Lauren Buffett is a consultant for several college endowment funds. She has accumulated performance figures from a number of university endowments, as well as information about the typical stocks/bonds/cash mixtures common in the endowment universe. A firm believer in the broad policy approach, she makes recommendations about allocations across asset classes rather than which managers to choose or which stocks to pick. City College is a community college with a $100 million endowment. Since its establishment, it has had a fixed investment policy of 65% stocks (spread 30/20/15 amongst large, medium and small cap stock portfolio, labeled LRGSTK, MEDSTK and SMLSTK, respectively), 20% Corporate Bonds (CBOND), and 15% Government Bonds (GBOND) over the years 1995 2012. The monthly returns on these asset classes are listed in the Excel spreadsheet titled PROJECT.xlsx. The spreadsheet also includes returns on three additional asset classes: Real Estate (REITs), International Stocks (EAFE), and Precious Metals (PM). In addition, it provides the monthly returns on the value-weighted market portfolio (VWRET), the S&P 500 Index (SPRET), and the one-month U.S. Treasury bills (TBILL). Due to declining student enrollment, City College has been relying more and more heavily on its endowment to meet budget's need in the past several years. Sue Herrera, the chairperson of the endowment committee for the board of trustees of City College, decided to review the endowment's historical performance. She found out about Ms. Buffett from a friend who serves on the board of a well-known public university. The public university had hired Buffett in 2010 to review its investment policy and found her advice very helpful. Herrera decided to seek for Buffett's advice on whether City College should consider a change in its long-standing investment policy. In particular, Herrera was concerned about the economic outlook for small colleges like City College. She anticipated stronger needs to rely on the endowment fund in the coming years. She also felt that a return of 1% per month represented a "floor" below which the portfolio return should not drop. She wanted Lauren Buffett to suggest an efficient asset allocation to achieve this goal. Based on her conversation with Herrera, Buffett has drawn up a list of issues that need to be addressed. She has decided to hire your group for this task. You are invited to address the following questions. In your analysis, assume that short sales are allowed (except when explicitly ruled out) and borrowing at the risk-free rate is possible. 7. Herrera is also interested in knowing if the college should diversify its portfolio holdings to include real estate (represented by Equity REITs), international stocks (proxied by the EAFE index representing a portfolio of stocks from Europe, Asia, and the Far East), and precious metals (PM) in its portfolio. Make a case for or against the inclusion of these alternative assets in the college's overall portfolio. Justify your decision by depicting the portfolio frontier with the eight risky assets (i.e., the five risky