THE STATE OF SOUTH CAROLINA

Harvard Business School Case 9-201-061

Case Software 2-201-715 (2nd Edition)

Copyright © 2000 by the President and Fellows of Harvard College

This case was prepared as the basis for class discussion rather than to
illustrate either effective or ineffective handling of an administrative situation.
companies Return Variance S.D
Aluminum company amer 0.97 45.17 6.72 Annual Return
Allied signal inc 2.02 41.61 6.45 Variance
American express co 1.83 60.00 7.75 S.D
At&t 1.02 40.57 6.37
Bethlehem steel corp 0.24 116.09 10.77
Boeing co 1.17 43.83 6.62
Chevron corp 1.33 20.89 4.57 Dow 30 returns are low and standard devia
standard, in the asset return there is high re
Coca cola co 2.45 34.19 5.85 ,means invsting in Dow 30 companies there
Du pont 1.73 37.79 6.15 like corporate
Eastman kodak co 1.26 38.53 6.21
Exxon corp 1.45 13.72 3.70
General electric co 2.08 31.65 5.63
General motors corp 1.08 58.67 7.66
Goodyear tire & rubr co 1.62 70.25 8.38
Int business machs corp 1.43 66.52 8.16 14.00
International paper co 0.84 43.61 6.60 12.00
Navistar int corp 10.00
0.56 169.32 13.01
8.00
Mcdonalds corp 1.60 40.08 6.33
6.00
Merck & co inc 2.05 44.74 6.69 4.00
3m 1.13 24.80 4.98 2.00
Procter & gamble co 1.96 33.95 5.83 -
Philip morris cos inc e r n c co &t
1.64 54.01 7.35
a m l i s s At l
a e
Primerica corp ny i gn p r e
3.05 82.02 9.06
p a d s n ex ste
Sears roebuck & co m m
2.01 61.58 7.85 co l l i e ri ca eh
e
m A e l
Texaco inc. 1.18 19.88 4.46 in
u
Am th
m Be
Union carbide 2.27 69.94 8.36 Al
u
United technologies 1.62 34.11 5.84
Westinghouse 0.45 76.46 8.74
Woolworth corp 0.20 98.53 9.93
Usx corp 0.65 48.70 6.98
average return 1.43 54.04 7.10
mini 0.20 13.72 3.70
maximum 3.05 169.32 13.01
 Treasury Bills Treasury Bonds Corporate Bonds Common Stocks
4.03 5.57 5.82 12.96
12.34 84.90 82.65 412.85
3.51 9.21 9.09 20.32

Dow 30 returns are low and standard deviation are very high as compare to asset class return and
standard, in the asset return there is high return as compare to Dow 30 and low standard deviation
eans invsting in Dow 30 companies there would be high risk with low return as compare asset class,
like corporate bond and common stock.

Mean and Standard Deviation Dow30

14.00
12.00
10.00
8.00
6.00
4.00
2.00
-
e r n c co &t rp co rp co nt co rp co rp co rp co rp rp n c 3m co i n c o rp co i n c. i d e i e s s e o rp o rp
m l i s s At l co n g co l a p o a k co ri c co br co e r t co co o i e c & g u c c
a
y gn a p re e e i ro n co D u o d xo n e ct to rs ru chs a p i n l d s & c b l co s i ca ck a co ca rb l o gh o rth sx
n e m s r u x o U
i
p a d s n ex st Bo ev o ca k l & p r
n Ex l e mo re ma a l sta o n a rck ga rri me e b Te i o n ch n stin l wo
m m Ch C a i e & o i o e o
co l l i e ri ca e m ra a l r ti s s on av cd M r m Pr rs r e
Un d t W Wo
m A e l eh a st n e n e r ye a i n e ati N M cte l i p a te
u h E e n o i e i
in Am t G Ge od u s te r Pr Ph S
Un
m Be G o t b In
u n
Al I

Return S.D
 0.555446 1.59802
169.3209 40.084
13.01234 6.331192

1.644118 3.052941
54.00526 82.01836
7.348827 9.056399

1.62451 0.446078
. s
n c i d e gi e u s e co rp co rp 34.10979 76.46033
a rb l o h o th sx
c no n g or U 5.840359 8.74416
ch sti l w
te We oo
W
1.076471
58.66538
7.659333

0.195098
98.53037
9.926247
Portfolio Weight
EXXON CORP 50%
GENERAL ELECTRIC CO 50%
EXXON CORP GENERAL ELECTRIC CPortfolio Return
Return (%) Return (%)
-6 -3.5 -4.75
1.3 0 0.65
-1.9 4 1.05
-1.9 -0.4 -1.15
7.4 8.4 7.9
-0.3 0.5 0.1
8.4 3.4 5.9
-2.5 -13.4 -7.95
-2 -11.3 -6.65
0 -4.6 -2.3
4.7 5.3 5
2.2 5.7 3.95
-0.2 11.5 5.65
8.1 7 7.55
6.1 2.4 4.25
1.7 1.6 1.65
-1 9.9 4.45
-0.2 -4.2 -2.2
2.2 -1 0.6
-0.8 2.2 0.7
2.1 -6.7 -2.3
2.5 -0.5 1
-2.8 -6.2 -4.5
3.8 19 11.4
-4.3 -1.6 -2.95
-0.8 4.5 1.85
-4.2 -3 -3.6
9.6 1.2 5.4
2.2 -0.3 0.95
2.1 2.5 2.3
2.6 -1.6 0.5
2.3 -3.3 -0.5
-0.6 6.5 2.95
-4.1 -1.9 -3
-1.7 8.5 3.4
2.7 3.5 3.1
0 0.7 0.35
5.3 -2.3 1.5
3.9 6.7 5.3
-0.2 1.7 0.75
0.3 2.3 1.3
1 3.9 2.45
-0.8 2.9 1.05
0.7 -0.3 0.2
0.2 -1.8 -0.8
-0.2 1.2 0.5
-2.9 1.4 -0.75
 0.6 7.3 3.95
5.3 2.7 4
-1.4 -2.2 -1.8
-3.1 -4.4 -3.75
0 -4.8 -2.4
-1.6 4.5 1.45
-7.2 -5.6 -6.4
4.8 8 6.4
1.2 -1.2 0
-3.4 -2.5 -2.95
9.3 1.6 5.45
-2.8 -5.9 -4.35
0.6 11.8 6.2
2.9 1 1.95
3.4 6.3 4.85
4.3 -0.6 1.85
4.3 3.7 4
3.8 3.6 3.7
-1.1 -2.1 -1.6
2.7 4.7 3.7
-4.1 -0.2 -2.15
5.1 9 7.05
5.7 -0.8 2.45
2.3 6.1 4.2
4.8 7.9 6.35
-1.1 6.6 2.75
0 -1.6 -0.8
2.5 3.8 3.15
4.3 -0.8 1.75
0.6 7.1 3.85
2.5 4.8 3.65
-5.3 -4.7 -5
0 1.1 0.55
2.1 10 6.05
6.5 6.3 6.4
7.4 7.5 7.45
3.8 -4.4 -0.3
5.7 4.7 5.2
-2.5 -0.6 -1.55
7.5 -3 2.25
5.1 11.8 8.45
5.4 8.8 7.1
3.4 7.7 5.55
4.9 8.3 6.6
-4.1 -10.8 -7.45
4.7 9.2 6.95
-4.1 -5.1 -4.6
0 14.3 7.15
0.3 -0.3 0
-3.1 5.6 1.25
8.2 0.3 4.25
6.1 11.2 8.65
8 -1.2 3.4
 -2.9 -2.1 -2.5
1.2 9 5.1

EXXON CORP GENERAL ELECTRIC Cportfolio return

Average e 1.45 2.08 1.76
Variance 13.72 31.65 15.59
S.D 3.70 5.63 3.948242976

0.3
0.7
 50%
50%
GENERAL ELECTRIC CGENERAL MPortfolio Return
Return (%) Return (%)
-3.5 -1.5 -2.5
0 9.6 4.8
4 2.2 3.1
-0.4 -3.5 -1.95
8.4 11.6 10
0.5 -2.1 -0.8
3.4 -2.1 0.65
-13.4 -13.1 -13.25
-11.3 -8.8 -10.05
-4.6 1.4 -1.6
5.3 1.4 3.35
5.7 -5.8 -0.05
11.5 5.5 8.5
7 10.1 8.55
2.4 -4.4 -1
1.6 -5.3 -1.85
9.9 21.7 15.8
-4.2 -5.5 -4.85
-1 -2.5 -1.75
2.2 -3.4 -0.6
-6.7 -1.6 -4.15
-0.5 -6 -3.25
-6.2 -11.3 -8.75
19 -6.1 6.45
-1.6 12.1 5.25
4.5 17.1 10.8
-3 -2.3 -2.65
1.2 13.3 7.25
-0.3 -3.9 -2.1
2.5 11.3 6.9
-1.6 -5.4 -3.5
-3.3 -15.9 -9.6
6.5 -7.2 -0.35
-1.9 -4.3 -3.1
8.5 5.5 7
3.5 0 1.75
0.7 17.1 8.9
-2.3 -0.8 -1.55
6.7 1 3.85
1.7 8.6 5.15
2.3 -1.3 0.5
3.9 10.9 7.4
2.9 9 5.95
-0.3 -2.9 -1.6
-1.8 -10.9 -6.35
1.2 14.1 7.65
1.4 11.2 6.3
 7.3 4 5.65
2.7 11.6 7.15
-2.2 -4.6 -3.4
-4.4 -7.5 -5.95
-4.8 5.3 0.25
4.5 -4.9 -0.2
-5.6 -6.5 -6.05
8 2.2 5.1
-1.2 -1.8 -1.5
-2.5 -6.7 -4.6
1.6 -15.7 -7.05
-5.9 -3 -4.45
11.8 10.5 11.15
1 -7.7 -3.35
6.3 10.2 8.25
-0.6 3.2 1.3
3.7 2.6 3.15
3.6 7 5.3
-2.1 -2.3 -2.2
4.7 4 4.35
-0.2 -2.7 -1.45
9 -0.5 4.25
-0.8 -6.7 -3.75
6.1 11.5 8.8
7.9 9 8.45
6.6 -0.5 3.05
-1.6 -1.9 -1.75
3.8 3.9 3.85
-0.8 1.9 0.55
7.1 2.4 4.75
4.8 -5 -0.1
-4.7 -6.9 -5.8
1.1 2.6 1.85
10 -3.3 3.35
6.3 11.7 9
7.5 8.2 7.85
-4.4 -3.3 -3.85
4.7 5.8 5.25
-0.6 -1.1 -0.85
-3 -4.3 -3.65
11.8 4.5 8.15
8.8 0 4.4
7.7 -2.8 2.45
8.3 11 9.65
-10.8 2.2 -4.3
9.2 6.7 7.95
-5.1 -4.1 -4.6
14.3 -4.3 5
-0.3 5.8 2.75
5.6 -4.6 0.5
0.3 19.8 10.05
11.2 -1.7 4.75
-1.2 -0.6 -0.9
 -2.1 7.4 2.65
9 -7 1
58.0902307
GENERAL ELECTRIC CGENERAL Mportfolio return
2.08 1.08 1.58
31.65 58.67 29.86
5.63 7.66 5.46
Exhibit 1 Annual Total Returns 1926-1997 (in percent)

Year Inflation Treasury Bills Treasury Bonds Corporate Bonds Common Stocks
1926 -1.49 3.27 7.77 7.37 11.62
1927 -2.08 3.12 8.93 7.44 37.49
1928 -0.97 3.56 0.1 2.84 43.61
1929 0.2 4.75 3.42 3.27 -8.42
1930 -6.03 2.41 4.66 7.98 -24.9
1931 -9.52 1.07 -5.31 -18.5 -43.34
1932 -10.3 0.96 16.84 10.82 -8.19
1933 0.51 0.3 -0.07 10.38 53.99
1934 2.03 16 10.03 13.84 -1.44
1935 2.99 0.17 4.98 9.16 47.67
1936 1.21 0.18 7.52 6.74 33.92
1937 3.1 0.31 0.23 2.75 -35.03
1938 -2.78 -0.02 5.53 6.13 31.12
1939 -0.48 0.02 4.52 3.97 -0.41
1940 0.96 0 2.96 3.39 -9.78
1941 9.72 0.06 0.93 2.73 -11.59
1942 9.29 0.27 3.22 2.6 20.34
1943 3.16 0.35 2.08 2.83 25.9
1944 2.11 0.33 2.81 4.73 19.75
1945 2.25 0.33 10.73 4.08 36.44
1946 18.16 0.35 -0.1 1.72 -8.07
1947 9.01 0.5 -2.62 -2.34 5.71
1948 2.71 0.81 3.4 4.14 5.5
1949 -1.8 1.1 6.45 3.31 18.79
1950 5.79 1.2 0.06 2.12 31.71
1951 5.87 1.49 -3.93 -2.69 24.02
1952 0.88 1.66 1.16 3.52 18.37
1953 0.62 1.82 3.64 3.41 -0.99
1954 -0.5 0.86 7.19 5.39 52.62
1955 0.37 1.57 -1.29 0.48 31.56
1956 2.86 2.46 -5.59 -6.81 6.56
1957 3.02 3.14 7.46 8.71 -10.78
1958 1.76 1.54 -6.09 -2.22 43.36
1959 1.5 2.95 -0.39 -0.97 11.96
1960 1.48 2.66 13.78 9.07 0.47
1961 0.67 2.13 0.97 4.82 26.89
1962 1.22 2.73 6.89 7.95 -8.73
1963 1.65 3.12 1.21 2.19 22.8
1964 1.19 3.54 3.51 4.77 16.48
1965 1.92 3.93 0.71 -0.46 12.45
1966 3.35 4.76 4.69 0.2 -10.06
1967 3.04 4.21 -9.18 -4.95 23.98
1968 4.72 5.21 -0.26 2.57 11.06
1969 6.11 6.58 -5.07 -8.09 -8.5
1970 5.49 6.52 12.11 18.37 4.01
1971 3.36 4.39 13.23 11.01 14.31
1972 3.41 3.84 5.69 7.26 18.98
1973 8.8 6.93 -1.11 1.14 -14.66
1974 12.2 8 4.35 -3.06 -26.47
1975 7.01 5.8 9.2 14.64 37.2
1976 4.81 5.08 16.75 18.65 23.84
1977 6.77 5.12 -0.69 1.71 -7.18
1978 9.03 7.18 -1.18 -0.07 6.56
1979 13.31 10.38 -1.23 -4.18 18.44
1980 12.4 11.24 -3.95 -2.76 32.42
1981 8.94 14.71 1.86 -1.24 -4.91
1982 3.87 10.54 40.36 42.56 21.41
1983 3.8 8.8 0.65 6.26 22.51
1984 3.95 9.85 15.48 16.86 6.27
1985 3.77 7.72 30.97 30.09 32.16
1986 1.13 6.16 24.53 19.85 18.47
1987 4.41 5.47 -2.71 -0.27 5.23
1988 4.42 6.35 9.67 10.7 16.81
1989 4.65 8.37 18.11 16.23 31.49
1990 6.11 7.81 6.18 6.78 -3.17
1991 3.06 5.6 19.3 19.89 30.55
1992 2.9 3.51 8.05 9.39 7.67
1993 2.75 2.9 18.24 13.19 9.99
1994 2.67 3.9 -7.77 -5.76 1.31
1995 2.74 5.6 31.67 27.2 37.43
1996 3.32 5.21 -0.93 1.4 23.07
1997 1.7 5.26 15.88 12.95 33.36
3.1980555556
20.3619003912 4.5124162476
Q2 A
Treasury Bills Treasury Bonds Corporate Bonds Common Stocks
Annual return 4.03 5.57 5.82 12.96
Variance 12.34 84.90 82.65 412.85
S.D 3.51 9.21 9.09 20.32

