The College Fund Simulation Scenario You are to undertake a study to find out if
ID: 457569 • Letter: T
Question
The College Fund Simulation Scenario You are to undertake a study to find out if an investment portfolio set up now would give the return required in six years’ time. Paper and seminar College fund investment (Case 11.1) Your neighbour, Scot Jansen has a 12year old daughter, and he intends to pay the tuition fee for her first year of university six years from now. The fees for the first year will be $20000. Scott has gone through his budget and finds that he can invest $300 per month for the next six years. Scott has opened accounts at two mutual funds. The first fund follows an investment strategy designed to match the return of the S&P 500. The second fund invests in short-term (one-year) Treasury bills. Both funds have very low fees. Scott has decided to follow a strategy in which he contributes a fixed fraction of the $300 to each fund. An adviser from the first fund suggested that in each month he should invest 80% of the $300 in the S&P 500 and the other 20% in the T-bill fund. The adviser explained that S&P 500 has averaged much larger returns than the T-bill fund. Even though stock returns are risky investments in the short run, the risk should be fairly minimal over the longer six-period. An adviser from the second fund recommended just the opposite: invest 20% in the S&P 500 fund and 80% in T-bills, because treasury bills are backed by the United States government. If you follow this allocation, he said, your average return will be lower, but at least you will have enough to reach your $20000 target in six years. Questions 1. The file C11_01.xlsx contains monthly returns of the S&P 500 and Treasury bills from January 1990 through December 2013 for the 288 months. Please find the data for 2014 and 2015 from the web for S&P 500 monthly return and T-bill fund (Look for “T-bill constant 1year maturity, monthly data” and divide by 12 if the rate is given per year) and add it on to this data set. Name this new data set as ‘College fund.xlsx’. Suppose that in each of the next 72 months (six years), it is equally likely that any of the historical returns will occur. Develop a spreadsheet model to simulate the two suggested investment strategies over the six-year period. Plot the value of each strategy over time for a single iteration of the simulation. What is the total value of each strategy after six years? Do either of the strategy reach the target? 2. Either using @Risk (Excel add in) or ‘simulation with Excel only’ (see example 10.2 to know how to develop simulation model with 1000 replications; 5th edition pages 550 -560. 