assets that make up the current portfolio plus real estate, international stocks, and precious metals). Calculate the efficient portfolio allocations required to achieve the "floor" return of 1.00% per month (mandated by the college) with this expanded universe of assets. What is the standard deviation of such a portfolio? Year 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 Month SMLSTK MEDSTK 1 0.01190 -0.00130 2 0.03260 0.05020 3 0.02350 0.02430 4 0.02590 0.01940 5 0.02070 0.01750 6 0.06490 0.04870 7 0.06200 0.06280 0.03260 0.01530 9 0.02180 0.01990 10 -0.05330 -0.02640 11 0.02750 0.04770 12 0.02280 0.01600 1 0.00580 0.00010 2 0.03200 0.03300 3 0.02430 0.02620 4 0.07560 0.04340 5 0.06500 0.02390 6 -0.04120 -0.03050 7 -0.10060 -0.07750 8 0.04820 0.06160 9 0.03460 0.04470 10 -0.01810 -0.01260 11 0.02640 0.04480 12 0.01830 0.00660 1 0.04300 0.02510 2 -0.02810 -0.01610 3 -0.05310 -0.04880 4 -0.02650 0.01540 5 0.10970 0.10180 6 0.05720 0.04440 7 0.04060 0.00210 8 0.04140 0.01420 9 0.09170 0.00940 10 -0.03770 -0.04330 11 -0.01830 -0.00190 12 0.00940 0.02140 1 -0.00600 -0.01160 2 0.06690 0.08280 3 0.04900 0.04810 4 0.01860 0.00950 5 -0.04840 -0.05200 6 -0.00550 0.01050 7 -0.06760 -0.07020 8 -0.21530 -0.19490 9 0.04750 0.06350 LRGSTK CBOND GBOND REIT PM EAFE VWRET SPRET 0.02830 0.01491 0.02618 -0.02184 -0.23443 -0.05360 0.02040 0.02428 0.03910 0.02806 0.03468 0.02470 0.05742 0.00085 0.03962 0.03607 0.02710 0.00902 0.01176 -0.00401 0.04525 0.02534 0.02704 0.02733 0.02710 0.01875 0.01718 -0.00026 -0.04782 0.03624 0.02505 0.02796 0.03970 0.03354 0.07664 0.04250 -0.02727 0.03021 0.03401 0.03531 0.02450 0.00758 0.01150 0.01591 0.15625 0.01929 0.03117 0.02128 0.03610 0.00347 -0.01721 0.01724 0.07944 0.04996 0.04078 0.03178 0.00750 0.01187 0.02267 0.01200 -0.00433 -0.01375 0.00931 -0.00032 0.04340 0.01176 0.02168 0.01715 -0.00870 0.01101 0,03636 0.04010 -0.00420 0.01479 0.02469 -0.02142 -0.16228 -0.02322 -0.01132 -0.00498 0.04430 0.01347 0.02462 0.00014 0.02094 -0.00074 0.04271 0.04105 0.01480 0.01848 -0.03336 0.05460 0.17253 0.02692 0.01519 0.01744 0.03390 0.00707 0.00161 0.01646 0.22165 0.02830 0.02814 0.03262 0.01370 -0.01711 -0.04650 0.01170 -0.02954 0.01764 0.01631 0.00893 0.00790 -0.00719 -0.01823 -0.00545 -0.05652 0.02219 0.01093 0.00792 0.01520 -0.00648 -0.02221 0.00507 0.00461 0.04206 0.02551 0.01343 0.02480 0.00081 0.00134 0.02584 0.02752 0.00911 0.02680 0.02285 0.00280 0.01153 0.02025 001303 -0.08078 0.00000 -0.00830 0.00226 -0.04720 0.00297 -0.00320 0.00755 -0.01087 -0.05327 -0.05382 -0.04575 0.02480 0.00185 -0.00892 0.03937 -0.00549 0.03041 0.03246 0.01881 0.05770 0.02217 0.02787 0.01741 -0.08840 0.02539 0.05302 0.05417 0.02100 0.02182 0.04298 0.02968 -0.01818 -0.00335 0.01374 0.02613 0.07500 0.02455 0.03773 004556 -0.06790 0.05635 0,06557 0.07338 -0.01830 -0.00829 -0.02287 0.10393 0.17114 0.00513 -0.01139 -0.02151 0.06110 -0.00018 -0.00492 0.01117 0.10000 0.03791 0.05347 0.06132 0.00510 0.00904 0.00231 -0.00204 0.14286 0.00000 -0.00112 0.00593 -0.04430 -0.01569 -0.02488 -0.00213 -0.13889 -0.01000 -0.04487 -0.04261 0.05640 0.01352 0.02252 -0.02752 -0.08065 0.01272 0.04237 0.05841 0.06350 0.01339 0.01201 0.02940 0.01754 0.05779 0.07162 0.05858 0.04290 0.01635 0.01978 0.04860 0.06174 0.04572 0.04410 0.04345 0.08220 0.03472 0.06563 0.03089 0.03226 0.04500 0.07051 0.07812 -0.05000 -0.01114 -0.02519 -0.00239 0.01042 -0.04874 -0.03629 -0.05745 0.05350 0.01817 0.02000 0.08727 -0.02002 0.00007 0.05850 0.05315 -0.00110 0.00993 0.03400 -0.02703 -0.22105 -0.00000 -0.03444 -0.03448 0.04430 0.00590 0.00951 0.02102 -0.22973 -0.02069 0.03040 0.04450 0.02000 0.01090 0.01728 0.02361 0.20087 0.01044 0.01782 0.01573 0.00990 0.01398 0.01863 -0.00529 0.00000 0.00124 0.00450 0.01015 0.07320 -0.00090 -0.00680 -0.01702 -0.07018 0.07526 0.07330 0.07045 0.05170 0.00465 0.00487 0.01794 0.00000 0.05622 0.05130 0.04995 0.01260 0.00565 0.00586 -0.03257 0.05600 0.01684 0.01090 0.00908 -0.01850 0.00867 0.01951 -0.00701 -0.19643 -0.01923 -0.02575 -0.01883 0.04320 0.00362 0.02344 -0.00677 -0.15556 -0.00436 0.03194 0.03944 -0.01140 0.00167 -0.00059 -0.06492 0.00526 -0.01574 -0.02337 -0.01162 -0.14690 -0.00628 0.04229 -0.09437 -0.23037 -0.17079 -0.15784 -0.14580 0.06600 0.01781 0.04002 0.06661 0.39456 -0.00693 0.06383 0.06240 TBILL 0.00481 0.00478 0.00471 0.00473 0.00456 0.00452 0.00450 0.00440 0.00440 0.00447 0.00428 0.00417 0.00403 0.00413 0.00413 0.00418 0.00424 0.00429 0.00421 0.00424 0.00416 0.00419 0.00409 0.00419 0.00418 0.00428 0.00430 0.00421 0,00411 0.00421 0.00428 0.00413 0.00414 0.00428 0.00430 0.00420 0.00424 0.00419 0.00413 0.00417 0.00415 0.00413 0.00408 0.00384 0.00330 ||| 12 1 3 4 11 12 1 106 10 1999 1999 19 1 10 2000 2000 2000 2000 2000 2000 2000 1000 2000 2010 2000 Abo JD01 360 206 200 001 200 AD 106 001 200 AD 2001 2002 2002 2002 2002 2002 2002 2002 00200 0.07740 03 0.04190 -0.07110 -0.01790 0.006 0.01960 0.07030 10000 -0.03540 -0.0CH10 D. 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0.03106 0.04781 -0.01875 0.05032 0.02447 -0.04224 0.01304 0.06152 -0.00041 -0.00190 0.02506 0.01942 0.03713 0.02371 0.01083 0.01943 -0.01396 0.01295 0.03982 0.03893 -0.01476 -0.03176 0.01166 0.04086 0,02584 -0.04922 -0.00442 -0.06215 -0.02185 -0.01042 0.05111 0.02384 -0.07843 -0.01333 0.01056 -0.09801 -0.18460 -0.08461 0.02215 -0.07733 -0.10018 0.08669 0.10936 0.06779 -0.00310 0.08172 0.03146 0.04524 -0.02800 0.05710 0.02842 -0.03710 0.03478 0.06361 0.00009 0.00509 0.02127 0.02457 0.03151 0.01647 0.01262 0.01406 -0.02185 0.00998 0.04329 0.03255 -0.01782 -0.03198 0.01286 0.03579 0.01482 -0.04404 -0.00863 -0.06116 -0.03476 -0.00596 0.04755 0.01067 -0.08596 -0.00986 0.01219 -0.09079 -0.16943 -0.07485 0.00782 -0.08566 -0.10993 0.08541 0.09393 0.05308 0.00020 0.07414 0.03356 0.03572 -0.01976 0.05736 0.01777 -0.03697 0.02851 0.05880 0.00413 0.00413 0.00401 0.00410 0.00412 0.00404 0.00415 0.00419 0.00412 0.00406 0.00394 0.00384 0.00402 0.00350 0.00324 0.00325 0.00273 0.00250 0.00229 0.00177 0.00105 0.00108 0.00144 0.00156 0.00136 0.00143 0.00094 0.00056 0.00016 0.00003 0.00011 0.00025 0.00018 0.00013 0.00015 0.00015 0.00015 0.00014 0.00010 0.00006 0.00004 0.00004 0.00005 0.00009 0.00013 0.00013 10 11 12 1 2 3 3 4 5 6 7 B 9 10 11 12 1 2 3 4 5 