TCWAX (B)Date3 Month T-billDJITCWAXRETURNDec 01, 20182.423823,327..docx

TCWAX (B)Date3 Month T-billDJITCWAXRETURNDec 01,
20182.423823,327.4618.36RF DJITCWAXMarket Risk Premium
(Rm)Excess Fund ReturnsOct 31,
20182.412125,538.4614.680.0048523009-
0.08657530640.2506811989-
0.09142760740.245828898SUMMARY OUTPUTSep 30,
20182.374025,115.7617.760.01605107970.01683007-
0.17342342340.0007789904-0.1894745031Aug 31,
20182.293226,458.3117.070.0352428147-
0.0507420920.0404217926-
0.08598490670.005178978Regression StatisticsJul 31,
20182.165325,964.8219.180.05907765060.0190061013-
0.1100104275-0.0400715493-0.1690880781Multiple
R0.9925536924Jun 30,
20182.072625,415.1919.250.04470427170.0216260433-
0.0036363636-0.0230782284-0.0483406353R
Square0.9851628324May 31,
20181.994824,271.4119.320.03902560540.0471245799-
0.00362318840.0080989745-0.0426487938Adjusted R
Square0.9849025312Apr 30,
20181.935224,415.8419.290.030757874-
0.00591542210.00155521-0.0366732961-0.0292026641Standard
Error0.1135561665Mar 31,
20181.899524,163.15200.01879009560.0104576597-0.0355-
0.0083324359-0.0542900956Observations59Mar 01,
20181.788124,103.1119.540.06232901590.00249096490.023541
4534-0.059838051-0.0387875624Feb 01,
20181.726725,029.2019.260.0355763927-
0.03700038360.0145379024-0.0725767763-
0.0210384903ANOVAJan 01,
20181.587926,149.3919.570.0873936582-0.042838093-
0.0158405723-0.1302317511-
0.1032342305dfSSMSFSignificance FDec 01,
20171.432424,719.2220.550.10857012880.057856599-

0.0476885645-0.0507135297-
0.1562586933Regression148.803763814948.80376381493784.7
0357737378.10469607477447E-54Oct 31,
20171.341524,272.3516.520.06774577140.01841066070.243946
7312-
0.04933511070.1762009598Residual570.73501516840.0128950
03Sep 30,
20171.250523,377.2418.170.07279131760.0382898067-
0.0908090259-0.0345015109-
0.1636003435Total5849.5387789833Aug 31,
20171.093322,405.0918.520.1437282230.043389694-
0.0188984881-0.100338529-0.1626267111Jul 31,
20171.046521,948.1018.090.04475234910.02082139230.023770
0387-0.0239309568-0.0209823104CoefficientsStandard Errort
StatP-valueLower 95%Upper 95%Lower 95.0%Upper 95.0%Jun
30,
20171.032221,891.1217.930.01387952820.00260288190.008923
5917-0.0112766463-
0.0049559365Intercept0.00981360780.01507506650.650982723
0.5176734589-0.02037369210.0400009078-
0.02037369210.0400009078May 31,
20171.086521,349.6317.29-
0.05000100040.02536296880.0370156160.07536396920.087016
6164Beta1.02862156160.016720131561.51994454958.10469607
477424E-
540.99514007591.06210304740.99514007591.0621030474Apr
30,
20170.999121,008.6516.490.0874886260.01623045750.0485142
511-0.0712581686-0.038974375Mar 31,
20170.903220,940.5116.010.10619023650.003253980.02998126
17-0.1029362566-0.0762089748Mar 01,
20170.808420,663.2215.490.11721709280.01341949610.033570
0452-0.1037975967-0.0836470476Feb 01,
20170.747820,812.2415.20.0810281518-
0.00716020960.0190789474-0.0881883613-0.0619492044Jan
01, 20170.526319,864.0915.270.42086956520.0477318619-

0.0045841519-0.3731377034-0.4254537171Dec 01,
20160.519019,762.6014.910.01409593350.00513545790.024144
8692-0.00896047560.0100489357Oct 31,
20160.511919,123.5812.050.01386046510.03341529150.237344
39830.01955482640.2234839332Sep 30,
20160.452518,142.4214.190.13128124180.0540809881-
0.1508104299-0.0772002537-0.2820916717Aug 31,
20160.331518,308.1514.370.3650075415-0.0090522527-
0.012526096-0.3740597942-0.3775336375Jul 31,
20160.294318,400.8814.670.1264563107-0.0050394329-
0.0204498978-0.1314957436-0.1469062084Jun 30,
20160.299618,432.2414.25-0.0176238855-
0.00170136670.02947368420.01592251880.0470975698May 31,
20160.301017,929.9913.77-
0.00476671960.02801172780.03485838780.03277844750.03962
51074Apr 30,
20160.272717,787.2013.310.10366666670.00802768280.034560
4808-0.0956389838-0.0691061858Mar 31,
20160.276717,773.6413.12-
0.01423877330.00076292760.01448170730.01500170080.02872
04806Mar 01,
20160.228117,685.0913.380.21294363260.0050070427-
0.019431988-0.2079365899-0.2323756206Feb 01,
20160.297316,516.5013.19-
0.23270715010.07075288350.01440485220.30346003360.24711
20023Jan 01, 20160.314516,466.3012.12-
0.05477670180.00304865090.08828382840.05782535270.14306
05302Dec 01, 20150.257417,425.0312.160.2219836401-
0.0550202783-0.0032894737-0.2770039184-0.2252731138Oct
31, 20150.228617,719.929.830.1256670503-
0.0166417230.2370295015-0.14230877330.1113624512Sep 30,
20150.126317,663.5413.410.81003787880.0031918857-
0.2669649515-0.8068459931-1.0770028303Aug 31,
20150.016716,284.7013.796.57894736840.0846708874-
0.0275562001-6.494276481-6.6065035686Jul 31,
20150.024316,528.0312.59-0.3137254902-

0.01472226270.09531374110.29900322750.4090392313Jun 30,
20150.071917,689.8612.8-0.6622516556-0.0656777385-
0.016406250.59657391710.6458454056May 31,
20150.032317,619.5114.771.22803487590.0039927331-
0.1333784699-1.2240421429-1.3614133458Apr 30,
20150.015018,010.6816.11.1515151515-0.0217187802-
0.0826086957-1.1732339317-1.2341238472Mar 31,
20150.016517,840.5216.89-0.09090909090.0095378386-
0.04677323860.10044692950.0441358523Mar 01,
20150.023217,776.1217.34-0.28823529410.0036228378-
0.02595155710.29185813190.262283737Feb 01,
20150.027718,132.7015.46-0.1639344262-
0.01966502510.12160413970.14426940120.2855385659Jan 01,
20150.017917,164.9515.420.54946524060.05637942440.002594
0337-0.4930858163-0.5468712069Dec 01,
20140.027517,823.0715.13-0.3492822967-
0.03692517620.01916721740.31235712050.3684495141Oct 31,
20140.029117,828.2411.01-0.0546875-
0.00028998940.37420526790.05439751060.4288927679Sep 30,
20140.021717,390.5212.910.34265734270.0251700352-
0.1471727343-0.3174873075-0.489830077Aug 31,
20140.016817,042.9012.930.28828828830.0203967635-
0.0015467904-0.2678915248-0.2898350787Jul 31,
20140.020017,098.4512.75-0.1590909091-
0.00324883250.01411764710.15584207660.1732085561Jun 30,
20140.032916,563.3013.69-0.39130434780.0323093828-
0.06866325790.42361373060.32264109May 31,
20140.026416,826.6013.510.2463054187-
0.01564784330.0133234641-0.261953262-0.2329819546Apr 30,
20140.035716,717.1712.96-
0.26181818180.00654596440.04243827160.26836414620.30425
64534Mar 31,
20140.032416,580.8412.590.10294117650.00822214070.029388
4035-0.0947190357-0.073552773Mar 01,
20140.031016,457.6612.270.04615384620.00748466060.026079
8696-0.0386691855-0.0200739766Feb 01,

20140.052416,321.7112.31-0.40909090910.0083293969-
0.00324939070.41742030590.4058415184Jan 01,
20140.052615,698.8512.18-
0.00476190480.03967551760.01067323480.04443742240.01543
51396
JIGAX (B)Date3 Month T-billDJIJIGAXRETURNDec 01,
20182.423823,327.4652.9RF DJIJIGAXMarket Risk Premium
20182.412125,538.4642.990.0048523009-
0.08657530640.2305187253-
20182.374025,115.7652.460.01605107970.01683007-
0.18051849030.0007789904-0.19656957Aug 31,
20182.293226,458.3152.220.0352428147-
0.0507420920.0045959403-0.0859849067-
0.0306468744Regression StatisticsJul 31,
20182.165325,964.8257.460.05907765060.0190061013-
0.091193874-0.0400715493-0.1502715246Multiple
R0.9974513318Jun 30,
20182.072625,415.1957.410.04470427170.02162604330.000870
9284-0.0230782284-0.0438333433R Square0.9949091593May
31,
20181.994824,271.4154.510.03902560540.04712457990.053201
24750.00809897450.0141756421Adjusted R
Square0.9948198463Apr 30,
20181.935224,415.8452.830.030757874-
0.00591542210.0318001136-
0.03667329610.0010422396Standard Error0.0652145289Mar
31,
20181.899524,163.1552.770.01879009560.01045765970.001137
0097-0.0083324359-0.0176530859Observations59Mar 01,
20181.788124,103.1150.640.06232901590.00249096490.042061
6114-0.059838051-0.0202674045Feb 01,
20181.726725,029.2050.720.0355763927-0.0370003836-
0.0015772871-0.0725767763-0.0371536798ANOVAJan 01,
20181.587926,149.3952.20.0873936582-0.042838093-

