Asset Allocation

South Dakota Investment CouncilSouth Dakota Retirement System Board of Trustees

June 5-6, 2019

Discussion topics

Recommended benchmark equity-like and bond-like risk and ranges

Equity-like and bond-like risk embedded in other categories

Recommended benchmark asset category allocation and ranges

Expected return and standard deviation

Asset category valuation

Allocation movement within ranges

1

Benchmark equity and bond risk

Historical outcomes are helpful in relating to impact of risk

Long term return history is available only for equity, bonds, and cash

Equity returns are best over the very long term, but are volatile

Bonds returns are lower over the long term, but provide diversification

Return/risk tradeoff depends on willingness to endure volatility

2

Equity long term returns much higher

3

0

1

10

100

1,000

10,000

1935 1945 1955 1965 1975 1985 1995 2005 2015

EQUITY BOND

Equity downturns can be brutaltwo year periods with equity returns below negative 20%

4

Chart1

1932 Q2

1938 Q1

1942 Q1

1970 Q2

1974 Q3

2002 Q3

2009 Q1

100:0

-0.705

-0.367

-0.204

-0.22

-0.386

-0.417

-0.412

Daily(2)

Daily AA Model

rawAll yellow inputs found on A257 on newaa sheet

Quarter constantsEquilEquilFairINFLWgtdS&P500Adj N

Inputs DatedBondT-BillValueGDPexpectedModQtrEPS pertotalpreviouslast 4 qtrN DivN EPSpreviousprevious

YearQtrYieldYieldEquityDeflatorInflDurationEpsquartergrowthequity scoreavg inflw/ buybacksadjbond scorecomdty score

201634.98%3.48%1854.60872015140.70%2.28%1222.7623.324.50%01.25%12.83-3.11%-32

1.003annualized91.0493.2779078233

0.63922812841.014Commodity

stimulus

ClosingBondBillClosePricePrice toBondBondBill vs expLesserEquityBondEquity100%

Eq ExpClosingClosingPriceto ValueAdj FVAdj FVPrice toBondPrice toTbill vsusing 4 qEquityBondCashCmmdtyEquityEq orMove toMove toless BondBondRemainingCommodityCommodityCommodityStimulus

YEARMDAYReturnYieldYieldS&P500EquityEquityEquityValueAdj EquilAdj FVEquilInflationWgtWgtWgtWgtPositionEq less BdFair ValFair ValMove to FVPositionWeightScoreSimple WgtPositionAdj

20166307.15%3.02%0.17%2043.941.101889.711.081.314.30%1.183.31%2.08%70.0%15.0%5.0%10.0%0-7.5%-7.5%-15.5%7.9%-315.0%20.8%100.0%25.00%

2016710.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016720.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016730.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016740.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016750.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016760.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016770.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016780.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016790.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167100.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167110.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167120.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167130.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167140.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167150.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167160.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167170.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167180.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167190.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167200.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167210.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167220.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167230.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167240.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167250.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167260.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167270.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167280.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167290.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167300.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20167310.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016810.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016820.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016830.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016840.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016850.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016860.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016870.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016880.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016890.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168100.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168110.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168120.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168130.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168140.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168150.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168160.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168170.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168180.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168190.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168200.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168210.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168220.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168230.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168240.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168250.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168260.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168270.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168280.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168290.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168300.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20168310.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016910.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016920.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016930.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016940.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016950.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016960.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016970.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016980.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

2016990.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169100.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169110.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169120.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169130.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169140.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169150.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169160.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169170.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169180.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169190.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169200.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169210.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169220.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169230.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169240.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169250.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169260.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169270.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169280.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169290.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169300.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

20169310.00%0.001889.710.002.494.30%2.073.48%2.25%0.0%0.0%0.0%10.0%00.0%0.0%-51.7%0.0%-30.0%22.5%100.0%25.00%

Action Table:

Take Adj FV Equity of 1895.14 *.0375 for the 3/4 Fed stimulus adjustment

=71.07adjustment

Adj. FV1,824

ELR

-5.00%1,73770.00%

-10.00%1,65875.00%

-15.00%1,58680.00%

10.00%2,02763.33%

15.00%2,14656.67%

20.00%2,28050.00%

Action TableOLD

over FVAdj. FVELRLevel

10.00%1.1163.33%2155.00

15.00%1.176556.67%2281.00

20.00%1.250050.00%2424.00

under FVAdj. FV

-5.00%0.952470.00%1739.00

-10.00%0.909175.00%1763.00

-15.00%0.869680.00%1686.00

-20.00%0.833385.00%1616.00

data from:Bloomberg (Tammy's login only…(OTTEN, BPWUSA)GT30 'Govt' HP

data from:Bloomberg (Tammy's login only…(OTTEN, BPWUSA)GB3 'Govt' HP

data from: BloombergSPX 'Index' HP

(Avg inflation of last 4 qtrs [with 2 qtr lag] *20% of inflation to cover taxes +1% real return) - column L

This is what triggers allocation into commodities.

30 yr Equil yield(column DM)

Tbill Equil yield(Coumn DK)

Fair value of Equity(column P)

GDP Deflator(column J)

Long term wghted expected inflation(column BR)

mod Durationcolumn AF3

current qtr EPS

Adjusted Normal Quartly earnings(column CJ)

Total Growth(column CX)[used to figure on Daily AA sheet in column C]

previous equity scorecolumn AL (one up from the line you are currently on)

last 4 qtr averageinflation(column J)

Normal Div including Buybacks (column CQ)

N EPS Adjust(Column Y)

previous bond scorecolumn AN (one up from the line you are currently on)

previous commodity scorecolumn BD (one up from the line you are currently on)

Daily

Daily AA Model

rawAll yellow inputs found on A257 on newaa sheet

Quarter constantsEquilEquilFairINFLWgtdS&P500Adj N

Inputs DatedBondT-BillValueGDPexpectedModQtrEPS pertotalpreviouslast 4 qtrN DivN EPSpreviousprevious

YearQtrYieldYieldEquityDeflatorInflDurationEpsquartergrowthequity scoreavg inflw/ buybacksadjbond scorecomdty score

201625.03%3.53%1848.580.90%2.31%1218.6423.284.55%01.10%12.80-4.21%-320.05129535640.03629535641785.71325903630.0010.02399613031222.8422.60117582710.046311172700.0122512.43064670490.0007054921-22201520.05129535640.03629535641785.71325903630.0010.02399613031222.8422.60117582710.046311172700.0122512.43064670490.0007054921-22201520.05129535640.03629535641785.71325903630.0010.02399613031222.8422.60117582710.046311172700.0122512.43064670490.0007054921-22201520.05129535640.03629535641785.71325903630.0010.02399613031222.8422.60117582710.046311172700.0122512.43064670490.0007054921-22201520.05129535640.03629535641785.71325903630.0010.02399613031222.8422.60117582710.046311172700.0122512.43064670490.0007054921-22201520.05129535640.03629535641785.71325903630.0010.02399613031222.8422.60117582710.046311172700.0122512.43064670490.0007054921-22201520.05129535640.03629535641785.71325903630.0010.02399613031222.8422.60117582710.046311172700.0122512.43064670490.0007054921-22

annualized74.5693.1015627422

0.6413133362Commodity

stimulus

ClosingBondBillClosePricePrice toBondBondBill vs expLesserEquityBondEquity100%

Eq ExpClosingClosingPriceto ValueAdj FVAdj FVPrice toBondPrice toTbill vsusing 4 qEquityBondCashCmmdtyEquityEq orMove toMove toless BondBondRemainingCommodityCommodityCommodityStimulus

YEARMDAYReturnYieldYieldS&P500EquityEquityEquityValueAdj EquilAdj FVEquilInflationWgtWgtWgtWgtPositionEq less BdFair ValFair ValMove to FVPositionWeightScoreSimple WgtPositionAdj

20163317.17%2.61%0.20%2059.741.111863.161.111.414.26%1.253.32%1.87%70.0%15.0%5.0%10.0%0-9.5%-9.5%-19.8%10.2%-315.0%18.7%100.0%25.00%

2016417.15%2.60%0.23%2072.781.121863.161.111.414.26%1.253.30%1.84%63.3%16.7%10.0%10.0%-1-10.1%-10.1%-19.9%9.8%-320.0%18.4%100.0%25.00%

2016427.15%2.60%0.23%2072.781.121863.161.111.414.26%1.253.30%1.84%63.3%16.7%10.0%10.0%-1-10.1%-10.1%-19.9%9.8%-320.0%18.4%100.0%25.00%

2016437.15%2.60%0.23%2072.781.121863.161.111.414.26%1.253.30%1.84%63.3%16.7%10.0%10.0%-1-10.1%-10.1%-19.9%9.8%-320.0%18.4%100.0%25.00%

2016447.16%2.60%0.20%2066.131.121863.161.111.414.26%1.253.33%1.87%70.0%15.0%5.0%10.0%0-9.8%-9.8%-19.9%10.1%-315.0%18.7%100.0%25.00%

2016457.19%2.55%0.22%2045.171.111863.161.101.424.26%1.263.31%1.85%70.0%15.0%5.0%10.0%0-8.9%-8.9%-20.6%11.7%-315.0%18.5%100.0%25.00%

2016467.16%2.59%0.23%2066.661.121863.161.111.414.26%1.253.29%1.84%70.0%15.0%5.0%10.0%0-9.8%-9.8%-20.1%10.2%-315.0%18.4%100.0%25.00%

2016477.19%2.52%0.23%2041.911.101863.161.101.434.26%1.263.29%1.84%70.0%15.0%5.0%10.0%0-8.8%-8.8%-20.9%12.2%-315.0%18.4%100.0%25.00%

2016487.19%2.55%0.23%2047.601.111863.161.101.424.26%1.263.30%1.84%70.0%15.0%5.0%10.0%0-9.0%-9.0%-20.5%11.5%-315.0%18.4%100.0%25.00%

2016497.19%2.55%0.23%2047.601.111863.161.101.424.26%1.263.30%1.84%70.0%15.0%5.0%10.0%0-9.0%-9.0%-20.5%11.5%-315.0%18.4%100.0%25.00%

20164107.19%2.55%0.23%2047.601.111863.161.101.424.26%1.263.30%1.84%70.0%15.0%5.0%10.0%0-9.0%-9.0%-20.5%11.5%-315.0%18.4%100.0%25.00%

20164117.19%2.56%0.22%2041.991.101863.161.101.424.26%1.263.31%1.85%70.0%15.0%5.0%10.0%0-8.8%-8.8%-20.4%11.6%-315.0%18.5%100.0%25.00%

20164127.17%2.60%0.23%2061.721.121863.161.111.414.26%1.253.30%1.84%70.0%15.0%5.0%10.0%0-9.6%-9.6%-19.9%10.3%-315.0%18.4%100.0%25.00%

20164137.14%2.58%0.23%2082.421.131863.161.121.414.26%1.253.30%1.84%63.3%16.7%10.0%10.0%-1-10.5%-10.5%-20.1%9.6%-320.0%18.4%100.0%25.00%

20164147.14%2.60%0.22%2082.781.131863.161.121.414.26%1.253.30%1.85%63.3%16.7%10.0%10.0%-1-10.5%-10.5%-19.9%9.4%-320.0%18.5%100.0%25.00%

20164157.14%2.56%0.22%2080.731.131863.161.121.424.26%1.263.30%1.85%63.3%16.7%10.0%10.0%-1-10.5%-10.5%-20.4%9.9%-320.0%18.5%100.0%25.00%

20164167.14%2.56%0.22%2080.731.131863.161.121.424.26%1.263.30%1.85%63.3%16.7%10.0%10.0%-1-10.5%-10.5%-20.4%9.9%-320.0%18.5%100.0%25.00%

20164177.14%2.56%0.22%2080.731.131863.161.121.424.26%1.263.30%1.85%63.3%16.7%10.0%10.0%-1-10.5%-10.5%-20.4%9.9%-320.0%18.5%100.0%25.00%

20164187.13%2.58%0.21%2094.341.131863.161.121.424.26%1.253.32%1.86%63.3%16.7%10.0%10.0%-1-11.0%-11.0%-20.1%9.1%-320.0%18.6%100.0%25.00%

20164197.12%2.59%0.21%2100.801.141863.161.131.414.26%1.253.31%1.86%63.3%16.7%10.0%10.0%-1-11.3%-11.3%-20.0%8.7%-320.0%18.6%100.0%25.00%

20164207.12%2.66%0.23%2102.401.141863.161.131.404.26%1.243.30%1.84%63.3%16.7%10.0%10.0%-1-11.4%-11.4%-19.3%7.9%-320.0%18.4%100.0%25.00%

20164217.13%2.69%0.23%2091.481.131863.161.121.394.26%1.233.29%1.84%63.3%16.7%10.0%10.0%-1-10.9%-10.9%-18.9%8.0%-320.0%18.4%100.0%25.00%

20164227.13%2.71%0.23%2091.581.131863.161.121.394.26%1.233.29%1.84%63.3%16.7%10.0%10.0%-1-10.9%-10.9%-18.6%7.7%-320.0%18.4%100.0%25.00%

20164237.13%2.71%0.23%2091.581.131863.161.121.394.26%1.233.29%1.84%63.3%16.7%10.0%10.0%-1-10.9%-10.9%-18.6%7.7%-320.0%18.4%100.0%25.00%

20164247.13%2.71%0.23%2091.581.131863.161.121.394.26%1.233.29%1.84%63.3%16.7%10.0%10.0%-1-10.9%-10.9%-18.6%7.7%-320.0%18.4%100.0%25.00%

20164257.13%2.73%0.25%2087.791.131863.161.121.384.26%1.223.27%1.82%63.3%16.7%10.0%10.0%-1-10.8%-10.8%-18.3%7.5%-320.0%18.2%100.0%25.00%

20164267.13%2.76%0.25%2091.701.131863.161.121.374.26%1.223.28%1.82%63.3%16.7%10.0%10.0%-1-10.9%-10.9%-18.1%7.1%-320.0%18.2%100.0%25.00%

20164277.12%2.70%0.24%2095.151.131863.161.121.394.26%1.233.29%1.83%63.3%16.7%10.0%10.0%-1-11.1%-11.1%-18.7%7.6%-320.0%18.3%100.0%25.00%

