Year Month Vanguard 500 Hasbro (HAS) R.J.

Reynolds (RJR)
2002 Jan -2.37% -1.90% -1.18%
2002 Feb -2.61% -6.16% 1.66%
2002 Mar 0.01% -1.15% 5.10%
2002 Apr -6.71% -10.47% -3.46%
2002 May -2.06% -4.11% 1.53%
2002 Jun -7.49% -10.04% -5.09%
2002 Jul -10.38% -11.98% -10.38%
2002 Aug -5.59% -10.02% -6.09%
2002 Sep -10.75% -14.46% -10.11%
2002 Oct 8.98% 11.56% 10.35%
2002 Nov 0.96% 1.52% -1.06%
2002 Dec -5.62% -10.10% -4.42%
2003 Jan 5.11% 10.12% 4.42%
2003 Feb 0.11% -1.32% 1.01%
2003 Mar -2.72% -6.44% -1.53%
2003 Apr 8.84% 13.42% 10.11%
2003 May 4.01% 1.89% 4.42%
2003 Jun 5.29% 6.44% 6.93%
2003 Jul 3.19% 1.32% 3.98%
2003 Aug 3.44% 4.55% 3.46%
2003 Sep 7.09% 10.12% 7.42%
2003 Oct 3.25% 1.89% 3.98%
2003 Nov 0.65% 1.32% 0.00%
2003 Dec 3.13% 4.55% 3.46%
2004 Jan 1.72% 1.89% 1.53%
2004 Feb 1.56% 0.45% 1.01%
2004 Mar -1.50% -3.78% -1.01%
2004 Apr 1.66% 1.32% 1.53%
2004 May -0.19% -1.32% 0.00%
2004 Jun -3.25% -5.67% -3.46%
2004 Jul 1.98% 1.89% 1.53%
2004 Aug 1.83% 0.45% 1.01%
2004 Sep 1.50% 0.45% 1.01%
2004 Oct 2.09% 2.84% 2.54%
2004 Nov 0.81% 0.90% 0.51%
2004 Dec 0.58% -0.45% 0.00%
2005 Jan -2.37% -4.23% -2.54%
2005 Feb 0.42% -0.45% 0.51%
2005 Mar 0.06% -1.32% 0.00%
2005 Apr -2.59% -4.23% -2.54%
2005 May 3.85% 5.67% 5.58%
2005 Jun 0.87% 0.45% 0.51%
 2005 Jul 3.31% 4.23% 3.57%
2005 Aug 0.65% -0.45% 0.00%
2005 Sep 1.78% 2.84% 2.03%
2005 Oct 3.73% 5.22% 4.59%
2005 Nov 0.06% -0.90% -0.51%
2005 Dec 0.09% -0.45% 0.00%
2006 Jan 3.35% 5.22% 4.08%
2006 Feb 1.32% 0.90% 1.02%
2006 Mar -1.38% -3.78% -2.03%
2006 Apr 1.75% 1.35% 1.53%
2006 May -3.59% -6.12% -5.09%
2006 Jun 0.12% -0.90% -0.51%
2006 Jul 2.79% 4.23% 3.06%
2006 Aug 2.70% 3.78% 3.06%
2006 Sep 1.26% 0.90% 1.02%
2006 Oct 3.60% 5.22% 4.08%
2006 Nov 2.88% 4.23% 3.06%
2006 Dec 1.65% 1.35% 1.53%

STD 0.0386246402722173 0.0557896466915332 0.03918476643932

covarience 0.0021033386779661 0.00200767447457627 0.00143416685876
VAR 0.00149186283615819

BETA 1.34575004210601 0.96132621846811

99/sp500,1/HaS 99/SP500,1/RJR
PORtFolio VAR 0.00146517136729153 0.00146501366341582
Month Vanguard Index 500 Trust California REIT Brown Group
1989 - January 7.32% -28.26% 9.16%
February -2.47% -3.03% 0.73%
March 2.26% 8.75% -0.29%
April 5.18% -1.47% 2.21%
May 4.04% -1.49% -1.08%
June -0.59% -9.09% -0.65%
July 9.01% 10.67% 2.22%
August 1.86% -9.38% 0.00%
September -0.40% 10.34% 1.88%
October -2.34% -14.38% -7.55%
November 2.04% -14.81% -12.84%
December 2.38% -4.35% -1.70%
1990 - January -6.72% -5.45% -15.21%
February 1.27% 5.00% 7.61%
March 2.61% 9.52% 1.11%
April -2.50% -0.87% -0.51%
May 9.96% 0.00% 12.71%
June -0.69% 4.55% 3.32%
July -0.32% 3.48% 3.17%
August -9.03% 0.00% -14.72%
September -4.89% -13.04% -1.91%
October -0.41% 0.00% -12.50%
November 6.44% 1.50% 17.26%
December 2.72% -2.56% -8.53%

STD 0.0462850507606186 0.092307359823235 0.0816677112104155

Covariance 0.000315315597826087 0.001235388423913 0.0024841504891304
Variance 0.00214230592391304 0.008520648677536 0.0066696150543478

BETA 0.576662936008941 1.15956851045484

Portfolio Variance 0.002142943758188 0.0021427586548261
0.01