0.0283524904-0.1302317511-
20171.432424,719.2253.50.10857012880.057856599-
0.0242990654-0.0507135297-
0.1328691942Regression147.375902575247.375902575211139.
57891146954.64162024391139E-67Oct 31,
20171.341524,272.3549.70.06774577140.01841066070.0764587
525-
0.04933511070.0087129811Residual570.24241728240.0042529
348Sep 30,
20171.250523,377.2449.570.07279131760.03828980670.002622
554-0.0345015109-0.0701687636Total5847.6183198576Aug 31,
20171.093322,405.0948.320.1437282230.0433896940.02586920
53-0.100338529-0.1178590177Jul 31,
20171.046521,948.1046.180.04475234910.02082139230.046340
4071-0.02393095680.001588058CoefficientsStandard Errort
30,
20171.032221,891.1245.530.01387952820.00260288190.014276
3013-
0.01127664630.0003967731Intercept0.0054821610.0086575075
0.63322624840.5291184805-0.01185419870.0228185206-
0.01185419870.0228185206May 31,
20171.086521,349.6344.75-
0.05000100040.02536296880.01743016760.07536396920.06743
1168Beta1.01346257030.009602257105.54420359014.64162024
391139E-
670.99423438231.03269075830.99423438231.0326907583Apr
30,
20170.999121,008.6543.250.0874886260.01623045750.0346820
809-0.0712581686-0.0528065451Mar 31,
20170.903220,940.5143.380.10619023650.00325398-
0.0029967727-0.1029362566-0.1091870092Mar 01,
20170.808420,663.2242.540.11721709280.01341949610.019746
1213-0.1037975967-0.0974709715Feb 01,
20170.747820,812.2441.570.0810281518-

0.00716020960.0233341352-0.0881883613-0.0576940166Jan
01,
20170.526319,864.0941.020.42086956520.04773186190.013408
0936-0.3731377034-0.4074614716Dec 01,
20160.519019,762.6039.260.01409593350.00513545790.044829
3428-0.00896047560.0307334094Oct 31,
20160.511919,123.5838.630.01386046510.03341529150.016308
56850.01955482640.0024481034Sep 30,
20160.452518,142.4237.810.13128124180.05408098810.021687
3843-0.0772002537-0.1095938575Aug 31,
20160.331518,308.1536.530.3650075415-
0.00905225270.0350396934-0.3740597942-0.3299678481Jul
31, 20160.294318,400.8837.330.1264563107-0.0050394329-
0.0214304849-0.1314957436-0.1478867955Jun 30,
20160.299618,432.2437.19-0.0176238855-
0.00170136670.00376445280.01592251880.0213883384May 31,
20160.301017,929.9937.44-0.00476671960.0280117278-
0.00667735040.0327784475-0.0019106308Apr 30,
20160.272717,787.2035.710.10366666670.00802768280.048445
8135-0.0956389838-0.0552208532Mar 31,
20160.276717,773.6435.94-0.01423877330.0007629276-
0.00639955480.01500170080.0078392185Mar 01,
20160.228117,685.0935.260.21294363260.00500704270.019285
3091-0.2079365899-0.1936583234Feb 01,
20160.297316,516.5035.86-0.23270715010.0707528835-
0.01673173450.30346003360.2159754156Jan 01,
20160.314516,466.3033.83-
0.05477670180.00304865090.06000591190.05782535270.11478
26137Dec 01, 20150.257417,425.0333.740.2219836401-
0.05502027830.002667457-0.2770039184-0.2193161831Oct 31,
20150.228617,719.9235.750.1256670503-0.016641723-
0.0562237762-0.1423087733-0.1818908266Sep 30,
20150.126317,663.5436.530.81003787880.0031918857-
0.0213523132-0.8068459931-0.831390192Aug 31,
20150.016716,284.7036.546.57894736840.0846708874-
0.0002736727-6.494276481-6.5792210411Jul 31,

20150.024316,528.0333.7-0.3137254902-
0.01472226270.0842729970.29900322750.3979984872Jun 30,
20150.071917,689.8635.01-0.6622516556-0.0656777385-
0.03741788060.59657391710.624833775May 31,
20150.032317,619.5136.771.22803487590.0039927331-
0.0478651074-1.2240421429-1.2758999833Apr 30,
20150.015018,010.6836.031.1515151515-
0.02171878020.0205384402-1.1732339317-1.1309767113Mar
31, 20150.016517,840.5236.81-0.09090909090.0095378386-
0.02118989410.10044692950.0697191969Mar 01,
20150.023217,776.1235.94-
0.28823529410.00362283780.02420701170.29185813190.31244
23058Feb 01, 20150.027718,132.7035.72-0.1639344262-
0.01966502510.00615901460.14426940120.1700934408Jan 01,
20150.017917,164.9536.30.54946524060.0563794244-
0.0159779614-0.4930858163-0.5654432021Dec 01,
20140.027517,823.0734.31-0.3492822967-
0.03692517620.05800058290.31235712050.4072828796Oct 31,
20140.029117,828.2434.99-0.0546875-0.0002899894-
0.0194341240.05439751060.035253376Sep 30,
20140.021717,390.5235.640.34265734270.0251700352-
0.0182379349-0.3174873075-0.3608952776Aug 31,
20140.016817,042.9034.250.28828828830.02039676350.040583
9416-0.2678915248-0.2477043467Jul 31,
20140.020017,098.4533.34-0.1590909091-
0.00324883250.02729454110.15584207660.1863854502Jun 30,
20140.032916,563.3033.89-0.39130434780.0323093828-
0.01622897610.42361373060.3750753717May 31,
20140.026416,826.6032.180.2463054187-
0.01564784330.0531385954-0.261953262-0.1931668233Apr 30,
20140.035716,717.1732.25-0.26181818180.0065459644-
0.00217054260.26836414620.2596476392Mar 31,
20140.032416,580.8431.820.10294117650.00822214070.013513
5135-0.0947190357-0.089427663Mar 01,
20140.031016,457.6630.820.04615384620.00748466060.032446
4633-0.0386691855-0.0137073828Feb 01,

20140.052416,321.7130.82-
0.40909090910.008329396900.41742030590.4090909091Jan 01,
20140.052615,698.8530.93-0.00476190480.0396755176-
0.00355641770.04443742240.001205487
AVEFX (B)Date3 Month T-billDJIAVEFXRETURNDec 01,
20182.423823,327.4611.26RF DJIGOEXMarket Risk Premium
20182.412125,538.4610.930.0048523009-
0.08657530640.0301921317-
20182.374025,115.7611.20.01605107970.01683007-
0.02410714290.0007789904-0.0401582225Aug 31,
20182.293226,458.3111.080.0352428147-
0.0507420920.0108303249-0.0859849067-
0.0244124898Regression StatisticsJul 31,
20182.165325,964.8211.20.05907765060.0190061013-
0.0107142857-0.0400715493-0.0697919363Multiple
R0.9992444786Jun 30,
20182.072625,415.1911.210.04470427170.0216260433-
0.0008920607-0.0230782284-0.0455963324R
Square0.9984895279May 31,
20181.994824,271.4111.160.03902560540.04712457990.004480
28670.0080989745-0.0345453186Adjusted R
Square0.9984630284Apr 30,
20181.935224,415.8411.040.030757874-
0.00591542210.0108695652-0.0366732961-
0.0198883088Standard Error0.0353922773Mar 31,
20181.899524,163.1511.050.01879009560.0104576597-
0.0009049774-0.0083324359-0.019695073Observations59Mar
01,
20181.788124,103.1110.970.06232901590.00249096490.007292
6162-0.059838051-0.0550363996Feb 01,
20181.726725,029.2010.970.0355763927-0.03700038360-
0.0725767763-0.0355763927ANOVAJan 01,
20181.587926,149.3910.980.0873936582-0.042838093-
0.0009107468-0.1302317511-

20171.432424,719.2211.080.10857012880.057856599-
0.0090252708-0.0507135297-
0.1175953995Regression147.197901241347.197901241337679.
54688337274.23766817972517E-82Oct 31,
20171.341524,272.3510.990.06774577140.01841066070.008189
263-0.0493351107-
0.0595565085Residual570.07139895760.0012526133Sep 30,
20171.250523,377.2411.020.07279131760.0382898067-
0.002722323-0.0345015109-
0.0755136406Total5847.269300199Aug 31,
20171.093322,405.0910.990.1437282230.0433896940.00272975
43-0.100338529-0.1409984687Jul 31,
20171.046521,948.1010.940.04475234910.02082139230.004570
30,
20171.032221,891.1210.880.01387952820.00260288190.005514
7059-0.0112766463-0.0083648223Intercept-
0.00289243020.0046984761-0.61561028980.5406021563-
0.01230096630.0065161059-0.01230096630.0065161059May
31, 20171.086521,349.6310.86-
0.05000100040.02536296880.00184162060.07536396920.05184
2621Beta1.01155688150.0052111968194.1122017894.23766817
972517E-
821.00112163991.02199212311.00112163991.0219921231Apr
30,
20170.999121,008.6510.80.0874886260.01623045750.00555555
56-0.0712581686-0.0819330705Mar 31,
20170.903220,940.5110.790.10619023650.003253980.00092678
41-0.1029362566-0.1052634525Mar 01,
20170.808420,663.2210.760.11721709280.01341949610.002788
1041-0.1037975967-0.1144289887Feb 01,
20170.747820,812.2410.750.0810281518-
0.00716020960.0009302326-0.0881883613-0.0800979192Jan
01,

