UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER 811-1800
U.S. GLOBAL INVESTORS FUNDS
7900 CALLAGHAN ROAD
SAN ANTONIO, TX 78229
(Address of principal executive offices) (Zip code)
SUSAN B. MCGEE, ESQ.
7900 CALLAGHAN ROAD
SAN ANTONIO, TX 78229
(Name and address of agent for service)
Registrant's telephone number, including area code:
210-308-1234
Date of fiscal year end: JUNE 30, 2005
Date of reporting period: DECEMBER 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
U.S. GLOBAL INVESTORS FUNDS
SEMI-ANNUAL REPORT
DECEMBER 31, 2004
(UNAUDITED)
TABLE OF CONTENTS
LETTER TO SHAREHOLDERS 1
MANAGEMENT TEAMS' PERSPECTIVES 8
EXPENSE EXAMPLE 41
PORTFOLIOS OF INVESTMENTS 43
NOTES TO PORTFOLIOS OF INVESTMENTS 84
STATEMENTS OF ASSETS AND LIABILITIES 88
STATEMENTS OF OPERATIONS 92
STATEMENTS OF CHANGES IN NET ASSETS 96
NOTES TO FINANCIAL STATEMENTS 102
FINANCIAL HIGHLIGHTS 112
ADDITIONAL INFORMATION 117
NASDAQ SYMBOLS
U.S. TREASURY SECURITIES CASH FUND USTXX
U.S. GOVERNMENT SECURITIES SAVINGS FUND UGSXX
NEAR-TERM TAX FREE FUND NEARX
TAX FREE FUND USUTX
ALL AMERICAN EQUITY FUND GBTFX
CHINA REGION OPPORTUNITY FUND USCOX
GLOBAL RESOURCES FUND PSPFX
WORLD PRECIOUS MINERALS FUND UNWPX
GOLD SHARES FUND USERX
[USGI Logo]
P.O. Box 781234 San Antonio, Texas 78278-1234
Tel 1*800*US*FUNDS
Fax 210*308*1217
www.usfunds.com
U.S. GLOBAL INVESTORS FUNDS
DEAR SHAREHOLDER
Dear Shareholder,
2004 was another good year for U.S. Global Investors Funds, with eight out of
nine funds finishing in positive territory. Among these funds, the Global
[PHOTO] Resources Fund turned in the best performance of the year, capitalizing
on the continued worldwide demand for natural resources, the twin budget
deficits (U.S. trade and federal budget deficits) and the falling U.S. dollar.
The Global Resources Fund invests in natural resource companies all over the
world. Did you know that natural resource-based stocks comprise more than 13
percent of the S&P 500 Stock Index and an even greater percentage of its 2004
earnings? Materials, energy and utilities are the sectors that make up natural
resources, and without these commodities, the global economy would cease to
function. Investors should take a critical look at their portfolios and consider
their allocation toward natural resources.
This is not to say one should put all one's money into natural resources or any
other sector. We always advocate a well-diversified portfolio with disciplined,
annual rebalancing to avoid making performance-chasing decisions. What does this
mean, exactly? Well, let's say you gave your portfolio a 13 percent weighting in
natural resources to match that of the S&P 500. In 2004, this sector
outperformed the market. So, the value of your investment in natural resources
would have increased,
1
U.S. GLOBAL INVESTORS FUNDS
and, therefore, the percentage of your portfolio allocated to natural resources
would have increased as well. This would be a good time to take some profits
from the sector, reducing your allocation back to the 13 percent level.
Likewise, had the sector underperformed, you would increase your exposure back
to 13 percent, buying when the price is lower. A good time to rebalance is on
your birthday, or in the days between Christmas and New Year's Eve, because
these dates are easy to remember.
THE POWER OF MEAN REVERSION
A disciplined approach to investing, with annual rebalancing, is very important
because time has shown that all asset classes will revert to their long-term
mean. Understanding "mean reversion," as this principle is called, can
discipline investors to help them avoid making rash, emotion-based decisions.
For more on mean reversion, see our "Wisdom of Diversification" chart--updated
to include 2004--on the pages following this letter. The chart shows the
fluctuation of asset classes over the past 20 years. It is a good demonstration
of the fact that no investment category can stay at the top for a sustained
period of time. Just because something is a winner this year doesn't mean it
will be the next. Likewise, underperformers won't stay at the bottom forever, so
poor-performing asset classes might actually represent a buying opportunity.
Rather than try to guess what the stock market will do, diversify and rebalance!
2
U.S. GLOBAL INVESTORS FUNDS
ALPHA INVESTING
One of the performance metrics that I believe will gain steam in 2005 is alpha,
which measures return that is in excess of risk. Many investment advisors use
alpha as a primary factor to determine the suitability of a mutual fund, yet the
average investor still understands little about it. Alpha stems from Modern
Portfolio Theory (MPT), which proposes how an asset should be priced given its
risk relative to the market as a whole. (MPT also emphasizes the importance of
managing risk through diversification across multiple asset classes, as
mentioned above.) Positive alpha is attributable to the skill of the active
money manager, and I am pleased to say that five of the six U.S. Global
Investors equity funds finished the year with positive alpha, according to
Morningstar, Inc.
Alpha is expressed as a percentage. For example, according to Morningstar, the
World Precious Minerals Fund ended the year with an alpha of 55.06. In this
example, the fund outperformed its expected return by 55.06 percent. (This does
not mean the fund beat its benchmark by 55.06 percent; only that it beat
market-based expectations by 55.06 percent.) The Morningstar precious minerals
peer group averaged an alpha of 33.08 for the same period.
LOOKING AHEAD
According to a study released by Lehman Brothers Equity Research, the market has
fared well in years ending in "5." In fact, the last time the market posted a
total negative return in a "5" year was 1865. So 2005 may be another positive
year for the stock markets,
3
U.S. GLOBAL INVESTORS FUNDS
although, as we have cautioned, the first year of a presidential election cycle
is often a rough one. After all, presidents like to push their most
controversial policies early in their term. We do feel confident about a few
things, however--that the dollar will continue to fall and that we are in a
secular bull market in commodities. In the short term, the dollar may indeed
rise, and commodities may plummet, but these reversals won't last long. The
"twin deficits" and continuing demand from China will continue to drive our
economy, and U.S. Global is well positioned to benefit from these critical
drivers. Our Global Resources Fund is particularly well positioned, as is the
China Region Opportunity Fund.
For more information on these and other no-load mutual funds offered by U.S.
Global Investors, I encourage you to visit our website, www.usfunds.com, or call
to speak with one of our highly skilled investor representatives at
1-800-US-FUNDS, option 5. Thank you for investing with U.S. Global. I look
forward to a prosperous 2005.
Sincerely,
/s/ Frank Holmes
Frank Holmes
Chairman, Chief Investment Officer and CEO
U.S. Global Investors, Inc.
4
U.S. GLOBAL INVESTORS FUNDS
Please consider carefully the fund's investment objectives, risks, charges and
expenses. For this and other important information, obtain a fund prospectus by
visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it
carefully before investing. Distributed by U.S. Global Brokerage, Inc.
Performance data quoted above is historical. Past performance is no guarantee of
future results. Current performance may be higher or lower than the performance
data quoted. The principal value and investment return of an investment will
fluctuate so that your shares, when redeemed, may be worth more or less than
their original cost. Obtain performance data current to the most recent
month-end at www.usfunds.com.
Foreign and emerging market investing involves special risks such as currency
fluctuation and less public disclosure, as well as economic and political risk.
Gold funds may be susceptible to adverse economic, political or regulatory
developments due to concentrating in a single theme. The price of gold is
subject to substantial price fluctuations over short periods of time and may be
affected by unpredicted international monetary and political policies. We
suggest investing no more than 3% to 5% of your portfolio in gold or gold
stocks.
Diversification does not protect an investor from market risks and does not
assure a profit.
The S&P 500 Stock Index is a widely recognized capitalization- weighted index of
500 common stock prices in U.S. companies.
5
U.S. GLOBAL INVESTORS FUNDS
WISDOM OF DIVERSIFICATION
Roger Gibson, the author of Asset Allocation: Balancing Financial Risk, has done
a great deal of research suggesting that higher risk-adjusted returns are
achievable through multiple-asset-class diversification. While diversification
may mitigate risk, it does not eliminate it, and, as Gibson says, "Clients who
embrace broad diversification understand that there will be market environments
where it looks good and other environments where it looks bad."
The chart below is a good demonstration of this. As you can see, over the past
20 years, not one investment category has performed consistently. For example,
in 1988, the gold sector was the worst performer. But in
1989, it was the best. Fast-forward to 1999, when, at the peak of the dot-com
boom, small-cap growth stocks were the best performers. The next year they hit
rock bottom. This is why you need a well-balanced, diversified portfolio.
It is also worth noting that investments can have wide price swings during any
given year. But, over time, they usually revert to their long-term averages.
This principle is called "mean reversion." By allocating your assets among a
variety of categories, and understanding mean reversion, you protect yourself
from unpredictable shifts in the market. In other words, you avoid putting all
your eggs in one basket.
6
U.S. GLOBAL INVESTORS FUNDS
Ranking of Investment Categories from Best to Worst Over the Last 20 Years
BEST
PERFORMERS
^ --------------------------------------------------------------------------------------------------------------
| 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994
| --------------------------------------------------------------------------------------------------------------
|
| Int'l Gold Gold Small Gold Bond Small Small Gold Int'l
| Value Growth Value
| --------------------------------------------------------------------------------------------------------------
| Gold Gold Int'l Int'l Large Large Mid Large Int'l Large
| Growth Growth Cap Value Growth
| --------------------------------------------------------------------------------------------------------------
| Mid Bond Large Large Mid Mid Small Mid Small Small
| Cap Growth Value Cap Cap Value Cap Value Value
| --------------------------------------------------------------------------------------------------------------
| Large Large Large Mid Large Large Large Bond Large Large
| Growth Value Value Cap Value Value Growth Value Value
| --------------------------------------------------------------------------------------------------------------
| Bond Mid Mid Small Small Small Large Small Bond Small
| Cap Cap Growth Growth Growth Value Growth Growth
| --------------------------------------------------------------------------------------------------------------
| Large Large Bond Large Bond Gold Bond Large Mid Mid
| Value Growth Growth Growth Cap Cap
| --------------------------------------------------------------------------------------------------------------
| Small Small Small Bond Small Small Int'l Gold Small Bond
| Value Value Value Value Value Growth
| --------------------------------------------------------------------------------------------------------------
| Small Small Small Gold Int'l Int'l Gold Int'l Large Gold
WORST Growth Growth Growth Growth
PERFORMERS --------------------------------------------------------------------------------------------------------------
BEST
PERFORMERS
^ ----------------------------------------------------------------------------------------------------
| 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
| ----------------------------------------------------------------------------------------------------
| Large Large Large Large Small Small Small Gold Small Small
| Value Growth Value Growth Growth Value Value Growth Value
| ----------------------------------------------------------------------------------------------------
| Large Large Mid Int'l Large Bond Gold Bond Small Int'l
| Growth Value Cap Growth Value
| ----------------------------------------------------------------------------------------------------
| Small Small Small Mid Int'l Mid Bond Small Gold Large
| Growth Value Value Cap Cap Value Value
| ----------------------------------------------------------------------------------------------------
| Mid Mid Large Large Mid Large Mid Mid Int'l Mid
| Cap Cap Growth Value Cap Value Cap Cap Cap
| ----------------------------------------------------------------------------------------------------
| Bond Small Bond Bond Large Gold Large Large Mid Small
| Growth Value Value Value Cap Growth
| ----------------------------------------------------------------------------------------------------
| Small Gold Small Small Small Int'l Small Int'l Large Large
| Value Growth Growth Value Growth Value Growth
| -----------------------------------------------------------------------------------------------------
| Gold Int'l Int'l Small Bond Large Large Large Large Bond
| Value Growth Growth Growth Growth
| -----------------------------------------------------------------------------------------------------
| Int'l Bond Gold Gold Gold Small Int'l Small Bond Gold
| Growth Growth
WORST -----------------------------------------------------------------------------------------------------
PERFORMERS
Source: Steele Systems, Inc. Toronto Stock Exchange and Bloomberg.
7
MONEY MARKET FUNDS
MANAGEMENT TEAM'S PERSPECTIVE
INTRODUCTION
The U.S. Treasury Securities Cash Fund seeks to obtain a high level of current
income while maintaining the highest degree of safety of principal and
liquidity. The U.S. Government Securities Savings Fund seeks to achieve a
consistently high yield with safety of principal.
PERFORMANCE
U.S. TREASURY SECURITIES CASH FUND As of December 31, 2004
7-Day Yield 0.98%
---------------------------------------------------------------
7-Day Effective Yield 0.99%
---------------------------------------------------------------
Weighted Average Days to Maturity 59
U.S. GOVERNMENT SECURITIES SAVINGS FUND As of December 31, 2004
7-Day Yield 1.66%
---------------------------------------------------------------
7-Day Effective Yield 1.67%
---------------------------------------------------------------
Weighted Average Days to Maturity 56
SIX MONTHS IN REVIEW - ECONOMIC AND POLITICAL ISSUES THAT AFFECTED
THE FUND
After a volatile period during the first six months of the year, the bond
markets were relatively placid during the past six months. The Federal Reserve
(Fed) began "normalizing" interest rates in June and continued that process
through the end of 2004. Since the June meeting, the Fed has raised interest
rates by 25 basis points four times, bringing the Fed Funds rate to 2.25 percent
at year-end. The economy continued to improve, with third-quarter gross domestic
product (GDP) of 4 percent and a gradual improvement in the employment picture.
After concerns earlier in the year, inflation expectations remain somewhat
muted, and this has allowed the market to take the rate increases in stride.
Short-term bond yields moved up in line with the rate increases, with yields on
three-month T-Bills rising 95 basis points to 2.20 percent and yields on
six-month T-Bills moving up 92 basis points at 2.53 percent.
8
MONEY MARKET FUNDS
INVESTMENT HIGHLIGHTS
For much of the period, the U.S. Government Securities Savings Fund took a
laddered approach by buying fixed-rate securities across the money market
spectrum. The fund increased its exposure to floating-rate securities, which
benefit from rising interest rates. The fund averaged a weighted average
maturity of 52 days, which was longer than the peer group average; this proved
beneficial as the Fed took a measured approach to rate increases, which met
market expectations. The fund took advantage of these progressively higher
yields by selectively extending its ladder out through 2005. The U.S. Treasury
Securities Cash Fund followed a similar laddered strategy, averaging a weighted
average maturity of 44 days. The fund took advantage of the volatility to add to
short-term positions.
CURRENT OUTLOOK
The Fed is six months into this interest rate "up" cycle; this is likely the
cycle's midpoint. Economic growth is still robust, inflation is on the upswing
and the Fed still has some work to do. Third quarter GDP grew at 4 percent, with
a modest slowdown likely in the fourth quarter. This is a healthy pace of
expansion and will likely carry some positive momentum into the first portion of
2005. Worldwide growth is likely to slow in 2005, as foreign central banks are
further along the tightening path than the Fed. Corporate profits have likely
peaked in this cycle, and an economic slowdown in 2005 is the most likely
scenario. Due to the modest growth expectations, inflation is not likely to be
as much of a problem as in prior economic cycles, which will allow the Fed more
room to maneuver. Current expectations are for the Fed to raise interest rates
to about 3 percent by the middle of 2005 and possibly as high as 4 percent by
the end of the year.
9
MONEY MARKET FUNDS
U.S. TREASURY SECURITIES CASH FUND PORTFOLIO ALLOCATION
BASED ON TOTAL INVESTMENTS December 31, 2004
[U.S. Treasury Securities Cash Fund Pie Chart]
United States Treasury Notes 23.10%
United States Treasury Bills 36.94%
Repurchase Agreements 39.96%
U.S. GOVERNMENT SECURITIES SAVINGS FUND PORTFOLIO ALLOCATION
BASED ON TOTAL INVESTMENTS December 31, 2004
[U.S. Government Securities Savings Fund Pie Chart]
Student Loan Marketing Association 2.77%
Federal Home Loan Bank 60.35%
Federal Farm Credit Bank 36.88%
10
TAX FREE FUNDS
MANAGEMENT TEAM'S PERSPECTIVE
INTRODUCTION
The Tax Free and Near-Term Tax Free Funds seek to provide a high level of
current income that is exempt from federal income taxation and to preserve
capital. The Near-Term Tax Free Fund maintains a weighted average maturity of
less than five years, while the Tax Free Fund generally maintains a longer
weighted average maturity.
PERFORMANCE
NEAR-TERM TAX FREE FUND
[Near-Term Tax Free Fund Graph]
[Graphic: Line graph created from data points in following table.]
NEAR-TERM LEHMAN 3-YEAR
DATE TAX FREE FUND MUNICIPAL BOND INDEX
-------- --------- ------------------
12/30/1994 $ 10,000.00 $ 10,000.00
1/31/1995 $ 10,067.83 $ 10,083.08
2/28/1995 $ 10,126.14 $ 10,189.16
3/31/1995 $ 10,194.43 $ 10,280.39
4/28/1995 $ 10,223.80 $ 10,315.26
5/31/1995 $ 10,331.94 $ 10,473.26
6/30/1995 $ 10,371.41 $ 10,498.48
7/31/1995 $ 10,430.85 $ 10,609.01
8/31/1995 $ 10,480.52 $ 10,692.09
9/29/1995 $ 10,510.43 $ 10,722.50
10/31/1995 $ 10,550.47 $ 10,773.68
11/30/1995 $ 10,620.81 $ 10,842.67
12/29/1995 $ 10,651.07 $ 10,887.18
1/31/1996 $ 10,732.22 $ 10,972.48
2/29/1996 $ 10,732.22 $ 10,974.71
3/29/1996 $ 10,681.16 $ 10,948.00
4/30/1996 $ 10,681.16 $ 10,961.35
5/31/1996 $ 10,691.44 $ 10,971.00
6/28/1996 $ 10,753.36 $ 11,036.27
7/31/1996 $ 10,815.52 $ 11,097.84
8/30/1996 $ 10,846.72 $ 11,114.16
9/30/1996 $ 10,919.80 $ 11,181.66
10/31/1996 $ 10,993.15 $ 11,259.55
11/29/1996 $ 11,108.87 $ 11,364.88
12/31/1996 $ 11,108.87 $ 11,370.08
1/31/1997 $ 11,151.31 $ 11,419.78
2/28/1997 $ 11,213.09 $ 11,475.41
3/31/1997 $ 11,138.26 $ 11,416.07
4/30/1997 $ 11,192.99 $ 11,465.02
5/30/1997 $ 11,297.48 $ 11,558.49
6/30/1997 $ 11,382.89 $ 11,626.73
7/31/1997 $ 11,572.79 $ 11,764.71
8/29/1997 $ 11,512.91 $ 11,741.71
9/30/1997 $ 11,621.05 $ 11,825.53
10/31/1997 $ 11,671.48 $ 11,878.20
11/28/1997 $ 11,708.88 $ 11,912.32
12/31/1997 $ 11,831.38 $ 11,993.18
1/30/1998 $ 11,926.65 $ 12,072.55
2/27/1998 $ 11,921.09 $ 12,097.77
3/31/1998 $ 11,916.63 $ 12,117.05
4/30/1998 $ 11,900.96 $ 12,100.73
5/29/1998 $ 12,030.08 $ 12,212.74
6/30/1998 $ 12,068.38 $ 12,253.54
7/31/1998 $ 12,104.67 $ 12,298.05
8/31/1998 $ 12,241.32 $ 12,417.48
9/30/1998 $ 12,360.19 $ 12,496.11
10/30/1998 $ 12,354.46 $ 12,556.93
11/30/1998 $ 12,372.85 $ 12,587.35
12/31/1998 $ 12,379.77 $ 12,617.76
1/29/1999 $ 12,488.52 $ 12,731.99
2/26/1999 $ 12,458.35 $ 12,746.09
3/31/1999 $ 12,468.83 $ 12,757.21
4/30/1999 $ 12,508.56 $ 12,796.53
5/28/1999 $ 12,473.39 $ 12,777.98
6/30/1999 $ 12,352.30 $ 12,701.58
7/30/1999 $ 12,411.29 $ 12,764.63
8/31/1999 $ 12,373.39 $ 12,780.21
9/30/1999 $ 12,407.86 $ 12,828.43
10/29/1999 $ 12,385.22 $ 12,829.91
11/30/1999 $ 12,454.55 $ 12,886.28
12/31/1999 $ 12,429.36 $ 12,865.51
1/31/2000 $ 12,413.70 $ 12,888.51
2/29/2000 $ 12,454.80 $ 12,929.31
3/31/2000 $ 12,559.09 $ 12,996.07
4/28/2000 $ 12,526.23 $ 12,997.55
5/31/2000 $ 12,512.80 $ 13,010.90
6/30/2000 $ 12,679.48 $ 13,175.58
7/31/2000 $ 12,796.31 $ 13,282.36
8/31/2000 $ 12,908.60 $ 13,382.71
9/29/2000 $ 12,902.41 $ 13,386.57
10/31/2000 $ 12,985.69 $ 13,462.47
11/30/2000 $ 13,043.07 $ 13,516.51
12/29/2000 $ 13,235.84 $ 13,667.04
1/31/2001 $ 13,373.97 $ 13,874.48
2/28/2001 $ 13,402.97 $ 13,928.74
3/30/2001 $ 13,490.21 $ 14,026.66
4/30/2001 $ 13,433.10 $ 14,006.16
5/31/2001 $ 13,542.60 $ 14,133.75
6/30/2001 $ 13,593.71 $ 14,196.69
7/31/2001 $ 13,715.42 $ 14,313.07
8/31/2001 $ 13,861.96 $ 14,460.02
9/30/2001 $ 13,900.65 $ 14,533.80
10/31/2001 $ 13,998.92 $ 14,628.33
11/30/2001 $ 13,908.10 $ 14,581.61
12/31/2001 $ 13,846.95 $ 14,567.69
1/31/2002 $ 14,032.28 $ 14,752.70
2/28/2002 $ 14,150.08 $ 14,863.35
3/31/2002 $ 13,936.13 $ 14,641.89
4/30/2002 $ 14,181.13 $ 14,857.12
5/31/2002 $ 14,248.53 $ 14,943.29
6/30/2002 $ 14,361.20 $ 15,071.80
7/31/2002 $ 14,482.09 $ 15,189.36
8/31/2002 $ 14,613.99 $ 15,286.58
9/30/2002 $ 14,807.68 $ 15,407.34
10/31/2002 $ 14,671.12 $ 15,322.60
11/30/2002 $ 14,634.88 $ 15,327.20
12/31/2002 $ 14,843.37 $ 15,547.91
1/31/2003 $ 14,866.29 $ 15,597.66
2/28/2003 $ 15,002.79 $ 15,697.49
3/31/2003 $ 15,000.08 $ 15,678.65
4/30/2003 $ 15,059.81 $ 15,720.98
5/31/2003 $ 15,269.32 $ 15,842.03
6/30/2003 $ 15,218.87 $ 15,816.69
7/31/2003 $ 14,922.42 $ 15,674.34
8/31/2003 $ 15,025.10 $ 15,754.28
9/30/2003 $ 15,309.13 $ 15,990.59
10/31/2003 $ 15,236.23 $ 15,915.43
11/30/2003 $ 15,281.73 $ 15,931.35
12/31/2003 $ 15,334.24 $ 15,964.81
1/31/2004 $ 15,395.19 $ 16,020.68
2/29/2004 $ 15,536.78 $ 16,156.86
3/31/2004 $ 15,492.27 $ 16,113.23
4/30/2004 $ 15,288.68 $ 15,950.49
5/31/2004 $ 15,224.40 $ 15,888.28
6/30/2004 $ 15,249.61 $ 15,916.88
7/31/2004 $ 15,354.93 $ 16,033.08
8/31/2004 $ 15,516.78 $ 16,201.42
9/30/2004 $ 15,550.63 $ 16,219.24
10/31/2004 $ 15,585.98 $ 16,264.66
11/30/2004 $ 15,522.21 $ 16,186.59
12/31/2004 $ 15,603.16 $ 16,249.72
- ---------------------------------------------------
AVERAGE ANNUAL PERFORMANCE For the Periods Ended
December 31, 2004
Six Month One Year Five Year Ten Year
Near-Term Tax Free Fund 2.32% 1.75% 4.65% 4.55%
----------------------------------------------------------------------
Lehman 3-Year Municipal Bond
Index 2.09% 1.78% 4.78% 4.97%
Performance data quoted represent past performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
The graph and table do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
The Lehman Brothers 3-Year Municipal Bond Index is a total return benchmark
designed for municipal assets. The index includes bonds with a minimum credit
rating of BAA3, are issued as part of a deal of at least 50 million, have an
amount outstanding of at least 5 million and have a maturity of two to four
years.
The Adviser has agreed to limit the fund's total operating expenses to 0.45%
for the year ended June 30, 2005.
11
TAX FREE FUNDS
[Tax Free Fund Graph]
[Graphic: Line graph created from data points in following table.]
TAX FREE LEHMAN 10-YEAR
DATE FUND MUNICIPAL BOND INDEX
-------- --------- ------------------
12/30/1994 $ 10,000.00 $ 10,000.00
1/31/1995 $ 10,275.48 $ 10,259.02
2/28/1995 $ 10,496.86 $ 10,549.34
3/31/1995 $ 10,635.83 $ 10,691.87
4/28/1995 $ 10,663.74 $ 10,704.88
5/31/1995 $ 10,934.78 $ 11,044.46
6/30/1995 $ 10,887.84 $ 10,975.68
7/31/1995 $ 10,944.41 $ 11,136.79
8/31/1995 $ 11,048.46 $ 11,287.99
9/29/1995 $ 11,124.46 $ 11,360.19
10/31/1995 $ 11,258.03 $ 11,491.25
11/30/1995 $ 11,401.75 $ 11,645.55
12/29/1995 $ 11,507.59 $ 11,716.81
1/31/1996 $ 11,575.22 $ 11,835.48
2/29/1996 $ 11,517.00 $ 11,786.83
3/29/1996 $ 11,380.59 $ 11,640.28
4/30/1996 $ 11,351.26 $ 11,599.07
5/31/1996 $ 11,361.08 $ 11,566.54
6/28/1996 $ 11,459.70 $ 11,676.53
7/31/1996 $ 11,558.66 $ 11,788.38
8/30/1996 $ 11,558.66 $ 11,788.69
9/30/1996 $ 11,698.40 $ 11,909.84
10/31/1996 $ 11,798.56 $ 12,060.42
11/29/1996 $ 11,979.61 $ 12,304.57
12/31/1996 $ 11,949.31 $ 12,249.11
1/31/1997 $ 11,989.89 $ 12,297.44
2/28/1997 $ 12,089.72 $ 12,413.32
3/31/1997 $ 11,976.18 $ 12,246.94
4/30/1997 $ 12,077.87 $ 12,337.10
5/30/1997 $ 12,230.52 $ 12,511.85
6/30/1997 $ 12,368.25 $ 12,650.04
7/31/1997 $ 12,675.12 $ 13,005.42
8/29/1997 $ 12,567.58 $ 12,879.32
9/30/1997 $ 12,704.89 $ 13,042.60
10/31/1997 $ 12,764.89 $ 13,111.70
11/28/1997 $ 12,839.91 $ 13,172.42
12/31/1997 $ 13,035.00 $ 13,380.33
1/30/1998 $ 13,148.95 $ 13,528.74
2/27/1998 $ 13,131.85 $ 13,527.81
3/31/1998 $ 13,118.98 $ 13,518.51
4/30/1998 $ 13,064.04 $ 13,444.15
5/29/1998 $ 13,276.01 $ 13,672.81
6/30/1998 $ 13,321.60 $ 13,723.01
7/31/1998 $ 13,364.19 $ 13,745.00
8/31/1998 $ 13,574.68 $ 13,983.89
9/30/1998 $ 13,735.42 $ 14,191.79
10/30/1998 $ 13,689.01 $ 14,197.99
11/30/1998 $ 13,752.24 $ 14,240.43
12/31/1998 $ 13,766.72 $ 14,284.74
1/29/1999 $ 13,928.02 $ 14,503.49
2/26/1999 $ 13,835.84 $ 14,373.35
3/31/1999 $ 13,859.52 $ 14,365.92
4/30/1999 $ 13,898.02 $ 14,404.34
5/28/1999 $ 13,775.29 $ 14,303.33
6/30/1999 $ 13,506.17 $ 14,037.49
7/30/1999 $ 13,533.64 $ 14,131.68
8/31/1999 $ 13,360.16 $ 14,079.63
9/30/1999 $ 13,355.55 $ 14,127.03
10/29/1999 $ 13,140.10 $ 14,027.27
11/30/1999 $ 13,300.57 $ 14,180.63
12/31/1999 $ 13,156.94 $ 14,106.89
1/31/2000 $ 13,023.95 $ 14,049.26
2/29/2000 $ 13,207.14 $ 14,159.57
3/31/2000 $ 13,558.38 $ 14,435.01
4/28/2000 $ 13,452.35 $ 14,362.51
5/31/2000 $ 13,341.14 $ 14,277.30
6/30/2000 $ 13,718.20 $ 14,665.22
7/31/2000 $ 13,914.69 $ 14,868.67
8/31/2000 $ 14,128.85 $ 15,098.61
9/29/2000 $ 14,023.16 $ 15,029.48
10/31/2000 $ 14,203.63 $ 15,183.25
11/30/2000 $ 14,318.73 $ 15,265.07
12/29/2000 $ 14,702.20 $ 15,624.80
1/31/2001 $ 14,836.64 $ 15,826.50
2/28/2001 $ 14,861.41 $ 15,853.05
3/30/2001 $ 14,991.89 $ 15,988.22
4/30/2001 $ 14,797.32 $ 15,790.14
5/31/2001 $ 14,950.05 $ 15,962.03
6/30/2001 $ 15,064.37 $ 16,056.95
7/31/2001 $ 15,281.20 $ 16,278.22
8/31/2001 $ 15,537.99 $ 16,554.11
9/30/2001 $ 15,469.44 $ 16,532.43
10/31/2001 $ 15,654.06 $ 16,736.50
11/30/2001 $ 15,462.37 $ 16,519.86
12/31/2001 $ 15,262.36 $ 16,346.66
1/31/2002 $ 15,536.47 $ 16,655.61
2/28/2002 $ 15,737.94 $ 16,893.79
3/31/2002 $ 15,390.80 $ 16,545.78
4/30/2002 $ 15,735.27 $ 16,929.64
5/31/2002 $ 15,816.16 $ 17,009.21
6/30/2002 $ 15,995.54 $ 17,220.12
7/31/2002 $ 16,185.96 $ 17,449.15
8/31/2002 $ 16,353.35 $ 17,675.99
9/30/2002 $ 16,683.86 $ 18,098.44
10/31/2002 $ 16,409.33 $ 17,769.05
11/30/2002 $ 16,312.18 $ 17,623.35
12/31/2002 $ 16,636.55 $ 18,009.30
1/31/2003 $ 16,582.97 $ 17,913.85
2/28/2003 $ 16,794.96 $ 18,223.76
3/31/2003 $ 16,777.48 $ 18,232.87
4/30/2003 $ 16,888.07 $ 18,367.79
5/31/2003 $ 17,284.24 $ 18,893.11
6/30/2003 $ 17,193.41 $ 18,802.42
7/31/2003 $ 16,521.99 $ 18,012.72
8/31/2003 $ 16,662.40 $ 18,167.63
9/30/2003 $ 17,120.31 $ 18,779.88
10/31/2003 $ 17,017.50 $ 18,637.15
11/30/2003 $ 17,141.21 $ 18,838.44
12/31/2003 $ 17,250.07 $ 19,038.12
1/31/2004 $ 17,352.35 $ 19,118.08
2/29/2004 $ 17,601.83 $ 19,454.56
3/31/2004 $ 17,515.69 $ 19,343.67
4/30/2004 $ 17,101.84 $ 18,809.79
5/31/2004 $ 17,050.14 $ 18,821.07
6/30/2004 $ 16,978.69 $ 18,883.18
7/31/2004 $ 17,133.30 $ 19,141.88
8/31/2004 $ 17,377.05 $ 19,561.09
9/30/2004 $ 17,449.11 $ 19,664.76
10/31/2004 $ 17,568.08 $ 19,822.08
11/30/2004 $ 17,421.79 $ 19,598.09
12/31/2004 $ 17,618.38 $ 19,829.35
- ---------------------------------------------------
AVERAGE ANNUAL PERFORMANCE For the Periods Ended
December 31, 2004
Six Month One Year Five Year Ten Year
Tax Free Fund 3.77% 2.14% 6.01% 5.82%
----------------------------------------------------------------------
Lehman 10-Year Municipal
Bond Index 5.01% 4.16% 7.05% 7.09%
Performance data quoted represent past performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
The graph and table do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
The Lehman Brothers 10-Year Municipal Bond Index is a total return benchmark
designed for long-term municipal assets. The index includes bonds with a
minimum credit rating of BAA3, are issued as part of a deal of at least 50
million, have an amount outstanding of at least 5 million and have a maturity
of 8 to 12 years.
