.465 -9.6285313
11460 10500 406.65 15.3886401
2000 - - 0.3 8.2987552
7270 7854 254.8 17.5054705
127 280 0 -3.6843676
2487 - - 0.15 11.3666072
10245 - - 0.15 11.5241893
30273 30000 1327.25 20.2224469
7450 7815 380.45 19.000209
1137 - - 0.3 5.886023
9205 - - 0.15 16.7059256
2177 2010 172.05 14.366784
18340 19500 763.39 13.1187112
3415 4000 300 31.0173697
10300 - - 0.15 12.9478332
5230 - - 0.15 14.9514824
1195 1145 111.53 11.6087391
5560 5800 243.17 14.3893174
11855 16000 345.975 6.822632
2253 2332 128.475 17.4785451
histPE FC PE avgEarnGrowth 12M Dividends
11.64483 12 0.327586678752 458.6111577181

29.55956 10 0.783998090226 293.6537349376
-294.118 20 0.19 74.50742343421
2.5
27.50124 10 0.196843555486 1.480386659723
15.49331 10 0.377219644987 165.3427254241
-45.72474 10 0.45 167.100142918
2
19.39037 10 0.493553663463 1069.362857089
8.386518 10 0.157375402777 2.594122664345
1.5
15.32473 10 0.444933728473 2107.520094579
10.50773 10-0.050399248014 773.1774438386
27.27694 10 1.737102545967 3.413631071565
1
14.15048 10 0.194517322961 71.33973561368
19.87044 10 0.316326629843 2114.796329543
12.32863 10 0.107963204234 0.5
1855.23044747
8.491055 10 0.161362545594 4.233897795232
15.9223 10-0.016999184323 4.445454139871
0
18.02939 10 0.361617535061 1265.182761552
16
21
26
31
36
41
46
56
61
91
96
1
6
11
51
66
71
76
81
86
101
106
111
116
121
126
131
16.27472 10 0.240891924707 142.6126274001
17.05001 10 0.217527176986 1716.709836938
-0.5
13.50165 10 0.267201721585 1366.396210142
29.88732 10 0.468575641402 739.68128041
15.49139 10 0.163089734703 108.767386591
30 15 0.16 91.36021640525
11.86493 10 0.209277142875 3.594076239606
12.58828 10 0.217054904402 1471.597222504
13.55969 10 0.233463592123
17.57 10 0.28
11.74 10 0.299881060491
3.838993 10 -0.15819941768
13.39136 10 0.115777133782 CLOSE 1/21/2010
18.12185 15.5 0.436730313658 621.4006335155 J258 27925.68
15.8288 16.1 0.275620688491 754.1431502745 J257 25463.77
18.87362 0.555393918238 339.2012440956 J212 7559.9
15.8 9 0.334401663822 29.85865779753 J254 367.65
SWIX Weight Liquidity Alsi Weight
61 62 63 64 65 66
Swix weight 12M average Alsi Weight

(%) ( Rm ) (%)
1.1% 2101 0.7%
0.8% 2637 0.5%
0.1% 93 0.1%
0.1% 52 0.0%
0.4% 2099 0.4%
0.3% 197 0.2%
0.1% 104 0.1%
4.9% 21477 10.7%
0.3% 440 0.2%
0.1% 93 0.1%
3.0% 5251 2.0%
1.1% 7669 2.5%
1.0% 1782 0.6%
0.0% 12 0.0%
0.6% 1523 0.4%
0.2% 164 0.1%
1.9% 4653 1.3%
0.0% 84 0.0%
0.0% 47 0.0%
0.3% 333 0.2%
0.1% 46 0.1%
0.1% 58 0.1%
0.3% 1212 0.3%
0.1% 33 0.0%
0.0% 13 0.0%
6.4% 15031 14.1%
0.1% 64 0.0%
0.0% 66 0.0%
3.1% 3288 3.2%
1.8% 2635 1.2%
0.1% 16 0.1%
0.0% 9 0.0%
2.3% 5170 3.7%
0.1% 74 0.1%
0.3% 434 0.2%
0.1% 49 0.1%
0.1% 57 0.0%
0.2% 165 0.1%
0.0% 10 0.0%
0.1% 39 0.0%
0.1% 36 0.0%
0.0% 20 0.0%
0.3% 429 0.4%
0.0% 83 0.0%
0.4% 769 0.3%
0.2% 218 0.1%
0.2% 150 0.1%
0.0% 43 0.0%
0.0% 28 0.0%
0.3% 1576 0.2%
0.0% 22 0.0%
0.6% 1788 0.4%
0.3% 195 0.2%
3.2% 4715 2.1%
0.1% 46 0.0%
0.1% 135 0.0%
0.7% 5780 1.6%
0.0% 19 0.0%
0.2% 427 0.1%
0.1% 241 0.1%
0.9% 906 0.6%
0.6% 3148 0.7%
0.2% 46 0.1%
0.1% 56 0.1%
0.0% 140 0.0%
0.0% 22 0.0%
0.2% 191 0.2%
0.0% 32 0.0%
0.3% 263 0.2%
3.8% 11113 3.4%
0.5% 1173 0.4%
0.8% 1742 0.7%
0.8% 1627 0.5%
0.0% 20 0.0%
0.3% 998 0.2%
0.2% 237 0.1%
0.1% 23 0.0%
1.3% 2380 0.9%
0.4% 520 0.3%
0.5% 1586 0.9%
0.2% 409 0.1%
0.1% 606 0.2%
0.3% 185 0.2%
0.4% 362 0.2%
0.3% 400 0.2%
0.4% 656 0.2%
0.1% 141 0.0%
0.8% 1549 0.5%
7.9% 17521 5.2%
0.1% 167 0.1%
0.5% 1703 0.4%
1.3% 2397 0.9%
0.3% 609 0.2%
0.4% 310 0.3%
3.6% 9773 3.2%
0.7% 752 0.5%
0.1% 71 0.0%
1.2% 4260 1.9%
0.1% 78 0.1%
0.1% 52 0.0%
0.3% 234 0.2%
0.1% 78 0.1%
0.1% 33 0.1%
0.4% 704 0.3%
0.8% 1396 0.5%
0.1% 23 0.1%
0.1% 153 0.0%
0.8% 610 0.5%
0.9% 1363 0.6%
1.8% 2176 1.2%
0.3% 134 0.2%
0.4% 583 0.3%
1.1% 1038 0.7%
4.0% 6390 6.6%
0.2% 120 0.1%
0.5% 888 0.4%
5.1% 10150 4.5%
1.1% 1882 0.7%
1.5% 2828 1.0%
0.0% 105 0.0%
2.0% 2106 1.3%
0.2% 126 0.1%
5.5% 12724 4.8%
0.5% 693 0.3%
0.0% 25 0.0%
0.4% 308 0.3%
0.1% 59 0.1%
1.0% 2364 0.7%
0.3% 1832 0.2%
0.4% 979 0.3%
0.9% 1892 0.6%
0.1% 56 0.0%
0.9% 2669 0.6%
0.2% 275 0.1%
0.2% 1683 0.5%
SWIX Weight Liquidity Alsi Weight
Swix weight 12M average

(%) ( Rm )
5.7% 12321
0.6% 412
2.9% 20134
7.2% 16584
12.6% 40032
1.0% 1047
2.2% 2649
2.5% 3368
2.5% 3675
0.7% 655
1.2% 1857
2.0% 2383
4.3% 6172
2.5% 3888
1.2% 1792
2.1% 4238
1.1% 994
1.3% 1593
2.6% 3707
3.7% 7926
3.9% 8073
0.7% 551
0.4% 2797
9.9% 18986
11.9% 23337
0.2% 110
4.2% 7833
2.6% 5282
1.1% 1462
0.6% 627
28.4% 89079
47.3% 77356
21.0% 40117
4.3% 4848
Beta Beta Quintile

0.6704765772539 0.6 Bin Frequency
1.1526784427934 0.4 0 0
0.2997728595684 0.8 0.2 14
0.4883036196655 0.6 0.4 14
0.8692816892792 0.6 0.6 61
0.8432529712254 0.6 0.8 30
0.4718659778811 0.6 1 0
1.7763292142247 0.2 More 0
0.4416658648083 0.6
1.7349447984875 0.2
0.5501103339724 0.6
0.3897130414129 0.6
2.1311374007131 0.2
1.714501529565 0.2
0.5106703558923 0.6
0.3734801129716 0.8
1.6271228929253 0.2
0.8541650278773 0.6
0.4244719226749 0.6
0.9634758277459 0.6
0.7013521432035 0.6
0.9977399269669 0.6
0.350913307184 0.8
1.5485126395956 0.2
1.2881527150052 0.4
0.8696164747204 0.6
0.6890625031308 0.6
0.495227984594 0.6
1.3628126333476 0.4
0.4929809958367 0.6
0.6520693597466 0.6
0.5853409404931 0.6
-0.0502711851412 0.8
0.2704187882197 0.8
0.0311050189456 0.8
0.451634570787 0.6
0.8270240226253 0.6
0.6501052455638 0.6
0.8059940679486 0.6
0.0901962470029 0.8
0.5615903282623 0.6
1.4118556327021 0.4
0.1909799747606 0.8
1.370225643073 0.4
1.2313001249821 0.4
0.7273390447705 0.6
0.4719030989463 0.6
0.2593287643682 0.8
0.6934454466213 0.6
0.4708686722087 0.6
0.2334978769073 0.8
1.4744120208411 0.4
1.3420002840816 0.4
0.9790014315892 0.6
0.2628101616424 0.8
0.1577844628766 0.8
0.5971719508608 0.6
0.812836118141 0.6
0.18167129729 0.8
0.3025463160772 0.8
1.1057211268912 0.4
0.6433869003866 0.6
1.6109419679442 0.2
1.0062079637857 0.4
1.0915757081769 0.4
0.8513220454894 0.6
0.7241025736444 0.6
0.7921744279272 0.6
0.8216207770615 0.6
0.4415649249972 0.6
1.3071709206427 0.4
0.2295725067648 0.8
0.3936700804552 0.6
0.4833362229195 0.6
1.6668065000666 0.2
0.3429943160215 0.8
0.7415325762086 0.6
0.0995383411378 0.8
2.1663668221177 0.2
0.1879663018822 0.8
0.747131955929 0.6
1.6734947878902 0.2
0.9432609165561 0.6
0.6556609650749 0.6
1.7010819602883 0.2
0.3873126389145 0.6
0.9125853523033 0.6
0.6059362352332 0.6
0.0579843348895 0.8
1.3697247565144 0.4
0.91916266094 0.6
1.6945315681082 0.2
0.3091308106126 0.8
1.4606005466123 0.4
0.3727151162543 0.8
0.3960766351287 0.6
0.2219034642761 0.8
0.2434357786213 0.8
0.0985529987016 0.8
0.49364755358 0.6
0.6203081835669 0.6
0.7442237697924 0.6
0.3524646793991 0.8
1.5536741831503 0.2
0.6375642257743 0.6
0.93648630233 0.6
0.3763806670438 0.8
0.9542741674428 0.6
0.58586837064 0.6
0.4150293208351 0.6
1.0630750076186 0.4
0.2460502568679 0.8
0.5587022804509 0.6
0.3650360532133 0.8
0.3644187949044 0.8
0.6148986524527 0.6
0.1591583186785 0.8
0.5202477333491 0.6
0.6353452838159 0.6
0.5539826835222 0.6
Colum
n BI
56
61
91
96
66
71
76
81
86
101
106
111
116
121
126
131
0.0222519427823
0.0296163195895
0.0448684829291
0.0812148994901
Current PE Beta Beta Quintile
67 68 69 70 71 1

(x) (-) (-)
15.8 0.7 0.6 ABL
-89.0 1.2 0.4 ACL
15.5 0.3 0.8 ACP
10.9 0.5 0.6 ADR
9.3 0.9 0.6 AEG
18.8 0.8 0.6 AFE
29.0 0.5 0.6 AFX
15.8 1.8 0.2 AGL
12.8 0.0 0.0 AIP
12.7 0.4 0.6 ALT
249.1 1.7 0.2 AMS
-14.8 0.6 0.6 ANG
18.9 0.4 0.6 APN
35.9 2.1 0.2 AQP
75.5 1.7 0.2 ARI
12.8 0.5 0.6 ARL
13.3 0.4 0.8 ASA
28.1 1.6 0.2 ASR
15.7 0.9 0.6 ATN
13.7 0.4 0.6 AVI
10.5 1.0 0.6 AVU
12.5 0.7 0.6 BAT
17.6 1.0 0.6 BAW
15.3 0.4 0.8 BCX
-4.3 1.5 0.2 BEL
17.4 1.3 0.4 BIL
9.9 0.0 0.0 BLU
4.0 0.9 0.6 BSR
13.5 0.0 0.0 BTI
14.1 0.7 0.6 BVT
16.2 0.5 0.6 CAT
4.7 0.0 0.0 CBH
23.1 1.4 0.4 CFR
16.8 0.5 0.6 CLH
17.9 0.7 0.6 CLS
16.1 0.6 0.6 CML
16.0 -0.1 0.8 CMP
9.0 0.3 0.8 CPL
18.6 0.0 0.8 CRM
11.5 0.5 0.6 CSB
34.8 0.8 0.6 DAW
6.5 0.7 0.6 DCT
15.0 0.8 0.6 DDT
-187.0 0.1 0.8 DRD
12.7 0.6 0.6 DSY
14.8 1.4 0.4 DTC
9.8 0.2 0.8 EMI
-6.8 0.0 0.0 EQS
4.1 1.4 0.4 ESR
17.9 1.2 0.4 EXX
15.3 0.7 0.6 FBR
12.0 0.5 0.6 FOS
12.7 0.3 0.8 FPT
15.4 0.7 0.6 FSR
13.4 0.0 0.0 FWD
14.4 0.5 0.6 GDF
15.1 0.2 0.8 GFI
7.4 1.5 0.4 GIJ
8.1 1.3 0.4 GND
7.0 1.0 0.6 GRF
8.9 0.3 0.8 GRT
45.0 0.2 0.8 HAR
31.4 0.6 0.6 HCI
9.1 0.8 0.6 HDC
26.2 0.0 0.0 HLM
10.4 0.2 0.8 HPA
12.5 0.3 0.8 HYP
15.4 1.1 0.4 ILA
11.8 0.6 0.6 ILV
63.7 1.6 0.2 IMP
13.7 1.0 0.4 INL
13.0 1.1 0.4 INP
13.4 0.9 0.6 IPL
6.9 0.7 0.6 IVT
100.1 0.8 0.6 JDG
14.4 0.8 0.6 JSE
12.6 0.4 0.6 KGM
16.3 1.3 0.4 KIO
456.0 0.2 0.8 LBH
5.6 0.4 0.6 LBT
9.1 0.5 0.6 LEW
-18.1 1.7 0.2 LON
23.9 0.3 0.8 MDC
8.6 0.7 0.6 MET
41.5 0.0 0.0 MND
15.6 0.1 0.8 MPC
-27.3 2.2 0.2 MRF
21.4 0.2 0.8 MSM
13.9 0.7 0.6 MTN
-38.4 1.7 0.2 MTX
7.6 0.9 0.6 MUR
14.2 0.7 0.6 NED
40.6 1.7 0.2 NHM
21.0 0.4 0.6 NPK
36.6 0.9 0.6 NPN
17.0 0.6 0.6 NTC
11.0 0.1 0.8 OCE
28.6 1.4 0.4 OML
133.8 0.9 0.6 OMN
20.4 1.7 0.2 PAM
7.6 0.3 0.8 PAP
10.9 0.0 0.0 PFG
17.9 1.5 0.4 PGR
20.4 0.4 0.8 PIK
20.2 0.4 0.6 PPC
12.8 0.2 0.8 RBW
7.6 0.0 0.0 RBX
13.0 0.2 0.8 RDF
2.2 0.0 0.0 REI
19.4 0.0 0.0 REM
10.0 0.1 0.8 RES
9.0 0.5 0.6 RLO
13.5 0.6 0.6 RMH
20.2 0.7 0.6 SAB
10.6 0.4 0.8 SAC
-9.6 1.6 0.2 SAP
15.4 0.6 0.6 SBK
8.3 0.9 0.6 SHF
17.5 0.4 0.8 SHP
-3.7 1.0 0.6 SIM
11.4 0.6 0.6 SLM
11.5 0.4 0.6 SNT
20.2 1.1 0.4 SOL
19.0 0.2 0.8 SPP
5.9 0.0 0.0 SSK
16.7 0.6 0.6 SUI
14.4 0.4 0.8 SYC
13.1 0.4 0.8 TBS
31.0 0.0 0.0 TKG
12.9 0.6 0.6 TON
15.0 0.2 0.8 TRU
11.6 0.5 0.6 VKE
14.4 0.0 0.0 VOD
6.8 0.6 0.6 WBO
17.5 0.6 0.6 WHL
J055
J135
J150
J153
J154
J173
J175
J235
J272
J273
J277
J279
J353
J357
J372
J376
J453
J457
J533
J537
J555
J575
J653
J657
J835
J853
J857
J877
J898
J953
J258
J257
J212
J254
Frequency
2 3 4 5 6 7 8
Mean
4/30/2007 5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007
0.001 0.001545 -0.000579 -0.000212 0.000953 -0.000191 -0.000003
-0.006 0.000583 -0.000002 0.000000 -0.000015 -0.000001 0.001242
-0.004 0.000080 0.000010 -0.000637 0.000000 -0.000043 0.000037
-0.011 0.001230 0.000003 -0.000008 -0.000005 0.000000 0.000091
-0.005 0.000105 0.000039 0.000000 0.000394 -0.000006 0.000051
-0.008 0.001135 0.000979 -0.000501 0.000000 -0.000015 0.000054
-0.013 0.000681 0.001483 -0.000275 0.000137 -0.000093 0.000192
-0.004 -0.000006 0.002046 -0.000073 0.000001 -0.000001 0.001320
0.018
0.000 -0.000003 -0.000026 -0.000002 -0.000081 0.000000 -0.000011
-0.008 0.000000 0.000084 -0.000014 -0.003384 -0.000038 0.000816
-0.005 -0.000031 -0.000435 -0.000676 0.001981 -0.000431 0.004548
0.019 0.000007 -0.000006 -0.000476 -0.001780 0.000028 -0.000532
-0.003 -0.000493 0.000010 -0.000004 -0.000093 0.000014 0.000812
0.021 0.002069 0.000000 -0.000006 0.000004 -0.001634 0.000737
-0.005 0.000000 0.001931 -0.000001 -0.000009 -0.000091 -0.000006
-0.004 0.000076 -0.000446 -0.000027 0.000058 -0.000150 -0.000083
0.039 0.001120 0.001497 -0.000274 0.000499 0.010580 -0.000217
-0.016 -0.000020 0.003990 -0.000018 -0.000004 -0.002860 0.005134
0.001 0.000755 0.000000 -0.001672 -0.000162 0.000023 0.000838
-0.039 0.003322 0.000234 0.000000 -0.000047 -0.000015 0.000150
-0.013 0.000313 0.000089 -0.000152 -0.001096 -0.000002 -0.000012
-0.034 0.001687 0.000019 0.000014 0.001449 -0.064497 0.000600
-0.009 0.000014 0.000509 -0.000114 0.000000 -0.000281 0.000003
-0.018 0.005779 0.002708 -0.000176 0.000019 0.000000 0.007504
0.009 -0.000052 0.000407 0.001244 0.000220 -0.000003 0.002758
-0.021
-0.011 0.000761 0.000946 0.000211 0.006531 0.000814 0.000107
-0.007
-0.005 0.000336 -0.000030 0.000000 0.000001 -0.000108 -0.000023
-0.006 0.000103 0.000087 0.000012 -0.000853 -0.000428 0.001299
-0.011 0.000002 -0.000021 0.000004 0.000432
-0.010 0.000390 0.000004 -0.000037 0.000222 0.000000 0.000004
-0.007 0.000004 0.000019 -0.000016 -0.000023 -0.000029 0.000387
0.019 0.002369 0.000262 -0.001762 -0.000002 0.000001 0.000311
0.004 0.000959 -0.000007 -0.000419 0.000258 -0.000017 0.000001
0.005 -0.000044 -0.000031 -0.000397 -0.000016 -0.000142 0.000986
0.003 0.001391 -0.000092 -0.000001 -0.000153 0.000004 0.000209
-0.011 0.000644 0.001773 0.000000 -0.000004 -0.000156 -0.000008
0.001 0.000274 -0.000271 0.000001 0.000013 -0.000066 0.000012
-0.019 0.000511 0.000000 0.000017 0.000257 0.000194 0.000257
-0.003 0.001239 0.005048 -0.000323 -0.000003 0.000000 0.000017
0.005 -0.000746 0.001344 0.000304 -0.000002 0.000000 0.000000
0.004 0.002742 0.000523 -0.003317 -0.001333 -0.006301 0.088909
0.000 0.002123 -0.000094 -0.000603 -0.000017 -0.000216 -0.000027
-0.003 -0.000112 0.000467 0.000010 0.000007 -0.000004 -0.004002
-0.003 0.000737 -0.000500 -0.000002 0.000007 0.000012 0.000175
-0.035
-0.007 -0.000562 0.000893 -0.000250 0.000000 0.000053 0.011973
0.019 -0.001009 0.001760 -0.000335 0.000118 -0.000001 0.004853
0.011 0.000499 0.003138 -0.000446 -0.002786 -0.000061 0.000009
-0.004 0.000317 -0.000115 -0.002720 -0.000002 -0.000095 -0.001202
-0.006 0.000818 -0.000468 -0.000263 0.000000 -0.000005 0.000144
-0.008 0.000017 -0.000749 -0.000002 0.000018 0.000000 -0.000152
-0.005
-0.014 0.002557 0.000234 -0.000002 -0.000009 0.000109 0.000179
-0.012 -0.000079 -0.000153 -0.000671 0.000474 -0.000246 0.002641
0.012 0.000046 0.000411 0.000052 -0.002081 -0.000522 -0.000008
-0.003 0.003879 0.005563 -0.000193 0.000392 0.000044 0.000063
-0.011 -0.000327 0.001329 -0.000198 0.005875 -0.002243 0.000000
-0.006 0.000338 -0.000026 -0.000067 0.000206 -0.000008 0.000092
-0.008 0.001584 -0.000511 -0.000041 -0.000008 -0.041982 0.020289
0.004 0.000036 0.017502 -0.000007 -0.000331 0.000000 -0.000032
-0.005 0.000272 0.000024 0.000039 -0.000056 0.000063 0.000000
-0.032 -0.018847 0.000712 -0.000002
-0.009 0.000002 0.000088 -0.000136 0.000000 -0.000001 0.000000
-0.002 0.000515 -0.000047 -0.000381 -0.000002 0.000003 0.000075
-0.019 0.000389 0.000000 0.002110 0.004428 -0.000050 -0.003850
0.009 0.000167 0.005620 -0.000173 -0.000187 0.000001 0.000135
0.000 0.000000 -0.000212 -0.000005 -0.000045 0.000000 0.001879
-0.013 0.000488 -0.000273 -0.000002 -0.000005 -0.000764 -0.000429
-0.015 0.000630 -0.000085 -0.000051 -0.000013 -0.001167 -0.000434
-0.011 0.000216 -0.000122 -0.000041 -0.000048 0.000015 -0.000856
-0.003 0.000000 0.003499 -0.001535 -0.000052 0.000000 0.000126
-0.020 0.000255 -0.001385 -0.001724 0.000074 -0.000037 -0.003546
-0.004 0.000002 0.003588 -0.000084 -0.000886 -0.000014 0.001860
-0.005 0.000009 0.000000 -0.000236 0.000000 -0.000142 0.000000
0.025 0.000000 0.010688 -0.000405 0.000000 0.000179 0.000155
-0.004 0.002342 -0.000008 -0.000078 0.000008 -0.000006 -0.000001
-0.034 0.000000 0.000020 -0.000011 -0.000102 0.005379 -0.000131
-0.009 0.000225 -0.000703 -0.000275 0.000000 0.000000 -0.000562
-0.013 0.000000 0.007348 0.000015 -0.001622 -0.000911 0.002323
-0.004 0.000029 0.000001 -0.000073 -0.001685 -0.000033 0.000005
-0.001 0.001970 -0.000059 -0.000782 -0.000001 0.000000 0.000008
-0.003 0.002032 -0.000002
0.004 0.000413 -0.000332 -0.001688 0.000001 -0.000123 -0.000035
0.019 0.004401 0.001081 0.000011 -0.012748 -0.000019 0.000599
0.003 0.003605 -0.000260 -0.000548 -0.000052 0.000599 -0.001150
-0.001 0.000104 -0.000262 -0.000010 0.000089 0.000293 -0.000102
-0.029 0.000233 0.000007 0.000181 0.000587 -0.001565 0.014011
-0.007 0.000666 0.001287 -0.000144 0.007219 -0.000004 0.007122
-0.004 0.000352 -0.000016 -0.001387 0.000003 0.000000 -0.000438
0.005 0.000576 -0.000023 0.000000 -0.000233 0.000006 -0.001418
-0.011 0.000063 -0.000282 0.000020 -0.000331 0.000000 0.000344
0.012 0.000000 0.000028 -0.000137 -0.000047 -0.000007 0.000100
-0.005 0.000401 0.000054 -0.000369 -0.002530 0.000007 -0.000325
0.013 0.000161 0.006331 -0.003070 -0.000009 -0.000400 0.012874
-0.016 0.000775 -0.000011 -0.000011 -0.000001 0.000000 -0.000010
-0.004 0.000002 0.002074 -0.000008 -0.000956 0.001055 0.000454
0.027 0.023346 0.000380 0.000132 0.000000 -0.000945 0.000227
-0.001 0.000035 0.000001 -0.001307 0.000421 0.000000 0.000507
0.006
-0.006 0.003900 0.000110 0.000001 0.000513 -0.000346 0.000555
0.000 0.000007 0.000003 -0.000015 -0.000126 -0.000032 0.000262
-0.013 0.000033 0.000120 -0.000014 -0.002030 0.000349 0.000237
-0.006 0.000005 -0.000006 -0.000040 0.000006 0.000000 -0.000007
0.008 0.025343 0.002426 -0.000090 0.000162 -0.000004 0.001443
-0.004 0.001363 -0.000678 -0.000028 0.000013 -0.000028 0.000773
-0.005
0.014
-0.001 0.000325 0.000018 -0.000001 -0.000009 -0.000290 0.001211
-0.013 0.000000 -0.000232 0.000005 -0.000094 -0.000295 0.000001
-0.006 0.000083 -0.000490 -0.000148 0.000038 0.000003 -0.000045
0.003 0.000105 0.000000 0.000035 0.000003 0.000328 -0.000016
-0.016 0.001300 -0.004614 0.000033 0.000000 0.000000 0.000049
-0.028 0.004780 0.000407 -0.000002 -0.000718 0.000000 -0.000119
-0.002 0.000033 -0.000173 -0.000374 0.000035 0.000005 -0.000161
-0.006 0.000364 -0.000212 0.000013 -0.000208 0.000000 -0.003663
0.023 0.001579 0.000009 -0.000151 -0.000277 0.000143 0.000016
-0.042 0.007990 0.000005 0.000002 -0.001266 -0.004685 0.012914
0.001 0.006062 -0.000072 -0.000028 0.000001 -0.000306 0.000014
-0.004 0.000438 0.000013 0.000000 -0.000521 0.000425 0.000001
0.002 0.000000 0.000085 0.000016 0.000002 0.000148 0.000003
0.005 0.000193 -0.000026 0.000000 0.000000 -0.000070 0.000078
-0.005 0.034815
-0.018 0.000286 0.000044 0.000000 0.000022 -0.000102 -0.000068
-0.003 0.000224 -0.000136 -0.000294 -0.000430 -0.000014 0.000003
-0.005 0.001658 -0.000159 -0.000052 0.000018 0.000000 -0.000032
-0.008
-0.005 0.002128 0.000071 -0.044301 -0.000006 0.000490 0.000011
0.007 0.000787 0.000080 -0.002445 -0.000002 -0.001634 -0.000124
-0.002 0.000548 0.000000 -0.000061 -0.000003 -0.000012 0.000624
0.002
0.006 0.000070 0.000008 0.000329 -0.000010 -0.000006 0.003597
-0.002 0.000635 -0.000403 -0.000076 -0.000716 0.000000 -0.000649
Mean
1/31/2007 2/28/2007 3/31/2007 4/30/2007 5/31/2007 6/30/2007
-0.001 -0.000199 -0.000187 0.000034 0.000000 0.000099 0.000021
-0.009 0.000117 -0.000003 0.000007 0.000588 0.001295 -0.000267
-0.008 -0.000115 -0.000009 0.000169 0.000000 -0.000298 -0.000442
0.002 0.000562 0.000076 0.001057 0.000001 -0.000003 -0.000029
0.004 0.000000 0.000034 0.001137 -0.000017 0.001069 0.000002
-0.021 -0.002037 0.000024 0.000664 0.004233 0.000307 -0.000007
0.004 0.000317 0.000002 0.000162 0.000662 -0.000004 0.000000
-0.001 0.001936 0.000180 0.000700 0.000080 0.000214 -0.000020
-0.001 0.000043 -0.000064 0.000058 0.000128 -0.000033 0.000007
-0.014 0.000388 -0.000009 0.000179 0.000001 0.000000 0.000002
-0.015 0.000000 0.000049 -0.000018 0.000428 0.000000 -0.000028
-0.005 0.000001 0.000073 0.000000 0.000330 -0.000030 0.000000
0.003 0.000006 -0.000052 -0.000007 0.000106 0.000000 0.000036
0.000 0.000000 0.000000 0.000007 0.000760 0.000000 -0.000235
-0.003 0.000000 0.000073 -0.001259 0.000319 -0.000245 0.000009
-0.019 0.000000 0.000000 0.000011 0.000545 0.000015 -0.000015
-0.003 0.000196 -0.000035 -0.000016 0.000270 0.000031 -0.000290
0.016 0.000198 -0.000006 0.000000 0.000003 -0.000005 -0.000461
0.014 0.000011 -0.000028 0.000033 0.000401 0.000000 -0.000043
-0.008 0.000489 0.000105 0.000021 0.000624 -0.000161 -0.000839
0.010 0.000299 -0.000173 0.000000 0.000004 0.000021 -0.000108
-0.008 0.000176 0.000118 0.000067 0.000178 0.000030 -0.000003
-0.011 0.002813 0.000004 0.000011 0.000116 -0.000001 0.000081
0.005 0.000000 0.000000 0.001181 0.000067 -0.000323 -0.000018
-0.004 0.000049 0.000007 0.000066 0.000048 -0.000317 -0.000142
0.004 0.000036 0.000065 0.000000 0.000010 0.000000 0.000000
-0.012 0.000034 0.000002 -0.000011 0.001661 -0.000016 -0.000021
-0.013 0.000001 0.000000 0.000683 0.000625 -0.000032 -0.000034
-0.008 0.000208 0.000011 -0.000001 0.000008 0.000013 0.000003
0.000 0.000013 0.000069 0.000325 -0.000223 0.000823 0.000062
0.000 0.000000 0.000007 0.000783 -0.000002 0.000199 0.000000
-0.001 0.000018 0.000000 0.000015 0.000184 -0.000001 -0.000009
-0.010 0.000020 0.000002 0.000020 0.000224 -0.000094 -0.000059
-0.008 0.000246 0.000006 0.000014 0.000226 -0.000061 -0.000066
9 10 11 12 13 14 15 16
10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008