20170.526319,864.0910.730.42086956520.04773186190.001863
9329-0.3731377034-0.4190056323Dec 01,
20160.519019,762.6010.650.01409593350.00513545790.007511
7371-0.0089604756-0.0065841964Oct 31,
20160.511919,123.5810.440.01386046510.03341529150.020114
94250.01955482640.0062544774Sep 30,
20160.452518,142.4210.60.13128124180.0540809881-
0.0150943396-0.0772002537-0.1463755814Aug 31,
20160.331518,308.1510.580.3650075415-
0.00905225270.0018903592-0.3740597942-0.3631171823Jul
31, 20160.294318,400.8810.650.1264563107-0.0050394329-
0.00657277-0.1314957436-0.1330290806Jun 30,
20160.299618,432.2410.64-0.0176238855-
0.00170136670.00093984960.01592251880.0185637352May 31,
20160.301017,929.9910.64-
0.00476671960.028011727800.03277844750.0047667196Apr
30,
20160.272717,787.2010.570.10366666670.00802768280.006622
5166-0.0956389838-0.0970441501Mar 31,
20160.276717,773.6410.45-
0.01423877330.00076292760.01148325360.01500170080.02572
20269Mar 01,
20160.228117,685.0910.460.21294363260.0050070427-
0.0009560229-0.2079365899-0.2138996555Feb 01,
20160.297316,516.5010.41-
0.23270715010.07075288350.0048030740.30346003360.237510
2241Jan 01, 20160.314516,466.3010.22-
0.05477670180.00304865090.0185909980.05782535270.073367
6999Dec 01, 20150.257417,425.0310.140.2219836401-
0.05502027830.0078895464-0.2770039184-0.2140940937Oct
31, 20150.228617,719.9210.090.1256670503-
0.0166417230.0049554014-0.1423087733-0.1207116489Sep 30,
20150.126317,663.5410.210.81003787880.0031918857-
0.0117531832-0.8068459931-0.8217910619Aug 31,
20150.016716,284.7010.186.57894736840.08467088740.002946
9548-6.494276481-6.5760004136Jul 31,

20150.024316,528.0310.06-0.3137254902-
0.01472226270.01192842940.29900322750.3256539196Jun 30,
20150.071917,689.8610.06-0.6622516556-
0.065677738500.59657391710.6622516556May 31,
20150.032317,619.5110.121.22803487590.0039927331-
0.0059288538-1.2240421429-1.2339637297Apr 30,
20150.015018,010.6810.131.1515151515-0.0217187802-
0.0009871668-1.1732339317-1.1525023183Mar 31,
20150.016517,840.5210.2-0.09090909090.0095378386-
0.00686274510.10044692950.0840463458Mar 01,
20150.023217,776.1210.19-
0.28823529410.00362283780.00098135430.29185813190.28921
66484Feb 01, 20150.027718,132.7010.16-0.1639344262-
0.01966502510.00295275590.14426940120.1668871821Jan 01,
20150.017917,164.9510.180.54946524060.0563794244-
0.0019646365-0.4930858163-0.5514298772Dec 01,
20140.027517,823.0710.14-0.3492822967-
0.03692517620.00394477320.31235712050.3532270698Oct 31,
20140.029117,828.249.77-0.0546875-
0.00028998940.03787103380.05439751060.0925585338Sep 30,
20140.021717,390.5210.120.34265734270.0251700352-
0.0345849802-0.3174873075-0.3772423229Aug 31,
20140.016817,042.9010.040.28828828830.02039676350.007968
1275-0.2678915248-0.2803201608Jul 31,
20140.020017,098.4510-0.1590909091-
0.00324883250.0040.15584207660.1630909091Jun 30,
20140.032916,563.3010.02-0.39130434780.0323093828-
0.0019960080.42361373060.3893083398May 31,
20140.026416,826.609.950.2463054187-
0.01564784330.0070351759-0.261953262-0.2392702428Apr 30,
20140.035716,717.1710.01-0.26181818180.0065459644-
0.0059940060.26836414620.2558241758Mar 31,
20140.032416,580.849.980.10294117650.00822214070.0030060
12-0.0947190357-0.0999351644Mar 01,
20140.031016,457.669.920.04615384620.00748466060.0060483
871-0.0386691855-0.0401054591Feb 01,

20140.052416,321.719.87-
0.40909090910.00832939690.00506585610.41742030590.41415
67652Jan 01, 20140.052615,698.859.86-
0.00476190480.03967551760.00101419880.04443742240.00577
61035
FTLB (B)Date3 Month T-billDJIFTLBRETURNDec 01,
20182.412125,538.4621.740.0048523009-0.0865753064-
0.0758969641-0.0914276074-0.0807492651SUMMARY
OUTPUTSep 30,
20182.374025,115.7621.640.01605107970.016830070.00462107
210.0007789904-0.0114300076Aug 31,
20182.293226,458.3122.650.0352428147-0.050742092-
0.0445916115-0.0859849067-0.0798344261Regression
StatisticsJul 31,
20182.165325,964.8222.790.05907765060.0190061013-
0.0061430452-0.0400715493-0.0652206958Multiple
R0.9997817784Jun 30,
20182.072625,415.1922.290.04470427170.02162604330.022431
5837-0.0230782284-0.022272688R Square0.9995636045May
31,
20181.994824,271.4122.040.03902560540.04712457990.011343
01270.0080989745-0.0276825927Adjusted R
Square0.9995559484Apr 30,
20181.935224,415.8421.750.030757874-
0.00591542210.0133333333-0.0366732961-
0.0174245407Standard Error0.0188417916Mar 31,
20181.899524,163.1521.210.01879009560.01045765970.025459
6888-0.00833243590.0066695932Observations59Mar 01,
20181.788124,103.1121.390.06232901590.0024909649-
0.0084151473-0.059838051-0.0707441631Feb 01,
20181.726725,029.2021.590.0355763927-0.0370003836-
0.0092635479-0.0725767763-0.0448399407ANOVAJan 01,
20181.587926,149.3922.510.0873936582-0.042838093-
0.0408707241-0.1302317511-

20171.432424,719.2222.330.10857012880.0578565990.0080609
046-0.0507135297-
0.1005092242Regression146.349965812346.3499658123130558
.4622922661.8145837540221E-97Oct 31,
20171.341524,272.3522.050.06774577140.01841066070.012698
4127-0.0493351107-
0.0550473587Residual570.02023574730.0003550131Sep 30,
20171.250523,377.2421.750.07279131760.03828980670.013793
1034-0.0345015109-0.0589982141Total5846.3702015596Aug
31,
20171.093322,405.0921.50.1437282230.0433896940.011627907
-0.100338529-0.132100316Jul 31,
20171.046521,948.1021.020.04475234910.02082139230.022835
30,
20171.032221,891.1220.720.01387952820.00260288190.014478
7645-0.01127664630.0005992363Intercept-
0.00329784080.0025013284-1.3184357590.1926311816-
0.00830666440.0017109829-0.00830666440.0017109829May
31, 20171.086521,349.6320.63-
0.05000100040.02536296880.00436257880.07536396920.05436
35792Beta1.00242912040.0027742856361.32874545531.814583
7540221E-
970.99687370941.00798453140.99687370941.0079845314Apr
30,
20170.999121,008.6519.990.0874886260.01623045750.0320160
08-0.0712581686-0.055472618Mar 31,
20170.903220,940.5120.190.10619023650.00325398-
0.009905894-0.1029362566-0.1160961305Mar 01,
20170.808420,663.2219.970.11721709280.01341949610.011016
5248-0.1037975967-0.106200568Feb 01,
20170.747820,812.24200.0810281518-0.0071602096-0.0015-
0.0881883613-0.0825281518Jan 01,
20170.526319,864.0919.70.42086956520.04773186190.0152284

264-0.3731377034-0.4056411388Dec 01,
20160.519019,762.6019.850.01409593350.0051354579-
0.0075566751-0.0089604756-0.0216526085Oct 31,
20160.511919,123.5819.530.01386046510.03341529150.016385
04860.01955482640.0025245835Sep 30,
20160.452518,142.4218.660.13128124180.05408098810.046623
7942-0.0772002537-0.0846574476Aug 31,
20160.331518,308.1518.590.3650075415-
0.00905225270.0037654653-0.3740597942-0.3612420762Jul
31, 20160.294318,400.8818.520.1264563107-
0.00503943290.0037796976-0.1314957436-0.1226766131Jun
30, 20160.299618,432.2418.65-0.0176238855-0.0017013667-
0.00697050940.01592251880.0106533762May 31,
20160.301017,929.9917.93-
0.00476671960.02801172780.04015616290.03277844750.04492
28825Apr 30,
20160.272717,787.2018.150.10366666670.0080276828-
0.0121212121-0.0956389838-0.1157878788Mar 31,
20160.276717,773.6417.71-
0.01423877330.00076292760.02484472050.01500170080.03908
34938Mar 01,
20160.228117,685.0918.190.21294363260.0050070427-
0.0263881253-0.2079365899-0.2393317579Feb 01,
20160.297316,516.5017.58-
0.23270715010.07075288350.0346985210.30346003360.267405
6712Jan 01, 20160.314516,466.3017.17-
0.05477670180.00304865090.02387885850.05782535270.07865
55603Dec 01, 20150.257417,425.0318.020.2219836401-
0.0550202783-0.0471698113-0.2770039184-0.2691534514Oct
31, 20150.228617,719.9218.390.1256670503-0.016641723-
0.0201196302-0.1423087733-0.1457866806Sep 30,
20150.126317,663.5418.120.81003787880.00319188570.014900
6623-0.8068459931-0.7951372165Aug 31,
20150.016716,284.7016.986.57894736840.08467088740.067137
8092-6.494276481-6.5118095592Jul 31,
20150.024316,528.0317.41-0.3137254902-0.0147222627-