Q2 B In corporate bond there is 5.82 return with 9.09 stanadard deviation, its low
return as compare to coomon stock 12.96 return and standard deviation
20.32, common stock show higher rsik with higher return
The Pros
Highest returns.
Income from dividends
Stocks are easily diversified
Stocks are highly liquid

The Cons
Volatile in the short term
If you pick the wrong stock, you risk losing the value of your investment.
It takes knowledge and time to analyze a stock.
Exhibit 3 Annual Stock Market Returns for 14 Countries

Australia Austria Belgium

Date Market Market Market
Stock Bond Stock Bond Stock Bond
Capitalizat Capitalizat Capitalizat
Return Return Return Return Return Return
ion ion ion
1981 -16.37 39,737 -3.30 -15.79 1,009 3.77 10.48 7,456 6.27
1982 -14.42 28,309 31.20 -1.88 889 21.90 24.32 7,893 21.62
1983 68.08 41,810 9.51 14.92 862 13.56 42.82 8,885 17.84
1984 -7.20 34,093 12.15 7.90 801 8.27 22.89 9,268 14.61
1985 45.42 39,727 6.57 103.14 2,023 10.54 42.72 15,345 24.47
1986 50.78 58,022 25.47 12.05 3,024 9.46 43.65 26,864 22.16
1987 4.86 63,975 18.91 -16.28 3,946 9.19 -13.42 29,366 5.30
1988 24.28 93,581 14.58 8.34 4,983 9.29 52.03 41,542 8.80
1989 19.82 100,359 14.67 82.61 10,184 -1.96 13.54 50,371 -3.16
1990 -14.87 78,567 21.24 -1.51 10,687 3.08 -20.81 44,284 8.20
1991 35.99 107,866 37.98 -13.07 11,710 9.21 17.33 52,652 15.06
1992 -4.46 96,824 16.62 -9.63 9,689 15.29 3.15 49,200 17.54
1993 40.96 137,181 33.23 43.89 12,909 20.63 37.58 60,366 17.96
1994 -7.65 143,349 -21.50 -9.73 13,125 -5.24 -5.18 64,811 -5.06
1995 21.19 169,490 18.96 -12.69 17,459 20.73 19.64 80,301 23.07
1996 12.36 200,745 17.68 18.04 20,516 12.30 20.48 90,456 12.11
1997 13.10 193,164 19.51 15.95 22,040 4.78 33.37 106,879 9.89

Germany Ireland Italy

Date Market Market Market
Stock Bond Stock Bond Stock Bond
Capitalizat Capitalizat Capitalizat
Return Return Return Return Return Return
ion ion ion
1981 3.27 57,569 4.11 -4.26 1,316 5.11 4.62 23,528 -3.10
1982 19.42 61,691 23.10 -5.61 995 38.04 -10.55 18,073 27.56
1983 40.75 73,880 7.09 76.75 1,404 16.71 22.92 17,915 36.26
1984 11.06 69,496 18.14 -0.91 1,147 12.36 30.84 19,532 44.70
1985 79.47 155,940 11.69 66.23 2,286 34.31 108.42 45,693 18.67
1986 7.23 211,692 11.89 54.20 4,350 5.42 73.73 106,518 50.21
1987 -38.47 162,908 3.10 -11.41 4,963 28.15 -32.59 85,250 -3.98
1988 31.09 200,860 2.98 43.60 7,340 25.57 26.41 96,192 14.52
1989 37.46 282,378 -2.93 37.16 9,785 3.15 15.29 114,032 -1.24
1990 -18.36 260,676 -2.06 -26.33 8,162 7.00 -27.72 89,919 8.41
1991 8.13 266,741 12.39 17.78 10,337 14.96 2.22 103,415 26.60
1992 -4.29 238,333 16.31 -9.58 8,528 5.81 -5.59 77,353 1.68
1993 45.85 326,772 19.53 61.34 12,228 30.91 49.20 102,478 56.52
1994 -7.93 339,363 -6.14 5.35 14,756 -10.87 7.41 133,167 -13.11
1995 7.58 400,968 21.97 25.29 19,237 20.36 -1.19 139,736 17.69
1996 27.95 495,237 6.98 25.93 25,440 13.60 10.98 170,052 49.12
1997 40.01 606,704 4.78 45.30 33,347 16.69 64.80 252,960 25.69

Netherland New Zealand South Africa

Date Market Market Market
Stock Bond Stock Bond Stock Bond
Capitalizat Capitalizat Capitalizat
Return Return Return Return Return Return
ion ion ion
1981 1.31 19,952 5.76 10.05 4,118 14.58 -0.32 29,105 3.99
1982 24.85 21,604 29.26 -19.02 2,931 11.43 50.82 36,353 28.94
1983 56.95 28,191 7.93 95.93 5,066 27.01 16.23 43,604 -2.18
1984 28.91 29,677 15.85 -0.57 3,508 -20.39 11.53 27,711 2.08
1985 32.58 48,023 15.20 46.88 5,083 18.10 38.72 20,221 7.90
1986 8.10 65,100 11.77 104.09 9,702 22.95 59.67 27,349 35.09
1987 -18.70 66,162 4.26 -35.61 7,396 20.88 -3.90 39,421 15.35
1988 31.20 75,787 5.22 -2.64 9,120 20.43 7.97 33,229 8.18
1989 26.89 106,486 -2.03 20.65 10,139 21.78 62.56 56,242 23.88
1990 -13.25 101,225 -0.97 -34.78 6,516 12.28 -7.12 53,254 18.85
1991 17.23 112,860 11.32 26.42 11,550 40.53 30.49 96,672 12.77
1992 9.00 110,892 19.02 0.19 10,591 15.66 -7.05 58,864 26.63
1993 46.31 159,107 16.98 55.63 17,072 20.88 66.13 104,746 31.24
1994 1.95 181,095 -6.18 -3.75 18,908 -12.72 23.27 130,245 -11.15
1995 20.89 231,344 17.20 15.64 22,404 19.53 4.69 139,970 30.70
1996 35.34 290,811 9.09 11.19 24,446 11.12 8.15 117,848 4.88
1997 46.43 363,562 11.21 6.89 19,631 6.79 -11.09 95,414 27.88

UK US
Date Market Market
Stock Bond Stock Bond
Capitalizat Capitalizat
Return Return Return Return
ion ion
1981 12.83 184,752 2.08 -3.61 893,430 1.90
1982 28.52 191,266 51.53 22.44 1,049,433 39.16
1983 25.97 210,607 20.31 22.55 1,222,131 -0.58
1984 30.18 211,340 9.96 6.24 1,228,621 14.22
1985 22.84 302,349 11.14 32.23 1,554,711 29.74
1986 26.29 403,071 9.16 17.68 1,743,364 25.21
1987 7.90 562,787 21.88 4.74 1,800,268 -3.45
1988 10.08 567,570 9.54 17.84 1,956,196 9.94
1989 37.39 665,860 5.96 32.40 2,355,377 17.98
1990 -8.26 705,011 8.07 -3.49 2,186,563 6.85
1991 20.87 800,896 18.82 29.16 2,900,656 18.17
1992 19.55 757,364 14.30 5.90 3,074,287 8.07
1993 24.59 917,948 40.52 10.29 3,332,434 16.94
1994 -6.95 903,719 -9.98 1.56 3,296,047 -6.19
1995 26.36 1,097,924 18.07 36.99 4,935,800 31.54
1996 15.79 1,392,185 9.42 21.29 5,926,178 -1.44
1997 24.75 #REF! 22.98 34.41 8,003,025 14.51
 France
Market
Stock Bond
Capitalizat
Return Return
ion
-12.38 26,447 4.59
8.79 22,970 24.21
62.29 29,170 23.59
20.12 29,529 21.32
48.59 53,943 22.36
53.38 100,302 21.98
-26.77 103,591 3.14
56.81 150,582 20.30
33.17 217,189 4.80
-22.74 195,888 6.05
21.15 243,055 18.10
5.94 234,464 12.07
30.04 312,041 26.69
-14.36 330,407 -6.17
3.64 371,700 18.25
30.88 441,339 14.69
31.01 514,162 8.97

Japan
Market
Stock Bond
Capitalizat
Return Return
ion
21.90 358,043 18.49
5.72 439,744 10.83
26.49 509,844 9.47
29.18 509,844 10.48
14.16 725,436 10.59
56.86 1,455,105 14.17
8.13 2,137,715 7.84
38.09 2,964,727 5.36
20.47 3,150,654 -3.83
-38.94 2,027,842 -0.09
0.85 2,358,345 15.20
-21.42 1,826,976 12.66
13.59 2,270,842 17.13
7.08 2,747,311 -3.49
0.35 2,846,585 15.48
-6.98 2,386,941 3.75
-16.06 1,812,145 3.85

Switzerland
 Market
Stock Bond
Capitalizat
Return Return
ion
-9.94 23,243 -0.14
12.70 22,587 13.72
26.15 25,662 3.07
1.56 21,677 1.99
58.91 41,534 6.25
10.95 64,444 7.43
-34.49 57,494 6.48
11.60 66,135 1.07
27.19 85,831 -3.84
-20.82 90,166 -0.20
20.91 116,529 8.14
24.60 145,659 14.02
48.05 212,466 15.70
-7.29 224,792 -4.28
28.05 329,869 18.50
19.37 339,927 5.03
53.42 482,030 8.94
 -15.8 -2.5 -14.7 -14.3 -2.7 -0.2 -1.3 -10.8 -7.6
-15.8 1
-2.5 0.445641 1
-14.7 0.312279 0.245368 1
-14.3 0.107758 0.126855 0.209139 1
-2.7 0.327434 0.247605 0.124088 0.229627 1
-0.2 0.273661 0.405112 0.216429 0.165308 0.199443 1
-1.3 0.206181 0.277646 0.237559 0.04463 0.08459 0.186081 1
-10.8 0.111149 0.300195 0.264349 0.219154 0.083636 0.39719 0.101006 1
-7.6 0.411315 0.457997 0.265776 0.166891 0.251396 0.384099 0.390476 0.206168 1
-7.3 0.076135 0.141784 0.041737 0.059532 0.031783 0.019072 -0.04401 0.236963 0.077619
-6 0.199309 0.290842 0.278571 0.0994 0.127664 0.223829 0.630929 0.286411 0.42824
-3.5 0.34872 0.415083 0.437846 0.331297 0.386633 0.418465 0.290006 0.489177 0.438643
-1.5 0.364008 0.223587 0.209561 0.151576 0.287842 0.306571 0.136405 0.100098 0.380898
-17.2 0.242911 0.493476 0.257297 0.216657 0.311274 0.242904 0.146639 0.211975 0.333754
4.8 0.325806 0.257584 0.197714 -0.0113 0.179085 0.212904 0.09918 0.138075 0.314417
-10.6 0.583794 0.395371 0.208063 0.186664 0.426476 0.446198 0.13838 0.21322 0.530991
0 0.328299 0.176957 0.207487 0.132472 0.299103 0.168179 0.062483 0.093633 0.096061
-5.4 0.128858 0.375703 0.322945 0.092181 0.231379 0.330328 0.188267 0.312076 0.325168
-6.8 0.241374 0.300763 0.318781 0.109464 0.166692 0.261035 0.131289 0.477367 0.399684
-1.9 0.229817 0.249341 0.086797 0.166941 0.243091 0.36808 0.271939 0.267577 0.441391
-8.3 0.164047 0.321061 0.365173 0.206578 0.184191 0.384318 0.143378 0.544252 0.3396
-9 0.085381 0.089355 0.20814 0.226465 0.123417 0.192427 0.068564 0.443943 0.110371
-8.1 0.256286 0.47234 0.577074 0.239678 0.199131 0.31892 0.378215 0.365966 0.421692
4.6 0.371082 0.489066 0.460232 0.254115 0.153325 0.372749 0.31831 0.345174 0.463769
-1.1 0.226038 0.3269 0.109657 -0.01596 0.128259 0.192592 0.706579 0.156453 0.474851
-4.8 0.401356 0.372075 0.318663 0.174181 0.347975 0.30927 0.10311 0.233648 0.487745
-8.1 0.364395 0.407082 0.236146 0.230466 0.29193 0.516229 0.315056 0.418152 0.485737
-2.4 0.215785 0.181403 0.384509 0.278709 0.366659 0.218539 0.14736 0.100429 0.261624
-8.9 0.192755 0.300495 0.234793 0.163996 0.27087 0.404883 0.192177 0.293853 0.217882
-6.3 0.26078 0.212697 0.218182 0.176398 0.024252 0.280821 0.441324 0.165493 0.355377
 -7.3 -6 -3.5 -1.5 -17.2 4.8 -10.6 0 -5.4 -6.8