The Adviser has agreed to limit the fund's total operating expenses to 0.70%
for the year ended June 30, 2005.
SIX MONTHS IN REVIEW - ECONOMIC AND POLITICAL ISSUES THAT AFFECTED
THE FUND
After a weak start to the year, municipals have rallied strongly in the past six
months. Returns varied considerably. The very short end of the curve posted only
modest returns, while the long end of the curve saw gains of over 7 percent.
Returns for the remainder of the curve fell between the two extremes and
followed a normal pattern. Bond yields began falling in August and stabilized by
September, then traded in a sideways pattern through the end of 2004. Bond
yields fell as inflation expectations began to wane. Year-over-year inflation
data began falling in late summer, and combined with the Fed raising interest
rates, the market began to believe
12
TAX FREE FUNDS
inflation was under control. Inflation data did spike up in the last few months
of the year but was primarily attributed to energy prices, which many believe
are headed lower. Economic data was positive, and job creation began to pick up.
The Fed increased interest rates by 100 basis points in the past six months,
which met expectations, and that allowed the bond market to rally. Once again by
a wide margin, the best-performing municipal sector over the past six months has
been the industrial development sector. The sector, which is leveraged to
volatile tobacco-backed municipals, had been one of the weakest areas over the
prior six months. The high-yield portion of the municipal market, which is tied
to airline backed-bonds, also posted very strong returns over the past year.
INVESTMENT HIGHLIGHTS
In the past six months, both funds were conservatively positioned from an
interest rate standpoint due to the rising interest rate environment. The funds
took less interest rate risk, which detracted from the overall total return as
bonds rallied. The funds' lack of exposure to risky airline and tobacco-backed
bonds was detrimental to performance, as these two sectors were by far the best
performers. During the past six months, the Tax Free Fund increased its
interest-rate exposure and added to lower-rated, higher-yielding positions,
while the Near-Term Tax Free Fund made few adjustments.
CURRENT OUTLOOK
The economy appears to be on solid footing, as job creation has picked up and we
enter the new year with some momentum. The Fed is still in the process of
normalizing interest rates, and that should continue through the first half of
2005. The inflation outlook is a little murky, as higher commodity prices
haven't largely filtered down to the retail level, and the market appears
comfortable, with low inflation expectations for 2005. The market is expecting
the Fed to raise interest rates to 3 percent by the middle of 2005. The funds
will look for opportunities presented by the market as sentiment swings from one
extreme to another.
13
TAX FREE FUNDS
NEAR-TERM TAX FREE FUND
MUNICIPAL BOND RATINGS
(BASED ON TOTAL MUNICIPAL BONDS) December 31, 2004
[Near-Term Tax Free Fund Pie Chart]
A 23.97%
AA 33.21%
AAA 35.44%
BBB 7.38%
TAX-FREE FUND
MUNICIPAL BOND RATINGS
(BASED ON TOTAL MUNICIPAL BONDS) December 31, 2004
[Tax Free Fund Pie Chart]
A 14.90%
AA 22.81%
AAA 55.17%
BBB 7.12%
14
ALL AMERICAN EQUITY FUND
MANAGEMENT TEAM'S PERSPECTIVE
INTRODUCTION
The principal objective of the All American Equity Fund is to seek capital
appreciation by investing primarily in a broadly diversified portfolio of
domestic common stocks. The fund primarily invests in large-capitalization
stocks, while retaining the flexibility to seek out promising small- and mid-cap
stock opportunities. The fund seeks capital appreciation and does not emphasize
income.
PERFORMANCE
ALL AMERICAN EQUITY FUND
[All American Equity Fund Graph]
[Graphic: Line graph created from data points in following table.]
ALL AMERICAN S&P 500
DATE EQUITY FUND INDEX
-------- ------------ --------------
12/30/1994 $ 10,000.00 $ 10,000.00
1/31/1995 $ 10,177.65 $ 10,259.33
2/28/1995 $ 10,464.18 $ 10,659.16
3/31/1995 $ 10,727.79 $ 10,973.68
4/28/1995 $ 11,044.84 $ 11,296.81
5/31/1995 $ 11,413.77 $ 11,748.33
6/30/1995 $ 11,644.35 $ 12,021.21
7/31/1995 $ 11,940.10 $ 12,419.87
8/31/1995 $ 11,887.91 $ 12,451.08
9/29/1995 $ 12,398.22 $ 12,976.54
10/31/1995 $ 12,433.21 $ 12,930.16
11/30/1995 $ 12,893.92 $ 13,497.78
12/29/1995 $ 13,086.36 $ 13,757.78
1/31/1996 $ 13,490.01 $ 14,226.04
2/29/1996 $ 13,636.26 $ 14,357.93
3/29/1996 $ 13,741.56 $ 14,496.14
4/30/1996 $ 13,941.22 $ 14,709.86
5/31/1996 $ 14,375.79 $ 15,089.22
6/28/1996 $ 14,475.62 $ 15,146.79
7/31/1996 $ 13,974.42 $ 14,477.59
8/30/1996 $ 14,169.01 $ 14,782.99
9/30/1996 $ 14,888.36 $ 15,615.05
10/31/1996 $ 15,196.32 $ 16,045.72
11/29/1996 $ 16,268.23 $ 17,258.56
12/31/1996 $ 16,001.73 $ 16,916.60
1/31/1997 $ 17,100.01 $ 17,973.46
2/28/1997 $ 17,118.42 $ 18,114.33
3/31/1997 $ 16,458.23 $ 17,370.35
4/30/1997 $ 17,578.84 $ 18,407.01
5/30/1997 $ 18,570.15 $ 19,527.69
6/30/1997 $ 19,351.50 $ 20,402.57
7/31/1997 $ 20,537.04 $ 22,025.95
8/29/1997 $ 19,481.17 $ 20,792.02
9/30/1997 $ 20,370.94 $ 21,930.73
10/31/1997 $ 19,745.57 $ 21,198.30
11/28/1997 $ 20,525.74 $ 22,179.62
12/31/1997 $ 20,850.80 $ 22,560.53
1/30/1998 $ 21,259.89 $ 22,810.07
2/27/1998 $ 22,587.85 $ 24,455.23
3/31/1998 $ 23,633.85 $ 25,707.56
4/30/1998 $ 23,993.47 $ 25,966.20
5/29/1998 $ 23,646.47 $ 25,519.89
6/30/1998 $ 24,636.36 $ 26,556.48
7/31/1998 $ 24,560.17 $ 26,273.70
8/31/1998 $ 21,340.93 $ 22,475.12
9/30/1998 $ 22,697.84 $ 23,914.89
10/30/1998 $ 24,129.98 $ 25,860.17
11/30/1998 $ 25,638.50 $ 27,427.50
12/31/1998 $ 26,864.28 $ 29,008.02
1/29/1999 $ 27,820.44 $ 30,221.02
2/26/1999 $ 26,982.16 $ 29,281.78
3/31/1999 $ 27,675.71 $ 30,453.31
4/30/1999 $ 28,358.73 $ 31,632.62
5/28/1999 $ 27,892.44 $ 30,885.61
6/30/1999 $ 29,437.13 $ 32,599.73
7/30/1999 $ 28,444.50 $ 31,581.82
8/31/1999 $ 28,076.37 $ 31,425.57
9/30/1999 $ 27,219.15 $ 30,564.07
10/29/1999 $ 28,858.62 $ 32,498.19
11/30/1999 $ 29,280.01 $ 33,158.82
12/31/1999 $ 30,789.12 $ 35,111.75
1/31/2000 $ 29,251.67 $ 33,347.65
2/29/2000 $ 28,623.32 $ 32,716.39
3/31/2000 $ 31,138.05 $ 35,916.83
4/28/2000 $ 30,368.63 $ 34,836.40
5/31/2000 $ 29,498.85 $ 34,121.66
6/30/2000 $ 30,238.83 $ 34,962.87
7/31/2000 $ 29,428.98 $ 34,416.25
8/31/2000 $ 31,383.33 $ 36,554.00
9/29/2000 $ 29,047.49 $ 34,624.19
10/31/2000 $ 27,990.00 $ 34,477.81
11/30/2000 $ 24,854.84 $ 31,759.60
12/29/2000 $ 24,998.29 $ 31,915.04
1/31/2001 $ 25,211.95 $ 33,047.36
2/28/2001 $ 22,143.78 $ 30,034.05
3/30/2001 $ 20,572.95 $ 28,131.37
4/30/2001 $ 22,472.78 $ 30,317.47
5/31/2001 $ 22,344.41 $ 30,520.60
6/30/2001 $ 21,783.88 $ 29,777.77
7/31/2001 $ 21,287.23 $ 29,484.63
8/31/2001 $ 19,685.98 $ 27,638.84
9/30/2001 $ 18,813.43 $ 25,406.94
10/31/2001 $ 19,036.17 $ 25,891.42
11/30/2001 $ 20,184.17 $ 27,877.45
12/31/2001 $ 20,235.57 $ 28,121.68
1/31/2002 $ 19,550.20 $ 27,711.29
2/28/2002 $ 19,070.44 $ 27,176.87
3/31/2002 $ 19,944.29 $ 28,198.97
4/30/2002 $ 18,950.50 $ 26,489.33
5/31/2002 $ 20,278.41 $ 26,294.18
6/30/2002 $ 18,162.32 $ 24,421.00
7/31/2002 $ 15,763.53 $ 22,517.50
8/31/2002 $ 16,054.81 $ 22,665.34
9/30/2002 $ 14,641.23 $ 20,202.08
10/31/2002 $ 15,369.44 $ 21,980.20
11/30/2002 $ 15,429.41 $ 23,273.93
12/31/2002 $ 14,855.41 $ 21,906.64
1/31/2003 $ 14,658.37 $ 21,332.77
2/28/2003 $ 14,418.49 $ 21,012.69
3/31/2003 $ 14,632.67 $ 21,216.70
4/30/2003 $ 15,737.83 $ 22,964.33
5/31/2003 $ 16,440.33 $ 24,174.26
6/30/2003 $ 16,406.06 $ 24,482.64
7/31/2003 $ 16,808.72 $ 24,914.31
8/31/2003 $ 17,382.72 $ 25,400.20
9/30/2003 $ 17,142.84 $ 25,130.46
10/31/2003 $ 18,427.91 $ 26,552.09
11/30/2003 $ 19,087.58 $ 26,785.70
12/31/2003 $ 19,507.36 $ 28,190.46
1/31/2004 $ 19,567.33 $ 28,707.90
2/29/2004 $ 19,824.35 $ 29,106.92
3/31/2004 $ 19,678.71 $ 28,667.81
4/30/2004 $ 18,573.55 $ 28,217.77
5/31/2004 $ 18,804.86 $ 28,605.00
6/30/2004 $ 19,301.75 $ 29,161.22
7/31/2004 $ 18,205.16 $ 28,196.07
8/31/2004 $ 18,162.32 $ 28,310.12
9/30/2004 $ 18,727.76 $ 28,616.74
10/31/2004 $ 19,010.47 $ 29,053.93
11/30/2004 $ 20,158.47 $ 30,229.49
12/31/2004 $ 20,492.59 $ 31,258.16
- --------------------------------------------------
AVERAGE ANNUAL PERFORMANCE For the Periods Ended
December 31, 2004
Six Month One Year Five Year Ten Year
All American Equity Fund 6.17% 5.05% (7.81)% 7.43%
----------------------------------------------------------------------
S&P 500 Index 7.19% 10.88% (2.30)% 12.07%
Performance data quoted represent past performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
The graph and table do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
The S&P 500 Index is a widely recognized capitalization-weighted index of 500
common stock prices in U.S. companies.
The Adviser has agreed to limit the fund's total operating expenses to 1.75%
for the year ended June 30, 2005.
15
ALL AMERICAN EQUITY FUND
SIX MONTHS IN REVIEW - ECONOMIC AND POLITICAL ISSUES THAT AFFECTED
THE FUND
The six-month period ending December 31, 2004, was very good for the market
overall. With the exception of healthcare, all sectors in the S&P 500 finished
in positive territory. Utilities, energy and telecommunications were the best
performing sectors during the period. The worst performing sectors were
healthcare, consumer staples and information technology.
Critical drivers that sent the market higher include the following:
* The reelection of President Bush was seen as a positive for the stock market,
as his policies are known and viewed more favorably by the market.
* The Federal Reserve increased the Fed Funds rate five times during calendar
2004 to finish the year at 2.25 percent.
* The Presidential Election Cycle held true once again, as the markets finished
the calendar year in positive territory.
* Earnings, on a top-down basis on the S&P 500, were estimated to rise 19
percent in 2004 from 2003.
The period in review (the six months ending December 31, 2004) began the day
after the Federal Reserve raised interest rates for the first time since May
2000. Four other increases took place during the period. The Fed was concerned
about being in front of possible inflation as the Consumer Price Index rose at a
seasonally adjusted rate of 3.5 percent during the first 11 months of the year
compared to 1.9 percent for all of 2003.
Jobs were created this year, as the unemployment rate finished at 5.4 percent,
down from 5.7 percent at the start of the year. Oil prices did break the $55
mark in October but have moved lower since then.
INVESTMENT HIGHLIGHTS
The fund did underperform during the time period, but finished strongly by
outperforming the S&P 500 in the second half of the period under review. It was
during the second half of the time period that the fund became more aggressive
by owning fewer names and taking bigger sector bets. This helped the fund
outperform for the quarter ending December 31, 2004.
Energy was one of the dominant sectors and remained a focus of the fund during
the time period. Other industry groups that performed well and which the fund
had exposure to include managed healthcare, homebuilding, restaurants and
Internet retail.
16
ALL AMERICAN EQUITY FUND
CURRENT OUTLOOK
With rising interest rates, high energy prices and decelerating profit growth,
the fund team is cautious as we enter 2005. On a global basis, China will be a
critical driver behind worldwide growth. Despite the size of its economy, the
U.S. will be dependent on China's growth for its own growth. In that regard,
events in China must be monitored. The fund team remains vigilant for investment
opportunities and is ready to take advantage of them as they present themselves.
TOP 10 EQUITY HOLDINGS BASED ON TOTAL INVESTMENTS December 31, 2004
EBAY, INC. 3.40%
E-COMMERCE / SERVICES
---------------------------------------------------------------
BURLINGTON NORTHERN SANTA FE CORP. 3.23%
TRANSPORTATION
---------------------------------------------------------------
BANK OF AMERICA CORP. 3.21%
BANKS
---------------------------------------------------------------
UNITEDHEALTH GROUP, INC. 3.00%
HEALTHCARE DISTRIBUTORS
---------------------------------------------------------------
WHEATON RIVER MINERALS LTD. 2.96%
METAL & MINERAL MINING
---------------------------------------------------------------
YELLOW ROADWAY CORP. 2.72%
TRANSPORTATION
---------------------------------------------------------------
TEXTRON, INC. 2.52%
MANUFACTURING
---------------------------------------------------------------
TRANSOCEAN, INC. 2.48%
OIL & GAS DRILLING
---------------------------------------------------------------
DIGITAL RIVER, INC. 2.43%
E-COMMERCE / SERVICES
---------------------------------------------------------------
STARBUCKS CORP. 2.43%
RETAIL
17
ALL AMERICAN EQUITY FUND
PORTFOLIO ALLOCATION
BASED ON TOTAL INVESTMENTS December 31, 2004
[All American Equity Fund Pie Chart]
Cash Equivalent 6.20%
Financials 9.41%
Energy 9.76%
Materials 10.04%
Consumer Discretion 11.19%
Healthcare 12.98%
Information Technology 17.38%
Industrials 20.14%
Other 2.90%
18
CHINA REGION OPPORTUNITY FUND
MANAGEMENT TEAM'S PERSPECTIVE
INTRODUCTION
The China Region Opportunity Fund seeks to achieve capital appreciation by
focusing on the economic growth in the greater China region, including China,
Hong Kong, Singapore, Korea, Taiwan and other Asian countries. The fund
emphasizes a long-term growth approach over current income.
PERFORMANCE
CHINA REGION OPPORTUNITY FUND
[China Region Opportunity Fund Graph]
[Graphic: Line graph created from data points in following table.]
CHINA REGION MORGAN STANLEY CAPITAL IFC EMERGING MARKETS
DATE OPPORTUNITY FUND FAR EAST FREE ex INVESTABLE TOTAL
JAPAN INDEX CHINA INDEX
-------- ---------------- ------------------ ------------------
12/30/1994 $ 10,000.00 $ 10,000.00 $ 10,000.00
1/31/1995 $ 8,942.17 $ 8,915.77 $ 8,498.02
2/28/1995 $ 9,365.30 $ 9,804.70 $ 9,459.29
3/31/1995 $ 9,337.09 $ 9,823.18 $ 9,613.96
4/28/1995 $ 8,956.28 $ 9,710.04 $ 8,423.88
5/31/1995 $ 9,760.23 $ 10,877.28 $ 9,685.54
6/30/1995 $ 9,520.45 $ 10,699.60 $ 9,433.72
7/31/1995 $ 9,834.47 $ 10,851.41 $ 9,868.34
8/31/1995 $ 9,720.28 $ 10,318.39 $ 9,408.16
9/29/1995 $ 9,648.91 $ 10,483.75 $ 9,203.63
10/31/1995 $ 9,305.84 $ 10,310.40 $ 8,692.32
11/30/1995 $ 8,776.94 $ 10,188.08 $ 7,861.43
12/29/1995 $ 8,591.11 $ 10,681.10 $ 7,452.38
1/31/1996 $ 9,236.52 $ 11,645.62 $ 8,475.01
2/29/1996 $ 9,408.62 $ 11,588.96 $ 8,717.88
3/29/1996 $ 9,150.46 $ 11,660.35 $ 8,257.70
4/30/1996 $ 9,107.43 $ 11,965.66 $ 8,155.44
5/31/1996 $ 9,207.83 $ 11,828.89 $ 8,372.75
6/28/1996 $ 9,322.57 $ 11,574.52 $ 8,347.18
7/31/1996 $ 9,206.58 $ 10,720.47 $ 8,117.09
8/30/1996 $ 9,221.08 $ 11,087.50 $ 8,449.44
9/30/1996 $ 9,264.58 $ 11,353.44 $ 8,411.10
10/31/1996 $ 9,293.71 $ 11,125.93 $ 8,334.40
11/29/1996 $ 10,022.06 $ 11,749.47 $ 9,114.15
12/31/1996 $ 10,983.47 $ 11,661.88 $ 10,492.14
1/31/1997 $ 10,954.34 $ 11,815.90 $ 10,400.10
2/28/1997 $ 11,260.25 $ 11,848.22 $ 10,690.27
3/31/1997 $ 11,100.01 $ 11,171.56 $ 10,350.25
4/30/1997 $ 11,755.52 $ 10,870.06 $ 11,856.07
5/30/1997 $ 12,367.33 $ 11,398.56 $ 11,695.00
6/30/1997 $ 12,527.57 $ 11,684.20 $ 11,833.06
7/31/1997 $ 13,459.85 $ 11,719.02 $ 13,663.56
8/29/1997 $ 13,620.09 $ 9,544.59 $ 15,836.64
9/30/1997 $ 12,848.04 $ 9,459.36 $ 12,565.51
10/31/1997 $ 9,759.85 $ 7,135.91 $ 10,304.23
11/28/1997 $ 8,813.00 $ 6,670.72 $ 8,150.33
12/31/1997 $ 8,517.29 $ 6,357.68 $ 7,986.71
1/30/1998 $ 6,652.30 $ 5,809.19 $ 5,678.13
2/27/1998 $ 8,502.61 $ 7,130.40 $ 7,810.30
3/31/1998 $ 8,502.61 $ 6,943.23 $ 7,332.23
4/30/1998 $ 7,812.41 $ 6,215.17 $ 6,428.48
5/29/1998 $ 6,931.31 $ 5,235.75 $ 5,972.13
6/30/1998 $ 6,006.16 $ 4,650.88 $ 5,311.26
7/31/1998 $ 5,081.00 $ 4,509.99 $ 4,126.29
8/31/1998 $ 4,185.22 $ 3,800.38 $ 3,205.93
9/30/1998 $ 5,081.00 $ 4,200.30 $ 4,272.02
10/30/1998 $ 5,771.20 $ 5,338.52 $ 4,242.62
11/30/1998 $ 5,947.42 $ 5,815.08 $ 4,305.25
12/31/1998 $ 5,683.09 $ 5,887.99 $ 3,921.77
1/29/1999 $ 4,972.70 $ 5,687.10 $ 3,423.24
2/26/1999 $ 4,943.10 $ 5,576.60 $ 3,452.64
3/31/1999 $ 5,475.89 $ 6,183.36 $ 3,620.09
4/30/1999 $ 6,615.47 $ 7,603.35 $ 4,652.95
5/28/1999 $ 6,452.67 $ 7,251.33 $ 4,525.12
6/30/1999 $ 8,258.24 $ 8,496.66 $ 6,193.28
7/30/1999 $ 7,843.85 $ 8,156.38 $ 5,945.29
8/31/1999 $ 7,888.25 $ 8,281.35 $ 6,034.77
9/30/1999 $ 7,473.85 $ 7,611.11 $ 5,730.54
10/29/1999 $ 7,399.86 $ 7,969.38 $ 5,721.59
11/30/1999 $ 8,199.04 $ 8,757.14 $ 7,328.39
12/31/1999 $ 8,850.23 $ 9,385.51 $ 8,049.34
1/31/2000 $ 8,894.63 $ 9,171.67 $ 8,113.26
2/29/2000 $ 9,486.61 $ 8,679.05 $ 10,173.85
3/31/2000 $ 9,856.61 $ 9,068.08 $ 10,237.76
4/28/2000 $ 8,850.23 $ 8,319.07 $ 8,717.88
5/31/2000 $ 8,376.64 $ 7,632.17 $ 8,820.15
6/30/2000 $ 9,042.62 $ 7,976.95 $ 10,162.34
7/31/2000 $ 9,087.02 $ 7,680.02 $ 10,037.07
8/31/2000 $ 8,894.63 $ 7,576.00 $ 9,837.66
9/29/2000 $ 8,154.64 $ 6,691.50 $ 8,742.17
10/31/2000 $ 7,429.46 $ 6,161.64 $ 8,335.68
11/30/2000 $ 7,029.86 $ 5,847.54 $ 7,177.55
12/29/2000 $ 7,179.34 $ 5,830.63 $ 7,316.89
1/31/2001 $ 7,479.10 $ 6,610.46 $ 8,126.04
2/28/2001 $ 7,104.40 $ 6,286.24 $ 7,655.63
3/30/2001 $ 7,044.45 $ 5,597.69 $ 6,891.22
4/30/2001 $ 7,329.22 $ 5,606.13 $ 7,765.56
5/31/2001 $ 7,569.03 $ 5,551.24 $ 8,229.58
6/30/2001 $ 7,374.19 $ 5,425.11 $ 8,372.75
7/31/2001 $ 6,759.67 $ 5,208.72 $ 7,260.64
8/31/2001 $ 6,235.08 $ 5,114.90 $ 5,830.24
9/30/2001 $ 5,530.64 $ 4,294.60 $ 5,555.41
10/31/2001 $ 5,740.47 $ 4,509.45 $ 5,637.22
11/30/2001 $ 6,145.16 $ 5,123.75 $ 6,028.38
12/31/2001 $ 6,235.08 $ 5,586.55 $ 6,007.93
1/31/2002 $ 6,384.97 $ 5,811.55 $ 5,578.42
2/28/2002 $ 6,310.03 $ 5,820.62 $ 5,680.69
3/31/2002 $ 6,624.78 $ 6,231.91 $ 5,956.79
4/30/2002 $ 6,804.64 $ 6,305.63 $ 6,119.14
5/31/2002 $ 6,789.65 $ 6,160.93 $ 6,157.48
6/30/2002 $ 6,564.82 $ 5,821.64 $ 6,005.37
7/31/2002 $ 6,130.17 $ 5,596.95 $ 5,762.50
8/31/2002 $ 5,905.34 $ 5,463.57 $ 5,652.56
9/30/2002 $ 5,410.73 $ 4,832.90 $ 5,239.68
10/31/2002 $ 5,455.70 $ 5,089.63 $ 5,196.22
11/30/2002 $ 5,710.50 $ 5,339.40 $ 5,422.47
12/31/2002 $ 5,470.69 $ 4,969.24 $ 5,253.74
1/31/2003 $ 5,635.56 $ 5,027.86 $ 5,536.24
2/28/2003 $ 5,635.56 $ 4,781.05 $ 5,418.64
3/31/2003 $ 5,395.75 $ 4,551.87 $ 5,210.28
4/30/2003 $ 5,425.72 $ 4,696.05 $ 5,228.17
5/31/2003 $ 6,040.24 $ 5,079.09 $ 5,851.97
6/30/2003 $ 6,250.07 $ 5,365.35 $ 6,232.90
7/31/2003 $ 6,834.61 $ 5,812.63 $ 6,831.14
8/31/2003 $ 7,359.20 $ 6,223.02 $ 7,260.64
9/30/2003 $ 17,142.84 $ 6,238.14 $ 7,311.77
10/31/2003 $ 8,902.98 $ 6,762.15 $ 8,382.97
11/30/2003 $ 9,157.78 $ 6,653.98 $ 8,546.59
12/31/2003 $ 9,909.30 $ 6,995.34 $ 9,665.09
1/31/2004 $ 9,969.73 $ 7,447.34 $ 9,649.75
2/29/2004 $ 10,528.64 $ 7,715.04 $ 10,249.26
3/31/2004 $ 10,181.21 $ 7,540.61 $ 9,403.04
4/30/2004 $ 9,154.02 $ 7,083.58 $ 8,109.42
5/31/2004 $ 9,108.70 $ 6,888.96 $ 8,643.74
6/30/2004 $ 8,851.91 $ 6,810.16 $ 8,634.79
7/31/2004 $ 8,761.27 $ 6,606.36 $ 8,724.27
8/31/2004 $ 8,836.80 $ 6,928.50 $ 8,716.60
9/30/2004 $ 9,441.03 $ 7,152.43 $ 9,382.59
10/31/2004 $ 9,456.13 $ 7,178.36 $ 9,088.58
11/30/2004 $ 10,060.36 $ 7,787.16 $ 9,952.70
12/31/2004 $ 10,326.47 $ 7,990.96 $ 9,725.17
- --------------------------------------------------------------------------------
AVERAGE ANNUAL PERFORMANCE For the Periods Ended
December 31, 2004
Six Month One Year Five Year Ten Year
China Region Opportunity
Fund 16.66% 4.21% 3.13% 0.32%
-----------------------------------------------------------------------
Hang Seng Composite Index 18.30% 16.42% n/a n/a
-----------------------------------------------------------------------
Morgan Stanley Capital Far
East Free ex Japan Index* 17.34% 14.23% (3.17)% (2.22)%
-----------------------------------------------------------------------
IFC Emerging Markets
Investable Total China
Index 12.63% 0.62% 3.85% (0.28)%
<FN>
* These are not total returns. These returns reflect simple appreciation only
and do not reflect dividend reinvestment.
Performance data quoted represent past performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
The graph and table do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
The Hang Seng Composite Index is a market-capitalization weighted index that
comprises the top 200 companies listed on The Stock Exchange of Hong Kong,
based on average market capitalization for the twelve months. The index
commenced January 2000; it is not included in the graph as it had less than
ten years of data. The Morgan Stanley Capital Far East Free ex Japan Index is
an index in a series representing both the developed and the emerging markets
for a particular region. The IFC Emerging Markets Investable Total China Index
represents the S&P China Investable Total Return series. The term "investable"
indicates that the stocks and the weights in the S&P index represents the
amount that the foreign institutional investors might buy by the virtue of the
foreign institutional restrictions, plus factoring in minimum market
capitalization and liquidity screens.
</FN>
19
CHINA REGION OPPORTUNITY FUND
SIX MONTHS IN REVIEW - ECONOMIC AND POLITICAL ISSUES THAT AFFECTED
THE FUND
In the first half of the period under review, most Asian markets recorded
impressive returns despite higher oil prices and a weaker dollar. While solid
second- and third-quarter GDP growth in China restored confidence in the market,
China's credit crunch and unexpected interest rate hike rekindled concerns of a
slowdown. However, the interest rate cut in Hong Kong reinforced the strength in
the already booming property sector. The surge in tourist arrivals in Hong Kong
fueled enthusiasm in the consumer sector, underpinned by China's emerging
middle-class. In addition, mounting pressure on China's currency revaluation
induced speculative liquidity inflow, which also contributed to a buoyant
market.
Critical drivers for the six-month period include:
* Freefalling dollar to the detriment of export-intensive Asian economies such
as South Korea and Taiwan.
