Period 2/28/2006 1/31/2006 12/30/2005 11/30/2005 10/31/2005 9/30/2005 8/31/2005 7/29/2005 6/30/2005 5/31/2005 4/29/2005 3/31/2005 2/28/2005 1/31/2005 12/31/2004 11/30/2004 10/29/2004 9/30/2004 8/31/2004 7/30/2004 6/30/2004 5/31/2004 4/30/2004 3/31/2004 2/27/2004 1/30/2004 12/31/2003 11/28/2003 10/31/2003 9/30/2003 8/29/2003 7/31/2003 6/30/2003 5/30/2003 4/30/2003 3/31/2003
EIX 44.36 43.82 43.61 45.12 43.76 47.28 45.03 40.88 40.55 36.75 36.30 34.72 32.48 32.47 32.03 31.90 30.50 26.51 26.88 26.80 25.57 24.14 23.40 24.29 23.09 22.00 21.93 20.42 19.71 19.10 18.86 16.41 16.43 16.28 14.59 13.69
WMB 21.57 23.84 23.17 21.50 22.30 25.05 22.44 21.24 19.00 18.41 17.02 18.81 18.83 16.81 16.29 16.67 12.51 12.10 11.89 12.15 11.90 11.91 10.30 9.57 9.47 10.14 9.82 9.38 10.20 9.42 9.13 6.35 7.90 7.91 6.95 4.58
Prices INTC 20.60 21.26 24.96 26.68 23.50 24.65 25.72 27.14 26.02 26.96 23.52 23.23 23.99 22.45 23.39 22.38 22.26 20.06 21.29 24.38 27.60 28.55 25.73 27.20 29.20 30.52 32.05 33.54 32.95 27.52 28.59 24.89 20.81 20.82 18.37 16.28
ORCL 12.42 12.57 12.21 12.60 12.68 12.40 12.99 13.57 13.20 12.80 11.56 12.48 12.95 13.77 13.72 12.74 12.66 11.28 9.97 10.51 11.93 11.40 11.25 12.00 12.87 13.86 13.23 12.02 11.97 11.25 12.83 11.99 12.01 13.01 11.88 10.85
NKE 86.78 80.95 86.79 85.30 84.05 81.68 78.91 83.80 86.60 82.20 76.81 83.31 86.95 86.63 90.69 84.66 81.31 78.80 75.31 72.71 75.75 71.15 71.95 77.87 73.25 69.66 68.46 67.25 63.90 60.82 56.98 51.74 53.49 55.99 53.53 51.42
Period 2/28/2006 1/31/2006 12/30/2005 11/30/2005 10/31/2005 9/30/2005 8/31/2005 7/29/2005 6/30/2005 5/31/2005 4/29/2005 3/31/2005 2/28/2005 1/31/2005 12/31/2004 11/30/2004 10/29/2004 9/30/2004 8/31/2004 7/30/2004 6/30/2004 5/31/2004 4/30/2004 3/31/2004 2/27/2004 1/30/2004 12/31/2003 11/28/2003 10/31/2003 9/30/2003 8/29/2003 7/31/2003 6/30/2003 5/30/2003 4/30/2003 3/31/2003
EIX 44.36 43.82 43.61 45.12 43.76 47.28 45.03 40.88 40.55 36.75 36.30 34.72 32.48 32.47 32.03 31.90 30.50 26.51 26.88 26.80 25.57 24.14 23.40 24.29 23.09 22.00 21.93 20.42 19.71 19.10 18.86 16.41 16.43 16.28 14.59 13.69
WMB 21.57 23.84 23.17 21.50 22.30 25.05 22.44 21.24 19.00 18.41 17.02 18.81 18.83 16.81 16.29 16.67 12.51 12.10 11.89 12.15 11.90 11.91 10.30 9.57 9.47 10.14 9.82 9.38 10.20 9.42 9.13 6.35 7.90 7.91 6.95 4.58
Prices INTC 20.60 21.26 24.96 26.68 23.50 24.65 25.72 27.14 26.02 26.96 23.52 23.23 23.99 22.45 23.39 22.38 22.26 20.06 21.29 24.38 27.60 28.55 25.73 27.20 29.20 30.52 32.05 33.54 32.95 27.52 28.59 24.89 20.81 20.82 18.37 16.28