4th edition pages 576- 585) simulate 100 iterations of the tow strategies over six-year period. Create a histogram of the final fund values. Based on your simulation results, which of the two strategies would you recommend? Why? 3. Suppose that Scott needs to have $30000 to pay for the first year’s tuition. Based on the same simulation results, which of the two strategies would you recommend now? Why? 4. What other real-world factors might be important to consider in designing the simulation and making a recommendation? ASSIGNMENT TASKS • Form a team of no more than two students. (This assignment may be completed by individuals.) • Include the information of the sources from where you obtained the monthly investment return data in the reference section of your report. • Construct a spreadsheet model that will solve the two given portfolio strategies in the questions above – include your spreadsheet model along with all the solutions to all three questions. • Present your portfolio recommendations in the form of a report to Scott. • Your team/you must also do an oral presentation aimed at convincing Scott to undertake the portfolio strategy you recommend. ASSESSMENT ELEMENTS • Assignment Cover sheet. • Completed Excel file with graphs and spreadsheet model. • Report. • Oral presentation MARKING SCALE • Spreadsheet /10 • Report /10 • Oral presentation /10 • Total /30 marks
This is the excel provided
Month index Month S&P 500 T-Bill 1 Jan-1990 0.85% 0.64% 2 Feb-1990 2.43% 0.65% 3 Mar-1990 -2.69% 0.67% 4 Apr-1990 9.20% 0.67% 5 May-1990 -0.89% 0.67% 6 Jun-1990 -0.52% 0.65% 7 Jul-1990 -9.43% 0.64% 8 Aug-1990 -5.12% 0.63% 9 Sep-1990 -0.67% 0.62% 10 Oct-1990 5.99% 0.61% 11 Nov-1990 2.48% 0.59% 12 Dec-1990 4.15% 0.57% 13 Jan-1991 6.73% 0.54% 14 Feb-1991 2.22% 0.51% 15 Mar-1991 0.03% 0.52% 16 Apr-1991 3.86% 0.51% 17 May-1991 -4.79% 0.50% 18 Jun-1991 4.49% 0.52% 19 Jul-1991 1.96% 0.51% 20 Aug-1991 -1.91% 0.47% 21 Sep-1991 1.18% 0.45% 22 Oct-1991 -4.39% 0.43% 23 Nov-1991 11.16% 0.40% 24 Dec-1991 -1.99% 0.36% 25 Jan-1992 0.96% 0.34% 26 Feb-1992 -2.18% 0.35% 27 Mar-1992 2.79% 0.38% 28 Apr-1992 0.10% 0.35% 29 May-1992 -1.74% 0.34% 30 Jun-1992 3.94% 0.34% 31 Jul-1992 -2.40% 0.30% 32 Aug-1992 0.91% 0.28% 33 Sep-1992 0.21% 0.26% 34 Oct-1992 3.03% 0.27% 35 Nov-1992 1.01% 0.30% 36 Dec-1992 0.70% 0.30% 37 Jan-1993 1.05% 0.29% 38 Feb-1993 1.87% 0.28% 39 Mar-1993 -2.54% 0.27% 40 Apr-1993 2.27% 0.27% 41 May-1993 0.08% 0.28% 42 Jun-1993 -0.53% 0.29% 43 Jul-1993 3.44% 0.28% 44 Aug-1993 -1.00% 0.28% 45 Sep-1993 1.94% 0.28% 46 Oct-1993 -1.29% 0.28% 47 Nov-1993 1.01% 0.29% 48 Dec-1993 3.25% 0.30% 49 Jan-1994 -3.00% 0.29% 50 Feb-1994 -4.57% 0.32% 51 Mar-1994 1.15% 0.35% 52 Apr-1994 1.24% 0.39% 53 May-1994 -2.68% 0.43% 54 Jun-1994 3.15% 0.43% 55 Jul-1994 3.76% 0.45% 56 Aug-1994 -2.69% 0.45% 57 Sep-1994 2.08% 0.47% 58 Oct-1994 -3.95% 0.50% 59 Nov-1994 1.23% 0.53% 60 Dec-1994 2.43% 0.58% 61 Jan-1995 3.61% 0.57% 62 Feb-1995 2.73% 0.54% 63 Mar-1995 