* Persistent higher oil prices due to geopolitical tensions, hurricane-related
damages and unabated Chinese demand.
* China's power shortages and bottlenecks in transportation, which further
boosted commodity prices.
* China's protracted administrative measures, including lending restrictions,
which caused apprehensions of over-tightening.
The smooth transition of military power in China helped improve the stability of
the region and was embraced by the market.
INVESTMENT HIGHLIGHTS
The fund benefited in the first half of the fiscal year from substantial
positions in the property and consumer sectors. This fit well with the asset
reflation and consumption picture in Hong Kong. The fund also had significant
exposure to transportation plays in China to capitalize on its voracious demand
for energy and bottlenecks in logistics-related infrastructure. In the
mid-second quarter of the period, the fund readjusted its country allocation by
exiting the markets in Korea and Taiwan because of the dwindling exports of
both. As the first half ended, China still seemed reluctant to loosen its
tightening policies on the economy, although fixed-asset investment was on the
decline. Market sentiments underwent ups and downs.
20
CHINA REGION OPPORTUNITY FUND
CURRENT OUTLOOK
China is shifting from administrative measures to monetary policies to make its
economic growth more sustainable, which means further interest rate hikes are
likely in 2005. As its inflation wanes, however, China is less pressed to raise
rates very soon. Also, it is less probable that China will revalue its currency
in the short term, given high speculations in the market and the importance of
exports to China's GDP growth. In view of the momentum of Chinese consumers,
there is great potential for consumption growth to compensate for investment
decline. Therefore, China should be able to steer clear of a hard landing. As
the consumer starts to be a bigger part of GDP, the fund will tilt the portfolio
away from production-related names and toward consumption-related stocks.
TOP 10 EQUITY HOLDINGS BASED ON TOTAL INVESTMENTS December 31, 2004
CHEUNG KONG HOLDINGS LTD. 5.11%
REAL ESTATE DEVELOPERS
---------------------------------------------------------------
ESPRIT HOLDINGS LTD. 4.83%
RETAIL
---------------------------------------------------------------
CHINA MOBILE (HONG KONG) LTD. 4.40%
TELECOMMUNICATIONS
---------------------------------------------------------------
TECHTRONIC INDUSTRIES CO., LTD. 4.19%
ELECTRONIC EQUIPMENT
---------------------------------------------------------------
YANZHOU COAL MINING CO., LTD. 4.09%
NATURAL RESOURCES
---------------------------------------------------------------
CHINA SHIPPING DEVELOPMENT CO., LTD. 3.97%
SHIPPING & CONTAINERS
---------------------------------------------------------------
SUN HUNG KAI PROPERTIES LTD. 3.83%
REAL ESTATE DEVELOPERS
---------------------------------------------------------------
COSCO PACIFIC LTD. 3.65%
SHIPPING & CONTAINERS
---------------------------------------------------------------
HONG KONG & CHINA GAS CO., LTD. 3.65%
UTILITIES
---------------------------------------------------------------
CNOOC LTD. 3.46%
OIL & GAS EXTRACTION
21
CHINA REGION OPPORTUNITY FUND
TOP 5 INDUSTRIES BASED ON TOTAL INVESTMENTS December 31, 2004
NATURAL RESOURCES 14.79%
RETAIL 11.05%
REAL ESTATE DEVELOPERS 10.73%
OIL & GAS EXTRACTION 9.50%
SHIPPING & CONTAINERS 8.34%
COUNTRY DISTRIBUTION BY COUNTRY OF DOMICILE
BASED ON TOTAL INVESTMENTS December 31, 2004
[China Region Opportunity Fund Pie Chart]
United Kingdom 4.22%
United States 8.56%
Canada 12.27%
People's Republic of China 36.26%
Hong Kong 34.92%
Other Foreign 3.77%
22
GLOBAL RESOURCES FUND
MANAGEMENT TEAM'S PERSPECTIVE
INTRODUCTION
The Global Resources Fund is a diversified natural resources fund with the
principal objective of achieving long-term growth of capital, while providing
protection against inflation and monetary instability. The fund invests in
companies involved in the exploration, production and processing of petroleum,
natural gas, industrial commodities, metals, minerals, paper and forest products
and can invest in any part of the world.
PERFORMANCE
GLOBAL RESOURCES FUND
[Global Resources Fund Graph]
[Graphic: Line graph created from data points in following table.]
GLOBAL RESOURCES S&P 500 S&P ENERGY AND
DATE FUND INDEX MATERIALS INDEX
-------- ---------------- ---------- ---------------
12/30/94 $ 10,000.00 $ 10,000.00 $ 10,000.00
01/31/95 $ 9,478.42 $ 10,259.33 $ 10,020.13
02/28/95 $ 9,586.33 $ 10,659.16 $ 10,490.94
03/31/95 $ 9,856.12 $ 10,973.68 $ 11,039.70
04/28/95 $ 10,125.90 $ 11,296.81 $ 11,293.04
05/31/95 $ 10,251.80 $ 11,748.33 $ 11,736.19
06/30/95 $ 10,359.71 $ 12,021.21 $ 11,574.71
07/31/95 $ 10,647.48 $ 12,419.87 $ 11,935.54
08/31/95 $ 10,809.35 $ 12,451.08 $ 11,670.08
09/29/95 $ 10,773.38 $ 12,976.54 $ 11,871.76
10/31/95 $ 10,287.77 $ 12,930.16 $ 11,660.88
11/30/95 $ 10,395.68 $ 13,497.78 $ 12,263.54
12/29/95 $ 10,899.28 $ 13,757.78 $ 12,781.60
01/31/96 $ 11,300.26 $ 14,226.04 $ 13,023.34
02/29/96 $ 11,427.84 $ 14,357.93 $ 13,092.85
03/29/96 $ 12,065.76 $ 14,496.14 $ 13,783.74
04/30/96 $ 12,776.58 $ 14,709.86 $ 14,050.34
05/31/96 $ 12,977.07 $ 15,089.22 $ 14,140.74
06/28/96 $ 12,721.90 $ 15,146.79 $ 14,023.12
07/31/96 $ 12,175.12 $ 14,477.59 $ 13,542.26
08/30/96 $ 12,612.55 $ 14,782.99 $ 13,857.86
09/30/96 $ 13,122.88 $ 15,615.05 $ 14,417.93
10/31/96 $ 13,742.57 $ 16,045.72 $ 15,066.65
11/29/96 $ 14,471.62 $ 17,258.56 $ 15,796.82
12/31/96 $ 14,617.43 $ 16,916.60 $ 15,711.51
01/31/97 $ 15,154.23 $ 17,973.46 $ 16,377.76
02/28/97 $ 14,328.38 $ 18,114.33 $ 16,043.06
03/31/97 $ 14,225.15 $ 17,370.35 $ 16,391.35
04/30/97 $ 13,853.52 $ 18,407.01 $ 16,630.18
05/30/97 $ 15,174.87 $ 19,527.69 $ 17,795.01
06/30/97 $ 15,133.58 $ 20,402.57 $ 18,437.28
07/31/97 $ 16,413.64 $ 22,025.95 $ 19,787.22
08/29/97 $ 17,322.07 $ 20,792.02 $ 19,106.80
09/30/97 $ 18,849.88 $ 21,930.73 $ 20,079.20
10/31/97 $ 17,858.87 $ 21,198.30 $ 19,180.00
11/28/97 $ 14,989.06 $ 22,179.62 $ 19,014.50
12/31/97 $ 14,214.83 $ 22,560.53 $ 18,893.26
01/30/98 $ 12,527.12 $ 22,810.07 $ 18,137.68
02/27/98 $ 12,812.36 $ 24,455.23 $ 19,349.70
03/31/98 $ 12,788.59 $ 25,707.56 $ 20,240.51
04/30/98 $ 12,455.81 $ 25,966.20 $ 20,966.79
05/29/98 $ 11,338.59 $ 25,519.89 $ 20,336.91
06/30/98 $ 10,625.47 $ 26,556.48 $ 19,914.19
07/31/98 $ 9,793.50 $ 26,273.70 $ 18,620.81
08/31/98 $ 8,224.63 $ 22,475.12 $ 16,430.43
09/30/98 $ 9,104.15 $ 23,914.89 $ 18,351.20
10/30/98 $ 9,436.94 $ 25,860.17 $ 18,694.21
11/30/98 $ 9,175.46 $ 27,427.50 $ 18,992.70
12/31/98 $ 8,739.72 $ 29,008.02 $ 18,647.70
01/29/99 $ 8,307.81 $ 30,221.02 $ 17,565.76
02/26/99 $ 8,231.59 $ 29,281.78 $ 17,561.46
03/31/99 $ 9,044.59 $ 30,453.31 $ 19,495.96
04/30/99 $ 10,543.55 $ 31,632.62 $ 22,887.58
05/28/99 $ 10,035.43 $ 30,885.61 $ 21,993.38
06/30/99 $ 10,187.87 $ 32,599.73 $ 22,469.07
07/30/99 $ 10,213.27 $ 31,581.82 $ 22,561.16
08/31/99 $ 10,086.24 $ 31,425.57 $ 22,571.58
09/30/99 $ 9,730.56 $ 30,564.07 $ 21,737.62
10/29/99 $ 9,527.31 $ 32,498.19 $ 21,662.86
11/30/99 $ 9,552.71 $ 33,158.82 $ 21,858.38
12/31/99 $ 10,010.02 $ 35,111.75 $ 22,611.27
01/31/00 $ 9,679.74 $ 33,347.65 $ 21,552.60
02/29/00 $ 9,146.21 $ 32,716.39 $ 20,056.71
03/31/00 $ 10,137.05 $ 35,916.83 $ 22,127.77
04/28/00 $ 9,984.62 $ 34,836.40 $ 21,708.25
05/31/00 $ 10,492.74 $ 34,121.66 $ 23,032.12
06/30/00 $ 9,857.59 $ 34,962.87 $ 21,563.65
07/31/00 $ 9,679.74 $ 34,416.25 $ 21,260.18
08/31/00 $ 10,746.80 $ 36,554.00 $ 22,522.97
09/29/00 $ 10,721.40 $ 34,624.19 $ 22,363.87
10/31/00 $ 10,314.90 $ 34,477.81 $ 22,694.64
11/30/00 $ 9,806.77 $ 31,759.60 $ 22,089.14
12/29/00 $ 11,077.08 $ 31,915.04 $ 23,961.39
01/31/01 $ 10,721.40 $ 33,047.36 $ 23,273.18
02/28/01 $ 10,543.55 $ 30,034.05 $ 23,060.54
03/30/01 $ 10,391.12 $ 28,131.37 $ 22,506.77
04/30/01 $ 11,331.14 $ 30,317.47 $ 24,823.29
05/31/01 $ 11,204.11 $ 30,520.60 $ 25,242.24
06/30/01 $ 10,187.87 $ 29,777.77 $ 23,731.76
07/31/01 $ 9,781.37 $ 29,484.63 $ 23,468.97
08/31/01 $ 9,425.68 $ 27,638.84 $ 22,863.35
09/30/01 $ 8,815.93 $ 25,406.94 $ 21,021.03
10/31/01 $ 9,400.28 $ 25,891.42 $ 21,645.68
11/30/01 $ 9,476.49 $ 27,877.45 $ 21,846.66
12/31/01 $ 9,578.12 $ 28,121.68 $ 22,507.98
01/31/02 $ 9,603.52 $ 27,711.29 $ 22,337.99
02/28/02 $10,137.05 $ 27,176.87 $ 23,380.92
03/31/02 $ 11,077.08 $ 28,198.97 $ 24,714.67
04/30/02 $ 11,763.05 $ 26,489.33 $ 23,479.10
05/31/02 $ 14,151.23 $ 26,294.18 $ 23,952.25
06/30/02 $ 12,525.23 $ 24,421.00 $ 23,764.68
07/31/2002 $ 9,730.56 $ 22,517.50 $ 20,850.96
08/31/2002 $ 10,213.27 $ 22,665.34 $ 20,839.02
09/30/2002 $ 10,010.02 $ 20,202.08 $ 18,780.37
10/31/2002 $ 9,349.46 $ 21,980.20 $ 19,452.19
11/30/2002 $ 9,705.15 $ 23,273.93 $ 20,661.20
12/31/2002 $ 11,281.59 $ 21,906.64 $ 20,404.72
01/31/2003 $ 11,929.96 $ 21,332.77 $ 19,733.63
02/28/2003 $ 12,163.37 $ 21,012.69 $ 19,871.28
03/31/2003 $ 11,748.42 $ 21,216.70 $ 20,049.70
04/30/2003 $ 11,722.48 $ 22,964.33 $ 20,552.48
05/31/2003 $ 13,097.02 $ 24,174.26 $ 21,987.83
06/30/2003 $ 13,330.43 $ 24,482.64 $ 21,887.20
07/31/2003 $ 13,978.80 $ 24,914.31 $ 22,032.30
08/31/2003 $ 15,742.36 $ 25,400.20 $ 23,198.70
09/30/2003 $ 16,572.27 $ 25,130.46 $ 22,484.85
10/31/2003 $ 17,142.84 $ 26,552.09 $ 23,242.44
11/30/2003 $ 20,851.49 $ 26,785.70 $ 23,467.08
12/31/2003 $ 22,513.65 $ 28,190.46 $ 26,460.55
01/31/2004 $ 22,039.67 $ 28,707.90 $ 26,316.24
02/29/2004 $ 23,198.27 $ 29,106.92 $ 27,553.56
03/31/2004 $ 23,803.90 $ 28,667.81 $ 27,274.91
04/30/2004 $ 21,486.71 $ 28,217.77 $ 27,205.46
05/31/2004 $ 21,513.04 $ 28,605.00 $ 27,515.36
06/30/2004 $ 22,092.34 $ 29,161.22 $ 28,937.13
07/31/2004 $ 22,197.67 $ 28,196.07 $ 29,435.63
08/31/2004 $ 22,250.33 $ 28,310.12 $ 29,400.30
09/30/2004 $ 25,436.47 $ 28,616.74 $ 31,474.20
10/31/2004 $ 26,200.09 $ 29,053.93 $ 31,552.38
11/30/2004 $ 29,491.56 $ 30,229.49 $ 33,642.63
12/31/2004 $ 29,360.60 $ 31,258.16 $ 33,319.79
- ---------------------------------------------------------------------------
AVERAGE ANNUAL PERFORMANCE For the Periods Ended
December 31, 2004
Six Month One Year Five Year Ten Year
Global Resources Fund 32.90% 30.41% 23.98% 11.36%
-----------------------------------------------------------------------
S&P 500 Index 7.19% 10.88% (2.30)% 12.07%
-----------------------------------------------------------------------
S&P Energy and Materials
Index 15.15% 25.92% 8.06% 12.79%
Performance data quoted represent past performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
The graph and table do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
The S&P 500 Index is a widely recognized capitalization-weighted index of 500
common stock prices in U.S. companies. The S&P Energy and Materials Index is a
combination of the S&P Energy Index and the S&P Materials Index calculated on
a 70% and 30% weighting, respectively, with monthly rebalancing of weights.
23
GLOBAL RESOURCES FUND
SIX MONTHS IN REVIEW - ECONOMIC AND POLITICAL ISSUES THAT AFFECTED
THE FUND
The investment environment heading into the second half of the year began rather
ominously as the market became increasingly concerned about decelerating
economic growth. During the second quarter, annualized GDP growth fell to 3.3
percent from 4.5 percent in the first quarter. The market also grappled with
increasingly higher oil prices, which proceeded to climb to new highs from July
to October. Furthermore, the Federal Reserve Bank's first interest rate hike in
four years gave investors pause and prompted fears of further economic weakness
should the Fed become too aggressive.
Fortunately, Fed Chairman Alan Greenspan's description of this summer's weakness
as a "soft patch" proved accurate, as GDP growth recovered to a healthy 4
percent in the third quarter. In addition, employment growth gained in advance
of the presidential election, which improved investor confidence in the fourth
quarter. However, one thorn in the mix was inflation, which saw the Consumer
Price Index increase by 3.5 percent in November. Accordingly, the Federal
Reserve Bank responded to higher price levels with a series of interest rate
hikes that took the benchmark discount rate from 1 percent in June to 2.25
percent by year-end.
President Bush's victory in November over Senator Kerry was well received by the
market as the major indices rallied on the news. Investors became bullish about
the prospects of another Bush term involving the continuation of favorable tax
policies and pro-business initiatives. Conversely, the U.S. dollar reacted
negatively, with the U.S. Trade-Weighted Dollar Index(1) falling to critical
support levels in the fourth quarter. The global marketplace interpreted the
Bush victory as an extension of further budget deficits and prolonged
hostilities in Iraq.
Internationally, China's attempts to slow their strong economy to avoid
inflation prompted an aggressive selloff in the basic materials sector in the
second quarter. However, demand for raw materials remained strong throughout the
second half of the year, which helped the Reuters CRB Futures Price Index(2)
break 20-year highs. In addition, a variety of geopolitical issues in major
oil-producing regions concerning Russia's annexation of Yukos,(3) civil unrest
in Nigeria and terrorism in the Middle East all served to threaten tight global
supplies, which helped drive oil prices to $55 a barrel in October.
INVESTMENT HIGHLIGHTS
For the six-month period ending December 31, 2004, the fund closed up 32.90
percent. In comparison, the S&P 500 Energy Index and the S&P 500 Basic Materials
Index rose by 16.23 percent and 12.38 percent, respectively. The broader S&P 500
Index gained 7.19 percent over the same period. The fund's strong relative
performance was the product of the
24
GLOBAL RESOURCES FUND
investment team's process of analyzing commodity price trends and identifying
undervalued equities.
In the energy sector, the oil and gas royalty trusts maintained a core position
within the portfolio this year. The royalty trusts outperformed the broader
energy indices over the past six months due to their attractive double-digit
yields and strong correlation to rising oil and gas prices. We look for
continued strength in the trust sector in 2005 based on our view for robust
energy prices again next year. In addition, the Global Resources Fund posted
solid returns from our oil service and equipment holdings, which benefited from
a rising international rig count, as oil companies increased exploration
activities in order to capitalize on higher commodity prices. Going forward, we
expect oil service companies to outperform based on our expectations for higher
capital spending due to years of under-investment in the sector, which has
slowed worldwide reserve growth.
Within the basic materials sector, the Global Resources Fund experienced very
impressive gains on continued strength in commodity prices, driven primarily by
robust incremental demand from Asia. Additionally, the decline in the U.S.
dollar continued to stimulate demand, as dollar-denominated commodities became
cheaper abroad. In the second half of 2004, the dollar's 9 percent decline
helped the price of gold advance to $450 an ounce from $394 at the end of June.
Low base metal inventories, in combination with a weak dollar, also generated
strong price gains of 28 percent, 23 percent and 14 percent for zinc, copper and
aluminum, respectively. Lastly, China's huge appetite for steel drove the price
of hot rolled sheets to all-time highs in the third quarter and facilitated a 32
percent rise in the S&P Steel Index. As a result of strong demand, the price of
steel inputs such as iron ore and hard coking coal also increased significantly
this year. Annual coking coal contracts increased from $57 a ton to over $100 a
ton, with spot contracts as high as $137.
CURRENT OUTLOOK
We believe we are in a secular bull market for all commodities. Industrial
demand for commodities will continue to come from China and other developing
countries. In addition, limited prospects for meaningful incremental supply
should keep natural resource inventories at historically low levels. The risks
to this viewpoint are a slowdown in Asian economic growth, a rebounding U.S.
dollar or significantly higher interest rates brought on by a
higher-than-expected rise in inflation.
(1) The U.S. Trade-Weighted Dollar Index provides a general indication of the
international value of the U.S. dollar.
(2) The Reuters CRB Futures Price Index is an unweighted geometric average of
commodity price levels relative to the base year average price.
(3) The fund did not hold this security as of December 31, 2004.
25
GLOBAL RESOURCES FUND
TOP 10 EQUITY HOLDINGS BASED ON TOTAL INVESTMENTS December 31, 2004
FORDING CANADIAN COAL TRUST 3.26%
COAL
---------------------------------------------------------------
NORTHERN ORION RESOURCES, INC. 2.90%
GOLD & COPPER MINING
---------------------------------------------------------------
WHEATON RIVER MINERALS LTD. 1.96%
GOLD & COPPER MINING
---------------------------------------------------------------
PETROLEO BRASILEIRO S.A. 1.84%
OIL & GAS - INTEGRATED
---------------------------------------------------------------
PENN WEST PETROLEUM LTD. 1.78%
OIL & GAS EXPLORATION & PRODUCTION - JUNIOR
---------------------------------------------------------------
BONAVISTA ENERGY TRUST 1.69%
OIL & GAS ROYALTY TRUST
---------------------------------------------------------------
SOUTHERN AFRICAN RESOURCES PLC 1.68%
PLATINUM GROUP METALS
---------------------------------------------------------------
FOCUS ENERGY TRUST 1.60%
OIL & GAS ROYALTY TRUST
---------------------------------------------------------------
SILVER WHEATON CORP. 1.44%
SILVER MINING
---------------------------------------------------------------
UNIT CORP. 1.32%
OIL & GAS DRILLING
PORTFOLIO PROFILE December 31, 2004
Country Distribution (based on domicile) % of Investments
---------------------------------------------------------------
Canada 58.07%
---------------------------------------------------------------
United States 29.00%
---------------------------------------------------------------
Brazil 4.73%
---------------------------------------------------------------
United Kingdom 2.67%
---------------------------------------------------------------
Other Foreign 5.53%
26
GLOBAL RESOURCES FUND
PORTFOLIO ALLOCATION
BASED ON TOTAL INVESTMENTS December 31, 2004
[Global Resources Fund Pie Chart]
Cash Equivalent 11.06%
Other Sectors 1.28%
Other Basic Materials 15.91%
Gold 11.93%
Metals & Mining 14.54%
Other Energy 8.80%
Oil & Gas Drilling 5.44%
Oil & Gas Equipment & Services 5.90%
Oil & Gas Royalty Trusts 11.84%
Oil & Gas Exploration & Production - Junior 13.30%
Energy:
Oil & Gas Exploration & Production - 13.30%
Junior
Oil & Gas Royalty Trusts 11.84%
Oil & Gas Equipment & Services 5.90%
Oil & Gas Drilling 5.44%
Other Energy 8.80%
Total Energy 45.28%
Basic Materials:
Metals & Mining (includes Copper, 14.54%
Platinum Group Metals, Nickel and
Coal)
Gold (includes Gold Mining, Silver 11.93%
Mining and Gold & Copper Mining)
Other Basic Materials 15.91%
Total Basic Materials 42.38%
Other Sectors 1.28%
Cash Equivalent 11.06%
------
Total Investments 100.00%
======
27
GOLD AND PRECIOUS MINERALS FUNDS
MANAGEMENT TEAM'S PERSPECTIVE
INTRODUCTION
The World Precious Minerals and Gold Shares Funds pursue an objective of
long-term capital growth through investments in gold and precious metal
companies. The Gold Shares Fund also pursues current income as a secondary
objective and focuses on established, gold-producing mines. The World Precious
Minerals Fund focuses on equity securities of companies principally engaged in
the exploration, mining, and processing of precious minerals such as gold,
silver, platinum, and diamonds. Although the fund has greater latitude to invest
its assets in different precious minerals, it currently remains focused on the
gold sector.
PERFORMANCE
WORLD PRECIOUS MINERALS FUND
[World Precious Minerals Fund Graph]
[Graphic: Line graph created from data points in following table.]
WORLD PRECIOUS S&P 500 AMEX GOLD BUGS
DATE MINERALS FUND INDEX INDEX
-------- ---------------- ---------- ---------------
12/30/1994 $ 10,000.00 $ 10,000.00 $ 10,000.00
1/31/1995 $ 8,947.37 $ 10,259.33 $ 9,051.64
2/28/1995 $ 9,138.76 $ 10,659.16 $ 9,293.57
3/31/1995 $ 10,191.39 $ 10,973.68 $ 10,789.57
4/28/1995 $ 10,471.63 $ 11,296.81 $ 10,423.86
5/31/1995 $ 10,451.13 $ 11,748.33 $ 10,508.88
6/30/1995 $ 10,806.56 $ 12,021.21 $ 10,387.60
7/31/1995 $ 11,278.20 $ 12,419.87 $ 10,921.48
8/31/1995 $ 11,585.78 $ 12,451.08 $ 11,007.13
9/29/1995 $ 11,578.95 $ 12,976.54 $ 11,245.94
10/31/1995 $ 10,389.61 $ 12,930.16 $ 9,683.05
11/30/1995 $ 11,278.20 $ 13,497.78 $ 10,747.69
12/29/1995 $ 11,592.62 $ 13,757.78 $ 10,629.53
1/31/1996 $ 13,465.48 $ 14,226.04 $ 12,843.21
2/29/1996 $ 13,827.75 $ 14,357.93 $ 13,187.67
3/29/1996 $ 14,565.96 $ 14,496.14 $ 12,845.09
4/30/1996 $ 15,017.09 $ 14,709.86 $ 13,068.27
5/31/1996 $ 16,548.19 $ 15,089.22 $ 13,468.37
6/28/1996 $ 14,436.09 $ 15,146.79 $ 11,559.14
7/31/1996 $ 14,066.99 $ 14,477.59 $ 11,237.18
8/30/1996 $ 15,352.02 $ 14,782.99 $ 11,504.13
9/30/1996 $ 14,900.89 $ 15,615.05 $ 10,716.43
10/31/1996 $ 14,511.28 $ 16,045.72 $ 10,476.99
11/29/1996 $ 14,278.88 $ 17,258.56 $ 10,524.51
12/31/1996 $ 13,855.09 $ 16,916.60 $ 10,171.29
1/31/1997 $ 13,081.35 $ 17,973.46 $ 9,816.83
2/28/1997 $ 14,411.90 $ 18,114.33 $ 11,308.45
3/31/1997 $ 12,690.86 $ 17,370.35 $ 10,016.25
4/30/1997 $ 12,068.97 $ 18,407.01 $ 8,943.49
5/30/1997 $ 12,719.78 $ 19,527.69 $ 9,471.74
6/30/1997 $ 11,533.86 $ 20,402.57 $ 9,176.67
7/31/1997 $ 10,984.28 $ 22,025.95 $ 9,112.28
8/29/1997 $ 11,244.61 $ 20,792.02 $ 9,056.64
9/30/1997 $ 11,721.87 $ 21,930.73 $ 9,796.20
10/31/1997 $ 9,754.97 $ 21,198.30 $ 7,625.03
11/28/1997 $ 7,737.45 $ 22,179.62 $ 6,241.56
12/31/1997 $ 8,163.37 $ 22,560.53 $ 6,014.63
1/30/1998 $ 8,866.22 $ 22,810.07 $ 6,100.90
2/27/1998 $ 8,397.65 $ 24,455.23 $ 6,268.44
3/31/1998 $ 8,968.72 $ 25,707.56 $ 6,839.83
4/30/1998 $ 9,342.11 $ 25,966.20 $ 7,366.22
5/29/1998 $ 8,016.94 $ 25,519.89 $ 6,198.42
6/30/1998 $ 7,218.91 $ 26,556.48 $ 5,694.55
7/31/1998 $ 6,713.73 $ 26,273.70 $ 5,075.64
8/31/1998 $ 5,249.45 $ 22,475.12 $ 3,804.08
9/30/1998 $ 7,248.19 $ 23,914.89 $ 5,578.89
10/30/1998 $ 7,153.01 $ 25,860.17 $ 5,222.56
11/30/1998 $ 6,677.12 $ 27,427.50 $ 4,887.47
12/31/1998 $ 6,876.27 $ 29,008.02 $ 4,229.81
1/29/1999 $ 6,583.03 $ 30,221.02 $ 4,207.30
2/26/1999 $ 6,443.75 $ 29,281.78 $ 4,160.42
3/31/1999 $ 6,311.80 $ 30,453.31 $ 4,002.25
4/30/1999 $ 7,066.87 $ 31,632.62 $ 4,837.46
5/28/1999 $ 5,776.65 $ 30,885.61 $ 4,113.53
6/30/1999 $ 5,710.67 $ 32,599.73 $ 4,369.84
7/30/1999 $ 5,388.12 $ 31,581.82 $ 4,189.80
8/31/1999 $ 5,615.37 $ 31,425.57 $ 4,409.85
9/30/1999 $ 7,074.20 $ 30,564.07 $ 5,408.85
10/29/1999 $ 6,348.45 $ 32,498.19 $ 4,976.87
11/30/1999 $ 6,069.88 $ 33,158.82 $ 4,700.55
12/31/1999 $ 6,003.90 $ 35,111.75 $ 4,628.03
1/31/2000 $ 5,329.47 $ 33,347.65 $ 4,115.40
2/29/2000 $ 5,417.44 $ 32,716.39 $ 4,202.30
3/31/2000 $ 5,006.92 $ 35,916.83 $ 3,890.35
4/28/2000 $ 4,757.67 $ 34,836.40 $ 3,684.67
5/31/2000 $ 4,611.06 $ 34,121.66 $ 3,569.02
6/30/2000 $ 4,713.69 $ 34,962.87 $ 3,645.91
7/31/2000 $ 4,215.19 $ 34,416.25 $ 3,100.78
8/31/2000 $ 4,383.80 $ 36,554.00 $ 3,168.29
9/29/2000 $ 3,936.63 $ 34,624.19 $ 2,921.98
10/31/2000 $ 3,518.77 $ 34,477.81 $ 2,414.98
11/30/2000 $ 3,482.12 $ 31,759.60 $ 2,634.41
12/29/2000 $ 3,717.43 $ 31,915.04 $ 2,561.27
1/31/2001 $ 3,680.63 $ 33,047.36 $ 2,981.37
2/28/2001 $ 3,673.27 $ 30,034.05 $ 3,441.49
3/30/2001 $ 3,430.35 $ 28,131.37 $ 3,108.28
4/30/2001 $ 3,754.24 $ 30,317.47 $ 3,507.13
5/31/2001 $ 3,901.47 $ 30,520.60 $ 3,919.10
6/30/2001 $ 3,886.74 $ 29,777.77 $ 3,958.49
7/31/2001 $ 3,665.91 $ 29,484.63 $ 3,800.33
8/31/2001 $ 3,717.43 $ 27,638.84 $ 4,121.66
9/30/2001 $ 3,930.91 $ 25,406.94 $ 4,489.25
10/31/2001 $ 3,879.38 $ 25,891.42 $ 4,242.94
11/30/2001 $ 3,857.30 $ 27,877.45 $ 3,998.50
12/31/2001 $ 3,997.16 $ 28,121.68 $ 4,076.02
1/31/2002 $ 4,696.48 $ 27,711.29 $ 4,754.94
2/28/2002 $ 5,145.52 $ 27,176.87 $ 5,391.97
3/31/2002 $ 5,984.70 $ 28,198.97 $ 6,176.54
4/30/2002 $ 6,610.41 $ 26,489.33 $ 6,721.06
5/31/2002 $ 9,304.63 $ 26,294.18 $ 8,841.59
6/30/2002 $ 7,677.79 $ 24,421.00 $ 7,935.73
7/31/2002 $ 5,520.94 $ 22,517.50 $ 6,711.05
8/31/2002 $ 6,286.51 $ 22,665.34 $ 8,042.01
9/30/2002 $ 6,330.68 $ 20,202.08 $ 7,873.22
10/31/2002 $ 5,491.50 $ 21,980.20 $ 6,926.11
11/30/2002 $ 5,550.39 $ 23,273.93 $ 7,247.44
12/31/2002 $ 7,331.53 $ 21,906.64 $ 9,072.27
1/31/2003 $ 7,611.19 $ 21,332.77 $ 9,007.88
2/28/2003 $ 7,331.53 $ 21,012.69 $ 8,262.07
3/31/2003 $ 6,908.27 $ 21,216.70 $ 7,735.06
4/30/2003 $ 6,726.87 $ 22,964.33 $ 7,795.07
5/31/2003 $ 7,218.16 $ 24,174.26 $ 8,847.21
6/30/2003 $ 7,369.32 $ 24,482.64 $ 9,342.96
7/31/2003 $ 7,845.50 $ 24,914.31 $ 10,255.06
8/31/2003 $ 9,198.43 $ 25,400.20 $ 12,114.90
9/30/2003 $ 9,908.91 $ 25,130.46 $ 12,211.80
10/31/2003 $ 17,142.84 $ 26,552.09 $ 13,513.38
11/30/2003 $ 14,126.43 $ 26,785.70 $ 15,530.76
12/31/2003 $ 14,127.74 $ 28,190.46 $ 15,186.92
1/31/2004 $ 13,110.13 $ 28,707.90 $ 13,480.25
2/29/2004 $ 13,686.78 $ 29,106.92 $ 14,053.51
3/31/2004 $ 14,882.46 $ 28,667.81 $ 14,746.81
4/30/2004 $ 11,634.61 $ 28,217.77 $ 11,176.54
5/31/2004 $ 12,016.21 $ 28,605.00 $ 12,498.75
6/30/2004 $ 11,600.69 $ 29,161.22 $ 11,811.70
7/31/2004 $ 11,041.01 $ 28,196.07 $ 11,631.03
8/31/2004 $ 11,515.89 $ 28,310.12 $ 12,965.12
9/30/2004 $ 13,296.70 $ 28,616.74 $ 14,464.87
10/31/2004 $ 13,601.98 $ 29,053.93 $ 14,603.65
11/30/2004 $ 14,873.98 $ 30,229.49 $ 14,812.45
12/31/2004 $ 14,264.22 $ 31,258.16 $ 13,461.49
- --------------------------------------------------------------
AVERAGE ANNUAL PERFORMANCE For the Periods Ended
December 31, 2004
Six Month One Year Five Year Ten Year
World Precious Minerals Fund 22.96% 0.97% 18.87% 3.61%
------------------------------------------------------------------------
S&P 500 Index 7.19% 10.88% (2.30)% 12.07%
------------------------------------------------------------------------
AMEX Gold BUGS Index* 13.97% (11.36)% 23.81% 3.02%
<FN>
*These are not total returns. These returns reflect simple appreciation only
and do not reflect dividend reinvestment.