1
0.047569 1
0.135979 0.397794 1
0.069885 0.19638 0.336325 1
-0.0138 0.263976 0.354534 0.328506 1
0.215504 0.217463 0.244438 0.303166 0.074888 1
0.107115 0.244016 0.541464 0.363768 0.315896 0.315311 1
0.108894 0.150887 0.339377 0.434931 0.32898 0.152799 0.292036 1
0.227437 0.400334 0.390907 0.264491 0.385744 0.330852 0.204305 0.194612 1
0.189747 0.288031 0.48695 0.146904 0.291055 0.295442 0.34371 0.142139 0.331738 1
0.210212 0.360743 0.457064 0.235649 0.226868 0.27692 0.4348 0.071414 0.197258 0.289498
0.131556 0.299936 0.452332 0.172607 0.22001 0.244706 0.304068 0.182491 0.541652 0.549501
0.195455 0.155233 0.291639 0.068009 0.051343 0.189722 0.087419 0.175903 0.230281 0.427659
0.253901 0.396506 0.601345 0.304691 0.433697 0.217139 0.253142 0.279586 0.44933 0.420431
0.281415 0.267142 0.452227 0.37429 0.313356 0.15813 0.393823 0.291864 0.40931 0.257515
0.041235 0.701689 0.274492 0.11981 0.16991 0.151423 0.219179 0.068278 0.260282 0.164877
0.024484 0.060278 0.32853 0.334226 0.188655 0.251683 0.42107 0.143494 0.252164 0.25391
0.251486 0.373147 0.529017 0.294864 0.311113 0.258617 0.471652 0.205256 0.323718 0.482589
0.128344 0.276407 0.495508 0.186902 0.268599 0.220413 0.308782 0.302952 0.326816 0.215627
-0.01091 0.237719 0.351219 0.185607 0.235441 0.096136 0.358888 0.152434 0.265398 0.221564
0.142 0.388468 0.129029 0.166401 0.110392 0.157536 0.225615 0.189186 0.103869 0.067095
 -1.9 -8.3 -9 -8.1 4.6 -1.1 -4.8 -8.1 -2.4 -8.9

1
0.315719 1
0.238359 0.477405 1
0.320711 0.454417 0.308145 1
0.319333 0.274028 0.25126 0.478212 1
0.223211 0.198951 0.045804 0.301367 0.293154 1
0.188088 0.372046 0.138309 0.373384 0.383959 0.113866 1
0.44178 0.434484 0.308831 0.390959 0.436264 0.329953 0.356315 1
0.304244 0.304819 0.178536 0.35122 0.310034 0.207862 0.125275 0.374265 1
0.315917 0.362299 0.197691 0.275183 0.435836 0.155773 0.296935 0.367537 0.174033 1
0.154246 0.089666 0.129297 0.221438 0.303813 0.475638 0.155486 0.206855 0.060545 0.166695
-6.3