0.02469844920.29900322750.289027041Jun 30,
20150.071917,689.8618.33-0.6622516556-0.0656777385-
0.05019094380.59657391710.6120607118May 31,
20150.032317,619.5118.411.22803487590.0039927331-
0.0043454644-1.2240421429-1.2323803403Apr 30,
20150.015018,010.6818.491.1515151515-0.0217187802-
0.0043266631-1.1732339317-1.1558418146Mar 31,
20150.016517,840.5218.46-
0.09090909090.00953783860.00162513540.10044692950.09253
42263Mar 01, 20150.023217,776.1218.26-
0.28823529410.00362283780.01095290250.29185813190.29918
81966Feb 01, 20150.027718,132.7018.55-0.1639344262-
0.0196650251-0.01563342320.14426940120.148301003Jan 01,
20150.017917,164.9517.850.54946524060.05637942440.039215
6863-0.4930858163-0.5102495544Dec 01,
20140.027517,823.0718.02-0.3492822967-0.0369251762-
0.00943396230.31235712050.3398483344Oct 31,
20140.029117,828.2417.97-0.0546875-
0.00028998940.00278241510.05439751060.0574699151Sep 30,
20140.021717,390.5217.730.34265734270.02517003520.013536
379-0.3174873075-0.3291209636Aug 31,
20140.016817,042.9018.230.28828828830.0203967635-
0.0274273176-0.2678915248-0.3157156059Jul 31,
20140.020017,098.4517.74-0.1590909091-
0.00324883250.0276211950.15584207660.1867121041Jun 30,
20140.032916,563.3017.34-
0.39130434780.03230938280.02306805070.42361373060.41437
23986May 31, 20140.026416,826.6017.730.2463054187-
0.0156478433-0.0219966159-0.261953262-0.2683020346Apr
30, 20140.035716,717.1717.41-
0.26181818180.00654596440.01838024120.26836414620.28019
84231Mar 31,
20140.032416,580.8417.260.10294117650.00822214070.008690
6141-0.0947190357-0.0942505623Mar 01,
20140.031016,457.6617.190.04615384620.00748466060.004072
135-0.0386691855-0.0420817112Feb 01,

20140.052416,321.7116.89-
0.40909090910.00832939690.01776198930.41742030590.42685
28984Jan 01, 20140.052615,698.8516.64-
0.00476190480.03967551760.01502403850.04443742240.01978
59432
GOEX (B)Date3 Month T-billDJIGOEXRETURNDec 01,
20182.412125,538.4619.850.0048523009-
0.08657530640.0972292191-
20182.374025,115.7617.90.01605107970.016830070.108938547
50.00077899040.0928874678Aug 31,
20182.293226,458.3118.470.0352428147-0.050742092-
0.0308608554-0.0859849067-0.0661036701Regression
StatisticsJul 31,
20182.165325,964.8218.620.05907765060.0190061013-
0.0080558539-0.0400715493-0.0671335045Multiple
R0.987964058Jun 30,
20182.072625,415.1919.020.04470427170.0216260433-
0.0210304942-0.0230782284-0.0657347659R
Square0.9760729799May 31,
20181.994824,271.4121.560.03902560540.0471245799-
0.11781076070.0080989745-0.156836366Adjusted R
Square0.9756532077Apr 30,
20181.935224,415.8422.180.030757874-0.0059154221-
0.0279531109-0.0366732961-0.0587109849Standard
Error0.1455072573Mar 31,
20181.899524,163.1522.910.01879009560.0104576597-
01,
20181.788124,103.1122.60.06232901590.00249096490.0137168
142-0.059838051-0.0486122017Feb 01,
20181.726725,029.2021.540.0355763927-
0.03700038360.0492107707-
0.07257677630.0136343779ANOVAJan 01,

20181.587926,149.3921.50.0873936582-
0.0428380930.0018604651-0.1302317511-
20171.432424,719.2222.770.10857012880.057856599-
0.0557751427-0.0507135297-
0.1643452715Regression149.230907561149.23090756112325.2
440011186.69116921036616E-48Oct 31,
20171.341524,272.3523.310.06774577140.0184106607-
0.0231660232-0.0493351107-
0.0909117946Residual571.20682462990.0211723619Sep 30,
20171.250523,377.2421.080.07279131760.03828980670.105787
4763-0.03450151090.0329961587Total5850.4377321909Aug
31, 20171.093322,405.0921.50.1437282230.043389694-
0.0195348837-0.100338529-0.1632631067Jul 31,
20171.046521,948.1022.960.04475234910.0208213923-
0.0635888502-0.0239309568-
0.1083411993CoefficientsStandard Errort StatP-valueLower
95%Upper 95%Lower 95.0%Upper 95.0%Jun 30,
20171.032221,891.1224.10.01387952820.0026028819-
0.0473029046-0.0112766463-
0.0611824328Intercept0.00973534270.01931671040.503985542
50.6162140512-0.02894570250.048416388-
0.02894570250.048416388May 31, 20171.086521,349.6322.65-
0.05000100040.02536296880.064017660.07536396920.1140186
605Beta1.03311314230.021424644348.22078391236.691169210
36616E-
480.99021103211.07601525240.99021103211.0760152524Apr
30, 20170.999121,008.6522.670.0874886260.0162304575-
0.0008822232-0.0712581686-0.0883708492Mar 31,
20170.903220,940.5121.430.10619023650.003253980.05786280
91-0.1029362566-0.0483274274Mar 01,
20170.808420,663.2222.120.11721709280.0134194961-
0.0311934901-0.1037975967-0.1484105829Feb 01,
20170.747820,812.2423.870.0810281518-0.0071602096-
0.073313783-0.0881883613-0.1543419348Jan 01,
20170.526319,864.0923.390.42086956520.04773186190.020521

5904-0.3731377034-0.4003479748Dec 01,
20160.519019,762.6024.20.01409593350.0051354579-
0.0334710744-0.0089604756-0.0475670079Oct 31,
20160.511919,123.5820.130.01386046510.03341529150.202185
79230.01955482640.1883253272Sep 30,
20160.452518,142.4220.140.13128124180.0540809881-
0.0004965243-0.0772002537-0.1317777661Aug 31,
20160.331518,308.1524.250.3650075415-0.0090522527-
0.1694845361-0.3740597942-0.5344920776Jul 31,
20160.294318,400.8829.040.1264563107-0.0050394329-
0.1649449036-0.1314957436-0.2914012143Jun 30,
20160.299618,432.2425.88-0.0176238855-
0.00170136670.12210200930.01592251880.1397258948May 31,
20160.301017,929.9931-0.00476671960.0280117278-
0.16516129030.0327784475-0.1603945707Apr 30,
20160.272717,787.2027.540.10366666670.00802768280.125635
4394-0.09563898380.0219687727Mar 31,
20160.276717,773.6421.49-
0.01423877330.00076292760.28152629130.01500170080.29576
50646Mar 01,
20160.228117,685.0925.480.21294363260.0050070427-
0.1565934066-0.2079365899-0.3695370392Feb 01,
20160.297316,516.5015.89-
0.23270715010.07075288350.60352422910.30346003360.83623
13792Jan 01, 20160.314516,466.3015.18-
0.05477670180.00304865090.04677206850.05782535270.10154
87703Dec 01, 20150.257417,425.0311.230.2219836401-
0.05502027830.3517364203-0.27700391840.1297527802Oct 31,
20150.228617,719.9210.280.1256670503-
0.0166417230.0924124514-0.1423087733-0.033254599Sep 30,
20150.126317,663.5411.50.81003787880.0031918857-
0.1060869565-0.8068459931-0.9161248353Aug 31,
20150.016716,284.7012.556.57894736840.0846708874-
0.0836653386-6.494276481-6.6626127071Jul 31,
20150.024316,528.0311.29-0.3137254902-
0.01472226270.11160318870.29900322750.4253286789Jun 30,

20150.071917,689.8611.01-0.6622516556-
0.06567773850.0254314260.59657391710.6876830816May 31,
20150.032317,619.5110.521.22803487590.00399273310.046577
9468-1.2240421429-1.1814569292Apr 30,
20150.015018,010.6812.841.1515151515-0.0217187802-
0.1806853583-1.1732339317-1.3322005098Mar 31,
20150.016517,840.5213.54-0.09090909090.0095378386-
0.05169867060.10044692950.0392104203Mar 01,
20150.023217,776.1213.84-0.28823529410.0036228378-
0.02167630060.29185813190.2665589935Feb 01,
20150.027718,132.7012.06-0.1639344262-
0.01966502510.14759535660.14426940120.3115297828Jan 01,
20150.017917,164.9513.680.54946524060.0563794244-
0.1184210526-0.4930858163-0.6678862933Dec 01,
20140.027517,823.0714.45-0.3492822967-0.0369251762-
0.05328719720.31235712050.2959950994Oct 31,
20140.029117,828.2412.81-0.0546875-
0.00028998940.12802498050.05439751060.1827124805Sep 30,
20140.021717,390.5212.710.34265734270.02517003520.007867
8206-0.3174873075-0.334789522Aug 31,
20140.016817,042.9011.920.28828828830.02039676350.066275
1678-0.2678915248-0.2220131205Jul 31,
20140.020017,098.4515.46-0.1590909091-0.0032488325-
0.22897800780.1558420766-0.0698870987Jun 30,
20140.032916,563.3019.47-0.39130434780.0323093828-
0.20595788390.42361373060.1853464639May 31,
20140.026416,826.6020.120.2463054187-0.0156478433-
0.032306163-0.261953262-0.2786115817Apr 30,
20140.035716,717.1720.04-
0.26181818180.00654596440.0039920160.26836414620.265810
1978Mar 31,
20140.032416,580.8415.260.10294117650.00822214070.313237
2215-0.09471903570.210296045Mar 01,
20140.031016,457.6617.190.04615384620.0074846606-
0.1122745782-0.0386691855-0.1584284244Feb 01,
20140.052416,321.7117.09-