Performance data quoted represent past performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
The graph and table do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
The S&P 500 Index is a widely recognized capitalization-weighted index of 500
common stock prices in U.S. companies. The AMEX Gold BUGS Index is a modified
equal-dollar weighted index of companies involved in major gold mining that do
not hedge their gold production beyond 1 1/2 years.
</FN>
28
GOLD AND PRECIOUS MINERALS FUNDS
GOLD SHARES FUND
[Gold Shares Funds Graph]
[Graphic: Line graph created from data points in following table.]
GOLD SHARE S&P 500 PHILADELPHIA STOCK EXCHANGE
DATE FUNDS INDEX GOLD & SILVER INDEX
-------- ---------------- ----------- ---------------------------
12/30/1994 $ 10,000.00 $ 10,000.00 $ 10,000.00
1/31/1995 $ 7,655.68 $ 10,259.33 $ 8,907.90
2/28/1995 $ 8,095.24 $ 10,659.16 $ 9,508.01
3/31/1995 $ 8,461.54 $ 10,973.68 $ 11,177.34
4/28/1995 $ 8,058.61 $ 11,296.81 $ 10,718.63
5/31/1995 $ 7,838.83 $ 11,748.33 $ 11,024.84
6/30/1995 $ 7,948.72 $ 12,021.21 $ 11,044.23
7/31/1995 $ 8,580.16 $ 12,419.87 $ 10,912.98
8/31/1995 $ 8,543.01 $ 12,451.08 $ 11,290.63
9/29/1995 $ 8,468.73 $ 12,976.54 $ 11,432.38
10/31/1995 $ 7,168.70 $ 12,930.16 $ 9,865.69
11/30/1995 $ 7,242.99 $ 13,497.78 $ 11,175.98
12/29/1995 $ 7,317.28 $ 13,757.78 $ 11,114.25
1/31/1996 $ 8,939.15 $ 14,226.04 $ 13,019.23
2/29/1996 $ 8,675.12 $ 14,357.93 $ 13,307.41
3/29/1996 $ 8,184.79 $ 14,496.14 $ 13,294.25
4/30/1996 $ 8,222.51 $ 14,709.86 $ 13,259.63
5/31/1996 $ 8,448.82 $ 15,089.22 $ 13,790.88
6/28/1996 $ 7,015.53 $ 15,146.79 $ 11,465.32
7/31/1996 $ 6,939.28 $ 14,477.59 $ 11,526.64
8/30/1996 $ 6,901.15 $ 14,782.99 $ 11,555.84
9/30/1996 $ 6,291.10 $ 15,615.05 $ 10,686.49
10/31/1996 $ 6,176.72 $ 16,045.72 $ 10,728.23
11/29/1996 $ 5,757.31 $ 17,258.56 $ 11,174.29
12/31/1996 $ 5,452.29 $ 16,916.60 $ 10,860.96
1/31/1997 $ 4,907.06 $ 17,973.46 $ 10,253.76
2/28/1997 $ 5,608.07 $ 18,114.33 $ 11,402.90
3/31/1997 $ 4,829.17 $ 17,370.35 $ 9,701.93
4/30/1997 $ 4,439.72 $ 18,407.01 $ 8,748.68
5/30/1997 $ 4,517.61 $ 19,527.69 $ 9,741.21
6/30/1997 $ 3,754.29 $ 20,402.57 $ 8,934.82
7/31/1997 $ 3,834.17 $ 22,025.95 $ 9,160.68
8/29/1997 $ 3,874.11 $ 20,792.02 $ 9,257.25
9/30/1997 $ 3,794.23 $ 21,930.73 $ 10,252.54
10/31/1997 $ 2,955.51 $ 21,198.30 $ 8,233.82
11/28/1997 $ 2,276.54 $ 22,179.62 $ 6,651.85
12/31/1997 $ 2,324.47 $ 22,560.53 $ 6,970.12
1/30/1998 $ 2,324.47 $ 22,810.07 $ 7,043.41
2/27/1998 $ 2,120.56 $ 24,455.23 $ 7,092.95
3/31/1998 $ 2,161.35 $ 25,707.56 $ 7,681.99
4/30/1998 $ 2,283.69 $ 25,966.20 $ 8,273.44
5/29/1998 $ 1,835.10 $ 25,519.89 $ 7,039.78
6/30/1998 $ 1,545.57 $ 26,556.48 $ 6,759.48
7/31/1998 $ 1,557.80 $ 26,273.70 $ 5,934.35
8/31/1998 $ 1,198.93 $ 22,475.12 $ 4,616.75
9/30/1998 $ 1,671.98 $ 23,914.89 $ 7,081.40
10/30/1998 $ 1,635.28 $ 25,860.17 $ 7,125.15
11/30/1998 $ 1,533.33 $ 27,427.50 $ 6,716.74
12/31/1998 $ 1,557.80 $ 29,008.02 $ 6,151.28
1/29/1999 $ 1,488.47 $ 30,221.02 $ 5,989.37
2/26/1999 $ 1,455.85 $ 29,281.78 $ 5,735.49
3/31/1999 $ 1,447.69 $ 30,453.31 $ 5,668.36
4/30/1999 $ 1,610.81 $ 31,632.62 $ 6,972.63
5/28/1999 $ 1,357.98 $ 30,885.61 $ 5,795.09
6/30/1999 $ 1,394.68 $ 32,599.73 $ 6,372.03
7/30/1999 $ 1,304.96 $ 31,581.82 $ 5,985.50
8/31/1999 $ 1,374.29 $ 31,425.57 $ 6,478.31
9/30/1999 $ 1,749.47 $ 30,564.07 $ 7,721.25
10/29/1999 $ 1,565.96 $ 32,498.19 $ 6,692.55
11/30/1999 $ 1,500.71 $ 33,158.82 $ 6,462.12
12/31/1999 $ 1,517.02 $ 35,111.75 $ 6,551.76
1/31/2000 $ 1,333.51 $ 33,347.65 $ 5,781.60
2/29/2000 $ 1,341.67 $ 32,716.39 $ 5,802.65
3/31/2000 $ 1,239.71 $ 35,916.83 $ 5,491.50
4/28/2000 $ 1,141.84 $ 34,836.40 $ 5,321.41
5/31/2000 $ 1,141.84 $ 34,121.66 $ 5,492.12
6/30/2000 $ 1,190.78 $ 34,962.87 $ 5,642.71
7/31/2000 $ 1,076.59 $ 34,416.25 $ 4,963.38
8/31/2000 $ 1,141.84 $ 36,554.00 $ 5,143.78
9/29/2000 $ 1,068.44 $ 34,624.19 $ 4,907.05
10/31/2000 $ 962.41 $ 34,477.81 $ 4,312.36
11/30/2000 $ 978.72 $ 31,759.60 $ 4,647.51
12/29/2000 $ 1,064.36 $ 31,915.04 $ 5,076.06
1/31/2001 $ 1,052.13 $ 33,047.36 $ 4,824.28
2/28/2001 $ 1,076.59 $ 30,034.05 $ 5,214.37
3/30/2001 $ 978.72 $ 28,131.37 $ 4,725.31
4/30/2001 $ 1,109.22 $ 30,317.47 $ 5,476.27
5/31/2001 $ 1,158.15 $ 30,520.60 $ 5,686.56
6/30/2001 $ 1,154.08 $ 29,777.77 $ 5,301.62
7/31/2001 $ 1,068.44 $ 29,484.63 $ 5,282.74
8/31/2001 $ 1,096.98 $ 27,638.84 $ 5,655.01
9/30/2001 $ 1,141.84 $ 25,406.94 $ 5,779.27
10/31/2001 $ 1,125.53 $ 25,891.42 $ 5,454.69
11/30/2001 $ 1,117.37 $ 27,877.45 $ 5,270.97
12/31/2001 $ 1,182.62 $ 28,121.68 $ 5,459.64
1/31/2002 $ 1,378.37 $ 27,711.29 $ 6,151.74
2/28/2002 $ 1,578.19 $ 27,176.87 $ 6,560.29
3/31/2002 $ 1,802.48 $ 28,198.97 $ 7,141.21
4/30/2002 $ 1,981.91 $ 26,489.33 $ 7,450.48
5/31/2002 $ 2,626.24 $ 26,294.18 $ 8,508.01
6/30/2002 $ 2,153.19 $ 24,421.00 $ 7,220.24
7/31/2002 $ 1,590.42 $ 22,517.50 $ 6,116.91
8/31/2002 $ 1,839.18 $ 22,665.34 $ 7,071.36
9/30/2002 $ 1,892.20 $ 20,202.08 $ 7,100.75
10/31/2002 $ 1,631.20 $ 21,980.20 $ 6,459.30
11/30/2002 $ 1,647.52 $ 23,273.93 $ 6,453.19
12/31/2002 $ 2,145.03 $ 21,906.64 $ 7,827.76
1/31/2003 $ 2,198.05 $ 21,332.77 $ 7,852.23
2/28/2003 $ 2,059.39 $ 21,012.69 $ 7,388.79
3/31/2003 $ 1,928.90 $ 21,216.70 $ 6,874.32
4/30/2003 $ 1,843.26 $ 22,964.33 $ 6,710.67
5/31/2003 $ 2,051.24 $ 24,174.26 $ 7,559.32
6/30/2003 $ 2,112.41 $ 24,482.64 $ 8,095.91
7/31/2003 $ 2,222.52 $ 24,914.31 $ 8,352.22
8/31/2003 $ 2,585.46 $ 25,400.20 $ 9,402.69
9/30/2003 $ 2,699.64 $ 25,130.46 $ 9,420.66
10/31/2003 $ 17,142.84 $ 26,552.09 $ 10,143.55
11/30/2003 $ 3,706.91 $ 26,785.70 $ 11,349.79
12/31/2003 $ 3,583.85 $ 28,190.46 $ 11,268.46
1/31/2004 $ 3,178.82 $ 28,707.90 $ 9,904.30
2/29/2004 $ 3,297.47 $ 29,106.92 $ 10,361.07
3/31/2004 $ 3,616.57 $ 28,667.81 $ 10,904.64
4/30/2004 $ 2,777.89 $ 28,217.77 $ 8,519.14
5/31/2004 $ 3,002.90 $ 28,605.00 $ 9,350.80
6/30/2004 $ 2,863.80 $ 29,161.22 $ 8,984.71
7/31/2004 $ 2,696.07 $ 28,196.07 $ 9,060.95
8/31/2004 $ 2,843.35 $ 28,310.12 $ 9,892.23
9/30/2004 $ 3,252.46 $ 28,616.74 $ 10,646.69
10/31/2004 $ 3,293.37 $ 29,053.93 $ 10,806.65
11/30/2004 $ 3,542.93 $ 30,229.49 $ 11,169.65
12/31/2004 $ 3,353.15 $ 31,258.16 $ 10,401.50
- -----------------------------------------------------------------------------
AVERAGE ANNUAL PERFORMANCE For the Periods Ended
December 31, 2004
Six Month One Year Five Year Ten Year
Gold Shares Fund 17.09% (6.44)% 17.17% (10.34)%
-------------------------------------------------------------------------
S&P 500 Index 7.19% 10.88% (2.30)% 12.07%
-------------------------------------------------------------------------
Philadelphia Stock Exchange
Gold & Silver Index 15.77% (7.69)% 9.69% 0.39%
Performance data quoted represent past performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
The graph and table do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
The S&P 500 Index is a widely recognized capitalization-weighted index of 500
common stock prices in U.S. companies. The Philadelphia Stock Exchange Gold &
Silver Index is a capitalization-weighted index which includes the leading
companies involved in the mining of gold and silver.
29
GOLD AND PRECIOUS MINERALS FUNDS
SIX MONTHS IN REVIEW - ECONOMIC AND POLITICAL ISSUES THAT AFFECTED
THE FUND
Critical drivers moving gold prices higher include the following:
* The war on terrorism is proving to be very expensive. The dilemma we face is
that one can never know if enough money has been spent. There is also a
natural bias to overspend in this environment. Even an unsuccessful attack
would likely draw more criticism than praise.
* As recently reported in The Wall Street Journal, the U.S. has gone from having
net foreign assets of 9 percent in 1978 to net foreign liabilities of 27
percent. Commentators pointed out that there is no historical precedent for
such a large economy to be so heavily in debt. The net result is that we are
much more dependant today on the confidence the rest of the world has in U.S.
economic policies.
* The current account deficit is now approaching 6 percent of gross domestic
product. Our trade balance hit a record deficit of $60 billion in November
2004. Weakness in the U.S. dollar has not been as stimulating as expected.
With China's currency pegged to the U.S. dollar, Chinese goods have become
just as cheap for the rest of the world to buy, plus they have a superior cost
structure. Europe has now replaced the U.S. as the largest trading partner
with China.
The macro economic drivers that would lead to a sustained turnaround in the U.S.
dollar are not visible yet. In the last six months, the U.S. Trade-Weighted
Dollar Index(1) has fallen almost 9 percent in value--and we are likely to
witness a rebound from its presently oversold conditions in the near term--but
it will only be a bear market rally; the trend is still down. Investors in gold
are often told that gold is a volatile asset class, but they should recognize
that it is not gold that is volatile, it is the currencies that are volatile.
Note in the following chart that the gold price has remained fairly stable in
South African rand, Australian dollar and Canadian dollar terms, but has been
very volatile in U.S. dollar terms.
30
GOLD AND PRECIOUS MINERALS FUNDS
[RISKS OF CURRENCY VOLATILITY Graph]
[Graphic: Line graph created from data points in following table.]
US DOLLAR SOUTH AFRICAN RAND AUSTRALIAN DOLLAR CANADIAN DOLLAR
DATE LAST PRICE LAST PRICE LAST PRICE LAST PRICE
-------- ---------------- ------------------ -------------------- --------------------
1/4/2002 278.95 0.00% 3365.532 0.00% 536.7004 0.00% 445.5111 0.00%
1/11/2002 287.55 3.08% 3265.13 -2.98% 551.7076 2.80% 458.7141 2.96%
1/18/2002 283.55 1.65% 3249.483 -3.45% 550.8499 2.64% 456.7565 2.52%
1/25/2002 279.45 0.18% 3180.56 -5.50% 540.7315 0.75% 449.7469 0.95%
2/1/2002 286.25 2.62% 3333.811 -0.94% 562.9856 4.90% 455.7673 2.30%
2/8/2002 303.75 8.89% 3480.61 3.42% 594.1901 10.71% 485.2254 8.91%
2/15/2002 297.85 6.78% 3405.915 1.20% 576.6141 7.44% 474.0879 6.41%
2/22/2002 292.75 4.95% 3332.959 -0.97% 571.6099 6.50% 467.3607 4.90%
3/1/2002 298.15 6.88% 3361.641 -0.12% 575.8571 7.30% 475.2511 6.68%
3/8/2002 289.75 3.87% 3377.036 0.34% 553.5919 3.15% 459.4566 3.13%
3/15/2002 290.05 3.98% 3447.969 2.45% 552.7394 2.99% 460.0483 3.26%
3/22/2002 297.75 6.74% 3416.681 1.52% 560.5233 4.44% 469.6708 5.42%
3/29/2002 302.65 8.50% 3435.334 2.07% 567.2383 5.69% 482.7721 8.36%
4/5/2002 300.05 7.56% 3338.056 -0.82% 565.4919 5.36% 477.0495 7.08%
4/12/2002 302.15 8.32% 3382.72 0.51% 565.6651 5.40% 479.6631 7.67%
4/19/2002 302.35 8.39% 3361.225 -0.13% 560.3744 4.41% 475.4152 6.71%
4/26/2002 311.35 11.61% 3334.714 -0.92% 573.0193 6.77% 486.7646 9.26%
5/3/2002 311.95 11.83% 3252.703 -3.35% 578.435 7.78% 487.6715 9.46%
5/10/2002 311.05 11.51% 3186.863 -5.31% 571.4154 6.47% 484.3515 8.72%
5/17/2002 311.05 11.51% 3120.142 -7.29% 563.3433 4.96% 480.5411 7.86%
5/24/2002 320.55 14.91% 3205.5 -4.76% 576.6843 7.45% 491.5955 10.34%
5/31/2002 326.55 17.06% 3202.802 -4.84% 576.9944 7.51% 499.3929 12.09%
6/7/2002 323.95 16.13% 3201.76 -4.87% 567.189 5.68% 496.421 11.43%
6/14/2002 319.35 14.48% 3334.972 -0.91% 569.1499 6.05% 494.5614 11.01%
6/21/2002 324.65 16.38% 3317.923 -1.41% 565.3954 5.35% 493.7115 10.82%
6/28/2002 314.45 12.73% 3261.004 -3.11% 558.1293 3.99% 478.247 7.35%
7/5/2002 311.55 11.69% 3140.424 -6.69% 560.1906 4.38% 474.6776 6.55%
7/12/2002 316.05 13.30% 3147.858 -6.47% 564.2742 5.14% 484.0463 8.65%
7/19/2002 323.95 16.13% 3220.063 -4.32% 582.906 8.61% 499.3851 12.09%
7/26/2002 303.75 8.89% 3122.094 -7.23% 566.8035 5.61% 481.5501 8.09%
8/2/2002 307.35 10.18% 3141.885 -6.65% 570.064 6.22% 488.2562 9.59%
8/9/2002 314.55 12.76% 3288.62 -2.29% 587.0661 9.38% 494.1581 10.92%
8/16/2002 313.95 12.55% 3320.649 -1.33% 575.5799 7.24% 490.2015 10.03%
8/23/2002 307.05 10.07% 3331.492 -1.01% 564.8974 5.25% 478.0615 7.31%
8/30/2002 312.75 12.12% 3290.13 -2.24% 568.2231 5.87% 487.2645 9.37%
9/6/2002 320.25 14.81% 3362.625 -0.09% 585.6803 9.13% 500.5507 12.35%
9/13/2002 316.85 13.59% 3334.054 -0.94% 575.6199 7.25% 501.9379 12.67%
9/20/2002 322.15 15.49% 3409.152 1.30% 589.209 9.78% 507.3057 13.87%
9/27/2002 319.95 14.70% 3373.073 0.22% 588.7386 9.70% 504.1292 13.16%
10/4/2002 322.25 15.52% 3354.783 -0.32% 589.3919 9.82% 513.5537 15.27%
10/11/2002 316.75 13.55% 3305.286 -1.79% 576.9581 7.50% 502.7931 12.86%
10/18/2002 312.85 12.15% 3242.221 -3.66% 568.9734 6.01% 492.1756 10.47%
10/25/2002 313.85 12.51% 3172.553 -5.73% 565.4446 5.36% 491.8657 10.40%
11/1/2002 319.75 14.63% 3197.5 -4.99% 572.1059 6.60% 497.7868 11.73%
11/8/2002 321.55 15.27% 3141.544 -6.66% 568.964 6.01% 503.1453 12.94%
11/15/2002 320.55 14.91% 3083.691 -8.37% 568.8049 5.98% 507.062 13.82%
11/22/2002 321.05 15.09% 3037.935 -9.73% 569.6416 6.14% 506.954 13.79%
11/29/2002 318.15 14.05% 2946.864 -12.44% 567.7701 5.79% 497.698 11.71%
12/6/2002 326.25 16.96% 3003.131 -10.77% 582.3293 8.50% 510.4344 14.57%
12/13/2002 333.15 19.43% 2917.061 -13.33% 590.4298 10.01% 519.2476 16.55%
12/20/2002 340.75 22.15% 3034.447 -9.84% 606.8026 13.06% 529.287 18.80%
12/27/2002 349.25 25.20% 3056.706 -9.18% 622.4936 15.99% 547.4144 22.87%
1/3/2003 351.25 25.92% 2963.918 -11.93% 621.1867 15.74% 550.1453 23.49%
1/10/2003 354.75 27.17% 3022.896 -10.18% 608.6994 13.42% 548.9934 23.23%
1/17/2003 356.55 27.82% 3160.816 -6.08% 602.7385 12.30% 547.2507 22.84%
1/24/2003 368.25 32.01% 3213.939 -4.50% 622.0439 15.90% 560.1635 25.74%
1/31/2003 368.15 31.98% 3132.846 -6.91% 627.6532 16.95% 560.6372 25.84%
2/7/2003 369.75 32.55% 3106.75 -7.69% 625.8993 16.62% 562.3343 26.22%
2/14/2003 351.55 26.03% 2923.138 -13.14% 593.684 10.62% 534.7427 20.03%
2/21/2003 351.35 25.95% 2830.124 -15.91% 587.8859 9.54% 528.7993 18.69%
2/28/2003 349.95 25.45% 2829.346 -15.93% 575.5757 7.24% 520.5332 16.84%
3/7/2003 350.75 25.74% 2792.005 -17.04% 571.7662 6.53% 514.5327 15.49%
3/14/2003 336.35 20.58% 2762.106 -17.93% 562.7405 4.85% 496.6208 11.47%
3/21/2003 326.05 16.88% 2674.588 -20.53% 552.9552 3.03% 487.1024 9.34%
3/28/2003 331.85 18.96% 2647.367 -21.34% 552.3928 2.92% 487.2222 9.36%
4/4/2003 325.55 16.71% 2582.067 -23.28% 541.5454 0.90% 479.1282 7.55%
4/11/2003 328.05 17.60% 2555.936 -24.06% 542.321 1.05% 475.9185 6.83%
4/18/2003 325.95 16.85% 2477.057 -26.40% 530.3881 -1.18% 472.8557 6.14%
4/25/2003 333.25 19.47% 2409.397 -28.41% 540.5077 0.71% 483.879 8.61%
5/2/2003 340.95 22.23% 2546.044 -24.35% 540.89 0.78% 484.4729 8.75%
5/9/2003 348.55 24.95% 2532.669 -24.75% 541.1006 0.82% 485.5998 9.00%
5/16/2003 354.75 27.17% 2738.138 -18.64% 545.6014 1.66% 485.9188 9.07%
5/23/2003 368.75 32.19% 2907.594 -13.61% 560.7939 4.49% 508.0638 14.04%
5/30/2003 364.45 30.65% 2944.756 -12.50% 559.1868 4.19% 499.5698 12.13%
6/6/2003 363.75 30.40% 2930.006 -12.94% 550.8442 2.64% 492.8449 10.62%
6/13/2003 356.65 27.85% 2803.269 -16.71% 534.1871 -0.47% 476.6449 6.99%
6/20/2003 357.38 28.12% 2817.902 -16.27% 535.1527 -0.29% 485.9228 9.07%
6/27/2003 345.25 23.77% 2579.104 -23.37% 518.7829 -3.34% 465.6387 4.52%
7/4/2003 350.85 25.78% 2626.902 -21.95% 516.5636 -3.75% 470.0513 5.51%
7/11/2003 345.2 23.75% 2614.89 -22.30% 522.1601 -2.71% 474.8572 6.59%
7/18/2003 347.25 24.48% 2664.276 -20.84% 536.0865 -0.11% 489.3621 9.84%
7/25/2003 362.75 30.04% 2696.865 -19.87% 546.2691 1.78% 500.7401 12.40%
8/1/2003 346.15 24.09% 2581.414 -23.30% 530.3761 -1.18% 484.1254 8.67%
8/8/2003 356.75 27.89% 2641.805 -21.50% 546.5339 1.83% 496.2036 11.38%
8/15/2003 363.75 30.40% 2666.724 -20.76% 551.1781 2.70% 504.4485 13.23%
8/22/2003 362.95 30.11% 2708.061 -19.54% 558.6855 4.10% 511.4147 14.79%
8/29/2003 375.55 34.63% 2757.945 -18.05% 579.061 7.89% 520.5499 16.84%
9/5/2003 377.35 35.28% 2813.899 -16.39% 582.3752 8.51% 517.3469 16.12%
9/12/2003 375.25 34.52% 2761.446 -17.95% 565.5188 5.37% 511.2781 14.76%
9/19/2003 381.85 36.89% 2804.688 -16.66% 567.7645 5.79% 514.7338 15.54%
9/26/2003 380.85 36.53% 2738.312 -18.64% 564.8079 5.24% 516.1089 15.85%
10/3/2003 369.55 32.48% 2576.318 -23.45% 544.6975 1.49% 497.4697 11.66%
10/10/2003 373.05 33.73% 2600.159 -22.74% 540.1042 0.63% 492.7804 10.61%
10/17/2003 371.65 33.23% 2679.596 -20.38% 537.6103 0.17% 488.4224 9.63%
10/24/2003 388.55 39.29% 2679.441 -20.39% 554.0425 3.23% 507.0189 13.81%
10/31/2003 384.25 37.75% 2649.788 -21.27% 543.0712 1.19% 506.576 13.71%
11/7/2003 383.05 37.32% 2654.537 -21.13% 539.6971 0.56% 506.4687 13.68%
11/14/2003 397.55 42.52% 2666.567 -20.77% 552.9976 3.04% 518.5046 16.38%
11/21/2003 396.05 41.98% 2584.721 -23.20% 547.4084 2.00% 516.0928 15.84%
11/28/2003 398.15 42.73% 2541.192 -24.49% 549.893 2.46% 516.7589 15.99%
12/5/2003 406.35 45.67% 2565.592 -23.77% 552.2936 2.91% 530.49 19.07%
12/12/2003 408.85 46.57% 2602.33 -22.68% 550.3062 2.54% 538.5372 20.88%
12/19/2003 409.35 46.75% 2829.693 -15.92% 555.3898 3.48% 548.6927 23.16%
12/26/2003 412.25 47.79% 2747.193 -18.37% 556.1551 3.62% 539.0169 20.99%
1/2/2004 415.85 49.08% 2716.727 -19.28% 548.0003 2.11% 535.8851 20.29%
1/9/2004 426.38 52.85% 2851.916 -15.26% 548.4276 2.19% 542.0506 21.67%
1/16/2004 406.75 45.81% 2963.479 -11.95% 532.8835 -0.71% 528.5106 18.63%
1/23/2004 408.08 46.29% 2918.348 -13.29% 528.1157 -1.60% 537.2307 20.59%
1/30/2004 402.45 44.27% 2840.391 -15.60% 527.6304 -1.69% 533.9304 19.85%
2/6/2004 403.35 44.60% 2812.923 -16.42% 524.0353 -2.36% 535.9715 20.30%
2/13/2004 410.15 47.03% 2712.65 -19.40% 520.033 -3.11% 539.4498 21.09%
2/20/2004 397.55 42.52% 2674.438 -20.53% 519.6732 -3.17% 535.2216 20.14%
2/27/2004 396.15 42.01% 2621.523 -22.11% 512.2188 -4.56% 529.6723 18.89%
3/5/2004 401.25 43.84% 2657.8 -21.03% 528.3429 -1.56% 529.1685 18.78%
3/12/2004 395.25 41.69% 2660.033 -20.96% 539.1489 0.46% 528.5085 18.63%
3/19/2004 412.35 47.82% 2737.983 -18.65% 550.6443 2.60% 548.5698 23.13%
3/26/2004 422.35 51.41% 2765.168 -17.84% 567.6748 5.77% 556.7207 24.96%
4/2/2004 420.65 50.80% 2700.573 -19.76% 554.9472 3.40% 552.9654 24.12%
4/9/2004 420.05 50.58% 2633.692 -21.75% 550.5964 2.59% 558.4985 25.36%
4/16/2004 400.55 43.59% 2580.063 -23.34% 538.5184 0.34% 538.8399 20.95%
4/23/2004 395.05 41.62% 2662.104 -20.90% 539.5384 0.53% 537.4852 20.64%
4/30/2004 386.75 38.64% 2695.145 -19.92% 536.1476 -0.10% 530.4856 19.07%
5/7/2004 378.75 35.78% 2664.506 -20.83% 537.0817 0.07% 523.8681 17.59%
5/14/2004 376.65 35.02% 2551.804 -24.18% 546.5032 1.83% 524.1085 17.64%
5/21/2004 384.35 37.78% 2589.328 -23.06% 548.0927 2.12% 527.5589 18.42%
5/28/2004 393.35 41.01% 2570.798 -23.61% 551.4124 2.74% 536.8048 20.49%
6/4/2004 389.95 39.79% 2516.387 -25.23% 561.1195 4.55% 525.9256 18.05%
6/11/2004 384.55 37.86% 2502.459 -25.64% 555.708 3.54% 524.8338 17.80%
6/18/2004 394.85 41.55% 2519.143 -25.15% 572.3708 6.65% 538.5359 20.88%
6/25/2004 401.55 43.95% 2526.773 -24.92% 574.0118 6.95% 541.5504 21.56%
7/2/2004 397.95 42.66% 2435.653 -27.63% 557.7045 3.91% 526.5874 18.20%
7/9/2004 407.65 46.14% 2492.515 -25.94% 564.3777 5.16% 537.8738 20.73%
7/16/2004 406.65 45.78% 2415.501 -28.23% 555.7226 3.54% 531.4103 19.28%
7/23/2004 390.15 39.86% 2428.898 -27.83% 549.275 2.34% 515.0565 15.61%
7/30/2004 391.05 40.19% 2459.04 -26.93% 557.7664 3.93% 519.4903 16.61%
8/6/2004 399.75 43.31% 2448.509 -27.25% 559.5605 4.26% 523.5926 17.53%
8/13/2004 398.95 43.02% 2585.176 -23.19% 556.6097 3.71% 522.425 17.26%
8/20/2004 412.75 47.97% 2710.756 -19.46% 570.018 6.21% 535.1923 20.13%
8/27/2004 403.25 44.56% 2721.413 -19.14% 573.1647 6.79% 528.7817 18.69%
9/3/2004 401.05 43.77% 2657.718 -21.03% 581.6534 8.38% 521.2447 17.00%
9/10/2004 402.75 44.38% 2645.665 -21.39% 577.7092 7.64% 519.1448 16.53%
9/17/2004 405.65 45.42% 2655.79 -21.09% 581.6604 8.38% 526.4931 18.18%
9/24/2004 407.83 46.20% 2614.668 -22.31% 571.7841 6.54% 519.8749 16.69%
10/1/2004 419.47 50.37% 2715.218 -19.32% 578.8919 7.86% 529.6794 18.89%
10/8/2004 422.78 51.56% 2768.754 -17.73% 574.6178 7.06% 529.0818 18.76%
10/15/2004 418.8 50.13% 2697.595 -19.85% 573.2668 6.81% 524.6307 17.76%
10/22/2004 424.23 52.08% 2610.596 -22.43% 574.5971 7.06% 524.8936 17.82%
10/29/2004 428.55 53.63% 2624.569 -22.02% 574.6564 7.07% 522.381 17.25%
11/5/2004 433.55 55.42% 2647.169 -21.34% 569.6735 6.14% 520.325 16.79%
11/12/2004 437.85 56.96% 2677.19 -20.45% 569.9317 6.19% 522.9242 17.38%
11/19/2004 447.05 60.26% 2682.3 -20.30% 569.7445 6.16% 533.8224 19.82%
11/26/2004 451.95 62.02% 2636.676 -21.66% 572.0887 6.59% 532.0807 19.43%
12/3/2004 455.9 63.43% 2627.694 -21.92% 586.0274 9.19% 546.3734 22.64%
12/10/2004 434.2 55.66% 2522.637 -25.04% 578.0086 7.70% 531.6128 19.33%
12/17/2004 441.5 58.27% 2550.435 -24.22% 579.0544 7.89% 540.7713 21.38%
12/24/2004 442.65 58.68% 2499.91 -25.72% 575.73 7.27% 544.3046 22.18%
12/31/2004 438.45 57.18% 2482.723 -26.23% 560.069 4.35% 526.8635 18.26%
Source: Bloomberg
31
GOLD AND PRECIOUS MINERALS FUNDS
For all the money that was raised to finance new ventures, there were no major
new discoveries by a junior mining company as in previous cycles, and many
developing companies experienced delays. Investors looking for profit growth and
stronger cash flow from a higher gold price found disappointment due to currency
swings and higher energy costs. Another hurdle for the mining industry in this
cycle has been the formation of better organized anti-mining groups or
Non-Governmental Organizations (NGOs) that have successfully used the political
process to create delays for new projects to move forward. This has subsequently
disappointed many investors. Note in the chart below the typical price impact
that bad news has had on a company's share price.