1
 UM1 2 3 4 5
BETHLE 6 7 8
COMPAN ALLIED AMERIC HEM BOEING CHEVRO COCA
Y SIGNAL AN EXP AT&T STEEL CO N CORP COLA CO
Return (%Return (%Return (%Return (% Return (%) Return (%)Return (%)Return (%)
31-Jan-90 -15.8 -2.5 -14.7 -14.3 -2.7 -0.2 -1.3 -10.8
28-Feb-90 4.7 4.6 -2.1 1.9 -2.2 8.3 1.4 2.4
30-Mar-90 0.8 5.3 -11.6 6.5 12.1 12.3 0.6 6.6
30-Apr-90 -3.6 -5.1 6.2 -4.5 -17.2 -2.8 -2.4 2
31-May-90 6.5 5.2 7.8 7.5 9.1 19 7.3 18.4
29-Jun-90 -3.4 0.7 5.9 -10 -8.5 6.2 0.5 -1.2
31-Jul-90 9.7 -8.2 -5.3 -3.9 -15.5 -1.3 13.9 2.3
31-Aug-90 -7.4 -6.8 -17.2 -12.5 -11.2 -16 -4.4 -6.9
28-Sep-90 -2.7 -10.1 -12.4 -3.6 0 -13.7 -2.5 -6
31-Oct-90 -14.5 -9.9 -9.6 10.1 -5.2 7.5 -7.9 13.6
30-Nov-90 3.3 12.2 8.6 -5.5 4.2 -0.6 3.7 3.5
31-Dec-90 5 -2.7 1.7 -5.2 25.5 2.5 3.9 0.5
31-Jan-91 12.7 7.4 10.3 8.3 0.8 8.8 -1.7 4.8
28-Feb-91 -0.4 4.1 5.5 2.3 9.1 -1.8 6.5 7.4
28-Mar-91 2.1 -2.5 20.3 3.6 -14.7 -2.6 2.3 4
30-Apr-91 3.7 2.2 -12.6 9.1 0.9 -2.7 1.6 -2.8
31-May-91 5.4 2.4 2.5 -0.7 15.1 7.4 -4.5 8.5
28-Jun-91 -5.1 10.5 -11.3 3.9 1.6 -6.4 -4.7 -4.4
31-Jul-91 5.2 17.8 12.8 4.2 11.6 1.4 2.5 10.3
30-Aug-91 -1.9 -0.1 4.4 -2.2 -0.1 7.8 0.6 9.4
30-Sep-91 -7.8 -5.5 -2.4 -3 -5.6 2 2.4 -1.5
31-Oct-91 -0.2 14.5 -25.9 3.7 -9.6 -3 1.7 3.3
29-Nov-91 -7.7 -5.7 0 -6.4 -25.6 -9.6 -9.6 4.5
31-Dec-91 10 12.9 9.2 8.5 24.4 7.9 3.4 15.7
31-Jan-92 0.2 12.8 0.6 -4.8 3.6 6.5 -7.8 -3.4
28-Feb-92 8.2 0.8 1.8 -0.3 2.6 -9.1 -1.8 5.5
31-Mar-92 1.6 1.8 10.1 10.7 -0.8 -4.6 3.9 0.3
30-Apr-92 10.3 15.3 -1.6 6.1 -1.7 0.3 9 1.5
29-May-92 0.3 0 1.1 -1.7 -2.6 0.3 3.5 6
30-Jun-92 -2.3 -7.3 3.3 2 7.1 -9.1 -6.1 -8.8
31-Jul-92 -2.8 3.3 -1.1 2 -8.3 0.3 6.5 4.7
31-Aug-92 -11.8 -5.2 -9.2 -3.7 -13.5 -6.3 4.1 2.7
30-Sep-92 2.5 -0.7 6 4 -3.1 -1.3 0.9 -5.5
30-Oct-92 5.3 6.7 -2.3 0 7.5 -2 -4.2 0.3
30-Nov-92 1.1 3.4 7 8 23 -1.7 -2 -1.8
31-Dec-92 2.1 5.9 8.7 8.9 4.1 14.2 1.1 5.3
29-Jan-93 3.8 -4.8 -5.5 3.7 18 -12.2 4.7 1.2
26-Feb-93 -5.2 14.8 5.4 5.7 -9.9 -1.8 7 0
31-Mar-93 -8 1.1 11.7 2.2 3.7 1.8 8 1
30-Apr-93 2.5 -2.1 3.2 -1.5 11.3 8.6 3.6 -7.6
28-May-93 2.7 2.7 2.7 10.1 -1.3 4.9 3.3 5.4
30-Jun-93 3.7 0 12.2 3 -3.2 -6.6 -0.4 4
30-Jul-93 1.8 5.1 1.9 0.6 -22.7 6.4 0.7 0.6
31-Aug-93 6 7 -0.4 -0.8 -6.9 1.3 6.4 0.3
30-Sep-93 -10.6 -2.5 10.4 -5.8 6.5 -3.2 5 -2.2
29-Oct-93 1.3 -1.7 -9.4 -2.3 15.7 -2.3 -0.8 2.7
30-Nov-93 2.4 -0.3 -2.7 -5 4.5 3.7 -9.5 -2.8
31-Dec-93 0.2 11.1 -1.6 -3.3 17.3 12 0.3 6.3
31-Jan-94 14.6 -0.5 6.5 8.1 14.7 0 7.2 -8.4
28-Feb-94 -4.9 -2.5 -10.3 -7.5 -7 8.7 -6.2 4.3
31-Mar-94 -4.8 -4.4 -5.1 -1.8 -8.6 -4.8 -3 -4.2
29-Apr-94 -5.1 -5.5 7.7 0 1.3 1.1 6 2.8
31-May-94 4.4 2.3 5.4 6.6 -4.3 3.6 -1.2 -3.6
30-Jun-94 3.5 -1.4 -6.8 0.1 -3.2 -0.3 -3.7 1.4
29-Jul-94 7 10.5 3.8 0.5 19.5 -3.5 6 9.2
31-Aug-94 7.9 -1.9 6.1 0 3.4 2.5 -3.5 3.7
30-Sep-94 0.9 -8.7 8 -0.5 -8.7 -4.9 -1.8 6.1
31-Oct-94 1.1 1.5 2.4 1.9 -8.9 1.4 8.1 3.6
30-Nov-94 -4.3 -5.3 -4 -10.7 -7.2 2.8 -2 1.9
30-Dec-94 6.1 4.2 0.3 3 1.4 4.7 2.3 0.7
31-Jan-95 -9 5.1 6.8 -0.7 -13.2 -5.3 0 1.9
28-Feb-95 -0.8 6.5 6.7 3.5 0.8 4.2 7.8 4.8
31-Mar-95 6.4 3.6 3.7 0.9 2.4 16.5 0.8 2.9
28-Apr-95 8.1 1 0.3 -1.9 -12.4 2.3 -1.3 3.1
31-May-95 4.1 2.4 2.2 0 4.4 7.5 4.7 6
30-Jun-95 7.8 10.2 -0.7 5.1 10.2 6.4 -5.6 3.8
31-Jul-95 13.7 5.1 9.9 -0.5 -3.1 7 6.5 2.9
31-Aug-95 0.6 -4.7 4.9 7.3 -7.1 -4.1 -1 -2.1
29-Sep-95 -7.4 -0.6 9.9 16.7 -3.4 6.6 0.8 7.7
31-Oct-95 -3.5 -3.7 -7.9 -2.7 -7.1 -4 -4.1 4.2
30-Nov-95 15.1 11.9 4.6 2.9 6.7 11.6 6.7 5.7
29-Dec-95 -9.6 0.3 -2.6 -1.2 -0.9 7.5 6.1 -2
31-Jan-96 5.6 5 11.7 3.3 9 -1.1 -1 1.5
29-Feb-96 2.5 12 -0.3 -4.9 -9.1 5 8.2 7.1
29-Mar-96 10.1 6.3 7.6 -3.4 -4.5 6.8 0.9 2.8
30-Apr-96 -0.4 -1.9 -1.3 0.2 4.8 -5.2 3.3 -1.5
31-May-96 -0.7 -5.2 -5.7 1.8 -7.3 4.1 3.9 12.9
28-Jun-96 -6.9 4.3 -2.5 -0.1 -6.9 2.2 -1.3 6.8
31-Jul-96 1.7 2.8 -1.5 -15.7 -14.7 1.6 -1.9 -4.3
30-Aug-96 7.1 5.5 0 0.5 1.2 2.6 2.7 7.2
30-Sep-96 -5 6.7 5.7 0.2 -2.4 4.4 6.4 1.5
31-Oct-96 -0.1 -0.6 2.1 -8.5 -18.8 0.9 5 -0.7
29-Nov-96 8.5 12.2 11.2 12.1 10.8 4.5 2.7 1.5
31-Dec-96 0.2 -8.5 8.6 11.4 -1.4 7.2 -3 2.9
31-Jan-97 8.2 5 10 -4.7 -5.6 0.6 2.1 10
28-Feb-97 3.6 3 5.6 1.3 -1.5 -4.8 -2 5.4
31-Mar-97 -4.6 -1.4 -8.8 -11.7 0 -3.1 7.9 -8.4
30-Apr-97 3.1 1.4 10.2 -3.9 0 0 -1.6 14.1
30-May-97 5.4 6.6 5.7 9.7 21.2 7.1 3 7.7
30-Jun-97 2.4 9.4 7.2 -3.7 4.4 0.7 5.6 -0.5
31-Jul-97 17.4 9.8 12.7 5 7.8 10.6 6.8 1.7
29-Aug-97 -6.8 -10.2 -7.2 5.9 6.7 -6.9 -1.2 -17.1
30-Sep-97 -0.3 3 5.3 14.3 -14.1 -0.1 7.3 6.7
31-Oct-97 -11 -15.3 -4.5 10.5 -3 -11.8 -0.2 -7.2
28-Nov-97 -7.5 3.5 1.1 14.3 2.5 11 -2.6 10.6
31-Dec-97 4.6 4.5 13.4 10.3 -15.2 -7.9 -4 6.7
30-Jan-98 8.5 0.3 -6.2 2.1 13.7 -2.7 -2.9 -2.9
27-Feb-98 -3.6 9.7 7.6 -2.6 7.6 14.2 9 6
31-Mar-98 -6.2 -1.3 1.9 8.3 27.6 -3.9 -0.7 13.1
30-Apr-98 12.6 4.3 11.5 -8.6 14.7 -4 3 -2
29-May-98 -10.2 -2.1 0.4 1.2 -21.3 -4.3 -2.7 3.3
30-Jun-98 -5 3.8 11.1 -5.6 1.5 -6.7 4.9 9.3
 UM BETHLE
COMPAN ALLIED AMERIC HEM BOEING CHEVRO COCA
Y SIGNAL AN EXP AT&T STEEL CO N CORP COLA CO
Mean Return 0.97 2.02 1.83 1.02 0.24 1.17 1.33 2.45
varience 44.73 41.21 59.41 40.17 114.95 43.40 20.68 33.85
S.D 6.69 6.42 7.71 6.34 10.72 6.59 4.55 5.82
Mini (15.80) (15.30) (25.90) (15.70) (25.60) (16.00) (9.60) (17.10)
Maximum 17.40 17.80 20.30 16.70 27.60 19.00 13.90 18.40
 9 10
EASTMA 11 12 13 14 15
INT 16
INT 17
NAVISTA 18
MCDONA
N EXXON GM GOODYE BUSINES PAPER R INT LDS
DU PONT KODAK CORP GE CO CORP AR TIRE S CO CORP CORP
Return (%Return (%Return (%Return (%Return (%Return (%Return (%Return (%Return (%Return (%
-7.6 -7.3 -6 -3.5 -1.5 -17.2 4.8 -10.6 0 -5.4
4.7 0 1.3 0 9.6 -5 6.6 0.8 -9.7 -3.2
-2.2 4 -1.9 4 2.2 5.9 2.2 0 17.9 0.8
-2.9 -5.8 -1.9 -0.4 -3.5 -1 2.7 -1.7 -6.1 -4.7
8.1 10.5 7.4 8.4 11.6 2.3 11.2 6.6 6.5 14.7
-3.4 0.6 -0.3 0.5 -2.1 -15.7 -2.1 -3.1 0 2.5
7.8 -5.9 8.4 3.4 -2.1 -12 -5.1 10.8 -9.1 -11.6
-12.3 6.9 -2.5 -13.4 -13.1 -12.5 -7.5 -14.8 -16.7 -10.9
-5.9 -4.3 -2 -11.3 -8.8 -25.3 4.4 -8.7 -16 -6.7
-2.2 3.2 0 -4.6 1.4 -10.3 -0.9 6.9 -19 -2.9
12.6 7.9 4.7 5.3 1.4 7.9 9 6.8 -5.9 11.7
-0.3 -1.8 2.2 5.7 -5.8 18 -0.6 8.6 12.5 3.6
-1.4 2.4 -0.2 11.5 5.5 7.3 12.2 10 27.8 -2.1
5 3.8 8.1 7 10.1 2.3 2.5 5 21.7 11
-1.3 -0.3 6.1 2.4 -4.4 14.5 -11.6 -0.6 10.7 10.2
12.1 -4.6 1.7 1.6 -5.3 -10.1 -9.6 3.1 -6.5 -3.6
14.5 3 -1 9.9 21.7 24 4.2 13 3.4 4.8
-2.9 -8.6 -0.2 -4.2 -5.5 26.7 -8.5 -0.2 -6.7 -6.1
6.5 5.8 2.2 -1 -2.5 14.7 4.2 -1.4 -10.7 -0.4
-0.4 6.4 -0.8 2.2 -3.4 0.6 -3.1 0.8 0 -0.1