7 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 B 9 10 11 12 0.09800 0.16430 0.04300 0.03600 0.10400 0.04370 0.07180 -0.08230 0.02370 0.08840 -0.03090 0.05030 0.08290 0.07450 -0.08110 -0.08270 0.06330 -0.08380 0.12170 0.04780 0.03860 0.09020 -0.00600 0.05420 0.02900 0.01560 -0.02880 -0.02440 -0.03240 -0.10320 -0.11190 0.14280 -0.00980 0.00470 0.08110 0.02410 0.03020 -0.01940 -0.06940 0.05930 -0.02010 0.03010 0.04800 -0.03100 0.00630 0.03610 0.10000 0.14910 0.02830 0.00830 0.09460 0.03750 0.06270 -0.05500 0.04250 0.06790 -0.03300 0.04790 0.07890 0.04840 -0.07500 -0.07200 0.07000 -0.05930 0.12030 0.03300 0.03330 0.07530 0.01830 0.04900 0.02740 0.03120 -0.01230 -0.01590 -0.04090 -0.08220 -0.10990 0.14970 0.00000 -0.00060 0.06320 0.04190 0.01870 -0.00840 -0.07030 0.03010 -0.00850 0.03820 0.02520 -0.01250 0.01890 0.02590 008580 0.09100 0.05530 0.00190 0.07400 0.03210 0.03700 -0.01660 0.05930 0.01990 -0.03420 0.03140 0.05860 0.01180 -0.07900 -0.05120 0.06960 -0.04380 0.09070 0.03890 0.00120 0.06490 0.02300 0.03300 0.00050 0.03000 -0.01190 -0.01680 -0.02030 -0.05460 -0.06910 0.10720 -0.00230 0.00830 0.04750 0.04530 0.03230 -0.00700 -0.06000 0.03900 0.01170 0.02380 0.02670 -0.01720 0.00600 0.00890 000958 0.04356 0.03932 0.03043 0.04471 0.01811 0.02839 0.00941 0.01405 0.00316 0.01929 0.00125 0.01482 0.01444 -0.01612 0.01702 0.02136 0.01566 0.01121 0.01112 -0.00872 -0.00188 0.01102 0.00769 0.00106 0.01646 0.01070 -0.00936 0.01725 -0.01489 -0.00242 0.02145 -0.01932 0.01993 0.02282 0.01162 -0.00115 0.01127 -0.00346 0.00819 0.02000 0.00689 0.00852 0.00878 0.00207 0.00279 0.05148 -0.02970 -0.01028 0.01641 0.01791 0.02582 0.02326 -0.00834 0.02155 -0.05594 0.03294 0.00139 -0.01165 0.02688 0.03794 0.04811 0.00607 0.06829 -0.01322 -0.02518 -0.01717 -0.03765 -0.01100 0.00588 0.00039 0.02350 0.03228 -0.01897 0.04064 0.08055 0.09067 -0.03073 0.01488 0.03036 0.00315 -0.01923 -0.03366 0.04555 0.07714 -0.01279 0.03359 -0.01093 -0.01845 -0.00365 0.01366 -0.01983 0.04062 0.31020 0.02157 -0.03732 0.10473 0.13390 0.06395 -0.04504 0.06911 0.07150 -0.05211 0.05339 0.10184 0.06942 -0.05545 -0.05017 0.09522 -0.01388 0.04467 0.04701 -0.01958 0.04657 0.04125 0.04583 -0.01281 0.05114 0.00999 -0.03071 0.01052 -0.05596 -0.10973 0.14277 -0.03759 0.04795 0.06358 -0.00911 0.04841 0.02673 -0.04411 0.05966 0.02170 0.00120 -0.01233 -0.00251 -0.00272 0.03648 0708614 -0.06466 0.29677 -0.11656 0.04103 -0.00927 0.12481 -0.01526 0.14789 -0.04918 -0.09379 0.05425 0.02167 0.11995 -0.04260 0.02472 -0.05247 0.08975 0.10105 0.03024 0.06231 0.02588 -0.11888 0.07817 0.01504 0.02646 -0.07835 -0.07271 0.05066 0.04937 -0.13020 0.05472 0.01908 -0.12637 0.11023 -0.00857 -0.10951 -0.04612 -0.09924 0.01789 0.01018 0.09883 0.13457 -0.01260 -0.09234 -0.02417 0708222 0.09629 0.08380 0.00297 0.09785 0.03106 0.04781 -0.01875 0.05032 0.02447 -0.04224 0.01304 0.06152 -0.00232 -0.10157 -0.02390 0.08405 -0.04457 0.10096 0.04295 -0.02337 0.07192 0.00695 0.03133 -0.00412 0.06360 -0.00778 -0.01323 -0.02185 -0.07513 -0.09385 0.11629 -0.01519 -0.01460 0.05530 0.05294 0.02895 -0.00790 -0.08408 0.04237 0.01563 0.03181 0.02486 