2.80% 0.52% 64 Apr-1995 3.63% 0.51% 65 May-1995 2.13% 0.49% 66 Jun-1995 3.18% 0.46% 67 Jul-1995 -0.03% 0.45% 68 Aug-1995 4.01% 0.47% 69 Sep-1995 -0.50% 0.46% 70 Oct-1995 4.10% 0.45% 71 Nov-1995 1.74% 0.44% 72 Dec-1995 3.26% 0.43% 73 Jan-1996 0.69% 0.41% 74 Feb-1996 0.79% 0.40% 75 Mar-1996 1.34% 0.43% 76 Apr-1996 2.29% 0.45% 77 May-1996 0.23% 0.46% 78 Jun-1996 -4.57% 0.47% 79 Jul-1996 1.88% 0.47% 80 Aug-1996 5.42% 0.46% 81 Sep-1996 2.61% 0.47% 82 Oct-1996 7.34% 0.45% 83 Nov-1996 -2.15% 0.44% 84 Dec-1996 6.13% 0.44% 85 Jan-1997 0.59% 0.46% 86 Feb-1997 -4.26% 0.45% 87 Mar-1997 5.84% 0.47% 88 Apr-1997 5.86% 0.49% 89 May-1997 4.35% 0.48% 90 Jun-1997 7.81% 0.46% 91 Jul-1997 -5.75% 0.45% 92 Aug-1997 5.32% 0.45% 93 Sep-1997 -3.45% 0.45% 94 Oct-1997 4.46% 0.44% 95 Nov-1997 1.57% 0.44% 96 Dec-1997 1.02% 0.45% 97 Jan-1998 7.04% 0.43% 98 Feb-1998 4.99% 0.43% 99 Mar-1998 0.91% 0.44% 100 Apr-1998 -1.88% 0.44% 101 May-1998 3.94% 0.44% 102 Jun-1998 -1.16% 0.44% 103 Jul-1998 -14.58% 0.44% 104 Aug-1998 6.24% 0.42% 105 Sep-1998 8.03% 0.38% 106 Oct-1998 5.91% 0.34% 107 Nov-1998 5.64% 0.37% 108 Dec-1998 4.10% 0.37% 109 Jan-1999 -3.23% 0.37% 110 Feb-1999 3.88% 0.38% 111 Mar-1999 3.79% 0.39% 112 Apr-1999 -2.50% 0.38% 113 May-1999 5.44% 0.40% 114 Jun-1999 -3.20% 0.42% 115 Jul-1999 -0.63% 0.41% 116 Aug-1999 -2.86% 0.42% 117 Sep-1999 6.25% 0.43% 118 Oct-1999 1.91% 0.44% 119 Nov-1999 5.78% 0.45% 120 Dec-1999 -5.09% 0.47% 121 Jan-2000 -2.01% 0.50% 122 Feb-2000 9.67% 0.50% 123 Mar-2000 -3.08% 0.50% 124 Apr-2000 -2.19% 0.50% 125 May-2000 2.39% 0.51% 126 Jun-2000 -1.63% 0.50% 127 Jul-2000 6.07% 0.49% 128 Aug-2000 -5.35% 0.50% 129 Sep-2000 -0.49% 0.50% 130 Oct-2000 -8.01% 0.49% 131 Nov-2000 0.41% 0.49% 132 Dec-2000 3.46% 0.46% 133 Jan-2001 -9.23% 0.39% 134 Feb-2001 -6.42% 0.38% 135 Mar-2001 7.68% 0.35% 136 Apr-2001 0.51% 0.33% 137 May-2001 -2.50% 0.31% 138 Jun-2001 -1.07% 0.29% 139 Jul-2001 -6.41% 0.30% 140 Aug-2001 -8.17% 0.28% 141 Sep-2001 1.81% 0.23% 142 Oct-2001 7.52% 0.19% 143 Nov-2001 0.76% 0.18% 144 Dec-2001 -1.56% 0.18% 145 Jan-2002 -2.08% 0.18% 146 Feb-2002 3.67% 0.18% 147 Mar-2002 -6.14% 0.21% 148 Apr-2002 -0.91% 0.20% 149 May-2002 -7.25% 0.19% 150 Jun-2002 -7.90% 0.18% 151 Jul-2002 0.49% 0.16% 152 Aug-2002 -11.00% 0.15% 153 Sep-2002 8.64% 0.14% 154 Oct-2002 5.71% 0.14% 155 Nov-2002 -6.03% 0.12% 156 Dec-2002 -2.74% 0.12% 157 Jan-2003 -1.70% 0.11% 158 Feb-2003 0.84% 0.11% 159 Mar-2003 8.10% 0.10% 160 Apr-2003 5.09% 0.11% 161 May-2003 1.13% 0.10% 162 Jun-2003 1.62% 0.08% 163 Jul-2003 1.79% 0.09% 164 Aug-2003 -1.19% 0.11% 165 Sep-2003 5.50% 0.10% 166 Oct-2003 0.71% 0.10% 167 Nov-2003 5.08% 0.11% 168 Dec-2003 1.73% 0.11% 169 Jan-2004 1.22% 0.10% 170 Feb-2004 -1.64% 0.10% 171 Mar-2004 -1.68% 0.10% 172 Apr-2004 1.21% 0.12% 173 May-2004 1.80% 0.15% 174 Jun-2004 -3.43% 0.17% 175 Jul-2004 0.23% 0.17% 