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Security Return Frequencies

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Security Return Frequencies Powered By Docstoc
					Stocks, Bonds, Bills, and Inflation
Professor Stephen R. Lawrence College of Business and Administration Graduate School of Business and Administration University of Colorado Boulder, CO 80303 303/492-4351 Stephen.Lawrence@Colorado.Edu

Data

Stocks, Bonds, Bills, and Inflation Series
1945 to 1995 CRSP Data Set
CSTRET GBTRET CBTRET SSTRET CPIRET S&P 500 stocks total return (period to period change) US Treasury Bonds total return (period to period change) Long term corporate bonds total return (period to period change) Small capitalization stocks total return (period to period change) Consumer Price Index (period to period change)

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Data

eries

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Returns

50-Year Securities Return Data
Mean StdDev Skewness Max Min 0.0106 0.0406 -0.2943 0.1657 -0.2152 0.0047 0.0248 0.8846 0.1523 -0.0841 0.0049 0.0221 0.7775 0.1376 -0.0890 0.0131 0.0035 0.0563 0.0046 -0.2748 3.4724 0.2767 0.0590 -0.2919 -0.0111 average variation symmetry maximum minimum Cumulative Returns CSTRET GBTRET 0.0158 0.0127 0.0841 0.0203 0.0401 0.0224 0.1302 0.0384 0.1498 0.0440 0.1491 0.0609 0.1311 0.0523 0.1952 0.0549 0.2390 0.0603 0.2712 0.0708 0.3108 0.0833 0.3225 0.1027 0.3939 0.1053 0.3298 0.1084 0.3779 0.1095 0.4171 0.0959 0.4459 0.0947 0.4089 0.1017 0.3850 0.0977 0.3176 0.0866 0.2179 0.0856 0.2119 0.0930 0.2092 0.0876 0.2549 0.1021 0.2804 0.1014 0.2727 0.1035 0.2578 0.1055 0.2216 0.1019 0.2229 0.1052 0.2783 0.1062 0.3164 0.1125 0.2961 0.1206 0.2850 0.1162 0.3089 0.1125 0.2914 0.0951 0.3147 0.0759 0.2768 0.0779 0.2380 0.0826

Period-to-Period Returns Date CSTRET GBTRET CBTRET SSTRET CPIRET Jan-45 0.0158 0.0127 0.0076 0.0482 0.0000 Feb-45 0.0683 0.0077 0.0046 0.1009 -0.0019 Mar-45 -0.0441 0.0021 0.0018 -0.0861 0.0000 Apr-45 0.0902 0.0160 0.0018 0.1157 0.0019 May-45 0.0195 0.0056 -0.0011 0.0500 0.0075 Jun-45 -0.0007 0.0169 0.0032 0.0855 0.0093 Jul-45 -0.0180 -0.0086 -0.0011 -0.0556 0.0018 Aug-45 0.0641 0.0026 0.0004 0.0557 0.0000 Sep-45 0.0438 0.0054 0.0032 0.0679 -0.0037 Oct-45 0.0322 0.0104 0.0032 0.0701 0.0000 Nov-45 0.0396 0.0125 0.0032 0.1172 0.0037 Dec-45 0.0116 0.0194 0.0133 0.0171 0.0037 Jan-46 0.0714 0.0025 0.0128 0.1562 0.0000 Feb-46 -0.0641 0.0032 0.0034 -0.0637 -0.0037 Mar-46 0.0480 0.0010 0.0034 0.0273 0.0074 Apr-46 0.0393 -0.0135 -0.0043 0.0696 0.0055 May-46 0.0288 -0.0012 0.0019 0.0591 0.0055 Jun-46 -0.0370 0.0070 0.0019 -0.0462 0.0109 Jul-46 -0.0239 -0.0040 -0.0012 -0.0530 0.0590 Aug-46 -0.0674 -0.0112 -0.0088 -0.0849 0.0220 Sep-46 -0.0997 -0.0009 -0.0026 -0.1603 0.0116 Oct-46 -0.0060 0.0074 0.0020 -0.0118 0.0196 Nov-46 -0.0027 -0.0054 -0.0025 -0.0141 0.0240 Dec-46 0.0457 0.0145 0.0113 0.0373 0.0078 Jan-47 0.0255 -0.0006 0.0005 0.0421 0.0000 Feb-47 -0.0077 0.0021 0.0005 -0.0041 -0.0016 Mar-47 -0.0149 0.0020 0.0067 -0.0336 0.0218 Apr-47 -0.0363 -0.0037 0.0020 -0.1031 0.0000 May-47 0.0014 0.0033 0.0020 -0.0534 -0.0030 Jun-47 0.0554 0.0010 0.0004 0.0552 0.0076 Jul-47 0.0381 0.0063 0.0020 0.0789 0.0091 Aug-47 -0.0203 0.0081 -0.0071 -0.0037 0.0105 Sep-47 -0.0111 -0.0044 -0.0131 0.0115 0.0238 Oct-47 0.0238 -0.0037 -0.0100 0.0282 0.0000 Nov-47 -0.0175 -0.0174 -0.0098 -0.0303 0.0058 Dec-47 0.0233 -0.0192 0.0024 0.0359 0.0130 Jan-48 -0.0379 0.0020 0.0024 -0.0154 0.0114 Feb-48 -0.0388 0.0046 0.0040 -0.0783 -0.0085

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Returns

Mar-48 Apr-48 May-48 Jun-48 Jul-48 Aug-48 Sep-48 Oct-48 Nov-48 Dec-48 Jan-49 Feb-49 Mar-49 Apr-49 May-49 Jun-49 Jul-49 Aug-49 Sep-49 Oct-49 Nov-49 Dec-49 Jan-50 Feb-50 Mar-50 Apr-50 May-50 Jun-50 Jul-50 Aug-50 Sep-50 Oct-50 Nov-50 Dec-50 Jan-51 Feb-51 Mar-51 Apr-51 May-51 Jun-51 Jul-51 Aug-51 Sep-51 Oct-51 Nov-51 Dec-51 Jan-52 Feb-52 Mar-52 Apr-52 May-52 Jun-52

0.0793 0.0292 0.0879 0.0054 -0.0508 0.0158 -0.0276 0.0710 -0.0961 0.0346 0.0039 -0.0296 0.0328 -0.0179 -0.0258 0.0014 0.0650 0.0219 0.0263 0.0340 0.0175 0.0486 0.0197 0.0199 0.0070 0.0486 0.0509 -0.0548 0.0119 0.0443 0.0592 0.0093 0.0169 0.0513 0.0637 0.0157 -0.0156 0.0509 -0.0299 -0.0228 0.0711 0.0478 0.0013 -0.0103 0.0096 0.0424 0.0181 -0.0282 0.0503 -0.0402 0.0343 0.0490

0.0034 0.0045 0.0141 -0.0084 -0.0021 0.0001 0.0014 0.0007 0.0076 0.0056 0.0082 0.0049 0.0074 0.0011 0.0019 0.0167 0.0033 0.0111 -0.0011 0.0019 0.0021 0.0052 -0.0061 0.0021 0.0008 0.0030 0.0033 -0.0025 0.0055 0.0014 -0.0072 -0.0048 0.0035 0.0016 0.0058 -0.0074 -0.0157 -0.0063 -0.0069 -0.0062 0.0138 0.0099 -0.0080 0.0010 -0.0136 -0.0061 0.0028 0.0014 0.0111 0.0171 -0.0034 0.0003

0.0115 0.0038 0.0008 -0.0083 -0.0052 0.0055 0.0024 0.0024 0.0085 0.0131 0.0038 0.0038 0.0007 0.0023 0.0038 0.0084 0.0100 0.0037 0.0021 0.0067 0.0021 -0.0145 0.0037 0.0007 0.0022 -0.0008 -0.0008 0.0023 0.0070 0.0038 -0.0040 -0.0008 0.0054 0.0023 0.0019 -0.0044 -0.0237 -0.0010 -0.0015 -0.0093 0.0205 0.0114 -0.0057 -0.0145 -0.0061 0.0058 0.0200 -0.0085 0.0076 -0.0004 0.0031 0.0016

0.0986 0.0368 0.1059 0.0048 -0.0578 0.0006 -0.0526 0.0647 -0.1116 0.0088 0.0182 -0.0481 0.0629 -0.0336 -0.0564 -0.0096 0.0671 0.0256 0.0489 0.0472 0.0016 0.0690 0.0492 0.0221 -0.0037 0.0411 0.0255 -0.0777 0.0591 0.0530 0.0521 -0.0059 0.0322 0.0953 0.0830 0.0061 -0.0477 0.0367 -0.0331 -0.0529 0.0373 0.0605 0.0215 -0.0222 -0.0083 0.0044 0.0191 -0.0300 0.0175 -0.0519 0.0032 0.0272

-0.0028 0.0142 0.0070 0.0070 0.0125 0.0041 0.0000 -0.0041 -0.0068 -0.0069 -0.0014 -0.0111 0.0028 0.0014 -0.0014 0.0014 -0.0070 0.0028 0.0042 -0.0056 0.0014 -0.0056 -0.0042 -0.0028 0.0043 0.0014 0.0042 0.0056 0.0098 0.0083 0.0069 0.0055 0.0041 0.0135 0.0160 0.0118 0.0039 0.0013 0.0039 -0.0013 0.0013 0.0000 0.0064 0.0051 0.0051 0.0038 0.0000 -0.0063 0.0000 0.0038 0.0013 0.0025

0.3173 0.3465 0.4343 0.4397 0.3889 0.4047 0.3772 0.4482 0.3520 0.3866 0.3906 0.3610 0.3938 0.3759 0.3501 0.3515 0.4165 0.4384 0.4647 0.4987 0.5162 0.5648 0.5845 0.6044 0.6114 0.6600 0.7109 0.6560 0.6679 0.7122 0.7714 0.7806 0.7975 0.8488 0.9125 0.9282 0.9126 0.9635 0.9336 0.9109 0.9819 1.0297 1.0310 1.0207 1.0303 1.0727 1.0908 1.0626 1.1129 1.0727 1.1070 1.1560

0.0860 0.0905 0.1046 0.0962 0.0941 0.0942 0.0956 0.0963 0.1039 0.1095 0.1177 0.1226 0.1300 0.1312 0.1331 0.1498 0.1532 0.1643 0.1632 0.1650 0.1671 0.1723 0.1662 0.1683 0.1691 0.1721 0.1755 0.1730 0.1785 0.1799 0.1727 0.1679 0.1714 0.1730 0.1788 0.1714 0.1557 0.1494 0.1425 0.1363 0.1502 0.1600 0.1521 0.1531 0.1395 0.1334 0.1362 0.1376 0.1487 0.1658 0.1624 0.1627

Page 5

Returns

Jul-52 Aug-52 Sep-52 Oct-52 Nov-52 Dec-52 Jan-53 Feb-53 Mar-53 Apr-53 May-53 Jun-53 Jul-53 Aug-53 Sep-53 Oct-53 Nov-53 Dec-53 Jan-54 Feb-54 Mar-54 Apr-54 May-54 Jun-54 Jul-54 Aug-54 Sep-54 Oct-54 Nov-54 Dec-54 Jan-55 Feb-55 Mar-55 Apr-55 May-55 Jun-55 Jul-55 Aug-55 Sep-55 Oct-55 Nov-55 Dec-55 Jan-56 Feb-56 Mar-56 Apr-56 May-56 Jun-56 Jul-56 Aug-56 Sep-56 Oct-56