20164287.15%2.68%0.21%2075.811.121863.161.111.394.26%1.233.31%1.86%63.3%16.7%10.0%10.0%-1-10.2%-10.2%-18.9%8.7%-320.0%18.6%100.0%25.00%

20164297.16%2.68%0.21%2065.301.121863.161.111.394.26%1.233.31%1.86%70.0%15.0%5.0%10.0%0-9.8%-9.8%-19.0%9.2%-315.0%18.6%100.0%25.00%

20164307.16%2.68%0.21%2065.301.121863.161.111.394.26%1.233.31%1.86%70.0%15.0%5.0%10.0%0-9.8%-9.8%-19.0%9.2%-315.0%18.6%100.0%25.00%

2016517.16%2.68%0.21%2065.301.121863.161.111.394.26%1.233.31%1.86%70.0%15.0%5.0%10.0%0-9.8%-9.8%-19.0%9.2%-315.0%18.6%100.0%25.00%

2016527.14%2.73%0.19%2081.431.131863.161.121.384.26%1.233.33%1.88%63.3%16.7%10.0%10.0%-1-10.5%-10.5%-18.4%7.9%-320.0%18.8%100.0%25.00%

2016537.16%2.66%0.20%2063.371.121863.161.111.404.26%1.243.32%1.87%70.0%15.0%5.0%10.0%0-9.7%-9.7%-19.2%9.5%-315.0%18.7%100.0%25.00%

2016547.18%2.63%0.19%2051.121.111863.161.101.404.26%1.243.33%1.88%70.0%15.0%5.0%10.0%0-9.2%-9.2%-19.5%10.4%-315.0%18.8%100.0%25.00%

2016550.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016560.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016570.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016580.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016590.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165100.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165110.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165120.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165130.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165140.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165150.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165160.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165170.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165180.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165190.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165200.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165210.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165220.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165230.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165240.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165250.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165260.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165270.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165280.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165290.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165300.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20165310.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016610.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016620.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016630.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016640.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016650.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016660.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016670.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016680.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016690.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166100.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166110.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166120.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166130.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166140.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166150.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166160.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166170.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166180.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166190.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166200.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166210.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166220.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166230.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166240.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166250.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166260.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166270.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166280.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166290.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

20166300.00%0.001863.160.00002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

2016710.00%0.001863.160.002.524.26%2.053.53%2.07%0.0%0.0%0.0%10.0%00.0%0.0%-51.1%0.0%-30.0%20.7%100.0%25.00%

Action Table:

Take Adj FV Equity of 1863.16*.0375 for the 3/4 Fed stimulus adjustment

=69.87adjustment

Adj. FV1,793

ELR

-5.00%1,70870.00%

-10.00%1,63075.00%

-15.00%1,55980.00%

10.00%1,99363.33%

15.00%2,11056.67%

20.00%2,24250.00%

Action Table - unadjusted for Fed

over FVAdj. FVELRLevel

10.00%111.1163.33%2070.00

15.00%1.176556.67%2192.00

20.00%1.250050.00%2329.00

under FVAdj. FV

-5.00%0.952470.00%1777.00

-10.00%0.909175.00%1695.00

-15.00%0.869680.00%1620.00

-20.00%0.833385.00%1553.00

(Avg inflation of last 4 qtrs [with 2 qtr lag] *20% of inflation to cover taxes +1% real return) - column L

This is what triggers allocation into commodities.

data from: BloombergSPX 'Index' HP

data from:Bloomberg (Tammy's login only…(OTTEN, BPWUSA)GT30 'Govt' HP

data from:Bloomberg (Tammy's login only…(OTTEN, BPWUSA)GB3 'Govt' HP

30 yr Equil yield(column DM)

Tbill Equil yield(Coumn DK)

Fair value of Equity(column P)

GDP Deflator(column J)

Long term wghted expected inflation(column BR)

mod Durationcolumn AF3

current qtr EPS

Adjusted Normal Quartly earnings(column CJ)

Total Growth(column CX)[used to figure on Daily AA sheet in column C]

previous equity scorecolumn AL (one up from the line you are currently on)

last 4 qtr averageinflation(column J)

Normal Div including Buybacks (column CQ)

N EPS Adjust(Column Y)

previous bond scorecolumn AN (one up from the line you are currently on)

previous commodity scorecolumn BD (one up from the line you are currently on)

Input

last update10/5/15http://us.spindices.com/indices/equity/sp-500Data lagged so that most recent data used to derive answer for the beginning of each quarter shows up on the same line for that quarter - model does not lag as all lags incorporated in this sectionNotes: Dividends input is off a line

Input Data according to Date1.)hover over "Additional Info" tab.

2.)click Index Earnings(2 rows behind)(2 rows behind)(2 rows behind)(est. for latest)(2 rows behind)(1 row behind)(Enter previous month end yield)

S&P500LatestINFLS&P500BondBillBook fromReal10y TsyHY indexS&P500LatestINFLS&P500BondBillBook fromRealHYAcutal Total

QtrOperating12 moGDPClosingClosingClosingBrought in P/BEstateused fortotalP/B usedQtrOperating12 moGDPClosingExpectedExpectedBrought in P/BEstateMasterYield

EpsEPSGoodwillS&P DivDeflatorPriceYieldYieldadj impl bef 77Cap RateHY spreadyield1977-1993YrQEpsEPSGoodwillS&P DivDeflatorPriceReturnReturnadj impl bef 77Cap RateSpread