0.40909090910.00832939690.00585137510.41742030590.41494
22842Jan 01, 20140.052615,698.8519.14-
0.00476190480.0396755176-0.10710553810.0444374224-
0.1023436334
TCWAX (A)Date3 Month T-billS&P TCWAXRETURNDec 01,
20182.42382704.10009818.36RF S & PTCWAXMarket Risk
Premium (Rm)Excess Fund ReturnsOct 31,
20182.41212506.85009814.680.00485230090.07868440170.250
68119890.07383210070.245828898SUMMARY OUTPUTSep
30, 20182.37402760.16992217.760.0160510797-0.0917768946-
0.1734234234-0.1078279743-0.1894745031Aug 31,
20182.29322711.7399917.070.03524281470.01785935680.0404
217926-0.01738345790.005178978Regression StatisticsJul 31,
20182.16532913.9799819.180.0590776506-0.069403356-
0.1100104275-0.1284810066-0.1690880781Multiple
R0.994547359Jun 30,
20182.07262901.5200219.250.04470427170.0042942871-
0.0036363636-0.0404099846-0.0483406353R
Square0.9891244493May 31,
20181.99482816.29003919.320.03902560540.0302632115-
0.0036231884-0.0087623939-0.0426487938Adjusted R
Square0.9889336502Apr 30,
20181.93522718.37011719.290.0307578740.03602155620.0015
55210.0052636822-0.0292026641Standard
Error0.0972211714Mar 31,
20181.89952705.27002200.01879009560.004842436-0.0355-
0.0139476596-0.0542900956Observations59Mar 01,
20181.78812648.05004919.540.06232901590.0216083420.0235
414534-0.0407206739-0.0387875624Feb 01,
20181.72672640.87011719.260.03557639270.00271877510.014
5379024-0.0328576176-0.0210384903ANOVAJan 01,
20181.58792713.83007819.570.0873936582-0.0268844986-
0.0158405723-0.1142781568-
20171.43242823.81005920.550.1085701288-0.0389473721-
0.0476885645-0.1475175008-

0.1562586933Regression149.00001748249.0000174825184.113
9163591.15678426405056E-57Oct 31,
20171.34152673.61010716.520.06774577140.05617870440.243
9467312-
0.0115670670.1762009598Residual570.53876150130.00945195
62Sep 30,
20171.25052584.84008818.170.07279131760.0343425574-
0.0908090259-0.0384487602-
0.1636003435Total5849.5387789833Aug 31,
20171.09332575.2600118.520.1437282230.003720043-
0.0188984881-0.14000818-0.1626267111Jul 31,
20171.04652519.36010718.090.04475234910.02218813530.023
7700387-0.0225642138-0.0209823104CoefficientsStandard
Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper
95.0%Jun 30,
20171.03222471.64990217.930.01387952820.01930297850.008
92359170.0054234503-
0.0049559365Intercept0.00782957250.01290018450.606934925
50.5463041958-0.01800260130.0336617463-
0.01800260130.0336617463May 31,
20171.08652470.30004917.29-
0.05000100040.00054643280.0370156160.05054743320.087016
6164Beta1.01533626870.014101737772.00079108151.15678426
405056E-
570.9870980261.04357451130.9870980261.0435745113Apr 30,
20170.99912423.40991216.490.0874886260.01934882610.0485
142511-0.0681397999-0.038974375Mar 31,
20170.90322411.80004916.010.10619023650.00481377510.029
9812617-0.1013764614-0.0762089748Mar 01,
20170.80842384.19995115.490.11721709280.01157625140.033
5700452-0.1056408414-0.0836470476Feb 01,
20170.74782362.71997115.20.08102815180.00909120850.0190
789474-0.0719369432-0.0619492044Jan 01,
20170.52632363.63989315.270.4208695652-0.0003891972-
0.0045841519-0.4212587624-0.4254537171Dec 01,
20160.51902278.87011714.910.01409593350.03719816030.024

14486920.02310222690.0100489357Oct 31,
20160.51192238.83007812.050.01386046510.01788435820.237
34439830.00402389310.2234839332Sep 30,
20160.45252198.81005914.190.13128124180.0182007622-
0.1508104299-0.1130804796-0.2820916717Aug 31,
20160.33152126.14990214.370.36500754150.0341745222-
0.012526096-0.3308330193-0.3775336375Jul 31,
20160.29432168.2700214.670.1264563107-0.0194256793-
0.0204498978-0.14588199-0.1469062084Jun 30,
20160.29962170.94995114.25-0.0176238855-
0.00123445080.02947368420.01638943470.0470975698May 31,
20160.30102173.60009813.77-0.0047667196-
0.00121924310.03485838780.00354747650.0396251074Apr 30,
20160.27272098.86010713.310.10366666670.03560980110.034
5604808-0.0680568655-0.0691061858Mar 31,
20160.27672096.94995113.12-
0.01423877330.00091092110.01448170730.01514969440.02872
04806Mar 01,
20160.22812065.30004913.380.21294363260.0153246024-
0.019431988-0.1976190302-0.2323756206Feb 01,
20160.29732059.7399913.19-
0.23270715010.00269939850.01440485220.23540654860.24711
20023Jan 01, 20160.31451932.2299812.12-
0.05477670180.06599111460.08828382840.12076781640.14306
05302Dec 01, 20150.25741940.2399912.160.2219836401-
0.0041283604-0.0032894737-0.2261120005-0.2252731138Oct
31, 20150.22862043.9399419.830.1256670503-
0.0507353220.2370295015-0.17640237230.1113624512Sep 30,
20150.12632080.40991213.410.8100378788-0.0175301852-
0.2669649515-0.827568064-1.0770028303Aug 31,
20150.01672079.36010713.796.57894736840.0005048693-
0.0275562001-6.5784424992-6.6065035686Jul 31,
20150.02431920.03002912.59-
0.31372549020.08298311780.09531374110.3967086080.409039
2313Jun 30, 20150.07191972.18005412.8-0.6622516556-
0.0264428316-0.016406250.63580882410.6458454056May 31,

20150.03232103.84008814.771.2280348759-0.0625808182-
0.1333784699-1.2906156941-1.3614133458Apr 30,
20150.01502063.11010716.11.15151515150.0197420297-
0.0826086957-1.1317731218-1.2341238472Mar 31,
20150.01652107.38989316.89-0.0909090909-0.0210116724-
0.04677323860.06989741850.0441358523Mar 01,
20150.02322085.5100117.34-0.28823529410.0104913824-
0.02595155710.29872667650.262283737Feb 01,
20150.02772067.88989315.46-
0.16393442620.00852081970.12160413970.1724552460.285538
5659Jan 01, 20150.01792104.515.420.5494652406-
0.01739610690.0025940337-0.5668613476-0.5468712069Dec
01, 20140.02751994.9899915.13-
0.34928229670.0548925110.01916721740.40417480770.368449
5141Oct 31, 20140.02912058.89990211.01-0.0546875-
0.03104080580.37420526790.02364669420.4288927679Sep 30,
20140.02172067.56005912.910.3426573427-0.0041885879-
0.1471727343-0.3468459305-0.489830077Aug 31,
20140.01682018.05004912.930.28828828830.0245335888-
0.0015467904-0.2637546995-0.2898350787Jul 31,
20140.02001972.29003912.75-
0.15909090910.02320146080.01411764710.18229236990.17320
85561Jun 30, 20140.03292003.36999513.69-0.3913043478-
0.0155138372-0.06866325790.37579051060.32264109May 31,
20140.02641930.67004413.510.24630541870.03765529550.013
3234641-0.2086501232-0.2329819546Apr 30,
20140.03571960.2299812.96-0.2618181818-
0.01507983060.04243827160.24673835120.3042564534Mar 31,
20140.03241923.56994612.590.10294117650.01905833170.029
3884035-0.0838828448-0.073552773Mar 01,
20140.03101883.94995112.270.04615384620.021030280.02607
98696-0.0251235661-0.0200739766Feb 01,
20140.05241872.33996612.31-0.40909090910.006200789-
0.00324939070.41529169810.4058415184Jan 01,
20140.05261859.44995112.18-
0.00476190480.00693216560.01067323480.01169407040.01543

51396
JIGAX (A)Date3 Month T-billS&P JIGAXRETURNDec 01,
20182.42382704.10009852.9RF S & PJIGAXMarket Risk
Premium (Rm)Excess Fund ReturnsSUMMARY OUTPUTOct
31,
20182.41212506.85009842.990.00485230090.07868440170.230
51872530.07383210070.2256664243Sep 30,
20182.37402760.16992252.460.0160510797-0.0917768946-
0.1805184903-0.1078279743-0.19656957Regression
StatisticsAug 31,
20182.29322711.7399952.220.03524281470.01785935680.0045
959403-0.0173834579-0.0306468744Multiple R0.999596928Jul
31, 20182.16532913.9799857.460.0590776506-0.069403356-
0.091193874-0.1284810066-0.1502715246R
Square0.9991940184Jun 30,
20182.07262901.5200257.410.04470427170.00429428710.0008
709284-0.0404099846-0.0438333433Adjusted R
Square0.9991798784May 31,
20181.99482816.29003954.510.03902560540.03026321150.053
2012475-0.00876239390.0141756421Standard
Error0.0259484945Apr 30,
20181.93522718.37011752.830.0307578740.03602155620.0318
0011360.00526368220.0010422396Observations59Mar 31,
20181.89952705.2700252.770.01879009560.0048424360.00113
70097-0.0139476596-0.0176530859Mar 01,
20181.78812648.05004950.640.06232901590.0216083420.0420
616114-0.0407206739-0.0202674045ANOVAFeb 01,
20181.72672640.87011750.720.03557639270.0027187751-
0.0015772871-0.0328576176-
0.0371536798dfSSMSFSignificance FJan 01,
20181.58792713.83007852.20.0873936582-0.0268844986-
0.0283524904-0.1142781568-
0.1157461486Regression147.579940368647.579940368670664.
21860249137.12086918839473E-90Dec 01,
20171.43242823.81005953.50.1085701288-0.0389473721-
0.0242990654-0.1475175008-