0.0196 -0.0071 -0.0176 0.0020 0.0571 0.0382 -0.0049 -0.0106 -0.0212 -0.0237 0.0077 -0.0134 0.0273 -0.0501 0.0034 0.0540 0.0204 0.0053 0.0536 0.0111 0.0325 0.0516 0.0418 0.0031 0.0589 -0.0275 0.0852 -0.0167 0.0909 0.0534 0.0197 0.0098 -0.0030 0.0396 0.0055 0.0841 0.0622 -0.0025 0.0130 -0.0284 0.0827 0.0015 -0.0347 0.0413 0.0710 -0.0004 -0.0593 0.0409 0.0530 -0.0328 -0.0440 0.0066

-0.0020 -0.0070 -0.0130 0.0148 -0.0015 -0.0086 0.0012 -0.0087 -0.0088 -0.0105 -0.0148 0.0223 0.0039 -0.0008 0.0299 0.0074 -0.0049 0.0206 0.0089 0.0240 0.0058 0.0104 -0.0087 0.0163 0.0134 -0.0036 -0.0010 0.0006 -0.0025 0.0064 -0.0241 -0.0078 0.0087 0.0001 0.0073 -0.0076 -0.0102 0.0004 0.0073 0.0144 -0.0045 0.0037 0.0083 -0.0002 -0.0149 -0.0113 0.0225 0.0027 -0.0209 -0.0187 0.0050 -0.0054

0.0016 0.0063 -0.0018 0.0040 0.0108 -0.0091 -0.0080 -0.0040 -0.0033 -0.0248 -0.0030 0.0109 0.0177 -0.0085 0.0253 0.0227 -0.0073 0.0172 0.0124 0.0198 0.0040 -0.0034 -0.0042 0.0063 0.0040 0.0018 0.0040 0.0040 0.0025 0.0017 -0.0097 -0.0063 0.0092 -0.0001 -0.0018 0.0030 -0.0041 -0.0038 0.0076 0.0078 -0.0030 0.0063 0.0104 0.0026 -0.0146 -0.0115 0.0052 -0.0018 -0.0093 -0.0208 0.0012 -0.0105

0.0112 -0.0006 -0.0161 -0.0103 0.0485 0.0160 0.0409 0.0269 -0.0067 -0.0287 0.0142 -0.0486 0.0152 -0.0628 -0.0262 0.0292 0.0126 -0.0266 0.0756 0.0094 0.0183 0.0140 0.0451 0.0086 0.0808 0.0014 0.0410 0.0068 0.0779 0.1112 0.0201 0.0479 0.0085 0.0150 0.0078 0.0293 0.0064 -0.0028 0.0109 -0.0170 0.0468 0.0163 -0.0047 0.0278 0.0431 0.0047 -0.0398 0.0056 0.0283 -0.0134 -0.0260 0.0104

0.0076 0.0013 -0.0012 0.0013 0.0000 -0.0012 -0.0025 -0.0050 0.0025 0.0013 0.0025 0.0038 0.0025 0.0025 0.0012 0.0025 -0.0037 -0.0012 0.0025 -0.0012 -0.0012 -0.0025 0.0037 0.0012 0.0000 -0.0012 -0.0025 -0.0025 0.0012 -0.0025 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0037 -0.0025 0.0037 0.0000 0.0012 -0.0025 -0.0012 0.0000 0.0012 0.0012 0.0050 0.0062 0.0074 -0.0012 0.0012 0.0061

1.1757 1.1686 1.1510 1.1530 1.2101 1.2483 1.2434 1.2328 1.2116 1.1878 1.1956 1.1821 1.2095 1.1594 1.1628 1.2168 1.2371 1.2424 1.2960 1.3071 1.3396 1.3912 1.4330 1.4360 1.4949 1.4674 1.5525 1.5358 1.6267 1.6802 1.6999 1.7098 1.7068 1.7464 1.7519 1.8361 1.8982 1.8957 1.9087 1.8803 1.9629 1.9645 1.9297 1.9710 2.0421 2.0416 1.9823 2.0233 2.0763 2.0435 1.9995 2.0061

0.1608 0.1538 0.1408 0.1555 0.1540 0.1454 0.1466 0.1379 0.1291 0.1186 0.1038 0.1261 0.1300 0.1293 0.1592 0.1667 0.1617 0.1823 0.1913 0.2152 0.2211 0.2314 0.2227 0.2390 0.2524 0.2488 0.2479 0.2485 0.2460 0.2524 0.2283 0.2205 0.2292 0.2293 0.2366 0.2290 0.2187 0.2192 0.2264 0.2409 0.2364 0.2400 0.2483 0.2481 0.2332 0.2219 0.2445 0.2472 0.2263 0.2077 0.2126 0.2072

Page 6

Returns

Nov-56 Dec-56 Jan-57 Feb-57 Mar-57 Apr-57 May-57 Jun-57 Jul-57 Aug-57 Sep-57 Oct-57 Nov-57 Dec-57 Jan-58 Feb-58 Mar-58 Apr-58 May-58 Jun-58 Jul-58 Aug-58 Sep-58 Oct-58 Nov-58 Dec-58 Jan-59 Feb-59 Mar-59 Apr-59 May-59 Jun-59 Jul-59 Aug-59 Sep-59 Oct-59 Nov-59 Dec-59 Jan-60 Feb-60 Mar-60 Apr-60 May-60 Jun-60 Jul-60 Aug-60 Sep-60 Oct-60 Nov-60 Dec-60 Jan-61 Feb-61

-0.0050 0.0370 -0.0401 -0.0264 0.0215 0.0388 0.0437 0.0004 0.0131 -0.0505 -0.0602 -0.0302 0.0231 -0.0395 0.0445 -0.0142 0.0328 0.0337 0.0212 0.0279 0.0449 0.0176 0.0501 0.0270 0.0284 0.0535 0.0053 0.0049 0.0020 0.0402 0.0240 -0.0022 0.0363 -0.0102 -0.0443 0.0128 0.0186 0.0292 -0.0700 0.0147 -0.0123 -0.0161 0.0326 0.0211 -0.0234 0.0317 -0.0600 -0.0007 0.0465 0.0479 0.0645 0.0319

-0.0057 -0.0179 0.0346 0.0025 -0.0024 -0.0222 -0.0023 -0.0180 -0.0041 0.0002 0.0076 -0.0050 0.0533 0.0307 -0.0084 0.0100 0.0102 0.0186 0.0001 -0.0160 -0.0278 -0.0436 -0.0117 0.0139 0.0120 -0.0181 -0.0080 0.0117 0.0017 -0.0117 -0.0006 0.0011 0.0060 -0.0041 -0.0057 0.0150 -0.0119 -0.0159 0.0112 0.0204 0.0282 -0.0170 0.0152 0.0173 0.0368 -0.0067 0.0075 -0.0028 -0.0066 0.0279 -0.0107 0.0200

-0.0126 -0.0082 0.0197 0.0093 0.0050 -0.0066 -0.0075 -0.0322 -0.0110 -0.0010 0.0095 0.0023 0.0311 0.0685 0.0100 -0.0008 -0.0046 0.0163 0.0031 -0.0038 -0.0153 -0.0320 -0.0096 0.0107 0.0105 -0.0058 -0.0028 0.0126 -0.0083 -0.0172 -0.0114 0.0044 0.0100 -0.0068 -0.0088 0.0165 0.0135 -0.0096 0.0107 0.0128 0.0191 -0.0022 -0.0021 0.0141 0.0257 0.0117 -0.0063 0.0008 -0.0070 0.0104 0.0148 0.0210

0.0053 0.0038 0.0236 -0.0200 0.0167 0.0248 0.0075 0.0073 -0.0060 -0.0386 -0.0452 -0.0832 0.0113 -0.0481 0.1105 -0.0170 0.0471 0.0376 0.0387 0.0324 0.0492 0.0428 0.0518 0.0407 0.0496 0.0313 0.0575 0.0295 0.0027 0.0117 0.0014 -0.0042 0.0327 -0.0088 -0.0431 0.0227 0.0222 0.0322 -0.0306 0.0050 -0.0315 -0.0187 0.0205 0.0340 -0.0189 0.0525 -0.0738 -0.0401 0.0437 0.0332 0.0915 0.0589

0.0000 0.0024 0.0012 0.0036 0.0024 0.0036 0.0024 0.0060 0.0047 0.0012 0.0012 0.0000 0.0035 0.0000 0.0059 0.0012 0.0070 0.0023 0.0000 0.0012 0.0012 -0.0012 0.0000 0.0000 0.0012 -0.0012 0.0012 -0.0012 0.0000 0.0012 0.0012 0.0046 0.0023 -0.0011 0.0034 0.0034 0.0000 0.0000 -0.0011 0.0011 0.0000 0.0057 0.0000 0.0023 0.0000 0.0000 0.0011 0.0045 0.0011 0.0000 0.0000 0.0000

2.0010 2.0381 1.9980 1.9716 1.9931 2.0319 2.0756 2.0760 2.0891 2.0386 1.9785 1.9483 1.9714 1.9319 1.9764 1.9622 1.9951 2.0288 2.0500 2.0779 2.1227 2.1403 2.1904 2.2173 2.2458 2.2993 2.3046 2.3095 2.3114 2.3517 2.3756 2.3734 2.4097 2.3994 2.3551 2.3680 2.3866 2.4157 2.3458 2.3605 2.3482 2.3321 2.3647 2.3858 2.3625 2.3942 2.3342 2.3334 2.3799 2.4278 2.4923 2.5242

0.2015 0.1836 0.2182 0.2207 0.2183 0.1961 0.1938 0.1758 0.1717 0.1719 0.1795 0.1745 0.2277 0.2584 0.2500 0.2600 0.2702 0.2889 0.2889 0.2730 0.2452 0.2016 0.1899 0.2038 0.2158 0.1977 0.1897 0.2015 0.2031 0.1914 0.1909 0.1919 0.1979 0.1938 0.1882 0.2032 0.1913 0.1754 0.1866 0.2070 0.2352 0.2182 0.2334 0.2507 0.2874 0.2807 0.2882 0.2854 0.2788 0.3067 0.2960 0.3160

Page 7

Returns

Mar-61 Apr-61 May-61 Jun-61 Jul-61 Aug-61 Sep-61 Oct-61 Nov-61 Dec-61 Jan-62 Feb-62 Mar-62 Apr-62 May-62 Jun-62 Jul-62 Aug-62 Sep-62 Oct-62 Nov-62 Dec-62 Jan-63 Feb-63 Mar-63 Apr-63 May-63 Jun-63 Jul-63 Aug-63 Sep-63 Oct-63 Nov-63 Dec-63 Jan-64 Feb-64 Mar-64 Apr-64 May-64 Jun-64 Jul-64 Aug-64 Sep-64 Oct-64 Nov-64 Dec-64 Jan-65 Feb-65 Mar-65 Apr-65 May-65 Jun-65