Re ORCL 12.42 12.57 12.21 12.60 12.68 12.40 12.99 13.57 13.20 12.80 11.56 12.48 12.95 13.77 13.72 12.74 12.66 11.28 9.97 10.51 11.93 11.40 11.25 12.00 12.87 13.86 13.23 12.02 11.97 11.25 12.83 11.99 12.01 13.01 11.88 10.85 NKE 86.78 80.95 86.79 85.30 84.05 81.68 78.91 83.80 86.60 82.20 76.81 83.31 86.95 86.63 90.69 84.66 81.31 78.80 75.31 72.71 75.75 71.15 71.95 77.87 73.25 69.66 68.46 67.25 63.90 60.82 56.98 51.74 53.49 55.99 53.53 51.42 means EIX
Portfolios I EIX WMB INTC ORCL NKE sum Mean Variance 0.25 0.15 0.40 0.05 0.15 1.00 II 0.30 0.50 -0.15 0.47 -0.12 1.00
variance
WMB
Returns INTC
ORCL
NKE
EIX
WMB
Mean Adjusted Returns INTC
Mean Adjusted Returns ORCL NKE
Period 2/28/2006 1/31/2006 12/30/2005 11/30/2005 10/31/2005 9/30/2005 8/31/2005 7/29/2005 6/30/2005 5/31/2005 4/29/2005 3/31/2005 2/28/2005 1/31/2005 12/31/2004 11/30/2004 10/29/2004 9/30/2004 8/31/2004 7/30/2004 6/30/2004 5/31/2004 4/30/2004 3/31/2004 2/27/2004 1/30/2004 12/31/2003 11/28/2003 10/31/2003 9/30/2003 8/29/2003 7/31/2003 6/30/2003 5/30/2003 4/30/2003 3/31/2003
EIX 44.36 43.82 43.61 45.12 43.76 47.28 45.03 40.88 40.55 36.75 36.30 34.72 32.48 32.47 32.03 31.90 30.50 26.51 26.88 26.80 25.57 24.14 23.40 24.29 23.09 22.00 21.93 20.42 19.71 19.10 18.86 16.41 16.43 16.28 14.59 13.69
WMB 21.57 23.84 23.17 21.50 22.30 25.05 22.44 21.24 19.00 18.41 17.02 18.81 18.83 16.81 16.29 16.67 12.51 12.10 11.89 12.15 11.90 11.91 10.30 9.57 9.47 10.14 9.82 9.38 10.20 9.42 9.13 6.35 7.90 7.91 6.95 4.58
Prices INTC 20.60 21.26 24.96 26.68 23.50 24.65 25.72 27.14 26.02 26.96 23.52 23.23 23.99 22.45 23.39 22.38 22.26 20.06 21.29 24.38 27.60 28.55 25.73 27.20 29.20 30.52 32.05 33.54 32.95 27.52 28.59 24.89 20.81 20.82 18.37 16.28
Re ORCL 12.42 12.57 12.21 12.60 12.68 12.40 12.99 13.57 13.20 12.80 11.56 12.48 12.95 13.77 13.72 12.74 12.66 11.28 9.97 10.51 11.93 11.40 11.25 12.00 12.87 13.86 13.23 12.02 11.97 11.25 12.83 11.99 12.01 13.01 11.88 10.85 NKE 86.78 80.95 86.79 85.30 84.05 81.68 78.91 83.80 86.60 82.20 76.81 83.31 86.95 86.63 90.69 84.66 81.31 78.80 75.31 72.71 75.75 71.15 71.95 77.87 73.25 69.66 68.46 67.25 63.90 60.82 56.98 51.74 53.49 55.99 53.53 51.42 mean EIX 0.0122 0.0048 -0.0340 0.0306 -0.0774 0.0488 0.0967 0.0081 0.0984 0.0123 0.0445 0.0667 0.0003 0.0136 0.0041 0.0449 0.1402 -0.0139 0.0030 0.0470 0.0575 0.0311 -0.0373 0.0507 0.0484 0.0032 0.0713 0.0354 0.0314 0.0126 0.1392 -0.0012 0.0092 0.1096 0.0637
0.0336
Portfolios 1 2 3 4 5 sum mean return variance
I 0.25 0.15 0.40 0.05 0.15 1 0.0202 0.0030
II 0.30 0.50 -0.15 0.47 -0.12 1 0.0312 0.0061
variance
0.0022
WMB -0.1001 0.0285 0.0748 -0.0365 -0.1163 0.1100 0.0550 0.1114 0.0315 0.0785 -0.1000 -0.0011 0.1135 0.0314 -0.0231 0.2871 0.0333 0.0175 -0.0216 0.0208 -0.0008 0.1452 0.0735 0.0105 -0.0684 0.0321 0.0458 -0.0838 0.0796 0.0313 0.3631 -0.2184 -0.0013 0.1294 0.4170