0.1328691942Residual570.0383794890.0006733244Oct 31,
20171.34152673.61010749.70.06774577140.05617870440.0764
587525-0.0115670670.0087129811Total5847.6183198576Sep
30,
20171.25052584.84008849.570.07279131760.03434255740.002
622554-0.0384487602-0.0701687636Aug 31,
20171.09332575.2600148.320.1437282230.0037200430.025869
StatP-valueLower 95%Upper 95%Lower 95.0%Upper 95.0%Jul
31,
20171.04652519.36010746.180.04475234910.02218813530.046
3404071-
0.02256421380.001588058Intercept0.00355250190.0034430811
.03177993590.3065333598-0.00334214890.0104471526-
0.00334214890.0104471526Jun 30,
20171.03222471.64990245.530.01387952820.01930297850.014
27630130.00542345030.0003967731Beta1.00051528790.003763
7776265.82742259317.12086918839473E-
900.99297845331.00805212240.99297845331.0080521224May
31, 20171.08652470.30004944.75-
0.05000100040.00054643280.01743016760.05054743320.06743
1168Apr 30,
20170.99912423.40991243.250.0874886260.01934882610.0346
820809-0.0681397999-0.0528065451Mar 31,
20170.90322411.80004943.380.10619023650.0048137751-
0.0029967727-0.1013764614-0.1091870092Mar 01,
20170.80842384.19995142.540.11721709280.01157625140.019
7461213-0.1056408414-0.0974709715Feb 01,
20170.74782362.71997141.570.08102815180.00909120850.023
3341352-0.0719369432-0.0576940166Jan 01,
20170.52632363.63989341.020.4208695652-
0.00038919720.0134080936-0.4212587624-0.4074614716Dec
01,
20160.51902278.87011739.260.01409593350.03719816030.044
82934280.02310222690.0307334094Oct 31,
20160.51192238.83007838.630.01386046510.01788435820.016

30856850.00402389310.0024481034Sep 30,
20160.45252198.81005937.810.13128124180.01820076220.021
6873843-0.1130804796-0.1095938575Aug 31,
20160.33152126.14990236.530.36500754150.03417452220.035
0396934-0.3308330193-0.3299678481Jul 31,
20160.29432168.2700237.330.1264563107-0.0194256793-
0.0214304849-0.14588199-0.1478867955Jun 30,
20160.29962170.94995137.19-0.0176238855-
0.00123445080.00376445280.01638943470.0213883384May 31,
20160.30102173.60009837.44-0.0047667196-0.0012192431-
0.00667735040.0035474765-0.0019106308Apr 30,
20160.27272098.86010735.710.10366666670.03560980110.048
4458135-0.0680568655-0.0552208532Mar 31,
20160.27672096.94995135.94-0.01423877330.0009109211-
0.00639955480.01514969440.0078392185Mar 01,
20160.22812065.30004935.260.21294363260.01532460240.019
2853091-0.1976190302-0.1936583234Feb 01,
20160.29732059.7399935.86-0.23270715010.0026993985-
0.01673173450.23540654860.2159754156Jan 01,
20160.31451932.2299833.83-
0.05477670180.06599111460.06000591190.12076781640.11478
26137Dec 01, 20150.25741940.2399933.740.2219836401-
0.00412836040.002667457-0.2261120005-0.2193161831Oct 31,
20150.22862043.93994135.750.1256670503-0.050735322-
0.0562237762-0.1764023723-0.1818908266Sep 30,
20150.12632080.40991236.530.8100378788-0.0175301852-
0.0213523132-0.827568064-0.831390192Aug 31,
20150.01672079.36010736.546.57894736840.0005048693-
0.0002736727-6.5784424992-6.5792210411Jul 31,
20150.02431920.03002933.7-
0.31372549020.08298311780.0842729970.3967086080.3979984
872Jun 30, 20150.07191972.18005435.01-0.6622516556-
0.0264428316-0.03741788060.63580882410.624833775May 31,
20150.03232103.84008836.771.2280348759-0.0625808182-
0.0478651074-1.2906156941-1.2758999833Apr 30,
20150.01502063.11010736.031.15151515150.01974202970.020

5384402-1.1317731218-1.1309767113Mar 31,
20150.01652107.38989336.81-0.0909090909-0.0210116724-
0.02118989410.06989741850.0697191969Mar 01,
20150.02322085.5100135.94-
0.28823529410.01049138240.02420701170.29872667650.31244
23058Feb 01, 20150.02772067.88989335.72-
0.16393442620.00852081970.00615901460.1724552460.170093
4408Jan 01, 20150.01792104.536.30.5494652406-
0.0173961069-0.0159779614-0.5668613476-0.5654432021Dec
01, 20140.02751994.9899934.31-
0.34928229670.0548925110.05800058290.40417480770.407282
8796Oct 31, 20140.02912058.89990234.99-0.0546875-
0.0310408058-0.0194341240.02364669420.035253376Sep 30,
20140.02172067.56005935.640.3426573427-0.0041885879-
0.0182379349-0.3468459305-0.3608952776Aug 31,
20140.01682018.05004934.250.28828828830.02453358880.040
5839416-0.2637546995-0.2477043467Jul 31,
20140.02001972.29003933.34-
0.15909090910.02320146080.02729454110.18229236990.18638
54502Jun 30, 20140.03292003.36999533.89-0.3913043478-
0.0155138372-0.01622897610.37579051060.3750753717May
31,
20140.02641930.67004432.180.24630541870.03765529550.053
1385954-0.2086501232-0.1931668233Apr 30,
20140.03571960.2299832.25-0.2618181818-0.0150798306-
0.00217054260.24673835120.2596476392Mar 31,
20140.03241923.56994631.820.10294117650.01905833170.013
5135135-0.0838828448-0.089427663Mar 01,
20140.03101883.94995130.820.04615384620.021030280.03244
64633-0.0251235661-0.0137073828Feb 01,
20140.05241872.33996630.82-
0.40909090910.00620078900.41529169810.4090909091Jan 01,
20140.05261859.44995130.93-0.00476190480.0069321656-
0.00355641770.01169407040.001205487
AVEFX (A)Date3 Month T-billS&P AVEFXRETURNDec 01,
20182.42382704.10009811.26RF S & PAVEFXMarket Risk

20182.41212506.85009810.930.00485230090.07868440170.030
30, 20182.37402760.16992211.20.0160510797-0.0917768946-
0.0241071429-0.1078279743-0.0401582225Aug 31,
20182.29322711.7399911.080.03524281470.01785935680.0108
303249-0.0173834579-0.0244124898Regression StatisticsJul
31, 20182.16532913.9799811.20.0590776506-0.069403356-
0.0107142857-0.1284810066-0.0697919363Multiple
R0.9995037642Jun 30,
20182.07262901.5200211.210.04470427170.0042942871-
0.0008920607-0.0404099846-0.0455963324R
Square0.9990077747May 31,
20181.99482816.29003911.160.03902560540.03026321150.004
4802867-0.0087623939-0.0345453186Adjusted R
Square0.9989903672Apr 30,
20181.93522718.37011711.040.0307578740.03602155620.0108
6956520.0052636822-0.0198883088Standard
Error0.0286851627Mar 31,
20181.89952705.2700211.050.01879009560.004842436-
01,
20181.78812648.05004910.970.06232901590.0216083420.0072
926162-0.0407206739-0.0550363996Feb 01,
20181.72672640.87011710.970.03557639270.00271877510-
0.0328576176-0.0355763927ANOVAJan 01,
20181.58792713.83007810.980.0873936582-0.0268844986-
0.0009107468-0.1142781568-
20171.43242823.81005911.080.1085701288-0.0389473721-
0.0090252708-0.1475175008-
0.1175953995Regression147.222398401147.222398401157389.
62751863282.66501858415884E-87Oct 31,
20171.34152673.61010710.990.06774577140.05617870440.008
189263-0.011567067-
0.0595565085Residual570.04690179790.0008228386Sep 30,

20171.25052584.84008811.020.07279131760.0343425574-
0.002722323-0.0384487602-
0.0755136406Total5847.269300199Aug 31,
20171.09332575.2600110.990.1437282230.0037200430.002729
7543-0.14000818-0.1409984687Jul 31,
20171.04652519.36010710.940.04475234910.02218813530.004
95.0%Jun 30,
20171.03222471.64990210.880.01387952820.01930297850.005
51470590.0054234503-0.0083648223Intercept-
0.00515161770.0038062069-1.35347811230.181246124-
0.01277341550.0024701801-0.01277341550.0024701801May
31, 20171.08652470.30004910.86-
0.05000100040.00054643280.00184162060.05054743320.05184
2621Beta0.99674898660.0041607258239.56132308582.6650185
8415884E-
870.98841727681.00508069640.98841727681.0050806964Apr
30,
20170.99912423.40991210.80.0874886260.01934882610.00555
55556-0.0681397999-0.0819330705Mar 31,
20170.90322411.80004910.790.10619023650.00481377510.000
9267841-0.1013764614-0.1052634525Mar 01,
20170.80842384.19995110.760.11721709280.01157625140.002
7881041-0.1056408414-0.1144289887Feb 01,
20170.74782362.71997110.750.08102815180.00909120850.000
9302326-0.0719369432-0.0800979192Jan 01,
20170.52632363.63989310.730.4208695652-
0.00038919720.0018639329-0.4212587624-0.4190056323Dec
01,
20160.51902278.87011710.650.01409593350.03719816030.007
51173710.0231022269-0.0065841964Oct 31,
20160.51192238.83007810.440.01386046510.01788435820.020
11494250.00402389310.0062544774Sep 30,
20160.45252198.81005910.60.13128124180.0182007622-
0.0150943396-0.1130804796-0.1463755814Aug 31,