0.0270 0.0051 0.0239 -0.0275 0.0342 0.0243 -0.0184 0.0298 0.0447 0.0046 -0.0366 0.0209 -0.0046 -0.0607 -0.0811 -0.0803 0.0652 0.0208 -0.0465 0.0064 0.1086 0.0153 0.0506 -0.0239 0.0370 0.0500 0.0193 -0.0188 -0.0022 0.0535 -0.0097 0.0339 -0.0046 0.0262 0.0283 0.0147 0.0165 0.0075 0.0162 0.0178 0.0195 -0.0118 0.0301 0.0096 0.0005 0.0056 0.0345 0.0031 -0.0133 0.0356 -0.0030 -0.0473

-0.0038 0.0115 -0.0046 -0.0075 0.0035 -0.0038 0.0129 0.0071 -0.0020 -0.0125 -0.0014 0.0103 0.0253 0.0082 0.0046 -0.0076 -0.0110 0.0187 0.0061 0.0084 0.0021 0.0035 -0.0001 0.0008 0.0009 -0.0012 0.0023 0.0019 0.0031 0.0021 0.0004 -0.0026 0.0051 -0.0006 -0.0014 -0.0011 0.0037 0.0047 0.0050 0.0070 0.0008 0.0020 0.0050 0.0043 0.0017 0.0030 0.0040 0.0014 0.0054 0.0036 0.0018 0.0047

-0.0030 -0.0116 0.0049 -0.0080 0.0040 -0.0018 0.0144 0.0127 0.0028 -0.0026 0.0080 0.0052 0.0151 0.0142 0.0000 -0.0026 -0.0015 0.0143 0.0100 0.0068 0.0062 0.0023 0.0059 0.0023 0.0026 -0.0051 0.0048 0.0043 0.0028 0.0035 -0.0023 0.0049 0.0015 -0.0034 0.0087 0.0054 -0.0062 0.0040 0.0057 0.0048 0.0052 0.0037 0.0021 0.0050 -0.0004 0.0088 0.0081 0.0010 0.0012 0.0021 -0.0008 0.0003

0.0619 0.0127 0.0427 -0.0543 0.0031 0.0130 -0.0339 0.0262 0.0613 0.0079 0.0136 0.0187 0.0057 -0.0777 -0.1009 -0.0785 0.0763 0.0289 -0.0659 -0.0373 0.1248 -0.0089 0.0906 0.0034 0.0149 0.0312 0.0436 -0.0118 0.0033 0.0517 -0.0163 0.0236 -0.0106 -0.0048 0.0274 0.0365 0.0219 0.0093 0.0157 0.0163 0.0398 -0.0029 0.0402 0.0205 0.0011 -0.0112 0.0529 0.0390 0.0238 0.0509 -0.0078 -0.0901

0.0000 0.0000 0.0000 0.0011 0.0045 -0.0011 0.0022 0.0000 0.0000 0.0000 0.0000 0.0022 0.0022 0.0022 0.0000 0.0000 0.0022 0.0000 0.0055 -0.0011 0.0000 -0.0011 0.0011 0.0011 0.0011 0.0000 0.0000 0.0044 0.0044 0.0000 0.0000 0.0011 0.0011 0.0022 0.0011 -0.0011 0.0011 0.0011 0.0000 0.0022 0.0022 -0.0011 0.0022 0.0011 0.0021 0.0011 0.0000 0.0000 0.0011 0.0032 0.0021 0.0053

2.5511 2.5562 2.5801 2.5526 2.5868 2.6111 2.5927 2.6225 2.6673 2.6719 2.6353 2.6562 2.6516 2.5909 2.5099 2.4295 2.4947 2.5155 2.4690 2.4754 2.5840 2.5993 2.6498 2.6260 2.6630 2.7130 2.7324 2.7136 2.7114 2.7649 2.7553 2.7892 2.7846 2.8108 2.8391 2.8537 2.8702 2.8776 2.8939 2.9117 2.9311 2.9194 2.9494 2.9590 2.9595 2.9651 2.9995 3.0026 2.9894 3.0250 3.0220 2.9747

0.3123 0.3238 0.3192 0.3117 0.3152 0.3114 0.3243 0.3314 0.3294 0.3170 0.3155 0.3258 0.3512 0.3594 0.3640 0.3564 0.3454 0.3641 0.3702 0.3786 0.3807 0.3842 0.3841 0.3848 0.3857 0.3845 0.3868 0.3887 0.3918 0.3940 0.3944 0.3918 0.3969 0.3963 0.3949 0.3938 0.3975 0.4022 0.4072 0.4142 0.4150 0.4170 0.4219 0.4262 0.4279 0.4309 0.4349 0.4363 0.4417 0.4453 0.4471 0.4518

Page 8

Returns

Jul-65 Aug-65 Sep-65 Oct-65 Nov-65 Dec-65 Jan-66 Feb-66 Mar-66 Apr-66 May-66 Jun-66 Jul-66 Aug-66 Sep-66 Oct-66 Nov-66 Dec-66 Jan-67 Feb-67 Mar-67 Apr-67 May-67 Jun-67 Jul-67 Aug-67 Sep-67 Oct-67 Nov-67 Dec-67 Jan-68 Feb-68 Mar-68 Apr-68 May-68 Jun-68 Jul-68 Aug-68 Sep-68 Oct-68 Nov-68 Dec-68 Jan-69 Feb-69 Mar-69 Apr-69 May-69 Jun-69 Jul-69 Aug-69 Sep-69 Oct-69

0.0147 0.0272 0.0334 0.0289 -0.0031 0.0106 0.0062 -0.0131 -0.0205 0.0220 -0.0492 -0.0146 -0.0120 -0.0725 -0.0053 0.0494 0.0095 0.0002 0.0798 0.0072 0.0409 0.0437 -0.0477 0.0190 0.0468 -0.0070 0.0342 -0.0276 0.0065 0.0278 -0.0425 -0.0261 0.0110 0.0834 0.0161 0.0105 -0.0172 0.0164 0.0400 0.0087 0.0531 -0.0402 -0.0068 -0.0426 0.0359 0.0229 0.0026 -0.0542 -0.0587 0.0454 -0.0236 0.0459

0.0022 -0.0013 -0.0034 0.0027 -0.0062 -0.0078 -0.0104 -0.0250 0.0296 -0.0063 -0.0059 -0.0016 -0.0037 -0.0206 0.0332 0.0228 -0.0149 0.0413 0.0154 -0.0221 0.0198 -0.0291 -0.0039 -0.0312 0.0068 -0.0084 -0.0005 -0.0400 -0.0197 0.0192 0.0328 -0.0033 -0.0212 0.0227 0.0043 0.0230 0.0289 -0.0003 -0.0102 -0.0132 -0.0269 -0.0363 -0.0206 0.0042 0.0010 0.0427 -0.0490 0.0214 0.0079 -0.0069 -0.0531 0.0365

0.0019 -0.0006 -0.0015 0.0046 -0.0057 -0.0150 0.0022 -0.0113 -0.0059 0.0013 -0.0026 0.0030 -0.0098 -0.0259 0.0078 0.0261 -0.0020 0.0201 0.0450 -0.0201 0.0117 -0.0071 -0.0254 -0.0223 0.0041 -0.0007 0.0094 -0.0281 -0.0272 0.0127 0.0361 0.0037 -0.0197 0.0048 0.0032 0.0122 0.0341 0.0206 -0.0053 -0.0160 -0.0226 -0.0233 0.0140 -0.0160 -0.0200 0.0335 -0.0227 0.0035 0.0005 -0.0020 -0.0244 0.0127

0.0449 0.0011 0.0595 -0.0021 0.0347 0.0021 0.0572 0.0011 0.0371 0.0021 0.0622 0.0032 0.0756 0.0000 0.0311 0.0063 -0.0192 0.0031 0.0343 0.0042 -0.0961 0.0010 -0.0012 0.0031 -0.0012 0.0031 -0.1080 0.0051 -0.0164 0.0020 -0.0107 0.0041 0.0491 0.0000 0.0065 0.0010 0.1838 0.0000 0.0450 0.0010 0.0615 0.0020 0.0271 0.0020 -0.0085 0.0030 0.1017 0.0030 0.0951 0.0050 0.0020 0.0030 0.0565 0.0020 -0.0311 0.0030 0.0117 0.0030 0.0965 0.0030 0.0154 0.0039 -0.0709 0.0029 -0.0109 0.0049 0.1461 0.0029 0.0999 0.0029 0.0030 0.0058 -0.0345 0.0048 0.0367 0.0029 0.0599 0.0029 0.0030 0.0057 0.0764 0.0038 0.0062 0.0028 -0.0166 0.0028 -0.0990 0.0038 0.0396 0.0084 0.0395 0.0065 0.0174 0.0028 -0.1165 0.0064 -0.1070 0.0046 0.0732 0.0045 -0.0261 0.0045 0.0610 0.0036

2.9894 3.0166 3.0500 3.0789 3.0758 3.0864 3.0925 3.0794 3.0589 3.0809 3.0317 3.0170 3.0050 2.9325 2.9272 2.9766 2.9860 2.9863 3.0661 3.0732 3.1142 3.1578 3.1102 3.1292 3.1759 3.1690 3.2031 3.1755 3.1820 3.2098 3.1673 3.1412 3.1521 3.2355 3.2516 3.2621 3.2450 3.2613 3.3013 3.3100 3.3631 3.3228 3.3160 3.2734 3.3092 3.3321 3.3347 3.2805 3.2217 3.2671 3.2436 3.2894

0.4540 0.4528 0.4494 0.4521 0.4459 0.4381 0.4277 0.4027 0.4324 0.4261 0.4202 0.4186 0.4149 0.3943 0.4275 0.4503 0.4355 0.4768 0.4922 0.4701 0.4899 0.4608 0.4569 0.4257 0.4325 0.4241 0.4236 0.3837 0.3640 0.3832 0.4160 0.4127 0.3915 0.4142 0.4185 0.4415 0.4704 0.4701 0.4599 0.4466 0.4197 0.3835 0.3629 0.3671 0.3681 0.4108 0.3617 0.3832 0.3911 0.3842 0.3311 0.3676

Page 9

Returns

Nov-69 Dec-69 Jan-70 Feb-70 Mar-70 Apr-70 May-70 Jun-70 Jul-70 Aug-70 Sep-70 Oct-70 Nov-70 Dec-70 Jan-71 Feb-71 Mar-71 Apr-71 May-71 Jun-71 Jul-71 Aug-71 Sep-71 Oct-71 Nov-71 Dec-71 Jan-72 Feb-72 Mar-72 Apr-72 May-72 Jun-72 Jul-72 Aug-72 Sep-72 Oct-72 Nov-72 Dec-72 Jan-73 Feb-73 Mar-73 Apr-73 May-73 Jun-73 Jul-73 Aug-73 Sep-73 Oct-73 Nov-73 Dec-73 Jan-74 Feb-74

-0.0297 -0.0177 -0.0743 0.0586 0.0030 -0.0889 -0.0547 -0.0482 0.0752 0.0509 0.0347 -0.0097 0.0536 0.0584 0.0419 0.0141 0.0382 0.0377 -0.0367 0.0021 -0.0399 0.0412 -0.0056 -0.0404 0.0027 0.0877 0.0194 0.0299 0.0072 0.0057 0.0219 -0.0205 0.0036 0.0391 -0.0036 0.0107 0.0505 0.0131 -0.0159 -0.0333 -0.0002 -0.0395 -0.0139 -0.0051 0.0394 -0.0318 0.0415 0.0003 -0.1082 0.0183 -0.0085 0.0019