0.00146 0.03052 0.02809 OT08869 0.10936 0.06779 -0.00310 0.08172 0.03146 0.04524 -0.02800 0.05710 0.02842 -0.03710 0.03478 0.06361 0.02001 -0.07914 -0.05072 0.07029 -0.04282 0.09152 0.03853 0.00517 0.06715 0.01916 0.03816 0.00337 0.02869 -0.01493 -0.01840 -0.02247 -0.05747 -0.08487 0.11398 -0.00623 0.00370 0.0540B 0.04119 0.02399 -0.00680 -0.06553 0.03816 0.01027 0.02627 0.02654 -0.01410 0.00619 0.01253 0.08547 0.09393 0.05308 0.00020 0.07414 0.03356 0.03572 -0.01976 0.05736 0.01777 -0.03697 0.02851 0.05880 0.01476 -0.08198 -0.0538.8 0.06878 -0.04745 0.08755 0.03686 -0.00229 0.06530 0.02265 0.03196 -0.00105 0.02850 -0.01350 -0.01826 -0.02147 -0.05679 -0.07176 0.10772 -0.00506 0.00853 0.04358 0.04059 0.03133 -0.00750 -0.06265 0.03956 0.01260 0.01976 0.02424 -0.01979 0.00285 0.00707 0.00013 0.00015 0.00015 0.00015 0.00014 0.00010 0.00006 0.00004 0.00004 0.00005 0.00009 0.00013 0.00013 0.00013 0.00010 0.00013 0.00013 0.00013 0.00011 0.00012 0.00012 0.00013 0.00011 0.00008 0.00005 0.00003 0.00003 0.00003 0.00002 0.00001 0.00002 0.00001 0.00001 0.00003 0.00008 0.00007 0.00007 0.00008 0.00008 0.00008 0.00008 0.00009 0.00008 0.00008 0.00006 0.00006 Lauren Buffett is a consultant for several college endowment funds. She has accumulated performance figures from a number of university endowments, as well as information about the typical stocks/bonds/cash mixtures common in the endowment universe. A firm believer in the broad policy approach, she makes recommendations about allocations across asset classes rather than which managers to choose or which stocks to pick. City College is a community college with a $100 million endowment. Since its establishment, it has had a fixed investment policy of 65% stocks (spread 30/20/15 amongst large, medium and small cap stock portfolio, labeled LRGSTK, MEDSTK and SMLSTK, respectively), 20% Corporate Bonds (CBOND), and 15% Government Bonds (GBOND) over the years 1995 2012. The monthly returns on these asset classes are listed in the Excel spreadsheet titled PROJECT.xlsx. The spreadsheet also includes returns on three additional asset classes: Real Estate (REITs), International Stocks (EAFE), and Precious Metals (PM). In addition, it provides the monthly returns on the value-weighted market portfolio (VWRET), the S&P 500 Index (SPRET), and the one-month U.S. Treasury bills (TBILL). Due to declining student enrollment, City College has been relying more and more heavily on its endowment to meet budget's need in the past several years. Sue Herrera, the chairperson of the endowment committee for the board of trustees of City College, decided to review the endowment's historical performance. She found out about Ms. Buffett from a friend who serves on the board of a well-known public university. The public university had hired Buffett in 2010 to review its investment policy and found her advice very helpful. Herrera decided to seek for Buffett's advice on whether City College should consider a change in its long-standing investment policy. In particular, Herrera was concerned about the economic outlook for small colleges like City College. She