6.) Use the Treynor and Mazuy market timing model to examine the market timing ability of the mutual funds. rict rf,t = a[M + bi(,t rft) + ci(rm,t 17.4+ Eist Do mutual funds show market timing ability? Should we expect mutual funds to show market timing ability? b. Is the alpha in this model different from alpha in the standard CAPM model? What do the differences suggest? F H J K date 2. 3 4 5 6 7 8 -2.4% 9 10 11 12 13 14 B D E F G Legg Vanguard Mason Fidelity Fidelity S&P500 Value Magellan Janus Low-Pric Nicholas Index Fund Trust Fund Fund ed Fund RE 1/31/1990 -6.7% -7.4% -6.4% -8.0% -1.2% -6.6% 2/28/1990 1.3% 2.6% 2.1% 0.2% 1.9% 1.4% 3/31/1990 2.6% 1.7% 2.6% 4.3% 1.0% 3.2% 4/30/1990 -2.5% -3.5% -2.5% -1.6% -3.8% -2.2% 5/31/1990 9.7% 6.8% 8.9% 12.7% 7.9% 9.2% 6/30/1990 -0.7% 0.2% 0.4% 1.4% 2.8% 0.6% 7/31/1990 -0.3% -1.7% -1.1% -2.5% -0.6% 8/31/1990 -9.0% -11.0% -9.8% -10.1% -10.0% - 10.2% 9/30/1990 -4.9% -10.1% -6.3% -1.7% -4.4% -6.2% 10/31/1990 -0.4% -1.2% - 1.2% 0.1% -1.7% -4.1% 11/30/1990 6.4% 3.8% 7.6% 4.2% 5.4% 9.1% 12/31/1990 2.7% 3.1% 3.1% 2.1% 3.2% 5.3% 1/31/1991 4.3% 4.9% 7.0% 6.2% 9.2% 5.6% 2/28/1991 7.1% 6.0% 8.7% 6.6% 8.9% 9.5% 3/31/1991 2.4% 1.6% 3.4% 5.2% 6.7% 4.0% 4/30/1991 0.2% 1.2% 0.4% -0.1% 3.8% 2.7% 5/31/1991 4.3% 4.0% 5.7% 2.5% 1.5% 4.4% 6/30/1991 -4.6% -4.1% -5.9% -3.9% -6.0% -4.3% 7/31/1991 4.6% 6.1% 6.2% 7.0% 6.1% 3.6% 8/31/1991 2.3% 3.6% 3.1% 4.1% 2.8% 3.1% 9/30/1991 -1.7% 1.5% -0.4% -1.0% 0.4% -1.4% 10/31/1991 1.3% -0.5% 1.3% 2.6% 3.5% 1.0% 11/30/1991 -4.0% -4.9% -4.9% -3.5% -4.1% -2.5% 12/31/1991 11.4% 12.1% 11.8% 11.8% 7.0% 11.0% 1/31/1992 -1.9% -0.8% 0.0% -1.4% 8.7% 1.7% 2/29/1992 1.2% 2.3% 2.0% 1.7% 6.4% 1.5% 3/31/1992 -1.9% -1.3% -2.7% -3.0% -3.3% -2.2% 4/30/1992 2.9% 1.7% 1.5% 0.8% 1.0% -0.8% 5/31/1992 0.5% 1.3% 1.0% 1.4% 0.7% 0.4% 1400 200 15 16 17 18 19 MKT SMB HML UMD 0.6% -7.3% -1.3% 0.9% -3.3% 0.6% 1.7% 1.1% 0.6% -0.5% 0.6% 2.5% 1.5% -2.9% 1.7% 0.7% -2.7% -0.5% -2.6% 2.5% 0.7% 9.1% -2.6% -3.7% 3.1% 0.6% -0.5% 1.5% -2.0% 2.4% 0.7% -1.2% -3.2% 0.0% 5.9% 0.7% -9.5% -3.6% 1.6% 1.8% 0.6% -5.5% -3.7% 0.7% 5.5% 0.7% -1.2% -5.5% 0.3% 6.7% 0.6% 6.9% 0.3% -3.1% -5.6% 0.6% 3.1% 0.8% -1.6% 0.2% 0.5% 5.2% 3.8% -1.8% -6.5% 0.5% 7.7% 3.9% -0.6% -4.8% 0.4% 3.1% 3.9% -1.2% 2.8% 0.5% 0.3% 0.5% 1.4% -2.4% 0.5% 4.1% -0.3% -0.6% -0.1% 0.4% -4.5% 0.1% 1.2% 0.5% 0.5% 4.7% -0.9% -1.3% 4.3% 0.5% 2.8% -0.8% 1.6% 0.5% -1.1% 1.6% -1.0% 1.7% 0.4% 1.7% 0.9% -0.5% 3.2% 0.4% -3.8% -0.5% -1.9% 1.3% 0.4% 11.2% -2.3% -4.0% 8.3% 0.3% -0.3% 8.5% 4.5% -2.5% 0.3% 1.4% 0.9% 6.4% -0.6% 0.3% -2.3% -1.0% 3.7% -0.4% 0.3% 1.4% -6.1% 4.3% -2.6% 0.3% 0.6% 0.4% 1.3% 0.1% non 20 1.6% 21 22 23 24 25 26 27 28 29 30 CO/ 1 104 1 0 no 407 10 31 32 33 34 35 36 37 38 39 40 41 42 43 6/30/1992 7/31/1992 8/31/1992 9/30/1992 10/31/1992 11/30/1992 12/31/1992 1/31/1993 2/28/1993 3/31/1993 4/30/1993 5/31/1993 6/30/1993 7/31/1993 8/31/1993 9/30/1993 10/31/1993 11/30/1993 12/31/1993 1/31/1994 2/28/1994 3/31/1994 4/30/1994 5/31/1994 6/30/1994 7/31/1994 8/31/1994 9/30/1994 -1.5% 4.0% -2.1% 1.2% 0.3% 3.4% 1.2% 0.8% 1.4% 2.1% -2.4% 2.7% 0.3% -0.4% 3.8% -0.8% 2.1% -1.0% 1.2% 3.4% -2.7% -4.4% -2.9% 3.5% -3.3% 2.0% 0.9% 5.4% 2.5% 1.7% -2.3% 3.9% -4.0% 1.6% 1.7% -0.1% 3.3% 0.0% 1.7% -1.4% 44 -1.8% 2.8% -2.2% 1.1% 0.7% 2.5% 1.9% 2.6% 2.1% 3.7% 1.0% 3.9% 1.4% 1.1% 5.9% 1.1% 0.1% -3.3% 3.0% 4.0% -0.7% -4.6% 1.0% -1.2% -4.3% 3.3% 4.7% -2.6% -1.8% 1.5% -2.4% 1.4% 3.3% 4.2% 1.2% 1.0% 1.6% 2.6% -3.1% 1.6% 1.4% 0.1% 2.6% 0.6% 2.6% -1.4% 1.0% 3.0% -2.1% -3.4% 1.2% 0.5% -2.8% 2.8% 3.0% -3.1% min -2.4% 3.2% -0.3% 0.8% 1.7% 6.8% 3.2% 2.6% -0.9% 3.0% -1.0% 2.1% 0.4% 1.3% 3.5% 0.8% 3.7% -1.7% 4.9% 5.2% -0.1% -4.4% 0.9% -0.3% -1.4% 2.3% 3.7% 0.5% nnni 45 46 -1.5% 4.2% -2.2% 1.2% 1.8% 6.1% 2.1% 0.3% -2.0% 2.6% -2.4% 2.5% -0.1% - 1.1% 2.8% 0.6% 0.6% -1.6% 3.6% 1.5% -1.8% -4.5% 1.2% 1.7% -2.1% 1.7% 3.6% -1.9% 10 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.3% 0.2% 0.2% 0.3% 0.2% 0.2% 0.3% 0.2% 0.3% 0.3% 0.2% 0.3% 0.2% 0.3% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.4% -2.0% 4.1% -2.1% 1.5% 1.3% 4.4% 1.8% 1.2% 0.4% 2.6% -2.8% 3.1% 0.6% -0.1% 4.0% 0.1% 1.6% -1.6% 1.9% 3.1% -2.4% -4.5% 1.0% 0.9% -2.7% 3.1% 4.4% -1.9% 170/ -3.1% -0.4% -0.1% 0.6% 2.1% 3.7% 1.7% 2.1% -3.4% 0.3% -0.7% 2.0% -0.3% 1.0% 0.3% 3.1% 1.4% -1.4% 1.2% 0.1% 2.7% -1.0% -0.9% -2.0% -0.5% -1.8% 1.4% 2.7% noir 3.4% -0.5% -1.1% -0.2% -2.1% -1.5% 2.5% 5.9% 6.5% 1.3% 2.6% -3.4% 2.6% 3.3% -0.4% -0.5% -1.6% -0.3% 0.6% 2.1% -1.4% 1.3% 1.7% 0.2% 1.7% 1.0% -3.5% -1.8% dnf -0.6% 1.4% -0.5% 1.4% 2.7% -0.3% 4.5% 4.8% 3.1% 3.7% 0.3% 0.3% 4.6% 3.2% 2.6% 3.4% -2.7% -4.7% 2.3% 0.0% -0.3% -1.3% 0.4% -2.2% -0.8% 0.2% 1.5% 1.3% 47 48 4.9% 49 50 51 52 53 54 55 6.0% -2.4% -5.2% 1.3% 1.5% 56 57 58 1.6% -2.4% 3.3% 4.1% -2.4% inf 1.9% -4.7% 4.1% 6.1% -4.0% 4 10/21/1nnn 240 And -- 58 59 -1.8% -2.4% -0.1% 1.3% 1.5% -0.2% 60 61 0.3% 3.5% 62 63 64 65 66 67 68 69 70 9/30/1994 10/31/1994 11/30/1994 12/31/1994 1/31/1995 2/28/1995 3/31/1995 4/30/1995 5/31/1995 6/30/1995 7/31/1995 8/31/1995 9/30/1995 10/31/1995 11/30/1995 12/31/1995 1/31/1996 2/29/1996 3/31/1996 4/30/1996 5/31/1996 6/30/1996 7/31/1996 8/31/1996 9/30/1996 10/31/1996 11/30/1996 12/31/1996 1/31/1997 on Anni -2.4% 2.2% -3.7% 1.5% 2.6% 3.9% 3.0% 2.9% 4.0% 2.3% 3.3% 0.3% 4.2% -0.4% 4.4% 1.9% 3.4% 0.9% 1.0% 1.5% 2.5% 0.4% -4.4% 2.1% 5.6% 2.8% 7.5% 71 -1.9% -0.1% -3.3% 1.2% 3.3% 3.6% 1.6% 0.2% 3.0% 2.3% 4.3% 1.0% 3.6% -1.1% 6.4% 2.6% 2.9% 1.4% 1.9% -4.0% 1.6% -4.1% 1.5% 0.9% 3.6% 1.5% 4.6% 5.0% 4.3% 4.7% 1.8% 4.0% -3.0% 4.7% 3.1% 4.8% 0.9% 1.4% 1.1% 3.3% -0.8% -1.6% 4.4% 6.0% 5.2% 10.3% -1.3% 8.3% 2.7% -2.2% -0.2% 0.1% -3.0% -0.3% -0.4% -0.4% -2.3% 3.1% 2.2% 1.8% -2.1% -4.0% -0.8% -2.6% 3.4% -5.5% 1.4% -1.0% 5.6% 3.7% 4.7% 2.8% 7.6% 7.7% 0.9% 1.9% -2.6% 2.2% -1.1% 1.4% -0.7% 1.0% 0.7% 0.5% -0.1% -4.7% 2.5% 4.0% 2.4% 6.5% -2.0% 4.4% 72 -3.1% 2.5% -2.6% 0.3% 1.5% 2.9% 2.3% 1.6% 3.5% 3.5% 4.5% 0.7% 2.4% -0.9% 3.2% 0.8% 4.1% 2.9% 1.1% 0.3% 1.8% -0.1% -4.0% 4.2% 5.4% -0.7% 4.4% -1.0% 4.6% nan/ 0.5% 0.8% -2.7% 0.6% -0.1% 2.9% 0.7% 3.3% 2.0% 3.8% 6.2% 0.9% 1.8% -2.8% 2.6% 1.4% 1.1% 3.2% 1.7% 4.2% 3.0% -1.9% -3.8% 3.8% 3.1% 1.8% 5.3% 2.9% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.4% 0.5% 0.5% 0.5% 0.5% 0.4% 0.5% 0.4% 0.5% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.5% 0.5% -1.9% 1.7% -3.7% 1.3% 2.2% 4.0% 2.6% 2.6% 3.4% 3.2% 4.2% 1.0% 3.8% - 1.1% 4.4% 1.5% 2.7% 1.7% 1.1% 2.5% 2.8% -0.7% -5.5% 3.2% 5.5% 1.3% 6.7% -1.2% 5.4% 1.6% 0.4% -2.1% 1.7% 1.9% -3.0% -2.2% 1.9% -1.0% -0.1% 0.3% 1.4% 0.4% -2.3% 1.3% -4.0% -1.4% 1.9% 4.4% -0.6% -3.8% 4.8% 0.4% 73 74 -1.8% -0.3% 0.4% 1.8% -0.4% 2.9% 2.6% 0.1% 2.7% 4.1% -0.6% 2.6% 0.6% 0.6% -1.9% -0.9% 1.6% 1.0% -0.1% 0.0% 2.7% 3.9% -2.2% 0.6% 2.0% -2.5% 2.1% 1.3% 75 76 1.2% 4.9% 77 78 79 80 81 82 1.3% 0.0% -5.0% 3.6% 5.6% 0.7% 6.3% -1.2% 4.9% : 3.2% -3.6% -3.6% 2.3% -0.8% -4.1% -3.6% 3.1% -1.5% 83 84 0.2% 85 -2.0% 1.0% -2.3% 86 6.2% 1.1% Ann 1 201 120/ a Ani 10 cn/ on 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 2/28/1997 3/31/1997 4/30/1997 5/31/1997 6/30/1997 7/31/1997 8/31/1997 9/30/1997 10/31/1997 11/30/1997 12/31/1997 1/31/1998 2/28/1998 3/31/1998 4/30/1998 5/31/1998 6/30/1998 7/31/1998 8/31/1998 9/30/1998 10/31/1998 11/30/1998 12/31/1998 1/31/1999 2/28/1999 3/31/1999 4/30/1999 5/31/1999 6/30/1999 0.8% -4.1% 6.0% 6.1% 4.5% 8.0% -5.6% 5.5% -3.4% 4.6% 1.7% 1.1% 7.2% 5.1% 1.0% -1.7% 4.1% -1.1% -14.5% 6.4% 8.2% 6.1% 5.8% 4.2% -3.1% 4.0% 3.9% -2.4% 5.6% 1.0% -5.4% 7.0% 6.4% 3.7% 13.4% -2.9% 5.8% -5.1% 0.8% 0.7% 2.9% 10.5% 3.1% 2.7% 0.1% 2.4% 2.2% -19.1% 6.9% 11.9% 7.4% 13.0% 9.1% -2.1% 11.2% 3.5% -5.8% 2.0% -1.3% -3.4% 4.5% 7.1% 4.1% 8.4% -4.4% 5.9% -3.4% 1.9% 1.1% 1.1% 7.6% 5.0% 1.2% -2.0% 4.3% -0.7% -15.5% 6.0% 7.7% 7.8% 9.6% 5.2% -3.2% 5.4% 2.4% -2.9% 6.5% 0.0% -4.7% 3.6% 5.1% 4.0% 7.9% -4.6% 6.0% -2.6% 0.8% 1.4% 2.7% 8.2% 3.1% 2.6% -2.4% 6.0% 0.2% -17.0% 7.0% 4.2% 6.7% 15.6% 9.1% -5.2% 7.6% 1.2% -1.7% 7.9% 1.2% -1.8% -0.1% 7.5% 4.0% 5.2% 0.8% 6.5% -1.6% 0.5% 1.1% 0.0% 5.5% 3.7% 1.4% -2.3% -0.5% -4.6% - 15.7% 3.5% 4.0% 4.1% 3.4% -1.0% -4.6% -1.6% 7.4% 2.7% 4.7% 1.6% -4.6% 6.3% 5.3% 3.7% 6.9% -3.5% 5.8% -1.8% 4.1% 4.0% - 1.2% 8.1% 5.0% 1.1% -3.6% 3.1% -3.9% -16.1% 4.4% 7.8% 5.2% 5.2% -1.0% -0.8% 1.1% 6.8% -2.4% 0.5% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.3% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.4% -0.1% -4.6% 4.5% 7.2% 4.5% 7.8% -3.7% 5.8% -3.4% 3.4% 1.8% 0.6% 7.4% 5.2% 1.2% -2.7% 3.6% -2.1% - 15.7% 6.6% 7.5% 6.4% 6.5% 3.9% -3.7% 3.9% 4.7% -2.1% 5.2% -2.6% -0.3% -5.2% 4.8% 1.5% -2.5% 7.3% 2.7% -0.8% -5.1% -2.4% -0.9% 0.3% -1.0% 0.5% -3.5% -3.1% -4.9% -5.8% -0.2% -3.2% 1.1% -0.3% 0.9% -5.5% -3.8% 3.2% 3.6% 3.5% 4.7% 3.9% -1.0% -4.4% 0.8% -0.1% 1.4% -0.2% 2.2% 1.0% 3.8% -2.0% -0.9% 1.3% 0.3% 4.1% -2.2% - 1.2% 5.2% -3.9% -2.8% -3.4% -4.7% -5.6% 1.6% -2.9% 2.4% 2.7% -4.2% -2.0% 0.9% 4.9% -5.2% 2.6% 3.8% -2.5% 1.5% -0.4% 0.3% 3.9% 0.1% -1.1% 2.1% 0.8% 1.9% 7.3% 3.7% 1.9% -0.7% -5.4% 1.2% 9.0% 3.0% -0.1% -1.4% -9.1% -5.3% 4.9% 102 103 104 105 106 107 108 109 110 111 112 113 114 115 EA ACO 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 6/30/1999 7/31/1999 8/31/1999 9/30/1999 10/31/1999 11/30/1999 12/31/1999 1/31/2000 2/29/2000 3/31/2000 4/30/2000 5/31/2000 6/30/2000 7/31/2000 8/31/2000 9/30/2000 10/31/2000 11/30/2000 12/31/2000 1/31/2001 2/28/2001 3/31/2001 4/30/2001 5/31/2001 6/30/2001 7/31/2001 8/31/2001 9/30/2001 10/31/2001 5.6% -3.1% -0.5% -2.7% 6.3% 2.0% 6.0% -5.0% -1.9% 9.8% -3.0% -20% 2.5% -1.5% 6.2% -5.3% -0.4% -7.9% 0.5% 3.5% -9.1% -6.4% 7.8% 0.7% -2.4% -1.0% -6.3% -8.1% 1.9% 7701 2.0% -5.0% -1.4% -3.6% 10.3% 4.9% 2.7% -9.2% 0.3% 9.7% -2.2% -1.5% 0.4% -0.1% 8.2% -5.9% 1.4% -8.9% 2.2% 7.2% -7.4% -2.4% 7.3% 1.3% -1.2% -1.5% -6.9% -12.7% -0.9% nnn 6.5% -3.4% -1.2% -1.5% 6.0% 2.0% 7.2% -4.8% 1.0% 9.1% -4.3% -3.4% 3.9% -1.2% 6.4% -5.4% -1.8% -8.5% 0.8% 3.3% -9.4% -6.4% 8.8% 1.0% -2.5% -1.5% -6.5% -8.1% 2.4% 7.9% -2.7% -0.8% 1.9% 8.1% 4.1% 11.2% -0.5% 5.7% 5.1% -5.2% -6.5% 5.3% -2.4% 9.3% -5.6% -3.8% -13.8% -1.2% 8.1% -17.4% -8.3% 13.0% -0.5% -4.9% -6.0% -9.0% -13.3% 2.1% 4.7% -1.1% -4.0% -2.6% -1.0% 2.5% 4.2% -2.8% 4.3% 3.1% -1.2% -0.9% 3.0% 0.3% 5.9% 0.4% 0.5% -1.6% 6.9% 6.7% -0.6% -1.9% 6.6% 3.4% 2.5% 0.3% -0.4% -7.2% 4.1% 0.5% -2.8% -6.1% -4.4% 7.4% 0.7% 3.7% -2.0% -3.7% 10.4% -0.9% -1.9% 0.5% 0.1% 6.3% -3.4% -1.0% -6.5% 1.8% 2.4% -8.2% -6.3% 6.4% 1.5% -2.6% -1.5% -6.4% -8.9% 2.7% 750 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.5% 0.5% 0.4% 0.5% 0.5% 0.5% 0.6% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 20 5.2% -3.1% -1.0% -2.4% 6.5% 3.7% 8.2% -4.3% 2.9% 5.7% -5.9% -3.9% 5.0% -2.0% 7.5% -4.9% -2.2% - 10.2% 1.7% 3.7% -9.7% -6.8% 8.3% 1.0% -1.7% -1.8% -6.2% -9.0% 