-0.0243 -0.0068 -0.0021 0.0587 -0.0068 -0.0413 -0.0468 0.0486 0.0319 -0.0019 0.0228 -0.0109 0.0791 -0.0084 0.0506 -0.0163 0.0526 -0.0283 -0.0006 -0.0159 0.0030 0.0471 0.0204 0.0167 -0.0047 0.0044 -0.0064 0.0088 -0.0082 0.0027 0.0270 -0.0065 0.0216 0.0029 -0.0083 0.0234 0.0226 -0.0229 -0.0321 0.0014 0.0082 0.0046 -0.0105 -0.0021 -0.0433 0.0391 0.0318 0.0215 -0.0183 -0.0082 -0.0083 -0.0024

-0.0471 -0.0134 0.0141 0.0401 -0.0045 -0.0250 -0.0163 0.0001 0.0556 0.0100 0.0140 -0.0096 0.0584 0.0372 0.0532 -0.0366 0.0258 -0.0236 -0.0161 0.0107 -0.0025 0.0554 -0.0102 0.0282 0.0030 0.0223 -0.0033 0.0107 0.0024 0.0035 0.0163 -0.0068 0.0030 0.0072 0.0031 0.0101 0.0249 -0.0004 -0.0054 0.0023 0.0045 0.0061 -0.0040 -0.0056 -0.0476 0.0356 0.0356 -0.0066 0.0078 -0.0100 -0.0053 0.0010

-0.0557 -0.0687 -0.0608 0.0387 -0.0285 -0.1728 -0.1031 -0.0929 0.0554 0.0949 0.1086 -0.0706 0.0137 0.0726 0.1592 0.0317 0.0564 0.0247 -0.0605 -0.0319 -0.0563 0.0583 -0.0226 -0.0551 -0.0373 0.1144 0.1130 0.0296 -0.0144 0.0130 -0.0191 -0.0305 -0.0413 0.0186 -0.0349 -0.0175 0.0593 -0.0214 -0.0432 -0.0799 -0.0208 -0.0621 -0.0811 -0.0290 0.1194 -0.0445 0.1064 0.0084 -0.1962 -0.0014 0.1326 -0.0085

0.0054 0.0062 0.0035 0.0053 0.0053 0.0061 0.0043 0.0052 0.0034 0.0017 0.0051 0.0051 0.0034 0.0051 0.0008 0.0017 0.0034 0.0033 0.0050 0.0058 0.0025 0.0025 0.0008 0.0016 0.0016 0.0041 0.0008 0.0049 0.0016 0.0024 0.0032 0.0024 0.0040 0.0016 0.0040 0.0032 0.0024 0.0032 0.0031 0.0070 0.0093 0.0069 0.0061 0.0068 0.0023 0.0181 0.0030 0.0081 0.0073 0.0065 0.0087 0.0129

3.2597 3.2420 3.1677 3.2262 3.2293 3.1403 3.0856 3.0374 3.1126 3.1635 3.1982 3.1885 3.2421 3.3004 3.3423 3.3564 3.3946 3.4323 3.3956 3.3977 3.3578 3.3990 3.3934 3.3531 3.3557 3.4434 3.4628 3.4927 3.4999 3.5056 3.5275 3.5070 3.5106 3.5497 3.5461 3.5568 3.6073 3.6204 3.6045 3.5712 3.5710 3.5316 3.5176 3.5125 3.5519 3.5201 3.5617 3.5619 3.4537 3.4721 3.4635 3.4654

0.3433 0.3365 0.3343 0.3930 0.3863 0.3449 0.2981 0.3467 0.3787 0.3768 0.3995 0.3887 0.4678 0.4594 0.5100 0.4937 0.5463 0.5180 0.5174 0.5015 0.5045 0.5516 0.5719 0.5886 0.5839 0.5884 0.5820 0.5908 0.5826 0.5853 0.6124 0.6059 0.6275 0.6303 0.6221 0.6455 0.6681 0.6452 0.6131 0.6145 0.6227 0.6272 0.6168 0.6147 0.5713 0.6105 0.6423 0.6638 0.6455 0.6373 0.6290 0.6266

Page 10

Returns

Mar-74 Apr-74 May-74 Jun-74 Jul-74 Aug-74 Sep-74 Oct-74 Nov-74 Dec-74 Jan-75 Feb-75 Mar-75 Apr-75 May-75 Jun-75 Jul-75 Aug-75 Sep-75 Oct-75 Nov-75 Dec-75 Jan-76 Feb-76 Mar-76 Apr-76 May-76 Jun-76 Jul-76 Aug-76 Sep-76 Oct-76 Nov-76 Dec-76 Jan-77 Feb-77 Mar-77 Apr-77 May-77 Jun-77 Jul-77 Aug-77 Sep-77 Oct-77 Nov-77 Dec-77 Jan-78 Feb-78 Mar-78 Apr-78 May-78 Jun-78

-0.0217 -0.0373 -0.0272 -0.0129 -0.0759 -0.0828 -0.1170 0.1657 -0.0448 -0.0177 0.1251 0.0674 0.0237 0.0493 0.0509 0.0462 -0.0659 -0.0144 -0.0328 0.0637 0.0313 -0.0096 0.1199 -0.0058 0.0326 -0.0099 -0.0073 0.0427 -0.0068 0.0014 0.0247 -0.0206 -0.0009 0.0540 -0.0489 -0.0151 -0.0119 0.0014 -0.0150 0.0475 -0.0151 -0.0133 0.0000 -0.0415 0.0370 0.0048 -0.0596 -0.0161 0.0276 0.0870 0.0136 -0.0152

-0.0292 -0.0253 0.0123 0.0045 -0.0030 -0.0232 0.0247 0.0489 0.0296 0.0171 0.0225 0.0131 -0.0267 -0.0182 0.0212 0.0292 -0.0087 -0.0068 -0.0098 0.0475 -0.0109 0.0390 0.0090 0.0062 0.0166 0.0018 -0.0158 0.0208 0.0078 0.0211 0.0145 0.0084 0.0339 0.0327 -0.0388 -0.0049 0.0091 0.0071 0.0125 0.0164 -0.0070 0.0198 -0.0029 -0.0093 0.0093 -0.0168 -0.0080 0.0004 -0.0021 -0.0005 -0.0058 -0.0062

-0.0307 -0.0341 0.0105 -0.0285 -0.0211 -0.0268 0.0174 0.0885 0.0117 -0.0075 0.0596 0.0137 -0.0247 -0.0052 0.0106 0.0304 -0.0030 -0.0175 -0.0126 0.0553 -0.0088 0.0442 0.0188 0.0061 0.0167 -0.0015 -0.0103 0.0150 0.0150 0.0231 0.0167 0.0070 0.0320 0.0347 -0.0303 -0.0020 0.0094 0.0100 0.0106 0.0175 -0.0005 0.0136 -0.0022 -0.0038 0.0061 -0.0105 -0.0100 0.0051 0.0042 -0.0023 -0.0108 0.0023

-0.0074 -0.0464 -0.0793 -0.0147 -0.0219 -0.0681 -0.0653 0.1063 -0.0438 -0.0788 0.2767 0.0285 0.0618 0.0531 0.0663 0.0750 -0.0254 -0.0574 -0.0182 -0.0050 0.0320 -0.0197 0.2684 0.1390 -0.0015 -0.0359 -0.0361 0.0459 0.0045 -0.0290 0.0104 -0.0209 0.0404 0.1180 0.0450 -0.0039 0.0131 0.0228 -0.0028 0.0772 0.0030 -0.0107 0.0092 -0.0330 0.1086 0.0081 -0.0189 0.0347 0.1032 0.0788 0.0820 -0.0189

0.0113 0.0056 0.0111 0.0096 0.0075 0.0128 0.0120 0.0086 0.0085 0.0071 0.0045 0.0070 0.0038 0.0051 0.0044 0.0082 0.0106 0.0031 0.0049 0.0061 0.0061 0.0042 0.0024 0.0024 0.0024 0.0042 0.0059 0.0053 0.0059 0.0047 0.0041 0.0041 0.0029 0.0029 0.0057 0.0103 0.0062 0.0079 0.0056 0.0066 0.0044 0.0038 0.0038 0.0027 0.0049 0.0038 0.0054 0.0069 0.0070 0.0090 0.0099 0.0103

3.4437 3.4063 3.3791 3.3662 3.2903 3.2075 3.0905 3.2562 3.2114 3.1937 3.3189 3.3863 3.4099 3.4592 3.5101 3.5563 3.4904 3.4760 3.4432 3.5069 3.5382 3.5286 3.6485 3.6427 3.6753 3.6654 3.6581 3.7008 3.6939 3.6954 3.7200 3.6995 3.6985 3.7525 3.7036 3.6885 3.6766 3.6779 3.6630 3.7105 3.6953 3.6821 3.6821 3.6406 3.6776 3.6824 3.6227 3.6066 3.6342 3.7212 3.7348 3.7196

0.5975 0.5722 0.5845 0.5889 0.5859 0.5627 0.5874 0.6363 0.6659 0.6830 0.7055 0.7187 0.6920 0.6738 0.6950 0.7242 0.7155 0.7087 0.6989 0.7463 0.7355 0.7745 0.7835 0.7897 0.8063 0.8081 0.7923 0.8130 0.8208 0.8420 0.8565 0.8649 0.8987 0.9314 0.8927 0.8877 0.8968 0.9039 0.9164 0.9329 0.9258 0.9456 0.9428 0.9335 0.9428 0.9260 0.9180 0.9184 0.9164 0.9159 0.9100 0.9038

Page 11

Returns

Jul-78 Aug-78 Sep-78 Oct-78 Nov-78 Dec-78 Jan-79 Feb-79 Mar-79 Apr-79 May-79 Jun-79 Jul-79 Aug-79 Sep-79 Oct-79 Nov-79 Dec-79 Jan-80 Feb-80 Mar-80 Apr-80 May-80 Jun-80 Jul-80 Aug-80 Sep-80 Oct-80 Nov-80 Dec-80 Jan-81 Feb-81 Mar-81 Apr-81 May-81 Jun-81 Jul-81 Aug-81 Sep-81 Oct-81 Nov-81 Dec-81 Jan-82 Feb-82 Mar-82 Apr-82 May-82 Jun-82 Jul-82 Aug-82 Sep-82 Oct-82

0.0560 0.0340 -0.0048 -0.0891 0.0260 0.0172 0.0421 -0.0284 0.0575 0.0036 -0.0168 0.0410 0.0110 0.0611 0.0025 -0.0656 0.0514 0.0192 0.0610 0.0031 -0.0987 0.0429 0.0562 0.0296 0.0676 0.0131 0.0281 0.0187 0.1095 -0.0315 -0.0438 0.0208 0.0380 -0.0213 0.0062 -0.0080 0.0007 -0.0554 -0.0502 0.0528 0.0441 -0.0265 -0.0163 -0.0512 -0.0060 0.0414 -0.0288 -0.0174 -0.0215 0.1267 0.0110 0.1126