176 Aug-2004 0.94% 0.17% 177 Sep-2004 1.40% 0.17% 178 Oct-2004 3.86% 0.18% 179 Nov-2004 3.25% 0.21% 180 Dec-2004 -2.53% 0.22% 181 Jan-2005 1.89% 0.24% 182 Feb-2005 -1.91% 0.25% 183 Mar-2005 -2.01% 0.27% 184 Apr-2005 3.00% 0.27% 185 May-2005 -0.01% 0.27% 186 Jun-2005 3.60% 0.28% 187 Jul-2005 -1.12% 0.30% 188 Aug-2005 0.69% 0.32% 189 Sep-2005 -1.77% 0.32% 190 Oct-2005 3.52% 0.34% 191 Nov-2005 -0.10% 0.35% 192 Dec-2005 2.55% 0.36% 193 Jan-2006 0.05% 0.36% 194 Feb-2006 1.11% 0.38% 195 Mar-2006 1.22% 0.39% 196 Apr-2006 -3.09% 0.40% 197 May-2006 0.01% 0.41% 198 Jun-2006 0.51% 0.42% 199 Jul-2006 2.13% 0.42% 200 Aug-2006 2.46% 0.41% 201 Sep-2006 3.15% 0.41% 202 Oct-2006 1.65% 0.41% 203 Nov-2006 1.26% 0.41% 204 Dec-2006 1.41% 0.40% 205 Jan-2007 -2.18% 0.41% 206 Feb-2007 1.00% 0.41% 207 Mar-2007 4.33% 0.40% 208 Apr-2007 3.25% 0.40% 209 May-2007 -1.78% 0.40% 210 Jun-2007 -3.20% 0.40% 211 Jul-2007 1.29% 0.40% 212 Aug-2007 3.58% 0.37% 213 Sep-2007 1.48% 0.34% 214 Oct-2007 -4.40% 0.34% 215 Nov-2007 -0.86% 0.29% 216 Dec-2007 -6.12% 0.27% 217 Jan-2008 -3.48% 0.22% 218 Feb-2008 -0.60% 0.17% 219 Mar-2008 4.75% 0.13% 220 Apr-2008 1.07% 0.14% 221 May-2008 -8.60% 0.17% 222 Jun-2008 -0.99% 0.20% 223 Jul-2008 1.22% 0.19% 224 Aug-2008 -9.08% 0.18% 225 Sep-2008 -16.94% 0.16% 226 Oct-2008 -7.48% 0.12% 227 Nov-2008 0.78% 0.09% 228 Dec-2008 -8.57% 0.04% 229 Jan-2009 -10.99% 0.04% 230 Feb-2009 8.54% 0.05% 231 Mar-2009 9.39% 0.05% 232 Apr-2009 5.31% 0.05% 233 May-2009 0.02% 0.04% 234 Jun-2009 7.41% 0.04% 235 Jul-2009 3.36% 0.04% 236 Aug-2009 3.57% 0.04% 237 Sep-2009 -1.98% 0.03% 238 Oct-2009 5.74% 0.03% 239 Nov-2009 1.78% 0.03% 240 Dec-2009 -3.70% 0.03% 241 Jan-2010 2.85% 0.03% 242 Feb-2010 5.88% 0.03% 243 Mar-2010 1.48% 0.03% 244 Apr-2010 -8.20% 0.04% 245 May-2010 -5.39% 0.03% 246 Jun-2010 6.88% 0.03% 247 Jul-2010 -4.74% 0.02% 248 Aug-2010 8.76% 0.02% 249 Sep-2010 3.69% 0.02% 250 Oct-2010 -0.23% 0.02% 251 Nov-2010 6.53% 0.02% 252 Dec-2010 2.26% 0.02% 253 Jan-2011 3.20% 0.02% 254 Feb-2011 -0.10% 0.02% 255 Mar-2011 2.85% 0.02% 256 Apr-2011 -1.35% 0.02% 257 May-2011 -1.83% 0.02% 258 Jun-2011 -2.15% 0.01% 259 Jul-2011 -5.68% 0.02% 260 Aug-2011 -7.18% 0.01% 261 Sep-2011 10.77% 0.01% 262 Oct-2011 -0.51% 0.01% 263 Nov-2011 0.85% 0.01% 264 Dec-2011 4.36% 0.01% 265 Jan-2012 4.06% 0.01% 266 Feb-2012 3.13% 0.01% 267 Mar-2012 -0.75% 0.02% 268 Apr-2012 -6.27% 0.01% 269 May-2012 3.96% 0.02% 270 Jun-2012 1.26% 0.02% 271 Jul-2012 1.98% 0.02% 272 Aug-2012 2.42% 0.01% 273 Sep-2012 -1.98% 0.01% 274 Oct-2012 0.28% 0.01% 275 Nov-2012 0.71% 0.01% 276 Dec-2012 5.04% 0.01% 277 Jan-2013 1.11% 0.01% 278 Feb-2013 3.60% 0.01% 279 Mar-2013 1.81% 0.01% 280 Apr-2013 2.08% 0.01% 281 May-2013 -1.50% 0.01% 282 Jun-2013 4.95% 0.01% 283 Jul-2013 -3.13% 0.01% 284 Aug-2013 2.97% 0.01% 285 Sep-2013 4.46% 0.01% 286 Oct-2013 2.80% 0.01% 287 Nov-2013 2.36% 0.01% 288 Dec-2013 -3.56% 0.01%Explanation / Answer