DELAYS & DISAPPOINTMENTS
RECOVERY PHASE: GENERALLY MORE THAN 1.5 YEARS, IF AT ALL!
Average Share Price Impact: By Event Type
[Delays & Disappointments Chart]
[Graphic: Bar graph created from data points in following table.]
-0.15897 Major Project Delay
-0.30897 Feasibility Disappointment
-0.33846 Operating Disappointment
-0.36923 Social/Env. Concerns/Delay
-0.46026 Exchange Issues
-0.46026 Major Exploration Disappointment
-0.5 Property Ownership Dispute
Source: CIBC World Markets Inc.
All of these factors have contributed to compressing the valuations of gold
stocks in the last six months. Gold prices reached new 16-year highs in December
2004, yet the stock prices are lower now than they were in March of 2004 when
gold had set previous highs. In addition, another form of cannibalism that has
plagued the returns in the gold mining sector has been the prevalence of hostile
bids to take over one's peers. A recent study showed that on average, 60 days
after the launch of the bid, the shareholders of the acquiring company
experienced a 21.9 percent loss in market value.
INVESTMENT HIGHLIGHTS
For the six months ending December 31, 2004, the World Precious Minerals Fund
returned 22.96 percent and the Gold Shares Fund returned 17.09 percent. The AMEX
Gold BUGS Index, World Precious Minerals Fund's benchmark, gained 14.43 percent
(on a total return basis), while the
32
GOLD AND PRECIOUS MINERALS FUNDS
Philadelphia Stock Exchange Gold & Silver Index, Gold Shares Fund's benchmark,
returned 15.77 percent. Spot gold closed at $438.45, up $44.20 or 11.21 percent
for the same period. In contrast, the S&P 500 Index posted a positive return of
7.19 percent while the U.S. Trade-Weighted Dollar Index(1) fell 8.95 percent
over the last six months. Over the same period, the yield on the 90-day Treasury
bill jumped slightly more than 75 percent, tacking on 95 basis points to finish
at 2.22 percent.
Our investment process is an active management style versus a more passive
indexing approach. This is what has allowed us to create value for our
shareholders. Alpha is a measure of investor skill in delivering superior
performance. The table below shows our alpha relative to our peers for the gold
and natural resources funds.
AVERAGE ALPHA OF SELECTED MORNINGSTAR CATEGORIES AS OF
DECEMBER 31, 2004
PRECIOUS METALS:
PEER GROUP AVERAGE WORLD PRECIOUS MINERALS FUND GOLD SHARES FUND
33.08% 55.06% 45.26%
NATURAL RESOURCES:
PEER GROUP AVERAGE GLOBAL RESOURCES FUND
15.61% 46.48%
According to Morningstar, alpha is a measure of the difference between a fund's
actual returns and its expected performance, given its level of risk as measured
by beta. A positive alpha indicates the fund has performed better than its beta
would predict. In contrast, a negative alpha indicates the fund's
underperformance, given the expectations established by the fund's beta. All
Modern Portfolio Theory (MPT) statistics (alpha, beta, and R-squared) are based
on a least-squared regression of the fund's return over Treasury bills (called
excess return) and the excess returns of the fund's benchmark index (as defined
by Morningstar).
We have made several critical investment decisions, which generated superior
relative performance:
* We focused on mid-cap unhedged gold producers.
* We also concentrated our investments in companies that produced two metals,
e.g., copper-gold porphyry producers like Wheaton River Minerals Ltd.(2) and
Northern Orion Resources, Inc.(3) In addition, exploration successes like
Placer Dome, Inc.(4) with the Cortez Hill discovery and Bema Gold Corp.'s(5)
Kupol deposits were big winners for us.
33
GOLD AND PRECIOUS MINERALS FUNDS
* We invested in companies reflecting the three critical growth drivers:
(a) Increasing reserves
(b) Increasing production
(c) Increasing cash flow
* We looked for undervalued junior gold companies with inexpensive resource
ounces in the ground.
* We wanted to own companies wherein a rising gold price would greatly increase
their reserve base and net asset value.
* We searched for companies that were undervalued on a relative peer group basis
for several fundamental metrics; e.g., ounce per share, production per share,
net asset value per share, cash flow multiples.
* We use statistical models to manage the price risk of the portfolios, looking
for significant moves where the probability of a price reversal is high, and
adjust our cash position accordingly. For example, the following chart shows
the 60-day rate of change for the Philadelphia Stock Exchange Gold & Silver
Index with its probability distribution of price action.
34
GOLD AND PRECIOUS MINERALS FUNDS
PHILADELPHIA STOCK EXCHANGE GOLD & SILVER INDEX
60-DAY RATE OF CHANGE
[Philadelphia Stock Exchange Gold & Silver Index 60-Day Rate of Change Graph]
[Graphic: Line graph created from data points in following table.]
Date Last Price % Change 1 Std Dev -1 Std Dev 2 Std Dev -2 Std Dev
- --------- ---------- -------- --------- ---------- --------- ----------
7/21/1989 95.55 7.5% 15.0% -12.8% 28.8% -26.6%
7/24/1989 95.4 8.3% 15.0% -12.8% 28.8% -26.6%
7/25/1989 95.15 8.2% 15.0% -12.8% 28.8% -26.6%
7/26/1989 96.27 8.5% 15.0% -12.8% 28.8% -26.6%
7/27/1989 95.97 9.3% 15.0% -12.8% 28.8% -26.6%
7/28/1989 94.67 8.1% 15.0% -12.8% 28.8% -26.6%
7/31/1989 95.44 7.3% 15.0% -12.8% 28.8% -26.6%
8/1/1989 94.7 6.1% 15.0% -12.8% 28.8% -26.6%
8/2/1989 98.34 8.3% 15.0% -12.8% 28.8% -26.6%
8/3/1989 99.85 12.3% 15.0% -12.8% 28.8% -26.6%
8/4/1989 100.01 12.4% 15.0% -12.8% 28.8% -26.6%
8/7/1989 102.53 17.4% 15.0% -12.8% 28.8% -26.6%
8/8/1989 102.27 18.0% 15.0% -12.8% 28.8% -26.6%
8/9/1989 101.78 17.1% 15.0% -12.8% 28.8% -26.6%
8/10/1989 101.61 15.9% 15.0% -12.8% 28.8% -26.6%
8/11/1989 98.75 14.3% 15.0% -12.8% 28.8% -26.6%
8/14/1989 99.51 16.3% 15.0% -12.8% 28.8% -26.6%
8/15/1989 102.04 19.0% 15.0% -12.8% 28.8% -26.6%
8/16/1989 101.89 18.8% 15.0% -12.8% 28.8% -26.6%
8/17/1989 100.81 16.5% 15.0% -12.8% 28.8% -26.6%
8/18/1989 101.79 17.7% 15.0% -12.8% 28.8% -26.6%
8/21/1989 99.99 16.1% 15.0% -12.8% 28.8% -26.6%
8/22/1989 100.14 15.6% 15.0% -12.8% 28.8% -26.6%
8/23/1989 99.83 16.3% 15.0% -12.8% 28.8% -26.6%
8/24/1989 99.74 15.0% 15.0% -12.8% 28.8% -26.6%
8/25/1989 98.77 14.8% 15.0% -12.8% 28.8% -26.6%
8/28/1989 98.77 9.3% 15.0% -12.8% 28.8% -26.6%
8/29/1989 98.57 9.5% 15.0% -12.8% 28.8% -26.6%
8/30/1989 102.26 14.1% 15.0% -12.8% 28.8% -26.6%
8/31/1989 102.13 17.1% 15.0% -12.8% 28.8% -26.6%
9/1/1989 102.01 15.8% 15.0% -12.8% 28.8% -26.6%
9/4/1989 102.01 15.0% 15.0% -12.8% 28.8% -26.6%
9/5/1989 101.87 13.9% 15.0% -12.8% 28.8% -26.6%
9/6/1989 102.42 14.0% 15.0% -12.8% 28.8% -26.6%
9/7/1989 100.83 11.9% 15.0% -12.8% 28.8% -26.6%
9/8/1989 100.9 11.4% 15.0% -12.8% 28.8% -26.6%
9/11/1989 99.61 10.5% 15.0% -12.8% 28.8% -26.6%
9/12/1989 98.87 9.4% 15.0% -12.8% 28.8% -26.6%
9/13/1989 98.56 4.9% 15.0% -12.8% 28.8% -26.6%
9/14/1989 98.75 4.8% 15.0% -12.8% 28.8% -26.6%
9/15/1989 98.73 4.6% 15.0% -12.8% 28.8% -26.6%
9/18/1989 99.59 5.2% 15.0% -12.8% 28.8% -26.6%
9/19/1989 98.62 4.8% 15.0% -12.8% 28.8% -26.6%
9/20/1989 101.13 9.3% 15.0% -12.8% 28.8% -26.6%
9/21/1989 101.8 10.1% 15.0% -12.8% 28.8% -26.6%
9/22/1989 103.67 13.1% 15.0% -12.8% 28.8% -26.6%
9/25/1989 106.41 16.0% 15.0% -12.8% 28.8% -26.6%
9/26/1989 104.82 10.1% 15.0% -12.8% 28.8% -26.6%
9/27/1989 104.22 8.5% 15.0% -12.8% 28.8% -26.6%
9/28/1989 104.9 9.3% 15.0% -12.8% 28.8% -26.6%
9/29/1989 103.8 7.7% 15.0% -12.8% 28.8% -26.6%
10/2/1989 103.85 8.1% 15.0% -12.8% 28.8% -26.6%
10/3/1989 103.53 5.9% 15.0% -12.8% 28.8% -26.6%
10/4/1989 103.86 6.4% 15.0% -12.8% 28.8% -26.6%
10/5/1989 101.35 4.7% 15.0% -12.8% 28.8% -26.6%
10/6/1989 101.31 4.6% 15.0% -12.8% 28.8% -26.6%
10/9/1989 101.31 5.1% 15.0% -12.8% 28.8% -26.6%
10/10/1989 101.43 6.3% 15.0% -12.8% 28.8% -26.6%
10/11/1989 100.97 5.5% 15.0% -12.8% 28.8% -26.6%
10/12/1989 100.97 5.7% 15.0% -12.8% 28.8% -26.6%
10/13/1989 98.13 2.9% 15.0% -12.8% 28.8% -26.6%
10/16/1989 99.11 4.2% 15.0% -12.8% 28.8% -26.6%
10/17/1989 98.36 2.2% 15.0% -12.8% 28.8% -26.6%
10/18/1989 98.36 2.5% 15.0% -12.8% 28.8% -26.6%
10/19/1989 98.3 3.8% 15.0% -12.8% 28.8% -26.6%
10/20/1989 98.3 3.0% 15.0% -12.8% 28.8% -26.6%
10/23/1989 97.68 3.1% 15.0% -12.8% 28.8% -26.6%
10/24/1989 97.91 -0.4% 15.0% -12.8% 28.8% -26.6%
10/25/1989 98.76 -1.1% 15.0% -12.8% 28.8% -26.6%
10/26/1989 101.84 1.8% 15.0% -12.8% 28.8% -26.6%
10/27/1989 107.64 5.0% 15.0% -12.8% 28.8% -26.6%
10/30/1989 106.88 4.5% 15.0% -12.8% 28.8% -26.6%
10/31/1989 105.47 3.6% 15.0% -12.8% 28.8% -26.6%
11/1/1989 107.56 5.9% 15.0% -12.8% 28.8% -26.6%
11/2/1989 110.6 12.0% 15.0% -12.8% 28.8% -26.6%
11/3/1989 111.2 11.7% 15.0% -12.8% 28.8% -26.6%
11/6/1989 113.77 11.5% 15.0% -12.8% 28.8% -26.6%
11/7/1989 117.22 15.0% 15.0% -12.8% 28.8% -26.6%
11/8/1989 116.57 15.6% 15.0% -12.8% 28.8% -26.6%
11/9/1989 114.95 12.9% 15.0% -12.8% 28.8% -26.6%
11/10/1989 115.55 15.6% 15.0% -12.8% 28.8% -26.6%
11/13/1989 118.24 18.1% 15.0% -12.8% 28.8% -26.6%
11/14/1989 119.48 19.7% 15.0% -12.8% 28.8% -26.6%
11/15/1989 116.76 17.1% 15.0% -12.8% 28.8% -26.6%
11/16/1989 115.62 17.1% 15.0% -12.8% 28.8% -26.6%
11/17/1989 116.83 18.3% 15.0% -12.8% 28.8% -26.6%
11/20/1989 118.8 20.5% 15.0% -12.8% 28.8% -26.6%
11/21/1989 121.55 18.9% 15.0% -12.8% 28.8% -26.6%
11/22/1989 121.35 18.8% 15.0% -12.8% 28.8% -26.6%
11/23/1989 121.35 19.0% 15.0% -12.8% 28.8% -26.6%
11/24/1989 123.41 21.0% 15.0% -12.8% 28.8% -26.6%
11/27/1989 120.29 18.1% 15.0% -12.8% 28.8% -26.6%
11/28/1989 119.94 17.1% 15.0% -12.8% 28.8% -26.6%
11/29/1989 119.02 18.0% 15.0% -12.8% 28.8% -26.6%
11/30/1989 119.36 18.3% 15.0% -12.8% 28.8% -26.6%
12/1/1989 119.8 20.3% 15.0% -12.8% 28.8% -26.6%
12/4/1989 115.51 16.8% 15.0% -12.8% 28.8% -26.6%
12/5/1989 116.06 17.8% 15.0% -12.8% 28.8% -26.6%
12/6/1989 117.71 19.2% 15.0% -12.8% 28.8% -26.6%
12/7/1989 121.66 23.2% 15.0% -12.8% 28.8% -26.6%
12/8/1989 123.89 24.4% 15.0% -12.8% 28.8% -26.6%
12/11/1989 126.75 28.5% 15.0% -12.8% 28.8% -26.6%
12/12/1989 128.02 26.6% 15.0% -12.8% 28.8% -26.6%
12/13/1989 124.55 22.3% 15.0% -12.8% 28.8% -26.6%
12/14/1989 124.23 19.8% 15.0% -12.8% 28.8% -26.6%
12/15/1989 127.23 19.6% 15.0% -12.8% 28.8% -26.6%
12/18/1989 126.49 20.7% 15.0% -12.8% 28.8% -26.6%
12/19/1989 124.41 19.4% 15.0% -12.8% 28.8% -26.6%
12/20/1989 124.71 18.9% 15.0% -12.8% 28.8% -26.6%
12/21/1989 122.47 18.0% 15.0% -12.8% 28.8% -26.6%
12/22/1989 121.62 17.1% 15.0% -12.8% 28.8% -26.6%
12/25/1989 121.62 17.5% 15.0% -12.8% 28.8% -26.6%
12/26/1989 118.54 14.1% 15.0% -12.8% 28.8% -26.6%
12/27/1989 117.48 15.9% 15.0% -12.8% 28.8% -26.6%
12/28/1989 117.17 15.7% 15.0% -12.8% 28.8% -26.6%
12/29/1989 119.93 18.4% 15.0% -12.8% 28.8% -26.6%
1/1/1990 119.93 18.2% 15.0% -12.8% 28.8% -26.6%
1/2/1990 122.32 21.1% 15.0% -12.8% 28.8% -26.6%
1/3/1990 119.08 17.9% 15.0% -12.8% 28.8% -26.6%
1/4/1990 120.74 23.0% 15.0% -12.8% 28.8% -26.6%
1/5/1990 124.71 25.8% 15.0% -12.8% 28.8% -26.6%
1/8/1990 122.58 24.6% 15.0% -12.8% 28.8% -26.6%
1/9/1990 123.15 25.2% 15.0% -12.8% 28.8% -26.6%
1/10/1990 129.35 31.6% 15.0% -12.8% 28.8% -26.6%
1/11/1990 133.91 36.2% 15.0% -12.8% 28.8% -26.6%
1/12/1990 133.91 37.1% 15.0% -12.8% 28.8% -26.6%
1/15/1990 133.05 35.9% 15.0% -12.8% 28.8% -26.6%
1/16/1990 133.44 35.1% 15.0% -12.8% 28.8% -26.6%
1/17/1990 133.44 31.0% 15.0% -12.8% 28.8% -26.6%
1/18/1990 130.01 20.8% 15.0% -12.8% 28.8% -26.6%
1/19/1990 127.78 19.6% 15.0% -12.8% 28.8% -26.6%
1/22/1990 128.86 22.2% 15.0% -12.8% 28.8% -26.6%
1/23/1990 132.41 23.1% 15.0% -12.8% 28.8% -26.6%
1/24/1990 132.61 19.9% 15.0% -12.8% 28.8% -26.6%
1/25/1990 133.01 19.6% 15.0% -12.8% 28.8% -26.6%
1/26/1990 134.84 18.5% 15.0% -12.8% 28.8% -26.6%
1/29/1990 136.29 16.3% 15.0% -12.8% 28.8% -26.6%
1/30/1990 136.96 17.5% 15.0% -12.8% 28.8% -26.6%
1/31/1990 130.28 13.3% 15.0% -12.8% 28.8% -26.6%
2/1/1990 132.23 14.4% 15.0% -12.8% 28.8% -26.6%
2/2/1990 131.05 10.8% 15.0% -12.8% 28.8% -26.6%
2/5/1990 135.8 13.7% 15.0% -12.8% 28.8% -26.6%
2/6/1990 134.63 15.3% 15.0% -12.8% 28.8% -26.6%
2/7/1990 132.53 14.6% 15.0% -12.8% 28.8% -26.6%
2/8/1990 133 13.8% 15.0% -12.8% 28.8% -26.6%
2/9/1990 131.63 10.8% 15.0% -12.8% 28.8% -26.6%
2/12/1990 132.26 8.8% 15.0% -12.8% 28.8% -26.6%
2/13/1990 131.67 8.5% 15.0% -12.8% 28.8% -26.6%
2/14/1990 129.93 7.1% 15.0% -12.8% 28.8% -26.6%
2/15/1990 126.38 2.4% 15.0% -12.8% 28.8% -26.6%
2/16/1990 125.75 4.5% 15.0% -12.8% 28.8% -26.6%
2/19/1990 125.75 4.8% 15.0% -12.8% 28.8% -26.6%
2/20/1990 128.79 8.2% 15.0% -12.8% 28.8% -26.6%
2/21/1990 128.03 7.3% 15.0% -12.8% 28.8% -26.6%
2/22/1990 125.7 4.9% 15.0% -12.8% 28.8% -26.6%
2/23/1990 123.46 6.9% 15.0% -12.8% 28.8% -26.6%
2/26/1990 118.3 1.9% 15.0% -12.8% 28.8% -26.6%
2/27/1990 119.14 1.2% 15.0% -12.8% 28.8% -26.6%
2/28/1990 120.72 -0.8% 15.0% -12.8% 28.8% -26.6%
3/1/1990 122.64 -1.0% 15.0% -12.8% 28.8% -26.6%
3/2/1990 121.55 -4.1% 15.0% -12.8% 28.8% -26.6%
3/5/1990 120.62 -5.8% 15.0% -12.8% 28.8% -26.6%
3/6/1990 121.24 -2.7% 15.0% -12.8% 28.8% -26.6%
3/7/1990 117.8 -5.2% 15.0% -12.8% 28.8% -26.6%
3/8/1990 118.23 -7.1% 15.0% -12.8% 28.8% -26.6%
3/9/1990 117.38 -7.2% 15.0% -12.8% 28.8% -26.6%
3/12/1990 117.99 -5.2% 15.0% -12.8% 28.8% -26.6%
3/13/1990 118.05 -5.3% 15.0% -12.8% 28.8% -26.6%
3/14/1990 118.23 -3.5% 15.0% -12.8% 28.8% -26.6%
3/15/1990 121.5 -0.1% 15.0% -12.8% 28.8% -26.6%
3/16/1990 122.84 1.0% 15.0% -12.8% 28.8% -26.6%
3/19/1990 125.07 5.5% 15.0% -12.8% 28.8% -26.6%
3/20/1990 119.71 1.9% 15.0% -12.8% 28.8% -26.6%
3/21/1990 118.59 1.2% 15.0% -12.8% 28.8% -26.6%
3/22/1990 119.75 -0.2% 15.0% -12.8% 28.8% -26.6%
3/23/1990 116.28 -3.0% 15.0% -12.8% 28.8% -26.6%
3/26/1990 109.37 -10.6% 15.0% -12.8% 28.8% -26.6%
3/27/1990 110.14 -7.5% 15.0% -12.8% 28.8% -26.6%
3/28/1990 110.73 -8.3% 15.0% -12.8% 28.8% -26.6%
3/29/1990 112.82 -9.5% 15.0% -12.8% 28.8% -26.6%
3/30/1990 112.71 -8.1% 15.0% -12.8% 28.8% -26.6%
4/2/1990 111.1 -9.8% 15.0% -12.8% 28.8% -26.6%
4/3/1990 112.39 -13.1% 15.0% -12.8% 28.8% -26.6%
4/4/1990 111.64 -16.6% 15.0% -12.8% 28.8% -26.6%
4/5/1990 111.31 -16.9% 15.0% -12.8% 28.8% -26.6%
4/6/1990 114.37 -14.0% 15.0% -12.8% 28.8% -26.6%
4/9/1990 111.89 -16.1% 15.0% -12.8% 28.8% -26.6%
4/10/1990 110.55 -17.2% 15.0% -12.8% 28.8% -26.6%
4/11/1990 107.85 -17.0% 15.0% -12.8% 28.8% -26.6%
4/12/1990 106.51 -16.6% 15.0% -12.8% 28.8% -26.6%
4/13/1990 106.51 -17.3% 15.0% -12.8% 28.8% -26.6%
4/16/1990 105.15 -20.6% 15.0% -12.8% 28.8% -26.6%
4/17/1990 104.58 -21.1% 15.0% -12.8% 28.8% -26.6%
4/18/1990 109.17 -17.9% 15.0% -12.8% 28.8% -26.6%
4/19/1990 108.3 -19.7% 15.0% -12.8% 28.8% -26.6%
4/20/1990 105.24 -22.8% 15.0% -12.8% 28.8% -26.6%
4/23/1990 105.14 -23.2% 15.0% -12.8% 28.8% -26.6%
4/24/1990 104.45 -19.8% 15.0% -12.8% 28.8% -26.6%
4/25/1990 101.64 -23.1% 15.0% -12.8% 28.8% -26.6%
4/26/1990 101.93 -22.2% 15.0% -12.8% 28.8% -26.6%
4/27/1990 100.98 -25.6% 15.0% -12.8% 28.8% -26.6%
4/30/1990 99.47 -26.1% 15.0% -12.8% 28.8% -26.6%
5/1/1990 100.05 -24.5% 15.0% -12.8% 28.8% -26.6%
5/2/1990 98.49 -25.9% 15.0% -12.8% 28.8% -26.6%
5/3/1990 99.8 -24.2% 15.0% -12.8% 28.8% -26.6%
5/4/1990 99.25 -25.0% 15.0% -12.8% 28.8% -26.6%
5/7/1990 100.75 -23.5% 15.0% -12.8% 28.8% -26.6%
5/8/1990 100.3 -22.8% 15.0% -12.8% 28.8% -26.6%
5/9/1990 105.31 -16.7% 15.0% -12.8% 28.8% -26.6%
5/10/1990 106.35 -15.4% 15.0% -12.8% 28.8% -26.6%
5/11/1990 105.44 -16.2% 15.0% -12.8% 28.8% -26.6%
5/14/1990 104.34 -19.0% 15.0% -12.8% 28.8% -26.6%
5/15/1990 104.04 -18.7% 15.0% -12.8% 28.8% -26.6%
5/16/1990 103.71 -17.5% 15.0% -12.8% 28.8% -26.6%
5/17/1990 103.47 -16.2% 15.0% -12.8% 28.8% -26.6%
5/18/1990 106.92 -9.6% 15.0% -12.8% 28.8% -26.6%
5/21/1990 109.24 -8.3% 15.0% -12.8% 28.8% -26.6%
5/22/1990 111.42 -7.7% 15.0% -12.8% 28.8% -26.6%
5/23/1990 106.14 -13.5% 15.0% -12.8% 28.8% -26.6%
5/24/1990 106.76 -12.2% 15.0% -12.8% 28.8% -26.6%
5/25/1990 106.79 -11.5% 15.0% -12.8% 28.8% -26.6%
5/28/1990 106.79 -11.9% 15.0% -12.8% 28.8% -26.6%
5/29/1990 106.89 -9.3% 15.0% -12.8% 28.8% -26.6%
5/30/1990 106.25 -10.1% 15.0% -12.8% 28.8% -26.6%
5/31/1990 107.37 -8.5% 15.0% -12.8% 28.8% -26.6%
6/1/1990 103.52 -12.3% 15.0% -12.8% 28.8% -26.6%
6/4/1990 101.19 -14.3% 15.0% -12.8% 28.8% -26.6%
6/5/1990 102.08 -13.7% 15.0% -12.8% 28.8% -26.6%
6/6/1990 100.5 -17.3% 15.0% -12.8% 28.8% -26.6%
6/7/1990 96.6 -21.4% 15.0% -12.8% 28.8% -26.6%
6/8/1990 95.74 -23.5% 15.0% -12.8% 28.8% -26.6%
6/11/1990 97.2 -18.8% 15.0% -12.8% 28.8% -26.6%
6/12/1990 97 -18.2% 15.0% -12.8% 28.8% -26.6%
6/13/1990 95.16 -20.5% 15.0% -12.8% 28.8% -26.6%
6/14/1990 91.69 -21.1% 15.0% -12.8% 28.8% -26.6%
6/15/1990 93.74 -14.3% 15.0% -12.8% 28.8% -26.6%
6/18/1990 94.34 -14.3% 15.0% -12.8% 28.8% -26.6%
6/19/1990 95.02 -14.2% 15.0% -12.8% 28.8% -26.6%
6/20/1990 98.62 -12.6% 15.0% -12.8% 28.8% -26.6%
6/21/1990 98.32 -12.8% 15.0% -12.8% 28.8% -26.6%
6/22/1990 95.63 -13.9% 15.0% -12.8% 28.8% -26.6%
6/25/1990 97.23 -13.5% 15.0% -12.8% 28.8% -26.6%
6/26/1990 95.98 -14.0% 15.0% -12.8% 28.8% -26.6%