0.0143 0.0218 -0.0106 -0.0200 0.0189 -0.0130 0.0191 -0.0135 0.0129 -0.0112 0.0261 0.0311 -0.0085 -0.0035 -0.0122 -0.0841 0.0311 0.0057 -0.0741 -0.0467 -0.0315 0.1523 0.0419 0.0359 -0.0476 -0.0432 -0.0262 -0.0263 0.0100 0.0352 -0.0115 -0.0436 0.0384 -0.0518 0.0622 -0.0179 -0.0353 -0.0386 -0.0145 0.0829 0.1410 -0.0713 0.0046 0.0182 0.0231 0.0373 0.0034 -0.0223 0.0501 0.0781 0.0618 0.0634

0.0101 0.0257 -0.0048 -0.0205 0.0134 -0.0133 0.0184 -0.0128 0.0107 -0.0052 0.0228 0.0269 -0.0031 0.0006 -0.0179 -0.0890 0.0222 -0.0108 -0.0645 -0.0665 -0.0062 0.1376 0.0560 0.0341 -0.0430 -0.0445 -0.0237 -0.0159 0.0017 0.0248 -0.0130 -0.0269 0.0311 -0.0770 0.0595 0.0023 -0.0372 -0.0345 -0.0200 0.0521 0.1267 -0.0580 -0.0129 0.0312 0.0306 0.0338 0.0245 -0.0468 0.0540 0.0837 0.0623 0.0759

0.0684 0.0072 0.0939 0.0051 -0.0032 0.0071 -0.2427 0.0080 0.0732 0.0055 0.0168 0.0055 0.1321 0.0089 -0.0282 0.0117 0.1120 0.0097 0.0387 0.0115 0.0035 0.0123 0.0472 0.0093 0.0171 0.0130 0.0756 0.0101 -0.0344 0.0104 -0.1154 0.0090 0.0858 0.0093 0.0588 0.0105 0.0836 0.0144 -0.0284 0.0137 -0.1778 0.0144 0.0694 0.0113 0.0750 0.0099 0.0452 0.0110 0.1323 0.0008 0.0604 0.0065 0.0418 0.0092 0.0333 0.0087 0.0766 0.0091 -0.0338 0.0086 0.0207 0.0081 0.0094 0.0104 0.0943 0.0072 0.0657 0.0064 0.0422 0.0082 0.0076 0.0086 -0.0316 0.0114 -0.0684 0.0077 -0.0733 0.0101 0.0742 0.0021 0.0276 0.0029 -0.0220 0.0029 -0.0196 0.0036 -0.0296 0.0032 -0.0086 -0.0011 0.0383 0.0042 -0.0248 0.0099 -0.0159 0.0122 -0.0015 0.0055 0.0698 0.0021 0.0327 0.0017 0.1305 0.0027

3.7755 3.8095 3.8047 3.7156 3.7416 3.7588 3.8010 3.7726 3.8301 3.8337 3.8169 3.8579 3.8688 3.9299 3.9324 3.8669 3.9183 3.9375 3.9985 4.0016 3.9029 3.9458 4.0021 4.0316 4.0992 4.1123 4.1404 4.1590 4.2686 4.2371 4.1933 4.2141 4.2521 4.2308 4.2370 4.2290 4.2297 4.1743 4.1241 4.1769 4.2210 4.1945 4.1782 4.1270 4.1210 4.1624 4.1336 4.1162 4.0947 4.2214 4.2324 4.3450

0.9181 0.9399 0.9293 0.9093 0.9282 0.9151 0.9342 0.9208 0.9337 0.9225 0.9486 0.9797 0.9712 0.9677 0.9555 0.8714 0.9026 0.9083 0.8342 0.7875 0.7560 0.9084 0.9502 0.9861 0.9385 0.8953 0.8692 0.8429 0.8529 0.8880 0.8765 0.8330 0.8714 0.8196 0.8818 0.8639 0.8286 0.7900 0.7755 0.8584 0.9994 0.9281 0.9327 0.9509 0.9740 1.0113 1.0147 0.9924 1.0426 1.1206 1.1825 1.2459

Page 12

Returns

Nov-82 Dec-82 Jan-83 Feb-83 Mar-83 Apr-83 May-83 Jun-83 Jul-83 Aug-83 Sep-83 Oct-83 Nov-83 Dec-83 Jan-84 Feb-84 Mar-84 Apr-84 May-84 Jun-84 Jul-84 Aug-84 Sep-84 Oct-84 Nov-84 Dec-84 Jan-85 Feb-85 Mar-85 Apr-85 May-85 Jun-85 Jul-85 Aug-85 Sep-85 Oct-85 Nov-85 Dec-85 Jan-86 Feb-86 Mar-86 Apr-86 May-86 Jun-86 Jul-86 Aug-86 Sep-86 Oct-86 Nov-86 Dec-86 Jan-87 Feb-87

0.0438 0.0173 0.0348 0.0260 0.0365 0.0758 -0.0052 0.0382 -0.0313 0.0170 0.0136 -0.0134 0.0233 -0.0061 -0.0065 -0.0328 0.0171 0.0070 -0.0534 0.0221 -0.0143 0.1125 0.0002 0.0026 -0.0101 0.0253 0.0768 0.0137 0.0018 -0.0032 0.0615 0.0159 -0.0026 -0.0061 -0.0321 0.0447 0.0716 0.0467 0.0044 0.0761 0.0554 -0.0124 0.0549 0.0166 -0.0570 0.0748 -0.0822 0.0556 0.0256 -0.0264 0.1343 0.0413

-0.0002 0.0312 -0.0310 0.0492 -0.0094 0.0350 -0.0386 0.0039 -0.0486 0.0020 0.0505 -0.0132 0.0183 -0.0059 0.0244 -0.0178 -0.0156 -0.0106 -0.0516 0.0150 0.0693 0.0266 0.0343 0.0561 0.0118 0.0091 0.0364 -0.0493 0.0307 0.0242 0.0896 0.0142 -0.0180 0.0259 -0.0021 0.0338 0.0401 0.0541 -0.0025 0.1145 0.0770 -0.0080 -0.0505 0.0613 -0.0108 0.0499 -0.0500 0.0289 0.0267 -0.0018 0.0161 0.0202

0.0201 0.0108 -0.0094 0.0428 0.0072 0.0548 -0.0324 -0.0046 -0.0455 0.0051 0.0392 -0.0025 0.0142 -0.0033 0.0270 -0.0172 -0.0235 -0.0073 -0.0483 0.0200 0.0586 0.0307 0.0314 0.0572 0.0212 0.0128 0.0325 -0.0373 0.0180 0.0296 0.0820 0.0083 -0.0121 0.0260 0.0071 0.0329 0.0370 0.0469 0.0045 0.0752 0.0256 0.0016 -0.0164 0.0218 0.0031 0.0275 -0.0114 0.0200 0.0233 0.0117 0.0216 0.0058

0.0780 0.0132 0.0628 0.0712 0.0525 0.0767 0.0870 0.0348 -0.0088 -0.0197 0.0133 -0.0568 0.0516 -0.0145 -0.0008 -0.0645 0.0174 -0.0085 -0.0521 0.0300 -0.0420 0.0998 0.0027 -0.0217 -0.0336 0.0150 0.1060 0.0272 -0.0214 -0.0174 0.0276 0.0106 0.0260 -0.0072 -0.0544 0.0261 0.0620 0.0470 0.0112 0.0719 0.0477 0.0064 0.0360 0.0026 -0.0710 0.0218 -0.0559 0.0346 -0.0031 -0.0262 0.0943 0.0810

-0.0017 -0.0041 0.0024 0.0003 0.0007 0.0072 0.0054 0.0034 0.0040 0.0033 0.0050 0.0027 0.0017 0.0013 0.0056 0.0046 0.0023 0.0049 0.0029 0.0032 0.0032 0.0042 0.0048 0.0025 0.0000 0.0006 0.0019 0.0041 0.0044 0.0041 0.0038 0.0031 0.0016 0.0022 0.0031 0.0031 0.0034 0.0025 0.0031 -0.0027 -0.0046 -0.0021 0.0031 0.0049 0.0003 0.0018 0.0049 0.0009 0.0009 0.0009 0.0060 0.0039

4.3888 4.4061 4.4409 4.4669 4.5034 4.5792 4.5740 4.6122 4.5809 4.5979 4.6115 4.5981 4.6214 4.6153 4.6088 4.5760 4.5931 4.6001 4.5467 4.5688 4.5545 4.6670 4.6672 4.6698 4.6597 4.6850 4.7618 4.7755 4.7773 4.7741 4.8356 4.8515 4.8489 4.8428 4.8107 4.8554 4.9270 4.9737 4.9781 5.0542 5.1096 5.0972 5.1521 5.1687 5.1117 5.1865 5.1043 5.1599 5.1855 5.1591 5.2934 5.3347

1.2457 1.2769 1.2459 1.2951 1.2857 1.3206 1.2820 1.2859 1.2373 1.2393 1.2898 1.2766 1.2950 1.2891 1.3134 1.2956 1.2800 1.2695 1.2178 1.2328 1.3021 1.3288 1.3630 1.4191 1.4309 1.4400 1.4764 1.4271 1.4578 1.4820 1.5716 1.5857 1.5678 1.5936 1.5916 1.6253 1.6654 1.7195 1.7170 1.8315 1.9085 1.9005 1.8500 1.9113 1.9005 1.9504 1.9004 1.9293 1.9560 1.9543 1.9704 1.9905

Page 13

Returns

Mar-87 Apr-87 May-87 Jun-87 Jul-87 Aug-87 Sep-87 Oct-87 Nov-87 Dec-87 Jan-88 Feb-88 Mar-88 Apr-88 May-88 Jun-88 Jul-88 Aug-88 Sep-88 Oct-88 Nov-88 Dec-88 Jan-89 Feb-89 Mar-89 Apr-89 May-89 Jun-89 Jul-89 Aug-89 Sep-89 Oct-89 Nov-89 Dec-89 Jan-90 Feb-90 Mar-90 Apr-90 May-90 Jun-90 Jul-90 Aug-90 Sep-90 Oct-90 Nov-90 Dec-90 Jan-91 Feb-91 Mar-91 Apr-91 May-91 Jun-91

0.0272 -0.0088 0.0103 0.0500 0.0498 0.0385 -0.0220 -0.2152 -0.0819 0.0738 0.0427 0.0470 -0.0302 0.0108 0.0078 0.0464 -0.0040 -0.0331 0.0424 0.0273 -0.0142 0.0181 0.0723 -0.0249 0.0236 0.0516 0.0402 -0.0054 0.0898 0.0193 -0.0040 -0.0233 0.0208 0.0236 -0.0671 0.0129 0.0263 -0.0247 0.0975 -0.0070 -0.0032 -0.0903 -0.0492 -0.0037 0.0644 0.0274 0.0442 0.0716 0.0238 0.0028 0.0428 -0.0457

-0.0223 -0.0473 -0.0105 0.0098 -0.0178 -0.0165 -0.0369 0.0623 0.0037 0.0165 0.0666 0.0052 -0.0307 -0.0160 -0.0102 0.0368 -0.0170 0.0058 0.0345 0.0308 -0.0196 0.0110 0.0203 -0.0179 0.0122 0.0159 0.0401 0.0550 0.0238 -0.0259 0.0019 0.0379 0.0078 -0.0006 -0.0343 -0.0025 -0.0044 -0.0202 0.0415 0.0230 0.0107 -0.0419 0.0117 0.0215 0.0402 0.0187 0.0130 0.0030 0.0038 0.0140 0.0001 -0.0063