0.002953 -0.000077 -0.000278 -0.005501 0.001778 -0.003559 -0.000003 -0.000683
0.000246 -0.000179 -0.000004 0.000208 0.023581 0.000131 0.004008 0.000686
0.000970 -0.000639 0.000019 -0.000732 -0.000021 -0.000037 -0.000954 -0.000816
0.003712 -0.001851 0.000222 -0.002147 0.000017 -0.003606 0.000280 0.000310
0.004281 -0.000966 0.000095 -0.003298 0.006751 -0.000310 -0.000008 0.002705
0.000766 -0.000751 -0.000053 -0.006595 0.000392 -0.000389 0.000024 0.000029
0.000017 -0.000031 -0.000176 -0.003276 0.000291 -0.000146 -0.000553 0.000079
-0.000017 0.000002 -0.000786 -0.000093 0.015349 -0.000065 0.000017 0.000049
0.019129 -0.001664 -0.000107 -0.010815 -0.000220 0.000653 -0.000175 0.001775

0.000337 -0.002178 0.000063 0.000159 0.004429 -0.000065 0.000006 0.000769
-0.000360 0.001267 -0.002552 0.000228 -0.000840 -0.000083 -0.000395 0.002098
0.001157 -0.000503 0.000021 -0.007262 -0.000177 0.000001 -0.000163 0.000022
0.000235 -0.000021 -0.000595 0.002876 0.043508 0.000002 -0.000008 0.000158
0.001383 -0.000031 -0.000003 -0.000062 0.034109 0.000422 0.001421 0.002444
0.000784 0.001126 0.000033 -0.012210 -0.000004 -0.004776 0.000129 -0.000313
0.000046 -0.000014 -0.002405 -0.000894 0.001217 -0.000936 -0.000324 -0.001172
0.000594 -0.001840 0.000191 -0.000016 0.052518 -0.000582 0.015378 -0.000001
0.000064 -0.000396 0.000396 -0.007003 -0.000063 0.000705 -0.000177 0.003714
0.000006 -0.000819 -0.000008 -0.009405 0.000725 -0.001389 -0.000219 -0.000054
0.006454 -0.000292 -0.057947 -0.010889 0.001698 -0.020856 -0.003412 -0.000072
0.001543 -0.000019 -0.000188 -0.015494 0.001439 0.000000 -0.000161 0.000485
0.000000 -0.000340 -0.000027 -0.003558 0.000975 0.004152 0.000129 -0.000081
-0.000364 -0.001681 0.000254 -0.004013 -0.000021 0.000503 0.000000 0.000011
0.000805 -0.000025 0.000335 -0.004262 0.003283 -0.000317 -0.000103 -0.006520
0.000000 -0.001448 -0.000760 0.000026 0.003631 -0.000504 0.001393 0.000245
0.000506 -0.000494 0.000015 -0.000030 -0.000037 0.000089
0.003459 -0.000835 -0.000040 -0.009224 0.000227 0.000410 -0.000554 0.000609
0.000000 -0.001901 0.000000 -0.003857 0.002415 -0.000053 0.000003 -0.000259

-0.000016 0.000008 0.000003 -0.014590 -0.000063 0.001438 -0.000274 -0.000606
0.000035 0.000955 0.000919 -0.005840 -0.009659 0.000000 -0.015154 -0.044753
0.000015 0.000002 -0.000001 -0.000770 0.000565 0.000000 0.000007 0.000079
0.000039 0.000000 -0.000032 -0.002528 0.000240 -0.000001 0.000000 -0.000012
0.000105 -0.001532 -0.002561 -0.001494 0.000874 -0.000617 -0.000092 -0.000003
0.000581 -0.000006 -0.003396 -0.021406 0.001496 -0.000646 0.000081 -0.004502
-0.000004 -0.000057 0.000000 -0.004904 -0.003100 0.001681 -0.001539 -0.000269
0.000002 -0.000214 0.000000 -0.001305 0.000083 -0.000949 -0.000065 -0.001024
0.000169 -0.000448 -0.000101 -0.000528 -0.043643 0.000000 -0.000991 -0.000034
0.000025 -0.001866 -0.000975 -0.005164 0.000182 0.000032 0.002358 -0.000032
0.005883 -0.006505 -0.000206 -0.006595 0.013038 -0.003183 -0.000013 0.000001
0.000257 -0.002943 0.000003 -0.006992 0.000008 0.000000 0.003018 -0.002562
0.000000 -0.000003 -0.000004 -0.001955 0.000034 -0.000030 -0.001286 0.001131
0.000045 -0.000133 -0.000367 0.292312 0.000443 -0.005307 -0.027553 0.000048
0.000160 -0.000003 -0.000047 -0.002266 0.002910 -0.001792 0.000003 -0.000084
0.000273 -0.000324 -0.000498 -0.004377 0.003242 -0.003290 -0.000004 0.002119
0.000089 -0.000497 0.000003 -0.002317 0.000106 -0.001461 -0.000132 -0.000327
0.003257 0.000808 0.000028 -0.012368 0.001356 -0.001811 -0.000062 -0.005541

0.005944 -0.000056 -0.000035 0.000169 -0.001583 0.000164 0.001168 0.012432
0.001659 -0.000022 -0.000002 -0.007888 0.000000 -0.001369 -0.000259 0.001229
0.000004 -0.000837 0.000000 -0.006501 0.000173 -0.000601 -0.000320 -0.000245
0.000411 -0.000420 0.000000 -0.002973 0.000003 0.000012 -0.000409 -0.001955
0.004304 -0.004433 -0.000553 -0.004101 0.002002 -0.003029 -0.000011 -0.000248
-0.007742 0.003344 -0.001167 0.000151 -0.000050
0.000001 0.000010 0.000000 -0.003923 -0.000034 -0.001315 -0.001944 -0.001211
-0.000162 -0.000002 -0.002530 0.002565 -0.000008 0.000159 -0.002041 -0.000008
0.004276 0.000000 -0.000109 -0.001427 0.000026 0.000619 0.000000 -0.000173
-0.000024 -0.000032 -0.000120 -0.003605 0.008361 -0.000728 0.004703 0.000006
0.004684 -0.001798 -0.000014 -0.004930 0.006847 -0.000058 -0.000016 0.000112
0.000001 -0.000016 -0.000028 -0.001169 0.000055 -0.000266 -0.000294 -0.000192
-0.000973 -0.000001 -0.000046 0.000180 0.024512 0.000001 -0.001465 0.000102
0.001052 -0.000016 -0.000121 -0.005572 0.002724 0.000000 -0.000161 -0.002350
0.000001 -0.000020 0.000000 -0.008490 0.000338 -0.000117 0.001357 0.000015
-0.000075 -0.000005 -0.000006 -0.005377 0.058220 0.000726 -0.000250 0.000762
-0.000701 -0.000001 0.000000 0.000015 0.000000 -0.000007 -0.000020 -0.000281
0.000005 -0.000001 -0.000209 -0.001871 0.000278 -0.000232 -0.000421 -0.000241
-0.000007 -0.001070 -0.000025 -0.005663 0.000001 -0.000425 0.000000 -0.000470
-0.000537 0.000187 -0.001485 0.000177 0.014315 -0.000053 0.000236 -0.000149
0.000001 -0.000057 0.000000 0.004317 0.005022 -0.000162 -0.000016 0.000093
0.000933 -0.000967 -0.000870 -0.000027 -0.000078 -0.000054 -0.000032 -0.000054
0.000692 -0.000447 -0.001767 -0.000003 -0.000187 -0.000192 0.000001 -0.000005
0.000008 -0.009772 0.000004 -0.019619 0.000166 0.000000 -0.000033 -0.028777
0.000025 0.000000 -0.000013 -0.003341 -0.000015 0.000003 0.000157 0.000093
0.000562 -0.001806 -0.000085 -0.016191 0.002813 -0.001996 -0.000008 -0.002828
0.000457 0.000203 -0.000206 -0.009456 0.000154 -0.001482 0.000000 0.000784
-0.000005 -0.000006 -0.000154 -0.002674 0.000046 0.000006 0.000239 -0.003966
0.000745 0.000025 0.000010 -0.000051 0.003593 -0.001517 0.000035 0.000000
0.000495 -0.000141 -0.000005 -0.005150 0.000061 -0.000048 -0.000048 0.003516
0.000046 0.000003 -0.000104 0.000313 -0.000005 0.000435 -0.000015 -0.000265
0.000000 -0.003427 -0.000075 -0.001302 0.001032 -0.000313 -0.000522 -0.001130
-0.000421 -0.000033 -0.000474 0.000008 0.011896 -0.000032 -0.000089 0.001280
0.000031 0.000000 -0.000001 -0.001318 0.000202 -0.001027 -0.000001 -0.000045
0.000061 -0.000276 0.000000 -0.001713 0.000302 -0.000453 -0.000012 -0.000390
-0.000072 -0.001087 0.000484 0.000000 0.000000 0.000084 -0.000733 -0.000395
0.000000 -0.006778 0.000000 -0.003634 0.000034 -0.000755 -0.000866 -0.000173
0.004171 0.000000 0.000920 -0.017249 0.035305 0.020089 0.000446 0.000186
-0.000058 -0.001409 -0.000017 -0.000306 0.000104 -0.000589 0.000105 -0.000013
0.008053 0.000543 -0.000465 -0.000741 0.000106 -0.000004 0.004631 0.000086
0.000382 -0.009228 -0.000001 -0.001672 0.000000 0.003766 0.004182 0.000017
0.001187 -0.000029 0.000153 -0.004777 0.003884 -0.000033 -0.000424 -0.000001
0.002503 -0.000182 0.000000 -0.008366 0.000329 0.000000 -0.000014 -0.002478
-0.000805 -0.000047 -0.001457 0.000607 0.298421 -0.000144 -0.000630 0.000011
0.000000 0.000007 -0.000009 -0.005281 0.000110 -0.001354 0.000001 -0.004749
0.000193 -0.003207 -0.001776 -0.005386 0.000316 -0.000432 0.002981 0.000202
0.000848 -0.001666 0.000000 -0.003593 -0.000033 -0.001334 0.000012 -0.000198
0.000605 -0.000347 -0.006004 -0.000843 -0.001171 0.000967 0.000022 0.000141
0.002078 -0.000188 -0.000002 -0.007571 0.000441 -0.000628 0.001094 -0.000451
0.000020 -0.003330 0.000001 -0.001052 0.003340 -0.000190 0.003353 -0.000476
0.001974 -0.000599 -0.000062 -0.003321 0.030215 -0.000044 0.016005 -0.000013
0.000000 -0.000007 -0.000021 -0.000949 0.000000 -0.001316 -0.000036 -0.000071
-0.003062
0.000468 -0.000207 -0.000006 -0.008639 -0.000001 -0.000180 -0.000392 -0.001026
0.000005 0.000000 0.000004 -0.004395 -0.000040 -0.000716 0.000017 0.000000
0.000000 -0.000054 -0.000028 -0.002600 0.003126 -0.000208 0.000000 -0.001330
0.000000 0.000206 0.003874 -0.001069 -0.000101 -0.003591 0.000819 -0.000126
0.001079 -0.000074 0.040744 -0.010127 0.000001 -0.000809 0.000297 0.000210
0.000021 -0.000104 -0.000034 -0.001333 0.000007 -0.000154 -0.001258 -0.000679
0.000121 -0.000040 0.000001 -0.000632 -0.000027 -0.003072 -0.000173 -0.000158

0.004232 0.000000 -0.000247 -0.002463 -0.000219 -0.000002 0.000000 0.000000
0.002561 -0.001253 -0.002290 -0.001902 0.000418 -0.002048 0.000002 -0.000124
0.000000 -0.000007 -0.000018 -0.006256 0.000014 0.000407 -0.000008 0.001214
0.000220 -0.000108 0.000003 -0.003053 0.000064 -0.001765 -0.000197 -0.000001
-0.000037 -0.000079 0.000291 -0.004405 0.015497 -0.000069 0.002188 0.000596
0.005146 -0.001412 -0.000158 -0.001397 0.000788 -0.001381 0.000002 -0.000608
0.000036 -0.000204 0.000002 -0.004324 0.001020 0.000000 0.000010 0.000145
0.000834 -0.000031 0.000032 -0.010390 0.002362 -0.001103 0.001156 -0.000160
0.000000 -0.000007 -0.000035 0.000402 0.001767 -0.000054 -0.002729 0.000034
0.000168 -0.000012 -0.000048 -0.003715 -0.000090 0.000001 0.000053 -0.000093
0.002000 -0.000002 -0.007845 -0.001952 -0.000001 -0.000493 0.000000 -0.000001
0.001384 0.000016 -0.000016 0.000049 0.001878 -0.000090 0.000885 0.000693
0.000058 -0.000037 0.000095 -0.006066 -0.000011 -0.000059 0.002774 -0.000646
0.009584 -0.005233 0.000478 -0.038750 0.044651 -0.001516 -0.001014 0.001734
0.000002 -0.000030 0.000054 -0.005369 0.001118 -0.001517 -0.000040 -0.005259
0.004872 -0.000434 -0.000003 -0.000632 0.000320 -0.000659 -0.000001 -0.000634
0.000020 -0.000055 -0.000433 -0.001154 -0.000445 -0.000124 0.000522 0.000485
-0.000001 -0.000513 -0.000180 -0.004915 0.002940 0.000101 0.000006 0.000000

0.000004 -0.002643 -0.000363 -0.000143 0.000000 -0.000150 -0.000001 -0.001787
0.000158 -0.000169 -0.002342 -0.000337 0.000162 -0.000110 -0.000372 -0.000220
0.000659 -0.000181 0.000623 -0.002602 0.002794 -0.000449 -0.000090 -0.000244

0.000045 -0.006299 0.000019 -0.020076 0.000132 -0.000029 -0.000007 -0.000233
7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008