Plan-1 Plan-2 Amount Invested in S&P Amount Invested in T-Bill Amount Invested in S&P Amount Invested in T-Bill 240 60 60 240 Returns Returns Returns Returns Total Money Total Money Total Money Total Money Month index Month S&P 500 T-Bill S&P 500 T-Bill S&P 500 T-Bill S&P 500 T-Bill S&P 500 T-Bill 1 Jan-90 0.85% 0.64% 2.04 0.384 0.51 1.536 242.04 60.384 60.51 241.536 2 Feb-90 2.43% 0.65% 5.832 0.39 1.458 1.56 245.832 60.39 61.458 241.56 3 Mar-90 -2.69% 0.67% -6.456 0.402 -1.614 1.608 233.544 60.402 58.386 241.608 4 Apr-90 9.20% 0.67% 22.08 0.402 5.52 1.608 262.08 60.402 65.52 241.608 5 May-90 -0.89% 0.67% -2.136 0.402 -0.534 1.608 237.864 60.402 59.466 241.608 6 Jun-90 -0.52% 0.65% -1.248 0.39 -0.312 1.56 238.752 60.39 59.688 241.56 7 Jul-90 -9.43% 0.64% -22.632 0.384 -5.658 1.536 217.368 60.384 54.342 241.536 8 Aug-90 -5.12% 0.63% -12.288 0.378 -3.072 1.512 227.712 60.378 56.928 241.512 9 Sep-90 -0.67% 0.62% -1.608 0.372 -0.402 1.488 238.392 60.372 59.598 241.488 10 Oct-90 5.99% 0.61% 14.376 0.366 3.594 1.464 254.376 60.366 63.594 241.464 11 Nov-90 2.48% 0.59% 5.952 0.354 1.488 1.416 245.952 60.354 61.488 241.416 12 Dec-90 4.15% 0.57% 9.96 0.342 2.49 1.368 249.96 60.342 62.49 241.368 13 Jan-91 6.73% 0.54% 16.152 0.324 4.038 1.296 256.152 60.324 64.038 241.296 14 Feb-91 2.22% 0.51% 5.328 0.306 1.332 1.224 245.328 60.306 61.332 241.224 15 Mar-91 0.03% 0.52% 0.072 0.312 0.018 1.248 240.072 60.312 60.018 241.248 16 Apr-91 3.86% 0.51% 9.264 0.306 2.316 1.224 249.264 60.306 62.316 241.224 17 May-91 -4.79% 0.50% -11.496 0.3 -2.874 1.2 228.504 60.3 57.126 241.2 18 Jun-91 4.49% 0.52% 10.776 0.312 2.694 1.248 250.776 60.312 62.694 241.248 19 Jul-91 1.96% 0.51% 4.704 0.306 1.176 1.224 244.704 60.306 61.176 241.224 20 Aug-91 -1.91% 0.47% -4.584 0.282 -1.146 1.128 235.416 60.282 58.854 241.128 21 Sep-91 1.18% 0.45% 2.832 0.27 0.708 1.08 242.832 60.27 60.708 241.08 22 Oct-91 -4.39% 0.43% -10.536 0.258 -2.634 1.032 229.464 60.258 57.366 241.032 23 Nov-91 11.16% 0.40% 26.784 0.24 6.696 0.96 266.784 60.24 66.696 240.96 24 Dec-91 -1.99% 0.36% -4.776 0.216 -1.194 0.864 235.224 60.216 58.806 240.864 25 Jan-92 0.96% 0.34% 2.304 0.204 0.576 0.816 242.304 60.204 60.576 240.816 26 Feb-92 -2.18% 0.35% -5.232 0.21 -1.308 0.84 234.768 60.21 58.692 240.84 27 Mar-92 2.79% 0.38% 6.696 0.228 1.674 0.912 246.696 60.228 61.674 240.912 28 Apr-92 0.10% 0.35% 0.24 0.21 0.06 0.84 240.24 60.21 60.06 240.84 29 May-92 -1.74% 0.34% -4.176 0.204 -1.044 0.816 235.824 60.204 58.956 240.816 30 Jun-92 3.94% 0.34% 9.456 0.204 2.364 0.816 249.456 60.204 62.364 240.816 31 Jul-92 -2.40% 0.30% -5.76 0.18 -1.44 0.72 234.24 60.18 58.56 240.72 32 Aug-92 0.91% 0.28% 2.184 0.168 0.546 0.672 242.184 60.168 60.546 240.672 33 Sep-92 0.21% 0.26% 0.504 0.156 0.126 0.624 240.504 