SYMBOL QTY PRICE PAID LAST PRICE DAY'S CHG P/L P/L % MKT VALUE (USD) SSO 412287 $47.98 50.64 -0.59 1,096,683.42 5.54% $20,878,213.68 VWOB 328350 $61.37 61.46 -0.03 29,551.50 0.15% $20,180,391.00 BNDX 412796 $48.36 48.6 0.17 99,071.04 0.50% $20,061,885.60 PFIX 147600 $67.75 62.37 -0.38 -794,088.00 -7.94% $9,205,812.00

Investment portfolio - 10,000,000

computation and discussion of the expected return and risk of an active portfolio;

computation and discussion of the beta of an active portfolio relative to the S&P 500 index;

computation and discussion of the alpha of an active portfolio relative to the S&P 500 index.