Returns INTC -0.0313 -0.1607 -0.0666 0.1269 -0.0478 -0.0425 -0.0537 0.0421 -0.0355 0.1365 0.0124 -0.0322 0.0663 -0.0410 0.0441 0.0054 0.1041 -0.0595 -0.1355 -0.1241 -0.0338 0.1040 -0.0556 -0.0710 -0.0442 -0.0489 -0.0454 0.0177 0.1801 -0.0381 0.1386 0.1790 -0.0005 0.1252 0.1208
ORCL -0.0120 0.0291 -0.0314 -0.0063 0.0223 -0.0465 -0.0437 0.0276 0.0308 0.1019 -0.0766 -0.0370 -0.0614 0.0036 0.0741 0.0063 0.1154 0.1235 -0.0527 -0.1267 0.0454 0.0132 -0.0645 -0.0700 -0.0741 0.0465 0.0959 0.0042 0.0620 -0.1314 0.0677 -0.0017 -0.0800 0.0909 0.0908
NKE 0.0695 -0.0697 0.0173 0.0148 0.0286 0.0345 -0.0601 -0.0329 0.0521 0.0678 -0.0812 -0.0428 0.0037 -0.0458 0.0688 0.0404 0.0314 0.0453 0.0351 -0.0410 0.0626 -0.0112 -0.0791 0.0612 0.0503 0.0174 0.0178 0.0511 0.0494 0.0652 0.0965 -0.0333 -0.0457 0.0449 0.0402
EIX -0.0213 -0.0288 -0.0676 -0.0030 -0.1110 0.0152 0.0631 -0.0255 0.0648 -0.0213 0.0109 0.0331 -0.0333 -0.0199 -0.0295 0.0113 0.1066 -0.0475 -0.0306 0.0134 0.0240 -0.0025 -0.0709 0.0171 0.0148 -0.0304 0.0378 0.0018 -0.0022 -0.0209 0.1056 -0.0348 -0.0244 0.0760 0.0301
Mean Adjusted Returns WMB INTC -0.1443 -0.0380 -0.0158 -0.1674 0.0305 -0.0734 -0.0808 0.1202 -0.1606 -0.0545 0.0658 -0.0492 0.0107 -0.0605 0.0672 0.0354 -0.0127 -0.0422 0.0342 0.1298 -0.1443 0.0057 -0.0453 -0.0389 0.0692 0.0596 -0.0129 -0.0477 -0.0673 0.0374 0.2428 -0.0013 -0.0110 0.0973 -0.0268 -0.0662 -0.0659 -0.1423 -0.0235 -0.1308 -0.0451 -0.0406 0.1010 0.0973 0.0292 -0.0623 -0.0338 -0.0777 -0.1126 -0.0509 -0.0122 -0.0556 0.0016 -0.0522 -0.1281 0.0110 0.0353 0.1734 -0.0130 -0.0449 0.3188 0.1319 -0.2627 0.1723 -0.0455 -0.0072 0.0851 0.1185 0.3728 0.1141
0.0443
0.0067
0.0039
0.0150
0.0000 0.0022 0.0022 0.0012 0.0008 0.0005
0.0000 0.0022 0.0155 0.0029 0.0025 0.0013
0.0000 0.0012 0.0029 0.0081 0.0027 0.0011
0.0155
0.0081
0.0047
0.0024
0.0022 #NAME? #NAME? #NAME? #NAME? #NAME?
0.0155 #NAME? #NAME? #NAME? #NAME? #NAME?
0.0081 #NAME? #NAME? #NAME? #NAME? #NAME?
Mean Adjusted Returns ORCL -0.0159 0.0252 -0.0353 -0.0102 0.0185 -0.0503 -0.0475 0.0238 0.0269 0.0980 -0.0804 -0.0408 -0.0653 -0.0002 0.0702 0.0024 0.1116 0.1196 -0.0566 -0.1306 0.0416 0.0094 -0.0684 -0.0739 -0.0780 0.0427 0.0921 0.0003 0.0582 -0.1353 0.0638 -0.0055 -0.0838 0.0870 0.0869 NKE 0.0546 -0.0846 0.0024 -0.0002 0.0136 0.0195 -0.0751 -0.0478 0.0372 0.0529 -0.0962 -0.0577 -0.0113 -0.0608 0.0539 0.0254 0.0164 0.0303 0.0202 -0.0559 0.0477 -0.0261 -0.0940 0.0462 0.0353 0.0024 0.0029 0.0361 0.0344 0.0503 0.0815 -0.0482 -0.0606 0.0300 0.0253
0.0000 0.0008 0.0025 0.0027 0.0047 0.0013
0.0000 0.0005 0.0013 0.0011 0.0013 0.0024
0.0047 #NAME? #NAME? #NAME? #NAME? #NAME?
0.0024 #NAME? #NAME? #NAME? #NAME? #NAME?