0.000004 0.000169 0.000005 0.001475 0.000021 -0.000012 0.000060 0.001990
0.000000 -0.000001 0.000136 0.000218 -0.000578 -0.000134 -0.004365 0.000807
0.000289 -0.002242 0.005409 -0.000215 0.000046 -0.001777 0.000817 0.000000
-0.000759 -0.000005 0.000843 0.000006 -0.000442 0.000000 0.001263 0.005625
0.000003 -0.000004 0.001762 -0.000001 -0.000142 -0.000702 -0.000002 0.007683
-0.002149 0.000030 -0.000059 -0.000044 -0.000215 0.000342 -0.001538 0.004674
-0.000004 0.000106 0.000919 0.000287 -0.000237 -0.000008 0.000002 0.027634
0.000044 0.000000 0.000651 0.000715 -0.000384 0.000025 -0.004764 0.003780
-0.000001 0.000000 -0.000007 0.000072 0.000024 -0.000017 -0.002125 0.001267
-0.000104 -0.000558 0.000154 0.001450 -0.000085 -0.000015 -0.002823 -0.000046
-0.000016 0.000020 -0.000020 0.000000 -0.002980 0.000000 -0.011242 0.000913
0.000002 -0.000118 -0.000009 0.000001 -0.001701 0.000000 -0.003887 0.001510
0.000003 0.000330 -0.000016 0.000000 -0.000007 -0.000017 -0.006237 0.000015
0.000000 0.000000 0.000000 0.000005 -0.000008 -0.000108 -0.001784 0.000000
-0.000242 0.000000 -0.003878 0.000027 -0.000053 0.000001 -0.004566 0.000932
0.000330 0.000001 0.000052 0.000037 0.000010 0.000000 -0.000574 0.000760
-0.002113 0.000000 -0.000158 0.000499 -0.000707 -0.000001 -0.002301 0.000000
-0.001217 0.000007 -0.000057 0.000667 -0.000381 0.000017 -0.006752 -0.000305
-0.000098 0.000000 0.000054 0.000235 -0.000018 0.000030 -0.007797 0.000203
-0.000007 0.000000 -0.000292 0.000061 -0.001731 -0.000003 -0.003636 0.000278
-0.000072 -0.000010 0.000087 0.000253 -0.002410 -0.001282 -0.006304 0.000261
0.000000 0.000030 -0.000006 0.000001 -0.000008 0.000004 -0.005394 0.000213
-0.000011 0.000094 -0.000002 0.000011 -0.005484 -0.000123 0.000008 0.000000
0.000054 0.000216 -0.000138 0.007563 0.000386 -0.000557 -0.000932 0.000068
0.000025 0.000000 -0.000116 0.003077 -0.000831 -0.000419 -0.002396 0.002030
-0.000475 0.000311 0.000000 0.001666 -0.000008 -0.000070 -0.002322 -0.000005
0.000000 -0.000008 0.000000 0.001086 -0.000110 -0.000003 -0.005597 0.000104
0.000000 -0.000390 -0.000032 0.000841 -0.000109 -0.000537 -0.001429 0.000016
0.000000 -0.000019 0.000000 -0.000002 -0.000001 -0.000011 -0.002641 0.000263
0.000000 0.000000 -0.000152 0.000037 -0.000076 -0.000014 -0.002481 0.000218
0.000000 -0.000007 0.001433 0.000000 -0.000050 -0.000358 0.000013 0.004547
0.000000 0.000004 -0.000001 0.000138 -0.000030 -0.000021 -0.002368 0.000360
0.000001 0.000000 -0.000040 0.001568 -0.000291 -0.000162 -0.001915 0.000395
0.000000 0.000007 0.000053 0.000062 -0.000050 -0.000019 -0.000757 0.000013
Skewness Calc
17 18 19 20 21 22 23 24
(Return-Mean)^3
6/30/2008 7/31/2008 8/31/2008 9/30/2008 10/31/2008 11/30/2008 12/31/2008 1/31/2009
-0.000107 0.004506 -0.000001 -0.001073 0.000094 0.000003 -0.000300 0.000003
-0.001399 -0.001948 -0.000423 -0.001078 -0.088330 -0.000257 0.000016 -0.000672
-0.000704 0.003933 0.000458 -0.000045 -0.000691 0.000096 0.000873 0.000001
-0.004105 0.000007 0.000007 -0.000075 -0.003159 0.000020 -0.000573 0.000009
-0.001536 0.000271 0.000258 -0.000215 -0.013120 -0.063792 0.000173 -0.002975
-0.000229 -0.000114 0.000909 -0.000583 -0.002800 -0.001104 0.000384 0.000000
-0.000014 -0.000015 0.001037 0.000020 -0.000258 -0.006053 0.003981 -0.000006
0.000190 -0.012985 -0.000056 -0.033838 -0.002962 -0.000064 -0.000748 -0.001846
-0.002108 -0.000002 0.000017 0.000184 0.000000
-0.008312 0.000000 0.000052 -0.000042 -0.000713 -0.003895 0.042098 -0.000212
-0.000003 -0.018127 0.000001 -0.013305 -0.099153 0.004047 0.001525 -0.005724
-0.000286 -0.001221 -0.002733 -0.000575 -0.000011 0.003946 0.003182 0.002339
-0.000214 0.024836 0.000611 -0.001702 -0.011874 0.000392 -0.002241 0.012613
0.000000 -0.085574 -0.000152 -0.066583 -0.113899 0.001312 0.000050 0.000042
-0.000870 -0.003031 0.000006 -0.077944 -0.063293 -0.000002 0.000363 0.000138
-0.000134 0.000002 0.001324 -0.000299 -0.000766 0.000007 0.000254 -0.000167
-0.000098 0.014091 0.000214 -0.000002 -0.000336 0.000008 0.000065 -0.003005
-0.000611 -0.005236 0.000012 -0.014136 -0.010893 -0.015306 0.004448 -0.012680
-0.002338 -0.000039 0.000044 -0.001071 -0.016419 0.000022 -0.000450 0.000321
-0.001853 0.000572 0.000402 -0.000048 0.000007 0.009910 0.001204 -0.000572
-0.000134 0.001202 0.000627 -0.000001 0.000007 -0.000928 -0.000007 -0.000179
-0.000232 -0.000437 -0.000370 0.000130 -0.002482 -0.002671 -0.000567 0.000026
-0.007816 -0.002472 0.000070 -0.000028 -0.000961 -0.005863 -0.000083 -0.004925
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0.000020 0.000142 -0.002242 -0.009235 -0.079901 0.011151 -0.002644 -0.000447
0.000000 -0.007253 -0.000066 -0.012655 -0.001956 0.000171 -0.000035 -0.000049
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0.001551 -0.008935 0.000017 -0.001044 -0.000047 0.002139 0.020707 -0.000041
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0.000002 -0.000474 0.029631 -0.002997 -0.029641 -0.075615 0.069967 -0.000480
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0.000009 -0.001260 -0.007354 0.002563 -0.002713 0.010114 0.001043 0.006160
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0.000006 -0.000008 -0.000132 0.000014 0.000036 -0.004866 0.000007 0.000202
0.000006 0.000185 0.000021 0.000010 -0.005716 -0.009995 -0.002957 -0.006694
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0.000728 -0.049532 -0.000032 -0.153448 -0.010118 -0.042684 0.000744 -0.007088
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0.000000 -0.002314 0.010031 -0.002797 -0.003216 -0.002642 -0.000024 -0.000009
0.000000 -0.010478 -0.012215 -0.011611 -0.033217 -0.000046 0.001495 -0.004668
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0.000002 0.000005 -0.000811
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-0.007047 0.000000 0.003579 -0.003381 -0.000941 -0.016919 0.005367 -0.000102
-0.000774 0.000079 0.000139 -0.000009 0.000440 -0.003624 0.002781 0.000000
-0.000051 0.000035 0.000004 -0.020818 -0.026396 0.000455 0.001411 0.000195
-0.003383 0.000125 0.000000 -0.000007 -0.001199 0.000022 0.000009 -0.000178
-0.000364 -0.000126 0.000199 0.001229 -0.008908 -0.000107 0.004189 -0.000009
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0.000000 -0.000004 0.001268 -0.000024 -0.000901 0.000052 0.002163 -0.000089
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-0.000003 0.015731 0.000182 -0.000507 0.001732 -0.000207 0.000215 0.000007
-0.001267 0.003321 0.000010 0.000000 -0.000115 0.000000 0.000000 -0.000005
-0.001056 0.000042 0.004587 0.000083 -0.010852 -0.005017 0.000829 -0.001334

-0.001136 0.003237 0.000219 -0.000439 -0.000067 0.000465 0.000030 0.000143
Skewness Calc
(Return-Mean)^3
3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 9/30/2008 10/31/2008
-0.000077 0.000953 0.000751 -0.000040 -0.003519 0.000301 -0.006368 -0.006217
-0.000303 0.000015 0.000000 -0.000148 -0.000150 0.001420 -0.000160 -0.002152
0.000000 -0.001244 0.000127 0.000002 -0.001513 -0.003948 0.000019 -0.000631
-0.000142 -0.000009 0.000179 -0.000110 -0.013831 -0.000246 -0.016394 -0.077369
-0.000193 0.000245 0.000112 0.000008 -0.010128 -0.000065 -0.022383 -0.003260
-0.000004 0.000235 0.000069 -0.002188 -0.001986 0.000131 -0.000012 -0.008034
0.000127 0.002180 0.000292 -0.001153 -0.002084 -0.000623 -0.001398 -0.094005
-0.000220 -0.000074 0.000000 -0.001326 0.000587 0.000336 -0.000314 -0.011663
-0.000014 0.000002 0.000000 -0.002054 0.000000 -0.000032 -0.000001 0.000119
0.000002 -0.000010 0.000060 -0.000900 0.000009 0.000195 -0.000089 -0.005328
-0.000081 0.000033 -0.000365 -0.000002 -0.001931 0.001770 -0.000542 -0.001231
-0.000072 0.000001 -0.000194 -0.000910 0.000014 0.001384 -0.000280 -0.000019
0.000410 -0.000008 0.001220 -0.001234 -0.003495 0.000224 -0.000065 -0.000051
-0.000174 0.000060 0.000013 -0.001284 0.000000 0.003356 -0.000031 -0.000026
0.000000 0.000007 0.000122 -0.007388 0.000000 0.003374 -0.003587 -0.001031
0.000000 0.000021 0.000136 -0.000842 0.000059 0.000013 -0.004584 0.022966
-0.001294 0.000001 -0.000147 -0.000808 -0.000002 0.001827 -0.000060 -0.002918
0.000013 -0.000233 0.000006 -0.000264 0.018972 0.000055 -0.001542 -0.002977
-0.000636 0.000922 -0.000141 -0.000647 0.000089 0.000058 -0.000029 0.000496
-0.000294 -0.000001 -0.000219 -0.000766 0.007448 0.000682 -0.000146 -0.000205
-0.000166 0.001240 0.000076 -0.000225 0.000010 0.000260 -0.005338 -0.000002
-0.001022 -0.000061 -0.001883 -0.000079 -0.000006 0.000731 -0.000192 -0.000506
-0.000305 -0.000006 0.000296 0.000039 -0.000005 0.000000 -0.014651 0.000000
-0.000006 0.003783 0.000062 -0.007438 0.000000 -0.000437 -0.000092 -0.000327
-0.001343 -0.000001 -0.000594 -0.000699 0.008597 0.000000 0.000004 -0.003675
-0.000646 -0.000001 -0.000005 -0.000490 -0.000191 0.000132 0.000990 -0.009903
-0.000176 0.000343 -0.000203 -0.004425 0.000005 0.000000 -0.000874 -0.004544
-0.000570 0.000000 -0.000030 -0.000969 0.000374 0.000503 -0.001880 -0.000001
0.000000 -0.000031 -0.000149 -0.000006 -0.001104 -0.000003 -0.000010 0.000000
-0.000175 -0.000419 0.001175 -0.002049 0.000019 0.000070 -0.005023 -0.011326
-0.000110 0.000056 0.000184 0.000000 -0.008146 -0.000058 -0.013045 -0.006115
-0.000006 0.000051 0.000026 -0.001563 -0.000001 0.000012 -0.000624 -0.000139
-0.000398 0.000001 -0.000336 -0.001002 0.002115 0.000001 -0.000022 -0.002672
-0.000075 -0.000248 -0.000427 -0.000545 0.003958 0.000174 -0.000124 -0.000688
25 26 27 28 29 30 31 32
2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009

-0.009034 0.006758 0.000289 -0.000101 0.000224 0.000370 -0.000088 0.000004
-0.000688 -0.000002 0.000809 0.006474 0.000000 0.000101 0.004727 0.000020
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-0.000019 0.000001 0.016322 0.000296 0.000000 0.000177 0.001440 0.000119
-0.002566 0.000000 0.001292 -0.000162 0.000002 0.002827 0.000201 0.000141
-0.013040 -0.001266 0.000366 0.000002 0.001748 0.000024 0.000070 0.000014
-0.014420 0.002093 0.005623 0.009835 -0.000024 0.001634 0.000000 -0.000102
-0.000322 -0.000584 0.002875 -0.000013 -0.000001 0.000166 -0.000003 0.000001
0.000000 -0.000032 0.002969 -0.000004 -0.000014 0.000529 0.000395 0.000100
-0.000755 0.013002 -0.000048 0.009800 -0.000003 0.000007 0.015067 -0.000029
0.000051 0.003947 -0.014306 0.033069 -0.006122 0.000091 0.000000 0.000001
-0.000102 0.000384 -0.000487 0.000636 0.001531 0.000231 -0.000073 0.000034
-0.000229 0.002506 0.003346 0.012735 -0.020760 0.001014 0.000189 0.000000
-0.000653 0.007730 -0.007282 0.000247 0.000000 -0.000003 0.007741 -0.000859
-0.000074 0.000111 0.000486 0.000000 -0.000042 0.001857 -0.000029 0.000000
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-0.006422 0.015262 -0.000017 0.000014 -0.000091 0.000199 0.000184 0.000039
-0.006489 0.000160 0.001292 0.000174 0.001113 0.000769 0.000000 0.000000
0.000006 -0.002943 -0.000153 0.000161 -0.000048 0.001328 0.000000 0.000000
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-0.000416 0.000666 0.003540 0.000190 0.000428 0.008088 0.000415 0.000194
0.000000 -0.002971 0.000281 0.000000 0.002399 0.000014 0.004334 0.000533
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-0.000035 0.000008 -0.000394 -0.000017 0.024968 0.001776 -0.000055 0.000891
-0.008164 -0.000012 0.000381 0.000002 0.000097 -0.000056 0.006724 0.000536
-0.000456 -0.002850 -0.000116 0.000173 -0.000031 0.003073 -0.000018 -0.000001
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-0.000694 0.002854 -0.000499 0.000063 -0.000018 0.000001 0.000021 0.000038
0.002691 -0.003020 -0.000009 0.038856 0.000083 -0.000033 0.112231 -0.000573
-0.001127 0.001051 0.000116 0.002898 -0.000401 0.005974 0.001744 0.000000
-0.002525 0.000023 0.000057 0.000148 -0.000009 0.000043 0.000398 0.000363
-0.002349 -0.000001 0.000349 0.000057 0.000012 0.000740 -0.000039 0.001089
-0.000038 0.001086 0.003542 -0.000621 0.003325 0.001085 0.001254 0.000000
0.002832 0.002640 0.006982 -0.004301 0.000321 0.000006 0.000130 0.000161
-0.000011 0.000000 0.000133 -0.000006 -0.000020 0.000345 -0.000005 0.000090
0.000000 -0.000162 -0.000015 0.001249 0.000030 0.000082 0.000026 0.007153
-0.000085 0.011865 -0.000132 0.000003 -0.000092 0.000351 0.000000 0.000398
0.000002 0.000000 0.000000 -0.000004 0.000000 0.000002 0.000556 0.005830
-0.002366 0.000001 0.013981 0.000000 0.000554 0.005151 -0.000051 0.000010
-0.000357 0.000778 0.003204 0.003583 0.000003 0.000012 -0.000234 0.000000
0.002022 -0.000172 -0.002433 0.004918 -0.018292 -0.000534 -0.000006 -0.000255
-0.000208 0.000029 -0.000009 0.002105 -0.000584 0.000238 0.000000 0.000068
-0.008015 0.007038 0.002709 -0.000034 0.000513 0.010958 0.001505 0.000000
-0.000001 -0.000171 0.000072 -0.000094 0.000002 0.000361 0.000073 -0.000056
-0.004687 -0.000435 0.005982 0.002570 -0.000048 0.000795 0.019440 -0.000578
-0.017879 0.000730 0.000338 0.030702 0.000287 0.000398 0.000000 0.003827
-0.000063 0.000000 -0.001741 0.016256 -0.000496 0.000191 0.001071 -0.000128
-0.000820 -0.000042 0.000885 0.001269 -0.000018 0.000290 -0.000107 -0.000005
-0.000928 0.000182 0.000015 0.000063 0.000303 0.004755 0.000045 0.000003
-0.000044 0.000022 0.000040 -0.000217 0.000000 0.000271 0.000107 0.000002
-0.006929 0.000000 0.000578 0.000112 0.000033 0.000528 0.000118 0.000074
-0.016569 0.000000 0.003817 0.000045 0.001547 0.007019 0.006414 -0.000152
-0.000060 0.000333 0.000050 0.000046 -0.000048 0.000001 0.000456 0.000001
-0.000030 0.000000 -0.003314 0.015923 -0.002970 0.000000 0.000030 0.000475
-0.064693 0.184396 -0.003285 0.000000 0.002072 0.005990 0.013750 0.000741
-0.000009 -0.000562 0.003343 0.001556 -0.000789 0.000684 0.001049 -0.000380
-0.003010 0.000031 0.002260 0.000075 0.000182 0.000001 0.008045 0.000211
-0.000416 0.000000 0.000058 -0.000081 -0.000052 0.000111 0.000002 -0.000010
0.000007 -0.005941 -0.009558 0.012481 -0.005385 -0.001770 0.000072 0.000942
-0.000065 -0.000113 0.001100 -0.000022 0.000014 0.002330 0.000000 0.003478
-0.017750 -0.000095 0.001384 -0.000074 0.000584 0.001995 0.000000 0.000001
-0.014062 0.000499 0.000163 0.002871 0.000000 0.010916 0.000308 -0.001873
0.000054 0.000005 -0.000096 0.000028 -0.000061 0.001186 0.000001 0.000000
-0.000053 -0.000002 0.000371 -0.000807 0.000000 0.000116 0.000517 -0.000076
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0.000068 0.001453 -0.001103 0.000000 0.000098 0.000527 0.000025 0.000000
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0.002190 0.006577 0.000280 0.005062 -0.005545 -0.000074 0.000048 -0.004387
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0.000042 -0.000201 0.000005 0.000000 0.000549 0.000634 -0.000024 -0.000006
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-0.000085 -0.000056 0.000003 0.000207 -0.000004 0.000077 0.000032 0.000017
-0.000407 -0.007783 0.014300 0.009735 -0.000028 0.000001 0.000007 0.000120
-0.005446 0.000002 0.002342 -0.000146 0.000019 0.001448 0.000002 0.000195
-0.000076 -0.000081 0.000000 0.000001 -0.000121 0.000674 0.000000 0.000147
-0.001166 0.000314 -0.000012 0.000122 0.000039 0.000688 -0.000001 -0.000035
0.000186 0.000008 0.001982 0.000000
0.003269 -0.000983 0.000627 0.000002 0.006050 0.000856 -0.000291 0.000010
-0.002231 0.000006 0.000089 0.000167 0.000000 0.000314 -0.000023 0.000310
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0.000784 0.000006 -0.000018 -0.000035
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11/30/2008 12/31/2008 1/31/2009 2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009