20160.33152126.14990210.580.36500754150.03417452220.001
8903592-0.3308330193-0.3631171823Jul 31,
20160.29432168.2700210.650.1264563107-0.0194256793-
0.00657277-0.14588199-0.1330290806Jun 30,
20160.29962170.94995110.64-0.0176238855-
0.00123445080.00093984960.01638943470.0185637352May 31,
20160.30102173.60009810.64-0.0047667196-
0.001219243100.00354747650.0047667196Apr 30,
20160.27272098.86010710.570.10366666670.03560980110.006
6225166-0.0680568655-0.0970441501Mar 31,
20160.27672096.94995110.45-
0.01423877330.00091092110.01148325360.01514969440.02572
20269Mar 01,
20160.22812065.30004910.460.21294363260.0153246024-
0.0009560229-0.1976190302-0.2138996555Feb 01,
20160.29732059.7399910.41-
0.23270715010.00269939850.0048030740.23540654860.237510
2241Jan 01, 20160.31451932.2299810.22-
0.05477670180.06599111460.0185909980.12076781640.073367
6999Dec 01, 20150.25741940.2399910.140.2219836401-
0.00412836040.0078895464-0.2261120005-0.2140940937Oct
31, 20150.22862043.93994110.090.1256670503-
0.0507353220.0049554014-0.1764023723-0.1207116489Sep 30,
20150.12632080.40991210.210.8100378788-0.0175301852-
0.0117531832-0.827568064-0.8217910619Aug 31,
20150.01672079.36010710.186.57894736840.00050486930.002
9469548-6.5784424992-6.5760004136Jul 31,
20150.02431920.03002910.06-
0.31372549020.08298311780.01192842940.3967086080.325653
9196Jun 30, 20150.07191972.18005410.06-0.6622516556-
0.026442831600.63580882410.6622516556May 31,
20150.03232103.84008810.121.2280348759-0.0625808182-
0.0059288538-1.2906156941-1.2339637297Apr 30,
20150.01502063.11010710.131.15151515150.0197420297-
0.0009871668-1.1317731218-1.1525023183Mar 31,
20150.01652107.38989310.2-0.0909090909-0.0210116724-

0.00686274510.06989741850.0840463458Mar 01,
20150.02322085.5100110.19-
0.28823529410.01049138240.00098135430.29872667650.28921
66484Feb 01, 20150.02772067.88989310.16-
0.16393442620.00852081970.00295275590.1724552460.166887
1821Jan 01, 20150.01792104.510.180.5494652406-
0.0173961069-0.0019646365-0.5668613476-0.5514298772Dec
01, 20140.02751994.9899910.14-
0.34928229670.0548925110.00394477320.40417480770.353227
0698Oct 31, 20140.02912058.8999029.77-0.0546875-
0.03104080580.03787103380.02364669420.0925585338Sep 30,
20140.02172067.56005910.120.3426573427-0.0041885879-
0.0345849802-0.3468459305-0.3772423229Aug 31,
20140.01682018.05004910.040.28828828830.02453358880.007
9681275-0.2637546995-0.2803201608Jul 31,
20140.02001972.29003910-
0.15909090910.02320146080.0040.18229236990.1630909091Ju
n 30, 20140.03292003.36999510.02-0.3913043478-
0.0155138372-0.0019960080.37579051060.3893083398May 31,
20140.02641930.6700449.950.24630541870.03765529550.0070
351759-0.2086501232-0.2392702428Apr 30,
20140.03571960.2299810.01-0.2618181818-0.0150798306-
0.0059940060.24673835120.2558241758Mar 31,
20140.03241923.5699469.980.10294117650.01905833170.0030
06012-0.0838828448-0.0999351644Mar 01,
20140.03101883.9499519.920.04615384620.021030280.006048
3871-0.0251235661-0.0401054591Feb 01,
20140.05241872.3399669.87-
0.40909090910.0062007890.00506585610.41529169810.414156
7652Jan 01, 20140.05261859.4499519.86-
0.00476190480.00693216560.00101419880.01169407040.00577
61035
FTLB (A)Date3 Month T-billS&P FTLBRETURNDec 01,
20182.42382704.10009820.09RF S & PFTLBMarket Risk
20182.41212506.85009821.740.00485230090.0786844017-

0.07589696410.0738321007-0.0807492651SUMMARY
OUTPUTSep 30, 20182.37402760.16992221.640.0160510797-
0.09177689460.0046210721-0.1078279743-0.0114300076Aug
31, 20182.29322711.7399922.650.03524281470.0178593568-
0.0445916115-0.0173834579-0.0798344261Regression
StatisticsJul 31, 20182.16532913.9799822.790.0590776506-
0.069403356-0.0061430452-0.1284810066-
0.0652206958Multiple R0.9989491646Jun 30,
20182.07262901.5200222.290.04470427170.00429428710.0224
315837-0.0404099846-0.022272688R Square0.9978994335May
31,
20181.99482816.29003922.040.03902560540.03026321150.011
3430127-0.0087623939-0.0276825927Adjusted R
Square0.9978625814Apr 30,
20181.93522718.37011721.750.0307578740.03602155620.0133
3333330.0052636822-0.0174245407Standard
Error0.0413380784Mar 31,
20181.89952705.2700221.210.01879009560.0048424360.02545
96888-0.01394765960.0066695932Observations59Mar 01,
20181.78812648.05004921.390.06232901590.021608342-
0.0084151473-0.0407206739-0.0707441631Feb 01,
20181.72672640.87011721.590.03557639270.0027187751-
0.0092635479-0.0328576176-0.0448399407ANOVAJan 01,
20181.58792713.83007822.510.0873936582-0.0268844986-
0.0408707241-0.1142781568-
20171.43242823.81005922.330.1085701288-
0.03894737210.0080609046-0.1475175008-
0.1005092242Regression146.272797866446.272797866427078.
53667466635.11832195555604E-78Oct 31,
20171.34152673.61010722.050.06774577140.05617870440.012
6984127-0.011567067-
0.0550473587Residual570.09740369320.0017088367Sep 30,
20171.25052584.84008821.750.07279131760.03434255740.013
7931034-0.0384487602-
0.0589982141Total5846.3702015596Aug 31,

20171.09332575.2600121.50.1437282230.0037200430.0116279
07-0.14000818-0.132100316Jul 31,
20171.04652519.36010721.020.04475234910.02218813530.022
95.0%Jun 30,
20171.03222471.64990220.720.01387952820.01930297850.014
47876450.00542345030.0005992363Intercept-
0.00572728350.0054851102-1.04415104840.3008236579-
0.01671102720.0052564601-0.01671102720.0052564601May
31, 20171.08652470.30004920.63-
0.05000100040.00054643280.00436257880.05054743320.05436
35792Beta0.9866762220.0059960061164.55557321065.1183219
5555619E-
780.97466942680.99868301710.97466942680.9986830171Apr
30,
20170.99912423.40991219.990.0874886260.01934882610.0320
16008-0.0681397999-0.055472618Mar 31,
20170.90322411.80004920.190.10619023650.0048137751-
0.009905894-0.1013764614-0.1160961305Mar 01,
20170.80842384.19995119.970.11721709280.01157625140.011
0165248-0.1056408414-0.106200568Feb 01,
20170.74782362.719971200.08102815180.0090912085-0.0015-
0.0719369432-0.0825281518Jan 01,
20170.52632363.63989319.70.4208695652-
0.00038919720.0152284264-0.4212587624-0.4056411388Dec
01, 20160.51902278.87011719.850.01409593350.0371981603-
0.00755667510.0231022269-0.0216526085Oct 31,
20160.51192238.83007819.530.01386046510.01788435820.016
38504860.00402389310.0025245835Sep 30,
20160.45252198.81005918.660.13128124180.01820076220.046
6237942-0.1130804796-0.0846574476Aug 31,
20160.33152126.14990218.590.36500754150.03417452220.003
7654653-0.3308330193-0.3612420762Jul 31,
20160.29432168.2700218.520.1264563107-
0.01942567930.0037796976-0.14588199-0.1226766131Jun 30,

20160.29962170.94995118.65-0.0176238855-0.0012344508-
0.00697050940.01638943470.0106533762May 31,
20160.30102173.60009817.93-0.0047667196-
0.00121924310.04015616290.00354747650.0449228825Apr 30,
20160.27272098.86010718.150.10366666670.0356098011-
0.0121212121-0.0680568655-0.1157878788Mar 31,
20160.27672096.94995117.71-
0.01423877330.00091092110.02484472050.01514969440.03908
34938Mar 01,
20160.22812065.30004918.190.21294363260.0153246024-
0.0263881253-0.1976190302-0.2393317579Feb 01,
20160.29732059.7399917.58-
0.23270715010.00269939850.0346985210.23540654860.267405
6712Jan 01, 20160.31451932.2299817.17-
0.05477670180.06599111460.02387885850.12076781640.07865
55603Dec 01, 20150.25741940.2399918.020.2219836401-
0.0041283604-0.0471698113-0.2261120005-0.2691534514Oct
31, 20150.22862043.93994118.390.1256670503-0.050735322-
0.0201196302-0.1764023723-0.1457866806Sep 30,
20150.12632080.40991218.120.8100378788-
0.01753018520.0149006623-0.827568064-0.7951372165Aug
31,
20150.01672079.36010716.986.57894736840.00050486930.067
1378092-6.5784424992-6.5118095592Jul 31,
20150.02431920.03002917.41-0.31372549020.0829831178-
0.02469844920.3967086080.289027041Jun 30,
20150.07191972.18005418.33-0.6622516556-0.0264428316-
0.05019094380.63580882410.6120607118May 31,
20150.03232103.84008818.411.2280348759-0.0625808182-
0.0043454644-1.2906156941-1.2323803403Apr 30,
20150.01502063.11010718.491.15151515150.0197420297-
0.0043266631-1.1317731218-1.1558418146Mar 31,
20150.01652107.38989318.46-0.0909090909-
0.02101167240.00162513540.06989741850.0925342263Mar 01,
20150.02322085.5100118.26-
0.28823529410.01049138240.01095290250.29872667650.29918