-0.0087 -0.0502 -0.0052 0.0155 -0.0119 -0.0075 -0.0422 0.0507 0.0125 0.0212 0.0517 0.0138 -0.0188 -0.0150 -0.0057 0.0379 -0.0111 0.0054 0.0326 0.0273 -0.0170 0.0040 0.0202 -0.0129 0.0064 0.0213 0.0379 0.0395 0.0178 -0.0163 0.0040 0.0276 0.0070 0.0006 -0.0191 -0.0012 -0.0011 -0.0191 0.0385 0.0216 0.0102 -0.0292 0.0091 0.0132 0.0285 0.0167 0.0150 0.0121 0.0108 0.0138 0.0040 -0.0018

0.0233 0.0045 -0.0313 0.0054 -0.0040 0.0030 0.0266 0.0041 0.0364 0.0021 0.0287 0.0056 -0.0081 0.0050 -0.2919 0.0026 -0.0397 0.0014 0.0520 -0.0003 0.0556 0.0026 0.0760 0.0026 0.0408 0.0043 0.0210 0.0052 -0.0180 0.0034 0.0612 0.0043 -0.0025 0.0042 -0.0246 0.0042 0.0227 0.0067 -0.0123 0.0033 -0.0437 0.0008 0.0394 0.0017 0.0404 0.0050 0.0083 0.0041 0.0358 0.0058 0.0280 0.0065 0.0362 0.0057 -0.0201 0.0024 0.0407 0.0024 0.0122 0.0016 0.0000 0.0032 -0.0604 0.0048 -0.0051 0.0024 -0.0134 0.0016 -0.0764 0.0103 0.0187 0.0047 0.0368 0.0055 -0.0266 0.0016 0.0561 0.0023 0.0144 0.0054 -0.0382 0.0039 -0.1296 0.0092 -0.0829 0.0084 -0.0572 0.0060 0.0450 0.0022 0.0194 0.0000 0.0841 0.0060 0.1113 0.0015 0.0680 0.0015 0.0034 0.0015 0.0334 0.0030 -0.0485 0.0030

5.3619 5.3531 5.3634 5.4134 5.4632 5.5017 5.4797 5.2645 5.1826 5.2564 5.2991 5.3461 5.3159 5.3267 5.3345 5.3809 5.3769 5.3438 5.3862 5.4135 5.3993 5.4174 5.4897 5.4648 5.4884 5.5400 5.5802 5.5748 5.6646 5.6839 5.6799 5.6566 5.6774 5.7010 5.6339 5.6468 5.6731 5.6484 5.7459 5.7389 5.7357 5.6454 5.5962 5.5925 5.6569 5.6843 5.7285 5.8001 5.8239 5.8267 5.8695 5.8238

1.9683 1.9210 1.9105 1.9203 1.9024 1.8860 1.8491 1.9114 1.9151 1.9316 1.9983 2.0035 1.9728 1.9568 1.9466 1.9835 1.9665 1.9723 2.0068 2.0375 2.0179 2.0289 2.0492 2.0313 2.0435 2.0594 2.0995 2.1546 2.1783 2.1525 2.1544 2.1923 2.2002 2.1995 2.1652 2.1628 2.1584 2.1382 2.1797 2.2028 2.2134 2.1716 2.1833 2.2048 2.2450 2.2636 2.2767 2.2797 2.2835 2.2976 2.2976 2.2913

Page 14

Returns

Jul-91 Aug-91 Sep-91 Oct-91 Nov-91 Dec-91 Jan-92 Feb-92 Mar-92 Apr-92 May-92 Jun-92 Jul-92 Aug-92 Sep-92 Oct-92 Nov-92 Dec-92 Jan-93 Feb-93 Mar-93 Apr-93 May-93 Jun-93 Jul-93 Aug-93 Sep-93 Oct-93 Nov-93 Dec-93 Jan-94 Feb-94 Mar-94 Apr-94 May-94 Jun-94 Jul-94 Aug-94 Sep-94 Oct-94 Nov-94 Dec-94 Jan-95 Feb-95 Mar-95 Apr-95 May-95 Jun-95 Jul-95 Aug-95 Sep-95 Oct-95

0.0468 0.0235 -0.0164 0.0134 -0.0404 0.1143 -0.0186 0.0128 -0.0196 0.0291 0.0054 -0.0145 0.0403 -0.0202 0.0115 0.0036 0.0337 0.0131 0.0073 0.0135 0.0215 -0.0245 0.0270 0.0033 -0.0047 0.0381 -0.0074 0.0203 -0.0094 0.0123 0.0335 -0.0270 -0.0435 0.0130 0.0163 -0.0247 0.0331 0.0407 -0.0241 0.0229 -0.0367 0.0146 0.0260 0.0388 0.0296 0.0291 0.0395 0.0235 0.0333 0.0027 0.0419 -0.0035

0.0157 0.0340 0.0303 0.0054 0.0082 0.0581 -0.0324 0.0051 -0.0094 0.0016 0.0243 0.0200 0.0398 0.0067 0.0185 -0.0198 0.0010 0.0246 0.0280 0.0354 0.0021 0.0072 0.0047 0.0449 0.0192 0.0434 0.0005 0.0096 -0.0259 0.0020 0.0257 -0.0450 -0.0395 -0.0150 -0.0082 -0.0100 0.0363 -0.0086 -0.0331 -0.0025 0.0066 0.0161 0.0273 0.0287 0.0091 0.0169 0.0790 0.0139 -0.0168 0.0236 0.0175 0.0294

0.0167 0.0275 0.0271 0.0043 0.0106 0.0436 -0.0173 0.0096 -0.0073 0.0016 0.0254 0.0156 0.0308 0.0100 0.0100 -0.0156 0.0070 0.0228 0.0250 0.0256 0.0025 0.0052 0.0020 0.0293 0.0100 0.0287 0.0043 0.0051 -0.0188 0.0067 0.0202 -0.0286 -0.0383 -0.0097 -0.0062 -0.0081 0.0309 -0.0031 -0.0265 -0.0050 0.0018 0.0157 0.0256 0.0289 0.0095 0.0175 0.0631 0.0079 -0.0164 0.0214 0.0153 0.0185

0.0407 0.0015 0.0261 0.0029 0.0032 0.0044 0.0317 0.0015 -0.0276 0.0029 0.0601 0.0007 0.1128 0.0015 0.0452 0.0036 -0.0249 0.0051 -0.0403 0.0014 -0.0014 0.0014 -0.0520 0.0036 0.0370 0.0021 -0.0228 0.0028 0.0131 0.0028 0.0259 0.0035 0.0885 0.0014 0.0441 -0.0007 0.0543 0.0049 -0.0180 0.0035 0.0300 0.0035 -0.0306 0.0028 0.0342 0.0014 -0.0038 0.0014 0.0166 0.0000 0.0339 0.0028 0.0316 0.0021 0.0471 0.0041 -0.0175 0.0007 0.0194 0.0000 0.0618 0.0027 -0.0023 0.0034 -0.0446 0.0034 0.0060 0.0014 -0.0012 0.0007 -0.0262 0.0034 0.0184 0.0027 0.0337 0.0040 0.0105 0.0027 0.0115 0.0007 -0.0326 0.0013 0.0002 0.0000 0.0283 0.0040 0.0252 0.0040 0.0145 0.0033 0.0352 0.0033 0.0298 0.0020 0.0568 0.0020 0.0645 0.0000 0.0358 0.0026 0.0195 0.0020 -0.0487 0.0033

5.8706 5.8941 5.8777 5.8911 5.8507 5.9650 5.9464 5.9592 5.9396 5.9687 5.9741 5.9596 5.9999 5.9797 5.9912 5.9948 6.0285 6.0416 6.0489 6.0624 6.0839 6.0594 6.0864 6.0897 6.0850 6.1231 6.1157 6.1360 6.1266 6.1389 6.1724 6.1454 6.1019 6.1149 6.1312 6.1065 6.1396 6.1803 6.1562 6.1791 6.1424 6.1570 6.1830 6.2218 6.2514 6.2805 6.3200 6.3435 6.3768 6.3795 6.4214 6.4179

2.3070 2.3411 2.3714 2.3769 2.3851 2.4431 2.4107 2.4158 2.4065 2.4081 2.4323 2.4523 2.4921 2.4988 2.5173 2.4975 2.4985 2.5231 2.5512 2.5866 2.5887 2.5959 2.6005 2.6454 2.6646 2.7079 2.7085 2.7181 2.6922 2.6942 2.7199 2.6750 2.6355 2.6204 2.6122 2.6021 2.6385 2.6299 2.5968 2.5944 2.6010 2.6171 2.6444 2.6730 2.6822 2.6991 2.7781 2.7920 2.7752 2.7989 2.8163 2.8457

Page 15

Returns

Nov-95 Dec-95

0.0440 0.0185

0.0249 0.0272

0.0242 0.0228

0.0192 -0.0007 0.0239 0.0013

6.4619 6.4804

2.8707 2.8979

Page 16

Returns

Cumulative Returns CBTRET 0.0076 0.0122 0.0140 0.0158 0.0147 0.0179 0.0168 0.0172 0.0204 0.0236 0.0268 0.0401 0.0529 0.0563 0.0597 0.0554 0.0573 0.0592 0.0580 0.0492 0.0466 0.0486 0.0461 0.0574 0.0579 0.0584 0.0651 0.0671 0.0691 0.0695 0.0715 0.0644 0.0513 0.0413 0.0315 0.0339 0.0363 0.0403 SSTRET 0.0482 0.1491 0.0630 0.1788 0.2287 0.3142 0.2586 0.3143 0.3822 0.4522 0.5695 0.5865 0.7427 0.6791 0.7064 0.7760 0.8351 0.7889 0.7359 0.6510 0.4908 0.4790 0.4649 0.5021 0.5442 0.5401 0.5065 0.4034 0.3500 0.4052 0.4841 0.4804 0.4919 0.5202 0.4899 0.5259 0.5105 0.4322 CPIRET 0.0000 -0.0019 -0.0019 0.0000 0.0075 0.0168 0.0187 0.0187 0.0150 0.0150 0.0187 0.0224 0.0224 0.0187 0.0261 0.0315 0.0370 0.0478 0.1069 0.1288 0.1404 0.1600 0.1841 0.1919 0.1919 0.1903 0.2121 0.2121 0.2091 0.2167 0.2258 0.2363 0.2601 0.2601 0.2659 0.2789 0.2903 0.2818

Page 17

Returns

0.0518 0.0556 0.0564 0.0481 0.0429 0.0484 0.0508 0.0532 0.0617 0.0748 0.0786 0.0824 0.0831 0.0854 0.0892 0.0976 0.1076 0.1113 0.1134 0.1201 0.1222 0.1077 0.1114 0.1121 0.1143 0.1135 0.1127 0.1150 0.1220 0.1258 0.1218 0.1210 0.1264 0.1287 0.1306 0.1262 0.1025 0.1015 0.1000 0.0907 0.1112 0.1226 0.1169 0.1024 0.0963 0.1021 0.1221 0.1136 0.1212 0.1208 0.1239 0.1255