-0.000002 -0.000038 -0.000011 -0.000827 0.000612 -0.000316 0.004197 -0.001284
-0.001931 0.000509 0.000000 -0.005807 0.000001 0.000552 -0.000010 0.000360
0.005606 0.002119 0.004886 0.000002 0.000042 -0.008806 0.021839 -0.004979
0.003534 0.000506 -0.003458 -0.000039 0.024301 0.000000 0.005623 -0.000897
0.000001 -0.000171 -0.000378 -0.004055 0.004042 0.000005 0.001626 -0.000367
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-0.010783 0.000006 -0.001015 -0.000391 0.000038 0.002397 0.000000 0.000000
-0.000107 0.000003 -0.000566 -0.000371 0.000002 0.000211 0.000018 0.000008
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-0.000351 0.002577 -0.001188 -0.001376 0.000824 0.000217 0.001616 -0.000025
-0.000573 0.000759 -0.000100 -0.004602 0.000192 0.000020 0.000052 0.000020
0.000080 -0.000018 0.000000 -0.002479 -0.000028 0.000003 0.001884 -0.000130
0.000000 0.000486 -0.000049 -0.000088 0.000003 -0.000001 0.000048 0.000006
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-0.971613 -0.003664 -0.000870 0.001343 0.000188 0.003452 -0.000276
0.000958 0.000881 0.000406 -0.000008 -0.000248 0.000684 0.000027 -0.000024
0.000143 -0.000217 0.003756 -0.000084 0.000049 0.000000 0.000069 0.000522
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0.000024 0.000912 -0.000029 -0.003408 0.000012 0.000401 0.000000 0.000000
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-0.000150 0.000019 -0.001279 -0.002288 0.008366 0.000095 0.000015 0.000012
0.001370 -0.000016 -0.001777 -0.001902 0.002077 0.000089 0.000002 0.000271
-0.000166 0.003635 -0.000023 0.000021 -0.000288 0.000001 0.000000 0.000413
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0.000075 -0.000002 -0.000044 -0.001125 0.002492 -0.000057 0.003908 -0.000895
-0.000182 0.000074 -0.000180 -0.001418 0.000127 0.000106 0.000336 0.000000
0.000079 -0.000016 -0.000531 -0.001719 0.002009 0.000115 0.000042 0.000122
0.000084 0.000022 -0.000060 -0.000073 0.000002 0.000024 -0.000062 0.000000
33 34 35 36 37 38 39
Σ(Return-Mean)^3
10/31/2009 11/30/2009 12/31/2009 1/31/2010 2/28/2010 3/31/2010
0.000051 -0.000334 0.000015 -0.000001 0.000047 0.002911 0.000
-0.001432 -0.000046 0.000000 0.000012 0.001214 -0.008807 -0.061
0.000000 -0.000076 0.000301 -0.000005 0.000041 0.000070 0.002
-0.000010 -0.000976 0.000103 0.000070 0.000109 -0.000099 0.001
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0.000029 0.000000 0.000044 -0.000057 0.000001 0.000544 -0.006
0.002130 -0.000003 -0.000004 0.000019 -0.000293 0.000104 -0.013
0.010923 0.000752 0.000000 -0.001429 -0.000022 0.003537 -0.016
0.000705 -0.000285 0.000048 -0.000038 0.000000 0.000027 0.001
0.001200 0.000000 -0.000098 0.000018 -0.000005 -0.000078 0.042
0.000022 0.001583 0.000077 -0.000539 -0.000002 0.000058 -0.092
-0.000060 0.001603 -0.000170 -0.000727 0.000000 0.000000 0.026
0.000093 0.000000 0.000187 -0.001308 0.000023 0.000877 0.015
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0.000000 0.000002 0.000296 -0.000217 0.000320 0.000004 -0.096
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0.000046 0.000011 0.000000 0.000080 -0.000002 0.000346 0.008
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0.000777 -0.000479 0.000095 0.000114 -0.000521 0.000550 -0.019
0.000743 -0.000534 0.000439 0.000000 0.000018 0.000568 -0.002
0.007861 -0.008992 0.000248 0.000399 0.000841 0.000212 -0.069
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0.000023 -0.000011 0.000000 0.000029 -0.000471 0.015402 -0.053
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0.000077 0.000082 0.000010 -0.000150 0.000000 0.000438 -0.007
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0.000000 -0.001233 -0.002175 -0.000720 0.000221 0.000640 -0.026
0.000460 -0.001276 0.000409 0.000086 0.000028 -0.000013 0.001
0.000050 -0.000017 0.000431 0.000004 0.000000 0.000033 -0.006
0.003155 0.000319 0.000008 -0.000125 0.000057 0.000269 -0.009
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0.000123 0.000684 0.000092 0.000102 -0.000001 0.001565 -0.084
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0.000151 0.000000 0.000196 -0.000148 0.000004 0.000117 -0.004
0.000056 0.000015 0.000055 0.000000 -0.000004 0.000756 -0.027
0.000551 -0.000199 0.000277 0.000215 0.000004 0.000274 0.001
0.000000 0.000000 0.000021 -0.000008 -0.000007 0.000021 0.012
0.001674 0.000403 0.000000 -0.000119 -0.000108 0.003081 -0.029
-0.000603 0.000001 0.000119 -0.000039 -0.000009 0.000021 0.004
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0.000000 0.000338 0.000068 -0.000002 0.000000 -0.005770 0.004
0.007006 -0.000001 -0.000097 0.000162 0.000887 -0.000132 0.000
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0.000227 0.000005 0.000000 -0.000039 0.000450 0.000009 0.005
0.007345 -0.001131 0.000022 0.000237 0.000390 0.000168 -0.048
0.000006 0.000001 0.000001 0.000011 -0.000006 0.000004 0.000
0.000190 -0.000089 -0.000010 -0.000005 0.000000 0.000024 0.025
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0.014255 -0.003726 0.001309 0.000052 0.000041 0.000003 0.005
0.000000 -0.000686 0.000253 -0.000391 0.000429 0.001196 0.010
0.000007 -0.000032 0.000014 -0.000004 0.000227 0.000038 0.001
0.000507 -0.000010 0.000195 0.000007 -0.000011 0.001446 0.006
0.000000 0.000000 -0.000323 0.000000 0.002017 -0.000007 -0.022
0.000251 -0.000004 0.000037 0.000000 0.000001 -0.000001 -0.004
0.000000 0.000553 -0.000665 -0.000608 0.000000 0.000088 0.018
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0.002278 -0.000003 0.000000 -0.003794 -0.000017 0.000061 -0.012
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0.000028 0.000000 0.000000 -0.000010 0.000248 0.000003 0.009
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0.005734 -0.001185 0.000334 -0.000244 0.001560 0.000005 0.019
0.000000 0.002783 0.000000 -0.000004 0.000219 0.000063 -0.024
0.007867 0.000012 0.000000 -0.000001 -0.000700 -0.000005 0.039
0.000037 0.000027 -0.000014 0.000013 0.000180 -0.000059 0.006
0.000371 -0.000075 0.000086 0.000000 0.000631 0.000000 0.003
0.001499 0.000426 0.000400 -0.001935 -0.000003 0.000001 -0.020
0.000395 -0.006281 0.000306 0.000048 -0.000302 -0.000524 0.003
-0.000001 -0.000009 0.005420 -0.000037 -0.000167 0.002375 -0.025
0.000018 -0.000027 -0.000075 0.000026 0.000000 0.003758 0.047
0.000170 -0.000171 -0.000050 0.000056 0.000000 0.003260 0.058
0.000015 0.000000 0.000912 -0.000681 0.005339 0.000423 -0.027
0.000063 0.000303 0.000003 -0.000003 -0.000001 0.005182 -0.003
0.000000 0.000005 0.002844 -0.001208 0.000000 0.000116 -0.006
-0.000014 0.000000 0.000000 -0.000269 0.000973 0.000066 -0.004
-0.000118 0.000806 0.000322 -0.000001 0.000001 0.000036 -0.001
-0.000496 0.000051 0.005778 0.000042 0.000956 -0.000326 -0.044
-0.000001 -0.000002 0.000039 -0.000038 0.000102 0.000028 -0.004
0.000073 0.000000 0.000152 -0.000038 0.000016 0.000105 -0.007
-0.000001 -0.000202 0.000049 -0.000001 0.000259 0.000013 0.005
-0.000029 0.002265 0.000477 -0.000058 -0.000073 0.000519 -0.029
0.000408 -0.000032 0.001040 -0.000116 0.000675 0.000001 0.001
0.000043 -0.000002 0.000001 -0.000002 0.000089 0.008250 0.004
0.002233 -0.000422 0.000010 0.000184 -0.000003 0.010714 -0.009
0.000096 -0.001060 0.000256 0.000000 0.000623 0.000012 0.013
-0.003685 -0.000878 0.000084 -0.000893 0.000742 0.001210 -0.170
0.000006 -0.000493 0.000143 -0.000040 0.000081 0.005311 0.013
-0.000081 0.000000 -0.000002 -0.000456 0.000005 0.000000 0.011
-0.000012 0.000000 0.210181 -0.000053 -0.004701 0.000422 -0.054
-0.000118 -0.003404 -0.000021 -0.003290 -0.000011 0.001856 -0.029
-0.000001 -0.000106 0.000885 -0.000006 -0.000006 0.004520 -0.005
0.001457 0.000237 0.007536 0.000015 -0.001546 0.000303 0.241
0.000000 -0.000148 -0.000123 0.000048 0.000182 0.000918 -0.006
0.000729 -0.000081 0.000257 -0.001652 0.000114 0.000534 -0.012
0.001399 0.000107 0.002710 -0.000205 -0.000002 0.000021 0.004
0.001563 -0.000005 0.000007 -0.000309 0.000282 -0.000538 0.005
0.004316 0.000043 -0.000161 -0.000023 0.000086 0.000096 -0.008
-0.000040 0.000000 0.000004 0.000000 0.000000 0.000056 0.013
0.000065 0.000004 -0.000139 -0.000002 0.000012 0.000054 0.025
0.000001 0.000012 0.000002 0.000000 0.000213 -0.000007 0.006
0.000032 0.000202 0.000089 -0.000025 0.000000 -0.000049 0.003
0.000000 0.000019 0.004244 -0.000161 0.000023 0.001058 -0.026
0.000004 -0.000017 0.000038 -0.000053 0.000000 0.000199 -0.003
-0.000009 -0.000133 0.002051 -0.000019 -0.000013 0.000218 0.001
0.000000 -0.000002 0.000001 -0.000006 0.000000 0.000001 0.000
-0.000165 -0.000114 0.000000 -0.000369 -0.000002 0.000000 0.038
0.000000 -0.000007 0.000000 0.000000 0.000180 0.000027 0.007
0.003497 -0.000356 0.000287 0.000000 0.000000 0.000000 -0.013
0.000007 -0.000495 0.000001 -0.000001 -0.000007 0.000339 -0.001
0.000000 0.000000 0.000002 0.000000 0.000001 0.000006 0.004
0.000000 0.000000 0.000322 -0.000020 -0.000001 0.000201 -0.003
0.000119 -0.000011 0.000191 0.000086 -0.000111 0.001070 0.007
0.003372 0.000014 -0.000001 -0.000094 -0.000218 0.000390 -0.003
0.000599 0.000000 0.000003 0.000260 0.000009 0.000006 -0.004
0.000113 0.002244 0.001884 -0.000160 -0.000484 0.001732 -0.074
0.000000 -0.000024 0.000220 0.000248 -0.000005 0.000244 0.009
0.003497 -0.000140 0.003480 -0.000244 -0.000007 0.000098 0.004
0.000000 -0.000219 0.000014 0.000077 0.000084 -0.000190 -0.008
0.005367 -0.000051 -0.000005 0.000047 -0.005353 -0.000330 -0.027
0.000086 0.000010 0.000008 0.000000 0.000229 0.000002 0.001
0.002385 -0.000123 0.002282 -0.000435 0.000035 -0.000004 -0.007
0.000063 -0.000015 0.000005 -0.000089 -0.000016 0.000292 -0.009
0.000168 -0.000139 0.000244 -0.000002 0.000005 0.000001 -0.003
-0.000301 0.000000 0.000007 0.000003 -0.000087 0.003249 0.009
0.000130 0.000017 0.000067 -0.000002 0.000000 0.000002 -0.010
-0.000004 -0.000001 0.000032 -0.000009 0.000399 0.000270 0.006
0.000075 0.000023 0.000196 0.000038 0.000000 0.000071 -0.001
0.000009 -0.003335 0.000000 -0.001381 0.000002 0.000009 -0.003
0.000325 -0.000514 0.000324 0.000000 -0.000001 0.000120 -0.035
0.000099 -0.000678 0.000044 -0.000064 0.003618 0.000095 0.010
-0.000003 0.000008 -0.000010 -0.000123 0.000409 0.000397 0.001
-0.000058 0.000065 -0.000005 -0.000078 -0.000010 0.000020 0.001
-0.001261 -0.000840 0.000005 -0.000998 0.000871 0.000550 -0.007
0.000504 -0.000136 0.000323 0.000009 0.001910 0.000732 -0.016
Σ(Return-Mean)^3
7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009
0.000014 0.000115 -0.000071 0.000075 -0.000011 0.000007 -0.008
0.000619 0.000320 0.000022 0.000060 0.000000 0.000001 -0.009
0.000000 0.000007 0.000079 -0.000013 0.000721 -0.000295 0.016
0.000389 0.000083 -0.000087 0.000000 0.000024 0.001623 -0.068
0.002478 -0.000005 -0.000003 0.001236 0.000239 0.000005 -0.020
0.001092 0.006826 -0.000349 0.001506 0.000006 0.000168 -0.041
0.000075 0.003282 0.000002 -0.001213 -0.000049 -0.000003 -0.063
0.000000 0.001301 0.000224 -0.000115 -0.000980 0.000063 -0.019
0.000732 0.000395 0.000002 0.000010 -0.000255 0.000000 -0.003
0.000815 0.000374 0.000272 0.000002 -0.000014 0.000281 -0.009
0.002441 0.000831 0.000096 0.000453 0.000000 0.000456 -0.009
0.001241 0.000192 0.000097 0.000070 -0.000002 0.000333 -0.006
0.003166 -0.000029 0.000000 0.003384 0.000014 -0.000001 -0.003
0.000588 -0.000001 -0.000001 0.000109 -0.000061 0.000160 0.002
0.003082 0.002090 -0.000175 0.003289 -0.000005 0.003280 0.009
0.006860 0.002146 0.000000 0.000198 0.000903 0.000155 -0.942
0.001304 0.000000 -0.000001 0.000949 0.000010 0.002028 -0.001
0.000216 -0.000024 0.000027 0.000222 -0.000004 0.000148 0.011
0.000053 0.000000 0.000110 0.000011 -0.000095 0.000053 -0.007
0.000779 0.000000 0.000474 0.000042 -0.000224 0.000301 0.001
0.001515 0.000460 0.000000 0.000773 -0.000071 0.000258 -0.010
0.000400 0.000013 0.000088 0.000082 0.000000 0.000049 -0.009
0.000660 0.002091 0.000000 0.000012 -0.003185 0.000001 -0.018
0.000283 -0.000003 -0.000114 -0.000096 0.000000 -0.000007 0.008
0.000251 0.000288 -0.000002 0.000022 -0.000010 0.000164 0.004
0.000483 -0.000048 -0.000018 0.002008 -0.000187 0.001917 -0.003
0.004668 0.000003 0.000001 0.001082 0.000023 -0.000003 -0.006
0.008156 0.000023 0.000002 0.000043 -0.000030 0.000000 0.013
0.000009 0.000013 0.000004 0.003537 -0.000307 0.000363 0.000
0.000324 -0.000002 0.000001 0.005145 -0.000011 -0.000004 -0.011
0.000755 0.000000 -0.000002 0.000284 0.000145 0.000007 -0.015
0.000930 0.000030 0.000000 0.000093 -0.000001 0.000023 -0.004
0.001190 0.000137 -0.000001 0.000145 -0.000001 0.000029 -0.001
0.000606 0.000055 -0.000003 0.000011 0.000000 0.000006 0.002
40 41 42 43 44 45 46 47
Adjustment Skew Mean

4/30/2007 5/31/2007 6/30/2007 7/31/2007
0.030 0.014 0.001 0.000179 0.000048 0.000013 0.000094
0.030 -0.930 -0.006 0.000049 0.000000 0.000000 0.000000
0.030 0.217 -0.004 0.000003 0.000000 0.000055 0.000000
0.030 0.037 -0.011 0.000132 0.000000 0.000000 0.000000
0.030 -0.923 -0.005 0.000005 0.000001 0.000000 0.000029
0.030 -0.366 -0.008 0.000118 0.000097 0.000040 0.000000
0.030 -0.602 -0.013 0.000060 0.000169 0.000018 0.000007
0.030 -0.228 -0.004 0.000000 0.000260 0.000003 0.000000
0.062 0.164 0.018
0.030 0.965 0.000 0.000000 0.000001 0.000000 0.000004
0.030 -0.966 -0.008 0.000000 0.000004 0.000000 0.000508
0.030 0.477 -0.005 0.000001 0.000033 0.000059 0.000249
0.030 0.368 0.019 0.000000 0.000000 0.000037 0.000216
0.030 -1.132 -0.003 0.000039 0.000000 0.000000 0.000004
0.030 -0.979 0.021 0.000264 0.000000 0.000000 0.000000
0.030 -0.684 -0.005 0.000000 0.000240 0.000000 0.000000
0.030 0.511 -0.004 0.000003 0.000034 0.000001 0.000002
0.030 0.346 0.039 0.000116 0.000171 0.000018 0.000040
0.030 -0.520 -0.016 0.000001 0.000633 0.000000 0.000000
0.030 -0.094 0.001 0.000069 0.000000 0.000198 0.000009
0.030 -0.834 -0.039 0.000496 0.000014 0.000000 0.000002
0.030 0.068 -0.013 0.000021 0.000004 0.000008 0.000113
0.030 -0.792 -0.034 0.000201 0.000000 0.000000 0.000164
0.030 -0.291 -0.009 0.000000 0.000041 0.000006 0.000000
0.030 0.025 -0.018 0.001037 0.000377 0.000010 0.000001
0.030 -0.242 0.009 0.000002 0.000030 0.000134 0.000013
0.040 0.441 -0.021
0.030 -0.493 -0.011 0.000069 0.000093 0.000013 0.001221
0.071 0.175 -0.007
0.030 -0.444 -0.005 0.000023 0.000001 0.000000 0.000000
0.030 -0.465 -0.006 0.000005 0.000004 0.000000 0.000081
0.032 0.634 -0.011 0.000000 0.000001
0.030 -1.803 -0.010 0.000029 0.000000 0.000001 0.000013
0.030 -0.924 -0.007 0.000000 0.000001 0.000000 0.000001
0.030 -0.226 0.019 0.000316 0.000017 0.000213 0.000000
0.030 -0.770 0.004 0.000095 0.000000 0.000031 0.000016
0.030 0.056 0.005 0.000002 0.000001 0.000029 0.000000
0.030 1.023 0.003 0.000155 0.000004 0.000000 0.000008
0.030 -1.056 -0.011 0.000056 0.000215 0.000000 0.000000
0.030 0.233 0.001 0.000018 0.000018 0.000000 0.000000
0.030 -0.173 -0.019 0.000041 0.000000 0.000000 0.000016
0.030 0.116 -0.003 0.000133 0.000866 0.000022 0.000000
0.030 0.003 0.005 0.000068 0.000148 0.000020 0.000000
0.030 1.230 0.004 0.000384 0.000042 0.000495 0.000147
0.030 0.378 0.000 0.000273 0.000004 0.000051 0.000000
0.030 -0.601 -0.003 0.000005 0.000036 0.000000 0.000000
0.030 0.054 -0.003 0.000067 0.000040 0.000000 0.000000
0.052 0.587 -0.035
0.030 -0.020 -0.007 0.000046 0.000086 0.000016 0.000000
0.030 -0.359 0.019 0.000101 0.000212 0.000023 0.000006
0.030 0.172 0.011 0.000040 0.000459 0.000034 0.000392
0.030 0.347 -0.004 0.000022 0.000006 0.000380 0.000000
0.030 0.051 -0.006 0.000077 0.000036 0.000017 0.000000
0.030 0.184 -0.008 0.000000 0.000068 0.000000 0.000000
0.042 -0.519 -0.005
0.030 -0.236 -0.014 0.000350 0.000014 0.000000 0.000000
0.030 0.416 -0.012 0.000003 0.000008 0.000059 0.000037
0.030 0.799 0.012 0.000002 0.000031 0.000002 0.000266
0.030 -0.215 -0.003 0.000610 0.000986 0.000011 0.000029
0.030 0.010 -0.011 0.000023 0.000146 0.000012 0.001060
0.030 1.058 -0.006 0.000024 0.000001 0.000003 0.000012
0.030 0.132 -0.008 0.000185 0.000041 0.000001 0.000000
0.030 0.608 0.004 0.000001 0.004544 0.000000 0.000023
0.030 -1.068 -0.005 0.000018 0.000001 0.000001 0.000002
0.033 0.616 -0.032 0.005016
0.030 1.367 -0.009 0.000000 0.000004 0.000007 0.000000
0.030 0.223 -0.002 0.000041 0.000002 0.000028 0.000000
0.030 -0.305 -0.019 0.000028 0.000000 0.000271 0.000727
0.030 0.116 0.009 0.000009 0.000999 0.000010 0.000011
0.030 -0.296 0.000 0.000000 0.000013 0.000000 0.000002
0.030 1.117 -0.013 0.000038 0.000018 0.000000 0.000000
0.030 1.286 -0.015 0.000054 0.000004 0.000002 0.000000
0.030 -0.404 -0.011 0.000013 0.000006 0.000001 0.000002
0.030 -0.231 -0.003 0.000000 0.000531 0.000177 0.000002
0.030 -0.116 -0.020 0.000016 0.000154 0.000207 0.000003
0.030 -0.098 -0.004 0.000000 0.000549 0.000004 0.000085
0.030 -0.057 -0.005 0.000000 0.000000 0.000015 0.000000
0.030 -0.631 0.025 0.000000 0.002354 0.000030 0.000000
0.030 -0.425 -0.004 0.000311 0.000000 0.000003 0.000000
0.030 -0.251 -0.034 0.000000 0.000001 0.000000 0.000005
0.030 0.226 -0.009 0.000014 0.000063 0.000018 0.000000
0.030 -0.172 -0.013 0.000000 0.001429 0.000000 0.000191
0.030 0.149 -0.004 0.000001 0.000000 0.000003 0.000201
0.030 0.230 -0.001 0.000247 0.000002 0.000072 0.000000
0.034 -0.139 -0.003
0.030 0.566 0.004 0.000031 0.000023 0.000201 0.000000
0.030 -0.647 0.019 0.000721 0.000111 0.000000 0.002978
0.030 0.554 0.003 0.000553 0.000017 0.000045 0.000002
0.030 0.550 -0.001 0.000005 0.000017 0.000000 0.000004
0.030 -0.153 -0.029 0.000014 0.000000 0.000010 0.000049
0.030 -0.473 -0.007 0.000058 0.000140 0.000008 0.001395
0.030 -0.256 -0.004 0.000025 0.000000 0.000155 0.000000
0.030 1.226 0.005 0.000048 0.000001 0.000000 0.000014
0.030 -0.612 -0.011 0.000003 0.000018 0.000001 0.000023
0.030 -0.604 0.012 0.000000 0.000001 0.000007 0.000002
0.030 0.157 -0.005 0.000030 0.000002 0.000026 0.000345
0.030 0.164 0.013 0.000009 0.001171 0.000446 0.000000
0.030 -0.160 -0.016 0.000071 0.000000 0.000000 0.000000
0.030 0.385 -0.004 0.000000 0.000265 0.000000 0.000094
0.030 0.210 0.027 0.006672 0.000028 0.000007 0.000000
0.030 0.493 -0.001 0.000001 0.000000 0.000143 0.000032
0.050 0.378 0.006
0.030 -0.401 -0.006 0.000614 0.000005 0.000000 0.000041
0.030 -0.465 0.000 0.000000 0.000000 0.000000 0.000006
0.030 0.071 -0.013 0.000001 0.000006 0.000000 0.000257
0.030 0.033 -0.006 0.000000 0.000000 0.000001 0.000000
0.030 0.443 0.008 0.007444 0.000326 0.000004 0.000009
0.030 0.539 -0.004 0.000151 0.000060 0.000001 0.000000
0.071 -1.513 -0.005
0.071 -0.633 0.014
0.030 0.457 -0.001 0.000022 0.000000 0.000000 0.000000
0.030 -0.147 -0.013 0.000000 0.000014 0.000000 0.000004
0.030 0.253 -0.006 0.000004 0.000039 0.000008 0.000001
0.030 -0.208 0.003 0.000005 0.000000 0.000001 0.000000
0.030 -0.273 -0.016 0.000142 0.000768 0.000001 0.000000
0.030 -0.593 -0.028 0.000805 0.000030 0.000000 0.000064
0.030 0.331 -0.002 0.000001 0.000010 0.000027 0.000001
0.030 0.087 -0.006 0.000026 0.000013 0.000000 0.000012
0.030 -0.517 0.023 0.000184 0.000000 0.000008 0.000018
0.030 -0.379 -0.042 0.001597 0.000000 0.000000 0.000137
0.030 0.092 0.001 0.001105 0.000003 0.000001 0.000000
0.030 -0.325 -0.004 0.000033 0.000000 0.000000 0.000042
0.030 -0.533 0.002 0.000000 0.000004 0.000000 0.000000
0.030 -0.376 0.005 0.000011 0.000001 0.000000 0.000000
0.036 0.065 -0.005
0.030 -0.614 -0.018 0.000019 0.000002 0.000000 0.000001
0.030 0.308 -0.003 0.000014 0.000007 0.000020 0.000032
0.030 -0.126 -0.005 0.000196 0.000009 0.000002 0.000000
0.139 -0.728 -0.008
0.030 -0.682 -0.005 0.000274 0.000003 0.015675 0.000000
0.030 0.509 0.007 0.000073 0.000003 0.000329 0.000000
0.030 0.135 -0.002 0.000045 0.000000 0.000002 0.000000
0.139 1.137 0.002
0.030 -0.231 0.006 0.000003 0.000000 0.000023 0.000000
0.030 -0.595 -0.002 0.000055 0.000030 0.000003 0.000064
Adjustment Skew Mean

1/31/2007 2/28/2007 3/31/2007 4/30/2007
0.030 -0.470 -0.001 0.000012 0.000011 0.000001 0.000000
0.030 -0.622 -0.009 0.000006 0.000000 0.000000 0.000049
0.030 0.387 -0.008 0.000006 0.000000 0.000009 0.000000
0.030 -0.905 0.002 0.000046 0.000003 0.000108 0.000000
0.030 -0.583 0.004 0.000000 0.000001 0.000119 0.000000
0.030 -0.602 -0.021 0.000258 0.000001 0.000058 0.000685
0.030 -1.183 0.004 0.000022 0.000000 0.000009 0.000058
0.030 -0.692 -0.001 0.000241 0.000010 0.000062 0.000003
0.030 -0.519 -0.001 0.000002 0.000003 0.000002 0.000006
0.030 -0.694 -0.014 0.000028 0.000000 0.000010 0.000000
0.030 -0.403 -0.015 0.000000 0.000002 0.000000 0.000032
0.030 -0.553 -0.005 0.000000 0.000003 0.000000 0.000023
0.030 -0.225 0.003 0.000000 0.000002 0.000000 0.000005
0.030 0.361 0.000 0.000000 0.000000 0.000000 0.000069
0.030 0.158 -0.003 0.000000 0.000003 0.000136 0.000022
0.031 -4.028 -0.019 0.000000 0.000000 0.000000 0.000045
0.030 -0.073 -0.003 0.000011 0.000001 0.000000 0.000017
0.030 0.540 0.016 0.000012 0.000000 0.000000 0.000000
0.030 -0.787 0.014 0.000000 0.000001 0.000001 0.000030
0.030 0.068 -0.008 0.000039 0.000005 0.000001 0.000053
0.030 -0.718 0.010 0.000020 0.000010 0.000000 0.000000
0.030 -1.019 -0.008 0.000010 0.000006 0.000003 0.000010
0.030 -1.047 -0.011 0.000397 0.000000 0.000000 0.000006
0.030 0.396 0.005 0.000000 0.000000 0.000125 0.000003
0.030 0.202 -0.004 0.000002 0.000000 0.000003 0.000002
0.030 -0.213 0.004 0.000001 0.000003 0.000000 0.000000
0.030 -0.365 -0.012 0.000001 0.000000 0.000000 0.000197
0.030 0.723 -0.013 0.000000 0.000000 0.000060 0.000053
0.030 0.009 -0.008 0.000012 0.000000 0.000000 0.000000
0.030 -0.554 0.000 0.000000 0.000003 0.000022 0.000014
0.030 -0.634 0.000 0.000000 0.000000 0.000072 0.000000
0.030 -0.759 -0.001 0.000000 0.000000 0.000000 0.000010
0.030 -0.092 -0.010 0.000001 0.000000 0.000001 0.000014
0.030 0.453 -0.008 0.000015 0.000000 0.000000 0.000014
48 49 50 51 52 53 54 55
8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008

0.000011 0.000000 0.000424 0.000003 0.000018 0.000971 0.000215 0.000543
0.000000 0.000134 0.000015 0.000010 0.000000 0.000012 0.006762 0.000007
0.000001 0.000001 0.000096 0.000055 0.000001 0.000066 0.000001 0.000001
0.000000 0.000004 0.000575 0.000227 0.000013 0.000277 0.000000 0.000553
0.000000 0.000002 0.000695 0.000096 0.000004 0.000491 0.001276 0.000021
0.000000 0.000002 0.000070 0.000068 0.000002 0.001237 0.000029 0.000028
0.000004 0.000011 0.000000 0.000001 0.000010 0.000486 0.000019 0.000008
0.000000 0.000145 0.000000 0.000000 0.000073 0.000004 0.003815 0.000003
0.000000 0.000000 0.005116 0.000197 0.000005 0.002392 0.000013 0.000057