anticipated stronger needs to rely on the endowment fund in the coming years. She also felt that a return of 1% per month represented a "floor" below which the portfolio return should not drop. She wanted Lauren Buffett to suggest an efficient asset allocation to achieve this goal. Based on her conversation with Herrera, Buffett has drawn up a list of issues that need to be addressed. She has decided to hire your group for this task. You are invited to address the following questions. In your analysis, assume that short sales are allowed (except when explicitly ruled out) and borrowing at the risk-free rate is possible. 7. Herrera is also interested in knowing if the college should diversify its portfolio holdings to include real estate (represented by Equity REITs), international stocks (proxied by the EAFE index representing a portfolio of stocks from Europe, Asia, and the Far East), and precious metals (PM) in its portfolio. Make a case for or against the inclusion of these alternative assets in the college's overall portfolio. Justify your decision by depicting the portfolio frontier with the eight risky assets (i.e., the five risky assets that make up the current portfolio plus real estate, international stocks, and precious metals). Calculate the efficient portfolio allocations required to achieve the "floor" return of 1.00% per month (mandated by the college) with this expanded universe of assets. What is the standard deviation of such a portfolio? Year 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 Month SMLSTK MEDSTK 1 0.01190 -0.00130 2 0.03260 0.05020 3 0.02350 0.02430 4 0.02590 0.01940 5 0.02070 0.01750 6 0.06490 0.04870 7 0.06200 0.06280 0.03260 0.01530 9 0.02180 0.01990 10 -0.05330 -0.02640 11 0.02750 0.04770 12 0.02280 0.01600 1 0.00580 0.00010 2 0.03200 0.03300 3 0.02430 0.02620 4 0.07560 0.04340 5 0.06500 0.02390 6 -0.04120 -0.03050 7 -0.10060 -0.07750 8 0.04820 0.06160 9 0.03460 0.04470 10 -0.01810 -0.01260 11 0.02640 0.04480 12 0.01830 0.00660 1 0.04300 0.02510 2 -0.02810 -0.01610 3 -0.05310 -0.04880 4 -0.02650 0.01540 5 0.10970 0.10180 6 0.05720 0.04440 7 0.04060 0.00210 8 0.04140 0.01420 9 0.09170 0.00940 10 -0.03770 -0.04330 11 -0.01830 -0.00190 12 0.00940 0.02140 1 -0.00600 -0.01160 2 0.06690 0.08280 3 0.04900 0.04810 4 0.01860 0.00950 5 -0.04840 -0.05200 6 -0.00550 0.01050 7 -0.06760 -0.07020 8 -0.21530 -0.19490 9 0.04750 0.06350 LRGSTK CBOND GBOND REIT PM EAFE VWRET SPRET 0.02830 0.01491 0.02618 -0.02184 -0.23443 -0.05360 0.02040 0.02428 0.03910 0.02806 0.03468 0.02470 0.05742 0.00085 0.03962 0.03607 0.02710 0.00902 0.01176 -0.00401 0.04525 0.02534 0.02704 0.02733 0.02710 0.01875 0.01718 -0.00026 -0.04782 0.03624 0.02505 0.02796 0.03970 0.03354 0.07664 0.04250 -0.02727 0.03021 0.03401 0.03531 0.02450 0.00758 0.01150 0.01591 0.15625 0.01929 0.03117 0.02128 0.03610 0.00347 -0.01721 0.01724 0.07944 0.04996 0.04078 0.03178 0.00750 0.01187 0.02267 0.01200 -0.00433 -0.01375 0.00931 -0.00032 0.04340 0.01176 0.02168 0.01715 -0.00870 0.01101 0,03636 0.04010 -0.00420 0.01479 0.02469 -0.02142 -0.16228 -0.02322 -0.01132 -0.00498 0.04430 