-6.5 -1.2 2.1 -6.7 -1.6 14.7 7 -2.2 -4 7.3
5.5 5.9 2.5 -0.5 -6 14 -5.2 11.6 -8.3 -0.7
-5.9 4.4 -2.8 -6.2 -11.3 -4.1 -4.6 -11.6 0 -3
5.1 3.5 3.8 19 -6.1 11.7 -3.8 6 -4.5 13
-0.3 4.7 -4.3 -1.6 12.1 12.9 1.1 2.1 23.8 14.5
0.4 -10.6 -0.8 4.5 17.1 6.8 -2.1 2.8 23.1 -6.7
3 -9 -4.2 -3 -2.3 1.4 -3.9 -0.3 -9.4 -1.5
13.9 -2.5 9.6 1.2 13.3 11.3 8.7 1.2 -10.3 11.3
-2 1.9 2.2 -0.3 -3.9 -2.1 1.3 -4.8 -11.5 5.9
-4.3 0.6 2.1 2.5 11.3 -3.3 7.9 -0.9 -8.7 -1.9
6.2 8.4 2.6 -1.6 -5.4 -0.9 -3.2 -4.5 0 -4.6
-7.1 2.9 2.3 -3.3 -15.9 -7 -7.3 -6.1 -28.6 -2.9
-4.6 0.6 -0.6 6.5 -7.2 -3.4 -6.8 2.6 13.3 4.4
2.7 -8.1 -4.1 -1.9 -4.3 13.1 -17.2 1.4 -11.8 3.4
0.4 3.7 -1.7 8.5 5.5 4.5 3.9 1.4 6.7 7
-2.1 -3.3 2.7 3.5 0 -4.9 -26.2 2.1 12.5 -0.5
-2.9 23.1 0 0.7 17.1 -0.5 2.2 -3.2 33.3 -0.3
2.3 8.5 5.3 -2.3 -0.8 -0.7 6.6 0.3 -4.2 4.3
4 1.2 3.9 6.7 1 11.3 -6.4 -2.7 -13 4.4
8 -10.1 -0.2 1.7 8.6 -0.3 -4.4 5.2 0 -9
2 7.2 0.3 2.3 -1.3 6.9 9.6 2.2 10 3.4
-10.7 -3.4 1 3.9 10.9 6.9 -6.4 -4.1 -9.1 -1
-0.5 7.3 -0.8 2.9 9 -1.8 -9.9 -0.4 6.5 4.8
4.7 14.7 0.7 -0.3 -2.9 2.2 3.4 2.8 -10.3 4.6
-4.4 -2.7 0.2 -1.8 -10.9 2.6 -8.2 -7.5 -0.5 -3.5
2.4 5.9 -0.2 1.2 14.1 2.6 9.5 -1.2 14.2 11.1
1.2 -2.4 -2.9 1.4 11.2 -0.2 17.7 12.9 -7.4 1.9
1 -7.6 0.6 7.3 4 2.8 4.9 1.5 -6 -2.8
16.3 -2.3 5.3 2.7 11.6 5.7 0 10.9 10.1 6.6
-4.3 -1.6 -1.4 -2.2 -4.6 -6.2 -6 -2.8 -7.2 0
-0.5 3.2 -3.1 -4.4 -7.5 -10.5 3.3 -6.5 -7.8 -6.2
7.8 -6.5 0 -4.8 5.3 -3.7 5.3 -3.9 -15.2 5.5
9.3 13.9 -1.6 4.5 -4.9 -0.1 10 6.8 -11.9 3.3
-6 2.7 -7.2 -5.6 -6.5 -7.1 -6.7 -4.3 -19.5 -6.7
1.9 0.5 4.8 8 2.2 -1 5.3 10 -2.8 -6.1
2.7 3.7 1.2 -1.2 -1.8 -1.2 11.1 6.4 26 4.4
-4.1 4 -3.4 -2.5 -6.7 -4.6 1.6 1.8 -15.3 -6.6
2.8 -7 9.3 1.6 -15.7 5.2 7 -5.1 -5.4 9.5
-8.9 -4.6 -2.8 -5.9 -3 -3 -4.7 -3.5 -1.9 -1.5
4.2 4.9 0.6 11.8 10.5 -0.7 3.9 5.4 17.5 3.1
-5.1 2.6 2.9 1 -7.7 7.1 -1.9 -5.6 0.8 11.5
6.3 4.9 3.4 6.3 10.2 3 4.7 8 -4.9 2.1
7.8 4.4 4.3 -0.6 3.2 -0.3 9.1 -1.8 -12.1 2.6
8.9 8 4.3 3.7 2.6 3.4 15.2 2.7 10.8 2.6
3.8 5.7 3.8 3.6 7 11.5 -1.5 2.7 9.7 8.4
1.3 0.4 -1.1 -2.1 -2.3 -2.4 3.2 9.1 -2.4 3.3
-2.5 -4.9 2.7 4.7 4 5.5 13.4 -1.5 1.7 -1.3
-1.6 0.9 -4.1 -0.2 -2.7 -7.2 -4.8 -2.5 -15.4 -5.3
5.2 2.6 5.1 9 -0.5 -1.6 -8.6 2.6 -7.7 4.8
-9.3 5.7 5.7 -0.8 -6.7 -3.5 2.9 -11.9 -14.6 7.2
7.4 9.6 2.3 6.1 11.5 12.2 -0.4 4.1 7.3 9
5.1 -1.8 4.8 7.9 9 7.1 -5.4 -1 -3.4 1.1
9.8 9.5 -1.1 6.6 -0.5 5.5 18.7 7.6 -10.6 11.4
0.4 -2 0 -1.6 -1.9 -0.5 13.2 -11.7 6.6 -0.4
8.5 -0.7 2.5 3.8 3.9 7.7 -9.3 10.5 2.5 -4
-3.3 7.7 4.3 -0.8 1.9 2.2 -3.1 0.9 15.7 -0.3
0.1 -2.3 0.6 7.1 2.4 -2.6 -0.6 0.6 -13.5 0.7
-0.8 4.5 2.5 4.8 -5 -5 -7.3 -7.5 -4.8 -2.9
2.1 -4 -5.3 -4.7 -6.9 -7.8 8.6 2.7 1.3 -0.8
2.4 -2.3 0 1.1 2.6 3.7 6.7 6.3 -2.5 0.2
7.3 8.3 2.1 10 -3.3 1.1 8.9 6.3 -12.8 2.2
5.2 1.4 6.5 6.3 11.7 -0.5 3.6 0.3 10.3 -6.1
2.2 2.4 7.4 7.5 8.2 6.3 23.8 0.3 1.3 5.2
-0.1 -1.1 3.8 -4.4 -3.3 5.9 -4.9 -4.7 -3.9 -2.9
16.5 8.1 5.7 4.7 5.8 6.1 3.5 0.9 9.6 0.3
-1.6 4 -2.5 -0.6 -1.1 -2.7 -8.1 2.4 -3.8 -4.8
-1.2 -15.3 7.5 -3 -4.3 -0.7 -4.5 -6.3 -2.6 9.2
0.1 9.4 5.1 11.8 4.5 0.5 16.9 8.3 21.3 13.2
2.9 0.2 5.4 8.8 0 11.5 8 13.9 46.2 -5.9
15.8 -7.4 3.4 7.7 -2.8 8.5 4.3 1.4 3.8 -3.9
6.7 -12.7 4.9 8.3 11 2.2 17.2 15.6 19.6 11.3
-6.6 -1.8 -4.1 -10.8 2.2 -4.3 -3.9 -5.6 20.3 -11.8
-1.2 -0.7 4.7 9.2 6.7 11.6 4.6 4.3 11.3 0.7
-7.6 -7.8 -4.1 -5.1 -4.1 -8.9 -7.1 -18.2 -16.1 -5.9
7 2 0 14.3 -4.3 -2.6 11.4 6.1 -5.1 8.4
-0.8 -0.1 0.3 -0.3 5.8 4.8 -4.5 -9.2 12.8 -1.5
-5.7 7.7 -3.1 5.6 -4.6 -1.6 -5.6 5.9 8.8 -1.3
8.8 1.2 8.2 0.3 19.8 11.1 6 2.6 12.5 16
10.9 -1.1 6.1 11.2 -1.7 9.4 -0.5 0.5 15.2 10
7.1 11.3 8 -1.2 -0.6 -7.6 11.6 11.3 -14.6 3.1
6.5 -0.5 -2.9 -2.1 7.4 3.1 1.6 -11.4 1 6.2
-3.2 2.4 1.2 9 -7 -10.3 -2.3 -6.5 -4.3 5.1
 EASTMA INT INT NAVISTA MCDONA
N EXXON GM GOODYE BUSINES PAPER R INT LDS
DU PONT KODAK CORP GE CO CORP AR TIRE S CO CORP CORP
1.73 1.26 1.45 2.08 1.08 1.62 1.43 0.84 0.51 1.63
37.42 38.15 13.59 31.34 58.09 69.56 65.87 43.18 166.23 39.42
6.12 6.18 3.69 5.60 7.62 8.34 8.12 6.57 12.89 6.28
(12.30) (15.30) (7.20) (13.40) (15.90) (25.30) (26.20) (18.20) (28.60) (11.80)
16.50 23.10 9.60 19.00 21.70 26.70 23.80 15.60 46.20 16.00
 19
MERCK 20 21 22 23 24
SEARS 25 26 27 28
& CO P&G PHILIP PRIMERI ROEBUC TEXACO UNION UNITED WESTIN
INC 3M CO MORRIS CA CORP K INC. CARBIDE TECH GHOUSE
Return (%) Return (%)Return (%) Return (%) Return (%) Return (%) Return (%)Return (%) Return (%)Return (%)
-6.8 -1.9 -8.3 -9 -8.1 4.6 -1.1 -4.8 -8.1 -2.4
-5.4 3.5 -0.2 -2.3 2.9 4.1 2.4 10.7 3.4 -1.2
2.3 1.6 6.1 8 2.3 -4.3 -0.2 -10.3 12 6.7
5.4 -2.5 4.9 6 4.5 -9.6 -1.9 -10.9 -3.9 -3.9
13.6 5 17 0.3 13.8 3.5 3.9 4.5 7.4 1.2
4.8 4.8 5.4 11.2 4.6 0.7 -4.2 -3.8 -2.3 1
2.7 4.3 0.1 3 -5.2 -7.9 11.7 0.6 3.5 -2.8
-7.8 -12.1 -11.2 -5.7 -13.6 -11.5 -1.2 -12.3 -16.8 -7.4
-6.7 -2.1 -5.4 1.2 -26.5 -13.2 -0.8 -10.4 -12.5 -9.2
1 2.4 8.6 4.1 -11.1 -3 -3.3 9.2 5.6 -15.1
12.2 3.8 5.4 3.2 24.8 8.1 1.8 -0.8 -0.1 6.8
4.9 5.5 4.5 7.3 1.1 -2.9 1.7 2.3 7.3 7
1.8 -1 -7.9 7.5 15.7 13.3 -2.6 16 -0.8 0
11.6 5.2 2.5 18.7 16.6 10 9.2 0.7 5.7 -5.8
3.9 0 4.8 3.7 -0.8 12.5 0.6 -6.6 -2.5 12.3
2.1 0.7 -0.9 -1.8 -3.4 6.8 5.9 2.8 -5.2 -6.4
10.3 7.7 1.5 2.4 7.7 10 -3.4 11.7 2.9 8.2
-1.8 -1.7 -9.1 -6.5 -12.3 -6.8 -6.8 1.9 -5.1 -6.3
10.9 -6.3 5 6.7 14.4 8.3 9.4 0 4.8 -6.3
-1 -0.1 3.4 9.4 6.3 2.4 -1.3 6.7 3.6 -6.8
2.6 3.7 1.6 -2 5.6 -7.2 -1.9 -5.8 -6 -7.3
5.5 1 -0.9 -2.8 2.8 -2.6 3.6 -3.7 8.1 -20.8
6.6 -3.8 -3.1 -3.4 -10.3 -4.3 -9.3 -9 -1.1 -8.7
14.2 9.8 15.9 19.2 20.7 7.1 5.2 15.7 13.9 14.3
-5.6 -4.5 11.1 -4.8 5.7 8.3 -0.9 14.2 -6.5 2.8
0.3 0.9 -2 0.5 0 7 -1.7 7.6 0.3 9.1
-6.2 -2.5 0.6 -0.6 -3 3.5 -2.3 1.5 3.2 -6.9
-1.4 5.6 1.5 2.8 1.4 -2.8 9.7 11 3.8 -2.7
4.2 2.9 -0.5 -0.5 -5.5 1.1 2.8 4.5 -1.9 -5.2
-2.8 1.4 -10.5 -4.5 0 -8.9 -3.5 -5.7 -0.5 3.7
6.4 3.1 10.7 8.7 15.2 0.6 4.9 29.6 9.1 -2.8
-5.8 -0.7 -7.4 2.7 -9.7 5 2.7 -9.6 -2.7 -3.3
-8.5 4.1 5.3 4.1 10.1 7.8 -2.5 -1.9 -10.9 -0.8
-1.4 0.4 7.6 -10.3 -2.3 -6.1 -5.2 11.4 -6.6 -20.8
2.8 -0.1 2.6 4.8 12.2 4.2 0.2 11.5 -0.9 -0.5
-3.3 -1.3 -1.2 -2.3 1.3 5.2 -0.6 3.1 7.2 5.9
-6.9 -2.6 -6.7 -3.1 9.8 8 1 2.3 -2.6 2.8
-4.6 8.5 4.5 -10.2 3.7 8.4 5.1 -0.4 -3.6 -2
-7.5 3.8 -4.1 -3.7 26.1 3.5 1.2 7.5 5.6 10.3
4.6 1.6 -1 -26.6 -0.3 -4.3 -0.2 8.3 4.2 2.5
3.4 2.2 0 7.2 1.2 4.6 2.3 -2.2 8.3 1.5
-6.5 -4.3 5.9 -2.4 13.5 1.1 -1 2 2.1 4.1
-13.7 -2.8 -5.7 -2.8 2.6 22 -0.6 -2.6 0.5 -0.8
4.1 5.2 -0.8 3.4 9.9 9.5 4.5 -0.3 5.7 -1.7