6/27/1990 97.24 -12.6% 15.0% -12.8% 28.8% -26.6%
6/28/1990 98.21 -14.1% 15.0% -12.8% 28.8% -26.6%
6/29/1990 101.45 -9.3% 15.0% -12.8% 28.8% -26.6%
7/2/1990 101.05 -8.6% 15.0% -12.8% 28.8% -26.6%
7/3/1990 103.16 -4.3% 15.0% -12.8% 28.8% -26.6%
7/4/1990 103.16 -3.1% 15.0% -12.8% 28.8% -26.6%
7/5/1990 100.59 -5.6% 15.0% -12.8% 28.8% -26.6%
7/6/1990 102.1 -2.9% 15.0% -12.8% 28.8% -26.6%
7/9/1990 99.75 -4.6% 15.0% -12.8% 28.8% -26.6%
7/10/1990 98.56 -9.7% 15.0% -12.8% 28.8% -26.6%
7/11/1990 98 -9.5% 15.0% -12.8% 28.8% -26.6%
7/12/1990 101.59 -3.5% 15.0% -12.8% 28.8% -26.6%
7/13/1990 104.69 -0.4% 15.0% -12.8% 28.8% -26.6%
7/16/1990 105.63 1.1% 15.0% -12.8% 28.8% -26.6%
7/17/1990 106.28 4.6% 15.0% -12.8% 28.8% -26.6%
7/18/1990 104.76 2.8% 15.0% -12.8% 28.8% -26.6%
7/19/1990 104.43 3.4% 15.0% -12.8% 28.8% -26.6%
7/20/1990 103.4 4.0% 15.0% -12.8% 28.8% -26.6%
7/23/1990 105.81 5.8% 15.0% -12.8% 28.8% -26.6%
7/24/1990 105.61 7.2% 15.0% -12.8% 28.8% -26.6%
7/25/1990 107.99 8.2% 15.0% -12.8% 28.8% -26.6%
7/26/1990 106.68 7.5% 15.0% -12.8% 28.8% -26.6%
7/27/1990 106.7 5.9% 15.0% -12.8% 28.8% -26.6%
7/30/1990 106.74 6.4% 15.0% -12.8% 28.8% -26.6%
7/31/1990 108.95 3.5% 15.0% -12.8% 28.8% -26.6%
8/1/1990 111.46 4.8% 15.0% -12.8% 28.8% -26.6%
8/2/1990 112.81 7.0% 15.0% -12.8% 28.8% -26.6%
8/3/1990 111.13 6.5% 15.0% -12.8% 28.8% -26.6%
8/6/1990 114.21 9.8% 15.0% -12.8% 28.8% -26.6%
8/7/1990 115.1 11.0% 15.0% -12.8% 28.8% -26.6%
8/8/1990 113.41 9.6% 15.0% -12.8% 28.8% -26.6%
8/9/1990 112.23 5.0% 15.0% -12.8% 28.8% -26.6%
8/10/1990 117.58 7.6% 15.0% -12.8% 28.8% -26.6%
8/13/1990 122.82 10.2% 15.0% -12.8% 28.8% -26.6%
8/14/1990 120.54 13.6% 15.0% -12.8% 28.8% -26.6%
8/15/1990 119.19 11.6% 15.0% -12.8% 28.8% -26.6%
8/16/1990 123.68 15.8% 15.0% -12.8% 28.8% -26.6%
8/17/1990 124.28 16.4% 15.0% -12.8% 28.8% -26.6%
8/20/1990 123.39 15.4% 15.0% -12.8% 28.8% -26.6%
8/21/1990 122.37 15.2% 15.0% -12.8% 28.8% -26.6%
8/22/1990 122.31 13.9% 15.0% -12.8% 28.8% -26.6%
8/23/1990 119.44 15.4% 15.0% -12.8% 28.8% -26.6%
8/24/1990 116.85 15.5% 15.0% -12.8% 28.8% -26.6%
8/27/1990 108.04 5.8% 15.0% -12.8% 28.8% -26.6%
8/28/1990 109.52 9.0% 15.0% -12.8% 28.8% -26.6%
8/29/1990 109.94 13.8% 15.0% -12.8% 28.8% -26.6%
8/30/1990 108.16 13.0% 15.0% -12.8% 28.8% -26.6%
8/31/1990 108.05 11.2% 15.0% -12.8% 28.8% -26.6%
9/3/1990 108.05 11.4% 15.0% -12.8% 28.8% -26.6%
9/4/1990 107.61 13.1% 15.0% -12.8% 28.8% -26.6%
9/5/1990 108.72 18.6% 15.0% -12.8% 28.8% -26.6%
9/6/1990 107.77 15.0% 15.0% -12.8% 28.8% -26.6%
9/7/1990 105.78 12.1% 15.0% -12.8% 28.8% -26.6%
9/10/1990 101.92 7.3% 15.0% -12.8% 28.8% -26.6%
9/11/1990 103.06 4.5% 15.0% -12.8% 28.8% -26.6%
9/12/1990 103.15 4.9% 15.0% -12.8% 28.8% -26.6%
9/13/1990 103.2 7.9% 15.0% -12.8% 28.8% -26.6%
9/14/1990 105.29 8.3% 15.0% -12.8% 28.8% -26.6%
9/17/1990 107.4 11.9% 15.0% -12.8% 28.8% -26.6%
9/18/1990 105.45 8.4% 15.0% -12.8% 28.8% -26.6%
9/19/1990 103.83 5.7% 15.0% -12.8% 28.8% -26.6%
9/20/1990 104.79 3.3% 15.0% -12.8% 28.8% -26.6%
9/21/1990 105.41 4.3% 15.0% -12.8% 28.8% -26.6%
9/24/1990 111.19 7.8% 15.0% -12.8% 28.8% -26.6%
9/25/1990 110.78 7.4% 15.0% -12.8% 28.8% -26.6%
9/26/1990 112.35 11.7% 15.0% -12.8% 28.8% -26.6%
9/27/1990 109.08 6.8% 15.0% -12.8% 28.8% -26.6%
9/28/1990 108.34 8.6% 15.0% -12.8% 28.8% -26.6%
10/1/1990 101.54 3.0% 15.0% -12.8% 28.8% -26.6%
10/2/1990 102.09 4.2% 15.0% -12.8% 28.8% -26.6%
10/3/1990 103.49 1.9% 15.0% -12.8% 28.8% -26.6%
10/4/1990 102.42 -2.2% 15.0% -12.8% 28.8% -26.6%
10/5/1990 101.28 -4.1% 15.0% -12.8% 28.8% -26.6%
10/8/1990 100.3 -5.6% 15.0% -12.8% 28.8% -26.6%
10/9/1990 97.51 -6.9% 15.0% -12.8% 28.8% -26.6%
10/10/1990 96.73 -7.4% 15.0% -12.8% 28.8% -26.6%
10/11/1990 93.18 -9.9% 15.0% -12.8% 28.8% -26.6%
10/12/1990 92.73 -12.4% 15.0% -12.8% 28.8% -26.6%
10/15/1990 87.19 -17.4% 15.0% -12.8% 28.8% -26.6%
10/16/1990 86.16 -20.2% 15.0% -12.8% 28.8% -26.6%
10/17/1990 88.25 -17.3% 15.0% -12.8% 28.8% -26.6%
10/18/1990 90.27 -15.4% 15.0% -12.8% 28.8% -26.6%
10/19/1990 89.54 -16.1% 15.0% -12.8% 28.8% -26.6%
10/22/1990 88.42 -18.8% 15.0% -12.8% 28.8% -26.6%
10/23/1990 87.64 -21.4% 15.0% -12.8% 28.8% -26.6%
10/24/1990 88.88 -21.2% 15.0% -12.8% 28.8% -26.6%
10/25/1990 90.55 -18.5% 15.0% -12.8% 28.8% -26.6%
10/26/1990 88.08 -22.9% 15.0% -12.8% 28.8% -26.6%
10/29/1990 88.44 -23.2% 15.0% -12.8% 28.8% -26.6%
10/30/1990 90.34 -20.3% 15.0% -12.8% 28.8% -26.6%
10/31/1990 89.78 -20.0% 15.0% -12.8% 28.8% -26.6%
11/1/1990 90.92 -22.7% 15.0% -12.8% 28.8% -26.6%
11/2/1990 89.37 -27.2% 15.0% -12.8% 28.8% -26.6%
11/5/1990 91.45 -24.1% 15.0% -12.8% 28.8% -26.6%
11/6/1990 91.85 -22.9% 15.0% -12.8% 28.8% -26.6%
11/7/1990 90.78 -26.6% 15.0% -12.8% 28.8% -26.6%
11/8/1990 91.43 -26.4% 15.0% -12.8% 28.8% -26.6%
11/9/1990 90.03 -27.0% 15.0% -12.8% 28.8% -26.6%
11/12/1990 87.49 -28.5% 15.0% -12.8% 28.8% -26.6%
11/13/1990 88.36 -27.8% 15.0% -12.8% 28.8% -26.6%
11/14/1990 85.85 -28.1% 15.0% -12.8% 28.8% -26.6%
11/15/1990 85.92 -26.5% 15.0% -12.8% 28.8% -26.6%
11/16/1990 85.93 -20.5% 15.0% -12.8% 28.8% -26.6%
11/19/1990 86.16 -21.3% 15.0% -12.8% 28.8% -26.6%
11/20/1990 83.9 -23.7% 15.0% -12.8% 28.8% -26.6%
11/21/1990 82.44 -23.8% 15.0% -12.8% 28.8% -26.6%
11/22/1990 82.44 -23.7% 15.0% -12.8% 28.8% -26.6%
11/23/1990 83.28 -22.9% 15.0% -12.8% 28.8% -26.6%
11/26/1990 84.54 -21.4% 15.0% -12.8% 28.8% -26.6%
11/27/1990 84.83 -22.0% 15.0% -12.8% 28.8% -26.6%
11/28/1990 86.31 -19.9% 15.0% -12.8% 28.8% -26.6%
11/29/1990 86.37 -18.3% 15.0% -12.8% 28.8% -26.6%
11/30/1990 85.24 -16.4% 15.0% -12.8% 28.8% -26.6%
12/3/1990 82.26 -20.2% 15.0% -12.8% 28.8% -26.6%
12/4/1990 82.54 -20.0% 15.0% -12.8% 28.8% -26.6%
12/5/1990 80.43 -22.1% 15.0% -12.8% 28.8% -26.6%
12/6/1990 80.63 -23.4% 15.0% -12.8% 28.8% -26.6%
12/7/1990 81.45 -24.2% 15.0% -12.8% 28.8% -26.6%
12/10/1990 83.43 -20.9% 15.0% -12.8% 28.8% -26.6%
12/11/1990 81.8 -21.2% 15.0% -12.8% 28.8% -26.6%
12/12/1990 83.1 -20.7% 15.0% -12.8% 28.8% -26.6%
12/13/1990 83.58 -20.7% 15.0% -12.8% 28.8% -26.6%
12/14/1990 83.94 -24.5% 15.0% -12.8% 28.8% -26.6%
12/17/1990 84.15 -24.0% 15.0% -12.8% 28.8% -26.6%
12/18/1990 83.03 -26.1% 15.0% -12.8% 28.8% -26.6%
12/19/1990 88.21 -19.1% 15.0% -12.8% 28.8% -26.6%
12/20/1990 89.26 -17.6% 15.0% -12.8% 28.8% -26.6%
12/21/1990 88.19 -13.1% 15.0% -12.8% 28.8% -26.6%
12/24/1990 89.63 -12.2% 15.0% -12.8% 28.8% -26.6%
12/25/1990 89.63 -13.4% 15.0% -12.8% 28.8% -26.6%
12/26/1990 89.95 -12.2% 15.0% -12.8% 28.8% -26.6%
12/27/1990 87.95 -13.2% 15.0% -12.8% 28.8% -26.6%
12/28/1990 92.59 -7.7% 15.0% -12.8% 28.8% -26.6%
12/31/1990 97.04 -0.5% 15.0% -12.8% 28.8% -26.6%
1/1/1991 97.04 0.3% 15.0% -12.8% 28.8% -26.6%
1/2/1991 95.01 2.0% 15.0% -12.8% 28.8% -26.6%
1/3/1991 94.29 1.7% 15.0% -12.8% 28.8% -26.6%
1/4/1991 90.92 4.3% 15.0% -12.8% 28.8% -26.6%
1/7/1991 96.83 12.4% 15.0% -12.8% 28.8% -26.6%
1/8/1991 95.57 8.3% 15.0% -12.8% 28.8% -26.6%
1/9/1991 94.63 4.8% 15.0% -12.8% 28.8% -26.6%
1/10/1991 93.27 4.2% 15.0% -12.8% 28.8% -26.6%
1/11/1991 93.6 5.9% 15.0% -12.8% 28.8% -26.6%
1/14/1991 94.38 7.7% 15.0% -12.8% 28.8% -26.6%
1/15/1991 94.12 5.9% 15.0% -12.8% 28.8% -26.6%
1/16/1991 92.5 2.2% 15.0% -12.8% 28.8% -26.6%
1/17/1991 85 -3.5% 15.0% -12.8% 28.8% -26.6%
1/18/1991 85.48 -3.3% 15.0% -12.8% 28.8% -26.6%
1/21/1991 86.4 -4.4% 15.0% -12.8% 28.8% -26.6%
1/22/1991 87.02 -3.1% 15.0% -12.8% 28.8% -26.6%
1/23/1991 85.03 -6.5% 15.0% -12.8% 28.8% -26.6%
1/24/1991 83.3 -6.8% 15.0% -12.8% 28.8% -26.6%
1/25/1991 83.03 -9.2% 15.0% -12.8% 28.8% -26.6%
1/28/1991 82.55 -10.1% 15.0% -12.8% 28.8% -26.6%
1/29/1991 81.99 -9.7% 15.0% -12.8% 28.8% -26.6%
1/30/1991 80.18 -12.3% 15.0% -12.8% 28.8% -26.6%
1/31/1991 80.31 -10.8% 15.0% -12.8% 28.8% -26.6%
2/1/1991 80.33 -8.2% 15.0% -12.8% 28.8% -26.6%
2/4/1991 78 -11.7% 15.0% -12.8% 28.8% -26.6%
2/5/1991 78.61 -8.4% 15.0% -12.8% 28.8% -26.6%
2/6/1991 82.86 -3.6% 15.0% -12.8% 28.8% -26.6%
2/7/1991 85.45 -0.6% 15.0% -12.8% 28.8% -26.6%
2/8/1991 85.6 -0.6% 15.0% -12.8% 28.8% -26.6%
2/11/1991 85.01 1.3% 15.0% -12.8% 28.8% -26.6%
2/12/1991 87 5.5% 15.0% -12.8% 28.8% -26.6%
2/13/1991 87.84 6.6% 15.0% -12.8% 28.8% -26.6%
2/14/1991 87.52 5.1% 15.0% -12.8% 28.8% -26.6%
2/15/1991 84.42 -0.1% 15.0% -12.8% 28.8% -26.6%
2/18/1991 84.42 -0.5% 15.0% -12.8% 28.8% -26.6%
2/19/1991 84.26 -2.4% 15.0% -12.8% 28.8% -26.6%
2/20/1991 84.62 -2.0% 15.0% -12.8% 28.8% -26.6%
2/21/1991 83.32 -2.3% 15.0% -12.8% 28.8% -26.6%
2/22/1991 79.62 -3.2% 15.0% -12.8% 28.8% -26.6%
2/25/1991 80.8 -2.1% 15.0% -12.8% 28.8% -26.6%
2/26/1991 81.57 1.4% 15.0% -12.8% 28.8% -26.6%
2/27/1991 82.67 2.5% 15.0% -12.8% 28.8% -26.6%
2/28/1991 86 5.6% 15.0% -12.8% 28.8% -26.6%
3/1/1991 86.86 4.1% 15.0% -12.8% 28.8% -26.6%
3/4/1991 89.35 9.2% 15.0% -12.8% 28.8% -26.6%
3/5/1991 87.93 5.8% 15.0% -12.8% 28.8% -26.6%
3/6/1991 87.86 5.1% 15.0% -12.8% 28.8% -26.6%
3/7/1991 86.94 3.6% 15.0% -12.8% 28.8% -26.6%
3/8/1991 90.83 7.9% 15.0% -12.8% 28.8% -26.6%
3/11/1991 89.4 7.7% 15.0% -12.8% 28.8% -26.6%
3/12/1991 89.26 1.2% 15.0% -12.8% 28.8% -26.6%
3/13/1991 90.3 1.2% 15.0% -12.8% 28.8% -26.6%
3/14/1991 88.24 0.1% 15.0% -12.8% 28.8% -26.6%
3/15/1991 88.23 -1.6% 15.0% -12.8% 28.8% -26.6%
3/18/1991 85.87 -4.2% 15.0% -12.8% 28.8% -26.6%
3/19/1991 86.28 -4.1% 15.0% -12.8% 28.8% -26.6%
3/20/1991 85.78 -2.5% 15.0% -12.8% 28.8% -26.6%
3/21/1991 85.93 -7.2% 15.0% -12.8% 28.8% -26.6%
3/22/1991 85.52 -11.9% 15.0% -12.8% 28.8% -26.6%
3/25/1991 84.15 -13.3% 15.0% -12.8% 28.8% -26.6%
3/26/1991 83.3 -12.3% 15.0% -12.8% 28.8% -26.6%
3/27/1991 83.43 -11.5% 15.0% -12.8% 28.8% -26.6%
3/28/1991 84.29 -7.3% 15.0% -12.8% 28.8% -26.6%
3/29/1991 84.29 -13.0% 15.0% -12.8% 28.8% -26.6%
4/1/1991 86.18 -9.8% 15.0% -12.8% 28.8% -26.6%
4/2/1991 86.73 -8.3% 15.0% -12.8% 28.8% -26.6%
4/3/1991 87.46 -6.2% 15.0% -12.8% 28.8% -26.6%
4/4/1991 86.64 -7.4% 15.0% -12.8% 28.8% -26.6%
4/5/1991 85.31 -9.6% 15.0% -12.8% 28.8% -26.6%
4/8/1991 87.07 -7.5% 15.0% -12.8% 28.8% -26.6%
4/9/1991 88.65 -4.2% 15.0% -12.8% 28.8% -26.6%
4/10/1991 87.62 3.1% 15.0% -12.8% 28.8% -26.6%
4/11/1991 85.73 0.3% 15.0% -12.8% 28.8% -26.6%
4/12/1991 84.81 -1.8% 15.0% -12.8% 28.8% -26.6%
4/15/1991 83.43 -4.1% 15.0% -12.8% 28.8% -26.6%
4/16/1991 83.06 -2.3% 15.0% -12.8% 28.8% -26.6%
4/17/1991 83.99 0.8% 15.0% -12.8% 28.8% -26.6%
4/18/1991 81.64 -1.7% 15.0% -12.8% 28.8% -26.6%
4/19/1991 80.82 -2.1% 15.0% -12.8% 28.8% -26.6%
4/22/1991 83.35 1.7% 15.0% -12.8% 28.8% -26.6%
4/23/1991 82.87 3.4% 15.0% -12.8% 28.8% -26.6%
4/24/1991 82.17 2.3% 15.0% -12.8% 28.8% -26.6%
4/25/1991 79.8 -0.7% 15.0% -12.8% 28.8% -26.6%
4/26/1991 79.74 2.2% 15.0% -12.8% 28.8% -26.6%
4/29/1991 78.17 -0.6% 15.0% -12.8% 28.8% -26.6%
4/30/1991 80.57 -2.8% 15.0% -12.8% 28.8% -26.6%
5/1/1991 79.84 -6.6% 15.0% -12.8% 28.8% -26.6%
5/2/1991 80.59 -5.9% 15.0% -12.8% 28.8% -26.6%
5/3/1991 78.83 -7.3% 15.0% -12.8% 28.8% -26.6%
5/6/1991 80.1 -7.9% 15.0% -12.8% 28.8% -26.6%
5/7/1991 80.33 -8.5% 15.0% -12.8% 28.8% -26.6%
5/8/1991 79.82 -8.8% 15.0% -12.8% 28.8% -26.6%
5/9/1991 80.01 -5.2% 15.0% -12.8% 28.8% -26.6%
5/10/1991 77.97 -7.6% 15.0% -12.8% 28.8% -26.6%
5/13/1991 79.45 -5.7% 15.0% -12.8% 28.8% -26.6%
5/14/1991 79.52 -6.0% 15.0% -12.8% 28.8% -26.6%
5/15/1991 80.72 -3.1% 15.0% -12.8% 28.8% -26.6%
5/16/1991 78.94 -0.9% 15.0% -12.8% 28.8% -26.6%
5/17/1991 78.35 -3.0% 15.0% -12.8% 28.8% -26.6%
5/20/1991 79.03 -3.1% 15.0% -12.8% 28.8% -26.6%
5/21/1991 79.37 -4.0% 15.0% -12.8% 28.8% -26.6%
5/22/1991 78.14 -9.1% 15.0% -12.8% 28.8% -26.6%
5/23/1991 76.74 -11.7% 15.0% -12.8% 28.8% -26.6%
5/24/1991 76.95 -13.9% 15.0% -12.8% 28.8% -26.6%
5/27/1991 76.95 -12.5% 15.0% -12.8% 28.8% -26.6%
5/28/1991 82.26 -6.4% 15.0% -12.8% 28.8% -26.6%
5/29/1991 80.53 -7.4% 15.0% -12.8% 28.8% -26.6%
5/30/1991 82.4 -9.3% 15.0% -12.8% 28.8% -26.6%
5/31/1991 82.32 -7.9% 15.0% -12.8% 28.8% -26.6%
6/3/1991 84.28 -5.6% 15.0% -12.8% 28.8% -26.6%
6/4/1991 83.53 -7.5% 15.0% -12.8% 28.8% -26.6%
6/5/1991 83.94 -4.9% 15.0% -12.8% 28.8% -26.6%
6/6/1991 87.93 -0.3% 15.0% -12.8% 28.8% -26.6%
6/7/1991 87.55 2.0% 15.0% -12.8% 28.8% -26.6%
6/10/1991 89.98 4.3% 15.0% -12.8% 28.8% -26.6%
6/11/1991 89.67 4.5% 15.0% -12.8% 28.8% -26.6%
6/12/1991 89.06 3.6% 15.0% -12.8% 28.8% -26.6%
6/13/1991 88.43 3.4% 15.0% -12.8% 28.8% -26.6%
6/14/1991 86.58 2.9% 15.0% -12.8% 28.8% -26.6%
6/17/1991 87.4 4.9% 15.0% -12.8% 28.8% -26.6%
6/18/1991 87.93 5.4% 15.0% -12.8% 28.8% -26.6%
6/19/1991 88.33 4.8% 15.0% -12.8% 28.8% -26.6%
6/20/1991 87.72 4.1% 15.0% -12.8% 28.8% -26.6%
6/21/1991 85.59 -0.7% 15.0% -12.8% 28.8% -26.6%
6/24/1991 84.04 -3.1% 15.0% -12.8% 28.8% -26.6%
6/25/1991 85.45 -2.3% 15.0% -12.8% 28.8% -26.6%
6/26/1991 88.2 1.8% 15.0% -12.8% 28.8% -26.6%
6/27/1991 88.2 3.4% 15.0% -12.8% 28.8% -26.6%
6/28/1991 90.16 3.5% 15.0% -12.8% 28.8% -26.6%
7/1/1991 92.8 4.7% 15.0% -12.8% 28.8% -26.6%
7/2/1991 92.25 5.3% 15.0% -12.8% 28.8% -26.6%
7/3/1991 94.7 10.5% 15.0% -12.8% 28.8% -26.6%
7/4/1991 94.7 11.7% 15.0% -12.8% 28.8% -26.6%
7/5/1991 94.53 13.3% 15.0% -12.8% 28.8% -26.6%
7/8/1991 95.26 14.7% 15.0% -12.8% 28.8% -26.6%
7/9/1991 93.86 11.8% 15.0% -12.8% 28.8% -26.6%
7/10/1991 93.28 14.3% 15.0% -12.8% 28.8% -26.6%
7/11/1991 90.68 12.2% 15.0% -12.8% 28.8% -26.6%
7/12/1991 92.27 10.7% 15.0% -12.8% 28.8% -26.6%
7/15/1991 93.58 12.9% 15.0% -12.8% 28.8% -26.6%
7/16/1991 92.89 13.0% 15.0% -12.8% 28.8% -26.6%
7/17/1991 93 16.5% 15.0% -12.8% 28.8% -26.6%
7/18/1991 92.33 15.8% 15.0% -12.8% 28.8% -26.6%
7/19/1991 92.53 18.4% 15.0% -12.8% 28.8% -26.6%
7/22/1991 90.1 11.8% 15.0% -12.8% 28.8% -26.6%
7/23/1991 91.64 14.8% 15.0% -12.8% 28.8% -26.6%
7/24/1991 89.98 11.7% 15.0% -12.8% 28.8% -26.6%
7/25/1991 89.03 12.9% 15.0% -12.8% 28.8% -26.6%
7/26/1991 89.8 12.1% 15.0% -12.8% 28.8% -26.6%
7/29/1991 89.27 11.1% 15.0% -12.8% 28.8% -26.6%
7/30/1991 88.25 10.6% 15.0% -12.8% 28.8% -26.6%
7/31/1991 87.95 9.9% 15.0% -12.8% 28.8% -26.6%
8/1/1991 87.88 12.7% 15.0% -12.8% 28.8% -26.6%
8/2/1991 85.53 7.7% 15.0% -12.8% 28.8% -26.6%
8/5/1991 84.92 6.8% 15.0% -12.8% 28.8% -26.6%
8/6/1991 84.93 5.2% 15.0% -12.8% 28.8% -26.6%
8/7/1991 84.99 7.7% 15.0% -12.8% 28.8% -26.6%
8/8/1991 84.81 8.2% 15.0% -12.8% 28.8% -26.6%
8/9/1991 84.59 7.0% 15.0% -12.8% 28.8% -26.6%
8/12/1991 83.39 5.1% 15.0% -12.8% 28.8% -26.6%
8/13/1991 82.71 5.8% 15.0% -12.8% 28.8% -26.6%
8/14/1991 83.39 8.7% 15.0% -12.8% 28.8% -26.6%
8/15/1991 82.33 7.0% 15.0% -12.8% 28.8% -26.6%
8/16/1991 82.22 6.8% 15.0% -12.8% 28.8% -26.6%
8/19/1991 84.46 2.7% 15.0% -12.8% 28.8% -26.6%
8/20/1991 83.48 3.7% 15.0% -12.8% 28.8% -26.6%
8/21/1991 81.2 -1.5% 15.0% -12.8% 28.8% -26.6%
8/22/1991 78.94 -4.1% 15.0% -12.8% 28.8% -26.6%
8/23/1991 79.04 -6.2% 15.0% -12.8% 28.8% -26.6%
8/26/1991 79.84 -4.4% 15.0% -12.8% 28.8% -26.6%
8/27/1991 79.01 -5.9% 15.0% -12.8% 28.8% -26.6%
8/28/1991 78.65 -10.6% 15.0% -12.8% 28.8% -26.6%
8/29/1991 76.64 -12.5% 15.0% -12.8% 28.8% -26.6%
8/30/1991 75.91 -15.6% 15.0% -12.8% 28.8% -26.6%
9/2/1991 75.91 -15.3% 15.0% -12.8% 28.8% -26.6%
9/3/1991 79.04 -11.3% 15.0% -12.8% 28.8% -26.6%
9/4/1991 77.96 -11.8% 15.0% -12.8% 28.8% -26.6%
9/5/1991 76.66 -11.5% 15.0% -12.8% 28.8% -26.6%
9/6/1991 78.37 -10.3% 15.0% -12.8% 28.8% -26.6%
9/9/1991 78.55 -10.7% 15.0% -12.8% 28.8% -26.6%
9/10/1991 77.49 -12.3% 15.0% -12.8% 28.8% -26.6%
9/11/1991 75.52 -13.9% 15.0% -12.8% 28.8% -26.6%
9/12/1991 74.88 -12.5% 15.0% -12.8% 28.8% -26.6%
9/13/1991 74.25 -11.6% 15.0% -12.8% 28.8% -26.6%
9/16/1991 74.74 -12.5% 15.0% -12.8% 28.8% -26.6%
9/17/1991 75.5 -14.4% 15.0% -12.8% 28.8% -26.6%
9/18/1991 77.74 -11.9% 15.0% -12.8% 28.8% -26.6%
9/19/1991 75.98 -15.7% 15.0% -12.8% 28.8% -26.6%
9/20/1991 75.2 -19.0% 15.0% -12.8% 28.8% -26.6%
9/23/1991 77.16 -16.4% 15.0% -12.8% 28.8% -26.6%
9/24/1991 79.68 -15.9% 15.0% -12.8% 28.8% -26.6%
9/25/1991 79.11 -16.5% 15.0% -12.8% 28.8% -26.6%
9/26/1991 76.3 -19.3% 15.0% -12.8% 28.8% -26.6%
9/27/1991 76.21 -20.0% 15.0% -12.8% 28.8% -26.6%
9/30/1991 78.83 -16.0% 15.0% -12.8% 28.8% -26.6%
10/1/1991 77.28 -17.2% 15.0% -12.8% 28.8% -26.6%
10/2/1991 78.58 -13.3% 15.0% -12.8% 28.8% -26.6%
10/3/1991 80.43 -12.8% 15.0% -12.8% 28.8% -26.6%
10/4/1991 80.19 -14.3% 15.0% -12.8% 28.8% -26.6%
10/7/1991 79.64 -14.3% 15.0% -12.8% 28.8% -26.6%
10/8/1991 77.97 -16.2% 15.0% -12.8% 28.8% -26.6%
10/9/1991 79.15 -14.3% 15.0% -12.8% 28.8% -26.6%
10/10/1991 78.38 -15.3% 15.0% -12.8% 28.8% -26.6%
10/11/1991 81 -10.1% 15.0% -12.8% 28.8% -26.6%
10/14/1991 80.89 -11.7% 15.0% -12.8% 28.8% -26.6%
10/15/1991 80.91 -10.1% 15.0% -12.8% 28.8% -26.6%
10/16/1991 81.58 -8.4% 15.0% -12.8% 28.8% -26.6%
10/17/1991 84.32 -6.1% 15.0% -12.8% 28.8% -26.6%
10/18/1991 85.95 -3.7% 15.0% -12.8% 28.8% -26.6%
10/21/1991 86.09 -2.4% 15.0% -12.8% 28.8% -26.6%
10/22/1991 86.57 -1.6% 15.0% -12.8% 28.8% -26.6%
10/23/1991 85.13 -3.1% 15.0% -12.8% 28.8% -26.6%
10/24/1991 84.88 -0.8% 15.0% -12.8% 28.8% -26.6%
10/25/1991 84.66 -0.3% 15.0% -12.8% 28.8% -26.6%
10/28/1991 83.59 -1.6% 15.0% -12.8% 28.8% -26.6%
10/29/1991 84.23 -0.9% 15.0% -12.8% 28.8% -26.6%