2.3%1.1%

195010.641.04-0.9%17.292.3%1.1%

195020.721.143.4%17.692.4%1.2%

195030.751.1712.4%19.452.4%1.3%

195040.731.206.5%20.412.4%1.3%

195110.631.3313.0%21.402.5%1.3%

195120.611.471.6%20.962.6%1.4%

195130.541.52-0.1%23.262.6%1.7%

195140.661.564.2%23.772.7%1.7%

195210.591.520.0%24.372.7%1.6%

195220.551.41-0.1%24.962.6%1.6%

195230.561.422.4%24.542.7%1.8%

195240.701.454.7%26.572.7%2.1%

195310.621.451.2%25.292.9%2.1%

195320.631.410.3%24.143.2%2.3%

195330.601.411.4%23.353.0%1.9%

195340.661.42-1.8%24.812.8%1.7%

195410.661.424.5%26.942.6%1.0%

195420.701.451.4%29.212.6%0.6%

195430.611.47-0.9%32.312.5%1.0%

195440.801.452.1%35.982.6%1.2%

195510.851.473.4%36.582.7%1.3%

195520.961.542.6%41.032.8%1.5%

195530.831.562.6%43.673.0%2.0%

195540.981.572.4%45.482.9%2.6%

195610.921.623.4%48.482.9%2.4%

195620.871.643.4%46.972.9%2.5%

195630.691.734.6%45.353.2%2.8%

195640.931.803.5%46.673.4%3.3%

195710.911.844.6%44.113.3%3.1%

195720.891.741.5%47.373.6%3.3%

195730.741.734.0%42.423.7%3.6%

195740.831.730.5%39.993.2%3.1%

195810.681.761.6%42.103.3%1.3%

195820.681.791.0%45.243.2%0.9%

195830.691.772.3%50.063.8%2.5%

195840.841.731.9%55.213.8%2.7%

195910.901.733.5%55.444.0%2.9%

195920.971.753.1%58.474.2%3.2%

195930.721.771.5%56.884.3%4.0%

195940.801.791.2%59.914.6%4.4%

196010.901.812.6%55.344.1%2.8%

196020.841.830.7%56.924.0%2.2%

196030.731.941.8%53.523.9%2.3%

196040.801.950.5%58.113.9%2.3%

196110.721.95-0.4%65.063.8%2.4%

196120.781.952.0%64.643.9%2.4%

196130.751.941.8%66.734.0%2.3%

196140.941.940.7%71.554.1%2.8%

196210.901.963.4%69.554.0%2.7%

196220.882.021.5%54.754.0%2.9%

196230.812.040.8%56.274.0%2.7%

196241.082.062.6%63.103.9%2.9%

196310.942.081.8%66.574.0%2.9%

196321.012.130.3%69.374.1%3.0%

196330.932.151.1%71.704.1%3.4%

196341.142.202.9%75.024.2%3.6%

196411.102.211.1%78.984.2%3.6%

196421.162.281.2%81.694.1%3.5%

196431.072.332.2%84.184.2%3.6%

196441.222.381.0%84.754.2%3.9%

196511.232.443.4%86.164.2%4.0%

196521.322.502.0%84.124.2%3.9%

196531.212.552.4%89.964.3%4.1%

196541.432.612.2%92.434.5%4.6%

196611.382.664.1%89.234.6%4.6%

196621.442.724.7%84.744.8%4.7%

196631.262.782.1%76.564.8%5.4%

196641.472.834.0%80.334.6%4.9%

196711.282.892.6%90.204.5%4.2%

196721.322.871.5%90.645.1%3.9%

196731.232.903.9%96.715.2%4.5%

196741.502.904.4%96.475.6%5.1%

196811.392.925.1%90.205.6%5.3%

196821.452.925.0%99.585.3%5.5%

196831.322.953.4%102.675.3%5.3%

196841.602.995.7%103.865.9%6.4%

196911.453.034.7%101.516.2%6.1%

196921.473.075.4%97.716.2%6.2%

196931.373.106.6%93.126.7%7.3%

196941.493.135.3%92.066.8%8.2%

197011.303.155.8%89.636.5%6.5%

197021.363.165.4%72.727.2%6.4%

197031.213.173.2%84.216.7%5.9%

197041.263.185.5%92.156.3%4.9%

197111.393.196.0%100.315.7%3.6%

197121.463.145.6%99.706.3%5.2%

197131.323.113.5%98.345.8%4.6%

197141.533.103.7%102.095.8%3.7%

197211.503.095.6%107.206.0%3.8%

197221.623.072.9%107.145.9%4.0%

197231.493.073.4%110.555.9%4.6%

197241.813.075.2%118.055.8%5.2%

197311.883.085.7%111.526.9%6.5%

197322.053.157.2%104.267.1%7.7%

197331.953.177.0%108.437.0%7.1%

197342.283.228.6%97.557.3%7.6%

197412.083.277.5%93.987.8%8.5%

197422.433.3810.3%86.008.1%7.6%

197432.323.4410.8%63.548.4%6.3%

197442.063.5012.1%68.567.7%7.2%

197511.643.5910.7%83.368.0%5.6%

197521.943.605.2%95.198.0%5.9%

197532.123.677.4%83.878.5%6.7%

197542.263.717.5%90.197.8%5.3%

197612.343.713.6%102.777.9%5.1%

197622.533.683.7%104.288.0%5.5%

197632.423.694.9%105.247.8%5.1%

197642.623.766.5%107.467.2%4.4%1.33

197712.513.855.5%98.427.7%4.6%1.34

197722.874.056.6%100.487.5%5.1%1.26

197732.714.195.9%96.537.6%6.1%1.23

197742.804.366.4%95.108.0%6.3%1.11

197812.544.505.3%89.218.3%6.7%1.18

197823.184.6710.8%95.538.6%7.2%1.24

197833.054.808.7%102.548.6%8.1%1.14

197843.564.919.1%96.119.0%9.6%1.17

197913.515.028.5%101.599.0%9.8%1.16

197923.865.078.5%102.918.8%9.3%1.21

197933.705.208.3%109.329.3%10.4%1.16

197943.795.347.3%107.9410.1%12.5%1.07

198013.945.519.6%102.0912.4%15.0%1.17

198023.515.6510.9%114.2410.0%8.2%1.26

198033.405.808.9%125.4611.8%11.9%1.35

198043.975.9411.3%135.7612.0%15.0%1.30

198113.706.0710.6%136.0012.9%13.0%1.29

198123.946.165.9%131.2113.6%15.1%1.09

198133.666.289.4%116.1815.6%15.2%1.12

198144.066.399.0%122.5514.1%11.5%1.01

198213.156.524.6%112.0013.9%13.9%0.99

198223.306.635.6%109.6014.1%13.3%1.07

198233.056.723.4%120.4011.6%7.8%1.24

198243.146.814.4%140.6010.7%8.1%1.33

198312.936.853.4%153.0010.8%9.0%1.45

198323.476.872.7%168.1011.2%9.0%1.41

198333.766.914.2%166.0011.6%9.0%1.43

198343.876.942.9%164.9012.0%9.3%1.27

198414.167.004.2%157.4412.5%10.0%1.27

198424.417.093.6%153.1213.8%10.3%1.36

198434.127.173.3%166.1012.4%10.6%1.35

198443.957.302.5%167.2311.7%8.0%1.42

198513.917.374.8%180.6611.9%8.4%1.49

198523.597.532.3%192.4310.6%6.6%1.41

198533.757.662.6%182.0810.7%7.2%1.61

198543.687.742.2%211.289.5%7.3%1.79

198613.827.842.0%238.907.5%6.5%1.85

198623.827.901.5%250.847.2%6.1%1.68

198633.888.021.9%231.327.6%5.3%1.73

198642.968.102.4%231.327.5%5.9%2.08

198714.518.232.4%291.707.8%5.8%2.13

198723.158.282.6%304.008.5%5.9%2.25

198735.318.343.0%321.839.8%6.9%1.70

198744.608.523.2%247.089.0%5.9%1.75

198815.535.488.663.1%258.898.8%5.9%1.80

198826.226.058.814.0%273.508.8%6.7%1.75

198836.386.228.954.9%271.919.0%7.5%1.75

198845.626.379.233.5%277.729.0%8.4%1.82

198916.746.419.464.1%294.879.1%9.2%2.27

198926.486.539.734.3%317.988.0%8.3%2.09

198934.855.549.983.0%349.158.2%8.2%2.11

198944.805.8410.32.7%353.408.0%7.8%1.97

199015.545.6110.674.5%339.948.6%8.1%2.06

199026.076.0611.054.2%358.028.4%8.0%1.73

199035.335.9711.323.7%306.059.0%7.4%1.84

199044.405.0111.673.1%330.228.3%6.6%2.07

199115.144.7711.844.0%375.228.2%5.9%2.02

199124.544.7912.12.7%371.168.4%5.7%2.12

199133.745.1112.122.9%387.867.9%5.3%2.27

199142.554.6312.152.1%417.097.4%4.0%2.19

199215.364.9312.281.8%403.698.0%4.2%2.26

199225.405.2112.22.6%408.147.8%3.7%2.24

199234.735.1212.321.9%417.807.4%2.8%2.31

199243.65.6112.322.8%435.717.4%3.2%2.50

199316.116.2512.392.4%451.676.9%3.0%2.57

199324.896.5712.382.4%450.536.7%3.1%2.60

199335.816.9212.482.1%458.936.0%3.0%2.65

199345.087.1612.452.3%466.456.4%3.1%2.55

199416.937.1712.452.1%445.777.1%3.6%179.70

199427.387.7512.512.0%444.277.6%4.2%182.03

199437.948.0312.642.0%462.717.8%4.8%188.08

199448.358.812.722.3%459.277.9%5.7%193.04

199518.888.6412.932.4%500.717.4%5.9%200.12

199529.269.513.181.8%544.756.6%5.6%205.29

199538.699.7813.061.7%584.416.5%5.4%210.31

199547.139.7813.371.9%615.936.0%5.1%216.51

199618.969.3913.582.1%645.506.7%5.1%216.25

1996210.1310.3113.791.5%670.636.9%5.2%221.31

199639.789.9214.11.8%687.336.9%5.0%225.96

199649.8611.0114.271.7%740.746.6%5.2%237.09

1997110.4710.5614.662.0%757.127.1%5.3%235.84

1997210.4411.1314.91.9%885.146.8%5.2%241.09

199739.8711.0315.061.2%947.286.4%5.1%246.51

199748.9411.2915.161.4%970.435.9%5.4%249.52

1998110.2910.9215.330.6%1101.755.9%5.1%252.53

199829.8711.4315.490.9%1133.845.6%5.1%257.29

199838.9910.4515.641.5%1017.055.0%4.4%262.83

199848.5611.4715.951.1%1229.235.1%4.5%266.40

1999110.9611.7316.151.5%1286.375.6%4.5%271.69

1999212.5113.2116.21.7%1372.716.0%4.8%276.42

1999311.9312.9716.451.4%1282.716.1%4.9%280.79

1999412.7713.7716.452.0%1469.256.5%5.3%290.68

2000113.7413.9716.643.0%1498.585.8%5.9%295.94

2000213.4814.8816.692.2%1454.605.9%5.9%312.94

2000313.7114.1716.762.6%1436.515.9%6.2%319.60

200049.0713.1116.72.1%1320.285.5%5.9%325.80

200119.1810.73-0.2716.342.6%1160.335.5%4.3%347.25

200124.839.02-1.5216.272.8%1224.425.8%3.7%345.87

200135.239.16-0.515.971.3%1040.945.4%2.4%339.40

200145.459.94-0.1815.691.3%1148.085.5%1.7%338.37

200219.1910.85-0.3115.741.2%1147.395.8%1.8%332.74

200226.8711.64-0.4715.741.7%989.825.5%1.7%329.52

200238.5311.61-0.3715.731.8%815.284.7%1.6%334.92

20024311.94-5.7616.042.1%879.824.8%1.2%321.72

2003111.9212.48-0.1315.82.5%848.184.8%1.1%328.72

2003211.112.92-0.2916.081.3%974.504.6%0.9%346.32

2003312.5614.41-0.4316.232.2%995.974.9%0.9%351.89

2003413.1614.88-0.9216.172.0%1111.925.1%0.9%367.17

2004115.1815.87-0.0716.593.5%1126.214.8%0.9%376.48

2004215.2516.98-0.0217.393.4%1140.845.3%1.3%386.23

2004314.1816.88-0.1218.032.6%1114.584.9%1.7%402.52

2004413.9417.95-2.1218.62.8%1211.924.8%2.2%414.75

2005116.9518-0.0619.163.7%1180.594.76%2.78%426.79

2005218.2919.42-0.0819.432.9%1191.334.19%3.13%436.90

2005317.3918.84-0.8621.483.80%1228.814.57%3.55%441.7720053

2005417.320.19-2.0222.223.10%1248.294.54%4.08%453.0620054

2006119.6920.75-0.0222.793.10%1294.834.89%4.61%468.636.35%2006117.3918.84-0.8621.483.80%1,248.294.54%4.08%436.896#NA#NA#NA

2006220.1121.95-0.0123.443.30%1270.205.19%4.99%474.916.12%2006217.320.19-2.0222.223.10%1,294.834.89%4.61%441.7666.35%#NA#NA

2006321.4723.03-0.1824.12.80%1335.854.76%4.88%491.966.12%2006319.6920.75-0.0222.793.10%1,270.205.19%4.99%453.0616.12%#NA#NA

2006420.2421.99-1.3024.881.40%1418.34.81%5.02%504.406.03%2006420.1121.95-0.0123.443.30%1,335.854.76%4.88%468.6296.12%#NA#NA

2007121.3322.39-2.087525.494.50%1420.864.85%5.04%508.995.94%2007121.4723.03-0.1824.12.80%1,418.304.81%5.02%474.9116.03%#NA#NA

2007221.8824.06-2.087526.172.30%1503.355.13%4.81%516.915.60%2007220.2421.99-1.324.881.40%1,420.864.85%5.04%491.9585.94%#NA#NA

2007315.1520.87-2.087526.971.30%1526.754.84%3.81%524.005.58%2007321.3322.39-2.087525.494.50%1,503.355.13%4.81%504.3955.60%#NA#NA

200747.8215.22-2.087527.731.70%1468.364.45%3.25%529.595.75%2007421.8824.06-2.087526.172.30%1,526.754.84%3.81%508.9945.58%#NA#NA

2008115.5416.620.000128.32.30%1322.704.29%1.33%530.945.79%10.93%2008115.1520.87-2.087526.971.30%1,468.364.45%3.25%516.9135.75%#NA#NA

2008212.8617.02-2.528.711.80%1280.004.53%1.74%530.706.12%3.97%10.88%200827.8215.22-2.087527.731.70%1,322.704.29%1.33%5245.79%#NA10.93%

200839.7315.96-2.528.852.80%1166.364.31%0.92%514.606.80%3.83%13.93%2008315.5416.620.000128.32.30%1,280.004.53%1.74%529.59494130266.12%690.710.88%

20084-23.25-0.09-2.528.390.70%903.252.68%0.08%451.378.10%2.21%19.55%2008412.8617.02-2.528.711.80%1,166.364.31%0.92%530.94319319226.80%1010.713.93%

200917.5210.11-2.527.251.00%797.873.54%0.21%449.438.80%2.67%18.70%200919.7315.96-2.528.852.80%903.252.68%0.08%530.69654458248.10%1733.319.55%

2009213.5113.810.000125.59-0.60%919.324.33%0.20%487.698.80%3.54%13.08%20092-23.25-0.09-2.528.3870.70%797.873.54%0.21%514.60126886888.80%1603.518.70%

2009314.7615.780.000123.90.00%1057.084.05%0.12%498.438.40%3.31%10.29%200937.5210.11-2.527.251.00%919.324.33%0.20%451.37291648258.80%954.113.08%

2009415.1817.160.000122.411.20%1115.14.64%0.06%513.587.90%3.84%9.20%2009413.5113.810.000125.59-0.60%1,057.084.05%0.12%449.42648592528.40%698.110.29%

2010117.4819.380.000121.911.30%1169.434.72%0.16%530.957.60%3.83%8.60%2010114.7615.780.000123.90.00%1,115.104.64%0.06%487.68598366847.90%535.59.20%

2010219.6820.90.000122.041.90%1030.713.89%0.18%541.607.20%2.93%9.18%2010215.1817.160.000122.411.20%1,169.434.72%0.16%498.42921196657.60%477.48.60%

2010319.5221.560.000122.361.80%1141.23.69%0.16%567.957.00%2.51%8.09%2010317.4819.380.000121.911.30%1,030.713.89%0.18%513.57730084667.20%624.39.18%

2010420.6721.930.000122.732.10%1257.644.34%0.13%579.146.80%3.30%7.85%2010419.6820.90.000122.041.90%1,141.203.69%0.16%530.94691410657.00%557.58.09%

2011121.4422.560.000123.431.80%1325.834.51%0.10%594.056.70%3.47%7.45%2011119.5221.560.000122.361.80%1,257.644.34%0.13%541.60259896196.80%455.57.85%

2011222.2424.860.000124.343.00%1320.644.37%0.02%613.086.40%3.16%7.65%2011220.6721.930.000122.732.10%1,325.834.51%0.10%567.94647979026.70%397.57.45%

2011322.6325.290.000125.182.30%1131.422.92%0.01%613.186.40%1.92%9.62%2011321.4422.560.000123.431.80%1,320.644.37%0.02%579.14031982876.40%449.27.65%

2011420.6323.730.000126.430.60%1257.62.90%0.02%613.146.40%1.88%8.54%2011422.2424.860.000124.3413.00%1,131.422.92%0.01%594.04829271976.40%769.79.62%

2012123.0324.240.000127.352.10%1408.473.34%0.07%633.046.40%2.21%7.69%2012122.6325.290.000125.1812.30%1,257.602.90%0.02%613.08012017596.40%666.38.54%

2012221.6225.430.000128.321.80%1362.162.76%0.09%639.456.40%1.65%7.84%2012220.6323.730.000126.430.60%1,408.473.34%0.07%613.18329171526.40%547.57.69%

2012321.2124.000.000129.592.40%1440.672.83%0.10%661.936.30%1.63%7.15%2012323.0324.240.000127.3532.10%1,362.162.76%0.09%613.1416.40%619.37.84%

2012420.6523.150.000131.251.50%1426.192.95%0.05%666.976.15%1.76%6.75%2012421.6225.430.000128.321.80%1,440.672.83%0.10%633.0446.30%551.57.15%

2013124.2225.770.000132.111.50%1569.193.10%0.08%679.096.00%1.85%6.35%2013121.21240.000129.592.40%1,426.192.95%0.05%639.4456.15%499.16.75%

2013224.8726.360.000133.271.10%1606.283.50%0.04%679.156.00%2.49%6.92%2013220.6523.150.000131.24694206811.50%1,569.193.10%0.08%661.9266.00%4506.35%

2013324.6326.920.000134.402.00%1681.553.69%0.01%693.226.10%2.61%6.79%2013324.2225.770.000132.111.50%1,606.283.50%0.04%666.96554487366.00%443.36.92%

2013426.4828.250.000134.991.80%1848.363.97%0.07%715.846.00%3.03%6.39%2013424.8726.360.000133.26634132251.10%1,681.553.69%0.01%679.0886.10%4186.79%

2014124.8727.320.000136.231.50%1872.343.56%0.04%717.816.40%2.72%6.14%2014124.6326.920.000134.40391138122.00%1,848.363.97%0.07%679.1516.00%3366.39%

2014227.1429.340.000137.382.20%1960.233.36%0.03%733.845.90%2.53%5.77%2014226.4828.250.000134.99204410971.80%1,872.343.56%0.04%693.21976.40%3426.14%

2014327.4729.600.000138.491.60%1972.293.20%0.02%736.785.80%2.49%6.47%2014324.8727.320.000136.22767907281.50%1,960.233.36%0.03%715.83617158325.90%3245.77%

2014422.8326.750.000139.440.10%2058.92.75%0.05%726.965.70%2.17%6.95%2014427.1429.340.000137.38067679692.20%1,972.293.20%0.02%717.8095.80%3986.47%

2015121.8125.810.000140.810.10%2067.892.54%0.03%729.295.60%1.93%6.63%2015127.4729.60.000138.49461129651.60%2,058.902.75%0.05%733.83584222415.70%4786.95%

2015222.8026.140.000141.742.10%2063.113.12%0.01%735.905.50%2.35%6.94%2015222.8326.750.000139.440.10%2,067.892.54%0.03%736.785.60%470.56.63%

2015323.2225.440.000142.511.30%1920.032.86%-0.01%744.685.50%2.04%8.22%2015321.8125.810.000140.80660984690.10%2,063.113.12%0.01%726.9565.50%4596.94%

2015418.7023.060.000143.390.90%2043.943.02%0.25%740.295.40%2.27%8.90%2015422.826.140.000141.74200180992.10%1,920.032.86%-0.01%729.2915.50%6188.22%

2016122.7624.970.000143.880.70%2059.742.61%0.20%5.40%1.77%8.58%2016123.2225.440.000142.51039650951.30%2,043.943.02%0.25%735.95.40%6638.90%

201622016218.723.060.000143.38788736090.90%2,059.742.61%0.20%744.685.40%6818.58%

201632016322.7624.970.000143.87593959330.70%#NA#NA#NA740.287#NA#NA#NA

2016420164#NA#NA#NA#NA#NA#NA#NA#NA#NA#NA#NA#NA

10/01/09 looks like S&P does not even attempt to provide this info anymore (the tab is not in the download anymore)

answer line up right with dates

answer line up right with dates

answer line up right with dates

seems to be 1 qtr off going forward

Inputted

Inputted

Inputted

Inputted

Inputted

Inputted

30Y bondInputted

Inputted

data from:www.spglobal.comIndicesS&P Earnings and Estimate Report

data from:www.spglobal.comIndicesS&P Earnings and Estimate Report

data from:www.spglobal.comIndicesS&P Earnings and Estimate Report

data from:www.spglobal.comIndicesS&P Earnings and Estimate Report

data from: BloombergGDP DCHG 'Index' HP

data from: BloombergSPX 'Index' HP

data from:Bloomberg (Tammy's login only…(OTTEN, BPWUSA)GT30 'Govt' HP

data from:Bloomberg (Tammy's login only…(OTTEN, BPWUSA)GB3 'Govt' HP

Inputted

Inputted

Inputted

Inputted

Inputted

Inputted

1st day of the new qtr

30Y bondInputted

Inputted

data from:www.standardandpoors.comStandard & Poors HomepageIndicesS&P 500Market AttributesS&P 500 Monthly Performance DataS&P Earnings and Estimate Report

data from:www.spglobal.comIndicesS&P Earnings and Estimate Report

data from: BloombergGDP DCHG 'Index' HP

data from: BloombergSPX 'Index' HP

data from:Bloomberg (Tammy's login only…(OTTEN, BPWUSA)GT30 'Govt' HP

No Data yet in S&P sheet so just filling in a est number myself

Using GreenStreet Advisors "Real Estate Securities Monthly" (Scott has login to website)

