Market Data: Week Ending July 25, 2014

Market Index	12/31/   2013	7/25/     2014	Week Change	Simple YTD
Dow Industrials Avg	16,576.66	16,960.57	-0.82%	2.32%
S&P 500 Index	1,848.36	1,978.34	0.01%	7.03%
Fed Funds Rate	0.08%	0.09%	0.02%	12.50%
10 yr T-note Yld	3.04%	2.48%	-0.02%	-18.42%
5 yr T-note Yld	1.75%	1.69%	0.00%	-3.43%
5 yr TIPS - 'Real' Yld	0.07%	-0.38%	0.02%	642.86%
Implied 5 yr Inflation %	1.68%	2.07%	-0.02%	23.21%
2 yr T-note Yld	0.38%	0.53%	0.02%	39.47%
2-10 Yr Slope	1.64%	1.95%	-0.04%	18.90%
90 day T-bill Yld	0.07%	0.03%	0.01%	-57.14%
Gold ($/oz)	$1,204.80	$1,308.50	-$2.90	8.61%
WTI Oil ($/brl)	$98.70	$101.89	$0.22	3.23%
VIX "Worry Index"	13.72	12.69	0.63	-7.51%
Credit Spreads	12/31/   2013	7/25/     2014	Week Change	Simple YTD
Inv Grade Credit Idx	3.87%	3.45%	-0.02%	-10.85%
High Yield Credit Idx	5.95%	5.66%	-0.04%	-4.87%
Markit CDX No Am Inv Grade	62	59	-1.00	-3.00
Markit CDX No Am HiVol	135	122	0.00	-13.00
High Yield to 10 yr T-Note Spread	291	318	-2.00	27.00