10/30/1991 83.54 -1.5% 15.0% -12.8% 28.8% -26.6%
10/31/1991 82.9 -2.0% 15.0% -12.8% 28.8% -26.6%
11/1/1991 82.36 -1.2% 15.0% -12.8% 28.8% -26.6%
11/4/1991 81.11 -1.9% 15.0% -12.8% 28.8% -26.6%
11/5/1991 80.1 -3.9% 15.0% -12.8% 28.8% -26.6%
11/6/1991 79.81 -3.1% 15.0% -12.8% 28.8% -26.6%
11/7/1991 80.1 -2.6% 15.0% -12.8% 28.8% -26.6%
11/8/1991 79.07 -6.4% 15.0% -12.8% 28.8% -26.6%
11/11/1991 79.46 -4.8% 15.0% -12.8% 28.8% -26.6%
11/12/1991 79.56 -2.0% 15.0% -12.8% 28.8% -26.6%
11/13/1991 79.53 0.7% 15.0% -12.8% 28.8% -26.6%
11/14/1991 79.17 0.2% 15.0% -12.8% 28.8% -26.6%
11/15/1991 81.24 1.8% 15.0% -12.8% 28.8% -26.6%
11/18/1991 80.86 2.3% 15.0% -12.8% 28.8% -26.6%
11/19/1991 82.03 4.3% 15.0% -12.8% 28.8% -26.6%
11/20/1991 81.07 5.8% 15.0% -12.8% 28.8% -26.6%
11/21/1991 85.9 13.2% 15.0% -12.8% 28.8% -26.6%
11/22/1991 85.6 12.8% 15.0% -12.8% 28.8% -26.6%
11/25/1991 85.9 8.7% 15.0% -12.8% 28.8% -26.6%
11/26/1991 83.58 7.2% 15.0% -12.8% 28.8% -26.6%
11/27/1991 83.25 8.6% 15.0% -12.8% 28.8% -26.6%
11/28/1991 83.25 6.2% 15.0% -12.8% 28.8% -26.6%
11/29/1991 84.13 7.1% 15.0% -12.8% 28.8% -26.6%
12/2/1991 84.23 8.7% 15.0% -12.8% 28.8% -26.6%
12/3/1991 82.12 8.7% 15.0% -12.8% 28.8% -26.6%
12/4/1991 82.9 10.7% 15.0% -12.8% 28.8% -26.6%
12/5/1991 84.93 14.4% 15.0% -12.8% 28.8% -26.6%
12/6/1991 85.23 14.0% 15.0% -12.8% 28.8% -26.6%
12/9/1991 85.43 13.2% 15.0% -12.8% 28.8% -26.6%
12/10/1991 84.83 9.1% 15.0% -12.8% 28.8% -26.6%
12/11/1991 83.06 9.3% 15.0% -12.8% 28.8% -26.6%
12/12/1991 79.78 6.1% 15.0% -12.8% 28.8% -26.6%
12/13/1991 79.85 3.5% 15.0% -12.8% 28.8% -26.6%
12/16/1991 78.47 -1.5% 15.0% -12.8% 28.8% -26.6%
12/17/1991 77 -2.7% 15.0% -12.8% 28.8% -26.6%
12/18/1991 75.73 -0.7% 15.0% -12.8% 28.8% -26.6%
12/19/1991 75.43 -1.0% 15.0% -12.8% 28.8% -26.6%
12/20/1991 74.69 -5.3% 15.0% -12.8% 28.8% -26.6%
12/23/1991 76 -1.7% 15.0% -12.8% 28.8% -26.6%
12/24/1991 75.71 -3.7% 15.0% -12.8% 28.8% -26.6%
12/25/1991 75.71 -5.9% 15.0% -12.8% 28.8% -26.6%
12/26/1991 73.61 -8.2% 15.0% -12.8% 28.8% -26.6%
12/27/1991 74.33 -6.7% 15.0% -12.8% 28.8% -26.6%
12/30/1991 75.36 -3.3% 15.0% -12.8% 28.8% -26.6%
12/31/1991 80.79 2.1% 15.0% -12.8% 28.8% -26.6%
1/1/1992 80.79 3.1% 15.0% -12.8% 28.8% -26.6%
1/2/1992 79.82 -1.5% 15.0% -12.8% 28.8% -26.6%
1/3/1992 79.18 -2.1% 15.0% -12.8% 28.8% -26.6%
1/6/1992 77.6 -4.1% 15.0% -12.8% 28.8% -26.6%
1/7/1992 75.7 -7.2% 15.0% -12.8% 28.8% -26.6%
1/8/1992 75.9 -10.0% 15.0% -12.8% 28.8% -26.6%
1/9/1992 82.08 -4.5% 15.0% -12.8% 28.8% -26.6%
1/10/1992 79.06 -8.2% 15.0% -12.8% 28.8% -26.6%
1/13/1992 77.73 -10.2% 15.0% -12.8% 28.8% -26.6%
1/14/1992 79.1 -7.1% 15.0% -12.8% 28.8% -26.6%
1/15/1992 79.77 -6.0% 15.0% -12.8% 28.8% -26.6%
1/16/1992 83.95 -0.8% 15.0% -12.8% 28.8% -26.6%
1/17/1992 82.95 -0.8% 15.0% -12.8% 28.8% -26.6%
1/20/1992 85.86 1.9% 15.0% -12.8% 28.8% -26.6%
1/21/1992 84.67 1.4% 15.0% -12.8% 28.8% -26.6%
1/22/1992 84.4 1.8% 15.0% -12.8% 28.8% -26.6%
1/23/1992 81.71 -0.8% 15.0% -12.8% 28.8% -26.6%
1/24/1992 81.5 0.5% 15.0% -12.8% 28.8% -26.6%
1/27/1992 82.82 3.4% 15.0% -12.8% 28.8% -26.6%
1/28/1992 83.56 4.7% 15.0% -12.8% 28.8% -26.6%
1/29/1992 81.67 2.0% 15.0% -12.8% 28.8% -26.6%
1/30/1992 81.15 2.6% 15.0% -12.8% 28.8% -26.6%
1/31/1992 83.53 5.1% 15.0% -12.8% 28.8% -26.6%
2/3/1992 83.72 5.2% 15.0% -12.8% 28.8% -26.6%
2/4/1992 82.72 4.0% 15.0% -12.8% 28.8% -26.6%
2/5/1992 82.83 4.6% 15.0% -12.8% 28.8% -26.6%
2/6/1992 84.05 3.5% 15.0% -12.8% 28.8% -26.6%
2/7/1992 82.92 2.5% 15.0% -12.8% 28.8% -26.6%
2/10/1992 83.63 2.0% 15.0% -12.8% 28.8% -26.6%
2/11/1992 83.99 3.6% 15.0% -12.8% 28.8% -26.6%
2/12/1992 85.87 0.0% 15.0% -12.8% 28.8% -26.6%
2/13/1992 84.2 -1.6% 15.0% -12.8% 28.8% -26.6%
2/14/1992 81.99 -4.6% 15.0% -12.8% 28.8% -26.6%
2/17/1992 81.99 -1.9% 15.0% -12.8% 28.8% -26.6%
2/18/1992 82.41 -1.0% 15.0% -12.8% 28.8% -26.6%
2/19/1992 83.11 -0.2% 15.0% -12.8% 28.8% -26.6%
2/20/1992 83.68 -0.5% 15.0% -12.8% 28.8% -26.6%
2/21/1992 81.78 -2.9% 15.0% -12.8% 28.8% -26.6%
2/24/1992 81.55 -0.7% 15.0% -12.8% 28.8% -26.6%
2/25/1992 81.18 -2.1% 15.0% -12.8% 28.8% -26.6%
2/26/1992 80.84 -4.8% 15.0% -12.8% 28.8% -26.6%
2/27/1992 82.1 -3.7% 15.0% -12.8% 28.8% -26.6%
2/28/1992 81.4 -4.7% 15.0% -12.8% 28.8% -26.6%
3/2/1992 80.59 -5.0% 15.0% -12.8% 28.8% -26.6%
3/3/1992 80.18 -3.5% 15.0% -12.8% 28.8% -26.6%
3/4/1992 80.31 0.7% 15.0% -12.8% 28.8% -26.6%
3/5/1992 80.57 0.9% 15.0% -12.8% 28.8% -26.6%
3/6/1992 79.97 1.9% 15.0% -12.8% 28.8% -26.6%
3/9/1992 78.68 2.2% 15.0% -12.8% 28.8% -26.6%
3/10/1992 79.16 4.5% 15.0% -12.8% 28.8% -26.6%
3/11/1992 79.25 5.1% 15.0% -12.8% 28.8% -26.6%
3/12/1992 77.26 3.4% 15.0% -12.8% 28.8% -26.6%
3/13/1992 75.57 -0.6% 15.0% -12.8% 28.8% -26.6%
3/16/1992 75.06 -0.9% 15.0% -12.8% 28.8% -26.6%
3/17/1992 73.87 -2.4% 15.0% -12.8% 28.8% -26.6%
3/18/1992 72.55 -1.4% 15.0% -12.8% 28.8% -26.6%
3/19/1992 73.15 -1.6% 15.0% -12.8% 28.8% -26.6%
3/20/1992 72.17 -4.2% 15.0% -12.8% 28.8% -26.6%
3/23/1992 71.99 -10.9% 15.0% -12.8% 28.8% -26.6%
3/24/1992 71.33 -11.7% 15.0% -12.8% 28.8% -26.6%
3/25/1992 71.19 -10.8% 15.0% -12.8% 28.8% -26.6%
3/26/1992 71.27 -10.0% 15.0% -12.8% 28.8% -26.6%
3/27/1992 71.58 -7.8% 15.0% -12.8% 28.8% -26.6%
3/30/1992 71.42 -5.7% 15.0% -12.8% 28.8% -26.6%
3/31/1992 72.04 -5.1% 15.0% -12.8% 28.8% -26.6%
4/1/1992 72.18 -12.1% 15.0% -12.8% 28.8% -26.6%
4/2/1992 71.14 -10.0% 15.0% -12.8% 28.8% -26.6%
4/3/1992 71.26 -8.3% 15.0% -12.8% 28.8% -26.6%
4/6/1992 70.48 -10.9% 15.0% -12.8% 28.8% -26.6%
4/7/1992 69.09 -13.4% 15.0% -12.8% 28.8% -26.6%
4/8/1992 67.56 -19.5% 15.0% -12.8% 28.8% -26.6%
4/9/1992 70.09 -15.5% 15.0% -12.8% 28.8% -26.6%
4/10/1992 72.11 -16.0% 15.0% -12.8% 28.8% -26.6%
4/13/1992 72.62 -14.2% 15.0% -12.8% 28.8% -26.6%
4/14/1992 72.05 -14.6% 15.0% -12.8% 28.8% -26.6%
4/15/1992 69.22 -15.3% 15.0% -12.8% 28.8% -26.6%
4/16/1992 68.34 -16.1% 15.0% -12.8% 28.8% -26.6%
4/17/1992 68.34 -17.5% 15.0% -12.8% 28.8% -26.6%
4/20/1992 68.2 -18.4% 15.0% -12.8% 28.8% -26.6%
4/21/1992 70.86 -13.2% 15.0% -12.8% 28.8% -26.6%
4/22/1992 70.03 -13.7% 15.0% -12.8% 28.8% -26.6%
4/23/1992 70.15 -16.0% 15.0% -12.8% 28.8% -26.6%
4/24/1992 69.11 -17.5% 15.0% -12.8% 28.8% -26.6%
4/27/1992 68.15 -17.6% 15.0% -12.8% 28.8% -26.6%
4/28/1992 67.94 -18.0% 15.0% -12.8% 28.8% -26.6%
4/29/1992 67.09 -20.2% 15.0% -12.8% 28.8% -26.6%
4/30/1992 69.93 -15.7% 15.0% -12.8% 28.8% -26.6%
5/1/1992 70.73 -15.4% 15.0% -12.8% 28.8% -26.6%
5/4/1992 70.44 -16.1% 15.0% -12.8% 28.8% -26.6%
5/5/1992 73.1 -14.9% 15.0% -12.8% 28.8% -26.6%
5/6/1992 73.53 -12.7% 15.0% -12.8% 28.8% -26.6%
5/7/1992 72.42 -11.7% 15.0% -12.8% 28.8% -26.6%
5/8/1992 73.22 -10.7% 15.0% -12.8% 28.8% -26.6%
5/11/1992 73.14 -11.2% 15.0% -12.8% 28.8% -26.6%
5/12/1992 72.61 -12.6% 15.0% -12.8% 28.8% -26.6%
5/13/1992 72.9 -12.9% 15.0% -12.8% 28.8% -26.6%
5/14/1992 76.63 -6.3% 15.0% -12.8% 28.8% -26.6%
5/15/1992 76.24 -6.5% 15.0% -12.8% 28.8% -26.6%
5/18/1992 76.61 -5.6% 15.0% -12.8% 28.8% -26.6%
5/19/1992 76.97 -4.8% 15.0% -12.8% 28.8% -26.6%
5/20/1992 76.43 -6.9% 15.0% -12.8% 28.8% -26.6%
5/21/1992 75.76 -6.9% 15.0% -12.8% 28.8% -26.6%
5/22/1992 76.73 -4.8% 15.0% -12.8% 28.8% -26.6%
5/25/1992 76.73 -4.3% 15.0% -12.8% 28.8% -26.6%
5/26/1992 77.48 -3.5% 15.0% -12.8% 28.8% -26.6%
5/27/1992 77.53 -3.8% 15.0% -12.8% 28.8% -26.6%
5/28/1992 76.87 -3.9% 15.0% -12.8% 28.8% -26.6%
5/29/1992 75.02 -4.7% 15.0% -12.8% 28.8% -26.6%
6/1/1992 76.97 -2.8% 15.0% -12.8% 28.8% -26.6%
6/2/1992 76.31 -3.7% 15.0% -12.8% 28.8% -26.6%
6/3/1992 75.2 -2.7% 15.0% -12.8% 28.8% -26.6%
6/4/1992 75.24 -0.4% 15.0% -12.8% 28.8% -26.6%
6/5/1992 75.33 0.4% 15.0% -12.8% 28.8% -26.6%
6/8/1992 76.43 3.5% 15.0% -12.8% 28.8% -26.6%
6/9/1992 77.81 7.3% 15.0% -12.8% 28.8% -26.6%
6/10/1992 77.35 5.7% 15.0% -12.8% 28.8% -26.6%
6/11/1992 79.54 10.2% 15.0% -12.8% 28.8% -26.6%
6/12/1992 80.6 12.0% 15.0% -12.8% 28.8% -26.6%
6/15/1992 82.43 15.6% 15.0% -12.8% 28.8% -26.6%
6/16/1992 80.58 13.2% 15.0% -12.8% 28.8% -26.6%
6/17/1992 78.65 10.4% 15.0% -12.8% 28.8% -26.6%
6/18/1992 78.65 9.9% 15.0% -12.8% 28.8% -26.6%
6/19/1992 77.92 9.1% 15.0% -12.8% 28.8% -26.6%
6/22/1992 79.88 10.9% 15.0% -12.8% 28.8% -26.6%
6/23/1992 79.29 9.9% 15.0% -12.8% 28.8% -26.6%
6/24/1992 78.13 9.8% 15.0% -12.8% 28.8% -26.6%
6/25/1992 77.43 8.7% 15.0% -12.8% 28.8% -26.6%
6/26/1992 76.56 8.6% 15.0% -12.8% 28.8% -26.6%
6/29/1992 77.67 12.4% 15.0% -12.8% 28.8% -26.6%
6/30/1992 78.52 16.2% 15.0% -12.8% 28.8% -26.6%
7/1/1992 79.11 12.9% 15.0% -12.8% 28.8% -26.6%
7/2/1992 80.55 11.7% 15.0% -12.8% 28.8% -26.6%
7/3/1992 80.55 10.9% 15.0% -12.8% 28.8% -26.6%
7/6/1992 82.15 14.0% 15.0% -12.8% 28.8% -26.6%
7/7/1992 80.91 16.9% 15.0% -12.8% 28.8% -26.6%
7/8/1992 81.46 19.2% 15.0% -12.8% 28.8% -26.6%
7/9/1992 81.72 19.6% 15.0% -12.8% 28.8% -26.6%
7/10/1992 81.26 19.1% 15.0% -12.8% 28.8% -26.6%
7/13/1992 81.06 14.4% 15.0% -12.8% 28.8% -26.6%
7/14/1992 83.27 18.9% 15.0% -12.8% 28.8% -26.6%
7/15/1992 85.76 22.3% 15.0% -12.8% 28.8% -26.6%
7/16/1992 85.49 23.7% 15.0% -12.8% 28.8% -26.6%
7/17/1992 87.09 27.8% 15.0% -12.8% 28.8% -26.6%
7/20/1992 86.35 27.1% 15.0% -12.8% 28.8% -26.6%
7/21/1992 84.37 25.8% 15.0% -12.8% 28.8% -26.6%
7/22/1992 84.7 21.1% 15.0% -12.8% 28.8% -26.6%
7/23/1992 84.39 19.3% 15.0% -12.8% 28.8% -26.6%
7/24/1992 84.2 19.5% 15.0% -12.8% 28.8% -26.6%
7/27/1992 83.27 13.9% 15.0% -12.8% 28.8% -26.6%
7/28/1992 83.72 13.9% 15.0% -12.8% 28.8% -26.6%
7/29/1992 82.44 13.8% 15.0% -12.8% 28.8% -26.6%
7/30/1992 81.49 11.3% 15.0% -12.8% 28.8% -26.6%
7/31/1992 82.63 13.0% 15.0% -12.8% 28.8% -26.6%
8/3/1992 79.85 10.0% 15.0% -12.8% 28.8% -26.6%
8/4/1992 80.65 10.6% 15.0% -12.8% 28.8% -26.6%
8/5/1992 79.41 3.6% 15.0% -12.8% 28.8% -26.6%
8/6/1992 81.59 7.0% 15.0% -12.8% 28.8% -26.6%
8/7/1992 82.02 7.1% 15.0% -12.8% 28.8% -26.6%
8/10/1992 81.47 5.8% 15.0% -12.8% 28.8% -26.6%
8/11/1992 80.27 5.0% 15.0% -12.8% 28.8% -26.6%
8/12/1992 75.03 -1.0% 15.0% -12.8% 28.8% -26.6%
8/13/1992 73.27 -4.5% 15.0% -12.8% 28.8% -26.6%
8/14/1992 74.64 -2.7% 15.0% -12.8% 28.8% -26.6%
8/17/1992 74.89 -3.3% 15.0% -12.8% 28.8% -26.6%
8/18/1992 74.17 -4.3% 15.0% -12.8% 28.8% -26.6%
8/19/1992 75.35 -2.0% 15.0% -12.8% 28.8% -26.6%
8/20/1992 74.38 -0.9% 15.0% -12.8% 28.8% -26.6%
8/21/1992 74.83 -2.8% 15.0% -12.8% 28.8% -26.6%
8/24/1992 76.95 0.8% 15.0% -12.8% 28.8% -26.6%
8/25/1992 75.92 1.0% 15.0% -12.8% 28.8% -26.6%
8/26/1992 75.6 0.5% 15.0% -12.8% 28.8% -26.6%
8/27/1992 76.8 2.0% 15.0% -12.8% 28.8% -26.6%
8/28/1992 78.39 2.6% 15.0% -12.8% 28.8% -26.6%
8/31/1992 78.87 1.4% 15.0% -12.8% 28.8% -26.6%
9/1/1992 78.34 1.3% 15.0% -12.8% 28.8% -26.6%
9/2/1992 76.79 -3.5% 15.0% -12.8% 28.8% -26.6%
9/3/1992 77.35 -4.0% 15.0% -12.8% 28.8% -26.6%
9/4/1992 76.88 -6.7% 15.0% -12.8% 28.8% -26.6%
9/7/1992 76.88 -4.6% 15.0% -12.8% 28.8% -26.6%
9/8/1992 76.76 -2.4% 15.0% -12.8% 28.8% -26.6%
9/9/1992 76.5 -2.7% 15.0% -12.8% 28.8% -26.6%
9/10/1992 76.41 -1.9% 15.0% -12.8% 28.8% -26.6%
9/11/1992 75.42 -5.6% 15.0% -12.8% 28.8% -26.6%
9/14/1992 77.73 -2.0% 15.0% -12.8% 28.8% -26.6%
9/15/1992 79.18 1.3% 15.0% -12.8% 28.8% -26.6%
9/16/1992 82.89 7.1% 15.0% -12.8% 28.8% -26.6%
9/17/1992 80.21 4.8% 15.0% -12.8% 28.8% -26.6%
9/18/1992 80.77 4.0% 15.0% -12.8% 28.8% -26.6%
9/21/1992 78.88 0.5% 15.0% -12.8% 28.8% -26.6%
9/22/1992 79.87 1.0% 15.0% -12.8% 28.8% -26.6%
9/23/1992 79.94 -0.8% 15.0% -12.8% 28.8% -26.6%
9/24/1992 80.42 -0.2% 15.0% -12.8% 28.8% -26.6%
9/25/1992 81 -1.4% 15.0% -12.8% 28.8% -26.6%
9/28/1992 80.91 0.0% 15.0% -12.8% 28.8% -26.6%
9/29/1992 81.3 -0.2% 15.0% -12.8% 28.8% -26.6%
9/30/1992 80.45 -1.6% 15.0% -12.8% 28.8% -26.6%
10/1/1992 79.72 -1.9% 15.0% -12.8% 28.8% -26.6%
10/2/1992 79.61 -1.8% 15.0% -12.8% 28.8% -26.6%
10/5/1992 81.12 -2.6% 15.0% -12.8% 28.8% -26.6%
10/6/1992 81.21 -5.3% 15.0% -12.8% 28.8% -26.6%
10/7/1992 80.96 -5.3% 15.0% -12.8% 28.8% -26.6%
10/8/1992 80.16 -8.0% 15.0% -12.8% 28.8% -26.6%
10/9/1992 79.66 -7.7% 15.0% -12.8% 28.8% -26.6%
10/12/1992 76.59 -9.2% 15.0% -12.8% 28.8% -26.6%
10/13/1992 76.41 -9.8% 15.0% -12.8% 28.8% -26.6%
10/14/1992 75.41 -10.6% 15.0% -12.8% 28.8% -26.6%
10/15/1992 75.42 -10.4% 15.0% -12.8% 28.8% -26.6%
10/16/1992 76.78 -7.8% 15.0% -12.8% 28.8% -26.6%
10/19/1992 76.86 -8.2% 15.0% -12.8% 28.8% -26.6%
10/20/1992 77.9 -5.5% 15.0% -12.8% 28.8% -26.6%
10/21/1992 77.72 -4.6% 15.0% -12.8% 28.8% -26.6%
10/22/1992 76.94 -6.9% 15.0% -12.8% 28.8% -26.6%
10/23/1992 76.91 -3.7% 15.0% -12.8% 28.8% -26.6%
10/26/1992 75.6 -6.3% 15.0% -12.8% 28.8% -26.6%
10/27/1992 73.88 -7.0% 15.0% -12.8% 28.8% -26.6%
10/28/1992 75.54 -7.4% 15.0% -12.8% 28.8% -26.6%
10/29/1992 76.05 -7.3% 15.0% -12.8% 28.8% -26.6%
10/30/1992 75.61 -7.2% 15.0% -12.8% 28.8% -26.6%
11/2/1992 76.07 -5.2% 15.0% -12.8% 28.8% -26.6%
11/3/1992 76.96 2.6% 15.0% -12.8% 28.8% -26.6%
11/4/1992 77.84 6.2% 15.0% -12.8% 28.8% -26.6%
11/5/1992 77.7 4.1% 15.0% -12.8% 28.8% -26.6%
11/6/1992 76.12 1.6% 15.0% -12.8% 28.8% -26.6%
11/9/1992 72.5 -2.3% 15.0% -12.8% 28.8% -26.6%
11/10/1992 68.31 -9.3% 15.0% -12.8% 28.8% -26.6%
11/11/1992 68.41 -8.0% 15.0% -12.8% 28.8% -26.6%
11/12/1992 68.41 -8.6% 15.0% -12.8% 28.8% -26.6%
11/13/1992 68.66 -10.8% 15.0% -12.8% 28.8% -26.6%
11/16/1992 68.15 -10.2% 15.0% -12.8% 28.8% -26.6%
11/17/1992 66.75 -11.7% 15.0% -12.8% 28.8% -26.6%
11/18/1992 67.37 -12.3% 15.0% -12.8% 28.8% -26.6%
11/19/1992 66.55 -15.1% 15.0% -12.8% 28.8% -26.6%
11/20/1992 66.95 -15.1% 15.0% -12.8% 28.8% -26.6%
11/23/1992 66.11 -15.6% 15.0% -12.8% 28.8% -26.6%
11/24/1992 65.94 -14.1% 15.0% -12.8% 28.8% -26.6%
11/25/1992 66.06 -14.6% 15.0% -12.8% 28.8% -26.6%
11/26/1992 66.06 -14.1% 15.0% -12.8% 28.8% -26.6%
11/27/1992 65 -15.5% 15.0% -12.8% 28.8% -26.6%
11/30/1992 65.81 -14.3% 15.0% -12.8% 28.8% -26.6%
12/1/1992 67.22 -12.1% 15.0% -12.8% 28.8% -26.6%
12/2/1992 67.81 -11.3% 15.0% -12.8% 28.8% -26.6%
12/3/1992 68.07 -9.7% 15.0% -12.8% 28.8% -26.6%
12/4/1992 67.95 -12.6% 15.0% -12.8% 28.8% -26.6%
12/7/1992 68.28 -13.8% 15.0% -12.8% 28.8% -26.6%
12/8/1992 68.57 -17.3% 15.0% -12.8% 28.8% -26.6%
12/9/1992 67.7 -15.6% 15.0% -12.8% 28.8% -26.6%
12/10/1992 69.36 -14.1% 15.0% -12.8% 28.8% -26.6%
12/11/1992 70.5 -10.6% 15.0% -12.8% 28.8% -26.6%
12/14/1992 69.72 -12.7% 15.0% -12.8% 28.8% -26.6%
12/15/1992 70.11 -12.3% 15.0% -12.8% 28.8% -26.6%
12/16/1992 71.98 -10.5% 15.0% -12.8% 28.8% -26.6%
12/17/1992 73.75 -9.0% 15.0% -12.8% 28.8% -26.6%
12/18/1992 72.85 -10.0% 15.0% -12.8% 28.8% -26.6%
12/21/1992 71.43 -12.1% 15.0% -12.8% 28.8% -26.6%
12/22/1992 69.95 -13.1% 15.0% -12.8% 28.8% -26.6%
12/23/1992 70.14 -12.0% 15.0% -12.8% 28.8% -26.6%
12/24/1992 70.38 -11.6% 15.0% -12.8% 28.8% -26.6%
12/25/1992 70.38 -13.2% 15.0% -12.8% 28.8% -26.6%
12/28/1992 69.88 -14.0% 15.0% -12.8% 28.8% -26.6%
12/29/1992 68.97 -14.8% 15.0% -12.8% 28.8% -26.6%
12/30/1992 70.03 -12.6% 15.0% -12.8% 28.8% -26.6%
12/31/1992 71.3 -10.5% 15.0% -12.8% 28.8% -26.6%
1/1/1993 71.3 -6.9% 15.0% -12.8% 28.8% -26.6%
1/4/1993 69.56 -9.0% 15.0% -12.8% 28.8% -26.6%
1/5/1993 69.95 -7.2% 15.0% -12.8% 28.8% -26.6%
1/6/1993 70.06 -7.1% 15.0% -12.8% 28.8% -26.6%
1/7/1993 69.4 -9.6% 15.0% -12.8% 28.8% -26.6%
1/8/1993 69.27 -9.9% 15.0% -12.8% 28.8% -26.6%
1/11/1993 68.7 -11.8% 15.0% -12.8% 28.8% -26.6%
1/12/1993 69.02 -11.2% 15.0% -12.8% 28.8% -26.6%
1/13/1993 68.58 -10.9% 15.0% -12.8% 28.8% -26.6%
1/14/1993 67.44 -12.3% 15.0% -12.8% 28.8% -26.6%
1/15/1993 66.74 -11.7% 15.0% -12.8% 28.8% -26.6%
1/18/1993 66.53 -9.9% 15.0% -12.8% 28.8% -26.6%
1/19/1993 67.6 -10.5% 15.0% -12.8% 28.8% -26.6%
1/20/1993 70.02 -7.9% 15.0% -12.8% 28.8% -26.6%
1/21/1993 69.32 -8.3% 15.0% -12.8% 28.8% -26.6%
1/22/1993 68.47 -10.0% 15.0% -12.8% 28.8% -26.6%
1/25/1993 68.76 -10.7% 15.0% -12.8% 28.8% -26.6%
1/26/1993 70.88 -8.9% 15.0% -12.8% 28.8% -26.6%
1/27/1993 70.05 -9.8% 15.0% -12.8% 28.8% -26.6%
1/28/1993 71.41 -6.2% 15.0% -12.8% 28.8% -26.6%
1/29/1993 71.53 -1.3% 15.0% -12.8% 28.8% -26.6%
2/1/1993 72.03 5.4% 15.0% -12.8% 28.8% -26.6%
2/2/1993 72.52 6.0% 15.0% -12.8% 28.8% -26.6%
2/3/1993 72.34 5.7% 15.0% -12.8% 28.8% -26.6%
2/4/1993 73.76 7.4% 15.0% -12.8% 28.8% -26.6%
2/5/1993 74.6 9.5% 15.0% -12.8% 28.8% -26.6%
2/8/1993 74.65 11.8% 15.0% -12.8% 28.8% -26.6%
2/9/1993 77.41 14.9% 15.0% -12.8% 28.8% -26.6%
2/10/1993 81.33 22.2% 15.0% -12.8% 28.8% -26.6%
2/11/1993 79.15 18.2% 15.0% -12.8% 28.8% -26.6%
2/12/1993 76.19 15.2% 15.0% -12.8% 28.8% -26.6%
2/15/1993 76.19 15.5% 15.0% -12.8% 28.8% -26.6%
2/16/1993 78.9 19.4% 15.0% -12.8% 28.8% -26.6%
2/17/1993 78.21 18.4% 15.0% -12.8% 28.8% -26.6%
2/18/1993 77.05 18.5% 15.0% -12.8% 28.8% -26.6%
2/19/1993 78.16 18.8% 15.0% -12.8% 28.8% -26.6%
2/22/1993 78.34 16.5% 15.0% -12.8% 28.8% -26.6%
2/23/1993 80.83 19.2% 15.0% -12.8% 28.8% -26.6%
2/24/1993 78.66 15.6% 15.0% -12.8% 28.8% -26.6%
2/25/1993 77.01 13.3% 15.0% -12.8% 28.8% -26.6%
2/26/1993 75.98 11.3% 15.0% -12.8% 28.8% -26.6%
3/1/1993 75.13 9.6% 15.0% -12.8% 28.8% -26.6%
3/2/1993 77.27 14.1% 15.0% -12.8% 28.8% -26.6%
3/3/1993 76.7 10.6% 15.0% -12.8% 28.8% -26.6%