81966Feb 01, 20150.02772067.88989318.55-
0.16393442620.0085208197-
0.01563342320.1724552460.148301003Jan 01,
20150.01792104.517.850.5494652406-
0.01739610690.0392156863-0.5668613476-0.5102495544Dec
01, 20140.02751994.9899918.02-0.34928229670.054892511-
0.00943396230.40417480770.3398483344Oct 31,
20140.02912058.89990217.97-0.0546875-
0.03104080580.00278241510.02364669420.0574699151Sep 30,
20140.02172067.56005917.730.3426573427-
0.00418858790.013536379-0.3468459305-0.3291209636Aug
31, 20140.01682018.05004918.230.28828828830.0245335888-
0.0274273176-0.2637546995-0.3157156059Jul 31,
20140.02001972.29003917.74-
0.15909090910.02320146080.0276211950.18229236990.186712
1041Jun 30, 20140.03292003.36999517.34-0.3913043478-
0.01551383720.02306805070.37579051060.4143723986May 31,
20140.02641930.67004417.730.24630541870.0376552955-
0.0219966159-0.2086501232-0.2683020346Apr 30,
20140.03571960.2299817.41-0.2618181818-
0.01507983060.01838024120.24673835120.2801984231Mar 31,
20140.03241923.56994617.260.10294117650.01905833170.008
6906141-0.0838828448-0.0942505623Mar 01,
20140.03101883.94995117.190.04615384620.021030280.00407
2135-0.0251235661-0.0420817112Feb 01,
20140.05241872.33996616.89-
0.40909090910.0062007890.01776198930.41529169810.426852
8984Jan 01, 20140.05261859.44995116.64-
0.00476190480.00693216560.01502403850.01169407040.01978
59432
GOEX (A)Date3 Month T-billS&P GOEXRETURNDec 01,
20182.42382704.10009821.78RF S & PGOEXMarket Risk
20182.41212506.85009819.850.00485230090.07868440170.097
30, 20182.37402760.16992217.90.0160510797-

0.09177689460.1089385475-0.10782797430.0928874678Aug
31, 20182.29322711.7399918.470.03524281470.0178593568-
0.0308608554-0.0173834579-0.0661036701Regression
StatisticsJul 31, 20182.16532913.9799818.620.0590776506-
0.069403356-0.0080558539-0.1284810066-
0.0671335045Multiple R0.9876816413Jun 30,
20182.07262901.5200219.020.04470427170.0042942871-
0.0210304942-0.0404099846-0.0657347659R
Square0.9755150245May 31,
20181.99482816.29003921.560.03902560540.0302632115-
0.1178107607-0.0087623939-0.156836366Adjusted R
Square0.9750854636Apr 30,
20181.93522718.37011722.180.0307578740.0360215562-
0.02795311090.0052636822-0.0587109849Standard
Error0.1471940261Mar 31,
20181.89952705.2700222.910.01879009560.004842436-
01,
20181.78812648.05004922.60.06232901590.0216083420.01371
68142-0.0407206739-0.0486122017Feb 01,
20181.72672640.87011721.540.03557639270.00271877510.049
2107707-0.03285761760.0136343779ANOVAJan 01,
20181.58792713.83007821.50.0873936582-
0.02688449860.0018604651-0.1142781568-
20171.43242823.81005922.770.1085701288-0.0389473721-
0.0557751427-0.1475175008-
0.1643452715Regression149.202765556449.20276555642270.9
5822541451.29103215929054E-47Oct 31,
20171.34152673.61010723.310.06774577140.0561787044-
0.0231660232-0.011567067-
0.0909117946Residual571.23496663450.0216660813Sep 30,
20171.25052584.84008821.080.07279131760.03434255740.105
7874763-0.03844876020.0329961587Total5850.4377321909Aug
31, 20171.09332575.2600121.50.1437282230.003720043-
0.0195348837-0.14000818-0.1632631067Jul 31,

20171.04652519.36010722.960.04475234910.0221881353-
0.0635888502-0.0225642138-
0.1083411993CoefficientsStandard Errort StatP-valueLower
95%Upper 95%Lower 95.0%Upper 95.0%Jun 30,
20171.03222471.64990224.10.01387952820.0193029785-
0.04730290460.0054234503-
0.0611824328Intercept0.00732991760.01953103490.375295916
90.7088333506-0.03178030510.0464401403-
0.03178030510.0464401403May 31,
20171.08652470.30004922.65-
0.05000100040.00054643280.064017660.05054743320.1140186
605Beta1.0174346860.021350200947.65457192561.2910321592
9056E-
470.9746816461.06018772590.9746816461.0601877259Apr 30,
20170.99912423.40991222.670.0874886260.0193488261-
0.0008822232-0.0681397999-0.0883708492Mar 31,
20170.90322411.80004921.430.10619023650.00481377510.057
8628091-0.1013764614-0.0483274274Mar 01,
20170.80842384.19995122.120.11721709280.0115762514-
0.0311934901-0.1056408414-0.1484105829Feb 01,
20170.74782362.71997123.870.08102815180.0090912085-
0.073313783-0.0719369432-0.1543419348Jan 01,
20170.52632363.63989323.390.4208695652-
0.00038919720.0205215904-0.4212587624-0.4003479748Dec
01, 20160.51902278.87011724.20.01409593350.0371981603-
0.03347107440.0231022269-0.0475670079Oct 31,
20160.51192238.83007820.130.01386046510.01788435820.202
18579230.00402389310.1883253272Sep 30,
20160.45252198.81005920.140.13128124180.0182007622-
0.0004965243-0.1130804796-0.1317777661Aug 31,
20160.33152126.14990224.250.36500754150.0341745222-
0.1694845361-0.3308330193-0.5344920776Jul 31,
20160.29432168.2700229.040.1264563107-0.0194256793-
0.1649449036-0.14588199-0.2914012143Jun 30,
20160.29962170.94995125.88-0.0176238855-
0.00123445080.12210200930.01638943470.1397258948May 31,

20160.30102173.60009831-0.0047667196-0.0012192431-
0.16516129030.0035474765-0.1603945707Apr 30,
20160.27272098.86010727.540.10366666670.03560980110.125
6354394-0.06805686550.0219687727Mar 31,
20160.27672096.94995121.49-
0.01423877330.00091092110.28152629130.01514969440.29576
50646Mar 01,
20160.22812065.30004925.480.21294363260.0153246024-
0.1565934066-0.1976190302-0.3695370392Feb 01,
20160.29732059.7399915.89-
0.23270715010.00269939850.60352422910.23540654860.83623
13792Jan 01, 20160.31451932.2299815.18-
0.05477670180.06599111460.04677206850.12076781640.10154
87703Dec 01, 20150.25741940.2399911.230.2219836401-
0.00412836040.3517364203-0.22611200050.1297527802Oct 31,
20150.22862043.93994110.280.1256670503-
0.0507353220.0924124514-0.1764023723-0.033254599Sep 30,
20150.12632080.40991211.50.8100378788-0.0175301852-
0.1060869565-0.827568064-0.9161248353Aug 31,
20150.01672079.36010712.556.57894736840.0005048693-
0.0836653386-6.5784424992-6.6626127071Jul 31,
20150.02431920.03002911.29-
0.31372549020.08298311780.11160318870.3967086080.425328
6789Jun 30, 20150.07191972.18005411.01-0.6622516556-
0.02644283160.0254314260.63580882410.6876830816May 31,
20150.03232103.84008810.521.2280348759-
0.06258081820.0465779468-1.2906156941-1.1814569292Apr
30, 20150.01502063.11010712.841.15151515150.0197420297-
0.1806853583-1.1317731218-1.3322005098Mar 31,
20150.01652107.38989313.54-0.0909090909-0.0210116724-
0.05169867060.06989741850.0392104203Mar 01,
20150.02322085.5100113.84-0.28823529410.0104913824-
0.02167630060.29872667650.2665589935Feb 01,
20150.02772067.88989312.06-
0.16393442620.00852081970.14759535660.1724552460.311529
7828Jan 01, 20150.01792104.513.680.5494652406-

0.0173961069-0.1184210526-0.5668613476-0.6678862933Dec
01, 20140.02751994.9899914.45-0.34928229670.054892511-
0.05328719720.40417480770.2959950994Oct 31,
20140.02912058.89990212.81-0.0546875-
0.03104080580.12802498050.02364669420.1827124805Sep 30,
20140.02172067.56005912.710.3426573427-
0.00418858790.0078678206-0.3468459305-0.334789522Aug
31,
20140.01682018.05004911.920.28828828830.02453358880.066
2751678-0.2637546995-0.2220131205Jul 31,
20140.02001972.29003915.46-0.15909090910.0232014608-
0.22897800780.1822923699-0.0698870987Jun 30,
20140.03292003.36999519.47-0.3913043478-0.0155138372-
0.20595788390.37579051060.1853464639May 31,
20140.02641930.67004420.120.24630541870.0376552955-
0.032306163-0.2086501232-0.2786115817Apr 30,
20140.03571960.2299820.04-0.2618181818-
0.01507983060.0039920160.24673835120.2658101978Mar 31,
20140.03241923.56994615.260.10294117650.01905833170.313
2372215-0.08388284480.210296045Mar 01,
20140.03101883.94995117.190.04615384620.02103028-
0.1122745782-0.0251235661-0.1584284244Feb 01,
20140.05241872.33996617.09-
0.40909090910.0062007890.00585137510.41529169810.414942
2842Jan 01, 20140.05261859.44995119.14-
0.00476190480.0069321656-0.10710553810.0116940704-
0.1023436334

TCWAX (B)Date3 Month T-billDJITCWAXRETURNDec 01, 20182.423823,327..docx

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TCWAX (B)Date3 Month T-billDJITCWAXRETURNDec 01, 20182.423823,327..docx