60.156 60.126 240.624 34 Oct-92 3.03% 0.27% 7.272 0.162 1.818 0.648 247.272 60.162 61.818 240.648 35 Nov-92 1.01% 0.30% 2.424 0.18 0.606 0.72 242.424 60.18 60.606 240.72 36 Dec-92 0.70% 0.30% 1.68 0.18 0.42 0.72 241.68 60.18 60.42 240.72 37 Jan-93 1.05% 0.29% 2.52 0.174 0.63 0.696 242.52 60.174 60.63 240.696 38 Feb-93 1.87% 0.28% 4.488 0.168 1.122 0.672 244.488 60.168 61.122 240.672 39 Mar-93 -2.54% 0.27% -6.096 0.162 -1.524 0.648 233.904 60.162 58.476 240.648 40 Apr-93 2.27% 0.27% 5.448 0.162 1.362 0.648 245.448 60.162 61.362 240.648 41 May-93 0.08% 0.28% 0.192 0.168 0.048 0.672 240.192 60.168 60.048 240.672 42 Jun-93 -0.53% 0.29% -1.272 0.174 -0.318 0.696 238.728 60.174 59.682 240.696 43 Jul-93 3.44% 0.28% 8.256 0.168 2.064 0.672 248.256 60.168 62.064 240.672 44 Aug-93 -1.00% 0.28% -2.4 0.168 -0.6 0.672 237.6 60.168 59.4 240.672 45 Sep-93 1.94% 0.28% 4.656 0.168 1.164 0.672 244.656 60.168 61.164 240.672 46 Oct-93 -1.29% 0.28% -3.096 0.168 -0.774 0.672 236.904 60.168 59.226 240.672 47 Nov-93 1.01% 0.29% 2.424 0.174 0.606 0.696 242.424 60.174 60.606 240.696 48 Dec-93 3.25% 0.30% 7.8 0.18 1.95 0.72 247.8 60.18 61.95 240.72 49 Jan-94 -3.00% 0.29% -7.2 0.174 -1.8 0.696 232.8 60.174 58.2 240.696 50 Feb-94 -4.57% 0.32% -10.968 0.192 -2.742 0.768 229.032 60.192 57.258 240.768 51 Mar-94 1.15% 0.35% 2.76 0.21 0.69 0.84 242.76 60.21 60.69 240.84 52 Apr-94 1.24% 0.39% 2.976 0.234 0.744 0.936 242.976 60.234 60.744 240.936 53 May-94 -2.68% 0.43% -6.432 0.258 -1.608 1.032 233.568 60.258 58.392 241.032 54 Jun-94 3.15% 0.43% 7.56 0.258 1.89 1.032 247.56 60.258 61.89 241.032 55 Jul-94 3.76% 0.45% 9.024 0.27 2.256 1.08 249.024 60.27 62.256 241.08 56 Aug-94 -2.69% 0.45% -6.456 0.27 -1.614 1.08 233.544 60.27 58.386 241.08 57 Sep-94 2.08% 0.47% 4.992 0.282 1.248 1.128 244.992 60.282 61.248 241.128 58 Oct-94 -3.95% 0.50% -9.48 0.3 -2.37 1.2 230.52 60.3 57.63 241.2 59 Nov-94 1.23% 0.53% 2.952 0.318 0.738 1.272 242.952 60.318 60.738 241.272 60 Dec-94 2.43% 0.58% 5.832 0.348 1.458 1.392 245.832 60.348 61.458 241.392 61 Jan-95 3.61% 0.57% 8.664 0.342 2.166 1.368 248.664 60.342 62.166 241.368 62 Feb-95 2.73% 0.54% 6.552 0.324 1.638 1.296 246.552 60.324 61.638 241.296 63 Mar-95 2.80% 0.52% 6.72 0.312 1.68 1.248 246.72 60.312 61.68 241.248 64 Apr-95 3.63% 0.51% 8.712 0.306 2.178 1.224 248.712 60.306 62.178 241.224 65 May-95 2.13% 0.49% 5.112 0.294 1.278 1.176 245.112 60.294 61.278 241.176 66 Jun-95 3.18% 0.46% 7.632 0.276 1.908 1.104 247.632 60.276 61.908 241.104 67 Jul-95 -0.03% 0.45% -0.072 0.27 -0.018 1.08 239.928 60.27 59.982 241.08 68 Aug-95 4.01% 0.47% 9.624 0.282 2.406 1.128 249.624 60.282 62.406 241.128 69 Sep-95 -0.50% 0.46% -1.2 0.276 -0.3 1.104 238.8 60.276 59.7 241.104 70 Oct-95 4.10% 0.45% 9.84 0.27 2.46 1.08 249.84 60.27 62.46 241.08 71 Nov-95 1.74% 0.44% 4.176 0.264 1.044 1.056 244.176 