Green Street Average (mkt-cap weighted) Cap Rate (not implied cap rate) about on page 13-15

CompustatReport AssistantItem: ceqqTicker: I0003

Data from Greenstreet via Jeff and Scott

Using GreenStreet Advisors "Real Estate Securities Monthly" (Scott has login to website)

Green Street Average (mkt-cap weighted) Cap Rate (4) about on page 13-15

This data is actually just the 10yr Treas yield. The spread is then figured in Green Section

GT10 Govt HP change to qtr for dates

Data from ML Master HY II Index

H0A0 Index 4 (Index Characteristics)put "date" in

Yield to Maturity

data from:www.standardandpoors.comStandard & Poors HomepageIndicesS&P 500Market AttributesLatest S&P 500 Market AttributesS&P Earnings and Estimate Report

data from:www.standardandpoors.comStandard & Poors HomepageIndicesS&P 500Market AttributesLatest S&P 500 Market AttributesS&P Earnings and Estimate Report

data from:www.standardandpoors.comStandard & Poors HomepageIndicesS&P 500Market AttributesS&P 500 Monthly Performance DataS&P Earnings and Estimate Report

data from:Bloomberg (Tammy's login only…(OTTEN, BPWUSA)GT30 'Govt' HP

beginning of Compustat Data

http://us.spindices.com/indices/equity/sp-500

current model

1.08%0.979%CommodityPrice to Value and adjusted price to values and calculation of target allocations551YearsPositionAllocationEntryExitAllocation TargetsFor comparison purposesuse hedonic=1usage0.33Sweet spot floor2.00%For GrowthFor EPSCumulative InflationNormal EPS using Adj ROE * Adj BookGrowthDiscount Rate premiumsadditional term0.33%Equilibrium Discount ratesReal ReturnsAdjusted Book, ROE used to get N epsstripped ofReal EstateHigh Yieldaa

1.05%Data Input (Fill in Red Items)stimulusAdj cap5.0%Adj cap5.0%use 1/12 to adj for dur12Mod DurMod Dur50%50%100%% revision210%15%5%use0Sweet spot cap4.00%SH power adjw/o infl passwith infl passAbove cuts orgOrganic targetIf div belowNormalBase0.75%adj % sh power33%unexpected inf.stripped ofdm

1.10%(2 rows behind)(2 rows behind)(2 rows behind)(est. for latest)(not used(2 rows behind)(1 row behind)(Enter previous month end yield)100%0%0%cap threshh3.0%cap threshh30.0%use 1/12 to adj for dur1212.0012.00This section not complete15%10%0%0%2%0%Sweet spot adj0.25%1.00%33%60%40%55%0%33%-0.50%Tax extra20%base mult of A2.25%EquilibriumEquilibriumEquilibriumEquilibriumEquilibriumCurrentCurrentCurrentAverageAverageAverageInfl pass through33%SH Power adjunexpected inf.

0.68%EPSS&P500LatestCurrently)INFLS&P500BondBillBill vs expEquityFairPriceStimulus100%N EPS100%Equil100%BondAdj BdBondBondEquityBondEquityLesserFive YearFive YearFive YearFive YearFive YearFive YearEquityOld ModelOld ModelOld ModelHedonicWgtd3Y Infl out3Y Infl outLag 2q lt avgAdj forAdj RealExpectedExpectedCumulativeAnnualizedRolling 3YAmort AdjNorm EPSNormalAdj NormDiv PayoutOrganicNormal DivReturn onReturn onGrowth fromGrowth fromNorml EPSClosingGrowthRollingWgtedRealYield CurveYield curveSpreadEquityA ratedEquity30YearTbillEquity30YearTbillEquityBook fromBook impliedLeakageEPS adjBook AdjROErolling 1yrrolling 1yrSH Power adjRealLevexcessexcessLev RERERETrailingHYHYHYRF DurationDuration MatchedAcutal Total

timenegQtrOperating12 moHedonicGDPClosingClosingClosingusing 4 qLT expValueto ValueGraphTbill vsTbill vsTbill vs ExpTailwind orStimulusDegreeN EPSAdj FVPrice toBondAdjustedYieldYieldPrice toAdj PriceMove toMove toless bondEq orEquityEquityBondBondReturnReturnReturnExcess premExcess premExcess premversusEquityEquityBondBondRemainingCommodityCommodityCommodityCommodityEquityBondCashEquityBondCashEquityBondCommodityAdjustedexpectedof sweetof sweetBVL adjUnexpectSH PowerBVL AdjNom ROENom ROELaggedCumulativeAnnualizedWgtedBookw/o opt inflEPSEPS perof NormlReinvestBuybacksIncludingOrganicAcquisitionOrganicAcquisitionInflationNorml EPSTotalYield inclEq Expless expected10 yearInflationBillbill to10 year toA rated topremium toBill10 year30 year30 yearDiscountlesslesslesslesslesslessP/BBrought in P/Bby retainedLeakageLeakageUnamortAdjustedreportedWriteoffUnamortBV leakage &BV leakageAdj EPSadj roeadj roeCumulCumulEstateReal Estatecap ratecap ratePVPVPVAvgMasterP/VPVMatched YldFair total YLDYield

periodYrQtrimEpsEPSGoodwillS&P DivAdjustmentDeflatorPriceYieldYieldInflationReturnEquityEquityComparisonEquilibriumprev 4 qtrsw/ Infl 2qHeadwindAdjustmentExceededAdjustmentEquityAdj FVYieldEquilLess Equilless EquilValueto ValueFair ValFair ValMove to FVEq less BdPositionWeightPositionWeightEquityBondCashEquityBondCashbetter ofPositionWeightPositionWeightWeightScoreSimple WgtPositionWeightWgtWgtWgtWgtWgtWgtReturnReturnWgtDeflatorInflspotspot cappedROE - InflInflationROE AdjROEw/o infl passwith infl passDeflatorDeflatorDeflatorExpectedLagged 2qw/o sh powerwith adjquarterdivEPS% norm eps&BuyoutsAcquisitionsBuybacksReinvestInvestmentReinvestInvestmentPass-throughAttritionGrowthBuybacksReturnInflationEPS GwthexpectationYield10 year30 yearTreasury30y TSYYieldYieldYieldYieldRateInfl expectInfl expectInfl expectInfl expectInfl expectInfl expectBrought inadj impl bef 77earningsof bookAmortLeakageBookEPSWriteoffsAmortWriteoffsGW& WOWOAdj Bookless INFLless INFLaverageaverageCap RateCap ratew/ lev88Move to FairSpreadSpread4.50Move to Fair50%

7.00%-0.04%0.22%7.18%10.77%

195010.640.641.04-0.9%17.292.3%1.1%-0.9%18.368.140.000.0018.360.640.000.000.6418.363.5%

195020.720.721.143.4%17.692.3%1.1%3.4%18.758.57(0.05)-0.00-0.0518.790.720.000.000.7218.793.8%

195030.750.751.1712.4%19.452.4%1.2%12.4%18.3619.169.03(0.05)-0.00-0.0919.250.750.000.000.7519.253.9%

195040.730.731.206.5%20.412.4%1.3%6.5%18.7919.549.46(0.05)-0.00-0.1419.670.730.000.000.7319.673.7%7.8%7.8%7.8%7.8%

195110.630.631.3313.0%21.402.4%1.3%13.0%19.2519.799.76(0.05)-0.00-0.1819.970.630.000.000.6319.973.1%2.8%2.8%5.3%5.3%

195120.610.611.471.6%20.962.5%1.3%1.6%19.6719.9810.00(0.05)-0.00-0.2320.210.610.000.000.6120.213.0%2.6%2.6%4.4%4.4%

195130.540.541.52-0.1%23.262.6%1.4%-0.1%19.9720.0910.16(0.05)-0.00-0.2720.360.540.000.000.5420.362.6%5.5%5.5%4.7%4.7%

195140.660.661.564.2%23.772.6%1.7%4.2%1.0020.2120.3110.43(0.05)-0.01-0.3220.630.660.000.000.6520.633.2%5.7%5.7%4.9%4.9%

1195210.590.591.520.0%24.372.7%1.7%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%0.0%4.7%1.00000.00%20.3620.4710.64(0.05)-0.01-0.3620.830.590.000.000.5820.832.8%9.7%9.7%5.7%5.7%

2195220.550.551.41-0.1%24.962.7%1.6%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%-0.1%4.9%0.9997-0.05%20.6320.6210.84(0.05)-0.01-0.4021.020.550.000.000.5421.022.6%9.9%9.9%6.3%6.3%

3195230.560.561.422.4%24.542.6%1.6%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%2.4%5.7%1.00570.76%20.8320.7711.04(0.05)-0.01-0.4521.220.560.000.000.5521.222.6%9.0%9.0%6.6%6.6%

4195240.70.701.454.7%26.572.7%1.8%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%4.7%6.3%1.01751.75%21.0221.0611.38(0.05)-0.01-0.4921.550.700.000.000.6921.553.2%8.9%8.9%6.9%6.9%

5195310.620.621.451.2%25.292.7%2.1%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%71.7%1.2%6.6%1.021.64%21.2221.2611.64(0.05)-0.01-0.5321.790.620.000.000.6121.792.8%8.5%8.5%7.0%7.0%

6195320.630.631.410.3%24.142.9%2.1%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%43.3%0.3%6.9%1.021.41%21.5521.4911.91(0.05)-0.01-0.5722.060.630.000.000.6222.062.8%8.6%8.6%7.2%7.2%

7195330.60.601.411.4%23.353.2%2.3%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%1.4%7.0%1.021.41%21.7921.6812.16(0.05)-0.01-0.6222.300.600.000.000.5922.302.6%8.9%8.9%7.3%7.3%

8195340.660.661.42-1.8%24.813.0%1.9%-1.8%7.2%1.021.01%22.0621.9312.47(0.05)-0.01-0.6622.590.660.000.000.6522.592.9%10.7%10.7%7.6%7.6%

9195410.660.661.424.5%26.942.8%1.7%1.3%4.5%7.3%1.031.39%1.39%22.3022.1812.77(0.05)-0.01-0.7022.880.660.000.000.6522.882.8%9.7%9.7%7.7%7.7%

10195420.70.701.451.4%29.212.6%1.0%0.1%1.4%1.8%7.6%1.041.40%1.40%22.5922.4613.11(0.06)-0.01-0.7423.200.700.000.000.6923.203.0%9.5%9.5%7.8%7.8%

11195430.610.611.47-0.9%32.312.6%0.6%1.4%-0.9%0.009%7.7%1.031.19%1.19%1.39%CB- origianal BQ22.8822.6513.35(0.06)-0.02-0.7823.430.610.000.000.5923.432.5%10.1%10.1%8.0%8.0%

12195440.80.801.452.1%35.982.5%1.0%1.4%2.1%7.8%1.041.26%1.26%1.40%23.2023.0313.79(0.06)-0.02-0.8223.850.800.000.000.7823.853.3%9.2%9.2%8.1%8.1%

13195510.850.851.473.4%36.582.6%1.2%0.5%3.4%1.2%-0.0%-0.0%8.0%-0.02%-0.50%7.47%8.65%9.04%1.051.43%1.55%1.19%-0.26%23.431.19%0.99%1.00%0.50%0.50%2.75%2.17%3.17%3.67%4.17%6.42%5.23%23.4614.27(0.06)-0.02-0.8624.320.850.000.000.8324.323.4%10.2%10.7%8.2%8.2%

14195520.960.961.542.6%41.032.7%1.3%1.6%2.6%1.3%0.0%0.0%8.1%0.01%-0.50%7.56%8.83%9.24%1.051.51%1.77%1.26%-0.12%23.851.26%1.00%1.00%0.50%0.50%2.75%2.26%3.26%3.76%4.26%6.51%5.25%23.9714.85(0.06)-0.02-0.9024.870.960.000.000.9424.873.8%10.6%11.1%8.3%8.4%

15195530.830.831.562.6%43.672.8%1.5%1.1%%eq entry&exit2.6%1.5%0.1%0.1%8.2%0.10%-0.50%7.81%9.29%9.78%1.061.58%1.79%1.49%-0.10%24.321.49%1.05%1.00%0.50%0.50%2.75%2.53%3.53%4.03%4.53%6.78%5.29%24.3515.29(0.06)-0.02-0.9425.290.830.000.000.8125.293.2%10.1%10.5%8.4%8.5%

16195540.980.981.572.4%45.483.0%2.0%0.9%60.0%EQ Pos2.4%1.6%0.2%0.2%8.4%0.18%-0.50%8.04%9.68%10.22%1.071.64%1.60%1.64%-0.09%24.871.64%1.08%1.00%0.50%0.50%2.75%2.72%3.72%4.22%4.72%6.97%5.32%24.8815.87(0.06)-0.02-0.9825.860.980.000.000.9625.863.7%10.5%10.8%8.5%8.6%

17195610.920.921.623.4%48.482.9%2.6%1.4%3210-1-2-33.4%1.7%0.2%0.2%8.5%0.18%-0.50%8.15%9.84%10.40%1.081.74%1.78%1.69%-0.08%25.291.69%1.09%1.00%0.50%0.50%2.75%2.78%3.78%4.28%4.78%7.02%5.33%25.3316.39(0.06)-0.02-1.0226.350.920.000.000.9026.353.4%10.5%10.8%8.6%8.7%

18195620.870.871.643.4%46.972.9%2.4%1.7%AEAFAGAHAIAJAKALAMANAOBABBBC3.4%1.6%0.1%0.1%8.6%0.12%-0.50%8.20%9.82%10.35%1.091.83%2.04%1.62%-0.08%25.861.62%1.07%1.00%0.50%0.50%2.75%2.69%3.69%4.19%4.69%6.94%5.32%25.7316.85(0.06)-0.02-1.0626.790.870.000.000.8526.793.2%9.6%9.9%8.6%8.7%