0.5308 0.5676 0.6735 0.6783 0.6204 0.6211 0.5685 0.6332 0.5215 0.5303 0.5485 0.5004 0.5633 0.5296 0.4732 0.4636 0.5307 0.5563 0.6053 0.6525 0.6541 0.7230 0.7722 0.7943 0.7906 0.8317 0.8572 0.7795 0.8386 0.8916 0.9437 0.9379 0.9701 1.0654 1.1485 1.1545 1.1068 1.1435 1.1104 1.0576 1.0949 1.1553 1.1768 1.1546 1.1463 1.1507 1.1698 1.1398 1.1574 1.1054 1.1086 1.1358

0.2790 0.2932 0.3002 0.3072 0.3197 0.3238 0.3238 0.3197 0.3128 0.3060 0.3046 0.2935 0.2963 0.2977 0.2963 0.2977 0.2907 0.2935 0.2977 0.2921 0.2935 0.2879 0.2837 0.2808 0.2851 0.2865 0.2908 0.2964 0.3062 0.3145 0.3214 0.3269 0.3309 0.3445 0.3605 0.3723 0.3762 0.3775 0.3814 0.3801 0.3814 0.3814 0.3878 0.3929 0.3980 0.4018 0.4018 0.3955 0.3955 0.3993 0.4006 0.4031

Page 18

Returns

0.1271 0.1334 0.1316 0.1356 0.1464 0.1373 0.1293 0.1253 0.1220 0.0972 0.0942 0.1051 0.1228 0.1143 0.1396 0.1623 0.1550 0.1722 0.1846 0.2044 0.2084 0.2050 0.2008 0.2071 0.2111 0.2129 0.2169 0.2209 0.2234 0.2251 0.2154 0.2091 0.2183 0.2182 0.2164 0.2194 0.2153 0.2115 0.2191 0.2269 0.2239 0.2302 0.2406 0.2432 0.2286 0.2171 0.2223 0.2205 0.2112 0.1904 0.1916 0.1811

1.1470 1.1465 1.1304 1.1201 1.1685 1.1845 1.2254 1.2523 1.2456 1.2169 1.2310 1.1824 1.1976 1.1348 1.1086 1.1377 1.1503 1.1238 1.1994 1.2088 1.2271 1.2412 1.2863 1.2949 1.3757 1.3771 1.4181 1.4249 1.5028 1.6141 1.6342 1.6821 1.6906 1.7056 1.7134 1.7427 1.7491 1.7463 1.7573 1.7403 1.7871 1.8034 1.7987 1.8264 1.8695 1.8742 1.8344 1.8400 1.8683 1.8548 1.8288 1.8392

0.4107 0.4119 0.4107 0.4119 0.4119 0.4107 0.4082 0.4032 0.4057 0.4069 0.4095 0.4132 0.4157 0.4182 0.4194 0.4219 0.4182 0.4170 0.4194 0.4182 0.4170 0.4145 0.4182 0.4195 0.4195 0.4182 0.4157 0.4133 0.4145 0.4120 0.4120 0.4120 0.4120 0.4120 0.4120 0.4120 0.4158 0.4133 0.4170 0.4170 0.4182 0.4158 0.4145 0.4145 0.4158 0.4170 0.4220 0.4282 0.4355 0.4343 0.4355 0.4416

Page 19

Returns

0.1685 0.1603 0.1800 0.1893 0.1943 0.1877 0.1802 0.1480 0.1370 0.1360 0.1455 0.1478 0.1789 0.2474 0.2574 0.2566 0.2520 0.2683 0.2714 0.2676 0.2523 0.2203 0.2107 0.2214 0.2319 0.2261 0.2233 0.2359 0.2276 0.2104 0.1990 0.2034 0.2134 0.2066 0.1978 0.2143 0.2278 0.2182 0.2289 0.2417 0.2608 0.2586 0.2565 0.2706 0.2963 0.3080 0.3017 0.3025 0.2955 0.3059 0.3207 0.3417

1.8446 1.8484 1.8720 1.8520 1.8687 1.8935 1.9011 1.9084 1.9024 1.8638 1.8186 1.7354 1.7467 1.6986 1.8091 1.7921 1.8392 1.8768 1.9156 1.9480 1.9972 2.0400 2.0918 2.1325 2.1821 2.2134 2.2709 2.3004 2.3031 2.3147 2.3161 2.3119 2.3446 2.3358 2.2927 2.3154 2.3376 2.3699 2.3392 2.3442 2.3127 2.2940 2.3144 2.3484 2.3295 2.3820 2.3082 2.2681 2.3118 2.3450 2.4365 2.4954

0.4416 0.4441 0.4453 0.4489 0.4513 0.4549 0.4573 0.4633 0.4680 0.4692 0.4704 0.4704 0.4739 0.4739 0.4798 0.4809 0.4879 0.4902 0.4902 0.4914 0.4925 0.4914 0.4914 0.4914 0.4925 0.4914 0.4925 0.4914 0.4914 0.4925 0.4937 0.4983 0.5006 0.4995 0.5029 0.5063 0.5063 0.5063 0.5052 0.5063 0.5063 0.5120 0.5120 0.5142 0.5142 0.5142 0.5154 0.5199 0.5210 0.5210 0.5210 0.5210

Page 20

Returns

0.3387 0.3271 0.3320 0.3240 0.3280 0.3262 0.3406 0.3533 0.3561 0.3535 0.3615 0.3667 0.3818 0.3960 0.3960 0.3934 0.3919 0.4062 0.4162 0.4230 0.4292 0.4315 0.4374 0.4397 0.4423 0.4372 0.4420 0.4463 0.4491 0.4526 0.4503 0.4552 0.4567 0.4533 0.4620 0.4674 0.4612 0.4652 0.4709 0.4757 0.4809 0.4846 0.4867 0.4917 0.4913 0.5001 0.5082 0.5092 0.5104 0.5125 0.5117 0.5120

2.5573 2.5700 2.6127 2.5584 2.5615 2.5746 2.5407 2.5669 2.6282 2.6361 2.6498 2.6685 2.6742 2.5964 2.4956 2.4171 2.4934 2.5223 2.4564 2.4191 2.5439 2.5350 2.6256 2.6290 2.6439 2.6751 2.7187 2.7069 2.7101 2.7619 2.7456 2.7692 2.7586 2.7538 2.7812 2.8177 2.8396 2.8489 2.8646 2.8808 2.9207 2.9178 2.9580 2.9785 2.9796 2.9684 3.0213 3.0603 3.0841 3.1350 3.1272 3.0371

0.5210 0.5210 0.5210 0.5221 0.5266 0.5255 0.5277 0.5277 0.5277 0.5277 0.5277 0.5299 0.5322 0.5344 0.5344 0.5344 0.5366 0.5366 0.5421 0.5410 0.5410 0.5399 0.5410 0.5421 0.5432 0.5432 0.5432 0.5476 0.5519 0.5519 0.5519 0.5530 0.5541 0.5563 0.5574 0.5563 0.5574 0.5584 0.5584 0.5606 0.5627 0.5617 0.5638 0.5649 0.5670 0.5681 0.5681 0.5681 0.5692 0.5724 0.5745 0.5798

Page 21

Returns

0.5139 0.5133 0.5118 0.5164 0.5107 0.4957 0.4979 0.4866 0.4807 0.4820 0.4794 0.4824 0.4726 0.4467 0.4545 0.4806 0.4786 0.4987 0.5437 0.5236 0.5353 0.5282 0.5028 0.4805 0.4846 0.4839 0.4933 0.4652 0.4380 0.4507 0.4868 0.4905 0.4708 0.4756 0.4788 0.4910 0.5251 0.5457 0.5404 0.5244 0.5018 0.4785 0.4925 0.4765 0.4565 0.4900 0.4673 0.4708 0.4713 0.4693 0.4449 0.4576

3.0820 3.1415 3.1762 3.2334 3.2705 3.3327 3.4083 3.4394 3.4202 3.4545 3.3584 3.3572 3.3560 3.2480 3.2316 3.2209 3.2700 3.2766 3.4604 3.5053 3.5668 3.5939 3.5854 3.6871 3.7822 3.7842 3.8407 3.8096 3.8213 3.9178 3.9332 3.8623 3.8514 3.9975 4.0974 4.1004 4.0658 4.1025 4.1625 4.1655 4.2419 4.2481 4.2315 4.1326 4.1721 4.2116 4.2289 4.1125 4.0055 4.0787 4.0526 4.1136

0.5809 0.5788 0.5809 0.5819 0.5840 0.5872 0.5872 0.5935 0.5966 0.6008 0.6018 0.6049 0.6080 0.6131 0.6152 0.6192 0.6192 0.6203 0.6203 0.6213 0.6233 0.6253 0.6283 0.6314 0.6364 0.6394 0.6414 0.6443 0.6473 0.6503 0.6542 0.6571 0.6620 0.6650 0.6679 0.6737 0.6785 0.6813 0.6842 0.6899 0.6937 0.6965 0.6994 0.7031 0.7115 0.7180 0.7207 0.7272 0.7317 0.7363 0.7408 0.7444

Page 22

Returns

0.4105 0.3971 0.4112 0.4513 0.4468 0.4218 0.4055 0.4056 0.4612 0.4712 0.4852 0.4756 0.5340 0.5712 0.6244 0.5878 0.6136 0.5900 0.5739 0.5846 0.5821 0.6375 0.6273 0.6555 0.6585 0.6808 0.6775 0.6882 0.6906 0.6941 0.7104 0.7036 0.7066 0.7138 0.7169 0.7270 0.7519 0.7515 0.7461 0.7484 0.7529 0.7590 0.7550 0.7494 0.7018 0.7374 0.7730 0.7664 0.7742 0.7642 0.7589 0.7599

4.0579 3.9891 3.9283 3.9670 3.9386 3.7658 3.6626 3.5698 3.6251 3.7200 3.8286 3.7580 3.7717 3.8443 4.0035 4.0352 4.0915 4.1162 4.0557 4.0238 3.9675 4.0258 4.0031 3.9480 3.9107 4.0251 4.1381 4.1677 4.1534 4.1664 4.1473 4.1167 4.0755 4.0941 4.0592 4.0417 4.1010 4.0796 4.0364 3.9565 3.9358 3.8736 3.7925 3.7635 3.8829 3.8383 3.9447 3.9531 3.7569 3.7556 3.8882 3.8797

0.7498 0.7560 0.7595 0.7648 0.7701 0.7762 0.7806 0.7857 0.7892 0.7909 0.7960 0.8011 0.8045 0.8096 0.8104 0.8121 0.8154 0.8188 0.8238 0.8296 0.8320 0.8345 0.8353 0.8370 0.8386 0.8427 0.8435 0.8484 0.8500 0.8524 0.8556 0.8580 0.8620 0.8636 0.8676 0.8708 0.8731 0.8763 0.8794 0.8865 0.8958 0.9027 0.9089 0.9157 0.9180 0.9361 0.9390 0.9471 0.9545 0.9610 0.9697 0.9825

Page 23

Returns

0.7292 0.6951 0.7056 0.6771 0.6560 0.6292 0.6466 0.7351 0.7468 0.7393 0.7989 0.8126 0.7879 0.7827 0.7933 0.8237 0.8207 0.8032 0.7906 0.8459 0.8371 0.8813 0.9001 0.9062 0.9229 0.9214 0.9111 0.9261 0.9411 0.9642 0.9809 0.9879 1.0199 1.0546 1.0243 1.0223 1.0317 1.0417 1.0523 1.0698 1.0693 1.0829 1.0807 1.0769 1.0830 1.0725 1.0625 1.0676 1.0718 1.0695 1.0587 1.0610