0.01347 0.02462 0.00014 0.02094 -0.00074 0.04271 0.04105 0.01480 0.01848 -0.03336 0.05460 0.17253 0.02692 0.01519 0.01744 0.03390 0.00707 0.00161 0.01646 0.22165 0.02830 0.02814 0.03262 0.01370 -0.01711 -0.04650 0.01170 -0.02954 0.01764 0.01631 0.00893 0.00790 -0.00719 -0.01823 -0.00545 -0.05652 0.02219 0.01093 0.00792 0.01520 -0.00648 -0.02221 0.00507 0.00461 0.04206 0.02551 0.01343 0.02480 0.00081 0.00134 0.02584 0.02752 0.00911 0.02680 0.02285 0.00280 0.01153 0.02025 001303 -0.08078 0.00000 -0.00830 0.00226 -0.04720 0.00297 -0.00320 0.00755 -0.01087 -0.05327 -0.05382 -0.04575 0.02480 0.00185 -0.00892 0.03937 -0.00549 0.03041 0.03246 0.01881 0.05770 0.02217 0.02787 0.01741 -0.08840 0.02539 0.05302 0.05417 0.02100 0.02182 0.04298 0.02968 -0.01818 -0.00335 0.01374 0.02613 0.07500 0.02455 0.03773 004556 -0.06790 0.05635 0,06557 0.07338 -0.01830 -0.00829 -0.02287 0.10393 0.17114 0.00513 -0.01139 -0.02151 0.06110 -0.00018 -0.00492 0.01117 0.10000 0.03791 0.05347 0.06132 0.00510 0.00904 0.00231 -0.00204 0.14286 0.00000 -0.00112 0.00593 -0.04430 -0.01569 -0.02488 -0.00213 -0.13889 -0.01000 -0.04487 -0.04261 0.05640 0.01352 0.02252 -0.02752 -0.08065 0.01272 0.04237 0.05841 0.06350 0.01339 0.01201 0.02940 0.01754 0.05779 0.07162 0.05858 0.04290 0.01635 0.01978 0.04860 0.06174 0.04572 0.04410 0.04345 0.08220 0.03472 0.06563 0.03089 0.03226 0.04500 0.07051 0.07812 -0.05000 -0.01114 -0.02519 -0.00239 0.01042 -0.04874 -0.03629 -0.05745 0.05350 0.01817 0.02000 0.08727 -0.02002 0.00007 0.05850 0.05315 -0.00110 0.00993 0.03400 -0.02703 -0.22105 -0.00000 -0.03444 -0.03448 0.04430 0.00590 0.00951 0.02102 -0.22973 -0.02069 0.03040 0.04450 0.02000 0.01090 0.01728 0.02361 0.20087 0.01044 0.01782 0.01573 0.00990 0.01398 0.01863 -0.00529 0.00000 0.00124 0.00450 0.01015 0.07320 -0.00090 -0.00680 -0.01702 -0.07018 0.07526 0.07330 0.07045 0.05170 0.00465 0.00487 0.01794 0.00000 0.05622 0.05130 0.04995 0.01260 0.00565 0.00586 -0.03257 0.05600 0.01684 0.01090 0.00908 -0.01850 0.00867 0.01951 -0.00701 -0.19643 -0.01923 -0.02575 -0.01883 0.04320 0.00362 0.02344 -0.00677 -0.15556 -0.00436 0.03194 0.03944 -0.01140 0.00167 -0.00059 -0.06492 0.00526 -0.01574 -0.02337 -0.01162 -0.14690 -0.00628 0.04229 -0.09437 -0.23037 -0.17079 -0.15784 -0.14580 0.06600 0.01781 0.04002 0.06661 0.39456 -0.00693 0.06383 0.06240 TBILL 0.00481 0.00478 0.00471 0.00473 0.00456 0.00452 0.00450 0.00440 0.00440 0.00447 0.00428 0.00417 0.00403 0.00413 0.00413 0.00418 0.00424 0.00429 0.00421 0.00424 0.00416 0.00419 0.00409 0.00419 0.00418 0.00428 0.00430 0.00421 0,00411 0.00421 0.00428 0.00413 0.00414 0.00428 0.00430 0.00420 0.00424 0.00419 0.00413 0.00417 0.00415 0.00413 0.00408 0.00384 0.00330 ||| 12 1 3 4 11 12 1 106 10 1999 1999 19 1 10 2000 2000 2000 2000 2000 2000 2000 1000 2000 2010 2000 Abo JD01 360 206 200 001 200 AD 106 001 200 AD 2001 2002 2002 2002 2002 2002 2002 2002 00200 0.07740 03 0.04190 -0.07110 -0.01790 0.006 0.01960 0.07030 10000 -0.03540 -0.0CH10 D. DHD) 0.1010 0.12540 004050 0.2420 -00 0.10% -0,06000 0.17620 2017 1. CH510 0 0.04G 000310 400-4:0 0.02490 0.137310 -0.01.10 -0.031CD 0.0620 0.06340 