0.000001 0.000076 0.000023 0.000282 0.000003 0.000009 0.000727 0.000003
0.000033 0.000753 0.000026 0.000137 0.000349 0.000014 0.000079 0.000004
0.000001 0.000043 0.000121 0.000040 0.000001 0.001406 0.000010 0.000000
0.000000 0.000076 0.000015 0.000001 0.000050 0.000409 0.015302 0.000000
0.000192 0.000067 0.000154 0.000001 0.000000 0.000002 0.011062 0.000032
0.000004 0.000000 0.000072 0.000117 0.000001 0.002812 0.000000 0.000804
0.000008 0.000004 0.000002 0.000000 0.000322 0.000086 0.000130 0.000092
0.002323 0.000013 0.000050 0.000225 0.000011 0.000000 0.019668 0.000049
0.000406 0.000886 0.000003 0.000029 0.000029 0.001340 0.000003 0.000063
0.000001 0.000079 0.000000 0.000077 0.000000 0.001985 0.000065 0.000155
0.000000 0.000008 0.001202 0.000019 0.022424 0.002414 0.000203 0.005741
0.000000 0.000000 0.000178 0.000001 0.000011 0.003863 0.000162 0.000000
0.025865 0.000051 0.000000 0.000024 0.000001 0.000543 0.000097 0.000667
0.000018 0.000000 0.000026 0.000200 0.000016 0.000638 0.000001 0.000040
0.000000 0.001469 0.000075 0.000001 0.000023 0.000691 0.000488 0.000022
0.000000 0.000387 0.000000 0.000164 0.000069 0.000001 0.000558 0.000040
0.000040 0.000039 0.000000 0.000001
0.000076 0.000005 0.000523 0.000079 0.000001 0.001934 0.000014 0.000030
0.000005 0.000001 0.000000 0.000236 0.000000 0.000605 0.000324 0.000002

0.000032 0.000142 0.000000 0.000000 0.000000 0.003565 0.000002 0.000162
0.000000 0.000033 0.000001 0.000094 0.000089 0.001052 0.002057 0.000000
0.000000 0.000000 0.000000 0.000000 0.000000 0.000071 0.000047 0.000000
0.000001 0.000028 0.000001 0.000000 0.000001 0.000344 0.000015 0.000000
0.000000 0.000021 0.000005 0.000177 0.000350 0.000171 0.000084 0.000053
0.000000 0.000000 0.000048 0.000000 0.000511 0.005943 0.000171 0.000056
0.000007 0.000098 0.000000 0.000002 0.000000 0.000833 0.000452 0.000200
0.000000 0.000012 0.000000 0.000013 0.000000 0.000143 0.000004 0.000093
0.000008 0.000000 0.000009 0.000034 0.000005 0.000043 0.015366 0.000000
0.000003 0.000000 0.000001 0.000230 0.000097 0.000893 0.000010 0.000001
0.000011 0.000016 0.001062 0.001214 0.000012 0.001237 0.003069 0.000468
0.000000 0.000000 0.000016 0.000422 0.000000 0.001337 0.000000 0.000000
0.000000 0.000000 0.000000 0.000000 0.000000 0.000244 0.000001 0.000001
0.001164 0.039682 0.000002 0.000007 0.000026 0.193997 0.000034 0.000926
0.000013 0.000001 0.000009 0.000000 0.000002 0.000298 0.000415 0.000218
0.000000 0.000635 0.000018 0.000022 0.000039 0.000716 0.000480 0.000489
0.000000 0.000010 0.000004 0.000039 0.000000 0.000307 0.000005 0.000166
0.000002 0.002739 0.000483 0.000075 0.000001 0.002860 0.000150 0.000221

0.000000 0.000822 0.001077 0.000002 0.000001 0.000009 0.000184 0.000009
0.000002 0.000000 0.000196 0.000001 0.000000 0.001570 0.000000 0.000152
0.000004 0.000128 0.000000 0.000079 0.000000 0.001213 0.000010 0.000051
0.000000 0.000008 0.000031 0.000031 0.000000 0.000428 0.000000 0.000000
0.000000 0.000008 0.000700 0.000728 0.000045 0.000656 0.000252 0.000438
0.001532 0.000500 0.000123
0.000005 0.000010 0.000000 0.000000 0.000000 0.000619 0.000001 0.000144
0.000015 0.000365 0.000009 0.000000 0.000345 0.000351 0.000000 0.000009
0.000042 0.000000 0.000694 0.000000 0.000005 0.000161 0.000001 0.000053
0.000002 0.000002 0.000001 0.000001 0.000006 0.000553 0.001697 0.000065
0.000294 0.000000 0.000784 0.000219 0.000000 0.000839 0.001300 0.000002
0.000000 0.000004 0.000000 0.000000 0.000001 0.000123 0.000002 0.000017
0.014591 0.005534 0.000096 0.000000 0.000002 0.000010 0.007120 0.000000
0.000000 0.000001 0.000107 0.000000 0.000006 0.000988 0.000380 0.000000
0.000002 0.000000 0.000000 0.000001 0.000000 0.001732 0.000024 0.000006
0.000064 0.000000 0.000003 0.000000 0.000000 0.000942 0.022565 0.000065
0.000000 0.000000 0.000062 0.000000 0.000000 0.000000 0.000000 0.000000
0.000000 0.000003 0.000000 0.000000 0.000012 0.000231 0.000018 0.000014
0.000002 0.000603 0.000000 0.000109 0.000001 0.001009 0.000000 0.000032
0.000000 0.000007 0.000044 0.000011 0.000169 0.000010 0.003476 0.000002
0.000000 0.000232 0.000000 0.000002 0.000000 0.000703 0.000860 0.000009
0.000070 0.000032 0.000091 0.000096 0.000083 0.000001 0.000003 0.000002
0.000123 0.000033 0.000061 0.000034 0.000214 0.000000 0.000011 0.000011
0.000000 0.000081 0.000000 0.002089 0.000000 0.005292 0.000009 0.000000
0.000000 0.000006 0.000001 0.000000 0.000000 0.000499 0.000000 0.000000
0.000001 0.000541 0.000046 0.000220 0.000004 0.004096 0.000397 0.000251
0.000000 0.000229 0.000035 0.000012 0.000012 0.002000 0.000008 0.000169
0.000007 0.000000 0.000000 0.000000 0.000008 0.000371 0.000002 0.000000
0.000010 0.000008 0.000068 0.000001 0.000000 0.000002 0.000550 0.000174
0.000000 0.000000 0.000039 0.000007 0.000000 0.000889 0.000002 0.000002
0.000943 0.000007 0.000002 0.000000 0.000005 0.000021 0.000000 0.000033
0.000000 0.000046 0.000000 0.000517 0.000003 0.000142 0.000104 0.000021
0.000088 0.000308 0.000032 0.000001 0.000037 0.000000 0.002716 0.000001
0.000001 0.000000 0.000001 0.000000 0.000000 0.000145 0.000012 0.000104
0.000000 0.000000 0.000002 0.000018 0.000000 0.000205 0.000020 0.000035
0.000257 0.000000 0.000003 0.000112 0.000038 0.000000 0.000000 0.000004
0.000006 0.000001 0.000000 0.001283 0.000000 0.000559 0.000001 0.000069
0.000001 0.000050 0.000671 0.000000 0.000090 0.004457 0.011582 0.005461
0.000051 0.000120 0.000002 0.000158 0.000000 0.000021 0.000005 0.000049
0.000019 0.000005 0.001614 0.000044 0.000036 0.000067 0.000005 0.000000
0.000182 0.003378 0.000028 0.001936 0.000000 0.000199 0.000000 0.000586
0.000000 0.001370 0.000126 0.000001 0.000008 0.000804 0.000610 0.000001
0.000000 0.000033 0.000340 0.000010 0.000000 0.001698 0.000023 0.000000
0.000000 0.000159 0.000075 0.000002 0.000165 0.000051 0.199422 0.000008
0.000000 0.000024 0.000000 0.000000 0.000000 0.000920 0.000005 0.000150
0.000000 0.000005 0.000011 0.000473 0.000215 0.000944 0.000022 0.000033
0.000000 0.000022 0.000080 0.000198 0.000000 0.000550 0.000001 0.000147
0.000029 0.003017 0.000051 0.000024 0.001091 0.000080 0.000123 0.000096
0.000000 0.000000 0.000265 0.000011 0.000000 0.001487 0.000034 0.000054
0.000107 0.000035 0.000001 0.000497 0.000000 0.000107 0.000499 0.000011
0.000093 0.000014 0.000248 0.000050 0.000002 0.000495 0.009411 0.000002
0.000000 0.000040 0.000000 0.000000 0.000001 0.000093 0.000000 0.000144
0.000024 0.000046 0.000036 0.000012 0.000000 0.001773 0.000000 0.000010

0.000001 0.000017 0.000000 0.000000 0.000000 0.000720 0.000001 0.000064
0.000025 0.000015 0.000000 0.000002 0.000001 0.000357 0.000457 0.000012
0.000000 0.000000 0.000000 0.000012 0.000608 0.000109 0.000005 0.000550
0.000000 0.000163 0.000111 0.000003 0.014020 0.002191 0.000000 0.000075
0.000001 0.000071 0.000001 0.000005 0.000001 0.000147 0.000000 0.000008
0.000019 0.000129 0.000006 0.000001 0.000000 0.000054 0.000001 0.000446

0.000020 0.000000 0.000685 0.000000 0.000016 0.000333 0.000013 0.000000
0.000000 0.000002 0.000350 0.000135 0.000302 0.000236 0.000031 0.000260
0.000023 0.000000 0.000000 0.000000 0.000000 0.001153 0.000000 0.000030
0.000000 0.000002 0.000013 0.000005 0.000000 0.000443 0.000003 0.000213
0.000000 0.000006 0.000001 0.000003 0.000019 0.000722 0.003864 0.000003
0.000000 0.000009 0.000888 0.000158 0.000009 0.000156 0.000073 0.000154
0.000000 0.000565 0.000001 0.000012 0.000000 0.000704 0.000103 0.000000
0.000007 0.000000 0.000078 0.000001 0.000001 0.002267 0.000315 0.000114
0.000784 0.003030 0.000000 0.000000 0.000001 0.000030 0.000214 0.000002
0.000021 0.000000 0.000009 0.000000 0.000002 0.000575 0.000004 0.000000
0.000032 0.000000 0.000252 0.000000 0.001559 0.000244 0.000000 0.000039
0.000008 0.000000 0.000154 0.000000 0.000000 0.000002 0.000232 0.000004
0.000003 0.000003 0.000002 0.000001 0.000004 0.001106 0.000000 0.000002
0.011368 0.002036 0.000908 0.000037 0.013113 0.015841 0.000174
0.000005 0.000003 0.000000 0.000001 0.000002 0.000940 0.000116 0.000174
0.000000 0.000000 0.000826 0.000033 0.000000 0.000054 0.000022 0.000057
0.000000 0.000001 0.000001 0.000002 0.000033 0.000121 0.000034 0.000006
0.000039 0.000000 0.000000 0.000041 0.000010 0.000836 0.000421 0.000005

0.000192 0.000006 0.000000 0.000365 0.000026 0.000007 0.000000 0.000008
0.000000 0.000053 0.000009 0.000009 0.000311 0.000023 0.000009 0.000005
0.000000 0.000551 0.000057 0.000010 0.000053 0.000358 0.000393 0.000034

0.000000 0.000056 0.000002 0.001163 0.000001 0.005456 0.000007 0.000001
5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007

0.000005 0.000001 0.000000 0.000009 0.000000 0.000168 0.000001 0.000000
0.000141 0.000017 0.000000 0.000000 0.000007 0.000013 0.000048 0.000007
0.000020 0.000034 0.000019 0.000294 0.000949 0.000013 0.000002 0.000215
0.000000 0.000001 0.000069 0.000000 0.000080 0.000000 0.000034 0.000000
0.000109 0.000000 0.000000 0.000000 0.000213 0.000000 0.000007 0.000062
0.000021 0.000000 0.000277 0.000001 0.000002 0.000002 0.000013 0.000024
0.000000 0.000000 0.000000 0.000005 0.000089 0.000019 0.000015 0.000000
0.000013 0.000001 0.000002 0.000000 0.000056 0.000064 0.000028 0.000001
0.000001 0.000000 0.000000 0.000000 0.000000 0.000003 0.000001 0.000000
0.000000 0.000000 0.000005 0.000046 0.000008 0.000164 0.000004 0.000000
0.000000 0.000001 0.000000 0.000001 0.000001 0.000000 0.000429 0.000000
0.000001 0.000000 0.000000 0.000006 0.000000 0.000000 0.000203 0.000000
0.000000 0.000001 0.000000 0.000023 0.000000 0.000000 0.000000 0.000000
0.000000 0.000014 0.000000 0.000000 0.000000 0.000000 0.000000 0.000005
0.000015 0.000000 0.000015 0.000000 0.000609 0.000001 0.000002 0.000000
0.000000 0.000000 0.000023 0.000000 0.000002 0.000001 0.000000 0.000000
0.000001 0.000019 0.000271 0.000000 0.000009 0.000040 0.000063 0.000000
0.000000 0.000036 0.000130 0.000000 0.000002 0.000058 0.000028 0.000000
0.000000 0.000001 0.000005 0.000000 0.000002 0.000015 0.000000 0.000001
0.000009 0.000079 0.000000 0.000000 0.000019 0.000002 0.000208 0.000000
0.000001 0.000005 0.000003 0.000000 0.000004 0.000016 0.000323 0.000139
0.000001 0.000000 0.000000 0.000001 0.000000 0.000000 0.000000 0.000000
0.000000 0.000003 0.000000 0.000004 0.000000 0.000000 0.000967 0.000006
0.000022 0.000000 0.000002 0.000013 0.000007 0.001485 0.000028 0.000046
0.000022 0.000007 0.000001 0.000000 0.000006 0.000448 0.000078 0.000031
0.000000 0.000000 0.000037 0.000021 0.000000 0.000198 0.000000 0.000003
0.000000 0.000001 0.000000 0.000000 0.000000 0.000112 0.000005 0.000000
0.000001 0.000001 0.000000 0.000029 0.000001 0.000079 0.000005 0.000044
0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
0.000077 0.000002 0.000000 0.000000 0.000008 0.000001 0.000003 0.000000
0.000012 0.000000 0.000000 0.000000 0.000162 0.000000 0.000002 0.000025
0.000000 0.000000 0.000000 0.000000 0.000000 0.000007 0.000001 0.000001
0.000004 0.000002 0.000000 0.000000 0.000001 0.000182 0.000019 0.000009
0.000002 0.000003 0.000000 0.000000 0.000002 0.000002 0.000002 0.000001
Kurtosis Calc
56 57 58 59 60 61 62
(Return-Mean)^4
4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 9/30/2008 10/31/2008
0.000000 0.000060 0.000005 0.000744 0.000000 0.000110 0.000004
0.000637 0.000060 0.000156 0.000243 0.000032 0.000110 0.039338
0.000094 0.000076 0.000063 0.000621 0.000035 0.000002 0.000061
0.000018 0.000021 0.000657 0.000000 0.000000 0.000003 0.000463
0.000000 0.000377 0.000177 0.000018 0.000016 0.000013 0.003094
0.000001 0.000001 0.000014 0.000006 0.000088 0.000049 0.000395
0.000045 0.000003 0.000000 0.000000 0.000105 0.000001 0.000016
0.000000 0.000002 0.000011 0.003052 0.000002 0.010945 0.000425
0.000270 0.000000
0.000010 0.000215 0.001684 0.000000 0.000002 0.000001 0.000064
0.000000 0.000070 0.000000 0.004762 0.000000 0.003153 0.045892
0.000029 0.000269 0.000019 0.000130 0.000382 0.000048 0.000000
0.000009 0.000001 0.000013 0.007246 0.000052 0.000203 0.002709
0.000000 0.000009 0.000000 0.037710 0.000008 0.026987 0.055211
0.000160 0.000329 0.000083 0.000439 0.000000 0.033295 0.025223
0.000006 0.000021 0.000007 0.000000 0.000145 0.000020 0.000070
0.000022 0.000124 0.000005 0.003404 0.000013 0.000000 0.000023
0.003824 0.000000 0.000052 0.000909 0.000000 0.003418 0.002415
0.000010 0.000575 0.000310 0.000001 0.000002 0.000110 0.004173
0.000013 0.000002 0.000228 0.000048 0.000030 0.000002 0.000000
0.000514 0.000003 0.000007 0.000128 0.000054 0.000000 0.000000
0.000009 0.000038 0.000014 0.000033 0.000027 0.000007 0.000336
0.000006 0.000004 0.001551 0.000334 0.000003 0.000001 0.000095
0.000000 0.000000 0.000644 0.000000 0.001160 0.001383 0.000344
0.000005 0.001218 0.000001 0.000007 0.000293 0.001937 0.034414
0.000156 0.000015 0.000000 0.001404 0.000003 0.002949 0.000245
0.000001 0.000004 0.000030 0.000148 0.000022 0.000043 0.009288
0.000045 0.000052 0.000039 0.000000 0.000505 0.001179 0.005609
0.000000 0.000017 0.000057 0.000001 0.000202 0.000060 0.000000

0.000018 0.000051 0.000234 0.000053 0.000334 0.000000 0.000000
0.003750 0.015889 0.000180 0.001854 0.000000 0.000106 0.000002
0.000000 0.000003 0.000112 0.000001 0.000000 0.000931 0.035646
0.000000 0.000000 0.000007 0.000000 0.000014 0.000006 0.000018
0.000004 0.000000 0.000519 0.000001 0.000506 0.000001 0.000000
0.000004 0.000743 0.001631 0.000053 0.000001 0.000073 0.000422
0.000178 0.000017 0.000205 0.000001 0.000000 0.000000 0.000026
0.000003 0.000103 0.000059 0.002886 0.000000 0.000006 0.000080
0.000099 0.000001 0.000007 0.000058 0.000000 0.000142 0.000011
0.000314 0.000001 0.000491 0.000000 0.000000 0.000065 0.000001
0.000000 0.000000 0.000092 0.000001 0.000193 0.000000 0.003017
0.000436 0.000351 0.000127 0.000000 0.000000 0.000295 0.000310
0.000140 0.000118 0.000144 0.000000 0.000000 0.001348 0.000726
0.008322 0.000002 0.000000 0.004236 0.000155 0.000116 0.000000
0.000000 0.000004 0.000123 0.000000 0.000000 0.000003 0.000131
0.000000 0.000272 0.000749 0.000004 0.000028 0.000452 0.024202
0.000007 0.000023 0.000034 0.000562 0.000146 0.000020 0.000000
0.000004 0.000012 0.004883 0.000151 0.000282
0.000002 0.000981 0.000000 0.000037 0.009169 0.000432 0.009173
0.000123 0.002880 0.000152 0.005591 0.000001 0.006737 0.005505
0.000016 0.000132 0.000350 0.000000 0.000226 0.000047 0.000075
0.000022 0.000015 0.000341 0.003613 0.000443 0.000033 0.000000
0.000030 0.000244 0.000043 0.000823 0.000138 0.000015 0.000049
0.000000 0.000016 0.000087 0.004278 0.000000 0.000000 0.000717
0.000008 0.000002 0.001241 0.000000 0.000000 0.000005 0.003506
0.000243 0.000129 0.000762 0.000000 0.001246 0.000597 0.000001
0.000259 0.000000 0.000000 0.000136 0.001430 0.000351 0.000378
0.000000 0.000010 0.000195 0.000199 0.000277 0.003225 0.004025
0.000788 0.000000 0.000000 0.000083 0.000003 0.007449 0.002297
0.000000 0.000005 0.000444 0.000000 0.004407 0.000000 0.004788
0.000020 0.000011 0.000057 0.001186 0.000069 0.000009 0.000009
0.000166 0.000005 0.000005 0.000607 0.000662 0.002536 0.000149
0.000009 0.000312 0.000000 0.000093 0.000014 0.000000 0.000226
0.000150 0.000000 0.000006 0.000000 0.000000 0.000106 0.001303
0.000016 0.000070 0.000066 0.000000 0.000000 0.000225 0.000002
0.000001 0.000018 0.000024 0.000001 0.001263 0.000002 0.000006
0.000032 0.000015 0.000229 0.000768 0.000159 0.000007 0.000125
0.000000 0.000037 0.000421 0.000062 0.000462 0.000000 0.012012
0.000015 0.000008 0.000546 0.000498 0.000039 0.000003 0.000513
0.000000 0.000004 0.000012 0.002106 0.000229 0.003777 0.025953
0.000001 0.000002 0.000129 0.000018 0.000530 0.000832 0.000000
0.000000 0.000000 0.000097 0.000008 0.000345 0.000938 0.000001
0.000001 0.008819 0.000000 0.000712 0.002661 0.000084 0.000022
0.000008 0.000004 0.000011 0.000036 0.000170 0.000036 0.000066
0.000000 0.000400 0.000166 0.000548 0.000000 0.000000 0.000005
0.000000 0.000072 0.003583 0.000474 0.000192 0.000000 0.000028
0.000015 0.000628 0.000000 0.000659 0.000354 0.000004 0.000003
0.000001 0.000000 0.000136 0.002415 0.000006 0.006522 0.016170
0.000002 0.000535 0.000000 0.000000 0.000007 0.000000 0.000001
0.000000 0.000017 0.000000 0.000011 0.000001 0.000000 0.001022
0.000042 0.000118 0.000004 0.000770 0.000000 0.000002 0.000031
0.000004 0.000139 0.000004 0.006922 0.022481 0.015106 0.026414
0.000000 0.000002 0.000001 0.000000 0.000000 0.000000 0.000050
0.000000 0.000028 0.000232 0.000004 0.000120 0.000492 0.000110
0.000066 0.000029 0.001271 0.000031 0.000183 0.000126 0.000080
0.000083 0.000010 0.000034 0.007107 0.000214 0.000000 0.000018
0.000034 0.000011 0.000066 0.018191 0.000001 0.082151 0.002189
0.000005 0.000000 0.000296 0.001694 0.000088 0.000152 0.000478
0.000772 0.000004 0.001326 0.000000 0.000028 0.000002 0.000013
0.000674 0.000000 0.000000 0.000251 0.000510 0.001248 0.101843
0.000032 0.000000 0.000000 0.000104 0.000043 0.000041 0.009723
0.000000 0.000335 0.000046 0.000261 0.000000 0.000000 0.000098
0.000054 0.000000 0.000001 0.002821 0.000000 0.000966 0.012771
0.000000 0.000798 0.000001 0.000016 0.000005 0.000004 0.000006
0.000429 0.000012 0.000012 0.000001 0.000012 0.001320 0.000000
0.000000 0.000012 0.000208 0.000001 0.001497 0.000004 0.000791
0.000001 0.000007 0.000073 0.000028 0.000001 0.000089 0.000000
0.000113 0.000035 0.001127 0.000000 0.000002 0.000482 0.004197
0.000502 0.000037 0.000000 0.000306 0.002163 0.000394 0.000475
0.004034 0.000000 0.000000 0.002293 0.002813 0.002629 0.010678
0.000001 0.000003 0.000281 0.002543 0.000002 0.000571 0.000018
0.000445 0.000173 0.000002 0.000064 0.000002 0.000002
0.000029 0.000103 0.000175 0.000006 0.000994 0.003118 0.000623
0.000000 0.000000 0.000101 0.000012 0.000000 0.000000 0.000004
0.000000 0.000146 0.001217 0.001277 0.000000 0.000034 0.000002
0.000077 0.000006 0.000008 0.000000 0.000342 0.000582 0.000001
0.000020 0.000012 0.001866 0.000000 0.000038 0.001954 0.001274
0.000136 0.000060 0.000039 0.001032 0.000183 0.000131 0.000037
0.000010 0.000009 0.000058 0.001140 0.000007 0.000003 0.000020