19195630.690.691.734.6%45.352.9%2.5%1.6%Eq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgtEq wgt4.6%1.8%0.2%0.2%8.7%0.18%-0.50%8.36%10.12%10.70%1.101.98%2.31%1.76%-0.07%26.351.76%1.10%1.00%0.50%0.50%2.75%2.86%3.86%4.36%4.86%7.11%5.35%25.9217.11(0.06)-0.02-1.1027.030.690.000.000.6727.032.5%8.2%8.5%8.6%8.7%

20195640.930.931.803.5%46.673.2%2.8%1.5%85.0%80.0%75.0%70.0%85.0%85.0%85.0%85.0%85.0%85.0%85.0%85.0%85.0%85.0%85.0%63.3%56.7%50.0%3.5%1.9%0.3%0.3%8.7%0.25%-0.50%8.49%10.42%11.06%1.112.06%2.76%1.94%-0.06%26.791.94%1.14%1.00%0.50%0.50%2.75%3.08%4.08%4.58%5.08%7.32%5.38%26.3417.59(0.06)-0.02-1.1427.480.930.000.000.9127.483.3%7.4%7.6%8.6%8.7%

21195710.910.911.844.6%44.113.4%3.3%1.6%EquityEquityEquityEquityBondBondBondBondBondBondBondEquityEquityBondBondBondBondBond4.6%2.1%0.3%0.3%8.7%0.25%-0.50%8.47%10.62%11.33%1.122.18%2.77%2.15%-0.05%27.032.15%1.18%1.00%0.50%0.50%2.75%3.33%4.33%4.83%5.33%7.57%5.42%26.7218.04(0.07)-0.03-1.1827.910.910.000.000.8827.913.2%6.7%7.0%8.5%8.6%

22195720.890.891.741.5%47.373.3%3.1%2.1%PositionEntryExitWeightPositionEntryExitWeightWeightWeightWeightPositionEntryExitEntryExitWeightWeightWeight1.5%2.4%0.3%0.3%8.7%0.25%-0.50%8.43%10.84%11.64%1.122.15%2.78%2.41%-0.04%27.482.41%1.23%1.00%0.50%0.50%2.75%3.64%4.64%5.14%5.64%7.89%5.48%27.1118.49(0.07)-0.03-1.2228.330.890.000.000.8628.333.0%7.3%7.5%8.4%8.6%

23195730.740.741.734.0%42.423.6%3.3%2.2%320%5%85.0%312%3%15.0%20.0%25.0%30.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%36.7%43.3%50.0%4.0%2.5%0.3%0.3%8.6%0.25%-0.50%8.37%10.84%11.66%1.142.23%3.20%2.48%-0.04%27.912.48%1.25%1.00%0.50%0.50%2.75%3.72%4.72%5.22%5.72%7.97%5.49%27.3518.80(0.07)-0.03-1.2628.610.740.000.000.7128.612.5%7.5%7.7%8.4%8.5%

24195740.830.831.730.5%39.993.7%3.6%1.4%215%0%80.0%29%0%15.0%20.0%25.0%30.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%34.4%38.9%43.3%Test versions0.5%2.5%0.3%0.3%8.6%0.25%-0.50%8.32%10.79%11.60%1.142.16%3.06%2.46%-0.04%28.332.46%1.24%1.00%0.50%0.50%2.75%3.71%4.71%5.21%5.71%7.95%5.49%27.6819.20(0.07)-0.03-1.3028.980.830.000.000.8028.982.8%7.9%8.2%8.4%8.5%

25195810.680.681.761.6%42.103.2%3.1%1.7%110%-5%75.0%16%-3%15.0%20.0%25.0%30.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%32.2%34.4%36.7%20.0%30.0%50.0%6.4%1.2%0.0%1.6%2.7%0.3%0.3%8.5%0.25%-0.50%8.29%11.01%11.90%1.142.14%2.91%2.71%-0.03%28.612.71%1.29%1.00%0.50%0.50%2.75%4.01%5.01%5.51%6.01%8.25%5.54%27.8519.44(0.07)-0.03-1.3429.190.680.000.000.6529.192.2%8.0%8.2%8.4%8.5%

26195820.680.681.791.0%45.243.3%1.3%2.6%070.0%015.0%20.0%25.0%30.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%30.0%30.0%30.0%20.0%30.0%50.0%8.5%0.2%0.0%1.0%2.6%0.3%0.3%8.5%0.25%-0.50%8.28%10.89%11.75%1.142.09%2.77%2.61%-0.03%28.982.61%1.27%1.00%0.50%0.50%2.75%3.88%4.88%5.38%5.88%8.13%5.52%28.0119.67(0.07)-0.03-1.3829.390.680.000.000.6529.392.2%7.3%7.6%8.3%8.5%

27195830.690.691.772.3%50.063.2%0.9%2.2%-1-10%5%63.3%-1-6%3%15.0%18.3%21.7%25.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%25.6%26.1%26.7%2.3%2.5%0.3%0.3%8.5%0.25%-0.50%8.27%10.80%11.63%1.152.10%2.75%2.52%-0.03%29.192.52%1.25%1.00%0.50%0.50%2.75%3.78%4.78%5.28%5.78%8.02%5.50%28.1919.92(0.07)-0.03-1.4229.610.690.000.000.6629.612.2%7.6%7.9%8.3%8.5%

28195840.840.841.731.9%55.213.8%2.5%0.4%-2-15%0%56.7%-2-9%0%15.0%16.7%18.3%20.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%21.1%22.2%23.3%1.9%2.4%0.3%0.3%8.5%0.25%-0.50%8.24%10.68%11.48%1.162.09%2.71%2.43%-0.03%29.392.43%1.24%1.00%0.50%0.50%2.75%3.67%4.67%5.17%5.67%7.91%5.48%28.5320.32(0.07)-0.03-1.4629.980.840.000.000.8129.982.7%7.1%7.3%8.3%8.4%

29195910.90.901.733.5%55.443.8%2.7%-0.3%-3-20%-5%50.0%-3-12%-3%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%16.7%18.3%20.0%3.5%2.4%0.3%0.3%8.5%0.25%-0.50%8.22%10.65%11.45%1.172.14%2.71%2.42%-0.03%29.612.42%1.23%1.00%0.50%0.50%2.75%3.66%4.66%5.16%5.66%7.90%5.48%28.9220.79(0.07)-0.03-1.4930.420.900.000.000.8730.422.8%7.1%7.3%8.3%8.4%

30195920.970.971.753.1%58.474.0%2.9%-0.1%averageAvg & STDAvg & STDAvg & STDeq vs >of bd,ca50.0%3.0%2.5%95%5%12%8%7%0%3.1%2.4%0.3%0.3%8.4%0.25%-0.50%8.19%10.59%11.38%1.182.18%2.69%2.40%-0.03%29.982.40%1.23%1.00%0.50%0.50%2.75%3.63%4.63%5.13%5.63%7.87%5.47%29.3821.32(0.07)-0.04-1.5330.910.970.000.000.9330.913.0%7.2%7.4%8.2%8.4%

31195930.720.721.771.5%56.884.2%3.2%0.1%96.9%0.971.011.00eq vs cash50.0%1.3%1.1%71%4%74%22%4%0%9.9%9.5%4.0%1.5%2.4%0.3%0.3%8.4%0.25%-0.50%8.16%10.58%11.39%1.182.15%2.43%2.43%-0.03%30.4247.4%39.9%8.3%4.4%10.8%9.1%4.3%0.4%1.2%-0.5%5.5%3.03%2.43%1.24%1.00%0.50%0.50%2.75%3.66%4.66%5.16%5.66%7.91%5.48%29.5921.60(0.07)-0.04-1.5631.150.720.000.000.6831.152.2%7.4%7.7%8.2%8.4%

32195940.80.801.791.2%59.914.3%4.0%0.0%22.5%17.7%15.8%eq vs bd0.0%000.0%0.0%0%0%1.2%2.4%0.3%0.3%8.4%0.25%-0.50%8.13%10.56%11.36%1.182.12%2.23%2.43%-0.02%30.914.3%0.4%1.2%5.5%3.8%9.5%3.07%2.43%1.24%1.00%0.50%0.50%2.75%3.67%4.67%5.17%5.67%7.91%5.48%29.8721.95(0.07)-0.04-1.6031.470.800.000.000.7631.472.4%7.4%7.6%8.2%8.3%

33196010.90.901.812.6%55.344.6%4.4%-0.7%8.3%70.250.851.00-0.9%-1.2%-0.7%-0.9%-1.6%0.0%0.0%69.160.875.00%5.13%-0.4%-0.6%1.061.0715.4%-6.9%22.4%15.4%280.0%-118.3%9.82%4.05%3.68%2.1%-1.1%0.2%2.1%-256.7%-20.0%1.7%-6.8%see below starting in 197080.0%18.3%1.7%-6.8%6.1%0.0%10.0%11.7%1.7%2.6%2.3%0.3%0.3%8.4%0.25%-0.50%8.11%10.40%11.15%1.192.14%2.07%2.29%-0.02%31.153.553.470.870.4552.1%40.0%2.91%5.0%0.4810.40%7.7%4.2%0.4%0.8%-0.5%4.9%3.23%8.28%2.60%3.47%2.29%1.21%1.00%0.50%0.50%2.75%3.50%4.50%5.00%5.50%7.74%5.45%2.26%2.14%5.99%2.26%2.14%5.99%30.2422.40(0.07)-0.04-1.6331.870.900.000.000.8631.872.7%7.5%7.8%8.2%8.3%

34196020.840.841.830.7%56.924.1%2.8%0.8%8.4%70.670.781.000.6%0.8%0.8%0.6%1.0%0.0%0.0%71.350.784.86%4.78%-0.8%-0.7%1.101.0928.9%-8.3%37.3%28.9%385.0%-115.0%10.93%3.49%3.25%3.3%-1.3%-0.1%3.3%-256.7%-20.0%0.0%7.5%85.0%15.0%0.0%4%2%0.0%15.0%15.0%0.0%0.7%2.2%0.3%0.3%8.3%0.25%-0.50%8.09%10.27%10.99%1.192.10%2.00%2.18%-0.02%31.473.543.460.860.4652.9%40.0%2.07%5.0%0.4810.27%7.6%4.1%0.4%0.7%-0.5%4.8%3.48%8.44%2.61%1.55%2.18%1.19%1.00%0.50%0.50%2.75%3.36%4.36%4.86%5.36%7.61%5.43%1.91%0.61%6.26%2.09%1.38%6.12%30.5522.78(0.08)-0.04-1.6732.220.840.000.000.8032.222.5%7.8%8.0%8.2%8.3%

35196030.730.731.941.8%53.524.0%2.2%1.1%8.3%70.660.811.001.1%1.4%1.1%1.1%1.8%-1.0%-0.2%71.820.794.77%4.61%-0.7%-0.6%1.101.0726.2%-6.9%33.1%26.2%385.0%-115.0%10.42%3.53%3.06%2.9%-1.1%-0.2%2.9%-256.7%-20.0%0.0%10.8%85.0%15.0%0.0%-5%4%0.0%15.0%15.0%0.0%1.8%2.1%0.3%0.3%8.3%0.25%-0.50%8.07%10.18%10.87%1.202.09%1.81%2.10%-0.02%31.873.543.460.870.4956.0%40.0%0.00%4.0%0.4910.18%7.5%4.1%0.3%0.7%-0.5%4.6%3.45%8.26%2.54%-0.27%2.10%1.17%1.00%0.50%0.50%2.75%3.27%4.27%4.77%5.27%7.52%5.42%1.93%0.09%6.15%2.03%0.95%6.13%30.7223.03(0.08)-0.04-1.7032.420.730.000.000.6932.422.1%7.6%7.9%8.1%8.3%

36196040.80.801.950.5%58.113.9%2.3%0.2%8.5%71.240.751.000.9%1.0%0.2%0.9%1.5%-7.5%-1.3%71.400.754.71%4.48%-0.8%-0.6%1.111.0833.4%-7.4%40.8%33.4%385.0%-115.0%11.43%3.32%3.03%4.0%-1.2%-0.2%4.0%-256.7%-20.0%0.0%2.3%85.0%15.0%0.0%10%2%0.0%15.0%15.0%0.0%0.5%2.0%0.2%0.2%8.3%0.25%-0.50%8.07%10.11%10.79%1.202.04%1.81%2.05%-0.02%32.223.563.480.870.4956.1%40.0%0.00%3.9%0.4910.11%7.5%4.0%0.3%0.7%-0.5%4.6%3.69%8.45%2.54%0.92%2.05%1.16%1.00%0.50%0.50%2.75%3.21%4.21%4.71%5.21%7.45%5.40%1.81%0.27%6.40%1.98%0.78%6.20%30.9523.34(0.08)-0.04-1.7432.690.800.000.000.7632.692.3%7.8%8.0%8.1%8.3%

37196110.720.721.95-0.4%65.063.9%2.3%0.3%8.0%70.040.831.000.8%0.6%0.3%0.8%1.3%-20.6%-3.4%68.560.854.59%4.20%-0.7%-0.3%1.101.0418.0%-4.0%22.0%18.0%385.0%-115.0%9.82%3.57%2.93%2.5%-0.6%-0.2%2.5%-256.7%-20.0%0.0%3.4%85.0%15.0%0.0%13%1%0.0%15.0%15.0%0.0%-0.4%2.0%0.2%0.2%8.3%0.19%-0.50%8.00%9.95%10.59%1.201.98%1.65%1.95%-0.02%32.423.533.430.860.4956.8%40.0%0.00%3.2%0.499.95%7.3%4.0%0.2%0.6%-0.5%4.4%3.40%7.98%2.48%1.34%1.95%1.14%1.00%0.50%0.50%2.75%3.09%4.09%4.59%5.09%7.34%5.39%1.91%0.35%6.03%1.96%0.69%6.17%31.1123.57(0.08)-0.04-1.7732.880.720.000.000.6832.882.1%8.1%8.4%8.1%8.3%