60.264 61.044 241.056 72 Dec-95 3.26% 0.43% 7.824 0.258 1.956 1.032 247.824 60.258 61.956 241.032 73 Jan-96 0.69% 0.41% 1.656 0.246 0.414 0.984 241.656 60.246 60.414 240.984 74 Feb-96 0.79% 0.40% 1.896 0.24 0.474 0.96 241.896 60.24 60.474 240.96 75 Mar-96 1.34% 0.43% 3.216 0.258 0.804 1.032 243.216 60.258 60.804 241.032 76 Apr-96 2.29% 0.45% 5.496 0.27 1.374 1.08 245.496 60.27 61.374 241.08 77 May-96 0.23% 0.46% 0.552 0.276 0.138 1.104 240.552 60.276 60.138 241.104 78 Jun-96 -4.57% 0.47% -10.968 0.282 -2.742 1.128 229.032 60.282 57.258 241.128 79 Jul-96 1.88% 0.47% 4.512 0.282 1.128 1.128 244.512 60.282 61.128 241.128 80 Aug-96 5.42% 0.46% 13.008 0.276 3.252 1.104 253.008 60.276 63.252 241.104 81 Sep-96 2.61% 0.47% 6.264 0.282 1.566 1.128 246.264 60.282 61.566 241.128 82 Oct-96 7.34% 0.45% 17.616 0.27 4.404 1.08 257.616 60.27 64.404 241.08 83 Nov-96 -2.15% 0.44% -5.16 0.264 -1.29 1.056 234.84 60.264 58.71 241.056 84 Dec-96 6.13% 0.44% 14.712 0.264 3.678 1.056 254.712 60.264 63.678 241.056 85 Jan-97 0.59% 0.46% 1.416 0.276 0.354 1.104 241.416 60.276 60.354 241.104 86 Feb-97 -4.26% 0.45% -10.224 0.27 -2.556 1.08 229.776 60.27 57.444 241.08 87 Mar-97 5.84% 0.47% 14.016 0.282 3.504 1.128 254.016 60.282 63.504 241.128 88 Apr-97 5.86% 0.49% 14.064 0.294 3.516 1.176 254.064 60.294 63.516 241.176 89 May-97 4.35% 0.48% 10.44 0.288 2.61 1.152 250.44 60.288 62.61 241.152 90 Jun-97 7.81% 0.46% 18.744 0.276 4.686 1.104 258.744 60.276 64.686 241.104 91 Jul-97 -5.75% 0.45% -13.8 0.27 -3.45 1.08 226.2 60.27 56.55 241.08 92 Aug-97 5.32% 0.45% 12.768 0.27 3.192 1.08 252.768 60.27 63.192 241.08 93 Sep-97 -3.45% 0.45% -8.28 0.27 -2.07 1.08 231.72 60.27 57.93 241.08 94 Oct-97 4.46% 0.44% 10.704 0.264 2.676 1.056 250.704 60.264 62.676 241.056 95 Nov-97 1.57% 0.44% 3.768 0.264 0.942 1.056 243.768 60.264 60.942 241.056 96 Dec-97 1.02% 0.45% 2.448 0.27 0.612 1.08 242.448 60.27 60.612 241.08 97 Jan-98 7.04% 0.43% 16.896 0.258 4.224 1.032 256.896 60.258 64.224 241.032 98 Feb-98 4.99% 0.43% 11.976 0.258 2.994 1.032 251.976 60.258 62.994 241.032 99 Mar-98 0.91% 0.44% 2.184 0.264 0.546 1.056 242.184 60.264 60.546 241.056 100 Apr-98 -1.88% 0.44% -4.512 0.264 -1.128 1.056 235.488 60.264 58.872 241.056 101 May-98 3.94% 0.44% 9.456 0.264 2.364 1.056 249.456 60.264 62.364 241.056 102 Jun-98 -1.16% 0.44% -2.784 0.264 -0.696 1.056 237.216 60.264 59.304 241.056 103 Jul-98 -14.58% 0.44% -34.992 0.264 -8.748 1.056 205.008 60.264 51.252 241.056 104 Aug-98 6.24% 0.42% 14.976 0.252 3.744 1.008 254.976 60.252 63.744 241.008 105 Sep-98 8.03% 0.38% 19.272 0.228 4.818 0.912 259.272 60.228 64.818 240.912 106 Oct-98 5.91% 0.34% 14.184 0.204 3.546 0.816 254.184 60.204 63.546 240.816 107 Nov-98 5.64% 0.37% 13.536 0.222 3.384 0.888 253.536 60.222 63.384 240.888 108 Dec-98 4.10% 0.37% 9.84 0.222 2.46 0.888 249.84 60.222 62.46 