0.000000 0.000000 0.000165 0.000033 0.000149 0.000000 0.000421
0.000000 0.000006 0.000192 0.003050 0.000000 0.000000 0.000284
0.000000 0.000129 0.000133 0.000533 0.000013 0.000003 0.000002
0.000011 0.000000 0.000153 0.000974 0.000034 0.000128 0.000002
0.000284 0.000050 0.000144 0.000387 0.000001 0.000000 0.003116
0.000000 0.000052 0.000065 0.001133 0.000000 0.000001 0.001148
0.000000 0.000008 0.001351 0.000000 0.000547 0.000507 0.000092
0.000121 0.000009 0.000071 0.000003 0.000007 0.000000 0.000033
0.000381 0.000001 0.000002 0.000001 0.000000 0.005727 0.007859
0.000002 0.000004 0.000508 0.000006 0.000000 0.000000 0.000127
0.000000 0.000000 0.000026 0.000006 0.000012 0.000132 0.001847
0.000085 0.000061 0.000002 0.000570 0.000017 0.001243 0.001204
0.000390 0.000056 0.000016 0.000002 0.000000 0.000040 0.000170
0.000102 0.000208 0.001965 0.000098 0.000002 0.000000 0.013349
0.000001 0.000914 0.000000 0.000000 0.000137 0.000001 0.000087
0.000000 0.000054 0.001615 0.001177 0.000148 0.000001 0.000212
0.000042 0.000038 0.000123 0.000000 0.000023 0.000000 0.000001
0.000000 0.000000 0.000108 0.000024 0.000000 0.000058 0.003704

0.000000 0.000217 0.000000 0.003942 0.000010 0.000040 0.000208
0.000027 0.000013 0.000137 0.000495 0.000000 0.000000 0.000006
0.000004 0.000015 0.000108 0.000001 0.000762 0.000004 0.002403

0.000000 0.000014 0.000119 0.000479 0.000013 0.000033 0.000003
Kurtosis Calc
(Return-Mean)^4
1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008
0.000002 0.000250 0.000003 0.000094 0.000068 0.000001 0.000535
0.000713 0.000075 0.000020 0.000000 0.000000 0.000008 0.000008
0.000076 0.000000 0.000000 0.000134 0.000006 0.000000 0.000174
0.000137 0.001000 0.000007 0.000000 0.000010 0.000005 0.003320
0.000000 0.001516 0.000011 0.000015 0.000005 0.000000 0.002191
0.000177 0.000782 0.000000 0.000014 0.000003 0.000284 0.000250
0.000000 0.008355 0.000006 0.000283 0.000019 0.000121 0.000266
0.000802 0.000589 0.000013 0.000003 0.000000 0.000146 0.000049
0.000273 0.000137 0.000000 0.000000 0.000000 0.000261 0.000000
0.000399 0.000002 0.000000 0.000000 0.000002 0.000087 0.000000
0.002518 0.000089 0.000004 0.000001 0.000026 0.000000 0.000240
0.000611 0.000173 0.000003 0.000000 0.000011 0.000088 0.000000
0.001148 0.000000 0.000030 0.000000 0.000130 0.000132 0.000530
0.000216 0.000000 0.000010 0.000002 0.000000 0.000140 0.000000
0.000757 0.000091 0.000000 0.000000 0.000006 0.001439 0.000000
0.000048 0.000069 0.000000 0.000001 0.000007 0.000080 0.000002
0.000304 0.000000 0.000141 0.000000 0.000008 0.000075 0.000000
0.001276 0.000021 0.000000 0.000014 0.000000 0.000017 0.005060
0.001546 0.000012 0.000055 0.000090 0.000007 0.000056 0.000004
0.000559 0.000018 0.000020 0.000000 0.000013 0.000070 0.001455
0.001164 0.000017 0.000009 0.000133 0.000003 0.000014 0.000000
0.000946 0.000013 0.000103 0.000002 0.000232 0.000003 0.000000
0.000000 0.000000 0.000021 0.000000 0.000020 0.000001 0.000000
0.000091 0.000003 0.000000 0.000590 0.000002 0.001452 0.000000
0.000321 0.000257 0.000148 0.000000 0.000050 0.000062 0.001761
0.000307 0.000000 0.000056 0.000000 0.000000 0.000039 0.000011
0.000994 0.000005 0.000010 0.000024 0.000012 0.000726 0.000000
0.000161 0.000000 0.000047 0.000000 0.000001 0.000096 0.000027
0.000365 0.000017 0.000000 0.000001 0.000008 0.000000 0.000114
0.000336 0.000013 0.000010 0.000031 0.000124 0.000260 0.000001
0.000000 0.000753 0.000005 0.000002 0.000010 0.000000 0.001639
0.000316 0.000026 0.000000 0.000002 0.000001 0.000181 0.000000
0.000238 0.000029 0.000029 0.000000 0.000023 0.000100 0.000272
0.000069 0.000000 0.000003 0.000016 0.000032 0.000044 0.000626
Kurtosis Calc
63 64 65 66 67 68 69
an)^4
11/30/2008 12/31/2008 1/31/2009 2/28/2009 3/31/2009 4/30/2009 5/31/2009
0.000000 0.000020 0.000000 0.001882 0.001278 0.000019 0.000005
0.000016 0.000000 0.000059 0.000061 0.000000 0.000075 0.001207
0.000004 0.000083 0.000000 0.000008 0.000002 0.000000 0.000000
0.000001 0.000048 0.000000 0.000104 0.000768 0.003295 0.000102
0.025489 0.000010 0.000428 0.000001 0.000000 0.004140 0.000020
0.000114 0.000028 0.000000 0.000351 0.000000 0.000141 0.000009
0.001103 0.000631 0.000000 0.003069 0.000137 0.000026 0.000000
0.000003 0.000068 0.000226 0.003510 0.000268 0.001000 0.002107
0.000000 0.000010 0.000000 0.000022 0.000049 0.000409 0.000000
0.000613 0.014645 0.000013 0.000000 0.000001 0.000427 0.000000
0.000645 0.000176 0.001024 0.000069 0.003057 0.000002 0.002097
0.000624 0.000468 0.000310 0.000002 0.000624 0.003473 0.010614
0.000029 0.000293 0.002936 0.000005 0.000028 0.000038 0.000055
0.000144 0.000002 0.000001 0.000014 0.000340 0.000500 0.002974
0.000000 0.000026 0.000007 0.000057 0.001528 0.001411 0.000015
0.000000 0.000016 0.000009 0.000003 0.000005 0.000038 0.000000
0.000000 0.000003 0.000434 0.000005 0.000037 0.000000 0.000001
0.003800 0.000731 0.002957 0.001194 0.003786 0.000000 0.000000
0.000001 0.000034 0.000022 0.001210 0.000009 0.000141 0.000010
0.002128 0.000128 0.000048 0.000000 0.000422 0.000008 0.000009
0.000091 0.000000 0.000010 0.001169 0.003943 0.000029 0.000128
0.000371 0.000047 0.000001 0.000022 0.000032 0.000496 0.000916
0.001057 0.000004 0.000838 0.000031 0.000058 0.000540 0.000011
0.000008 0.000058 0.000000 0.000000 0.000427 0.000018 0.000000
0.002491 0.000366 0.000034 0.014537 0.013617 0.000000 0.061908
0.000009 0.000001 0.000002 0.000201 0.001142 0.000011 0.000009
0.005631 0.000000 0.000000 0.000001 0.000000 0.000029 0.000000
0.000217 0.000033 0.000079 0.001644 0.000000 0.000028 0.000000
0.000006 0.000001 0.000241 0.000035 0.000404 0.000006 0.000010
0.000061 0.000096 0.000006 0.000875 0.000011 0.000000 0.000002
0.000000 0.000002 0.000004 0.000061 0.000405 0.000040 0.000002
0.000276 0.005686 0.000001 0.000374 0.000437 0.000000 0.013161
0.000755 0.000001 0.000701 0.000117 0.000107 0.000006 0.000413
0.000001 0.000000 0.000000 0.000344 0.000001 0.000002 0.000008
0.000035 0.000066 0.000011 0.000312 0.000000 0.000025 0.000002
0.000000 0.000062 0.000002 0.000001 0.000112 0.000540 0.000053
0.000012 0.000001 0.000188 0.000401 0.000365 0.001334 0.000699
0.000096 0.000151 0.000003 0.000000 0.000000 0.000007 0.000000
0.000024 0.000000 0.000005 0.000000 0.000009 0.000000 0.000134
0.000051 0.000001 0.000056 0.000004 0.002706 0.000007 0.000000
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0.002528 0.000138 0.000058 0.000435 0.000001 0.000297 0.000003
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0.000299 0.000112 0.000015 0.000003 0.000005 0.000114 0.000001
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0.000070 0.000004 0.000008 0.000186 0.000006 0.000004 0.000002
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0.000012 0.000013 0.000000 0.000292 0.000000 0.000004 0.000009
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0.000036 0.000001 0.000007 0.000209 0.000005 0.000005 0.000002
Kurtosis Calc
an)^4
8/31/2008 9/30/2008 10/31/2008 11/30/2008 12/31/2008 1/31/2009 2/28/2009
0.000020 0.001180 0.001143 0.000000 0.000001 0.000000 0.000078
0.000160 0.000009 0.000278 0.000240 0.000041 0.000000 0.001044
0.000624 0.000001 0.000054 0.000996 0.000272 0.000829 0.000000
0.000015 0.004165 0.032968 0.000538 0.000040 0.000523 0.000001
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0.000053 0.000156 0.042743 0.000011 0.000000 0.000117 0.000010
0.000023 0.000021 0.002645 0.002382 0.000000 0.000102 0.000029
0.000001 0.000000 0.000006 0.000005 0.000000 0.000047 0.000027
0.000011 0.000004 0.000931 0.000002 0.000005 0.000002 0.001001
0.000214 0.000044 0.000132 0.000025 0.000353 0.000126 0.000153
0.000154 0.000018 0.000001 0.000048 0.000069 0.000005 0.000765
0.000014 0.000003 0.000002 0.000003 0.000000 0.000000 0.000336
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0.000506 0.000549 0.000104 0.004545 0.003446 0.000006 0.000024
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0.000002 0.000178 0.000428 0.000007 0.000013 0.000584 0.000004
0.000002 0.000001 0.000039 0.000114 0.000167 0.000000 0.000098
0.000060 0.000008 0.000012 0.000101 0.000016 0.000000 0.000161
0.000017 0.000933 0.000000 0.000019 0.000007 0.000027 0.000005
0.000066 0.000011 0.000040 0.000001 0.000088 0.000001 0.000513
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0.000033 0.000004 0.000023 0.000008 0.000000 0.000139 0.000302
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0.000040 0.000232 0.000000 0.000003 0.000003 0.000002 0.000758
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0.000003 0.000860 0.002544 0.000000 0.000018 0.000053 0.000032
0.000002 0.003071 0.001118 0.000003 0.000000 0.000002 0.000117
0.000000 0.000053 0.000007 0.000010 0.000003 0.000010 0.000159
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0.000010 0.000006 0.000061 0.000004 0.000001 0.000002 0.000003
70 71 72 73 74 75 76 77
6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009 1/31/2010

0.000014 0.000027 0.000004 0.000000 0.000002 0.000023 0.000000 0.000000
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3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009

0.000052 0.000022 0.000677 0.000140 0.000000 0.000006 0.000003 0.000003
0.000000 0.000045 0.000000 0.000026 0.000053 0.000022 0.000001 0.000002
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0.000005 0.001553 0.003081 0.000274 0.000112 0.001295 0.000025 0.000173
0.000000 0.000010 0.000379 0.000000 0.000003 0.000488 0.000000 0.000129
0.000001 0.000321 0.000000 0.000000 0.000000 0.000142 0.000014 0.000006
0.000000 0.000013 0.000000 0.000000 0.000066 0.000029 0.000000 0.000000
0.000000 0.000291 0.000000 0.000017 0.000076 0.000027 0.000018 0.000000
0.000077 0.000013 0.000190 0.000001 0.000329 0.000078 0.000004 0.000035
0.000011 0.000001 0.000002 0.000001 0.000133 0.000011 0.000004 0.000003
0.000001 0.000000 0.000233 0.000007 0.000465 0.000001 0.000000 0.000508
0.000000 0.000000 0.000002 0.000000 0.000049 0.000000 0.000000 0.000005
0.000122 0.000000 0.005200 0.000001 0.000448 0.000267 0.000010 0.000489
0.000148 0.000011 0.000522 0.000018 0.001303 0.000277 0.000000 0.000012
0.000016 0.000060 0.000001 0.000001 0.000142 0.000000 0.000000 0.000093
0.000002 0.000000 0.000003 0.000042 0.000013 0.000001 0.000001 0.000013
0.000000 0.000000 0.000026 0.000001 0.000002 0.000000 0.000005 0.000000
0.000001 0.000006 0.000010 0.000003 0.000072 0.000000 0.000037 0.000001
0.000001 0.000014 0.000038 0.000004 0.000174 0.000036 0.000000 0.000071
0.000000 0.000030 0.000000 0.000000 0.000030 0.000000 0.000004 0.000004
0.000022 0.000000 0.000025 0.000012 0.000057 0.000267 0.000000 0.000000
0.001698 0.000004 0.000000 0.000000 0.000019 0.000000 0.000006 0.000004
0.000265 0.000004 0.000000 0.000018 0.000016 0.000019 0.000000 0.000001
0.000019 0.000000 0.000000 0.000031 0.000038 0.000002 0.000000 0.000253
0.000122 0.000009 0.000148 0.000001 0.000780 0.000000 0.000000 0.000111
0.002792 0.000047 0.000001 0.000000 0.001642 0.000001 0.000000 0.000002
0.000000 0.000001 0.000049 0.000001 0.000000 0.000000 0.000000 0.000539
0.000037 0.000243 0.000081 0.000001 0.000022 0.000000 0.000000 0.000888
0.000338 0.000002 0.000616 0.000086 0.000069 0.000000 0.000000 0.000019
0.000006 0.000005 0.000023 0.000000 0.000091 0.000001 0.000000 0.000004
0.000254 0.000006 0.000001 0.000006 0.000126 0.000007 0.000000 0.000008
0.000000 0.000001 0.000002 0.000000 0.000051 0.000002 0.000000 0.000000
78 79 80 81 82
Σ(Return-Mean)^4 Adjustment Kurtosis

2/28/2010 3/31/2010 (frac) (frac) (frac)
0.000002 0.000416 0.007 0.030 2.695
0.000130 0.001819 0.052 0.030 6.264
0.000001 0.000003 0.001 0.030 2.525
0.000005 0.000005 0.008 0.030 2.975
0.000008 0.000000 0.037 0.030 5.092
0.000000 0.000044 0.003 0.030 2.493
0.000019 0.000005 0.006 0.030 3.406
0.000001 0.000539 0.029 0.030 3.212
0.000000 0.000001 0.001 0.062 3.316
0.000000 0.000003 0.026 0.030 5.314
0.000000 0.000002 0.067 0.030 4.942
0.000000 0.000000 0.020 0.030 3.074
0.000001 0.000084 0.016 0.030 3.717
0.000013 0.000123 0.150 0.030 4.808
0.000022 0.000000 0.076 0.030 5.360
0.000042 0.000010 0.005 0.030 4.123
0.000000 0.000024 0.005 0.030 4.077
0.000000 0.000000 0.046 0.030 3.238
0.000042 0.000045 0.010 0.030 2.769
0.000000 0.000047 0.006 0.030 2.929
0.000079 0.000013 0.042 0.030 3.766
0.000003 0.000000 0.009 0.030 3.042
0.000037 0.003832 0.038 0.030 4.400
0.000001 0.000000 0.006 0.030 2.775
0.000105 0.000312 0.147 0.030 3.692
0.000000 0.000033 0.008 0.030 2.832
0.000000 0.000000 0.023 0.040 5.712
0.000013 0.000055 0.015 0.030 2.528
0.000001 0.000000 0.001 0.071 2.451
0.000000 0.000001 0.003 0.030 3.003
0.000002 0.000017 0.006 0.030 3.802
0.000000 0.000513 0.100 0.032 4.347
0.000000 0.000182 0.041 0.030 7.765
0.000000 0.000000 0.001 0.030 4.258
0.000000 0.000006 0.003 0.030 2.208
0.000000 0.000069 0.011 0.030 3.202
0.000000 0.000018 0.005 0.030 2.473
0.000000 0.000001 0.004 0.030 4.909
0.000005 0.000448 0.018 0.030 6.935
0.000000 0.000001 0.005 0.030 3.948
0.000014 0.000430 0.013 0.030 3.066
0.000000 0.001035 0.010 0.030 2.786
0.000085 0.000007 0.006 0.030 2.829
0.000059 0.002418 0.280 0.030 4.714
0.000034 0.000000 0.002 0.030 2.555
0.000029 0.000009 0.037 0.030 3.458
0.000000 0.000000 0.001 0.030 3.080
0.000000 0.000001 0.016 0.052 2.813
0.001084 0.000147 0.105 0.030 3.274
0.000013 0.000025 0.028 0.030 3.276
0.000001 0.000000 0.008 0.030 2.833
0.000032 0.000127 0.008 0.030 2.956
0.000014 0.000001 0.002 0.030 2.970
0.000000 0.000163 0.011 0.030 3.036
0.000255 0.000000 0.015 0.042 2.881
0.000000 0.000000 0.005 0.030 3.256
0.000000 0.000004 0.012 0.030 2.606
0.000000 0.000003 0.148 0.030 6.125
0.000000 0.000002 0.018 0.030 2.712
0.000000 0.000549 0.021 0.030 2.440
0.000016 0.000000 0.002 0.030 4.254
0.000002 0.000000 0.043 0.030 2.863
0.000181 0.000000 0.009 0.030 2.983
0.000013 0.000002 0.009 0.030 4.656
0.000062 0.000000 0.037 0.033 4.654
0.000010 0.000002 0.002 0.030 6.346
0.000054 0.000000 0.002 0.030 2.380
0.000000 0.000000 0.026 0.030 3.059
0.000020 0.000042 0.008 0.030 3.157
0.000009 0.000317 0.050 0.030 4.293
0.000000 0.000584 0.021 0.030 4.612
0.000000 0.000483 0.026 0.030 5.187
0.000933 0.000032 0.026 0.030 3.052
0.000000 0.000897 0.004 0.030 3.564
0.000000 0.000006 0.013 0.030 2.353
0.000096 0.000003 0.014 0.030 2.891
0.000000 0.000001 0.004 0.030 4.264
0.000094 0.000022 0.033 0.030 3.746
0.000005 0.000001 0.003 0.030 4.656
0.000000 0.000005 0.008 0.030 3.229
0.000017 0.000000 0.004 0.030 2.369
0.000003 0.000042 0.102 0.030 3.593
0.000059 0.000000 0.001 0.030 2.526
0.000004 0.001667 0.004 0.030 2.819
0.000000 0.002362 0.027 0.034 3.315
0.000053 0.000000 0.010 0.030 4.879
0.000067 0.000129 0.170 0.030 3.247
0.000003 0.000927 0.005 0.030 2.428
0.000000 0.000000 0.007 0.030 3.802
0.000788 0.000032 0.364 0.030 4.726
0.000000 0.000228 0.023 0.030 2.951
0.000000 0.000747 0.005 0.030 2.927
0.000179 0.000020 0.238 0.030 6.695
0.000010 0.000089 0.003 0.030 3.564
0.000006 0.000043 0.004 0.030 2.637
0.000000 0.000001 0.006 0.030 2.390
0.000018 0.000044 0.008 0.030 2.679
0.000004 0.000004 0.016 0.030 2.935
0.000000 0.000002 0.009 0.030 2.761
0.000000 0.000002 0.050 0.030 2.756
0.000013 0.000000 0.004 0.030 4.636
0.000000 0.000002 0.002 0.050 3.502
0.000001 0.000108 0.029 0.030 3.487
0.000000 0.000012 0.002 0.030 3.445
0.000000 0.000013 0.004 0.030 3.253
0.000000 0.000000 0.003 0.030 3.580
0.000000 0.000000 0.039 0.030 3.316
0.000010 0.000001 0.003 0.030 2.693
0.000000 0.000000 0.005 0.071 6.965
0.000000 0.000024 0.000 0.071 2.758
0.000000 0.000000 0.002 0.030 4.185
0.000000 0.000012 0.005 0.030 3.020
0.000005 0.000109 0.007 0.030 2.776
0.000013 0.000028 0.004 0.030 3.367
0.000000 0.000000 0.003 0.030 3.146
0.000038 0.000208 0.070 0.030 3.580
0.000000 0.000015 0.007 0.030 2.918
0.000000 0.000004 0.017 0.030 2.934
0.000004 0.000011 0.004 0.030 3.389
0.000936 0.000023 0.026 0.030 2.828
0.000014 0.000000 0.003 0.030 3.917
0.000001 0.000000 0.006 0.030 3.230
0.000000 0.000019 0.005 0.030 3.223
0.000000 0.000000 0.002 0.030 4.129
0.000004 0.000481 0.068 0.036 2.902
0.000000 0.000000 0.004 0.030 3.330
0.000029 0.000017 0.005 0.030 3.388
0.000000 0.000003 0.001 0.030 2.251
0.000000 0.000000 0.001 0.139 3.366
0.000000 0.000006 0.027 0.030 4.542
0.000555 0.000004 0.006 0.030 3.657
0.000030 0.000029 0.002 0.030 2.419
0.000000 0.000001 0.000 0.139 3.229
0.000083 0.000045 0.007 0.030 2.338
0.000237 0.000066 0.010 0.030 3.980
Σ(Return-Mean)^4 Adjustment Kurtosis

11/30/2009 12/31/2009 (frac) (frac) (frac)
0.000000 0.000000 0.004 0.030 3.139
0.000000 0.000000 0.003 0.030 2.775
0.000065 0.000020 0.014 0.030 3.138
0.000001 0.000191 0.051 0.030 5.193
0.000015 0.000000 0.013 0.030 3.721
0.000000 0.000009 0.035 0.030 4.038
0.000002 0.000000 0.053 0.030 8.485
0.000097 0.000003 0.008 0.030 3.097
0.000016 0.000000 0.001 0.030 3.469
0.000000 0.000018 0.003 0.030 3.359
0.000000 0.000035 0.005 0.030 2.764
0.000000 0.000023 0.002 0.030 3.033
0.000000 0.000000 0.004 0.030 3.644
0.000002 0.000009 0.001 0.030 4.206
0.000000 0.000487 0.019 0.030 2.980
0.000087 0.000008 0.973 0.031 21.442
0.000000 0.000257 0.002 0.030 2.149
0.000000 0.000008 0.008 0.030 4.841
0.000004 0.000002 0.002 0.030 3.913
0.000014 0.000020 0.003 0.030 2.711
0.000003 0.000016 0.003 0.030 2.911
0.000000 0.000002 0.002 0.030 3.692
0.000469 0.000000 0.007 0.030 4.563
0.000000 0.000000 0.006 0.030 3.591
0.000000 0.000009 0.005 0.030 2.649
0.000011 0.000238 0.004 0.030 3.592
0.000001 0.000000 0.004 0.030 3.249
0.000001 0.000000 0.006 0.030 4.086
0.000021 0.000026 0.001 0.030 4.600
0.000000 0.000000 0.006 0.030 3.330
0.000008 0.000000 0.008 0.030 3.800
0.000000 0.000001 0.001 0.030 3.204
0.000000 0.000001 0.002 0.030 2.452
0.000000 0.000000 0.001 0.030 3.571
In RAND J203 J403 J580 J211 J210 J253
ALSI SWIX Financials Industrials Resources Real estate