2.7% 7 701 3.5% 2.2% -1.3% 3.2% -6.8% 7.8% 7.0% 4.4% 22.0% - 16.4% -7.7% -4.9% 13.7% -2.8% -0.9% -1.9% -3.6% -3.1% 1.5% 7.1% -1.2% 0.6% 0.3% 3.0% 6.4% -4.2% 2.1% -6.6% 6.9% -4.2% 0.5% -0.9% -3.0% -3.2% -8.0% -9.2% 0.3% -12.6% 7.7% 9.1% 3.7% -10.0% 8.5% -1.2% 6.8% 4.8% 12.3% 6.2% -5.7% 13.9% 6.4% -4.4% 2.8% -2.3% 5.6% 3.4% 1.8% -7.1% 4.9% 1.6% 3.0% 6.5% 5.5% 5.7% 13.2% 1.9% 18.4% -6.8% -8.5% -9.1% 16.5% -0.1% 5.7% 2.2% -4.7% -2.5% 6.8% -25.0% 12.6% 8.4% -8.1% 2.4% 0.4% 5.5% 5.6% 11.6% -8.4% 143 4400 7 CO 10 CO 201 201 no non 144 145 146 147 7.7% 0.9% -1.5% -1.9% 148 149 150 151 152 153 154 155 156 157 158 11/30/2001 12/31/2001 1/31/2002 2/28/2002 3/31/2002 4/30/2002 5/31/2002 6/30/2002 7/31/2002 8/31/2002 9/30/2002 10/31/2002 11/30/2002 12/31/2002 1/31/2003 2/28/2003 3/31/2003 4/30/2003 5/31/2003 6/30/2003 7/31/2003 8/31/2003 9/30/2003 10/31/2003 11/30/2003 12/31/2003 1/31/2004 2/29/2004 3/31/2004 thant 8.8% 1.2% -3.8% -6.3% 6.8% -2.0% 0.3% -12.2% -7.5% 5.5% - 11.8% 11.6% 9.3% -7.0% -0.3% -30% 0.4% 12.1% 11.3% 0.5% 2.0% 3.0% -1.4% 6.6% 1.8% 4.9% 1.1% -0.7% -1.6% 3.7% -6.1% -0.8% -7.1% -7.7% 0.7% -10.9% 8.8% 5.9% -5.9% -2.6% -1.5% 1.0% 8.3% 5.3% 1.3% 1.7% 1.9% - 1.1% 5.6% 0.9% 5.2% 1.8% 1.4% -1.5% 7.5% 1.0% -3.1% -1.7% 3.4% -6.4% -0.2% -7.7% -7.2% 1.0% -10.8% 9.4% 5.0% -6.5% -2.8% -1.2% 1.1% 8.2% 4.4% 1.1% 1.3% 1.7% -1.5% 4.9% 0.4% 5.2% 1.3% 1.4% -1.3% 10.5% 0.7% -2.8% -1.9% 4.8% -6.6% -0.9% -9.5% -9.3% 1.4% -7.7% 5.1% 5.5% -8.1% -1.9% -0.9% 0.9% 10.3% 4.2% -0.7% 3.8% 3.6% -3.3% 8.5% 1.1% 3.1% 0.3% - 1.1% -1.8% 6.3% 5.3% 1.6% -0.6% 5.9% 3.3% -0.6% -2.8% -8.7% -0.8% -8.3% 3.8% 6.2% -3.9% -2.3% -3.5% -0.4% 9.1% 8.1% 2.8% 4.8% 4.2% -0.6% 6.7% 3.4% 3.3% 2.7% 2.9% 0.1% 7.5% 3.6% -3.2% -2.8% 5.0% -3.1% 0.0% -9.3% -4.5% 0.9% -7.4% 1.3% 3.2% -3.5% -2.6% -3.5% 1.3% 7.8% 6.8% 2.3% 2.5% 2.7% -2.8% 6.8% 3.4% 1.6% 2.4% 2.0% -1.3% 0.2% 0.2% 0.1% 0.1% 0.1% 0.2% 0.1% 0.1% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 7.7% 1.8% -1.3% -2.2% 4.4% -5.1% -1.2% -7.1% -8.0% 0.6% - 10.2% 8.0% 6.1% -5.7% -2.5% -1.8% 1.2% 8.3% 6.1% 1.5% 2.4% 2.4% -1.2% 6.2% 1.4% 4.4% 2.2% 1.5% -1.2% - inr 0.3% 5.1% 1.1% -1.6% 4.3% 5.9% -3.7% 3.5% -5.2% -2.3% 2.7% -3.0% 3.2% -0.5% 1.4% -0.3% 0.7% 1.1% 4.8% 1.5% 5.5% 2.7% 0.6% 2.9% 2.2% -2.8% 2.7% -1.2% 1.8% 0.8% 0.5% 3.5% 3.9% 1.2% 4.2% 2.5% 1.5% -3.7% 2.3% 1.3% -6.5% -1.5% 3.9% -0.8% -1.4% -1.6% 0.0% 0.1% 0.7% -2.1% 1.7% 1.0% 1.8% 1.5% 2.7% 1.6% 0.5% 0.1% -8.6% 0.0% 3.8% 6.8% -1.7% 7.9% 3.2% 6.2% 3.4% 1.8% 9.1% -5.5% - 16.3% 9.6% 1.5% 1.2% 1.6% -9.5% -10.7% -1.0% -0.4% -0.5% -0.1% 3.7% 1.6% -5.7% 2.6% -1.1% 0.2% F1nr 159 160 161 162 163 164 165 166 167 168 169 170 171 172 1 1nr int dnf 173 174 175 -1.6% 1.4% 1.9% -1.5% 2.2% 3.9% -7.8% 0.4% -3.3% 176 177 178 179 -2.4% 0.3% 3.5% -3.5% -0.3% 4.1% 1.4% 8.0% 4.0% -2.0% 3.2% -1.7% -0.3% 1.7% 4.5% 1.1% 0.4% -0.8% 1.9% -0.4% 1.8% 180 181 182 183 2.7% -2.1% 184 185 186 187 4/30/2004 5/31/2004 6/30/2004 7/31/2004 8/31/2004 9/30/2004 10/31/2004 11/30/2004 12/31/2004 1/31/2005 2/28/2005 3/31/2005 4/30/2005 5/31/2005 6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 7/31/2006 8/31/2006 0.4% 1.1% 1.5% 4.0% 3.4% -2.5% 2.1% -1.8% -1.9% 3.2% 0.1% 3.7% -0.9% 0.8% -1.7% 3.8% 0.0% 2.6% 0.3% 1.2% 1.3% -2.9% 0.1% 0.6% 2.4% -1.7% 1.1% 1.5% -3.9% 0.2% 0.9% 1.5% 3.3% 3.1% -1.9% 1.2% -2.0% -2.1% 3.6% 0.0% 4.0% -1.1% 0.7% -1.3% 3.3% 2.0% 4.8% -1.5% 2.7% 1.9% -5.1% -0.7% -3.1% 2.4% 0.8% 7.6% 6.1% -3.6% -0.2% -2.2% -2.9% 5.0% 1.5% 4.4% -3.2% 1.0% -1.1% 7.4% -0.1% 0.4% -1.4% 1.6% -1.9% -4.4% 0.6% -4.6% 4.0% -0.3% 2.5% 2.6% -6.0% -1.8% 0.6% 1.7% 4.3% 3.8% -3.3% 1.1% -0.5% -3.6% 4.5% -0.2% 3.9% -0.9% 1.6% -2.7% 3.9% 0.6% 3.8% -0.5% 2.1% 0.2% -4.6% -0.2% -1.4% 3.6% 0.7% -0.1% 0.6% -4.5% 0.2% 2.2% 0.3% 4.5% 4.5% -0.5% 1.6% -1.7% - 1.1% 4.0% 2.0% 2.0% -1.6% 0.5% -2.1% 1.7% 0.8% 3.1% 0.5% 1.9% -0.6% -3.2% -0.6% -0.1% 1.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% -4.7% 4.9% 3.2% 3.8% -0.1% 0.7% -4.2% 4.5% 1.8% 6.6% -0.6% 2.5% 2.0% -4.0% -1.2% -1.2% 1.8% -1.8% 1.2% 1.9% -4.0% 0.2% 1.7% 1.5% 4.7% 3.6% -2.6% 2.1% -1.8% -2.4% 3.9% 0.8% 4.2% -0.9% 0.8% -1.8% 3.9% 0.1% 3.4% 0.0% 1.8% 1.1% -3.1% 0.1% -0.4% 2.5% 188 189 190 191 -2.6% -0.1% 2.3% -3.8% -1.6% 2.9% 0.4% 4.2% 0.2% -1.6% -0.7% -1.4% -4.0% 3.0% 2.6% 2.8% -0.9% -0.7% -1.0% 1.0% -0.5% 5.3% -0.3% 3.6% -1.2% -3.1% -0.5% -4.0% 0.8% -5.4% 1.6% 2.1% -2.3% -1.5% 5.3% -1.5% 3.2% -2.8% 3.1% 3.2% 0.6% -0.9% 0.4% 2.1% 0.0% 2.3% 3.5% -1.3% 0.4% 0.7% 2.8% -1.8% 1.3% 0.7% -3.7% 1.5% -2.2% -3.5% 192 193 194 195 2.9% 1.8% -0.5% -1.2% 2.8% -0.5% 1.5% 1.1% -0.7% -1.8% 0.5% 1.2% -0.8% -0.1% 3.1% 2.8% 1.6% 3.3% -1.8% 196 197 198 199 200 201 100 ini nnn nf do 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 9/30/2006 10/31/2006 11/30/2006 12/31/2006 1/31/2007 2/28/2007 3/31/2007 4/30/2007 5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 9/30/2008 10/31/2008 11/30/2008 12/31/2008 1/31/2009 2.6% 3.3% 1.9% 1.4% 1.5% -2.0% 1.1% 4.4% 3.5% -1.7% -3.1% 1.5% 3.7% 1.6% -4.2% -0.7% -6.0% -3.3% -0.4% 4.9% 1.3% -8.4% -0.8% 1.4% -8.9% -16.8% -7.2% 1.1% -8.4% -10 700 2.4% 5.3% 3.0% 1.3% 0.9% -1.5% -1.0% 5.3% 4.2% -2.9% -5.8% 0.3% 4.0% 0.3% -6.9% -2.8% -7.9% -7.6% -5.6% 4.9% -1.3% -14.2% -1.0% 1.4% -11.7% -21.3% -15.7% 7.1% -8.2% 1.1% 2.9% 2.6% -0.5% 2.9% -1.7% 0.8% 4.8% 4.0% -0.4% -1.8% 1.2% 6.2% 5.3% -3.8% 0.4% -8.9% -1.6% -2.2% 6.5% 3.0% -8.4% -3.9% -0.1% -18.0% -21.6% -11.3% 4.9% -7.5% 2.1% 2.4% 2.6% 0.3% 2.2% -0.5% 1.4% 4.5% 3.6% -2.0% -1.8% 1.4% 6.1% 3.4% -4.1% 0.4% -6.9% -1.7% -2.1% 5.3% 3.0% -7.5% -2.6% 1.2% -12.9% -18.1% -9.9% 5.9% -3.2% 1.5% 3.5% 4.2% 1.8% 1.2% -0.3% 1.6% 3.3% 3.9% -0.9% -4.5% -0.7% 2.7% 3.0% -6.3% 0.5% -5.0% -1.0% -1.8% 5.1% 3.5% -8.7% -1.4% 1.0% -11.8% -20.0% -8.8% 8.6% -6.4% 1.4% 3.3% 1.5% 0.9% 1.9% -1.9% -0.9% 3.2% 5.4% -1.0% -5.3% 2.3% 1.5% 1.2% -2.8% -1.4% -5.2% -2.2% -1.7% 5.1% 2.6% -2.2% 2.2% 3.1% -6.2% -17.4% -9.7% 5.8% -5.