38196120.780.781.952.0%64.643.8%2.4%0.0%7.6%70.680.921.000.7%0.0%0.0%0.7%1.1%-12.9%-2.2%69.940.934.56%4.29%-0.7%-0.5%1.101.067.5%-5.4%12.9%7.5%385.0%-115.0%8.36%3.45%2.93%1.1%-0.8%-0.1%1.1%-256.7%-20.0%0.0%0.3%85.0%15.0%0.0%0%-0%0.0%15.0%15.0%0.0%2.0%1.9%0.2%0.2%8.3%0.19%-0.50%7.99%9.92%10.55%1.201.98%1.73%1.93%-0.02%32.693.553.450.860.4956.5%40.0%0.00%3.5%0.499.92%7.3%4.0%0.3%0.6%-0.5%4.4%3.03%7.59%2.50%2.49%1.93%1.14%1.00%0.50%0.50%2.75%3.06%4.06%4.56%5.06%7.31%5.38%1.91%0.47%5.67%1.96%0.66%6.08%31.3223.87(0.08)-0.05-1.8033.120.780.000.000.7333.122.2%7.4%7.7%8.1%8.3%

39196130.750.751.941.8%66.733.9%2.4%-0.8%7.4%69.900.921.000.6%-0.0%-0.8%0.6%1.0%-21.3%-3.6%68.080.954.42%4.05%-0.5%-0.2%1.071.025.3%-1.9%7.2%5.3%385.0%-115.0%8.16%3.75%2.81%1.0%-0.3%-0.1%1.0%-256.7%-20.0%0.0%-8.2%85.0%15.0%0.0%4%1%0.0%15.0%15.0%0.0%1.8%1.8%0.1%0.1%8.3%0.13%-0.50%7.93%9.75%10.34%1.211.97%1.69%1.81%-0.03%32.883.523.400.850.4957.1%40.0%0.00%2.9%0.499.75%7.2%3.9%0.2%0.6%-0.5%4.3%3.04%7.44%2.46%3.34%1.81%1.11%1.00%0.50%0.50%2.75%2.92%3.92%4.42%4.92%7.17%5.36%2.08%0.54%5.63%1.97%0.64%6.02%31.5124.13(0.08)-0.05-1.8333.340.750.000.000.7033.342.1%7.4%7.8%8.1%8.3%

40196140.940.941.940.7%71.554.0%2.3%-0.3%7.4%71.160.941.000.7%0.1%-0.3%0.7%1.2%-14.9%-2.5%70.240.954.47%4.17%-0.5%-0.2%1.061.025.3%-2.4%7.6%5.3%385.0%-115.0%8.03%3.80%2.83%0.8%-0.4%-0.1%0.8%-256.7%-20.0%0.0%-3.4%85.0%15.0%0.0%8%-1%0.0%15.0%15.0%0.0%0.7%1.9%0.2%0.2%8.3%0.16%-0.50%7.95%9.80%10.41%1.211.94%1.59%1.85%-0.02%33.123.563.450.860.4956.2%40.0%0.00%3.8%0.499.80%7.2%3.9%0.3%0.6%-0.5%4.4%2.94%7.44%2.52%3.60%1.85%1.12%1.00%0.50%0.50%2.75%2.97%3.97%4.47%4.97%7.22%5.37%2.12%0.41%5.59%1.99%0.61%5.96%31.8924.59(0.08)-0.05-1.8633.750.940.000.000.8933.752.6%7.7%8.0%8.1%8.3%

41196210.90.901.963.4%69.554.1%2.8%-0.8%7.2%70.861.011.000.2%-0.4%-0.8%0.2%0.3%-17.3%-2.9%69.041.044.45%4.18%-0.3%-0.1%1.041.01-3.5%-0.9%-2.6%-3.5%175.0%-121.7%7.10%4.03%2.91%-0.1%-0.1%-0.0%-0.1%-256.7%-20.0%3.3%-8.3%75.0%21.7%3.3%-2%3%0.0%5.0%8.3%3.3%3.4%1.8%0.1%0.1%8.3%0.15%-0.50%7.92%9.75%10.36%1.221.98%1.58%1.83%-0.02%33.343.573.450.860.4956.8%40.0%0.00%3.2%0.499.75%7.2%3.9%0.2%0.6%-0.5%4.3%2.77%7.19%2.48%4.31%1.83%1.12%1.00%0.50%0.50%2.75%2.95%3.95%4.45%4.95%7.19%5.36%2.27%0.92%5.36%2.02%0.64%5.90%32.2225.00(0.08)-0.05-1.8934.110.900.000.000.8534.112.5%6.8%7.2%8.1%8.2%

42196220.880.882.021.5%54.754.0%2.7%-0.7%7.2%70.020.991.000.1%-0.3%-0.7%0.1%0.2%3.4%0.6%70.590.994.37%4.39%-0.4%-0.4%1.051.051.5%-5.1%6.6%1.5%175.0%-121.7%7.22%3.60%2.84%0.1%-0.8%-0.0%0.1%-256.7%-20.0%3.3%-7.4%75.0%21.7%3.3%-21%1%0.0%5.0%8.3%3.3%1.5%1.8%0.1%0.1%8.3%0.11%-0.50%7.88%9.65%10.23%1.231.97%1.44%1.76%-0.02%33.753.583.450.860.5158.5%40.0%0.00%1.5%0.519.65%7.1%3.9%0.1%0.6%-0.5%4.1%2.94%7.17%2.34%4.81%1.76%1.10%1.00%0.50%0.50%2.75%2.87%3.87%4.37%4.87%7.11%5.35%2.21%0.96%5.40%2.04%0.68%5.85%32.5125.37(0.08)-0.05-1.9234.430.880.000.000.8334.432.4%7.2%7.6%8.0%8.2%

43196230.810.812.040.8%56.274.0%2.9%0.2%8.0%70.320.781.00-0.0%-0.4%0.2%-0.0%-0.0%-1.5%-0.3%70.120.784.38%4.36%-0.4%-0.4%1.051.0428.1%-4.3%32.3%28.1%385.0%-115.0%10.58%3.70%2.89%3.5%-0.7%0.0%3.5%-256.7%-20.0%0.0%2.2%85.0%15.0%0.0%4%1%0.0%15.0%15.0%0.0%0.8%1.8%0.1%0.1%8.2%0.11%-0.50%7.86%9.63%10.22%1.231.94%1.39%1.78%-0.02%34.113.623.490.870.5158.5%40.0%0.00%1.5%0.519.63%7.1%3.9%0.1%0.6%-0.5%4.1%3.78%8.04%2.33%3.76%1.78%1.11%1.00%0.50%0.50%2.75%2.88%3.88%4.38%4.88%7.13%5.35%2.23%1.12%6.26%2.06%0.72%5.89%32.7325.67(0.08)-0.05-1.9534.680.810.000.000.7634.682.2%7.6%8.0%8.0%8.2%

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45196310.940.942.081.8%66.573.9%2.9%-0.2%7.3%69.280.911.00-0.1%-0.1%-0.2%-0.1%-0.2%-13.1%-2.2%67.600.934.24%4.08%-0.3%-0.2%1.041.027.1%-1.8%9.0%7.1%385.0%-115.0%8.20%3.80%2.77%1.2%-0.3%0.0%1.2%-256.7%-20.0%0.0%-2.2%85.0%15.0%0.0%6%0%0.0%15.0%15.0%0.0%1.8%1.7%0.0%0.0%8.2%0.05%-0.50%7.77%9.44%9.98%1.241.95%1.44%1.66%-0.02%34.683.623.460.870.5260.1%39.9%0.00%0.0%0.529.44%7.0%3.8%0.0%0.5%-0.5%3.9%3.34%7.34%2.21%4.25%1.66%1.08%1.00%0.50%0.50%2.75%2.74%3.74%4.24%4.74%6.99%5.33%2.27%1.23%5.68%2.09%0.78%5.89%33.5526.66(0.08)-0.06-2.0035.550.940.000.000.8835.552.5%7.8%8.2%8.0%8.2%

46196321.011.012.130.3%69.374.0%2.9%0.3%7.3%70.850.941.00-0.1%-0.1%0.3%-0.1%-0.2%18.4%3.1%72.910.914.32%4.59%-0.3%-0.6%1.041.079.5%-6.9%16.4%9.5%385.0%-115.0%7.87%3.52%2.84%0.8%-1.1%0.0%0.8%-256.7%-20.0%0.0%3.2%85.0%15.0%0.0%5%0%0.0%15.0%15.0%0.0%0.3%1.7%0.1%0.1%8.2%0.09%-0.50%7.80%9.53%10.10%1.241.91%1.40%1.73%-0.02%35.193.703.550.890.5359.9%40.0%0.00%0.1%0.539.53%7.1%3.8%0.0%0.6%-0.5%3.9%3.24%7.31%2.22%4.83%1.73%1.10%1.00%0.50%0.50%2.75%2.82%3.82%4.32%4.82%7.07%5.34%2.29%1.19%5.58%2.11%0.81%5.87%33.9427.13(0.08)-0.06-2.0335.971.010.000.000.9535.972.6%8.4%8.8%8.0%8.2%

47196330.930.932.151.1%71.704.1%3.0%-0.3%7.1%70.880.981.00-0.2%-0.2%-0.3%-0.2%-0.4%2.2%0.4%70.850.984.28%4.35%-0.2%-0.3%1.031.042.1%-3.6%5.7%2.1%280.0%-118.3%7.32%3.79%2.83%0.3%-0.6%0.0%0.3%-256.7%-20.0%1.7%-2.7%80.0%18.3%1.7%4%1%0.0%10.0%11.7%1.7%1.1%1.7%0.1%0.1%8.2%0.06%-0.50%7.78%9.47%10.03%1.251.90%1.34%1.69%-0.02%35.553.723.570.890.5460.3%39.7%0.00%0.0%0.549.47%7.0%3.8%0.0%0.6%-0.5%3.9%3.14%7.13%2.18%4.48%1.69%1.09%1.00%0.50%0.50%2.75%2.78%3.78%4.28%4.78%7.03%5.33%2.36%1.34%5.44%2.12%0.84%5.84%34.2527.53(0.08)-0.06-2.0636.310.930.000.000.8736.312.4%8.5%9.0%8.0%8.2%

48196341.141.142.202.9%75.024.1%3.4%-1.0%7.0%70.721.011.00-0.7%-0.5%-1.0%-0.7%-1.1%7.3%1.2%70.801.014.24%4.43%-0.1%-0.3%1.021.04-1.3%-4.0%2.7%-1.3%175.0%-121.7%6.84%3.81%2.87%-0.1%-0.6%0.1%-0.1%-256.7%-20.0%3.3%-10.0%75.0%21.7%3.3%5%0%0.0%5.0%8.3%3.3%2.9%1.7%0.1%0.1%8.2%0.05%-0.50%7.78%9.44%9.99%1.261.92%1.54%1.66%-0.02%35.973.753.590.900.5561.2%38.8%0.00%0.0%0.559.44%7.0%3.7%0.0%0.5%-0.5%3.8%3.10%6.98%2.10%5.62%1.66%1.08%1.00%0.50%0.50%2.75%2.74%3.74%4.24%4.74%6.99%5.33%2.44%1.74%5.32%2.14%0.90%5.80%34.7628.12(0.09)-0.06-2.0836.841.140.000.001.0836.842.9%8.4%8.9%8.0%8.3%

49196411.11.102.211.1%78.984.2%3.6%-1.1%6.8%71.241.051.00-0.9%-0.5%-1.1%-0.9%-1.5%-2.2%-0.4%69.931.074.19%4.29%-0.0%-0.1%1.001.01-6.8%-1.4%-5.4%-6.8%070.0%-125.0%6.35%4.07%2.87%-0.6%-0.2%0.2%-0.6%-256.7%-20.0%5.0%-10.9%70.0%25.0%5.0%6%0%0.0%0.0%5.0%5.0%1.1%1.6%0.0%0.0%8.2%0.03%-0.50%7.78%9.40%9.93%1.261.90%1.67%1.62%-0.02%36.313.773.610.900.5561.3%38.7%0.00%0.0%0.559.40%6.9%3.6%0.0%0.5%-0.5%3.7%2.98%6.81%2.10%5.24%1.62%1.07%1.00%0.50%0.50%2.75%2.69%3.69%4.19%4.69%6.94%5.32%2.55%1.96%5.19%2.17%0.96%5.77%35.2228.66(0.09)-0.06-2.1137.321.100.000.001.0437.322.8%9.0%9.4%8.1%8.3%

50196421.161.162.281.2%81.694.2%3.6%-1.0%6.9%73.951.071.00-0.8%-0.4%-1.0%-0.8%-1.3%20.3%3.4%75.521.054.33%4.72%-0.1%-0.5%1.011.06-4.4%-5.7%1.3%-4.4%070.0%-125.0%6.32%3.83%2.98%-0.8%-0.9%0.2%-0.8%-256.7%-20.0%5.0%-10.1%70.0%25.0%5.0%4%2%0.0%0.0%5.0%5.0%1.2%1.7%0.1%0.1%8.3%0.10%-0.50%7.85%9.59%10.16%1.261.89%1.60%1.73%-0.02%36.843.893.740.940.5760.9%39.1%0.00%0.0%0.579.59%7.1%3.7%0.0%0.6%-0.5%3.9%2.92%6.90%2.14%5.18%1.73%1.10%1.00%0.50%0.50%2.75%2.83%3.83%4.33%4.83%7.07%5.34%2.51%1.86%5.17%2.19%1.01%5.74%35.7229.25(0.09)-0.06-2.1337.851.160.000.001.1037.852.9%8.9%9.3%8.1%8.3%

51196431.071.072.332.2%84.184.1%3.5%-1.2%7.0%76.351.071.00-0.6%-0.1%-1.2%-0.6%-1.0%15.3%2.5%77.501.054.39%4.69%-0.3%-0.6%1.031.07-5.1%-6.6%1.5%-5.1%070.0%-125.0%6.37%3.66%3.02%-0.8%-1.0%0.1%-0.8%-256.7%-20.0%5.0%-11.5%70.0%25.0%5.0%4%1%0.0%0.0%5.0%5.0%2.2%1.8%0.1%0.1%8.3%0.14%-0.50%7.92%9.70%10.29%1.271.89%1.64%1.79%-0.02%37.323.983.840.960.5860.6%39.4%0.00%0.0%0.589.70%7.1%3.8%0.0%0.6%-0.5%4.0%2.88%6.96%2.18%5.78%1.79%1.11%1.00%0.50%0.50%2.75%2.89%3.89%4.39%4.89%7.14%5.35%2.35%1.73%5.18%2.19%1.05%5.71%36.1229.74(0.09)-0.06-2.1638.281.070.000.001.0138.282.6%8.8%9.1%8.1%8.3%