3.8722 3.8258 3.7465 3.7318 3.7100 3.6419 3.5765 3.6828 3.6391 3.5603 3.8370 3.8655 3.9273 3.9804 4.0467 4.1217 4.0963 4.0389 4.0208 4.0158 4.0477 4.0280 4.2964 4.4354 4.4339 4.3981 4.3620 4.4079 4.4124 4.3834 4.3938 4.3729 4.4133 4.5313 4.5763 4.5724 4.5854 4.6083 4.6055 4.6827 4.6857 4.6750 4.6842 4.6512 4.7598 4.7678 4.7489 4.7837 4.8869 4.9657 5.0477 5.0288

0.9938 0.9994 1.0106 1.0202 1.0277 1.0405 1.0525 1.0611 1.0696 1.0767 1.0812 1.0883 1.0921 1.0972 1.1016 1.1097 1.1203 1.1234 1.1283 1.1344 1.1405 1.1447 1.1471 1.1495 1.1519 1.1561 1.1620 1.1674 1.1732 1.1779 1.1820 1.1860 1.1889 1.1918 1.1975 1.2078 1.2140 1.2219 1.2274 1.2341 1.2385 1.2423 1.2461 1.2489 1.2537 1.2575 1.2629 1.2698 1.2768 1.2858 1.2957 1.3061

Page 24

Returns

1.0711 1.0968 1.0920 1.0715 1.0849 1.0716 1.0900 1.0772 1.0878 1.0827 1.1055 1.1324 1.1293 1.1300 1.1121 1.0231 1.0453 1.0345 0.9700 0.9035 0.8973 1.0349 1.0909 1.1250 1.0820 1.0375 1.0138 0.9979 0.9996 1.0244 1.0114 0.9845 1.0156 0.9386 0.9981 1.0004 0.9632 0.9287 0.9087 0.9608 1.0875 1.0295 1.0166 1.0478 1.0784 1.1122 1.1367 1.0899 1.1439 1.2276 1.2899 1.3658

5.0972 5.1910 5.1878 4.9451 5.0183 5.0351 5.1672 5.1390 5.2510 5.2896 5.2931 5.3403 5.3574 5.4330 5.3987 5.2832 5.3691 5.4279 5.5115 5.4831 5.3054 5.3747 5.4498 5.4950 5.6273 5.6877 5.7296 5.7629 5.8395 5.8057 5.8264 5.8358 5.9301 5.9958 6.0380 6.0456 6.0140 5.9456 5.8723 5.9465 5.9741 5.9521 5.9325 5.9029 5.8943 5.9326 5.9078 5.8919 5.8904 5.9602 5.9929 6.1234

1.3132 1.3183 1.3254 1.3334 1.3389 1.3444 1.3532 1.3650 1.3746 1.3861 1.3984 1.4077 1.4207 1.4307 1.4412 1.4501 1.4594 1.4700 1.4843 1.4980 1.5124 1.5237 1.5336 1.5446 1.5454 1.5519 1.5611 1.5698 1.5789 1.5875 1.5956 1.6060 1.6132 1.6196 1.6279 1.6364 1.6478 1.6555 1.6656 1.6678 1.6706 1.6735 1.6770 1.6802 1.6791 1.6834 1.6932 1.7054 1.7109 1.7130 1.7147 1.7174

Page 25

Returns

1.3859 1.3967 1.3873 1.4301 1.4373 1.4921 1.4597 1.4551 1.4096 1.4147 1.4539 1.4514 1.4656 1.4623 1.4893 1.4721 1.4486 1.4413 1.3930 1.4130 1.4716 1.5023 1.5337 1.5909 1.6121 1.6249 1.6574 1.6201 1.6381 1.6677 1.7497 1.7580 1.7459 1.7719 1.7790 1.8119 1.8489 1.8958 1.9003 1.9755 2.0011 2.0027 1.9863 2.0081 2.0112 2.0387 2.0273 2.0473 2.0706 2.0823 2.1039 2.1097

6.2014 6.2146 6.2774 6.3487 6.4012 6.4778 6.5648 6.5996 6.5908 6.5711 6.5845 6.5277 6.5792 6.5647 6.5639 6.4994 6.5168 6.5083 6.4562 6.4862 6.4442 6.5440 6.5467 6.5250 6.4914 6.5064 6.6124 6.6396 6.6182 6.6008 6.6284 6.6390 6.6650 6.6578 6.6034 6.6295 6.6915 6.7385 6.7497 6.8216 6.8693 6.8757 6.9117 6.9143 6.8433 6.8651 6.8092 6.8438 6.8407 6.8145 6.9088 6.9898

1.7157 1.7116 1.7140 1.7144 1.7150 1.7222 1.7276 1.7310 1.7350 1.7383 1.7433 1.7460 1.7476 1.7490 1.7546 1.7592 1.7614 1.7663 1.7692 1.7725 1.7757 1.7798 1.7846 1.7872 1.7872 1.7878 1.7897 1.7938 1.7982 1.8023 1.8061 1.8092 1.8107 1.8129 1.8160 1.8191 1.8224 1.8249 1.8280 1.8252 1.8206 1.8185 1.8216 1.8265 1.8268 1.8286 1.8335 1.8344 1.8353 1.8362 1.8422 1.8461

Page 26

Returns

2.1010 2.0508 2.0456 2.0611 2.0492 2.0417 1.9995 2.0502 2.0627 2.0839 2.1356 2.1494 2.1306 2.1156 2.1099 2.1478 2.1367 2.1421 2.1747 2.2020 2.1850 2.1890 2.2092 2.1963 2.2027 2.2240 2.2619 2.3014 2.3192 2.3029 2.3069 2.3345 2.3415 2.3421 2.3230 2.3218 2.3207 2.3016 2.3401 2.3617 2.3719 2.3427 2.3518 2.3650 2.3935 2.4102 2.4252 2.4373 2.4481 2.4619 2.4659 2.4641

7.0131 6.9818 6.9778 7.0044 7.0408 7.0695 7.0614 6.7695 6.7298 6.7818 6.8374 6.9134 6.9542 6.9752 6.9572 7.0184 7.0159 6.9913 7.0140 7.0017 6.9580 6.9974 7.0378 7.0461 7.0819 7.1099 7.1461 7.1260 7.1667 7.1789 7.1789 7.1185 7.1134 7.1000 7.0236 7.0423 7.0791 7.0525 7.1086 7.1230 7.0848 6.9552 6.8723 6.8151 6.8601 6.8795 6.9636 7.0749 7.1429 7.1463 7.1797 7.1312

1.8506 1.8560 1.8589 1.8631 1.8651 1.8707 1.8757 1.8783 1.8797 1.8794 1.8820 1.8846 1.8889 1.8941 1.8975 1.9017 1.9060 1.9102 1.9169 1.9203 1.9211 1.9228 1.9277 1.9319 1.9376 1.9442 1.9499 1.9523 1.9547 1.9563 1.9595 1.9643 1.9667 1.9683 1.9786 1.9833 1.9888 1.9903 1.9927 1.9981 2.0019 2.0111 2.0195 2.0255 2.0278 2.0278 2.0338 2.0352 2.0367 2.0382 2.0412 2.0441

Page 27

Returns

2.4808 2.5083 2.5354 2.5397 2.5503 2.5939 2.5766 2.5862 2.5789 2.5805 2.6059 2.6215 2.6523 2.6623 2.6723 2.6567 2.6637 2.6865 2.7115 2.7371 2.7396 2.7448 2.7468 2.7761 2.7861 2.8148 2.8191 2.8242 2.8054 2.8121 2.8323 2.8037 2.7654 2.7557 2.7495 2.7414 2.7723 2.7692 2.7427 2.7377 2.7395 2.7552 2.7808 2.8097 2.8192 2.8367 2.8998 2.9077 2.8913 2.9127 2.9280 2.9465

7.1719 7.1980 7.2012 7.2329 7.2053 7.2654 7.3782 7.4234 7.3985 7.3582 7.3568 7.3048 7.3418 7.3190 7.3321 7.3580 7.4465 7.4906 7.5449 7.5269 7.5569 7.5263 7.5605 7.5567 7.5733 7.6072 7.6388 7.6859 7.6684 7.6878 7.7496 7.7473 7.7027 7.7087 7.7075 7.6813 7.6997 7.7334 7.7439 7.7554 7.7228 7.7230 7.7513 7.7765 7.7910 7.8262 7.8560 7.9128 7.9773 8.0131 8.0326 7.9839

2.0456 2.0485 2.0529 2.0544 2.0573 2.0580 2.0595 2.0631 2.0681 2.0696 2.0710 2.0746 2.0767 2.0796 2.0824 2.0859 2.0874 2.0867 2.0916 2.0951 2.0986 2.1014 2.1028 2.1042 2.1042 2.1069 2.1090 2.1131 2.1138 2.1138 2.1166 2.1200 2.1234 2.1248 2.1254 2.1288 2.1315 2.1356 2.1383 2.1389 2.1403 2.1403 2.1443 2.1483 2.1516 2.1549 2.1569 2.1588 2.1588 2.1614 2.1634 2.1667

Page 28

Returns

2.9707 2.9935

8.0031 8.0270

2.1660 2.1673

Page 29

50-Year Cumulative Security Returns
9.0 8.0 7.0 6.0 5.0

CSTRET GBTRET CBTRET SSTRET CPIRET

Returns

4.0

3.0
2.0 1.0 0.0
Jan-45 Jan-48 Jan-51 Jan-54 Jan-57 Jan-60 Jan-63 Jan-66 Jan-69 Jan-72 Jan-75 Jan-78 Jan-81 Jan-84 Jan-87 Jan-90 Jan-93

-1.0

Year

Histograms

Bin -0.2919 -0.26821 -0.24452 -0.22082 -0.19713 -0.17344 -0.14975 -0.12606 -0.10237 -0.07867 -0.05498 -0.03129 -0.0076 0.016094 0.039786 0.063478 0.087169 0.110861 0.134553 0.158245 0.181937 0.205629 0.22932 0.253012 More

SSTRET 1 0 0 1 0 2 2 1 7 13 32 51 86 118 122 88 43 23 15 3 1 1 0 0 2

CSTRET GBTRET CBTRET 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 2 0 0 11 1 1 17 2 4 52 32 18 99 122 106 147 301 351 142 113 101 95 30 23 30 7 5 8 1 1 7 1 1 0 2 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Page 31

Histo Plots

Distributions of 50-Year Security Returns

400 350 300 250 200 150 100

Frequency

50 0
CBTRET GBTRET CSTRET Security SSTRET 0.18 0.21 0.23 0.25 -0.29 -0.27 -0.24 -0.22 -0.20 -0.17 -0.15 -0.13

-0.10

-0.08

-0.05

-0.03

-0.01

0.02

0.04

0.06

0.09

0.11

0.13

Monthly Return

Page 32

0.16

Freq Plots

Return Frequencies for Several Securities
400

350

SSTRET CSTRET GBTRET CBTRET

300

250

Frequency

200

150

100

50

0 -0.2 -0.15 -0.1 -0.05 -50 0 0.05 0.1 0.15 0.2

Returns

Page 33


				
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