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.2% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.2% 0.1% 0.0% 0.0% 0.0% 2.3% 3.6% 2.1% 1.3% 1.8% -1.6% 1.1% 3.9% 3.7% -1.6% -3.3% 1.3% 3.5% 2.1% -4.5% -0.6% -6.2% -3.0% -0.8% 4.8% 2.0% -8.3% -0.6% 1.7% -9.1% -17.2% -7.8% 1.7% -8.1% -1.2% 1.6% 0.8% -0.9% 0.1% 1.4% -0.3% -2.1% 0.0% 0.8% -2.7% -0.2% -2.5% 0.2% -2.8% 0.0% -0.8% -0.6% 0.8% -1.5% 3.0% 1.1% 3.6% 3.7% -0.4% -2.3% -3.6% 4.0% -1.0% -0.4% 0.5% 0.5% 2.5% 0.0% 0.2% 0.4% - 1.0% -0.1% -1.1% -30% -2.4% -2.1% -2.0% -1.1% 0.0% 3.1% 0.0% 0.3% -0.1% -0.4% - 1.1% 3.7% 1.5% 4.4% -3.0% -4.9% -1.2% -9.9% -1.0% -0.2% -1.0% 0.8% 0.3% -1.3% 2.5% -0.2% -0.3% 0.3% 2.8% 0.1% 4.7% 4.9% 0.9% 6.5% -7.8% 6.1% 4.1% -0.2% 3.2% 12.5% -5.3% -3.8% 0.3% 7.8% 7.2% -5.0% -1.9% 223 224 225 226 227 228 229 230 : nan/ 101 air Gon , 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009 1/31/2010 2/28/2010 3/31/2010 4/30/2010 5/31/2010 6/30/2010 7/31/2010 8/31/2010 9/30/2010 10/31/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011 6/30/2011 -10.7% 8.8% 9.6% 5.6% 0.2% 7.6% 3.6% 3.7% -1.9% 6.0% 1.9% -3.6% 3.1% 6.0% 1.6% -8.0% -5.2% 7.0% -4.5% 8.9% 3.8% 0.0% 6.7% 2.4% 3.4% 0.0% 2.9% -1.1% -1.7% -12.8% 10.4% 14.6% 11.0% 1.4% 9.9% 5.1% 3.5% -4.0% 4.6% 2.8% -2.9% 2.2% 6.1% 0.0% -8.9% -7.8% 7.8% -5.4% 9.9% 4.2% -2.1% 5.6% 3.5% 2.7% -2.7% 2.7% -2.0% -2.4% -7.6% 13.9% 13.7% 6.2% -1.4% 8.8% 2.2% 5.3% -5.4% 5.4% 4.3% -4.4% 3.0% 6.6% 1.5% -8.1% -6.5% 5.1% -5.9% 10.8% 3.6% 1.4% 6.7% 1.6% 4.2% -0.4% 2.5% -2.2% -3.6% -8.3% 7.7% 9.7% 5.7% -0.1% 8.6% 1.0% 5.7% -2.5% 5.8% 3.7% -4.9% 3.1% 5.2% 1.0% -7.5% -4.8% 5.5% -3.4% 9.3% 5.0% -1.7% 5.5% 1.1% 2.7% -0.8% 4.0% -1.7% - 1.1% -9.2% 8.4% 14.5% 6.3% -0.1% 8.9% 4.4% 3.9% -2.8% 3.9% 4.2% -1.6% 3.5% 6.4% 2.5% -7.7% -4.8% 6.1% -4.1% 9.6% 3.9% 0.2% 6.6% 1.3% 3.6% 1.2% 4.4% -1.2% -1.0% -8.9% 5.6% 14.6% 3.3% 2.9% 7.9% 2.3% 3.4% -2.2% 4.9% 3.4% -2.8% 4.9% 5.8% 2.3% -7.8% -4.7% 5.9% -5.2% 10.9% 4.0% 2.2% 5.5% 1.3% 3.5% 1.8% 2.4% 0.5% -1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -10.1% 9.0% 10.2% 5.2% 0.4% 7.7% 3.3% 4.1% -2.6% 5.6% 2.8% -3.4% 3.4% 6.3% 2.0% -7.9% -5.6% 6.9% -4.8% 9.6% 3.9% 0.6% 6.8% 2.0% 3.5% 0.5% 2.9% -1.3% -1.8% -0.4% 0.8% 5.4% -2.7% 2.7% 2.5% -0.5% 2.5% -4.2% -2.7% 5.8% 0.2% 1.4% 1.6% 4.9% -0.1% -2.1% 0.3% -3.0% 3.9% 1.1% 3.7% 0.8% -2.4% 1.6% 2.7% -0.4% -0.6% -0.1% -6.9% 2.6% 5.4% 0.6% -2.4% 4.8% 7.6% 1.4% -4.4% 0.2% 0.7% 0.6% 2.7% 2.1% 3.2% -2.4% -4.3% 0.1% -1.4% -2.9% -2.2% -0.6% 3.4% 0.7% 1.7% -1.2% -2.2% -2.1% -0.2% 4.2% - 11.4% -34.7% -12.5% 5.3% -5.5% -8.9% -5.0% 2.7% 0.4% 2.9% -5.3% 3.6% 3.7% 3.1% -0.2% -3.0% 1.9% -0.1% 1.4% 1.6% 2.5% -3.2% -0.2% 2.1% 3.6% 0.1% -0.6% 1.8% 246 247 248 249 250 251 252 253 254 255 256 257 258 259 Thumnit 0.0% 0.0% 0.0% 0.0% 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 7/31/2011 8/31/2011 9/30/2011 10/31/2011 11/30/2011 12/31/2011 1/31/2012 2/29/2012 3/31/2012 4/30/2012 5/31/2012 6/30/2012 7/31/2012 8/31/2012 9/30/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013 2/28/2013 3/31/2013 4/30/2013 5/31/2013 6/30/2013 7/31/2013 8/31/2013 9/30/2013 10/31/2013 11/30/2013 12/31/2013 -2.0% -5.4% -7.0% 10.9% -0.2% 1.0% 4.5% 4.3% 3.3% -0.6% -6.0% 4.1% 1.4% 2.2% 2.6% -1.9% 0.6% 0.9% 5.2% 1.3% 3.7% 1.9% 2.3% -1.4% 5.1% -2.9% 3.1% 4.6% 3.0% 2.5% -2.5% -6.7% -6.2% 10.6% -1.4% 1.6% 5.3% 4.4% 3.7% -2.2% -7.1% 2.5% 0.3% 2.9% 2.9% -1.6% 1.6% 2.2% 6.7% -0.2% 4.6% 1.1% 4.6% -2.3% 7.7% -2.6% 3.5% 2.8% 4.5% 2.2% -1.4% -7.7% -11.7% 10.9% -2.3% -0.3% 6.0% 6.0% 3.6% -1.2% -7.2% 3.4% 1.2% 3.3% 3.2% -2.6% -1.3% -7.2% -8.4% 10.2% -1.2% -0.9% 6.7% 6.1% 2.7% -0.8% -6.5% 1.6% 1.7% 3.5% 1.4% -2.1% 2.1% 0.8% 2.7% 1.3% 2.9% 1.4% 1.9% -1.4% 5.6% -2.0% 4.6% 4.4% 2.5% 2.7% -2.4% -6.3% -8.0% 11.5% -1.6% -0.3% 6.2% 5.0% 2.2% -1.0% -8.1% 3.8% 0.3% 4.4% 2.0% -1.0% 1.3% 3.0% 5.0% 0.3% 4.8% 2.9% 1.7% -0.2% 5.1% -1.8% -2.8% -4.7% -8.1% 11.4% 1.2% 0.4% 4.2% 3.7% 1.6% 0.9% -6.9% 0.7% 2.1% 3.3% 3.1% 1.1% 1.9% 1.1% 6.4% 1.7% 4.8% 0.9% 2.4% -1.8% 6.2% -1.8% 5.2% 4.6% 2.6% 3.3% -2.4% -6.0% -7.6% 11.4% -0.3% 0.7% 5.1% 4.4% 3.1% -0.9% -6.2% 3.9% 0.8% 2.6% 2.7% -1.8% -1.4% 3.3% -3.7% 3.6% -0.3% -0.6% 2.5% -1.6% -0.2% -0.6% -0.1% 0.8% -2.6% 0.7% 0.5% -1.1% 0.7% 1.6% 0.5% -0.4% 0.8% -2.4% 2.0% 1.2% 1.9% 0.3% 2.9% -1.6% 1.3% -0.4% -1.1% -1.6% -1.0% -0.9% -0.2% 1.5% -2.2% 0.0% -0.1% -0.2% 0.1% 0.5% 0.0% 0.6% 1.6% 4.1% -1.1% 3.3% 1.3% 0.3% -0.1% 0.4% 1.3% -0.4% 0.7% -2.5% -1.6% 1.3% -0.3% -0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.4% -2.6% -1.4% 4.0% 1.9% -7.9% -0.4% 1.5% 3.8% 6.6% -1.2% 3.1% -2.5% -1.0% 0.1% 0.3% -3.0% -1.9% 1.5% 2.1% 0.4% -1.9% 0.7% 1.7% 0.1% 3.0% 0.2% 1.0% 0.8% 0.8% 5.1% 0.7% 3.1% 1.0% 3.6% -1.7% 6.6% -1.9% 4.2% 4.3% 3.5% 2.5% 1.2% 5.6% 1.3% 4.0% 1.6% 2.8% -1.2% 5.7% -2.7% 3.8% 4.2% 3.1% 2.8% 4.7% 286 287 288 289 3.6% 2.4% 1.7% 0.5% 0.1% 6.) Use the Treynor and Mazuy market timing model to examine the market timing ability of the mutual funds. rict rf,t = a[M + bi(,t rft) + ci(rm,t 17.4+ Eist Do mutual funds show market timing ability? Should we expect mutual funds to show market timing ability? b. Is the alpha in this model different from alpha in the standard CAPM model? What do the differences suggest? F H J K date 2. 