-2.7 -6.2 -1.8 -4.6 7.6 -1.1 4.4 4.7 -2.4 -15.4
4.5 0.9 14.9 17.2 -7.6 6.5 0.6 1.9 11.7 11.5
6.6 5.9 4.6 4.2 -9.1 -4.5 -4.7 6.6 0.5 -2.8
1.2 -0.2 0.4 0.5 -2.8 -2.8 1 7.2 0.2 0.9
6.2 -1.4 4.9 8.3 8.4 3.8 4.4 14 8.7 -0.5
-11.3 -0.9 -3.4 -7.1 -11.6 -16.1 -2.9 -5.6 1.6 2.7
-7.2 -6.1 -7 -8.4 -5.1 -5.5 -2.9 -5.8 -8.6 -16.5
-0.4 -1 6.9 7.7 -1.4 9 1 17.2 2.6 -3.1
3 5 -0.9 -9.6 -5 8.6 1.1 2.6 4.8 12.3
-1.5 -2.7 -5.3 6 -1.9 -5.2 -4.9 -1.4 -3.2 -10.6
-0.4 7.1 5.1 6.8 2.7 -1.6 5.2 6.6 -6.2 4.3
15.2 4.6 9.2 10.9 12.2 1.1 -1.3 22.3 6.4 16.9
5.3 0.2 -2.1 1.6 -11.1 1.3 -3 -1.1 -1.6 -8
0 0.2 6 0.2 5.7 3.1 9 -2.9 0.6 9
4.6 -6.7 -0.6 -2.4 -5.3 -3.7 -3.7 -12.7 -6.3 -9.7
3.2 4.1 -0.8 -2.4 -1.1 -2.6 -3.6 2.6 7.5 -3.9
5.6 -1.9 5.6 3.9 14.5 -3.8 2.9 -13.2 2.2 14.7
5.3 5.4 2.1 1.7 5.4 12.2 4.7 13 4.1 10.7
1.3 6.2 -0.4 9 -0.6 8.4 4.5 7 4.1 -8.9
0.6 2.6 6 3.6 7.1 1.6 2.6 4.9 5.8 6.2
9.6 1.4 2.9 7.6 2.3 4.9 1.4 -8.8 4.4 -3
5.2 -4.4 0 3.2 3.9 5.3 -4.2 15 3 0.9
5.1 -1.3 -3.6 -3.7 8.3 6.3 1.1 3.7 7.5 -6.8
-3.4 -2.7 0.7 4.2 1.7 -0.1 -1.2 2.7 -0.1 0.4
13 3.2 11 13.2 10.7 13.9 -0.4 12 6 10.1
2.7 0.9 5.7 0.9 -4.6 -7.8 5.6 -4.7 0.4 -5.8
7.6 15.8 6.8 4.2 18.2 16.5 9.6 5.1 6.3 19.8
6.6 1.5 -4 4 5.3 -1 6.3 -5.4 1.2 -3
6.9 -2.8 1.7 2.8 5 6.4 3 12.3 8.2 26.7
-5.5 1.7 -2.4 6.7 2.1 9.9 -0.4 7.3 5.2 -10.6
-5.5 -0.8 3.4 -10.4 -1.3 7.4 7.5 10.3 4.5 4.7
-2.8 1.7 0.2 2.7 -6.8 2.6 -0.3 -8.3 -1.6 -2.6
6.8 4.5 4 10.3 1.5 2.2 -1.1 -4.8 -0.5 -2.4
0.5 1.1 3.1 5.7 9.9 -4.4 0.1 -7.8 5.1 2.7
-0.6 -2.3 -1 0.6 -7.4 -15.7 1.3 5.7 -2.2 -11.3
2.1 6.5 -0.4 -14.2 3 7.9 5.4 3.4 0.7 -1.9
7.8 1.5 9.7 1.3 13.3 1.7 3.7 5.5 6.8 13.7
5 9.5 2 2.9 10.7 8.1 10.5 -6.6 7 -7.8
12.4 10.3 9.8 11.8 10.6 3.3 -1.6 8.7 9.4 9.5
-3.6 -0.9 -1 10.6 0.8 -7.5 -1 -11.4 -5.5 6
13.8 2.7 7.5 5.2 15.8 4.3 7.9 11 5.3 -7.5
1.7 8.5 3.9 13.8 2.4 13.5 -5.8 4.5 8.3 -5.9
-8.1 -8 -4.5 -14.7 -10.5 -7.6 10.7 -6.3 0.7 3.6
7.3 2.8 10 3.5 15.6 -4.2 -3.7 12.7 -0.2 -5.6
-0.6 6.2 9.6 11.7 -0.6 2.8 4.2 -5.9 6.7 20.3
14.3 11.3 2.4 1.5 14.7 9.4 -0.3 0.7 3.3 14.2
1.5 -7.3 8.1 2 14.3 17.4 6.7 17.7 1.9 4.1
-11.6 -4.6 -12.5 -3.2 -11.7 -9.7 0.2 -7 -7.3 7
9.3 2.9 3.8 -3.9 7.6 0.3 6.5 -5.1 3.8 5.4
-10.7 -1 -1.2 -4.7 2.6 -26.5 -7.1 -6.2 -13.6 -2.3
6.2 7.1 12 9.8 9 10 -0.2 -2.9 7.5 13.7
12.3 -15.8 4.8 4.9 5.9 -1.2 -3.8 -2.7 -2.8 -1.9
10.7 1.8 -1.5 -8.3 -8 1.7 -4 2 11.6 1.7
8.7 2.8 8.3 4.8 12.5 15.7 7.7 6.5 10.3 3.5
0.8 6.7 -0.6 -3.2 7.9 8.4 8.1 7.9 3.4 9.7
-6 3.7 -2.3 -10.9 2.2 3.3 2.3 -3.2 6.6 5
-2.9 -1.3 2.1 0.7 0.1 4.6 -5.6 3.4 -4.1 -10.9
14.7 -11.3 8.6 6.4 -1 -1.2 3.4 6.9 -1.6 0
MERCK SEARS
& CO P&G PHILIP PRIMERI ROEBUC TEXACO UNION UNITED WESTIN
INC 3M CO MORRIS CA CORP K INC. CARBIDE TECH GHOUSE
2.05 1.13 1.96 1.64 3.05 2.01 1.18 2.27 1.62 0.45
44.31 24.56 33.62 53.48 81.21 60.98 19.68 69.26 33.78 75.71
6.66 4.96 5.80 7.31 9.01 7.81 4.44 8.32 5.81 8.70
(13.70) (15.80) (12.50) (26.60) (26.50) (26.50) (9.30) (13.20) (16.80) (20.80)
15.20 15.80 17.00 19.20 26.10 22.00 11.70 29.60 13.90 26.70
 29
WOOLWO 30
RTH USX
CORP CORP
Return (%) Return (%) Mean Return
-8.9 -6.3 ALUMINUM COMPANY 0.97
3.2 7.8 ALLIED SIGNAL 2.02
5.9 -0.4 AMERICAN EXP 1.83
-3.7 -7.1 AT&T 1.02
10.8 2.7 BETHLEHEM STEEL 0.24
-1.5 -1.9 BOEING CO 1.17
-7.2 4.5 CHEVRON CORP 1.33
-15.3 -5.9 COCA COLA CO 2.45
-7.3 -6.2 DU PONT 1.73
7.9 4.1 EASTMAN KODAK 1.26
15.3 0.7 EXXON CORP 1.45
3.4 -2.4 GE CO 2.08
5 2.5 GM CORP 1.08
4 -0.1 GOODYEAR TIRE 1.62
2.3 0.4 INT BUSINESS 1.43
-7.8 2.3 INT PAPER CO 0.84
9 -4.9 NAVISTAR INT CORP 0.51
-7.9 -12.2 MCDONALDS CORP 1.63
-5.2 12.8 MERCK & CO INC 2.05
6.1 29.1 3M 1.13
-5.7 -5.7 P & G CO 1.96
0.1 -3.2 PHILIP MORRIS 1.64
-11.4 -8.5 PRIMERICA CORP 3.05
4.4 -9.3 SEARS ROEBUCK 2.01
12.3 -6.1 TEXACO INC. 1.18
-2.5 1 UNION CARBIDE 2.27
7.4 -12.6 UNITED TECH 1.62
-7.6 15 WESTINGHOUSE 0.45
-2.7 4.2 WOOLWORTH CORP 0.20
-1.4 -7.9 USX CORP 0.65
7 -1.1
5.2 -9.4 portfolio weight
7 -2 0 0
1.6 -8.7 ALUMINUM COM ALLIED SIGNAL
5 -2.7 0 ALUMINUM COMPANY 44.73 19.23
-7.7 4.5 0 ALLIED SIGNAL 19.23 41.21
-6.2 -1.4 0 AMERICAN EXP 17.97 12.57
-1.3 12 0 AT&T 6.84 5.68
9.5 3.3 0 BETHLEHEM STEEL 23.22 17.12
-3.4 -5.1 0 BOEING CO 11.90 17.15
-3.3 2.3 0 CHEVRON CORP 6.50 8.19
-7.7 -10 0.091455 COCA COLA CO 6.28 11.49
-7.2 4.4 0 DU PONT 17.66 18.15
3.5 15.9 0 EASTMAN KODAK 4.44 5.94
-2.9 -1.2 0 EXXON CORP 4.44 5.94
-8.3 -7.5 0 GE CO 13.51 15.05
2.2 -7.9 0 GM CORP 18.39 11.02
9.7 -2.2 0 GOODYEAR TIRE 15.91 26.52
3.1 13.2 0.014455 INT BUSINESS 16.55 13.22
 -15 -6.8 0 INT PAPER CO 26.37 16.90
-31.3 -4.3 0 NAVISTAR INT CORP 27.50 14.63
11.8 2.3 0.091455 MCDONALDS CORP 6.37 15.32
-5.3 2.5 0.191455 MERCK & CO INC 11.78 13.10
0.8 -2.2 0.011455 3M 7.87 8.03
-3.8 3.7 0 P & G CO 7.77 12.19
7.4 0.3 0.121455 PHILIP MORRIS 5.77 4.62
6.9 2.9 0 PRIMERICA CORP 16.70 27.55
-9.9 7.3 0.041455 SEARS ROEBUCK 18.33 24.33
-8.9 -4.6 0.027455 TEXACO INC. 6.86 9.38
6.2 -9 0.111455 UNION CARBIDE 22.73 20.07
6 -2.3 0 UNITED TECH 15.14 15.37
-3.2 2.6 0.206455 WESTINGHOUSE 12.75 10.33
21.3 7.7 0 WOOLWORTH CORP 13.79 19.33
-13.5 7.1 0.091455 USX CORP 12.82 9.72
-3.9 6.9 1 0 0
-1.6 -0.6
3.3 1.9 Mean portfolio 1.5200062389
-14.4 3.3 S.D portfolio 4.0717103661
17.8 -4.2
-7.1 -10.1
2.6 4.5
-13.3 6.1
-13.5 -3.8
6.7 -0.4
30.2 4.1
22.4 14.3
7.2 0.2
9.8 -8
-14.4 1.9
10.4 2.7
-2.9 3.6
1.8 1.2
14.3 5.4
-8.3 4.4
-7.4 11.5
2.5 0.7
12 4.7
-8 -0.9
12.2 8.8
-0.5 -3.3
18 11.5
-21 1.8
-1.1 14.2
-14.1 -3.9
13.8 -3.7
-5.8 -1.5
6.7 -0.6
9.2 3.6
5.3 8.9
-8 -4.8
-14.1 -1.7
-3.2 -2
WOOLWO
RTH USX
CORP CORP
0.20 0.65
97.56 48.22
9.88 6.94
(31.30) (12.60)
30.20 29.10
varience S.D Mini Maximum
44.73 6.69 (15.80) 17.40
41.21 6.42 (15.30) 17.80
59.41 7.71 (25.90) 20.30
40.17 6.34 (15.70) 16.70
114.95 10.72 (25.60) 27.60
43.40 6.59 (16.00) 19.00
20.68 4.55 (9.60) 13.90
33.85 5.82 (17.10) 18.40
37.42 6.12 (12.30) 16.50
38.15 6.18 (15.30) 23.10
13.59 3.69 (7.20) 9.60
31.34 5.60 (13.40) 19.00
58.09 7.62 (15.90) 21.70
69.56 8.34 (25.30) 26.70
65.87 8.12 (26.20) 23.80
43.18 6.57 (18.20) 15.60
166.23 12.89 (28.60) 46.20
39.42 6.28 (11.80) 16.00
44.31 6.66 (13.70) 15.20
24.56 4.96 (15.80) 15.80
33.62 5.80 (12.50) 17.00
53.48 7.31 (26.60) 19.20
81.21 9.01 (26.50) 26.10
60.98 7.81 (26.50) 22.00
19.68 4.44 (9.30) 11.70
69.26 8.32 (13.20) 29.60
33.78 5.81 (16.80) 13.90
75.71 8.70 (20.80) 26.70
97.56 9.88 (31.30) 30.20
48.22 6.94 (12.60) 29.10