0.06WOO -0.01M 30 -0.03710 -0.13870 0.06290 007 0.07460 0.00 150 -0.04010 ,DBD 10 901HOO -0.032 -0.02570 -0.14870 005DNS 0 05 0. Dea30 0.00290 -0.06810 0.02 170 00HA) 001310 0.0520 -00570 -0.03716 10. DC320 003030 0.06370 0.10730 -0.0370 0.13570 - 20129) 10.10000 -0.04 15 0.065230 -20350 3.0TAIN) 014 04960 0 Win980 0.0477TW) 0.04270 -0.06390 10 OION 0062980 002010 002220 -0.03440 -0.04294) 40.136 TO 0.06650 6.08 0.06 120 -0.01270 -0.02076 007 - 0 00670 -D10 -0.06680 -0.11570 2079 CO 030 03070 -0.03240 004040 0.03660 -0.02200 0.05) - 0930 -0.0500 -0.020 0.0799 0026 0065) -0.44 30 0 CMOS (C9370 403841 - 0 02710 B. 310 10.0 770 001) MOM 201740 - 0 007PM) 0.01176 0.0020 - 10 (WANMAN 109) 0.00 120 OOOPEND - 210 - 10 HKD -A Coid 10 010 2. 2 190) 0.07000 2009 -0.0630 - 0 0 140 0.0390 10 - 0.00 70 1074 0.07240 0020 0.01909 0.0027 0.00678 -0.02143 0.007SH 0.00BH) A.0 1373 -0.0551 -0.00452 0.00572 0.00510 -0.0013 0.00244 -0.00 145 100029 200770 0.004 14 0.051472 0.00 PK101 02:42 0.00% 4,012 0.00101 1.OHOHO 10.COM/ 0.02463 0.02750 4.1141 0 004 NO 000B01 0001 0.00 155 0.02MO2 0.01200 2016 0.02010 -0.0042 -0.00316 0.007 1 0.001 200577 00635 0.00-69 -0.01243 -0.006 -0.0 0.003 0.004 0.00741 -0.04530 000417 0.00 149 -0.000 -0.00920 0.00% 0 00717 0.01033 0.00226 -0.00627 0.0 1499 000450 0.03030 0.021 0.00%, 0 004 0.03073 0.01 04 002260 - 2011 201709 0.03321 0.02415 0.00 0 001919 -0.005.34 -0.0203 000574 0.00 0.04244 002220 0000 0.049 -0.0436 -0.02362 0.02304 002F? -0.04337 0.01 4041 0.001 0.012 0.03041 -0.01851 0.01673 -01 0020 -0.02349 0.00451 0.09490 0.02107 -0.01619 0.0312 -0.0127] -0.0379 -0.024BO -0.0 162 0.03167 200326 0 0101 2012 0.176719 0.00034 0.02565 0.0% 1040 0.05 12 004029 0.01244 007036 0.01044 1016-07 pro7| 002386 0.02% 0.001 0.019186 0.03 40.04153 -0.02861 0.003 0.02436 0.00 196 0.01924 0.06 0.0CM503 2016 0.02733 -0.05231 -0.0215 -0.063 2015 00440 -012 -0.00550 0125 -0.166 D2703 - CS4 0.05312 0273 104) 40 4167 201087 0.1209: 0 00612 - 0 07699 007196 OCO000 194 0 0 (MICHIT MAN - 00034 0 0 100% GODAYO -0.0 1149 002320 - 0 09061 1,3990 0 194412 0 CMOS 5? 0 07-20 02672 0040B -201429 -0.0725 0 NBH30 2.16552 44 1.14212 0 09955 13250 012 - 26 196 0.03313 0 0-4513 10658 0.03185 -0.03311 0.0-237 003CH - 0252 0.05632 0.01014 0066 001501 6.03047 0.05227 0.03779 0 04-11 00432 ps10 0 002 - 02366 SW-20 - 03323 200749 - UTF-11 4) WIN70 007162 063VH62 03770 - 101176 0 09267 0.08612 B03454 0 0355 -0.011 -0.6364 0 09932 0 03422 059 2017 2017 0 0014: 102340 000-07 - 0 15 0.09285 0.07439 0.06202 0.0530 0.0345 -0.0309 0.03793 0.04911 - 0301 0.0 TH2 103072 -0.0009 -0.02285 0.0626 0.03682 0.00370 -0.05941 0.03182 0.05.1 0.06149 - 0.03697 0.06] 0.01 11 0.0750 | 0.05105 0.02400 0 10249 0.02 (640 003630 -0.0.1020 -0.07026 0.083 0.015 -0.91740 -0.01830 -0.06 09 -0.09153 0.027 0.077 0.0176 -0.0 1569 -0.02 170 0.04466 -0.04969 -0.01052 -0.07025 -0.08114 0.0020 0.013 6.04101 -0.03228 0.03979 0.03794 002997 0.05 464 003206 0.00% -0.02836 0.06254 0.01900 0.05784 -0.00660 0402011 0.00 72 0.020HD 0.02192 0.02393 2013 0.00 PTT 0.06.34 0.00006 1. 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