3 4 5 6 7 8 -2.4% 9 10 11 12 13 14 B D E F G Legg Vanguard Mason Fidelity Fidelity S&P500 Value Magellan Janus Low-Pric Nicholas Index Fund Trust Fund Fund ed Fund RE 1/31/1990 -6.7% -7.4% -6.4% -8.0% -1.2% -6.6% 2/28/1990 1.3% 2.6% 2.1% 0.2% 1.9% 1.4% 3/31/1990 2.6% 1.7% 2.6% 4.3% 1.0% 3.2% 4/30/1990 -2.5% -3.5% -2.5% -1.6% -3.8% -2.2% 5/31/1990 9.7% 6.8% 8.9% 12.7% 7.9% 9.2% 6/30/1990 -0.7% 0.2% 0.4% 1.4% 2.8% 0.6% 7/31/1990 -0.3% -1.7% -1.1% -2.5% -0.6% 8/31/1990 -9.0% -11.0% -9.8% -10.1% -10.0% - 10.2% 9/30/1990 -4.9% -10.1% -6.3% -1.7% -4.4% -6.2% 10/31/1990 -0.4% -1.2% - 1.2% 0.1% -1.7% -4.1% 11/30/1990 6.4% 3.8% 7.6% 4.2% 5.4% 9.1% 12/31/1990 2.7% 3.1% 3.1% 2.1% 3.2% 5.3% 1/31/1991 4.3% 4.9% 7.0% 6.2% 9.2% 5.6% 2/28/1991 7.1% 6.0% 8.7% 6.6% 8.9% 9.5% 3/31/1991 2.4% 1.6% 3.4% 5.2% 6.7% 4.0% 4/30/1991 0.2% 1.2% 0.4% -0.1% 3.8% 2.7% 5/31/1991 4.3% 4.0% 5.7% 2.5% 1.5% 4.4% 6/30/1991 -4.6% -4.1% -5.9% -3.9% -6.0% -4.3% 7/31/1991 4.6% 6.1% 6.2% 7.0% 6.1% 3.6% 8/31/1991 2.3% 3.6% 3.1% 4.1% 2.8% 3.1% 9/30/1991 -1.7% 1.5% -0.4% -1.0% 0.4% -1.4% 10/31/1991 1.3% -0.5% 1.3% 2.6% 3.5% 1.0% 11/30/1991 -4.0% -4.9% -4.9% -3.5% -4.1% -2.5% 12/31/1991 11.4% 12.1% 11.8% 11.8% 7.0% 11.0% 1/31/1992 -1.9% -0.8% 0.0% -1.4% 8.7% 1.7% 2/29/1992 1.2% 2.3% 2.0% 1.7% 6.4% 1.5% 3/31/1992 -1.9% -1.3% -2.7% -3.0% -3.3% -2.2% 4/30/1992 2.9% 1.7% 1.5% 0.8% 1.0% -0.8% 5/31/1992 0.5% 1.3% 1.0% 1.4% 0.7% 0.4% 1400 200 15 16 17 18 19 MKT SMB HML UMD 0.6% -7.3% -1.3% 0.9% -3.3% 0.6% 1.7% 1.1% 0.6% -0.5% 0.6% 2.5% 1.5% -2.9% 1.7% 0.7% -2.7% -0.5% -2.6% 2.5% 0.7% 9.1% -2.6% -3.7% 3.1% 0.6% -0.5% 1.5% -2.0% 2.4% 0.7% -1.2% -3.2% 0.0% 5.9% 0.7% -9.5% -3.6% 1.6% 1.8% 0.6% -5.5% -3.7% 0.7% 5.5% 0.7% -1.2% -5.5% 0.3% 6.7% 0.6% 6.9% 0.3% -3.1% -5.6% 0.6% 3.1% 0.8% -1.6% 0.2% 0.5% 5.2% 3.8% -1.8% -6.5% 0.5% 7.7% 3.9% -0.6% -4.8% 0.4% 3.1% 3.9% -1.2% 2.8% 0.5% 0.3% 0.5% 1.4% -2.4% 0.5% 4.1% -0.3% -0.6% -0.1% 0.4% -4.5% 0.1% 1.2% 0.5% 0.5% 4.7% -0.9% -1.3% 4.3% 0.5% 2.8% -0.8% 1.6% 0.5% -1.1% 1.6% -1.0% 1.7% 0.4% 1.7% 0.9% -0.5% 3.2% 0.4% -3.8% -0.5% -1.9% 1.3% 0.4% 11.2% -2.3% -4.0% 8.3% 0.3% -0.3% 8.5% 4.5% -2.5% 0.3% 1.4% 0.9% 6.4% -0.6% 0.3% -2.3% -1.0% 3.7% -0.4% 0.3% 1.4% -6.1% 4.3% -2.6% 0.3% 0.6% 0.4% 1.3% 0.1% non 20 1.6% 21 22 23 24 25 26 27 28 29 30 CO/ 1 104 1 0 no 407 10 31 32 33 34 35 36 37 38 39 40 41 42 43 6/30/1992 7/31/1992 8/31/1992 9/30/1992 10/31/1992 11/30/1992 12/31/1992 1/31/1993 2/28/1993 3/31/1993 4/30/1993 5/31/1993 6/30/1993 7/31/1993 8/31/1993 9/30/1993 10/31/1993 11/30/1993 12/31/1993 1/31/1994 2/28/1994 3/31/1994 4/30/1994 5/31/1994 6/30/1994 7/31/1994 8/31/1994 9/30/1994 -1.5% 4.0% -2.1% 1.2% 0.3% 3.4% 1.2% 0.8% 1.4% 2.1% -2.4% 2.7% 0.3% -0.4% 3.8% -0.8% 2.1% -1.0% 1.2% 3.4% -2.7% -4.4% -2.9% 3.5% -3.3% 2.0% 0.9% 5.4% 2.5% 1.7% -2.3% 3.9% -4.0% 1.6% 1.7% -0.1% 3.3% 0.0% 1.7% -1.4% 44 -1.8% 2.8% -2.2% 1.1% 0.7% 2.5% 1.9% 2.6% 2.1% 3.7% 1.0% 3.9% 1.4% 1.1% 5.9% 1.1% 0.1% -3.3% 3.0% 4.0% -0.7% -4.6% 1.0% -1.2% -4.3% 3.3% 4.7% -2.6% -1.8% 1.5% -2.4% 1.4% 3.3% 4.2% 1.2% 1.0% 1.6% 2.6% -3.1% 1.6% 1.4% 0.1% 2.6% 0.6% 2.6% -1.4% 1.0% 3.0% -2.1% -3.4% 1.2% 0.5% -2.8% 2.8% 3.0% -3.1% min -2.4% 3.2% -0.3% 0.8% 1.7% 6.8% 3.2% 2.6% -0.9% 3.0% -1.0% 2.1% 0.4% 1.3% 3.5% 0.8% 3.7% -1.7% 4.9% 5.2% -0.1% -4.4% 0.9% -0.3% -1.4% 2.3% 3.7% 0.5% nnni 45 46 -1.5% 4.2% -2.2% 1.2% 1.8% 6.1% 2.1% 0.3% -2.0% 2.6% -2.4% 2.5% -0.1% - 1.1% 2.8% 0.6% 0.6% -1.6% 3.6% 1.5% -1.8% -4.5% 1.2% 1.7% -2.1% 1.7% 3.6% -1.9% 10 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.3% 0.2% 0.2% 0.3% 0.2% 0.2% 0.3% 0.2% 0.3% 0.3% 0.2% 0.3% 0.2% 0.3% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.4% -2.0% 4.1% -2.1% 1.5% 1.3% 4.4% 1.8% 1.2% 0.4% 2.6% -2.8% 3.1% 0.6% -0.1% 4.0% 0.1% 1.6% -1.6% 1.9% 3.1% -2.4% -4.5% 1.0% 0.9% -2.7% 3.1% 4.4% -1.9% 170/ -3.1% -0.4% -0.1% 0.6% 2.1% 3.7% 1.7% 2.1% -3.4% 0.3% -0.7% 2.0% -0.3% 1.0% 0.3% 3.1% 1.4% -1.4% 1.2% 0.1% 2.7% -1.0% -0.9% -2.0% -0.5% -1.8% 1.4% 2.7% noir 3.4% -0.5% -1.1% -0.2% -2.1% -1.5% 2.5% 5.9% 6.5% 1.3% 2.6% -3.4% 2.6% 3.3% -0.4% -0.5% -1.6% -0.3% 0.6% 2.1% -1.4% 1.3% 1.7% 0.2% 1.7% 1.0% -3.5% -1.8% dnf -0.6% 1.4% -0.5% 1.4% 2.7% -0.3% 4.5% 4.8% 3.1% 3.7% 0.3% 0.3% 4.6% 3.2% 2.6% 3.4% -2.7% -4.7% 2.3% 0.0% -0.3% -1.3% 0.4% -2.2% -0.8% 0.2% 1.5% 1.3% 47 48 4.9% 49 50 51 52 53 54 55 6.0% -2.4% -5.2% 1.3% 1.5% 56 57 58 1.6% -2.4% 3.3% 4.1% -2.4% inf 1.9% -4.7% 4.1% 6.1% -4.0% 4 10/21/1nnn 240 And -- 58 59 -1.8% -2.4% -0.1% 1.3% 1.5% -0.2% 60 61 0.3% 3.5% 62 63 64 65 66 67 68 69 70 9/30/1994 10/31/1994 11/30/1994 12/31/1994 1/31/1995 2/28/1995 3/31/1995 4/30/1995 5/31/1995 6/30/1995 7/31/1995 8/31/1995 9/30/1995 10/31/1995 11/30/1995 12/31/1995 1/31/1996 2/29/1996 3/31/1996 4/30/1996 5/31/1996 6/30/1996 7/31/1996 8/31/1996 9/30/1996 10/31/1996 11/30/1996 12/31/1996 1/31/1997 on Anni -2.4% 2.2% -3.7% 1.5% 2.6% 3.9% 3.0% 2.9% 4.0% 2.3% 3.3% 0.3% 4.2% -0.4% 4.4% 1.9% 3.4% 0.9% 1.0% 1.5% 2.5% 0.4% -4.4% 2.1% 5.6% 2.8% 7.5% 71 -1.9% -0.1% -3.3% 1.2% 3.3% 3.6% 1.6% 0.2% 3.0% 2.3% 4.3% 1.0% 3.6% -1.1% 6.4% 2.6% 2.9% 1.4% 1.9% -4.0% 1.6% -4.1% 1.5% 0.9% 3.6% 1.5% 4.6% 5.0% 4.3% 4.7% 1.8% 4.0% -3.0% 4.7% 3.1% 4.8% 0.9% 1.4% 1.1% 3.3% -0.8% -1.6% 4.4% 6.0% 5.2% 10.3% -1.3% 8.3% 2.7% -2.2% -0.2% 0.1% -3.0% -0.3% -0.4% -0.4% -2.3% 3.1% 2.2% 1.8% -2.1% -4.0% -0.8% -2.6% 3.4% -5.5% 1.4% -1.0% 5.6% 3.7% 4.7% 2.8% 7.6% 7.7% 0.9% 1.9% -2.6% 2.2% -1.1% 1.4% -0.7% 1.0% 0.7% 0.5% -0.1% -4.7% 2.5% 4.0% 2.4% 6.5% -2.0% 4.4% 72 -3.1% 2.5% -2.6% 0.3% 1.5% 2.9% 2.3% 1.6% 3.5% 3.5% 4.5% 0.7% 2.4% -0.9% 3.2% 0.8% 4.1% 2.9% 1.1% 0.3% 1.8% -0.1% -4.0% 4.2% 5.4% -0.7% 4.4% -1.0% 4.6% nan/ 0.5% 0.8% -2.7% 0.6% -0.1% 2.9% 0.7% 3.3% 2.0% 3.8% 6.2% 0.9% 1.8% -2.8% 2.6% 1.4% 1.1% 3.2% 1.7% 4.2% 3.0% -1.9% -3.8% 3.8% 3.1% 1.8% 5.3% 2.9% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.4% 0.5% 0.5% 0.5% 0.5% 0.4% 0.5% 0.4% 0.5% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.5% 0.5% -1.9% 1.7% -3.7% 1.3% 2.2% 4.0% 2.6% 2.6% 3.4% 3.2% 4.2% 1.0% 3.8% - 1.1% 4.4% 1.5% 2.7% 1.7% 1.1% 2.5% 2.8% -0.7% -5.5% 3.2% 5.5% 1.3% 6.7% -1.2% 5.4% 1.6% 0.4% -2.1% 1.7% 1.9% -3.0% -2.2% 1.9% -1.0% -0.1% 0.3% 1.4% 0.4% -2.3% 1.3% -4.0% -1.4% 1.9% 4.4% -0.6% -3.8% 4.8% 0.4% 73 74 -1.8% -0.3% 0.4% 1.8% -0.4% 2.9% 2.6% 0.1% 2.7% 4.1% -0.6% 2.6% 0.6% 0.6% -1.9% -0.9% 1.6% 1.0% -0.1% 0.0% 2.7% 3.9% -2.2% 0.6% 2.0% -2.5% 2.1% 1.3% 75 76 1.2% 4.9% 77 78 79 80 81 82 1.3% 0.0% -5.0% 3.6% 5.6% 0.7% 6.3% -1.2% 4.9% : 3.2% -3.6% -3.6% 2.3% -0.8% -4.1% -3.6% 3.1% -1.5% 83 84 0.2% 85 -2.0% 1.0% -2.3% 86 6.2% 1.1% Ann 1 201 120/ a Ani 10 cn/ on 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 2/28/1997 3/31/1997 4/30/1997 5/31/1997 6/30/1997 7/31/1997 8/31/1997 9/30/1997 10/31/1997 11/30/1997 12/31/1997 1/31/1998 2/28/1998 3/31/1998 4/30/1998 5/31/1998 6/30/1998 7/31/1998 8/31/1998 9/30/1998 10/31/1998 11/30/1998 12/31/1998 1/31/1999 2/28/1999 3/31/1999 4/30/1999 5/31/1999 6/30/1999 0.8% -4.1% 6.0% 6.1% 4.5% 8.0% -5.6% 5.5% -3.4% 4.6% 1.7% 1.1% 7.2% 5.1% 1.0% -1.7% 4.1% -1.1% -14.5% 6.4% 8.2% 6.1% 5.8% 4.2% -3.1% 4.0% 3.9% -2.4% 5.6% 1.0% -5.4% 7.0% 6.4% 3.7% 13.4% -2.9% 5.8% -5.1% 0.8% 0.7% 2.9% 10.5% 3.1% 2.7% 0.1% 2.4% 2.2% -19.1% 6.9% 11.9% 7.4% 13.0% 9.1% -2.1% 11.2% 3.5% -5.8% 2.0% -1.3% -3.4% 4.5% 7.1% 4.1% 8.4% -4.4% 5.9% -3.4% 1.9% 1.1% 1.1% 7.6% 5.0% 1.2% -2.0% 4.3% -0.7% -15.5% 6.0% 7.7% 7.8% 9.6% 5.2% -3.2% 5.4% 2.4% -2.9% 6.5% 0.0% -4.7% 3.6% 5.1% 4.0% 7.9% -4.6% 6.0% -2.6% 0.8% 1.4% 2.7% 8.2% 3.1% 2.6% -2.4% 6.0% 0.2% -17.0% 7.0% 4.2% 6.7% 15.6% 9.1% -5.2% 7.6% 1.2% -1.7% 7.9% 1.2% -1.8% -0.1% 7.5% 4.0% 5.2% 0.8% 6.5% -1.6% 0.5% 1.1% 0.0% 5.5% 3.7% 1.4% -2.3% -0.5% -4.6% - 15.7% 3.5% 4.0% 4.1% 3.4% -1.0% -4.6% -1.6% 7.4% 2.7% 4.7% 1.6% -4.6% 6.3% 5.3% 3.7% 6.9% -3.5% 5.8% -1.8% 4.1% 4.0% - 1.2% 8.1% 5.0% 1.1% -3.6% 3.1% -3.9% -16.1% 4.4% 7.8% 5.2% 5.2% -1.0% -0.8% 1.1% 6.8% -2.4% 0.5% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.3% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.4% -0.1% -4.6% 4.5% 7.2% 4.5% 7.8% -3.7% 5.8% -3.4% 3.4% 1.8% 0.6% 7.4% 5.2% 1.2% -2.7% 3.6% -2.1% - 15.7% 6.6% 7.5% 6.4% 6.5% 3.9% -3.7% 3.9% 4.7% -2.1% 5.2% -2.6% -0.3% -5.2% 4.8% 1.5% -2.5% 7.3% 2.7% -0.8% -5.1% -2.4% -0.9% 0.3% -1.0% 0.5% -3.5% -3.1% -4.9% -5.8% -0.2% -3.2% 1.1% -0.3% 0.9% -5.5% -3.8% 3.2% 3.6% 3.5% 4.7% 3.9% -1.0% -4.4% 0.8% -0.1% 1.4% -0.2% 2.2% 1.0% 3.8% -2.0% -0.9% 1.3% 0.3% 4.1% -2.2% - 1.2% 5.2% -3.9% -2.8% -3.4% -4.7% -5.6% 1.6% -2.9% 2.4% 2.7% -4.2% -2.0% 0.9% 4.9% -5.2% 2.6% 3.8% -2.5% 1.5% -0.4% 0.3% 3.9% 0.1% -1.1% 2.1% 0.8% 1.9% 7.3% 3.7% 1.9% -0.7% -5.4% 1.2% 9.0% 3.0% -0.1% -1.4% -9.1% -5.3% 4.9% 102 103 104 105 106 107 108 109 110 111 112 113 114 115 EA ACO 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 6/30/1999 7/31/1999 8/31/1999 9/30/1999 10/31/1999 11/30/1999 12/31/1999 1/31/2000 2/29/2000 3/31/2000 4/30/2000 5/31/2000 6/30/2000 7/31/2000 8/31/2000 9/30/2000 10/31/2000 11/30/2000 12/31/2000 1/31/2001 2/28/2001 3/31/2001 4/30/2001 5/31/2001 6/30/2001 7/31/2001 8/31/2001 9/30/2001 10/31/2001 5.6% -3.1% -0.5% -2.7% 6.3% 2.0% 6.0% -5.0% -1.9% 9.8% -3.0% -20% 2.5% -1.5% 6.2% -5.3% -0.4% -7.9% 0.5% 3.5% -9.1% -6.4% 7.8% 0.7% -2.4% -1.0% -6.3% -8.1% 1.9% 7701 2.0% -5.0% -1.4% -3.6% 10.3% 4.9% 2.7% -9.2% 0.3% 9.7% -2.2% -1.5% 0.4% -0.1% 8.2% -5.9% 1.4% -8.9% 2.2% 7.2% -7.4% -2.4% 7.3% 1.3% -1.2% -1.5% -6.9% -12.7% -0.9% nnn 6.5% -3.4% -1.2% -1.5% 6.0% 2.0% 7.2% -4.8% 1.0% 9.1% -4.3% -3.4% 3.9% -1.2% 6.4% -5.4% -1.8% -8.5% 0.8% 3.3% -9.4% -6.4% 8.8% 1.0% -2.5% -1.5% -6.5% -8.1% 2.4% 7.9% -2.7% -0.8% 1.9% 8.1% 4.1% 11.2% -0.5% 5.7% 5.1% -5.2% -6.5% 5.3% -2.4% 9.3% -5.6% -3.8% -13.8% -1.2% 8.1% -17.4% -8.3% 13.0% -0.5% -4.9% -6.0% -9.0% -13.3% 2.1% 4.7% -1.1% -4.0% -2.6% -1.0% 2.5% 4.2% -2.8% 4.3% 3.1% -1.2% -0.9% 3.0% 0.3% 5.9% 0.4% 0.5% -1.6% 6.9% 6.7% -0.6% -1.9% 6.6% 3.4% 2.5% 0.3% -0.4% -7.2% 4.1% 0.5% -2.8% -6.1% -4.4% 7.4% 0.7% 3.7% -2.0% -3.7% 10.4% -0.9% -1.9% 0.5% 0.1% 6.3% -3.4% -1.0% -6.5% 1.8% 2.4% -8.2% -6.3% 6.4% 1.5% -2.6% -1.5% -6.4% -8.9% 2.7% 750 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.5% 0.5% 0.4% 0.5% 0.5% 0.5% 0.6% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 20 5.2% -3.1% -1.0% -2.4% 6.5% 3.7% 8.2% -4.3% 2.9% 5.7% -5.9% -3.9% 5.0% -2.0% 7.5% -4.9% -2.2% - 10.2% 1.7% 3.7% -9.7% -6.8% 8.3% 1.0% -1.7% -1.8% -6.2% -9.0% 