0 0 0 0 0.09145455 0.091455 0 0
AMERICAN EXP AT&T BETHLEHEM SBOEING CO CHEVRON COCA COL DU PONT EASTMAN
17.97 6.84 23.22 11.90 6.50 6.28 17.66 4.44
12.57 5.68 17.12 17.15 8.19 11.49 18.15 5.94
59.41 12.20 10.50 10.96 8.55 13.45 13.63 3.32
12.20 40.17 15.59 6.91 1.65 9.65 7.62 3.54
10.50 15.59 114.95 14.12 4.19 5.47 16.56 2.33
10.96 6.91 14.12 43.40 5.60 15.00 15.42 0.88
8.55 1.65 4.19 5.60 20.68 2.94 10.96 (1.00)
13.45 9.65 5.47 15.00 2.94 33.85 8.29 9.34
13.63 7.62 16.56 15.42 10.96 8.29 37.42 3.66
3.32 3.54 2.33 0.88 (1.00) 9.34 3.66 38.15
3.32 3.54 2.33 0.88 (1.00) 9.34 3.66 38.15
19.28 12.20 23.24 15.43 7.48 16.17 15.29 5.11
12.44 7.49 23.57 15.42 4.78 4.66 17.78 3.48
18.83 13.69 27.66 13.26 5.90 12.23 18.14 0.91
11.52 (1.07) 15.47 11.33 3.56 5.90 15.10 10.41
12.01 9.17 29.91 19.17 4.36 9.32 21.84 5.21
20.23 10.58 41.34 14.29 3.67 6.91 7.54 8.63
16.32 4.60 15.68 13.67 5.52 11.96 12.92 9.28
17.29 5.79 12.04 11.46 4.16 19.01 16.76 8.41
3.73 5.54 12.98 12.03 6.19 7.90 13.48 6.62
17.37 8.81 11.57 14.59 3.98 18.95 12.67 5.46
13.08 11.70 9.88 9.31 2.53 19.60 5.81 9.55
40.69 14.88 19.41 18.94 15.65 20.01 23.83 14.84
26.63 11.81 12.75 19.13 11.21 14.93 21.65 13.22
4.03 (0.09) 6.16 5.65 14.27 4.23 12.93 1.31
21.06 9.96 31.13 16.99 4.07 11.91 25.11 1.84
11.78 9.60 18.21 19.62 8.45 14.86 17.73 9.64
25.90 15.50 34.60 12.68 5.95 5.38 14.16 7.14
18.88 11.30 28.82 26.35 8.82 17.57 13.80 0.11
12.49 8.55 2.00 12.87 14.03 7.39 15.49 6.59
0 0 0 0 0.53242497 1.301694 0 0
 0 0 0 0 0.014455 0.014455 0 0.091455 0.191455 0.011455
EXXON C GE CO GM CORPGOODYEAINT BUSI INT PAPE NAVISTARMCDONALMERCK & 3M
5.90 13.51 18.39 15.91 16.55 26.37 27.50 6.37 11.78 7.87
7.06 15.05 11.02 26.52 13.22 16.90 14.63 15.32 13.10 8.03
8.79 19.28 12.44 18.83 11.52 12.01 20.23 16.32 17.29 3.73
3.34 12.20 7.49 13.69 (1.07) 9.17 10.58 4.60 5.79 5.54
5.16 23.24 23.57 27.66 15.47 29.91 41.34 15.68 12.04 12.98
5.42 15.43 15.42 13.26 11.33 19.17 14.29 13.67 11.46 12.03
10.54 7.48 4.78 5.90 3.56 4.36 3.67 5.52 4.16 6.19
6.84 16.17 4.66 12.23 5.90 9.32 6.91 11.96 19.01 7.90
10.04 15.29 17.78 18.14 15.10 21.84 7.54 12.92 16.76 13.48
1.68 5.11 3.48 0.91 10.41 5.21 8.63 9.28 8.41 6.62
1.68 5.11 3.48 0.91 10.41 5.21 8.63 9.28 8.41 6.62
8.41 31.34 14.41 17.09 10.85 20.15 24.40 13.97 18.38 12.76
5.59 14.41 58.09 20.82 18.64 18.23 42.73 12.75 7.61 8.96
9.13 17.09 20.82 69.56 4.31 18.75 34.57 20.87 17.26 9.69
6.12 10.85 18.64 4.31 65.87 16.17 15.96 16.50 15.51 11.01
 6.55 20.15 18.23 18.75 16.17 43.18 24.43 9.05 15.68 14.26
7.06 24.40 42.73 34.57 15.96 24.43 166.23 15.69 12.14 4.57
9.54 13.97 12.75 20.87 16.50 9.05 15.69 39.42 14.27 6.30
7.51 18.38 7.61 17.26 15.51 15.68 12.14 14.27 44.31 9.71
6.67 12.76 8.96 9.69 11.01 14.26 4.57 6.30 9.71 24.56
6.94 14.95 7.77 12.12 10.98 12.39 13.48 20.00 21.59 9.22
4.84 12.34 4.02 5.00 10.78 5.30 16.46 11.14 21.35 8.85
13.63 30.57 21.04 33.60 15.38 15.92 32.29 25.85 25.79 14.52
7.34 19.52 22.19 19.39 10.09 19.60 29.36 19.75 13.03 12.25
11.39 6.90 4.10 6.54 5.36 6.54 3.91 7.35 5.02 4.96
2.33 15.57 21.29 14.03 16.69 23.40 15.38 13.54 14.51 7.93
8.44 17.42 13.12 16.30 11.69 18.59 15.21 12.25 19.10 12.81
8.98 24.40 12.58 19.71 15.60 17.88 34.32 18.11 12.75 13.30
9.11 19.74 14.14 20.52 7.36 23.88 19.38 16.92 15.18 15.64
10.20 5.35 8.94 7.49 8.59 10.88 16.89 4.96 3.67 5.48
0 0 0 0 0.200031 0.202477 0 1.446466 3.77494 0.108236
 0 0 0 0.041455 0.027455 0.111455 0 0.206455 0 0.091455
P & G CO PHILIP M PRIMERICSEARS R TEXACO IUNION CAUNITED T WESTINGWOOLWOR USX CORP
7.77 5.77 16.70 18.33 6.86 22.73 15.14 12.63 13.79 12.82
12.19 4.62 27.55 24.33 9.38 20.07 15.37 10.23 19.33 9.72
17.37 13.08 40.69 26.63 4.03 21.06 11.78 25.65 18.88 12.49
8.81 11.70 14.88 11.81 (0.09) 9.96 9.60 15.34 11.30 8.55
11.57 9.88 19.41 12.75 6.16 31.13 18.21 34.26 28.82 2.00
14.59 9.31 18.94 19.13 5.65 16.99 19.62 12.56 26.35 12.87
3.98 2.53 15.65 11.21 14.27 4.07 8.45 5.89 8.82 14.03
18.95 19.60 20.01 14.93 4.23 11.91 14.86 5.32 17.57 7.39
12.67 5.81 23.83 21.65 12.93 25.11 17.73 14.02 13.80 15.49
5.46 9.55 14.84 13.22 1.31 1.84 9.64 7.07 0.11 6.59
5.46 9.55 14.84 13.22 1.31 1.84 9.64 7.07 0.11 6.59
14.95 12.34 30.57 19.52 6.90 15.57 17.42 24.16 19.74 5.35
7.77 4.02 21.04 22.19 4.10 21.29 13.12 12.45 14.14 8.94
12.12 5.00 33.60 19.39 6.54 14.03 16.30 19.51 20.52 7.49
10.98 10.78 15.38 10.09 5.36 16.69 11.69 15.45 7.36 8.59
12.39 5.30 15.92 19.60 6.54 23.40 18.59 17.70 23.88 10.88
13.48 16.46 32.29 29.36 3.91 15.38 15.21 33.98 19.38 16.89
20.00 11.14 25.85 19.75 7.35 13.54 12.25 17.93 16.92 4.96
21.59 21.35 25.79 13.03 5.02 14.51 19.10 12.62 15.18 3.67
9.22 8.85 14.52 12.25 4.96 7.93 12.81 13.17 15.64 5.48
33.62 20.80 24.33 11.94 5.26 18.33 15.20 15.42 21.26 4.24
20.80 53.48 21.12 13.92 1.71 9.04 13.83 11.53 15.03 7.20
24.33 21.12 81.21 33.09 12.19 28.47 21.11 27.63 25.21 14.45
11.94 13.92 33.09 60.98 10.08 24.67 19.26 20.97 33.22 16.21
5.26 1.71 12.19 10.08 19.68 4.34 8.60 8.07 6.99 14.72
18.33 9.04 28.47 24.67 4.34 69.26 17.61 9.23 24.86 9.40
15.20 13.83 21.11 19.26 8.60 17.61 33.78 18.93 21.59 8.86
15.57 11.65 27.90 21.18 8.15 9.33 19.11 76.46 15.29 3.87
21.26 15.03 25.21 33.22 6.99 24.86 21.59 15.14 97.56 11.96
4.24 7.20 14.45 16.21 14.72 9.40 8.86 3.83 11.96 48.22
0 0 0 0.789785 0.187624 2.026424 0 5.073535 0 0.935189
USX CORP
 UM BETHLE
COMPAN ALLIED AMERIC HEM ALUMINUM ALLIED
Y SIGNAL AN EXP AT&T STEEL COMPANY SIGNAL
Return (%Return (%Return (%Return (% Return (%)
### -15.8 -2.5 -14.7 -14.3 -2.7 (16.77) (4.52)
### 4.7 4.6 -2.1 1.9 -2.2 3.73 2.58
### 0.8 5.3 -11.6 6.5 12.1 (0.17) 3.28
### -3.6 -5.1 6.2 -4.5 -17.2 (4.57) (7.12)
### 6.5 5.2 7.8 7.5 9.1 5.53 3.18
### -3.4 0.7 5.9 -10 -8.5 (4.37) (1.32)
31-Jul-90 9.7 -8.2 -5.3 -3.9 -15.5 8.73 (10.22)
### -7.4 -6.8 -17.2 -12.5 -11.2 (8.37) (8.82)
### -2.7 -10.1 -12.4 -3.6 0 (3.67) (12.12)
### -14.5 -9.9 -9.6 10.1 -5.2 (15.47) (11.92)
### 3.3 12.2 8.6 -5.5 4.2 2.33 10.18
### 5 -2.7 1.7 -5.2 25.5 4.03 (4.72)
### 12.7 7.4 10.3 8.3 0.8 11.73 5.38
### -0.4 4.1 5.5 2.3 9.1 (1.37) 2.08
### 2.1 -2.5 20.3 3.6 -14.7 1.13 (4.52)
### 3.7 2.2 -12.6 9.1 0.9 2.73 0.18
### 5.4 2.4 2.5 -0.7 15.1 4.43 0.38
### -5.1 10.5 -11.3 3.9 1.6 (6.07) 8.48
31-Jul-91 5.2 17.8 12.8 4.2 11.6 4.23 15.78
### -1.9 -0.1 4.4 -2.2 -0.1 (2.87) (2.12)
### -7.8 -5.5 -2.4 -3 -5.6 (8.77) (7.52)
### -0.2 14.5 -25.9 3.7 -9.6 (1.17) 12.48
### -7.7 -5.7 0 -6.4 -25.6 (8.67) (7.72)
### 10 12.9 9.2 8.5 24.4 9.03 10.88
### 0.2 12.8 0.6 -4.8 3.6 (0.77) 10.78
### 8.2 0.8 1.8 -0.3 2.6 7.23 (1.22)
### 1.6 1.8 10.1 10.7 -0.8 0.63 (0.22)
### 10.3 15.3 -1.6 6.1 -1.7 9.33 13.28
### 0.3 0 1.1 -1.7 -2.6 (0.67) (2.02)
### -2.3 -7.3 3.3 2 7.1 (3.27) (9.32)
31-Jul-92 -2.8 3.3 -1.1 2 -8.3 (3.77) 1.28
### -11.8 -5.2 -9.2 -3.7 -13.5 (12.77) (7.22)
### 2.5 -0.7 6 4 -3.1 1.53 (2.72)
### 5.3 6.7 -2.3 0 7.5 4.33 4.68
### 1.1 3.4 7 8 23 0.13 1.38
### 2.1 5.9 8.7 8.9 4.1 1.13 3.88
### 3.8 -4.8 -5.5 3.7 18 2.83 (6.82)
### -5.2 14.8 5.4 5.7 -9.9 (6.17) 12.78
### -8 1.1 11.7 2.2 3.7 (8.97) (0.92)
### 2.5 -2.1 3.2 -1.5 11.3 1.53 (4.12)
### 2.7 2.7 2.7 10.1 -1.3 1.73 0.68
### 3.7 0 12.2 3 -3.2 2.73 (2.02)
30-Jul-93 1.8 5.1 1.9 0.6 -22.7 0.83 3.08
### 6 7 -0.4 -0.8 -6.9 5.03 4.98
### -10.6 -2.5 10.4 -5.8 6.5 (11.57) (4.52)
### 1.3 -1.7 -9.4 -2.3 15.7 0.33 (3.72)
### 2.4 -0.3 -2.7 -5 4.5 1.43 (2.32)
### 0.2 11.1 -1.6 -3.3 17.3 (0.77) 9.08
### 14.6 -0.5 6.5 8.1 14.7 13.63 (2.52)
### -4.9 -2.5 -10.3 -7.5 -7 (5.87) (4.52)
 ### -4.8 -4.4 -5.1 -1.8 -8.6 (5.77) (6.42)
### -5.1 -5.5 7.7 0 1.3 (6.07) (7.52)
### 4.4 2.3 5.4 6.6 -4.3 3.43 0.28
### 3.5 -1.4 -6.8 0.1 -3.2 2.53 (3.42)
29-Jul-94 7 10.5 3.8 0.5 19.5 6.03 8.48
### 7.9 -1.9 6.1 0 3.4 6.93 (3.92)
### 0.9 -8.7 8 -0.5 -8.7 (0.07) (10.72)
### 1.1 1.5 2.4 1.9 -8.9 0.13 (0.52)
### -4.3 -5.3 -4 -10.7 -7.2 (5.27) (7.32)
### 6.1 4.2 0.3 3 1.4 5.13 2.18
### -9 5.1 6.8 -0.7 -13.2 (9.97) 3.08
### -0.8 6.5 6.7 3.5 0.8 (1.77) 4.48
### 6.4 3.6 3.7 0.9 2.4 5.43 1.58
### 8.1 1 0.3 -1.9 -12.4 7.13 (1.02)
### 4.1 2.4 2.2 0 4.4 3.13 0.38
### 7.8 10.2 -0.7 5.1 10.2 6.83 8.18
31-Jul-95 13.7 5.1 9.9 -0.5 -3.1 12.73 3.08
### 0.6 -4.7 4.9 7.3 -7.1 (0.37) (6.72)
### -7.4 -0.6 9.9 16.7 -3.4 (8.37) (2.62)
### -3.5 -3.7 -7.9 -2.7 -7.1 (4.47) (5.72)
### 15.1 11.9 4.6 2.9 6.7 14.13 9.88
### -9.6 0.3 -2.6 -1.2 -0.9 (10.57) (1.72)
### 5.6 5 11.7 3.3 9 4.63 2.98
### 2.5 12 -0.3 -4.9 -9.1 1.53 9.98
### 10.1 6.3 7.6 -3.4 -4.5 9.13 4.28
### -0.4 -1.9 -1.3 0.2 4.8 (1.37) (3.92)
### -0.7 -5.2 -5.7 1.8 -7.3 (1.67) (7.22)
### -6.9 4.3 -2.5 -0.1 -6.9 (7.87) 2.28
31-Jul-96 1.7 2.8 -1.5 -15.7 -14.7 0.73 0.78
### 7.1 5.5 0 0.5 1.2 6.13 3.48
### -5 6.7 5.7 0.2 -2.4 (5.97) 4.68
### -0.1 -0.6 2.1 -8.5 -18.8 (1.07) (2.62)
### 8.5 12.2 11.2 12.1 10.8 7.53 10.18
### 0.2 -8.5 8.6 11.4 -1.4 (0.77) (10.52)
### 8.2 5 10 -4.7 -5.6 7.23 2.98
### 3.6 3 5.6 1.3 -1.5 2.63 0.98
### -4.6 -1.4 -8.8 -11.7 0 (5.57) (3.42)
### 3.1 1.4 10.2 -3.9 0 2.13 (0.62)
### 5.4 6.6 5.7 9.7 21.2 4.43 4.58
### 2.4 9.4 7.2 -3.7 4.4 1.43 7.38
31-Jul-97 17.4 9.8 12.7 5 7.8 16.43 7.78
### -6.8 -10.2 -7.2 5.9 6.7 (7.77) (12.22)
### -0.3 3 5.3 14.3 -14.1 (1.27) 0.98
### -11 -15.3 -4.5 10.5 -3 (11.97) (17.32)
### -7.5 3.5 1.1 14.3 2.5 (8.47) 1.48
### 4.6 4.5 13.4 10.3 -15.2 3.63 2.48
### 8.5 0.3 -6.2 2.1 13.7 7.53 (1.72)
### -3.6 9.7 7.6 -2.6 7.6 (4.57) 7.68
### -6.2 -1.3 1.9 8.3 27.6 (7.17) (3.32)
### 12.6 4.3 11.5 -8.6 14.7 11.63 2.28
### -10.2 -2.1 0.4 1.2 -21.3 (11.17) (4.12)
### UM -5 3.8 11.1 -5.6 BETHLE1.5 (5.97) 1.78
COMPAN ALLIED AMERIC HEM 1 2
Y SIGNAL AN EXP AT&T STEEL
 Y SIGNAL AN EXP AT&T STEEL 1 43.73 18.23
Mean Retu 0.97 2.02 1.83 1.02 0.24 2.00 18.23 40.21
varience 44.73 41.21 59.41 40.17 114.95 3.00 16.97 11.57
S.D 6.69 6.42 7.71 6.34 10.72 4.00 5.84 4.68
Mini (15.80) (15.30) (25.90) (15.70) (25.60) 5.00 22.22 16.12
Maximum 17.40 17.80 20.30 16.70 27.60 1.00 2.00
1.00 45.17219569 19.42193943
2.00 19.42193943 41.61301592
3.00 18.15261503 12.69544943
4.00 6.904554455 5.738993399
5.00 23.44587653 17.29368084
AMERICAN BETHLEH
EXP AT&T EM STEEL
Mean Return varience
(16.53) (15.32) (2.94) (2.00) (35.00) 0.97 44.73
(3.93) 0.88 (2.44) ALLIED SIGNAL 2.02 41.21
(13.43) 5.48 11.86 AMERICAN EXP 1.83 59.41
4.37 (5.52) (17.44) AT&T 1.02 40.17
5.97 6.48 8.86 BETHLEHEM STEEL 0.24 114.95
4.07 (11.02) (8.74)
(7.13) (4.92) (15.74) porfolio weight
(19.03) (13.52) (11.44) 0.1636702847 2
(14.23) (4.62) (0.24) ALUMINUM COMALLIED SIGNAL
(11.43) 9.08 (5.44) 0.16367 ALUMINUM COMPANY 44.73 19.23
6.77 (6.52) 3.96 0 ALLIED SIGNAL 19.23 41.21
(0.13) (6.22) 25.26 0.190201 AMERICAN EXP 17.97 12.57
8.47 7.28 0.56 0.629291 AT&T 6.84 5.68
3.67 1.28 8.86 0.016838 BETHLEHEM STEEL 23.22 17.12
18.47 2.58 (14.94) 1 2.53 18.81
(14.43) 8.08 0.66
0.67 (1.72) 14.86 Mean p 1.1510250274
(13.13) 2.88 1.36 SD p 6.64
10.97 3.18 11.36
2.57 (3.22) (0.34) 44.7293310265 19.2315282584
(4.23) (4.02) (5.84) 19.2315282584 41.2050451749
(27.73) 2.68 (9.84) 2.525914452 18.806137461
(1.83) (7.42) (25.84) 44.7293310265 19.2315282584
7.37 7.48 24.16 6.64
(1.23) (5.82) 3.36 1.1510250274
(0.03) (1.32) 2.36
8.27 9.68 (1.04)
(3.43) 5.08 (1.94)
(0.73) (2.72) (2.84)
1.47 0.98 6.86
(2.93) 0.98 (8.54)
(11.03) (4.72) (13.74)
4.17 2.98 (3.34)
(4.13) (1.02) 7.26
5.17 6.98 22.76
6.87 7.88 3.86
(7.33) 2.68 17.76
3.57 4.68 (10.14)
9.87 1.18 3.46
1.37 (2.52) 11.06
0.87 9.08 (1.54)
10.37 1.98 (3.44)
0.07 (0.42) (22.94)
(2.23) (1.82) (7.14)
8.57 (6.82) 6.26
(11.23) (3.32) 15.46
(4.53) (6.02) 4.26
(3.43) (4.32) 17.06
4.67 7.08 14.46
(12.13) (8.52) (7.24)
 (6.93) (2.82) (8.84)
5.87 (1.02) 1.06
3.57 5.58 (4.54)
(8.63) (0.92) (3.44)
1.97 (0.52) 19.26
4.27 (1.02) 3.16
6.17 (1.52) (8.94)
0.57 0.88 (9.14)
(5.83) (11.72) (7.44)
(1.53) 1.98 1.16
4.97 (1.72) (13.44)
4.87 2.48 0.56
1.87 (0.12) 2.16
(1.53) (2.92) (12.64)
0.37 (1.02) 4.16
(2.53) 4.08 9.96
8.07 (1.52) (3.34)
3.07 6.28 (7.34)
8.07 15.68 (3.64)
(9.73) (3.72) (7.34)
2.77 1.88 6.46
(4.43) (2.22) (1.14)
9.87 2.28 8.76
(2.13) (5.92) (9.34)
5.77 (4.42) (4.74)
(3.13) (0.82) 4.56
(7.53) 0.78 (7.54)
(4.33) (1.12) (7.14)
(3.33) (16.72) (14.94)
(1.83) (0.52) 0.96
3.87 (0.82) (2.64)
0.27 (9.52) (19.04)
9.37 11.08 10.56
6.77 10.38 (1.64)
8.17 (5.72) (5.84)
3.77 0.28 (1.74)
(10.63) (12.72) (0.24)
8.37 (4.92) (0.24)
3.87 8.68 20.96
5.37 (4.72) 4.16
10.87 3.98 7.56
(9.03) 4.88 6.46
3.47 13.28 (14.34)
(6.33) 9.48 (3.24)
(0.73) 13.28 2.26
11.57 9.28 (15.44)
(8.03) 1.08 13.46
5.77 (3.62) 7.36
0.07 7.28 27.36
9.67 (9.62) 14.46
(1.43) 0.18 (21.54)
9.27 (6.62) 1.26
3 4 5
 16.97 5.84 22.22
11.57 4.68 16.12
58.41 11.20 9.50
11.20 39.17 14.59
9.50 14.59 113.95
3.00 4.00 5.00
18.15261503 6.904554455 23.445877
12.69544943 5.738993399 17.293681
59.99900602 12.31679868 10.599884
12.31679868 40.57090759 15.741188
10.59988352 15.74118812 116.08779
S.D Mini Maximum
6.69 -15.80 17.40
6.42 -15.30 17.80
7.71 -25.90 20.30
6.34 -15.70 16.70
10.72 -25.60 27.60