M 7679.9 1539.8 7086.6 4619.5 15762.9 126.38
A 7510.4 1528.0 7430.9 4733.2 14383.6 123.16
M 8564.3 1721.6 8059.1 5244.3 17208.9 124.47
J 8352.2 1711.2 8177.5 5204.6 16075.1 130.41
J 8809.6 1794.3 8424.0 5519.6 17066.6 129.86
A 9226.2 1858.2 8149.2 5719.8 18718.4 125.88
S 8925.7 1812.1 7897.7 5696.3 17740.5 125.41
O 9765.3 1967.9 8571.7 6210.6 19594.1 140.57
N 9729.6 2001.7 8785.0 6544.1 18524.1 137.35
D 10387.2 2123.2 9244.8 6873.8 20138.3 143.67
04 J 10849.3 2198.1 9586.0 7219.2 21117.4 137.19
F 10895.9 2192.4 9691.6 7192.5 21205.7 139.12
M 10692.6 2189.5 9759.7 7302.9 19961.1 138.34
A 10385.8 2139.8 9683.2 7419.1 18418.5 141.91
M 10413.8 2149.4 9800.0 7434.8 18465.2 138.75
J 10108.6 2110.9 9885.7 7332.2 17153.2 139.43
J 10305.9 2138.5 9949.2 7327.1 17961.3 142.36
A 11160.4 2301.4 10451.5 7784.3 20193.6 148.65
S 11761.0 2438.0 11402.1 8088.2 21035.7 151.44
O 11655.3 2478.6 11634.9 8526.3 19166.0 154.82
N 12490.8 2687.9 12883.9 9440.4 19466.4 172.78
D 12656.9 2752.7 13489.0 9802.6 18687.8 181.75
05 J 12798.6 2765.0 13413.3 9692.0 19465.8 180.24
F 13476.6 2887.7 13785.9 9958.8 21577.2 190.66
M 13298.6 2823.6 13544.5 9762.3 21584.9 187.66
A 12556.0 2709.8 13187.2 9277.3 19672.0 192.42
M 13787.0 2922.9 13764.4 10005.1 22925.7 199.93
J 14154.7 3004.4 14046.6 10383.3 23487.7 204.35
J 15143.6 3235.8 15119.8 11236.0 24672.4 212.33
A 15414.0 3297.6 15275.9 11397.4 25277.8 224.52
S 16875.7 3575.6 15750.0 12342.5 29227.7 229.58
O 16433.1 3463.0 15458.2 11976.9 28322.7 233.93
N 16774.5 3558.3 15871.8 12007.1 29165.7 227.47
D 18096.5 3864.1 17437.7 12939.4 31259.7 250.78
06 J 19745.2 4207.9 18766.8 13754.6 34978.5 266.79
F 19085.4 4107.6 18775.9 13556.6 32258.1 283.35
M 20351.7 4373.2 19839.1 14353.2 34922.7 300.83
A 21135.5 4469.9 19868.4 14670.6 37694.6 297.41
M 20565.5 4268.8 18870.0 13719.6 38394.1 279.86
J 21237.9 4328.1 18430.3 13644.3 42288.0 239.64
J 20885.6 4281.7 18615.0 13740.2 40212.0 235.44
A 21953.8 4487.0 19351.3 14546.0 42278.8 262.29
S 22249.7 4455.5 19900.1 15140.2 41749.0 256.3
O 23338.2 4793.6 21133.7 15743.5 43579.6 279.52
N 23950.0 4968.5 21607.7 16456.7 44033.5 291.52
D 24915.2 5236.6 22813.5 17825.6 44028.8 297.53
07 J 25447.7 5395.6 23459.6 18299.5 44311.5 322.08
F 25796.0 5463.4 23709.2 18252.1 45483.9 331.4
M 27267.2 5746.8 24293.2 18754.2 50018.0 339.13
A 28170.6 6000.5 25731.8 19948.3 49721.5 364.91
M 28627.8 5983.6 24591.8 19764.0 53012.2 349.22
J 28337.2 5872.2 23595.5 19521.8 53441.7 335.92
J 28561.8 5889.7 23736.4 19777.8 54098.4 340.57
A 28660.4 5917.1 23683.0 20359.4 53530.2 339.67
S 29959.2 6070.1 23033.7 20204.6 60003.0 359.94
O 31335.0 6466.4 25506.7 21430.2 60695.8 375.53
N 30307.8 6247.5 23891.8 21078.9 59041.1 360.79
D 28958.0 6018.2 22653.8 20566.0 55389.4 354.16
08 J 27317.14 5591.93 19756.73 18131.6 57163.24 314.53
F 30673.74 6197.99 21116.73 19558.69 67157.05 326.34
M 29587.51 5953.54 19557.66 19440.37 64543.34 306.82
A 30743.49 6162.71 19592.49 20485.02 67608.03 287.52
M 31841.27 6328.51 18256.56 21546.26 72154.09 267.42
J 30413.43 5901.73 16402.43 19126.5 73094.8 242.89
J 27719.67 5596.29 18419.99 18981.34 59126.48 287.07
A 27702.06 5643.23 18677.11 19394.06 57412.23 306.4
S 23835.97 5009.72 18065.44 17793.16 44441.36 289.87
O 20991.72 4394.82 15451.91 17275.13 36714.16 270.81
N 21209.49 4424.63 16023.36 16298.48 38594.11 295.81
D 21509.2 4549.71 15778.69 16926.94 38509.8 309.99
09 J 20570.05 4327.62 14669.87 16077.35 37497.01 306.45
F 18465.33 3909.63 13068.88 14311.1 33911.78 295.37
M 20363.91 4283.55 14407.82 15195.66 38766.83 295.84
A 20647.03 4373.85 15064.28 15924.5 37554.93 307.83
M 22770.62 4748.8 15428.69 17215.01 43704.49 296.19
J 22049.42 4677.61 16030.31 17229.51 39762.32 289.27
J 24258.51 5092.78 17642.98 19033.39 43661.57 310.16
A 24929.42 5285.95 18438.62 19705.84 44194.57 314.68
S 24910.85 5285.87 18252.15 19798.57 43897.75 314.32
O 26360.55 5507.76 19089.69 20844.98 47056.27 320.77
N 26894.7 5526.3 18825.9 20939.2 49828.9 318.7
D 27666.5 5735.2 19326.5 21617.2 51084.4 323.4
10 J 26675.95 5578.37 19566.43 20942.49 47811.55 322.6
F 26764.6 5631.8 19755.4 21182.9 47329.9 337.9
M 28747.6 5995.8 21076.3 22330.0 51853.8 344.9
A
M
11
12
YTD 3.9 4.5 9.1 3.3 1.5

TBT3 JAPI05 JAIY05 MORGAN CSFB
http://www.hedgeindex.com/hedgeindex/secure/en/datadownload.aspx?Inde
V04B All Bond Price All Bond Yield MSCI World Index Hedge Fund Index
12.8 165.8 11.0 748.6 254.0
12.8 166.6 10.9 813.3 259.0
12.0 169.8 10.7 857.6 266.0
10.7 172.5 10.5 871.1 268.3
10.7 171.2 10.6 887.8 268.5
10.0 169.5 10.7 905.3 270.5
8.8 172.6 10.5 909.6 274.6
7.8 174.2 10.4 962.7 278.4
7.1 174.3 10.4 976.0 281.4
7.5 172.9 10.5 1036.3 286.9
7.6 169.6 10.5 1052.3 291.8
7.6 169.8 10.5 1068.6 295.9
7.8 167.9 10.6 1059.2 296.7
7.7 165.1 10.8 1035.7 295.0
7.8 163.8 10.8 1042.6 294.3
7.9 164.2 10.8 1062.5 295.3
7.9 166.1 10.7 1027.0 294.4
7.2 170.7 10.4 1029.6 294.8
7.1 171.5 10.3 1047.9 297.8
7.3 173.8 10.2 1072.7 301.6
7.2 176.3 10.0 1127.3 309.6
7.3 180.3 9.8 1169.3 314.6
7.2 181.5 9.7 1142.4 313.5
7.2 183.8 9.4 1176.7 318.0
7.2 175.5 9.9 1151.3 317.5
6.7 177.8 9.7 1123.6 314.2
6.8 176.1 9.8 1140.7 314.7
6.8 179.5 9.6 1148.8 318.8
6.7 179.9 9.6 1188.2 324.9
6.7 178.5 9.6 1194.8 327.8
6.8 177.2 9.7 1224.3 333.1
6.8 176.9 9.7 1193.9 328.3
6.9 179.8 9.5 1231.4 333.1
6.8 182.0 9.4 1257.8 338.5
6.7 182.3 9.4 1313.2 349.4
6.6 182.4 9.3 1309.5 350.6
6.6 180.5 9.4 1335.1 357.0
6.7 181.3 9.4 1373.4 364.9
6.8 177.8 9.6 1322.2 360.1
7.2 169.8 10.0 1319.9 359.8
7.6 169.6 10.0 1327.2 360.8
7.7 168.2 10.1 1358.9 363.9
7.9 170.7 9.9 1373.8 364.3
8.3 173.0 9.8 1422.9 370.8
8.3 173.2 9.8 1455.2 378.5
8.5 174.4 9.7 1483.6 385.4
8.9 174.2 9.7 1500.2 390.5
8.4 175.4 9.6 1490.4 393.4
8.3 173.2 9.7 1514.2 398.3
8.3 174.5 9.6 1577.9 406.3
8.7 171.1 9.7 1616.9 415.7
9.1 166.1 10.0 1602.4 419.0
8.9 165.3 10.0 1565.8 418.9
9.3 165.1 10.0 1561.6 412.5
9.4 167.6 9.8 1633.6 423.7
10.0 168.9 9.7 1682.4 437.1
10.7 164.9 9.9 1610.9 431.8
10.5 165.0 9.9 1588.8 433.8
10.37 162.72 10.04 1466.346 427.4
10.24 160.03 10.2 1455.56 434.26
10.04 157.78 10.34 1437.403 425.1
10.46 155.25 10.5 1508.988 427.53
11.55 149.91 10.87 1525.726 436.07
11.38 145.91 11.16 1402.129 436.05
11.35 157.24 10.32 1366.699 424.68
11.16 157.98 10.26 1344.865 418.43
11.11 160.56 10.03 1182.443 391.02
10.7 158.47 10.06 957.245 366.39
10.9 164.63 9.6 892.926 351.2
10.61 175.02 8.97 920.226 351.08
10.1 169.46 9.18 838.827 354.92
8.92 163.32 9.46 750.863 351.78
8.24 162.09 9.44 805.216 354.08
8.21 162.41 9.38 893.025 360.04
7.06 160.41 9.45 970.004 374.66
7.38 158.8 9.53 964.048 376.27
7.44 159.58 9.47 1044.753 385.82
6.98 160.87 9.24 1085.599 391.71
6.9 159.82 9.29 1126.985 403.6
7.03 158.21 9.37 1106.17 404.1
7.0 157.2 9.4 1149.0 412.6
7.1 157.8 9.34 1168.5 416.3
7.07 157.02 9.38 1119.537 416.98
7.1 159.1 9.2 1133.3 419.8
6.6 161.3 9.07 1200.5
2.2 -2.9 2.7 0.9
Asset Class Performance
150 Index (Jan 2010=100)

ALSI
Cash
140 MSCI World (R)
Global Hedges (R
130
120
110
100
90
80
70
60
08 09 10
USDZAR GLOUS Calcs
edgeindex.com/hedgeindex/secure/en/datadownload.aspx?IndexName=HEDG&cy=USD
Rand / US$ rate JPMorgan Global Bond Index Cash Bonds
7.9 292.9 1.011 1.000 165.76
7.1 297.4 1.011 1.011 0.011 167.51
8.0 313.5 1.010 1.021 0.025 171.66
7.5 308.1 1.009 1.030 0.021 175.24
7.3 306.2 1.009 1.039 -0.002 174.83
7.3 297.4 1.008 1.048 -0.005 173.96
6.9 311.3 1.007 1.055 0.023 178.01
6.9 312.6 1.007 1.062 0.015 180.64
6.4 317.5 1.006 1.069 0.005 181.59
6.6 328.8 1.006 1.075 -0.003 181.08
7.0 331.1 1.006 1.082 -0.014 178.48
6.7 331.8 1.006 1.089 0.007 179.68
6.3 332.9 1.007 1.096 -0.006 178.59
6.9 322.1 1.006 1.103 -0.012 176.52
6.5 324.4 1.006 1.110 -0.002 176.15
6.2 325.4 1.007 1.117 0.008 177.55
6.3 323.6 1.007 1.125 0.017 180.50
6.6 329.2 1.006 1.131 0.033 186.46
6.5 334.2 1.006 1.138 0.010 188.26
6.1 345.5 1.006 1.145 0.018 191.69
5.8 357.6 1.006 1.152 0.019 195.39
5.6 363.3 1.006 1.159 0.027 200.76
6.0 358.3 1.006 1.166 0.011 202.98
5.8 357.2 1.006 1.173 0.017 206.47
6.2 351.0 1.006 1.180 -0.041 198.06
6.1 359.1 1.006 1.187 0.017 201.51
6.8 354.1 1.006 1.193 -0.005 200.52
6.7 351.6 1.006 1.200 0.024 205.32
6.5 346.7 1.006 1.207 0.007 206.69
6.4 353.2 1.006 1.213 -0.003 205.99
6.3 346.2 1.006 1.220 -0.003 205.47
6.7 342.0 1.006 1.227 0.003 206.03
6.4 335.8 1.006 1.234 0.021 210.30
6.3 339.6 1.006 1.241 0.016 213.75
6.1 343.7 1.006 1.248 0.006 215.06
6.2 341.2 1.005 1.255 0.005 216.15
6.1 339.3 1.006 1.262 -0.006 214.85
6.0 344.3 1.006 1.269 0.008 216.66
6.7 352.1 1.006 1.276 -0.015 213.39
7.2 348.4 1.006 1.284 -0.040 204.85
6.9 351.2 1.006 1.292 0.003 205.55
7.2 354.7 1.006 1.300 -0.003 204.96
7.6 355.9 1.007 1.309 0.019 208.95
7.4 357.2 1.007 1.318 0.019 212.85
7.2 366.7 1.007 1.327 0.005 214.00
7.0 359.8 1.007 1.336 0.012 216.52
7.2 355.2 1.007 1.346 0.003 217.27
7.2 363.5 1.007 1.356 0.011 219.71
7.3 364.1 1.007 1.365 -0.008 217.96
7.0 367.6 1.007 1.374 0.012 220.62
7.1 360.2 1.007 1.384 -0.015 217.38
7.0 357.8 1.008 1.395 -0.024 212.15
7.1 368.7 1.007 1.405 0.000 212.15
7.1 375.2 1.008 1.416 0.004 212.91
6.9 383.5 1.008 1.427 0.020 217.26
6.5 389.4 1.008 1.439 0.013 220.02
6.8 400.8 1.009 1.452 -0.019 215.87
6.8 398.7 1.009 1.465 0.005 217.04
7.4885 413.55 1.009 1.477 -0.009 215.15
7.7538 423.46 1.009 1.490 -0.011 212.72
8.085 436.79 1.008 1.502 -0.009 210.87
7.5426 422.05 1.009 1.515 -0.010 208.66
7.6022 415.73 1.010 1.530 -0.029 202.70
7.827 417.67 1.009 1.545 -0.020 198.55
7.32 418.14 1.009 1.559 0.084 215.14
7.6907 410.93 1.009 1.574 0.010 217.32
8.24 406.95 1.009 1.588 0.022 222.02
9.7684 401.5 1.009 1.602 -0.008 220.29
10.05 417.09 1.009 1.617 0.044 229.97
9.5251 446.53 1.009 1.631 0.068 245.52
10.18 428.94 1.008 1.645 -0.027 238.80
10.07 415.61 1.007 1.657 -0.032 231.26
9.5744 425.33 1.007 1.669 -0.003 230.63
8.4378 424.74 1.007 1.680 0.007 232.19
7.927 437.43 1.006 1.690 -0.007 230.46
7.7155 437.86 1.006 1.700 -0.005 229.29
7.7725 444.88 1.006 1.711 0.010 231.56
7.769 453.64 1.006 1.721 0.013 234.54
7.514 463.9 1.006 1.731 -0.002 234.14
7.809 463.91 1.006 1.741 -0.005 232.93
7.4 478.9 1.006 1.751 -0.002 232.53
7.4 455.0 1.006 1.761 0.009 234.69
7.617 457.34 1.006 1.772 0.000 234.64
7.7 458.5 1.006 1.782 0.018 238.92
7.3 450.2 1.006 1.792 0.018 243.27
-1.5 -1.1 1.7 3.7
ex (Jan 2010=100)
ALSI SWIX
Cash ALBI
MSCI World (R) Global Bonds (R)
Global Hedges (R) Property
107
102
09 10 11
ALSI SWIX Financials Industrials Resources Real estate Cash Bonds
29 28 36 22 33 39 56 71
28 27 38 23 30 38 57 71
32 31 41 25 36 39 58 73
31 31 42 25 34 40 58 75
33 32 43 26 36 40 59 75
35 33 42 27 39 39 59 74
33 32 40 27 37 39 60 76
37 35 44 30 41 44 60 77
36 36 45 31 39 43 60 77
39 38 47 33 42 45 61 77
41 39 49 34 44 43 61 76
41 39 50 34 44 43 61 77
40 39 50 35 42 43 62 76
39 38 49 35 39 44 62 75
39 39 50 36 39 43 63 75
38 38 51 35 36 43 63 76
39 38 51 35 38 44 63 77
42 41 53 37 42 46 64 79
44 44 58 39 44 47 64 80
44 44 59 41 40 48 65 82
47 48 66 45 41 54 65 83
47 49 69 47 39 56 65 86
48 50 69 46 41 56 66 87
51 52 70 48 45 59 66 88
50 51 69 47 45 58 67 84
47 49 67 44 41 60 67 86
52 52 70 48 48 62 67 85
53 54 72 50 49 63 68 88
57 58 77 54 52 66 68 88
58 59 78 54 53 70 68 88
63 64 80 59 61 71 69 88
62 62 79 57 59 73 69 88
63 64 81 57 61 71 70 90
68 69 89 62 65 78 70 91
74 75 96 66 73 83 70 92
72 74 96 65 67 88 71 92
76 78 101 69 73 93 71 92
79 80 102 70 79 92 72 92
77 77 96 66 80 87 72 91
80 78 94 65 88 74 72 87
78 77 95 66 84 73 73 88
82 80 99 69 88 81 73 87
83 80 102 72 87 79 74 89
87 86 108 75 91 87 74 91
90 89 110 79 92 90 75 91
93 94 117 85 92 92 75 92
95 97 120 87 93 100 76 93
97 98 121 87 95 103 77 94
102 103 124 90 105 105 77 93
106 108 132 95 104 113 78 94
107 107 126 94 111 108 78 93
106 105 121 93 112 104 79 90
107 106 121 94 113 106 79 90
107 106 121 97 112 105 80 91
112 109 118 96 125 112 81 93
117 116 130 102 127 116 81 94
114 112 122 101 123 112 82 92
109 108 116 98 116 110 83 93
102 100 101 87 120 97 83 92
115 111 108 93 140 101 84 91
111 107 100 93 135 95 85 90
115 110 100 98 141 89 86 89
119 113 93 103 151 83 86 86
114 106 84 91 153 75 87 85
104 100 94 91 124 89 88 92
104 101 95 93 120 95 89 93
89 90 92 85 93 90 90 95
79 79 79 82 77 84 90 94
80 79 82 78 81 92 91 98
81 82 81 81 81 96 92 105
77 78 75 77 78 95 93 102
69 70 67 68 71 92 94 99
76 77 74 73 81 92 94 98
77 78 77 76 79 95 95 99
85 85 79 82 91 92 95 98
83 84 82 82 83 90 96 98
91 91 90 91 91 96 97 99
93 95 94 94 92 98 97 100
93 95 93 95 92 97 98 100
99 99 98 100 98 99 98 99
101 99 96 100 104 99 99 99
104 103 99 103 107 100 99 100
100 100 100 100 100 100 100 100
100 101 101 101 99 105 101 102
108 107 108 107 108 107 101 104
3.9 3.3 1.5 6.6 1.7 3.7
MSCI Index (R) MSCI World (R ) Global Hedges (R) Global Hedges (R)
5903 69 2003 63
5777 22 1840 58
6857 80 2127 67
6498 76 2001 63
6507 76 1968 62
6641 78 1984 62
6315 74 1907 60
6634 78 1918 60
6239 73 1799 57
6861 80 1899 60
7398 87 2051 65
7112 83 1969 62
6674 78 1870 59
7177 84 2044 64
6803 80 1920 60
6604 77 1835 58
6443 76 1847 58
6834 80 1957 62
6785 80 1928 61
6585 77 1851 58
6535 77 1795 57
6589 77 1773 56
6806 80 1868 59
6818 80 1842 58
7167 84 1976 62
6829 80 1910 60
7708 90 2126 67
7641 90 2120 67
7781 91 2128 67
7640 90 2096 66
7746 91 2108 66
8005 94 2201 69
7932 93 2146 68
7946 93 2138 67
8001 94 2129 67
8061 95 2158 68
8180 96 2187 69
8254 97 2193 69
8859 104 2413 76
9439 111 2573 81
9171 108 2493 78
9775 115 2617 82
10476 123 2778 87
10500 123 2736 86
10421 122 2710 85
10346 121 2688 85
10875 128 2831 89
10789 127 2848 90
11016 129 2898 91
11089 130 2856 90
11514 135 2960 93
11277 132 2949 93
11106 130 2972 94
11161 131 2948 93
11216 132 2909 92
10993 129 2856 90
10931 128 2930 92
10822 127 2955 93
10981 129 3201 101
11286 132 3367 106
11621 136 3437 108
11382 133 3225 102
11599 136 3315 104
10974 129 3413 107
10004 117 3109 98
10343 121 3218 101
9743 114 3222 101
9351 110 3579 113
8974 105 3530 111
8765 103 3344 105
8539 100 3613 114
7561 89 3542 112
7709 90 3390 107
7535 88 3038 96
7689 90 2970 94
7438 87 2903 91
8120 95 2999 94
8434 99 3043 96
8468 99 3033 95
8638 101 3156 99
8507 100 3055 96
8646 101 3080 97
8528 100 3176 100
8717 102 3229 102
8752 103
1.2 1.2 4.8
JNRCGBIB
JPMorgan Global Bond Index (R) JPM Global Bonds (R)

2309 66 100
2113 61 100
2506 72 100
2298 66 100
2244 64 100
2182 63 100
2161 62 100
2154 62 100
2030 58 100
2176 62 100
2327 67 100
2208 63 100
2098 60 100
2232 64 100
2117 61 100
2023 58 100
2030 58 100
2185 63 100
2164 62 100
2121 61 100
2073 60 100
2047 59 100
2134 61 100
2070 59 100
2185 63 100
2183 63 100
2393 69 100
2339 67 100
2271 65 100
2258 65 100
2191 63 100
2293 66 100
2163 62 100
2146 62 100
2094 60 100
2101 60 100
2079 60 100
2069 59 100
2359 68 100
2492 72 100
2427 70 100
2552 73 100
2714 78 100
2636 76 100
2626 75 100
2509 72 100
2575 74 100
2631 76 100
2649 76 100
2583 74 100
2565 74 100
2518 72 100
2615 75 100
2682 77 100
2633 76 100
2545 73 100
2720 78 100
2716 78 100
3097 89 100
3283 94 100
3531 101 100
3183 91 100
3160 91 100
3269 94 100
3061 88 100
3160 91 100
3353 96 100
3922 113 100
4192 120 100
4253 122 100
4367 125 100
4185 120 100
4072 117 100
3584 103 100
3468 100 100
3378 97 100
3458 99 100
3524 101 100
3486 100 100
3623 104 100
3546 102 100
3367 97 100
3484 100 100
3527 101 100
3282 94 100
-2.5 -2.5
Rand hedge ranking
Select column to sort by: Select order to sort by:
Reliability Ascending
Rank Code Share Sensitivity Regression R2 t-stat of Points Reliability
sensitivity
(-) (-) (No.)