2.7% 7 701 3.5% 2.2% -1.3% 3.2% -6.8% 7.8% 7.0% 4.4% 22.0% - 16.4% -7.7% -4.9% 13.7% -2.8% -0.9% -1.9% -3.6% -3.1% 1.5% 7.1% -1.2% 0.6% 0.3% 3.0% 6.4% -4.2% 2.1% -6.6% 6.9% -4.2% 0.5% -0.9% -3.0% -3.2% -8.0% -9.2% 0.3% -12.6% 7.7% 9.1% 3.7% -10.0% 8.5% -1.2% 6.8% 4.8% 12.3% 6.2% -5.7% 13.9% 6.4% -4.4% 2.8% -2.3% 5.6% 3.4% 1.8% -7.1% 4.9% 1.6% 3.0% 6.5% 5.5% 5.7% 13.2% 1.9% 18.4% -6.8% -8.5% -9.1% 16.5% -0.1% 5.7% 2.2% -4.7% -2.5% 6.8% -25.0% 12.6% 8.4% -8.1% 2.4% 0.4% 5.5% 5.6% 11.6% -8.4% 143 4400 7 CO 10 CO 201 201 no non 144 145 146 147 7.7% 0.9% -1.5% -1.9% 148 149 150 151 152 153 154 155 156 157 158 11/30/2001 12/31/2001 1/31/2002 2/28/2002 3/31/2002 4/30/2002 5/31/2002 6/30/2002 7/31/2002 8/31/2002 9/30/2002 10/31/2002 11/30/2002 12/31/2002 1/31/2003 2/28/2003 3/31/2003 4/30/2003 5/31/2003 6/30/2003 7/31/2003 8/31/2003 9/30/2003 10/31/2003 11/30/2003 12/31/2003 1/31/2004 2/29/2004 3/31/2004 thant 8.8% 1.2% -3.8% -6.3% 6.8% -2.0% 0.3% -12.2% -7.5% 5.5% - 11.8% 11.6% 9.3% -7.0% -0.3% -30% 0.4% 12.1% 11.3% 0.5% 2.0% 3.0% -1.4% 6.6% 1.8% 4.9% 1.1% -0.7% -1.6% 3.7% -6.1% -0.8% -7.1% -7.7% 0.7% -10.9% 8.8% 5.9% -5.9% -2.6% -1.5% 1.0% 8.3% 5.3% 1.3% 1.7% 1.9% - 1.1% 5.6% 0.9% 5.2% 1.8% 1.4% -1.5% 7.5% 1.0% -3.1% -1.7% 3.4% -6.4% -0.2% -7.7% -7.2% 1.0% -10.8% 9.4% 5.0% -6.5% -2.8% -1.2% 1.1% 8.2% 4.4% 1.1% 1.3% 1.7% -1.5% 4.9% 0.4% 5.2% 1.3% 1.4% -1.3% 10.5% 0.7% -2.8% -1.9% 4.8% -6.6% -0.9% -9.5% -9.3% 1.4% -7.7% 5.1% 5.5% -8.1% -1.9% -0.9% 0.9% 10.3% 4.2% -0.7% 3.8% 3.6% -3.3% 8.5% 1.1% 3.1% 0.3% - 1.1% -1.8% 6.3% 5.3% 1.6% -0.6% 5.9% 3.3% -0.6% -2.8% -8.7% -0.8% -8.3% 3.8% 6.2% -3.9% -2.3% -3.5% -0.4% 9.1% 8.1% 2.8% 4.8% 4.2% -0.6% 6.7% 3.4% 3.3% 2.7% 2.9% 0.1% 7.5% 3.6% -3.2% -2.8% 5.0% -3.1% 0.0% -9.3% -4.5% 0.9% -7.4% 1.3% 3.2% -3.5% -2.6% -3.5% 1.3% 7.8% 6.8% 2.3% 2.5% 2.7% -2.8% 6.8% 3.4% 1.6% 2.4% 2.0% -1.3% 0.2% 0.2% 0.1% 0.1% 0.1% 0.2% 0.1% 0.1% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 7.7% 1.8% -1.3% -2.2% 4.4% -5.1% -1.2% -7.1% -8.0% 0.6% - 10.2% 8.0% 6.1% -5.7% -2.5% -1.8% 1.2% 8.3% 6.1% 1.5% 2.4% 2.4% -1.2% 6.2% 1.4% 4.4% 2.2% 1.5% -1.2% - inr 0.3% 5.1% 1.1% -1.6% 4.3% 5.9% -3.7% 3.5% -5.2% -2.3% 2.7% -3.0% 3.2% -0.5% 1.4% -0.3% 0.7% 1.1% 4.8% 1.5% 5.5% 2.7% 0.6% 2.9% 2.2% -2.8% 2.7% -1.2% 1.8% 0.8% 0.5% 3.5% 3.9% 1.2% 4.2% 2.5% 1.5% -3.7% 2.3% 1.3% -6.5% -1.5% 3.9% -0.8% -1.4% -1.6% 0.0% 0.1% 0.7% -2.1% 1.7% 1.0% 1.8% 1.5% 2.7% 1.6% 0.5% 0.1% -8.6% 0.0% 3.8% 6.8% -1.7% 7.9% 3.2% 6.2% 3.4% 1.8% 9.1% -5.5% - 16.3% 9.6% 1.5% 1.2% 1.6% -9.5% -10.7% -1.0% -0.4% -0.5% -0.1% 3.7% 1.6% -5.7% 2.6% -1.1% 0.2% F1nr 159 160 161 162 163 164 165 166 167 168 169 170 171 172 1 1nr int dnf 173 174 175 -1.6% 1.4% 1.9% -1.5% 2.2% 3.9% -7.8% 0.4% -3.3% 176 177 178 179 -2.4% 0.3% 3.5% -3.5% -0.3% 4.1% 1.4% 8.0% 4.0% -2.0% 3.2% -1.7% -0.3% 1.7% 4.5% 1.1% 0.4% -0.8% 1.9% -0.4% 1.8% 180 181 182 183 2.7% -2.1% 184 185 186 187 4/30/2004 5/31/2004 6/30/2004 7/31/2004 8/31/2004 9/30/2004 10/31/2004 11/30/2004 12/31/2004 1/31/2005 2/28/2005 3/31/2005 4/30/2005 5/31/2005 6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 7/31/2006 8/31/2006 0.4% 1.1% 1.5% 4.0% 3.4% -2.5% 2.1% -1.8% -1.9% 3.2% 0.1% 3.7% -0.9% 0.8% -1.7% 3.8% 0.0% 2.6% 0.3% 1.2% 1.3% -2.9% 0.1% 0.6% 2.4% -1.7% 1.1% 1.5% -3.9% 0.2% 0.9% 1.5% 3.3% 3.1% -1.9% 1.2% -2.0% -2.1% 3.6% 0.0% 4.0% -1.1% 0.7% -1.3% 3.3% 2.0% 4.8% -1.5% 2.7% 1.9% -5.1% -0.7% -3.1% 2.4% 0.8% 7.6% 6.1% -3.6% -0.2% -2.2% -2.9% 5.0% 1.5% 4.4% -3.2% 1.0% -1.1% 7.4% -0.1% 0.4% -1.4% 1.6% -1.9% -4.4% 0.6% -4.6% 4.0% -0.3% 2.5% 2.6% -6.0% -1.8% 0.6% 1.7% 4.3% 3.8% -3.3% 1.1% -0.5% -3.6% 4.5% -0.2% 3.9% -0.9% 1.6% -2.7% 3.9% 0.6% 3.8% -0.5% 2.1% 0.2% -4.6% -0.2% -1.4% 3.6% 0.7% -0.1% 0.6% -4.5% 0.2% 2.2% 0.3% 4.5% 4.5% -0.5% 1.6% -1.7% - 1.1% 4.0% 2.0% 2.0% -1.6% 0.5% -2.1% 1.7% 0.8% 3.1% 0.5% 1.9% -0.6% -3.2% -0.6% -0.1% 1.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% -4.7% 4.9% 3.2% 3.8% -0.1% 0.7% -4.2% 4.5% 1.8% 6.6% -0.6% 2.5% 2.0% -4.0% -1.2% -1.2% 1.8% -1.8% 1.2% 1.9% -4.0% 0.2% 1.7% 1.5% 4.7% 3.6% -2.6% 2.1% -1.8% -2.4% 3.9% 0.8% 4.2% -0.9% 0.8% -1.8% 3.9% 0.1% 3.4% 0.0% 1.8% 1.1% -3.1% 0.1% -0.4% 2.5% 188 189 190 191 -2.6% -0.1% 2.3% -3.8% -1.6% 2.9% 0.4% 4.2% 0.2% -1.6% -0.7% -1.4% -4.0% 3.0% 2.6% 2.8% -0.9% -0.7% -1.0% 1.0% -0.5% 5.3% -0.3% 3.6% -1.2% -3.1% -0.5% -4.0% 0.8% -5.4% 1.6% 2.1% -2.3% -1.5% 5.3% -1.5% 3.2% -2.8% 3.1% 3.2% 0.6% -0.9% 0.4% 2.1% 0.0% 2.3% 3.5% -1.3% 0.4% 0.7% 2.8% -1.8% 1.3% 0.7% -3.7% 1.5% -2.2% -3.5% 192 193 194 195 2.9% 1.8% -0.5% -1.2% 2.8% -0.5% 1.5% 1.1% -0.7% -1.8% 0.5% 1.2% -0.8% -0.1% 3.1% 2.8% 1.6% 3.3% -1.8% 196 197 198 199 200 201 100 ini nnn nf do 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 9/30/2006 10/31/2006 11/30/2006 12/31/2006 1/31/2007 2/28/2007 3/31/2007 4/30/2007 5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 9/30/2008 10/31/2008 11/30/2008 12/31/2008 1/31/2009 2.6% 3.3% 1.9% 1.4% 1.5% -2.0% 1.1% 4.4% 3.5% -1.7% -3.1% 1.5% 3.7% 1.6% -4.2% -0.7% -6.0% -3.3% -0.4% 4.9% 1.3% -8.4% -0.8% 1.4% -8.9% -16.8% -7.2% 1.1% -8.4% -10 700 2.4% 5.3% 3.0% 1.3% 0.9% -1.5% -1.0% 5.3% 4.2% -2.9% -5.8% 0.3% 4.0% 0.3% -6.9% -2.8% -7.9% -7.6% -5.6% 4.9% -1.3% -14.2% -1.0% 1.4% -11.7% -21.3% -15.7% 7.1% -8.2% 1.1% 2.9% 2.6% -0.5% 2.9% -1.7% 0.8% 4.8% 4.0% -0.4% -1.8% 1.2% 6.2% 5.3% -3.8% 0.4% -8.9% -1.6% -2.2% 6.5% 3.0% -8.4% -3.9% -0.1% -18.0% -21.6% -11.3% 4.9% -7.5% 2.1% 2.4% 2.6% 0.3% 2.2% -0.5% 1.4% 4.5% 3.6% -2.0% -1.8% 1.4% 6.1% 3.4% -4.1% 0.4% -6.9% -1.7% -2.1% 5.3% 3.0% -7.5% -2.6% 1.2% -12.9% -18.1% -9.9% 5.9% -3.2% 1.5% 3.5% 4.2% 1.8% 1.2% -0.3% 1.6% 3.3% 3.9% -0.9% -4.5% -0.7% 2.7% 3.0% -6.3% 0.5% -5.0% -1.0% -1.8% 5.1% 3.5% -8.7% -1.4% 1.0% -11.8% -20.0% -8.8% 8.6% -6.4% 1.4% 3.3% 1.5% 0.9% 1.9% -1.9% -0.9% 3.2% 5.4% -1.0% -5.3% 2.3% 1.5% 1.2% -2.8% -1.4% -5.2% -2.2% -1.7% 5.1% 2.6% -2.2% 2.2% 3.1% -6.2% -17.4% -9.7% 5.8% -5.