240.888 109 Jan-99 -3.23% 0.37% -7.752 0.222 -1.938 0.888 232.248 60.222 58.062 240.888 110 Feb-99 3.88% 0.38% 9.312 0.228 2.328 0.912 249.312 60.228 62.328 240.912 111 Mar-99 3.79% 0.39% 9.096 0.234 2.274 0.936 249.096 60.234 62.274 240.936 112 Apr-99 -2.50% 0.38% -6 0.228 -1.5 0.912 234 60.228 58.5 240.912 113 May-99 5.44% 0.40% 13.056 0.24 3.264 0.96 253.056 60.24 63.264 240.96 114 Jun-99 -3.20% 0.42% -7.68 0.252 -1.92 1.008 232.32 60.252 58.08 241.008 115 Jul-99 -0.63% 0.41% -1.512 0.246 -0.378 0.984 238.488 60.246 59.622 240.984 116 Aug-99 -2.86% 0.42% -6.864 0.252 -1.716 1.008 233.136 60.252 58.284 241.008 117 Sep-99 6.25% 0.43% 15 0.258 3.75 1.032 255 60.258 63.75 241.032 118 Oct-99 1.91% 0.44% 4.584 0.264 1.146 1.056 244.584 60.264 61.146 241.056 119 Nov-99 5.78% 0.45% 13.872 0.27 3.468 1.08 253.872 60.27 63.468 241.08 120 Dec-99 -5.09% 0.47% -12.216 0.282 -3.054 1.128 227.784 60.282 56.946 241.128 121 Jan-00 -2.01% 0.50% -4.824 0.3 -1.206 1.2 235.176 60.3 58.794 241.2 122 Feb-00 9.67% 0.50% 23.208 0.3 5.802 1.2 263.208 60.3 65.802 241.2 123 Mar-00 -3.08% 0.50% -7.392 0.3 -1.848 1.2 232.608 60.3 58.152 241.2 124 Apr-00 -2.19% 0.50% -5.256 0.3 -1.314 1.2 234.744 60.3 58.686 241.2 125 May-00 2.39% 0.51% 5.736 0.306 1.434 1.224 245.736 60.306 61.434 241.224 126 Jun-00 -1.63% 0.50% -3.912 0.3 -0.978 1.2 236.088 60.3 59.022 241.2 127 Jul-00 6.07% 0.49% 14.568 0.294 3.642 1.176 254.568 60.294 63.642 241.176 128 Aug-00 -5.35% 0.50% -12.84 0.3 -3.21 1.2 227.16 60.3 56.79 241.2 129 Sep-00 -0.49% 0.50% -1.176 0.3 -0.294 1.2 238.824 60.3 59.706 241.2 130 Oct-00 -8.01% 0.49% -19.224 0.294 -4.806 1.176 220.776 60.294 55.194 241.176 131 Nov-00 0.41% 0.49% 0.984 0.294 0.246 1.176 240.984 60.294 60.246 241.176 132 Dec-00 3.46% 0.46% 8.304 0.276 2.076 1.104 248.304 60.276 62.076 241.104 133 Jan-01 -9.23% 0.39% -22.152 0.234 -5.538 0.936 217.848 60.234 54.462 240.936 134 Feb-01 -6.42% 0.38% -15.408 0.228 -3.852 0.912 224.592 60.228 56.148 240.912 135 Mar-01 7.68% 0.35% 18.432 0.21 4.608 0.84 258.432 60.21 64.608 240.84 136 Apr-01 0.51% 0.33% 1.224 0.198 0.306 0.792 241.224 60.198 60.306 240.792 137 May-01 -2.50% 0.31% -6 0.186 -1.5 0.744 234 60.186 58.5 240.744 138 Jun-01 -1.07% 0.29% -2.568 0.174 -0.642 0.696 237.432 60.174 59.358 240.696 139 Jul-01 -6.41% 0.30% -15.384 0.18 -3.846 0.72 224.616 60.18 56.154 240.72 140 Aug-01 -8.17% 0.28% -19.608 0.168 -4.902 0.672 220.392 60.168 55.098 240.672 201 Sep-06 3.15% 0.41% 7.56 0.246 1.89 0.984 247.56 60.246 61.89 240.984 216 Dec-07 -6.12% 0.27% -14.688 0.162 -3.672 0.648 225.312 60.162 56.328 240.648 234 Jun-09 7.41% 0.04% 17.784 0.024 4.446 0.096 257.784 60.024 64.446 240.096 Total Returns 470.304 49.518 117.576 198.072 69590.3 17329.52 17397.58 69318.07 519.822 315.648 86919.82 86715.65
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