52196441.221.222.381.0%84.754.2%3.6%-1.0%6.8%76.461.101.00-0.8%-0.1%-1.0%-0.8%-1.3%17.3%2.9%77.701.084.35%4.69%-0.2%-0.5%1.021.07-7.7%-6.1%-1.6%-7.7%070.0%-125.0%6.00%3.74%3.00%-1.1%-1.0%0.2%-1.1%-256.7%-20.0%5.0%-9.6%70.0%25.0%5.0%2%1%0.0%0.0%5.0%5.0%1.0%1.7%0.1%0.1%8.3%0.12%-0.50%7.91%9.66%10.24%1.271.88%1.66%1.75%-0.02%37.854.023.870.970.6061.4%38.6%0.00%0.0%0.609.66%7.1%3.7%0.0%0.6%-0.5%3.9%2.86%6.82%2.11%4.31%1.75%1.10%1.00%0.50%0.50%2.75%2.85%3.85%4.35%4.85%7.09%5.34%2.43%1.85%5.08%2.21%1.09%5.67%36.6530.37(0.09)-0.07-2.1838.831.220.000.001.1538.833.0%9.5%9.8%8.1%8.3%

53196511.231.232.443.4%86.164.2%3.9%-0.9%6.9%77.121.101.00-1.0%-0.3%-0.9%-1.0%-1.7%4.7%0.8%76.431.114.37%4.58%-0.2%-0.4%1.021.05-9.8%-4.6%-5.2%-9.8%070.0%-125.0%6.04%3.86%3.07%-1.1%-0.7%0.2%-1.1%-256.7%-20.0%5.0%-9.1%70.0%25.0%5.0%50%40%10%2%1%0.0%0.0%5.0%5.0%3.4%1.8%0.1%0.1%8.3%0.13%-0.50%7.94%9.71%10.29%1.281.91%1.66%1.77%-0.02%38.284.083.940.980.6162.0%38.0%0.00%0.0%0.619.71%7.1%3.7%0.0%0.6%-0.5%3.8%2.91%6.85%2.06%3.76%1.77%1.10%1.00%0.50%0.50%2.75%2.87%3.87%4.37%4.87%7.11%5.35%2.42%2.11%5.08%2.22%1.14%5.65%37.1830.99(0.09)-0.07-2.2139.391.230.000.001.1639.393.0%8.9%9.2%8.1%8.4%7.11%-1.69%4.65%

54196521.321.322.502.0%84.124.2%4.0%-1.6%6.9%78.411.101.00-1.2%-0.4%-1.6%-1.2%-1.9%19.2%3.2%79.411.084.37%4.80%-0.2%-0.6%1.031.08-7.8%-7.6%-0.3%-7.8%070.0%-125.0%6.04%3.62%3.11%-1.1%-1.2%0.2%-1.1%-256.7%-20.0%5.0%-16.3%70.0%25.0%5.0%50%40%10%-2%1%0.0%0.0%5.0%5.0%2.0%1.8%0.1%0.1%8.3%0.14%-0.50%7.98%9.75%10.33%1.291.91%1.71%1.77%-0.02%38.834.154.011.000.6362.3%37.7%0.00%0.0%0.639.75%7.1%3.7%0.0%0.6%-0.5%3.8%2.93%6.85%2.04%3.24%1.77%1.10%1.00%0.50%0.50%2.75%2.87%3.87%4.37%4.87%7.12%5.35%2.40%2.26%5.08%2.23%1.19%5.62%37.7831.68(0.09)-0.07-2.2340.011.320.000.001.2540.013.1%8.8%9.2%8.1%8.4%7.12%-1.34%1.66%

55196531.211.212.552.4%89.964.2%3.9%-0.8%7.0%79.611.061.00-1.0%-0.1%-0.8%-1.0%-1.6%18.1%3.0%80.721.044.39%4.78%-0.2%-0.6%1.031.08-4.0%-7.2%3.1%-4.0%070.0%-125.0%6.51%3.66%3.09%-0.6%-1.1%0.2%-0.6%-256.7%-20.0%5.0%-7.8%70.0%25.0%5.0%50%40%10%8%-0%0.0%0.0%5.0%5.0%2.4%1.8%0.1%0.1%8.4%0.14%-0.50%7.99%9.78%10.36%1.301.92%1.84%1.78%-0.02%39.394.224.081.020.6462.5%37.5%0.00%0.0%0.649.78%7.1%3.7%0.0%0.6%-0.5%3.8%3.07%6.99%2.03%3.84%1.78%1.11%1.00%0.50%0.50%2.75%2.89%3.89%4.39%4.89%7.14%5.35%2.40%2.09%5.21%2.23%1.23%5.60%38.2632.25(0.09)-0.07-2.2640.521.210.000.001.1440.522.8%8.9%9.3%8.1%8.4%7.14%-0.68%6.22%

56196541.431.432.612.2%92.434.3%4.1%-0.8%6.9%81.211.111.00-1.2%-0.3%-0.8%-1.2%-2.0%24.9%4.1%82.971.084.42%4.93%-0.1%-0.6%1.011.08-7.8%-7.2%-0.6%-7.8%070.0%-125.0%6.00%3.81%3.15%-1.2%-1.1%0.2%-1.2%-256.7%-20.0%5.0%-7.7%70.0%25.0%5.0%50%40%10%4%-1%0.0%0.0%5.0%5.0%2.2%1.8%0.2%0.2%8.4%0.15%-0.50%8.02%9.83%10.42%1.311.92%1.81%1.81%-0.02%40.014.314.171.040.6562.6%37.4%0.00%0.0%0.659.83%7.2%3.7%0.0%0.6%-0.5%3.8%2.93%6.87%2.02%3.85%1.81%1.11%1.00%0.50%0.50%2.75%2.92%3.92%4.42%4.92%7.16%5.36%2.52%2.29%5.06%2.24%1.27%5.58%38.9433.03(0.10)-0.07-2.2841.231.430.000.001.3641.233.3%8.9%9.2%8.2%8.4%7.16%-1.33%4.83%

57196611.381.382.664.1%89.234.5%4.6%-1.2%7.0%83.931.101.00-1.5%-0.6%-1.2%-1.5%-2.6%11.8%2.0%83.421.114.50%4.88%-0.0%-0.4%1.001.05-9.7%-4.7%-5.0%-9.7%070.0%-125.0%6.15%4.15%3.31%-1.1%-0.7%0.3%-1.1%-256.7%-20.0%5.0%-11.6%70.0%25.0%5.0%50%40%10%-3%-1%0.0%0.0%5.0%5.0%4.1%1.9%0.2%0.2%8.4%0.20%-0.50%8.08%9.96%10.58%1.321.96%2.00%1.88%-0.01%40.524.414.291.070.6762.1%37.9%0.00%0.0%0.679.96%7.2%3.8%0.0%0.6%-0.5%4.0%2.91%6.98%2.08%4.14%1.88%1.13%1.00%0.50%0.50%2.75%3.00%4.00%4.50%5.00%7.25%5.37%2.61%2.67%5.10%2.26%1.33%5.56%39.5633.75(0.10)-0.07-2.3141.871.380.000.001.3141.873.1%8.8%9.1%8.2%8.4%7.25%-1.68%4.15%

58196621.441.442.724.7%84.744.6%4.6%-0.9%7.1%84.911.051.00-1.6%-0.5%-0.9%-1.6%-2.7%30.5%5.0%86.851.034.49%5.13%0.1%-0.5%0.991.07-2.7%-6.5%3.8%-2.7%070.0%-125.0%6.66%4.12%3.31%-0.6%-1.0%0.3%-0.6%-256.7%-20.0%5.0%-8.7%70.0%25.0%5.0%60%30%10%-4%1%0.0%0.0%5.0%5.0%4.7%1.9%0.2%0.2%8.4%0.19%-0.50%8.08%9.95%10.56%1.332.01%2.37%1.86%-0.01%41.234.484.351.090.6862.5%37.5%0.00%0.0%0.689.95%7.2%3.7%0.0%0.6%-0.5%3.9%3.08%7.11%2.04%5.17%1.86%1.12%1.00%0.50%0.50%2.75%2.99%3.99%4.49%4.99%7.23%5.37%2.73%2.76%5.24%2.28%1.38%5.55%40.2234.51(0.10)-0.07-2.3442.561.440.000.001.3742.563.2%8.0%8.3%8.2%8.4%7.23%-0.45%4.65%

59196631.261.262.782.1%76.564.8%4.7%-0.7%7.6%88.890.951.00-1.5%-0.4%-0.7%-1.5%-2.6%22.2%3.7%89.910.944.63%5.15%0.2%-0.4%0.981.056.1%-4.4%10.5%6.1%070.0%-125.0%8.00%4.46%3.43%0.6%-0.7%0.3%0.6%-256.7%-20.0%5.0%-7.0%70.0%25.0%5.0%50%40%10%-8%1%0.0%0.0%5.0%5.0%2.1%2.0%0.2%0.2%8.4%0.25%-0.50%8.16%10.14%10.79%1.342.01%2.45%1.98%-0.01%41.874.624.521.130.7061.5%38.5%0.00%0.0%0.7010.14%7.4%3.9%0.0%0.7%-0.5%4.1%3.32%7.57%2.13%6.21%1.98%1.15%1.00%0.50%0.50%2.75%3.13%4.13%4.63%5.13%7.37%5.39%2.80%2.68%5.59%2.30%1.43%5.55%40.6935.07(0.10)-0.07-2.3643.051.260.000.001.1943.052.8%8.0%8.3%8.2%8.4%7.37%1.00%5.00%

60196641.471.472.834.0%80.334.8%5.4%-0.7%8.3%92.390.831.00-2.1%-1.0%-0.7%-2.1%-3.4%25.8%4.3%93.180.824.88%5.52%-0.1%-0.8%1.011.1021.7%-9.1%30.8%21.7%385.0%-215.0%10.17%4.10%3.79%2.5%-1.4%0.4%2.5%-256.7%-20.0%0.0%-6.7%85.0%15.0%0.0%50%30%20%6%5%0.0%15.0%15.0%0.0%4.0%2.2%0.3%0.3%8.4%0.25%-0.50%8.16%10.34%11.07%1.352.04%2.55%2.19%-0.01%42.564.824.711.180.7160.1%39.9%0.00%0.0%0.7110.34%7.6%4.1%0.0%0.7%-0.5%4.4%3.75%8.34%2.23%4.68%2.19%1.19%1.00%0.50%0.50%2.75%3.38%4.38%4.88%5.38%7.62%5.43%2.57%3.25%6.15%2.31%1.50%5.57%41.3535.83(0.10)-0.07-2.3943.741.470.000.001.4043.743.2%7.3%7.6%8.1%8.4%7.62%3.38%6.45%

61196711.281.282.892.6%90.204.6%4.9%-0.2%8.2%92.940.861.00-1.5%-0.1%-0.2%-1.5%-2.5%5.2%0.9%91.450.884.93%5.21%-0.4%-0.7%1.051.0913.8%-7.9%21.7%13.8%385.0%-215.0%9.62%3.98%3.72%1.9%-1.2%0.3%1.9%-256.7%-20.0%0.0%-2.3%85.0%15.0%0.0%70%20%10%13%1%0.0%15.0%15.0%0.0%2.6%2.2%0.3%0.3%8.4%0.25%-0.50%8.15%10.39%11.12%1.362.05%2.67%2.23%-0.01%43.054.904.791.200.7260.4%39.6%0.00%0.0%0.7210.39%7.7%4.1%0.0%0.7%-0.5%4.4%3.65%8.23%2.19%3.47%2.23%1.20%1.00%0.50%0.50%2.75%3.43%4.43%4.93%5.43%7.67%5.44%2.32%2.68%6.00%2.31%1.54%5.59%41.8036.39(0.10)-0.07-2.4244.231.280.000.001.2144.232.7%7.4%7.7%8.1%8.4%7.67%2.21%4.10%

62196721.321.322.871.5%90.644.5%4.2%1.0%8.0%95.880.941.00-0.7%0.7%1.0%-0.7%-1.1%18.7%3.1%97.770.925.00%5.36%-0.5%-0.8%1.061.118.4%-10.2%18.6%8.4%385.0%-215.0%8.54%3.77%3.64%0.8%-1.6%0.1%0.8%-256.7%-20.0%0.0%10.3%85.0%15.0%0.0%70%20%10%12%-6%0.0%15.0%15.0%0.0%1.5%2.3%0.3%0.3%8.4%0.25%-0.50%8.14%10.44%11.19%1.372.04%2.70%2.29%-0.01%43.745.014.901.220.7258.6%40.0%0.00%1.4%0.7210.44%7.7%4.2%0.1%0.8%-0.5%4.6%3.22%7.99%2.32%4.02%2.29%1.21%1.00%0.50%0.50%2.75%3.50%4.50%5.00%5.50%7.75%5.45%2.22%1.90%5.69%2.30%1.55%5.59%42.3036.99(0.10)-0.07-2.4544.751.320.000.001.2544.752.8%8.1%8.3%8.1%8.4%7.75%1.36%-1.15%

63196731.231.232.903.9%96.715.1%3.9%0.9%8.1%97.060.931.00-0.3%0.9%0.9%-0.3%-0.5%0.8%0.1%96.700.945.09%5.14%0.0%-0.0%1.001.006.7%-0.4%7.1%6.7%385.0%-215.0%8.71%5.07%3.64%0.9%-0.1%0.1%0.9%-256.7%-20.0%0.0%8.9%85.0%15.0%0.0%70%30%0%7%-0%0.0%15.0%15.0%0.0%3.9%2.4%0.3%0.3%8.4%0.25%-0.50%8.13%10.49%11.27%1.382.07%2.84%2.36%-0.01%44.235.104.991.250.7358.2%40.0%0.00%1.8%0.7310.49%7.8%4.2%0.1%0.8%-0.5%4.7%3.24%8.09%2.34%5.21%2.36%1.22%1.00%0.50%0.50%2.75%3.59%4.59%5.09%5.59%7.83%5.47%2.74%1.52%5.73%2.32%1.55%5.59%42.7037.50(0.11)-0.08-2.4845.181.230.000.001.1545.182.6%7.3%7.5%8.1%8.4%7.83%1.09%-11.77%