1 ABL Abil -0.49 0.16 -2.80 118 OK
2 ASA ABSA -0.36 0.22 -2.97 118 Good
3 ACP Acucap -0.29 0.13 -2.75 91 OK
4 AIP Adcock -0.11 0.16 -0.34 14 Poor
5 ADR Adcorp -0.73 0.24 -4.93 118 Good
6 ADH Advtech -0.73 0.25 -3.48 118 Good
7 AFE AECI -0.25 0.24 -2.25 118 Good
8 AFR Afgri -0.11 0.08 -0.68 118 Poor
9 ALSI ALSI 0.00 1.00 0.00 118 Poor
10 ARI Af Rainbow -0.09 0.35 -0.52 111 Poor
11 AFX Afrox -0.18 0.17 -1.61 118 OK
12 ALT Altech -0.34 0.15 -2.39 118 OK
13 ATN Altron -0.33 0.22 -2.51 118 Good
14 ATNP Altron Prefs -0.29 0.28 -2.55 118 Good
15 AGL Anglo 0.30 0.74 3.21 118 Good
16 ANG Anglogold 0.10 0.22 0.59 118 Poor
17 AMS Angloplat 0.31 0.58 2.07 118 Good
18 ACL ArcelorMittal -0.16 0.35 -0.84 95 Poor
19 ART Argent -0.46 0.15 -2.72 118 OK
20 APN Aspen -0.41 0.10 -2.63 118 Poor
21 ARL Astral -0.40 0.18 -2.79 102 OK
22 APK Astrapak -0.25 0.04 -1.36 118 Poor
23 AEG Aveng -0.56 0.25 -3.84 118 Good
24 AVI AVI -0.34 0.15 -1.68 56 OK
25 AVU Avusa 0.11 0.15 0.28 19 Poor
26 BAW Barworld -0.31 0.41 -2.75 118 Good
27 BSR Basil Read -0.54 0.10 -1.63 118 OK
28 BEL Bell -0.21 0.13 -0.95 118 Poor
29 BIL BHPBill 0.26 0.62 2.56 118 Good
30 BVT Bidvest -0.31 0.35 -3.26 118 Good
31 BLU Blue Label -0.34 0.16 -0.81 23 Poor
32 BAT Brait -0.24 0.19 -1.56 118 OK
33 BRN Brimstone -0.55 0.05 -2.45 118 Poor
34 BDM Buildmax 0.95 0.07 1.62 118 Poor
35 BCX Connexion -0.32 0.08 -1.37 65 Poor
36 CPL Capital -0.33 0.08 -2.61 118 Poor
37 CSB Cashbuild -0.49 0.07 -2.19 118 Poor
38 CAT Caxton -0.05 0.11 -0.37 118 Poor
39 CRM Ceramic -0.07 0.03 -0.52 118 Poor
40 CMP Cipla -0.54 0.05 -0.99 52 Poor
41 CLH City Lodge -0.36 0.28 -3.77 118 Good
42 CLS Clicks -0.44 0.24 -3.53 118 Good
43 CLI Clientele -0.03 0.09 -0.20 118 Poor
44 COM Comair -0.51 0.10 -2.16 118 OK
45 CFR Richemont 0.13 0.49 1.30 118 OK
46 CVN Convergenet 0.35 0.00 0.40 118 Poor
47 CML Coronation -0.30 0.15 -1.47 76 OK
48 DTC Datatec -0.03 0.33 -0.11 118 Poor
49 DAW Dawn -0.53 0.11 -2.51 118 OK
50 DDT Didata 0.30 0.37 1.31 118 OK
51 DGC Digicore -0.53 0.09 -1.85 118 Poor
52 DSY Discovery -0.19 0.12 -1.57 118 OK
53 DRD DRD Gold 0.92 0.14 2.95 118 OK
54 EMI Emira -0.31 0.10 -2.13 71 Poor
55 EQS Eqstra -0.26 0.25 -0.47 17 Poor
56 ESR EsorFranki -0.78 0.25 -1.52 43 OK
57 EXX Exxaro 0.08 0.31 0.21 35 Poor
58 FBR Fambrands -0.48 0.18 -2.80 118 OK
59 FSR Firstrand -0.53 0.36 -4.65 118 Good
60 FOS Foschini -0.59 0.25 -4.32 118 Good
61 FPT Fountainhead -0.33 0.13 -3.35 118 OK
62 FWD Freeworld -0.59 0.41 -1.56 22 Poor
63 GFI Gold Fields 0.38 0.17 1.95 118 OK
64 GDF Goldreef -0.25 0.06 -1.75 118 Poor
65 GND Grindrod -0.38 0.27 -2.39 118 Good
66 GRF Group 5 -0.36 0.16 -1.91 118 OK
67 GRT Growthpoint -0.32 0.12 -2.94 118 OK
68 HAR Harmony 0.66 0.20 2.77 118 Good
69 HVL Highveld -0.17 0.13 -0.81 118 Poor
70 HCI Hosken -0.65 0.04 -1.68 118 Poor
71 HPA Hospitality-A 0.03 0.07 0.21 44 Poor
72 HPB Hospitality-B -0.30 0.13 -1.12 44 OK
73 HDC Hudaco -0.31 0.16 -2.29 118 OK
74 HLM Hulamin 0.65 0.48 1.79 28 Poor
75 HYP Hyprop -0.31 0.11 -3.05 118 OK
76 ILA Iliad -0.40 0.12 -2.09 118 OK
77 ILV Illovo 0.23 0.29 1.86 118 Good
78 IMP Impala 0.21 0.54 1.36 118 OK
79 IPL Imperial -0.51 0.31 -3.67 118 Good
80 INL Investec Ltd -0.38 0.33 -2.83 118 Good
81 INP Investec PLC -0.37 0.35 -2.78 118 Good
82 IVT Invicta -0.37 0.13 -2.86 118 OK
83 JDG JD Group -0.96 0.31 -5.91 118 Good
84 JSE JSE -0.12 0.18 -0.29 40 Poor
85 KEH Keaton 0.54 0.07 0.79 18 Poor
86 KGM Kgmedia -0.03 0.03 -0.24 118 Poor
87 KIO Kumba -0.16 0.46 -0.48 35 Poor
88 LEW Lewis -0.66 0.24 -3.23 60 OK
89 LBH Lib Hold -0.10 0.09 -0.92 118 Poor
90 LBT Lib Int 0.38 0.25 3.34 118 Good
91 LON Lonmin 0.42 0.41 2.46 118 Good
92 MUR M&R -0.51 0.21 -3.07 118 Good
93 MKL Makalani -0.02 0.02 -0.13 53 Poor
94 MSM Massmart -0.41 0.10 -2.65 111 OK
95 MDC Medi-Clinic -0.16 0.11 -1.64 118 OK
96 MRF Merafe 0.09 0.22 0.32 118 Poor
97 MET Metropolitan -0.42 0.27 -3.36 118 Good
98 MTA Metair -0.20 0.10 -1.18 118 Poor
99 MML Metmar -0.06 0.17 -0.17 41 Poor
100 MTX Metorex -0.28 0.17 -1.22 118 OK
101 MND Mondi 0.07 0.31 0.17 27 Poor
102 MNP Mondi PLC 0.47 0.41 1.10 27 Poor
103 MPC Mr Price -0.41 0.13 -2.33 118 OK
104 MTN MTN -0.62 0.26 -3.78 118 Good
105 MVG Mvela -0.40 0.25 -1.98 58 OK
106 NPK Nampak -0.29 0.22 -3.03 118 Good
107 NPN Naspers -0.58 0.27 -3.08 118 Good
108 NED Nedbank -0.51 0.27 -4.51 118 Good
109 NTC Netcare -0.10 0.12 -0.69 118 Poor
110 NHM Northam 0.29 0.36 1.42 118 OK
111 OCE Oceana 0.08 0.02 0.66 118 Poor
112 OCT Octodec -0.26 0.04 -2.08 118 Poor
113 OML Old Mutual -0.39 0.48 -3.71 118 Good
114 OMN Omnia -0.07 0.11 -0.37 118 Poor
115 PAM Palamin -0.35 0.19 -1.55 118 OK
116 PAP Panprop -0.43 0.17 -4.24 118 OK
117 PGR Peregrine -0.42 0.26 -2.35 118 Good
118 PET Petmin 0.01 0.12 0.04 83 Poor
119 PHM Phumelela -0.34 0.03 -1.43 88 Poor
120 PIK Piknpay -0.35 0.15 -3.01 118 OK
121 PPC PPC -0.47 0.20 -3.81 118 Good
122 PMM Premium -0.27 0.03 -1.70 118 Poor
123 PSG PSG -0.75 0.23 -2.96 71 Good
124 RBW Rainbow -0.09 0.06 -0.55 118 Poor
125 RBX Raubex -1.49 0.35 -3.46 31 OK
126 RDF Redefine -0.37 0.09 -3.25 116 Poor
127 REI Reinet -0.26 0.10 -0.42 12 Poor
128 REM Remgro -0.01 0.20 -0.07 118 Poor
129 RES Resilient -0.34 0.11 -2.69 82 OK
130 RLO Reunert -0.38 0.23 -3.26 118 Good
131 RMH RMB -0.47 0.36 -4.30 118 Good
132 SAC SA Corp -0.28 0.13 -2.71 118 OK
133 SAB SAB 0.11 0.42 1.14 118 OK
134 SLM Sanlam -0.34 0.31 -3.33 118 Good
135 SNT Santam -0.34 0.22 -2.75 118 Good
136 SAP Sappi -0.05 0.34 -0.29 118 Poor
137 SFN Sasfin -0.53 0.17 -2.85 118 OK
138 SOL Sasol 0.39 0.52 3.51 118 Good
139 SNU Sentula -0.10 0.06 -0.39 118 Poor
140 SHP Shoprite -0.48 0.18 -3.92 118 OK
141 SIM Simmers 0.19 0.06 0.31 118 Poor
142 SPP Spar -0.34 0.20 -2.34 60 OK
143 SUR Spur -0.22 0.11 -1.99 118 OK
144 SBK Stanbank -0.44 0.37 -4.41 118 Good
145 SSK Stefanutti -1.35 0.39 -2.58 26 Poor
146 SHF Steinhoff 0.01 0.29 0.06 118 Poor
147 SUI Sun Int -0.17 0.20 -1.35 118 OK
148 SPG Super Group -0.15 0.15 -0.72 118 Poor
149 SYC Sycom -0.35 0.14 -3.62 118 OK
150 TKG Telkom 0.51 0.08 0.30 5 Poor
151 TBS Tigerbrands -0.27 0.22 -2.74 118 Good
152 TON Tongaat -0.07 0.18 -0.48 118 Poor
153 TRE Trencor 0.03 0.15 0.18 118 Poor
154 TRU Truwths -0.49 0.16 -3.57 118 OK
155 TWP TWP -0.10 0.04 -0.14 23 Poor
156 UCS UCS -0.44 0.07 -2.13 118 Poor
157 VOD Vodacom -0.57 0.20 -0.33 5 Poor
158 VKE Vukile -0.30 0.19 -1.75 64 OK
159 WBO WBHO -0.49 0.18 -3.67 118 OK
160 WEZ Wesizwe -0.76 0.15 -1.10 46 OK
161 WHL Woolies -0.44 0.26 -3.35 118 Good
162 ZED Zeder 0.26 0.16 1.08 34 OK
Then this button:
Complete sort
Forecast 1 Rand hedge Type of Recommendation Analyst
year total component hedge
return of earnings
(% pa) (%)
0%
-3% 3% Weak Neutral AH
4% 0% Weak Neutral LA
-5% 24% Weak Neutral CL
4% 100% Internal Neutral DP
2% Weak Neutral MD
9% 100% Internal Outperform DP

24% 100% Internal Neutral DH
-7% 100% Internal Neutral JF
-20% 25% Weak Underperform AN
46%
-9% 46% Weak Neutral CL

17% Weak Outperform JW
-12% Neutral PS
-39% Underperform JW
33% 95% External Outperform DP
12% 26% Outperform PS
3% Weak Neutral LA
20% 100% External Outperform JW
68%
0%
1% 0% Weak Outperform LA
7% Underperform JW
4% 95% Internal Outperform DP
3% 5% Weak Neutral AH
4%
-2% Outperform JW
55% 100% Internal Outperform DH
27% Outperform PS
33% 37% Weak Outperform CL
69% 100% Internal Outperform DH
0%
-11% Neutral JW
1% 0% Weak Underperform LA
78%
9% 80% Internal Outperform JF
30% 16% Outperform PS
26%
26%
11% Outperform JW
0%
-2% 99% Neutral DP

0%
1%
4% 100% External Neutral LA
100%
-18% 10% Underperform SC

51%
-23% Internal Neutral AN
0%
-4% External Neutral AN

-7% 75% External Neutral CL
75%
0%
30% 75% External Outperform MD
0%
0%
9% 35% Weak Outperform MD
45%
21% 100% Internal Outperform JF
0%
45%
0%
1% 100% Internal Neutral DP
0%
-4% 1% Neutral SC
6% 7% Weak Neutral CL
0%
60% 0% Outperform CL
100%
16% 15% Weak Outperform JW
0%
0%
0% 80% External Neutral JW
20%
0%
-4% 45% External Neutral CL
1% 80% External Neutral CL

0%
1% 19% Neutral SC
100% Internal
7% 0% Neutral SC
0%
0%
55%
0%
0%
-1% 5% Weak Underperform LA
17% 5% Weak Outperform MD
7% 16% Weak Outperform JW
0%
0%
3%
8% 15% Weak Neutral MD

0%
8% 9% Outperform SC
0%
Code Share Weight in ALSI Weight in SWIX
J212 FTSE/JSE:AFR FIN 15 - JSE
J212-C FTSE/JSE:AFR FIN 15 - Calc
ABL ABIL 0.72 1.09
ASA ABSA 1.28 1.94
DSY DISCOVERY 0.25 0.38
FSR FIRSTRAND 2.13 3.23
GRT GROWTHPOINT 0.57 0.87
INL INVESTEC LTD 0.42 0.48
INP INVESTEC PLC 0.70 0.79
LBH LIB HOLD 0.26 0.39
LBT LIB-INT 0.88 0.53
NED NEDBANK 0.87 1.32
OML OLD MUTUAL PLC 1.93 1.17
RDF REDEFINE 0.52 0.79
REI REINET INV SCA 0.59 0.89
RMH RMB HOLDINGS 0.74 1.11
SBK STANBANK 4.47 5.07
SLM SANLAM 1.35 2.04
17.68 22.09
Code Share
J211 FTSE/JSE:AFR IND 25 - JSE
J211-C FTSE/JSE:AFR IND 25 - Calc
ACL ARCELORMITTAL 0.52 0.78
AEG AVENG 0.37 0.42
APN ASPEN 0.65 0.98
BVT BIDVEST 1.18 1.79
CFR COMPAGNIE RICHEMONT 3.72 2.25
DDT DIDATA PLC 0.43 0.32 13.11 0.364019
IPL IMPERIAL 0.53 0.81
KIO KUMBA IRON ORE 0.85 1.29
MND MONDILTD 0.20 0.30
MNP MONDIPLC
MSM MASSMART 0.55 0.83
MTN MTN GROUP 5.20 7.87
MUR M&R HOLD 0.36 0.55
NPN NASPERS -N 3.20 3.64
NTC NETCARE LIMITED 0.47 0.71
PIK PIKNPAY 0.26 0.39
PPC PPC 0.50 0.76
REM REMGRO 1.18 1.79
SAB SAB 6.64 4.02
SAP SAPPI 0.44 0.50
SHF STEINHOFF 0.74 1.13
SHP SHOPRITE 0.99 1.50
TBS TIGERBRANDS 0.66 0.99
TKG TELKOM 0.23 0.34
TRU TRUWTHS 0.59 0.90
VOD VODACOM 0.62 0.94
WHL WOOLIES 0.47 0.22
31.55 36.02
Code Share
J210 FTSE/JSE:AFR RES 20 - JSE
J210-C FTSE/JSE:AFR RES 20 - Calc
AGL ANGLO 10.75 4.88
AMS ANGLOPLAT 1.95 2.95
ANG ANGLOGOLD ASHANTI 2.53 1.15
ARI AFRICAN RAINBOW 0.41 0.61
BIL BHPBILL 14.11 6.41
DRD DRDGOLD 0.04 0.01
EXX EXXARO 0.22 0.34
GFI GFIELDS 1.63 0.74
HAR HARMONY 0.73 0.56
IMP IMPALA PLATINUM 3.39 3.85
KEH KEATON
LON LONMIN 0.16 0.10
MRF MERAFE 0.04 0.06
MTX METOREX 0.07 0.11
NHM NORTHAM PLATINUM 0.17 0.26
PET PETMIN
SIM SIMMERS 0.03 0.04
SNU SENTULA MINING LTD
SOL SASOL 4.84 5.49
WEZ WESIZWE
41.07 27.56
Code Share
J254 FTSE/JSE:AFR PCAP - JSE
J254-C FTSE/JSE:AFR PCAP - Calc
ACP ACUCAP 0.10 0.15
CPL CAPITAL PROPERTY 0.13 0.20
EMI EMIRA 0.11 0.16
FFA FORTRESS A
FPT FOUNTAINHEAD 0.17 0.26
GRT GROWTHPOINT 0.57 0.87
HPA HOSPITALITY-A 0.02 0.02
HPB HOSPITALITY-B
HYP HYPROP 0.16 0.24
LBT LIB-INT 0.88 0.53
OCT OCTODEC INV LTD
PAP PANPROP 0.20 0.30
PMM PREMIUM
RDF REDEFINE 0.52 0.79
RES RESILIENT 0.17 0.26
SAC SA CORPORATE 0.15 0.22
SYC SYCOM PROP FUND 0.08 0.13
VKE VUKILE 0.05 0.08
3.30 4.20
ALSI SWIX
Financials 18.89 24.58
Industrials 33.71 40.08
Resources 43.88 30.66
Property 3.53 4.67
100.00 100.00
rf = 8.0 %
Asset Forecast Transaction Expected* Confidence** Historical Full Kelly
return cost return factor SD
(%) (%) (%) (0 - 1) (%) (fraction) (%)
A 0 1.0 -1 1.0 20 -2 -8
B 10 1.0 9 0.9 5 4 13
C 20 1.0 19 0.8 20 2 8
D 30 1.0 29 0.7 20 4 13
E 40 1.0 39 0.6 20 5 17
F 50 1.0 49 0.5 50 1 3
G 60 1.0 59 0.4 20 5 18
H 70 1.0 69 0.3 20 5 16
I 80 1.0 79 0.2 20 4 13
J 90 1.0 89 0.1 20 2 7
K 100 1.0 99 0.0 5 0 0
…
Cash? - -
Average/Total 50.0 1.0 49 0.5 20 28 100
** confidence proportional to earnings + PE volatility?
* Use prob of profit + prob of loss formula
Fractional Kelly
Fraction = 0.5
(fraction) (%)
-1 -4
2 6
1 4
2 7
2 8
0 1
3 9
2 8
2 6
1 4
0 0
14 50
28 100
PE volatility?
0
Goal (Cell, Statist 0.0569185135985
Goal (Type, Target 2 0
Trial Count Stopping0 5
Timespan Stopping 0( 0 2
Progress Stopping (0 100 0.01 1
Formula Stopping ( 0
Population Size 50
UNUSED UNUSED
Ev4/RO1: Update Di2
Stop on Errors (bef 0
Gen.Log 0
Ev4/RO1: Graph Pr1
# Chromosomes 1
Method + #OperatoMutation Rate Crossover Rate Description # Time Blocks/All
budget 0.1 0.5 0
MACROS Compatibility with O3
Start (enabled, mac0 Formula Conversion Cell (not used in v5)
Before Recalc (ena 0 Number Formatting 1.000
C
After Recalc (enabl 0
After Storage (enab0
Finish (enabled, ma0
Seed (Is Auto, Valu1 1

Minimize Excel on 0
Show Excel Recalcs2
Constraint Range #Ranges Adj. Range Min Val or Range Max Val Or Range
1 #VALUE! 0 1
RISKOpt Tag Out. Stats
not used in v5) #Iterations (Sim Stopping) Mean
Sim. Stopping Mode, Tolerance Std. Dev.
Same Seed Each Simulation Min
Sampling Type Max
Macro Before Simulation (enabled, macro)
Macro After Simulation (enabled, macro)
Flags
False,False,False
Creation Version
Required Version
Recommended Version
Last Modified by Ve5.5.0
Constraint Solver, number of Latin Hypercube stratifications, for reproducing results with Actual Convergence
Constraint Solver, total of adjustable cell values, to only pass number of stratifications if model hasn't changed
with Actual Convergence
if model hasn't changed
HARD CONSTRAINCONSTRAINT SOL
# Constraints
ROFUNC RISKOPT SOFT CONSTRAINEVAL (True/False oType (Hard/Soft)
2
2
2
Entry Mode Formula Description Left Val Or Range Left Operator
1 0 6
1 0 6
Constrained Cells Right Operator Right Val Or RangePenalty Function RO Eval Time (Iter/
56 5 56
400% 5 4
RO Statistic to Con RO Statistic Parameter

Strategy Research: Input Parameters

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Strategy Research: Input Parameters

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Strategy Research

sei2 xi2 Pro-rata Initial

Return Risk Skewness Kurtosis

Sector Recommended Pro-rata Evolver constraints Meets Constraints?

S |Deviations| from benchmark 0.00 0

Absolute ceiling 0.2

Kelly Portfolio - Resources

Average/Total -4.9 0.0 -4.9 0.7 31.0 -3 100

Kelly Portfolio - Property

Average/Total 7.1 0.0 7.1 0.8 24.2 2 100

Full Kelly Weight of sector in Equity Portfolio

Full Kelly Weight of sector in Equity Portfolio

Portfolio sum / average 1.000 30

Strategy Research: Portfolio optimization

The optimal sectoral portfolio

20% Portfolio weights

20% Portfolio weights

8.6% 30 0.972 14686 0.50 0.13 0.063

Portfolio Standard Dev

Beta Standard Skewness Kurtosis

0.08 0.0841 0.0069 602.923 6338.421

Start Jump Start

Moment: Return Risk Skewness Kurtosis

Return (%) Risk (%) Risk (%)

Risk, Return and Skewness

Weight (%) Code Absolute ceiling 0.2

Jump Start Jump

Asset Asset Asset Weight Number of Forecast Constraints

Portfolio sum / average 0.94 73 18% 73

0.904 5680 0.50 0.21 0.158 0.80 0.125

sei2 xi2 Swix Pro-rata

0.0038 7113.504 91223.469 0.904 1.000

Return Risk Skewness Kurtosis

Sector Recommended Pro-rata Evolver constraints

S |Deviations| from last month 25.03

Absolute ceiling 0.1

Capping to max 30% deviation

Benchmark weights this month Prev Weights Curr. Weights

What shows as deviation in sheet 34.6

Financial (r) 20.1

Industrial (r) 27.9

TMT (r) 14.4

Large Companies (r) 94.5

Med/Small Companies (r) 5.5 3.9 9.9

Total (rr) 100.0 100.0

S |Deviations| (this month) (r) 0.3

S |Chg in position| (this month) (r) 0.0

S Costs (chg to share tilts) (r) 0.24

Covered? Benchmark Weight Min Max

AGL AGL 5.00 - 9.23

Weight Excess return Skewness Kurtosis

Stock Input Data

8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008

0.00 -0.02 0.27 -0.12 -0.05 -0.22 -0.06 0.09

-0.05 -0.03 0.00 -0.13 0.00 -0.16 0.13 -0.04

0.03 0.22 0.14 0.09 0.02 -0.24 0.10 -0.13

-0.08 0.08 0.07 -0.06 -0.02 -0.21 -0.01 -0.06

-0.07 0.11 0.05 -0.03 0.01 -0.09 -0.03 -0.15

0.07 0.02 -0.01 -0.09 -0.06 -0.18 0.14 0.04

-0.01 0.16 0.09 -0.05 0.09 -0.13 0.15 -0.07

5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007

7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008

4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 9/30/2008 10/31/2008 11/30/2008