0.19020092 0.6292907025 0.016838101

AMERICAN AT&T BETHLEHEM STEEL
17.97 6.84 23.22
12.57 5.68 17.12
59.41 12.20 10.50
12.20 40.17 15.59
10.50 15.59 114.95
4.20 18.24 0.30

17.9746482 6.8368627451 23.21601499

12.5709842 5.6827287582 17.12413495
4.20220228 18.2379367427 0.295345603
17.9746482 6.8368627451 23.21601499
 UM1 2 3 4 5
BETHLE 6 7 8 9
COMPAN ALLIED AMERIC HEM BOEING CHEVRO COCA
Y SIGNAL AN EXP AT&T STEEL CO N CORP COLA CO DU PONT
Return (%Return (%Return (%Return (% Return (%) Return (%)Return (%)Return (%)Return (%
### -15.8 -2.5 -14.7 -14.3 -2.7 -0.2 -1.3 -10.8 -7.6
### 4.7 4.6 -2.1 1.9 -2.2 8.3 1.4 2.4 4.7
### 0.8 5.3 -11.6 6.5 12.1 12.3 0.6 6.6 -2.2
### -3.6 -5.1 6.2 -4.5 -17.2 -2.8 -2.4 2 -2.9
### 6.5 5.2 7.8 7.5 9.1 19 7.3 18.4 8.1
### -3.4 0.7 5.9 -10 -8.5 6.2 0.5 -1.2 -3.4
31-Jul-90 9.7 -8.2 -5.3 -3.9 -15.5 -1.3 13.9 2.3 7.8
### -7.4 -6.8 -17.2 -12.5 -11.2 -16 -4.4 -6.9 -12.3
### -2.7 -10.1 -12.4 -3.6 0 -13.7 -2.5 -6 -5.9
### -14.5 -9.9 -9.6 10.1 -5.2 7.5 -7.9 13.6 -2.2
### 3.3 12.2 8.6 -5.5 4.2 -0.6 3.7 3.5 12.6
### 5 -2.7 1.7 -5.2 25.5 2.5 3.9 0.5 -0.3
### 12.7 7.4 10.3 8.3 0.8 8.8 -1.7 4.8 -1.4
### -0.4 4.1 5.5 2.3 9.1 -1.8 6.5 7.4 5
### 2.1 -2.5 20.3 3.6 -14.7 -2.6 2.3 4 -1.3
### 3.7 2.2 -12.6 9.1 0.9 -2.7 1.6 -2.8 12.1
### 5.4 2.4 2.5 -0.7 15.1 7.4 -4.5 8.5 14.5
### -5.1 10.5 -11.3 3.9 1.6 -6.4 -4.7 -4.4 -2.9
31-Jul-91 5.2 17.8 12.8 4.2 11.6 1.4 2.5 10.3 6.5
### -1.9 -0.1 4.4 -2.2 -0.1 7.8 0.6 9.4 -0.4
### -7.8 -5.5 -2.4 -3 -5.6 2 2.4 -1.5 -6.5
### -0.2 14.5 -25.9 3.7 -9.6 -3 1.7 3.3 5.5
### -7.7 -5.7 0 -6.4 -25.6 -9.6 -9.6 4.5 -5.9
### 10 12.9 9.2 8.5 24.4 7.9 3.4 15.7 5.1
### 0.2 12.8 0.6 -4.8 3.6 6.5 -7.8 -3.4 -0.3
### 8.2 0.8 1.8 -0.3 2.6 -9.1 -1.8 5.5 0.4
### 1.6 1.8 10.1 10.7 -0.8 -4.6 3.9 0.3 3
### 10.3 15.3 -1.6 6.1 -1.7 0.3 9 1.5 13.9
### 0.3 0 1.1 -1.7 -2.6 0.3 3.5 6 -2
### -2.3 -7.3 3.3 2 7.1 -9.1 -6.1 -8.8 -4.3
31-Jul-92 -2.8 3.3 -1.1 2 -8.3 0.3 6.5 4.7 6.2
### -11.8 -5.2 -9.2 -3.7 -13.5 -6.3 4.1 2.7 -7.1
### 2.5 -0.7 6 4 -3.1 -1.3 0.9 -5.5 -4.6
### 5.3 6.7 -2.3 0 7.5 -2 -4.2 0.3 2.7
### 1.1 3.4 7 8 23 -1.7 -2 -1.8 0.4
### 2.1 5.9 8.7 8.9 4.1 14.2 1.1 5.3 -2.1
### 3.8 -4.8 -5.5 3.7 18 -12.2 4.7 1.2 -2.9
### -5.2 14.8 5.4 5.7 -9.9 -1.8 7 0 2.3
### -8 1.1 11.7 2.2 3.7 1.8 8 1 4
### 2.5 -2.1 3.2 -1.5 11.3 8.6 3.6 -7.6 8
### 2.7 2.7 2.7 10.1 -1.3 4.9 3.3 5.4 2
### 3.7 0 12.2 3 -3.2 -6.6 -0.4 4 -10.7
30-Jul-93 1.8 5.1 1.9 0.6 -22.7 6.4 0.7 0.6 -0.5
### 6 7 -0.4 -0.8 -6.9 1.3 6.4 0.3 4.7
### -10.6 -2.5 10.4 -5.8 6.5 -3.2 5 -2.2 -4.4
### 1.3 -1.7 -9.4 -2.3 15.7 -2.3 -0.8 2.7 2.4
### 2.4 -0.3 -2.7 -5 4.5 3.7 -9.5 -2.8 1.2
### 0.2 11.1 -1.6 -3.3 17.3 12 0.3 6.3 1
### 14.6 -0.5 6.5 8.1 14.7 0 7.2 -8.4 16.3
 ### -4.9 -2.5 -10.3 -7.5 -7 8.7 -6.2 4.3 -4.3
### -4.8 -4.4 -5.1 -1.8 -8.6 -4.8 -3 -4.2 -0.5
### -5.1 -5.5 7.7 0 1.3 1.1 6 2.8 7.8
### 4.4 2.3 5.4 6.6 -4.3 3.6 -1.2 -3.6 9.3
### 3.5 -1.4 -6.8 0.1 -3.2 -0.3 -3.7 1.4 -6
29-Jul-94 7 10.5 3.8 0.5 19.5 -3.5 6 9.2 1.9
### 7.9 -1.9 6.1 0 3.4 2.5 -3.5 3.7 2.7
### 0.9 -8.7 8 -0.5 -8.7 -4.9 -1.8 6.1 -4.1
### 1.1 1.5 2.4 1.9 -8.9 1.4 8.1 3.6 2.8
### -4.3 -5.3 -4 -10.7 -7.2 2.8 -2 1.9 -8.9
### 6.1 4.2 0.3 3 1.4 4.7 2.3 0.7 4.2
### -9 5.1 6.8 -0.7 -13.2 -5.3 0 1.9 -5.1
### -0.8 6.5 6.7 3.5 0.8 4.2 7.8 4.8 6.3
### 6.4 3.6 3.7 0.9 2.4 16.5 0.8 2.9 7.8
### 8.1 1 0.3 -1.9 -12.4 2.3 -1.3 3.1 8.9
### 4.1 2.4 2.2 0 4.4 7.5 4.7 6 3.8
### 7.8 10.2 -0.7 5.1 10.2 6.4 -5.6 3.8 1.3
31-Jul-95 13.7 5.1 9.9 -0.5 -3.1 7 6.5 2.9 -2.5
### 0.6 -4.7 4.9 7.3 -7.1 -4.1 -1 -2.1 -1.6
### -7.4 -0.6 9.9 16.7 -3.4 6.6 0.8 7.7 5.2
### -3.5 -3.7 -7.9 -2.7 -7.1 -4 -4.1 4.2 -9.3
### 15.1 11.9 4.6 2.9 6.7 11.6 6.7 5.7 7.4
### -9.6 0.3 -2.6 -1.2 -0.9 7.5 6.1 -2 5.1
### 5.6 5 11.7 3.3 9 -1.1 -1 1.5 9.8
### 2.5 12 -0.3 -4.9 -9.1 5 8.2 7.1 0.4
### 10.1 6.3 7.6 -3.4 -4.5 6.8 0.9 2.8 8.5
### -0.4 -1.9 -1.3 0.2 4.8 -5.2 3.3 -1.5 -3.3
### -0.7 -5.2 -5.7 1.8 -7.3 4.1 3.9 12.9 0.1
### -6.9 4.3 -2.5 -0.1 -6.9 2.2 -1.3 6.8 -0.8
31-Jul-96 1.7 2.8 -1.5 -15.7 -14.7 1.6 -1.9 -4.3 2.1
### 7.1 5.5 0 0.5 1.2 2.6 2.7 7.2 2.4
### -5 6.7 5.7 0.2 -2.4 4.4 6.4 1.5 7.3
### -0.1 -0.6 2.1 -8.5 -18.8 0.9 5 -0.7 5.2
### 8.5 12.2 11.2 12.1 10.8 4.5 2.7 1.5 2.2
### 0.2 -8.5 8.6 11.4 -1.4 7.2 -3 2.9 -0.1
### 8.2 5 10 -4.7 -5.6 0.6 2.1 10 16.5
### 3.6 3 5.6 1.3 -1.5 -4.8 -2 5.4 -1.6
### -4.6 -1.4 -8.8 -11.7 0 -3.1 7.9 -8.4 -1.2
### 3.1 1.4 10.2 -3.9 0 0 -1.6 14.1 0.1
### 5.4 6.6 5.7 9.7 21.2 7.1 3 7.7 2.9
### 2.4 9.4 7.2 -3.7 4.4 0.7 5.6 -0.5 15.8
31-Jul-97 17.4 9.8 12.7 5 7.8 10.6 6.8 1.7 6.7
### -6.8 -10.2 -7.2 5.9 6.7 -6.9 -1.2 -17.1 -6.6
### -0.3 3 5.3 14.3 -14.1 -0.1 7.3 6.7 -1.2
### -11 -15.3 -4.5 10.5 -3 -11.8 -0.2 -7.2 -7.6
### -7.5 3.5 1.1 14.3 2.5 11 -2.6 10.6 7
### 4.6 4.5 13.4 10.3 -15.2 -7.9 -4 6.7 -0.8
### 8.5 0.3 -6.2 2.1 13.7 -2.7 -2.9 -2.9 -5.7
### -3.6 9.7 7.6 -2.6 7.6 14.2 9 6 8.8
### -6.2 -1.3 1.9 8.3 27.6 -3.9 -0.7 13.1 10.9
### 12.6 4.3 11.5 -8.6 14.7 -4 3 -2 7.1
### -10.2 -2.1 0.4 1.2 -21.3 -4.3 -2.7 3.3 6.5
### -5 3.8 11.1 -5.6 1.5 -6.7 4.9 9.3 -3.2
 UM BETHLE
COMPAN ALLIED AMERIC HEM BOEING CHEVRO COCA
Y SIGNAL AN EXP AT&T STEEL CO N CORP COLA CO DU PONT
Mean Retu 0.97 2.02 1.83 1.02 0.24 1.17 1.33 2.45 1.73
varience 44.73 41.21 59.41 40.17 114.95 43.40 20.68 33.85 37.42
S.D 6.69 6.42 7.71 6.34 10.72 6.59 4.55 5.82 6.12
Mini (15.80) (15.30) (25.90) (15.70) (25.60) (16.00) (9.60) (17.10) (12.30)
Maximum 17.40 17.80 20.30 16.70 27.60 19.00 13.90 18.40 16.50
 10
EASTMA
N
KODAK
Return (%) Mean Return varience S.D
-7.3 ALUMINUM COMPANY 0.97 44.73 6.69
0 ALLIED SIGNAL 2.02 41.21 6.42
4 AMERICAN EXP 1.83 59.41 7.71
-5.8 AT&T 1.02 40.17 6.34
10.5 BETHLEHEM STEEL 0.24 114.95 10.72
0.6 BOEING CO 1.17 43.40 6.59
-5.9 CHEVRON CORP 1.33 20.68 4.55
6.9 COCA COLA CO 2.45 33.85 5.82
-4.3 DU PONT 1.73 37.42 6.12
3.2 EASTMAN KODAK 1.26 38.15 6.18
7.9
-1.8 portfolio weight 0.07 0.00 0.00
2.4 ALUMINUM CO ALLIED SIGNAAMERICAN
3.8 0.07 ALUMINUM COMPANY 44.73 19.23 17.97
-0.3 0.00 ALLIED SIGNAL 19.23 41.21 12.57
-4.6 0.00 AMERICAN EXP 17.97 12.57 59.41
3 0.14 AT&T 6.84 5.68 12.20
-8.6 0.01 BETHLEHEM STEEL 23.22 17.12 10.50
5.8 0.08 BOEING CO 11.90 17.15 10.96
6.4 0.39 CHEVRON CORP 6.50 8.19 8.55
-1.2 0.09 COCA COLA CO 6.28 11.49 13.45
5.9 - DU PONT 17.66 18.15 13.63
4.4 0.21 EASTMAN KODAK 4.44 5.94 3.32
3.5 1 0.6121643782 0.0248897387 0.00929402
4.7
-10.6 Mean portfolio 1.3239059366
-9 3.0560500513
-2.5
1.9
0.6
8.4
2.9
0.6
-8.1
3.7
-3.3
23.1
8.5
1.2
-10.1
7.2
-3.4
7.3
14.7
-2.7
5.9
-2.4
-7.6
-2.3
 -1.6
3.2
-6.5
13.9
2.7
0.5
3.7
4
-7
-4.6
4.9
2.6
4.9
4.4
8
5.7
0.4
-4.9
0.9
2.6
5.7
9.6
-1.8
9.5
-2
-0.7
7.7
-2.3
4.5
-4
-2.3
8.3
1.4
2.4
-1.1
8.1
4
-15.3
9.4
0.2
-7.4
-12.7
-1.8
-0.7
-7.8
2
-0.1
7.7
1.2
-1.1
11.3
-0.5
2.4
EASTMA
N
KODAK
1.26
38.15
6.18
(15.30)
23.10
Mini Maximum
(15.80) 17.40
(15.30) 17.80
(25.90) 20.30
(15.70) 16.70
(25.60) 27.60
(16.00) 19.00
(9.60) 13.90
(17.10) 18.40
(12.30) 16.50
(15.30) 23.10

0.14 0.01 0.08 0.39 0.09 - 0.21

AT&T BETHLEHBOEING CCHEVRONCOCA COL DU PONT EASTMAN KODAK
6.84 23.22 11.90 6.50 6.28 17.66 4.44
5.68 17.12 17.15 8.19 11.49 18.15 5.94
12.20 10.50 10.96 8.55 13.45 13.63 3.32
40.17 15.59 6.91 1.65 9.65 7.62 3.54
15.59 114.95 14.12 4.19 5.47 16.56 2.33
6.91 14.12 43.40 5.60 15.00 15.42 0.88
1.65 4.19 5.60 20.68 2.94 10.96 (1.00)
9.65 5.47 15.00 2.94 33.85 8.29 9.34
7.62 16.56 15.42 10.96 8.29 37.42 3.66
3.54 2.33 0.88 (1.00) 9.34 3.66 38.15
1.348439 0.136983 0.760791 3.644763 0.858896 0 1.943221