64196741.51.502.904.4%96.475.2%4.5%-0.6%7.9%98.890.981.00-0.9%0.2%-0.6%-0.9%-1.4%1.7%0.3%97.770.995.10%5.24%0.1%-0.1%0.991.011.1%-0.7%1.8%1.1%280.0%-216.7%8.14%5.13%3.77%0.3%-0.1%0.2%0.3%-256.7%-20.0%3.3%-6.4%80.0%16.7%3.3%70%30%0%1%-4%0.0%10.0%13.3%3.3%4.4%2.4%0.3%0.3%8.4%0.25%-0.50%8.13%10.50%11.28%1.402.11%3.13%2.37%-0.01%44.755.165.051.260.7357.4%40.0%0.00%2.6%0.7310.50%7.8%4.2%0.2%0.8%-0.5%4.8%3.03%7.95%2.40%6.10%2.37%1.22%1.00%0.50%0.50%2.75%3.60%4.60%5.10%5.60%7.84%5.47%2.81%2.08%5.57%2.33%1.57%5.59%43.3738.27(0.11)-0.08-2.5145.881.500.000.001.4245.883.1%7.0%7.3%8.1%8.4%7.84%0.18%-9.03%

65196811.391.392.925.1%90.205.6%5.1%-0.8%8.1%100.150.961.00-1.4%-0.8%-0.8%-1.4%-2.4%-7.4%-1.2%96.531.005.20%5.30%0.4%0.3%0.960.970.1%3.3%-3.2%-1.6%175.0%025.0%8.43%5.81%3.99%0.5%0.5%0.3%-0.0%-256.7%-20.0%0.0%-7.8%75.0%25.0%0.0%50%50%0%-6%1%0.0%5.0%5.0%0.0%5.1%2.5%0.3%0.3%8.4%0.25%-0.50%8.12%10.58%11.39%1.412.16%3.27%2.46%-0.01%45.185.265.151.290.7356.8%40.0%0.00%3.2%0.7310.58%7.9%4.2%0.3%0.8%-0.5%4.9%3.06%8.10%2.43%7.41%2.46%1.24%1.00%0.50%0.50%2.75%3.70%4.70%5.20%5.70%7.94%5.49%3.11%2.67%5.64%2.36%1.60%5.60%43.9238.93(0.11)-0.08-2.5446.471.390.000.001.3146.472.8%6.3%6.6%8.1%8.3%7.94%0.01%-6.02%

66196821.451.452.925.0%99.585.6%5.3%-0.8%8.6%103.120.871.00-1.4%-0.9%-0.8%-1.4%-2.3%12.8%2.1%102.950.885.39%5.76%0.2%-0.2%0.981.0214.1%-2.1%16.2%14.1%175.0%025.0%9.88%5.44%4.17%1.7%-0.3%0.3%1.7%-256.7%-20.0%0.0%-8.0%75.0%25.0%0.0%50%40%10%11%5%0.0%5.0%5.0%0.0%5.0%2.6%0.3%0.3%8.4%0.25%-0.50%8.10%10.72%11.59%1.432.20%3.53%2.62%-0.00%45.885.435.321.330.7354.9%40.0%0.08%5.0%0.7310.72%8.1%4.3%0.4%0.9%-0.5%5.2%3.28%8.61%2.54%7.87%2.62%1.27%1.00%0.50%0.50%2.75%3.89%4.89%5.39%5.89%8.14%5.52%2.97%2.65%5.99%2.37%1.63%5.61%44.5339.65(0.11)-0.08-2.5847.111.450.000.001.3747.112.9%5.3%5.5%8.0%8.3%8.14%2.25%-0.98%

67196831.321.322.953.4%102.675.3%5.5%-0.2%8.4%103.780.961.00-1.4%-0.8%-0.2%-1.4%-2.4%2.1%0.3%101.640.985.51%5.74%-0.2%-0.4%1.021.052.1%-5.1%7.2%2.1%175.0%025.0%8.78%4.94%4.30%0.5%-0.8%0.3%0.5%-256.7%-20.0%0.0%-2.3%75.0%25.0%0.0%30%30%40%4%2%0.0%5.0%5.0%0.0%3.4%2.7%0.3%0.3%8.3%0.25%-0.50%8.08%10.79%11.69%1.442.22%3.61%2.72%-0.00%46.475.555.431.360.7454.3%40.0%0.68%5.0%0.7510.79%8.3%4.3%0.4%0.9%-0.5%5.2%3.03%8.42%2.51%6.70%2.72%1.29%1.00%0.50%0.50%2.75%4.01%5.01%5.51%6.01%8.25%5.54%2.59%2.73%5.70%2.38%1.66%5.61%45.0040.24(0.11)-0.08-2.6147.611.320.000.001.2447.612.6%5.5%5.7%8.0%8.3%8.25%0.34%-4.78%

68196841.61.602.995.7%103.865.3%5.3%1.0%8.5%104.240.981.00-1.1%-0.2%1.0%-1.1%-1.8%3.2%0.5%102.941.005.69%5.88%-0.4%-0.6%1.051.080.3%-7.1%7.3%0.3%175.0%-121.7%8.64%4.78%4.40%0.2%-1.1%0.2%0.2%-256.7%-20.0%3.3%10.1%75.0%21.7%3.3%30%30%40%2%-7%0.0%5.0%8.3%3.3%5.7%2.9%0.3%0.3%8.3%0.25%-0.50%8.04%10.90%11.85%1.462.27%3.91%2.86%0.00%47.115.705.581.400.7553.6%40.0%1.42%5.0%0.7710.90%8.4%4.4%0.4%0.9%-0.5%5.3%3.02%8.51%2.47%6.66%2.86%1.32%1.00%0.50%0.50%2.75%4.19%5.19%5.69%6.19%8.43%5.57%2.43%2.40%5.65%2.38%1.68%5.61%45.7441.09(0.11)-0.08-2.6448.381.600.000.001.5248.383.1%5.1%5.4%8.0%8.2%8.43%0.04%-6.48%

69196911.451.453.034.7%101.515.9%6.4%-0.3%8.5%104.530.991.00-2.1%-1.1%-0.3%-2.1%-3.6%-8.6%-1.4%99.311.055.75%5.93%0.2%-0.0%0.981.00-4.4%-0.1%-4.3%-4.4%175.0%-121.7%8.60%5.92%4.67%0.1%-0.0%0.4%0.1%-256.7%-20.0%3.3%-2.6%75.0%21.7%3.3%30%40%30%-2%-2%0.0%5.0%8.3%3.3%4.7%2.9%0.3%0.3%8.3%0.25%-0.50%8.00%10.92%11.88%1.482.31%3.96%2.92%0.00%47.615.775.661.410.7653.6%40.0%1.43%5.0%0.7810.92%8.5%4.4%0.4%1.0%-0.5%5.4%3.03%8.55%2.44%4.88%2.92%1.33%1.00%0.50%0.50%2.75%4.25%5.25%5.75%6.25%8.49%5.58%3.00%3.46%5.63%2.40%1.73%5.61%46.3241.78(0.11)-0.08-2.6748.991.450.000.001.3748.992.8%5.2%5.5%7.9%8.2%8.49%-0.74%-5.65%

70196921.471.473.075.4%97.716.2%6.1%0.4%8.9%105.300.961.00-1.7%-0.5%0.4%-1.7%-2.8%8.9%1.5%103.940.985.96%6.31%0.2%-0.1%0.971.012.4%-1.4%3.8%2.4%175.0%-121.7%9.18%6.10%4.79%0.5%-0.2%0.3%0.5%-256.7%-20.0%3.3%3.8%75.0%21.7%3.3%30%40%30%-3%1%0.0%5.0%8.3%3.3%5.4%3.1%0.3%0.3%8.2%0.25%-0.50%7.96%11.05%12.07%1.502.35%4.02%3.09%0.01%48.385.965.841.460.7752.6%40.0%2.44%5.0%0.8011.05%8.7%4.4%0.4%1.0%-0.5%5.5%3.20%8.86%2.40%4.24%3.09%1.37%1.00%0.50%0.50%2.75%4.46%5.46%5.96%6.46%8.70%5.61%3.11%3.04%5.77%2.42%1.76%5.62%46.9142.48(0.12)-0.08-2.7149.611.470.000.001.3949.612.8%5.0%5.2%7.9%8.1%8.70%0.40%-3.37%

71196931.371.373.106.6%93.126.2%6.2%0.2%9.1%105.780.921.00-1.7%-0.4%0.2%-1.7%-2.9%-3.2%-0.5%102.210.966.01%6.20%0.2%-0.0%0.981.004.6%-0.4%5.0%4.6%175.0%-121.7%9.79%6.14%4.85%1.0%-0.1%0.3%1.0%-256.7%-20.0%3.3%1.7%75.0%21.7%3.3%30%40%30%-4%-3%0.0%5.0%8.3%3.3%6.6%3.1%0.3%0.3%8.2%0.25%-0.50%7.92%11.06%12.09%1.532.41%4.40%3.13%0.01%48.996.055.921.480.7852.3%40.0%2.67%5.0%0.8111.06%8.8%4.4%0.4%1.0%-0.5%5.5%3.38%9.07%2.37%6.64%3.13%1.38%1.00%0.50%0.50%2.75%4.51%5.51%6.01%6.51%8.75%5.62%3.04%3.09%5.93%2.43%1.80%5.62%47.3943.08(0.12)-0.08-2.7450.131.370.000.001.2950.132.6%3.9%4.1%7.8%8.1%8.75%0.76%-2.10%

72196941.491.493.135.3%92.066.7%7.3%-0.8%9.3%106.090.881.00-2.7%-1.3%-0.8%-2.7%-4.6%-4.9%-0.8%100.350.936.07%6.38%0.6%0.3%0.930.967.8%3.8%4.0%5.9%175.0%025.0%10.55%6.97%5.12%1.7%0.6%0.5%1.1%-256.7%-20.0%0.0%-8.1%75.0%25.0%0.0%20%40%40%-0%-5%0.0%5.0%5.0%0.0%5.3%3.2%0.2%0.2%8.1%0.24%-0.50%7.88%11.06%12.11%1.552.45%4.51%3.18%0.01%49.616.146.011.500.7852.1%40.0%2.93%5.0%0.8311.06%8.8%4.4%0.4%1.1%-0.5%5.5%3.60%9.32%2.34%6.42%3.18%1.39%1.00%0.50%0.50%2.75%4.57%5.57%6.07%6.57%8.82%5.63%3.52%4.14%6.14%2.46%1.86%5.64%47.9843.79(0.12)-0.08-2.7750.751.490.000.001.4150.752.8%3.6%3.9%7.8%8.0%8.82%1.26%0.64%

73197011.31.303.155.8%89.636.8%8.2%-0.7%9.6%103.340.891.00-3.4%-1.7%-0.7%-3.4%-5.0%-13.1%-2.2%95.910.966.34%6.57%0.5%0.2%0.950.974.2%2.9%1.3%2.8%175.0%025.0%10.62%7.02%5.51%1.5%0.4%0.7%1.1%-256.7%-20.0%0.0%-7.3%0.0%00.0%75.0%25.0%0.0%20%30%50%-2%5%0.0%5.0%5.0%0.0%5.8%3.4%0.1%0.1%8.1%0.12%-0.50%7.70%11.11%12.23%1.572.50%4.79%3.41%0.01%50.136.326.131.530.7951.4%40.0%3.62%5.0%0.8411.11%9.1%4.4%0.5%1.1%-0.5%5.6%3.71%9.56%2.23%3.75%3.41%1.43%1.00%0.50%0.50%2.75%4.84%5.84%6.34%6.84%9.08%5.68%3.40%4.79%6.15%2.48%1.93%5.65%48.3744.30(0.12)-0.09-2.8151.181.300.000.001.2151.182.4%2.8%3.2%7.7%8.0%9.08%0.69%3.20%

74197021.361.363.165.4%72.726.5%6.5%0.8%9.7%102.740.871.00-1.6%0.5%0.8%-1.6%-2.6%-6.4%-1.1%98.930.916.43%6.56%0.1%-0.1%0.991.0110.4%-0.9%11.3%10.4%175.0%025.0%11.02%6.41%5.24%1.8%-0.1%0.3%1.8%-256.7%-20.0%0.0%8.4%100.0%00.0%75.0%25.0%0.0%40%40%20%-18%-4%0.0%5.0%5.0%0.0%5.4%3.5%0.1%0.1%8.0%0.08%-0.50%7.61%11.09%12.24%1.592.54%5.12%3.48%0.01%50.756.426.211.550.7950.9%40.0%4.13%5.0%0.8511.09%9.2%4.4%0.5%1.1%-0.5%5.7%3.87%9.75%2.18%4.94%3.48%1.45%1.00%0.50%0.50%2.75%4.93%5.93%6.43%6.93%9.17%5.69%3.00%3.03%6.26%2.50%1.95%5.66%48.8244.87(0.12)-0.09-2.8451.661.360.000.001.2751.662.5%2.5%2.9%7.7%7.9%9.17%1.67%1.91%

75197031.211.213.173.2%84.217.2%6.4%1.2%10.9%100.650.721.00-1.3%0.6%1.2%-1.3%-2.2%-20.7%-3.5%94.960.776.62%6.52%0.5%0.6%0.940.9330.6%7.6%23.0%26.8%385.0%115.0%14.20%7.70%5.38%4.8%1.2%0.3%3.6%-256.7%-20.0%0.0%12.4%100.0%15.0%85.0%15.0%0.0%60%40%0%17%8%0.0%15.0%15.0%0.0%3.2%3.6%-0.0%-0.0%8.0%-0.01%-0.50%7.46%11.10%12.30%1.602.55%5.06%3.64%0.02%51.186.566.291.570.7950.4%40.0%4.64%5.0%0.8711.10%9.4%4.4%0.5%1.2%-0.5%5.7%4.85%10.85%2.09