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.2% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.2% 0.1% 0.0% 0.0% 0.0% 2.3% 3.6% 2.1% 1.3% 1.8% -1.6% 1.1% 3.9% 3.7% -1.6% -3.3% 1.3% 3.5% 2.1% -4.5% -0.6% -6.2% -3.0% -0.8% 4.8% 2.0% -8.3% -0.6% 1.7% -9.1% -17.2% -7.8% 1.7% -8.1% -1.2% 1.6% 0.8% -0.9% 0.1% 1.4% -0.3% -2.1% 0.0% 0.8% -2.7% -0.2% -2.5% 0.2% -2.8% 0.0% -0.8% -0.6% 0.8% -1.5% 3.0% 1.1% 3.6% 3.7% -0.4% -2.3% -3.6% 4.0% -1.0% -0.4% 0.5% 0.5% 2.5% 0.0% 0.2% 0.4% - 1.0% -0.1% -1.1% -30% -2.4% -2.1% -2.0% -1.1% 0.0% 3.1% 0.0% 0.3% -0.1% -0.4% - 1.1% 3.7% 1.5% 4.4% -3.0% -4.9% -1.2% -9.9% -1.0% -0.2% -1.0% 0.8% 0.3% -1.3% 2.5% -0.2% -0.3% 0.3% 2.8% 0.1% 4.7% 4.9% 0.9% 6.5% -7.8% 6.1% 4.1% -0.2% 3.2% 12.5% -5.3% -3.8% 0.3% 7.8% 7.2% -5.0% -1.9% 223 224 225 226 227 228 229 230 : nan/ 101 air Gon , 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009 1/31/2010 2/28/2010 3/31/2010 4/30/2010 5/31/2010 6/30/2010 7/31/2010 8/31/2010 9/30/2010 10/31/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011 6/30/2011 -10.7% 8.8% 9.6% 5.6% 0.2% 7.6% 3.6% 3.7% -1.9% 6.0% 1.9% -3.6% 3.1% 6.0% 1.6% -8.0% -5.2% 7.0% -4.5% 8.9% 3.8% 0.0% 6.7% 2.4% 3.4% 0.0% 2.9% -1.1% -1.7% -12.8% 10.4% 14.6% 11.0% 1.4% 9.9% 5.1% 3.5% -4.0% 4.6% 2.8% -2.9% 2.2% 6.1% 0.0% -8.9% -7.8% 7.8% -5.4% 9.9% 4.2% -2.1% 5.6% 3.5% 2.7% -2.7% 2.7% -2.0% -2.4% -7.6% 13.9% 13.7% 6.2% -1.4% 8.8% 2.2% 5.3% -5.4% 5.4% 4.3% -4.4% 3.0% 6.6% 1.5% -8.1% -6.5% 5.1% -5.9% 10.8% 3.6% 1.4% 6.7% 1.6% 4.2% -0.4% 2.5% -2.2% -3.6% -8.3% 7.7% 9.7% 5.7% -0.1% 8.6% 1.0% 5.7% -2.5% 5.8% 3.7% -4.9% 3.1% 5.2% 1.0% -7.5% -4.8% 5.5% -3.4% 9.3% 5.0% -1.7% 5.5% 1.1% 2.7% -0.8% 4.0% -1.7% - 1.1% -9.2% 8.4% 14.5% 6.3% -0.1% 8.9% 4.4% 3.9% -2.8% 3.9% 4.2% -1.6% 3.5% 6.4% 2.5% -7.7% -4.8% 6.1% -4.1% 9.6% 3.9% 0.2% 6.6% 1.3% 3.6% 1.2% 4.4% -1.2% -1.0% -8.9% 5.6% 14.6% 3.3% 2.9% 7.9% 2.3% 3.4% -2.2% 4.9% 3.4% -2.8% 4.9% 5.8% 2.3% -7.8% -4.7% 5.9% -5.2% 10.9% 4.0% 2.2% 5.5% 1.3% 3.5% 1.8% 2.4% 0.5% -1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -10.1% 9.0% 10.2% 5.2% 0.4% 7.7% 3.3% 4.1% -2.6% 5.6% 2.8% -3.4% 3.4% 6.3% 2.0% -7.9% -5.6% 6.9% -4.8% 9.6% 3.9% 0.6% 6.8% 2.0% 3.5% 0.5% 2.9% -1.3% -1.8% -0.4% 0.8% 5.4% -2.7% 2.7% 2.5% -0.5% 2.5% -4.2% -2.7% 5.8% 0.2% 1.4% 1.6% 4.9% -0.1% -2.1% 0.3% -3.0% 3.9% 1.1% 3.7% 0.8% -2.4% 1.6% 2.7% -0.4% -0.6% -0.1% -6.9% 2.6% 5.4% 0.6% -2.4% 4.8% 7.6% 1.4% -4.4% 0.2% 0.7% 0.6% 2.7% 2.1% 3.2% -2.4% -4.3% 0.1% -1.4% -2.9% -2.2% -0.6% 3.4% 0.7% 1.7% -1.2% -2.2% -2.1% -0.2% 4.2% - 11.4% -34.7% -12.5% 5.3% -5.5% -8.9% -5.0% 2.7% 0.4% 2.9% -5.3% 3.6% 3.7% 3.1% -0.2% -3.0% 1.9% -0.1% 1.4% 1.6% 2.5% -3.2% -0.2% 2.1% 3.6% 0.1% -0.6% 1.8% 246 247 248 249 250 251 252 253 254 255 256 257 258 259 Thumnit 0.0% 0.0% 0.0% 0.0% 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 7/31/2011 8/31/2011 9/30/2011 10/31/2011 11/30/2011 12/31/2011 1/31/2012 2/29/2012 3/31/2012 4/30/2012 5/31/2012 6/30/2012 7/31/2012 8/31/2012 9/30/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013 2/28/2013 3/31/2013 4/30/2013 5/31/2013 6/30/2013 7/31/2013 8/31/2013 9/30/2013 10/31/2013 11/30/2013 12/31/2013 -2.0% -5.4% -7.0% 10.9% -0.2% 1.0% 4.5% 4.3% 3.3% -0.6% -6.0% 4.1% 1.4% 2.2% 2.6% -1.9% 0.6% 0.9% 5.2% 1.3% 3.7% 1.9% 2.3% -1.4% 5.1% -2.9% 3.1% 4.6% 3.0% 2.5% -2.5% -6.7% -6.2% 10.6% -1.4% 1.6% 5.3% 4.4% 3.7% -2.2% -7.1% 2.5% 0.3% 2.9% 2.9% -1.6% 1.6% 2.2% 6.7% -0.2% 4.6% 1.1% 4.6% -2.3% 7.7% -2.6% 3.5% 2.8% 4.5% 2.2% -1.4% -7.7% -11.7% 10.9% -2.3% -0.3% 6.0% 6.0% 3.6% -1.2% -7.2% 3.4% 1.2% 3.3% 3.2% -2.6% -1.3% -7.2% -8.4% 10.2% -1.2% -0.9% 6.7% 6.1% 2.7% -0.8% -6.5% 1.6% 1.7% 3.5% 1.4% -2.1% 2.1% 0.8% 2.7% 1.3% 2.9% 1.4% 1.9% -1.4% 5.6% -2.0% 4.6% 4.4% 2.5% 2.7% -2.4% -6.3% -8.0% 11.5% -1.6% -0.3% 6.2% 5.0% 2.2% -1.0% -8.1% 3.8% 0.3% 4.4% 2.0% -1.0% 1.3% 3.0% 5.0% 0.3% 4.8% 2.9% 1.7% -0.2% 5.1% -1.8% -2.8% -4.7% -8.1% 11.4% 1.2% 0.4% 4.2% 3.7% 1.6% 0.9% -6.9% 0.7% 2.1% 3.3% 3.1% 1.1% 1.9% 1.1% 6.4% 1.7% 4.8% 0.9% 2.4% -1.8% 6.2% -1.8% 5.2% 4.6% 2.6% 3.3% -2.4% -6.0% -7.6% 11.4% -0.3% 0.7% 5.1% 4.4% 3.1% -0.9% -6.2% 3.9% 0.8% 2.6% 2.7% -1.8% -1.4% 3.3% -3.7% 3.6% -0.3% -0.6% 2.5% -1.6% -0.2% -0.6% -0.1% 0.8% -2.6% 0.7% 0.5% -1.1% 0.7% 1.6% 0.5% -0.4% 0.8% -2.4% 2.0% 1.2% 1.9% 0.3% 2.9% -1.6% 1.3% -0.4% -1.1% -1.6% -1.0% -0.9% -0.2% 1.5% -2.2% 0.0% -0.1% -0.2% 0.1% 0.5% 0.0% 0.6% 1.6% 4.1% -1.1% 3.3% 1.3% 0.3% -0.1% 0.4% 1.3% -0.4% 0.7% -2.5% -1.6% 1.3% -0.3% -0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.4% -2.6% -1.4% 4.0% 1.9% -7.9% -0.4% 1.5% 3.8% 6.6% -1.2% 3.1% -2.5% -1.0% 0.1% 0.3% -3.0% -1.9% 1.5% 2.1% 0.4% -1.9% 0.7% 1.7% 0.1% 3.0% 0.2% 1.0% 0.8% 0.8% 5.1% 0.7% 3.1% 1.0% 3.6% -1.7% 6.6% -1.9% 4.2% 4.3% 3.5% 2.5% 1.2% 5.6% 1.3% 4.0% 1.6% 2.8% -1.2% 5.7% -2.7% 3.8% 4.2% 3.1% 2.8% 4.7% 286 287 288 289 3.6% 2.4% 1.7% 0.5% 0.1%