3/4/1993 76.88 9.0% 15.0% -12.8% 28.8% -26.6%
3/5/1993 77.49 11.1% 15.0% -12.8% 28.8% -26.6%
3/8/1993 75.94 8.3% 15.0% -12.8% 28.8% -26.6%
3/9/1993 76.62 6.4% 15.0% -12.8% 28.8% -26.6%
3/10/1993 76 3.1% 15.0% -12.8% 28.8% -26.6%
3/11/1993 76.44 4.9% 15.0% -12.8% 28.8% -26.6%
3/12/1993 78.37 9.7% 15.0% -12.8% 28.8% -26.6%
3/15/1993 79.98 14.3% 15.0% -12.8% 28.8% -26.6%
3/16/1993 78.83 12.4% 15.0% -12.8% 28.8% -26.6%
3/17/1993 79.66 13.2% 15.0% -12.8% 28.8% -26.6%
3/18/1993 81.8 16.2% 15.0% -12.8% 28.8% -26.6%
3/19/1993 84.61 21.1% 15.0% -12.8% 28.8% -26.6%
3/22/1993 85.85 24.5% 15.0% -12.8% 28.8% -26.6%
3/23/1993 84.64 20.9% 15.0% -12.8% 28.8% -26.6%
3/24/1993 85.1 19.4% 15.0% -12.8% 28.8% -26.6%
3/25/1993 85.16 19.4% 15.0% -12.8% 28.8% -26.6%
3/26/1993 84.11 20.9% 15.0% -12.8% 28.8% -26.6%
3/29/1993 82.38 17.8% 15.0% -12.8% 28.8% -26.6%
3/30/1993 87.76 25.3% 15.0% -12.8% 28.8% -26.6%
3/31/1993 86.82 25.1% 15.0% -12.8% 28.8% -26.6%
4/1/1993 87.39 26.2% 15.0% -12.8% 28.8% -26.6%
4/2/1993 88.71 29.1% 15.0% -12.8% 28.8% -26.6%
4/5/1993 87.82 27.2% 15.0% -12.8% 28.8% -26.6%
4/6/1993 86.29 25.8% 15.0% -12.8% 28.8% -26.6%
4/7/1993 85.9 27.4% 15.0% -12.8% 28.8% -26.6%
4/8/1993 84.11 26.0% 15.0% -12.8% 28.8% -26.6%
4/9/1993 84.11 26.4% 15.0% -12.8% 28.8% -26.6%
4/12/1993 82 21.3% 15.0% -12.8% 28.8% -26.6%
4/13/1993 82.3 17.5% 15.0% -12.8% 28.8% -26.6%
4/14/1993 85.4 23.2% 15.0% -12.8% 28.8% -26.6%
4/15/1993 82.87 21.0% 15.0% -12.8% 28.8% -26.6%
4/16/1993 84.72 23.2% 15.0% -12.8% 28.8% -26.6%
4/19/1993 85.55 20.7% 15.0% -12.8% 28.8% -26.6%
4/20/1993 86.45 23.4% 15.0% -12.8% 28.8% -26.6%
4/21/1993 85.39 19.6% 15.0% -12.8% 28.8% -26.6%
4/22/1993 88.14 23.2% 15.0% -12.8% 28.8% -26.6%
4/23/1993 94.86 31.7% 15.0% -12.8% 28.8% -26.6%
4/26/1993 96.18 32.6% 15.0% -12.8% 28.8% -26.6%
4/27/1993 94.98 31.3% 15.0% -12.8% 28.8% -26.6%
4/28/1993 97.69 32.4% 15.0% -12.8% 28.8% -26.6%
4/29/1993 99.28 33.1% 15.0% -12.8% 28.8% -26.6%
4/30/1993 98.81 32.4% 15.0% -12.8% 28.8% -26.6%
5/3/1993 94.77 22.4% 15.0% -12.8% 28.8% -26.6%
5/4/1993 96.01 18.0% 15.0% -12.8% 28.8% -26.6%
5/5/1993 95.6 20.8% 15.0% -12.8% 28.8% -26.6%
5/6/1993 98.53 29.3% 15.0% -12.8% 28.8% -26.6%
5/7/1993 97.42 27.9% 15.0% -12.8% 28.8% -26.6%
5/10/1993 98.42 24.7% 15.0% -12.8% 28.8% -26.6%
5/11/1993 99.56 27.3% 15.0% -12.8% 28.8% -26.6%
5/12/1993 106.78 38.6% 15.0% -12.8% 28.8% -26.6%
5/13/1993 107.76 37.9% 15.0% -12.8% 28.8% -26.6%
5/14/1993 107.89 37.7% 15.0% -12.8% 28.8% -26.6%
5/17/1993 105.37 30.4% 15.0% -12.8% 28.8% -26.6%
5/18/1993 112.62 43.2% 15.0% -12.8% 28.8% -26.6%
5/19/1993 104.1 35.2% 15.0% -12.8% 28.8% -26.6%
5/20/1993 105.92 39.4% 15.0% -12.8% 28.8% -26.6%
5/21/1993 110.52 47.1% 15.0% -12.8% 28.8% -26.6%
5/24/1993 106.71 38.1% 15.0% -12.8% 28.8% -26.6%
5/25/1993 109.51 42.8% 15.0% -12.8% 28.8% -26.6%
5/26/1993 105.93 37.8% 15.0% -12.8% 28.8% -26.6%
5/27/1993 110.96 43.2% 15.0% -12.8% 28.8% -26.6%
5/28/1993 111.11 46.3% 15.0% -12.8% 28.8% -26.6%
5/31/1993 111.11 45.0% 15.0% -12.8% 28.8% -26.6%
6/1/1993 105.25 38.5% 15.0% -12.8% 28.8% -26.6%
6/2/1993 106.39 39.2% 15.0% -12.8% 28.8% -26.6%
6/3/1993 108.98 39.1% 15.0% -12.8% 28.8% -26.6%
6/4/1993 110.78 38.5% 15.0% -12.8% 28.8% -26.6%
6/7/1993 110.75 40.5% 15.0% -12.8% 28.8% -26.6%
6/8/1993 106.9 34.2% 15.0% -12.8% 28.8% -26.6%
6/9/1993 105.44 28.9% 15.0% -12.8% 28.8% -26.6%
6/10/1993 105.37 24.5% 15.0% -12.8% 28.8% -26.6%
6/11/1993 101.21 17.9% 15.0% -12.8% 28.8% -26.6%
6/14/1993 102.83 21.5% 15.0% -12.8% 28.8% -26.6%
6/15/1993 107.29 26.1% 15.0% -12.8% 28.8% -26.6%
6/16/1993 108.41 27.3% 15.0% -12.8% 28.8% -26.6%
6/17/1993 109.18 29.8% 15.0% -12.8% 28.8% -26.6%
6/18/1993 108.7 31.9% 15.0% -12.8% 28.8% -26.6%
6/21/1993 108.28 23.4% 15.0% -12.8% 28.8% -26.6%
6/22/1993 107.52 23.8% 15.0% -12.8% 28.8% -26.6%
6/23/1993 111.26 27.3% 15.0% -12.8% 28.8% -26.6%
6/24/1993 112.15 26.4% 15.0% -12.8% 28.8% -26.6%
6/25/1993 114.99 30.9% 15.0% -12.8% 28.8% -26.6%
6/28/1993 114.78 33.0% 15.0% -12.8% 28.8% -26.6%
6/29/1993 117.99 37.4% 15.0% -12.8% 28.8% -26.6%
6/30/1993 116.44 38.4% 15.0% -12.8% 28.8% -26.6%
7/1/1993 121.76 44.8% 15.0% -12.8% 28.8% -26.6%
7/2/1993 122.54 49.4% 15.0% -12.8% 28.8% -26.6%
7/5/1993 122.54 48.9% 15.0% -12.8% 28.8% -26.6%
7/6/1993 126.56 48.2% 15.0% -12.8% 28.8% -26.6%
7/7/1993 123.3 48.8% 15.0% -12.8% 28.8% -26.6%
7/8/1993 117.47 38.7% 15.0% -12.8% 28.8% -26.6%
7/9/1993 116.99 36.8% 15.0% -12.8% 28.8% -26.6%
7/12/1993 120.37 39.2% 15.0% -12.8% 28.8% -26.6%
7/13/1993 119.19 39.6% 15.0% -12.8% 28.8% -26.6%
7/14/1993 116.71 32.4% 15.0% -12.8% 28.8% -26.6%
7/15/1993 117.13 23.5% 15.0% -12.8% 28.8% -26.6%
7/16/1993 115.96 20.6% 15.0% -12.8% 28.8% -26.6%
7/19/1993 115.09 21.2% 15.0% -12.8% 28.8% -26.6%
7/20/1993 115.05 17.8% 15.0% -12.8% 28.8% -26.6%
7/21/1993 113.05 13.9% 15.0% -12.8% 28.8% -26.6%
7/22/1993 113.42 14.8% 15.0% -12.8% 28.8% -26.6%
7/23/1993 112.9 19.1% 15.0% -12.8% 28.8% -26.6%
7/26/1993 116.9 21.8% 15.0% -12.8% 28.8% -26.6%
7/27/1993 119 24.5% 15.0% -12.8% 28.8% -26.6%
7/28/1993 119.34 21.1% 15.0% -12.8% 28.8% -26.6%
7/29/1993 126.39 29.7% 15.0% -12.8% 28.8% -26.6%
7/30/1993 128.9 31.0% 15.0% -12.8% 28.8% -26.6%
8/2/1993 129.07 29.6% 15.0% -12.8% 28.8% -26.6%
8/3/1993 125.47 17.5% 15.0% -12.8% 28.8% -26.6%
8/4/1993 121.79 13.0% 15.0% -12.8% 28.8% -26.6%
8/5/1993 113.81 5.5% 15.0% -12.8% 28.8% -26.6%
8/6/1993 114.21 8.4% 15.0% -12.8% 28.8% -26.6%
8/9/1993 117.51 4.3% 15.0% -12.8% 28.8% -26.6%
8/10/1993 117.35 12.7% 15.0% -12.8% 28.8% -26.6%
8/11/1993 114.7 8.3% 15.0% -12.8% 28.8% -26.6%
8/12/1993 110.03 -0.4% 15.0% -12.8% 28.8% -26.6%
8/13/1993 110.38 3.4% 15.0% -12.8% 28.8% -26.6%
8/16/1993 112.1 2.4% 15.0% -12.8% 28.8% -26.6%
8/17/1993 111.17 4.9% 15.0% -12.8% 28.8% -26.6%
8/18/1993 114.1 2.8% 15.0% -12.8% 28.8% -26.6%
8/19/1993 112.7 1.4% 15.0% -12.8% 28.8% -26.6%
8/20/1993 114.4 3.0% 15.0% -12.8% 28.8% -26.6%
8/23/1993 115.12 9.4% 15.0% -12.8% 28.8% -26.6%
8/24/1993 117.48 10.4% 15.0% -12.8% 28.8% -26.6%
8/25/1993 118.12 8.4% 15.0% -12.8% 28.8% -26.6%
8/26/1993 114.55 3.4% 15.0% -12.8% 28.8% -26.6%
8/27/1993 115.41 4.2% 15.0% -12.8% 28.8% -26.6%
8/30/1993 117.62 10.0% 15.0% -12.8% 28.8% -26.6%
8/31/1993 117.87 11.8% 15.0% -12.8% 28.8% -26.6%
9/1/1993 116.62 10.7% 15.0% -12.8% 28.8% -26.6%
9/2/1993 112.43 11.1% 15.0% -12.8% 28.8% -26.6%
9/3/1993 109.97 6.9% 15.0% -12.8% 28.8% -26.6%
9/6/1993 109.97 2.5% 15.0% -12.8% 28.8% -26.6%
9/7/1993 99.57 -8.2% 15.0% -12.8% 28.8% -26.6%
9/8/1993 98.71 -9.6% 15.0% -12.8% 28.8% -26.6%
9/9/1993 102.2 -6.0% 15.0% -12.8% 28.8% -26.6%
9/10/1993 100.11 -7.5% 15.0% -12.8% 28.8% -26.6%
9/13/1993 94.77 -11.9% 15.0% -12.8% 28.8% -26.6%
9/14/1993 96.2 -13.5% 15.0% -12.8% 28.8% -26.6%
9/15/1993 97.85 -12.8% 15.0% -12.8% 28.8% -26.6%
9/16/1993 103.68 -9.8% 15.0% -12.8% 28.8% -26.6%
9/17/1993 102.81 -10.4% 15.0% -12.8% 28.8% -26.6%
9/20/1993 103.39 -12.4% 15.0% -12.8% 28.8% -26.6%
9/21/1993 109.31 -6.1% 15.0% -12.8% 28.8% -26.6%
9/22/1993 106.4 -12.6% 15.0% -12.8% 28.8% -26.6%
9/23/1993 108.37 -11.6% 15.0% -12.8% 28.8% -26.6%
9/24/1993 108.4 -11.5% 15.0% -12.8% 28.8% -26.6%
9/27/1993 104.37 -17.5% 15.0% -12.8% 28.8% -26.6%
9/28/1993 104.32 -15.4% 15.0% -12.8% 28.8% -26.6%
9/29/1993 102.16 -13.0% 15.0% -12.8% 28.8% -26.6%
9/30/1993 104.11 -11.0% 15.0% -12.8% 28.8% -26.6%
10/1/1993 103.77 -13.8% 15.0% -12.8% 28.8% -26.6%
10/4/1993 106.17 -10.9% 15.0% -12.8% 28.8% -26.6%
10/5/1993 107.1 -8.2% 15.0% -12.8% 28.8% -26.6%
10/6/1993 111.67 -4.7% 15.0% -12.8% 28.8% -26.6%
10/7/1993 113 -2.6% 15.0% -12.8% 28.8% -26.6%
10/8/1993 114.52 -0.5% 15.0% -12.8% 28.8% -26.6%
10/11/1993 114.25 -0.7% 15.0% -12.8% 28.8% -26.6%
10/12/1993 118.16 4.5% 15.0% -12.8% 28.8% -26.6%
10/13/1993 117.32 3.4% 15.0% -12.8% 28.8% -26.6%
10/14/1993 117.15 3.8% 15.0% -12.8% 28.8% -26.6%
10/15/1993 116.5 -0.3% 15.0% -12.8% 28.8% -26.6%
10/18/1993 119.8 0.7% 15.0% -12.8% 28.8% -26.6%
10/19/1993 121.76 2.0% 15.0% -12.8% 28.8% -26.6%
10/20/1993 124.84 -1.2% 15.0% -12.8% 28.8% -26.6%
10/21/1993 121.06 -6.1% 15.0% -12.8% 28.8% -26.6%
10/22/1993 123.47 -4.3% 15.0% -12.8% 28.8% -26.6%
10/25/1993 122.53 -2.3% 15.0% -12.8% 28.8% -26.6%
10/26/1993 126.52 3.9% 15.0% -12.8% 28.8% -26.6%
10/27/1993 125.07 9.9% 15.0% -12.8% 28.8% -26.6%
10/28/1993 124.04 8.6% 15.0% -12.8% 28.8% -26.6%
10/29/1993 123.45 5.1% 15.0% -12.8% 28.8% -26.6%
11/1/1993 120.64 2.8% 15.0% -12.8% 28.8% -26.6%
11/2/1993 118.93 3.7% 15.0% -12.8% 28.8% -26.6%
11/3/1993 123.1 11.9% 15.0% -12.8% 28.8% -26.6%
11/4/1993 125.91 14.1% 15.0% -12.8% 28.8% -26.6%
11/5/1993 125.3 11.8% 15.0% -12.8% 28.8% -26.6%
11/8/1993 124.62 12.1% 15.0% -12.8% 28.8% -26.6%
11/9/1993 126.71 11.1% 15.0% -12.8% 28.8% -26.6%
11/10/1993 130.35 15.7% 15.0% -12.8% 28.8% -26.6%
11/11/1993 129.91 13.6% 15.0% -12.8% 28.8% -26.6%
11/12/1993 129.27 12.3% 15.0% -12.8% 28.8% -26.6%
11/15/1993 129.61 10.3% 15.0% -12.8% 28.8% -26.6%
11/16/1993 125.58 6.3% 15.0% -12.8% 28.8% -26.6%
11/17/1993 126.62 10.5% 15.0% -12.8% 28.8% -26.6%
11/18/1993 125.46 8.7% 15.0% -12.8% 28.8% -26.6%
11/19/1993 127.61 8.5% 15.0% -12.8% 28.8% -26.6%
11/22/1993 127.41 8.1% 15.0% -12.8% 28.8% -26.6%
11/23/1993 126.63 8.6% 15.0% -12.8% 28.8% -26.6%
11/24/1993 126.5 12.5% 15.0% -12.8% 28.8% -26.6%
11/25/1993 126.5 15.0% 15.0% -12.8% 28.8% -26.6%
11/26/1993 122.5 11.4% 15.0% -12.8% 28.8% -26.6%
11/29/1993 118.26 18.8% 15.0% -12.8% 28.8% -26.6%
11/30/1993 118.71 20.3% 15.0% -12.8% 28.8% -26.6%
12/1/1993 120.86 18.3% 15.0% -12.8% 28.8% -26.6%
12/2/1993 120.76 20.6% 15.0% -12.8% 28.8% -26.6%
12/3/1993 123.48 30.3% 15.0% -12.8% 28.8% -26.6%
12/6/1993 122.71 27.6% 15.0% -12.8% 28.8% -26.6%
12/7/1993 123.35 26.1% 15.0% -12.8% 28.8% -26.6%
12/8/1993 130.28 25.7% 15.0% -12.8% 28.8% -26.6%
12/9/1993 131.07 27.5% 15.0% -12.8% 28.8% -26.6%
12/10/1993 131.69 27.4% 15.0% -12.8% 28.8% -26.6%
12/13/1993 135.14 23.6% 15.0% -12.8% 28.8% -26.6%
12/14/1993 133.17 25.2% 15.0% -12.8% 28.8% -26.6%
12/15/1993 132.96 22.7% 15.0% -12.8% 28.8% -26.6%
12/16/1993 132.44 22.2% 15.0% -12.8% 28.8% -26.6%
12/17/1993 132.81 27.2% 15.0% -12.8% 28.8% -26.6%
12/20/1993 133.2 27.7% 15.0% -12.8% 28.8% -26.6%
12/21/1993 129.44 26.7% 15.0% -12.8% 28.8% -26.6%
12/22/1993 129.33 24.2% 15.0% -12.8% 28.8% -26.6%
12/23/1993 129.02 24.3% 15.0% -12.8% 28.8% -26.6%
12/24/1993 129.02 21.5% 15.0% -12.8% 28.8% -26.6%
12/27/1993 130.53 21.9% 15.0% -12.8% 28.8% -26.6%
12/28/1993 130.3 16.7% 15.0% -12.8% 28.8% -26.6%
12/29/1993 131.69 16.5% 15.0% -12.8% 28.8% -26.6%
12/30/1993 132.05 15.3% 15.0% -12.8% 28.8% -26.6%
12/31/1993 131.91 15.5% 15.0% -12.8% 28.8% -26.6%
1/3/1994 142.85 20.9% 15.0% -12.8% 28.8% -26.6%
1/4/1994 142.02 21.1% 15.0% -12.8% 28.8% -26.6%
1/5/1994 139.86 19.4% 15.0% -12.8% 28.8% -26.6%
1/6/1994 142.17 22.0% 15.0% -12.8% 28.8% -26.6%
1/7/1994 136.38 13.8% 15.0% -12.8% 28.8% -26.6%
1/10/1994 136.42 12.0% 15.0% -12.8% 28.8% -26.6%
1/11/1994 139.67 11.9% 15.0% -12.8% 28.8% -26.6%
1/12/1994 137.86 13.9% 15.0% -12.8% 28.8% -26.6%
1/13/1994 141.11 14.3% 15.0% -12.8% 28.8% -26.6%
1/14/1994 142.34 16.2% 15.0% -12.8% 28.8% -26.6%
1/17/1994 145.57 15.1% 15.0% -12.8% 28.8% -26.6%
1/18/1994 144.06 15.2% 15.0% -12.8% 28.8% -26.6%
1/19/1994 142.59 15.0% 15.0% -12.8% 28.8% -26.6%
1/20/1994 137.9 11.7% 15.0% -12.8% 28.8% -26.6%
1/21/1994 135.42 12.3% 15.0% -12.8% 28.8% -26.6%
1/24/1994 134.51 13.1% 15.0% -12.8% 28.8% -26.6%
1/25/1994 134 8.9% 15.0% -12.8% 28.8% -26.6%
1/26/1994 136.62 8.5% 15.0% -12.8% 28.8% -26.6%
1/27/1994 129.54 3.4% 15.0% -12.8% 28.8% -26.6%
1/28/1994 129.07 3.6% 15.0% -12.8% 28.8% -26.6%
1/31/1994 131.84 4.0% 15.0% -12.8% 28.8% -26.6%
2/1/1994 137.99 5.9% 15.0% -12.8% 28.8% -26.6%
2/2/1994 134.14 3.3% 15.0% -12.8% 28.8% -26.6%
2/3/1994 136.46 5.6% 15.0% -12.8% 28.8% -26.6%
2/4/1994 133.21 2.8% 15.0% -12.8% 28.8% -26.6%
2/7/1994 125.92 0.3% 15.0% -12.8% 28.8% -26.6%
2/8/1994 126.14 -0.4% 15.0% -12.8% 28.8% -26.6%
2/9/1994 127.56 1.7% 15.0% -12.8% 28.8% -26.6%
2/10/1994 128.04 0.3% 15.0% -12.8% 28.8% -26.6%
2/11/1994 126.12 -1.0% 15.0% -12.8% 28.8% -26.6%
2/14/1994 127.49 0.7% 15.0% -12.8% 28.8% -26.6%
2/15/1994 127.3 0.6% 15.0% -12.8% 28.8% -26.6%
2/16/1994 131.02 3.6% 15.0% -12.8% 28.8% -26.6%
2/17/1994 129.74 5.9% 15.0% -12.8% 28.8% -26.6%
2/18/1994 125.9 6.5% 15.0% -12.8% 28.8% -26.6%
2/21/1994 125.9 6.1% 15.0% -12.8% 28.8% -26.6%
2/22/1994 123.65 2.3% 15.0% -12.8% 28.8% -26.6%
2/23/1994 123.96 2.6% 15.0% -12.8% 28.8% -26.6%
2/24/1994 125.25 1.4% 15.0% -12.8% 28.8% -26.6%
2/25/1994 125.69 2.4% 15.0% -12.8% 28.8% -26.6%
2/28/1994 128.39 4.1% 15.0% -12.8% 28.8% -26.6%
3/1/1994 127.05 -2.5% 15.0% -12.8% 28.8% -26.6%
3/2/1994 124.46 -5.0% 15.0% -12.8% 28.8% -26.6%
3/3/1994 122.93 -6.7% 15.0% -12.8% 28.8% -26.6%
3/4/1994 122.16 -9.6% 15.0% -12.8% 28.8% -26.6%
3/7/1994 120.55 -9.5% 15.0% -12.8% 28.8% -26.6%
3/8/1994 119.47 -10.1% 15.0% -12.8% 28.8% -26.6%
3/9/1994 123.26 -6.9% 15.0% -12.8% 28.8% -26.6%
3/10/1994 126.53 -4.7% 15.0% -12.8% 28.8% -26.6%
3/11/1994 125.53 -5.8% 15.0% -12.8% 28.8% -26.6%
3/14/1994 125.07 -3.4% 15.0% -12.8% 28.8% -26.6%
3/15/1994 125.57 -2.9% 15.0% -12.8% 28.8% -26.6%
3/16/1994 124.77 -3.3% 15.0% -12.8% 28.8% -26.6%
3/17/1994 123.83 -4.0% 15.0% -12.8% 28.8% -26.6%
3/18/1994 127.72 -2.2% 15.0% -12.8% 28.8% -26.6%
3/21/1994 125.24 -3.9% 15.0% -12.8% 28.8% -26.6%
3/22/1994 129.87 -1.4% 15.0% -12.8% 28.8% -26.6%
3/23/1994 133.12 0.8% 15.0% -12.8% 28.8% -26.6%
3/24/1994 135.66 2.8% 15.0% -12.8% 28.8% -26.6%
3/25/1994 137.47 -3.8% 15.0% -12.8% 28.8% -26.6%
3/28/1994 134.71 -5.1% 15.0% -12.8% 28.8% -26.6%
3/29/1994 133.2 -4.8% 15.0% -12.8% 28.8% -26.6%
3/30/1994 129.69 -8.8% 15.0% -12.8% 28.8% -26.6%
3/31/1994 133.7 -2.0% 15.0% -12.8% 28.8% -26.6%
4/1/1994 133.7 -2.0% 15.0% -12.8% 28.8% -26.6%
4/4/1994 127.16 -9.0% 15.0% -12.8% 28.8% -26.6%
4/5/1994 127.2 -7.7% 15.0% -12.8% 28.8% -26.6%
4/6/1994 124.48 -11.8% 15.0% -12.8% 28.8% -26.6%
4/7/1994 125.06 -12.1% 15.0% -12.8% 28.8% -26.6%
4/8/1994 123.64 -15.1% 15.0% -12.8% 28.8% -26.6%
4/11/1994 121.03 -16.0% 15.0% -12.8% 28.8% -26.6%
4/12/1994 120.99 -15.1% 15.0% -12.8% 28.8% -26.6%
4/13/1994 119.24 -13.5% 15.0% -12.8% 28.8% -26.6%
4/14/1994 119.18 -12.0% 15.0% -12.8% 28.8% -26.6%
4/15/1994 114.1 -15.2% 15.0% -12.8% 28.8% -26.6%
4/18/1994 110.72 -17.4% 15.0% -12.8% 28.8% -26.6%
4/19/1994 107.31 -21.5% 15.0% -12.8% 28.8% -26.6%
4/20/1994 106.82 -17.5% 15.0% -12.8% 28.8% -26.6%
4/21/1994 109.29 -15.3% 15.0% -12.8% 28.8% -26.6%
4/22/1994 107.66 -18.3% 15.0% -12.8% 28.8% -26.6%
4/25/1994 111.01 -19.6% 15.0% -12.8% 28.8% -26.6%
4/26/1994 112.84 -15.9% 15.0% -12.8% 28.8% -26.6%
4/27/1994 112.84 -17.3% 15.0% -12.8% 28.8% -26.6%
4/28/1994 115.59 -13.2% 15.0% -12.8% 28.8% -26.6%
4/29/1994 114.43 -9.1% 15.0% -12.8% 28.8% -26.6%
5/2/1994 113.13 -10.3% 15.0% -12.8% 28.8% -26.6%
5/3/1994 111.34 -12.7% 15.0% -12.8% 28.8% -26.6%
5/4/1994 113.43 -11.4% 15.0% -12.8% 28.8% -26.6%
5/5/1994 110.26 -12.6% 15.0% -12.8% 28.8% -26.6%
5/6/1994 116.55 -8.6% 15.0% -12.8% 28.8% -26.6%
5/9/1994 116.17 -8.7% 15.0% -12.8% 28.8% -26.6%
5/10/1994 112.82 -13.9% 15.0% -12.8% 28.8% -26.6%
5/11/1994 114.77 -11.5% 15.0% -12.8% 28.8% -26.6%
5/12/1994 113.55 -9.8% 15.0% -12.8% 28.8% -26.6%
5/13/1994 113.18 -10.1% 15.0% -12.8% 28.8% -26.6%
5/16/1994 115.07 -6.9% 15.0% -12.8% 28.8% -26.6%
5/17/1994 113.61 -8.3% 15.0% -12.8% 28.8% -26.6%
5/18/1994 115.52 -7.8% 15.0% -12.8% 28.8% -26.6%
5/19/1994 117.32 -6.7% 15.0% -12.8% 28.8% -26.6%
5/20/1994 121.28 -5.5% 15.0% -12.8% 28.8% -26.6%
5/23/1994 123.94 -2.4% 15.0% -12.8% 28.8% -26.6%
5/24/1994 119.02 -4.4% 15.0% -12.8% 28.8% -26.6%
5/25/1994 118.41 -3.7% 15.0% -12.8% 28.8% -26.6%
5/26/1994 116.99 -4.2% 15.0% -12.8% 28.8% -26.6%
5/27/1994 118.13 -2.0% 15.0% -12.8% 28.8% -26.6%
5/30/1994 118.13 -1.1% 15.0% -12.8% 28.8% -26.6%
5/31/1994 120.32 -2.4% 15.0% -12.8% 28.8% -26.6%
6/1/1994 116.85 -7.7% 15.0% -12.8% 28.8% -26.6%
6/2/1994 116.65 -7.1% 15.0% -12.8% 28.8% -26.6%
6/3/1994 114.88 -8.1% 15.0% -12.8% 28.8% -26.6%
6/6/1994 114.12 -9.1% 15.0% -12.8% 28.8% -26.6%
6/7/1994 114.09 -8.6% 15.0% -12.8% 28.8% -26.6%
6/8/1994 112.94 -8.8% 15.0% -12.8% 28.8% -26.6%
6/9/1994 114.14 -10.6% 15.0% -12.8% 28.8% -26.6%
6/10/1994 113.22 -9.6% 15.0% -12.8% 28.8% -26.6%
6/13/1994 114.87 -11.6% 15.0% -12.8% 28.8% -26.6%
6/14/1994 116.12 -12.8% 15.0% -12.8% 28.8% -26.6%
6/15/1994 117.61 -13.3% 15.0% -12.8% 28.8% -26.6%
6/16/1994 115.7 -15.8% 15.0% -12.8% 28.8% -26.6%
6/17/1994 119.26 -11.5% 15.0% -12.8% 28.8% -26.6%
6/20/1994 118.54 -11.0% 15.0% -12.8% 28.8% -26.6%
6/21/1994 120.88 -6.8% 15.0% -12.8% 28.8% -26.6%
6/22/1994 118.66 -11.2% 15.0% -12.8% 28.8% -26.6%
6/23/1994 119.1 -10.9% 15.0% -12.8% 28.8% -26.6%
6/24/1994 117.16 -7.9% 15.0% -12.8% 28.8% -26.6%
6/27/1994 114.98 -9.6% 15.0% -12.8% 28.8% -26.6%
6/28/1994 113.54 -8.8% 15.0% -12.8% 28.8% -26.6%
6/29/1994 114.79 -8.2% 15.0% -12.8% 28.8% -26.6%
6/30/1994 115.25 -6.8% 15.0% -12.8% 28.8% -26.6%
7/1/1994 115.34 -4.7% 15.0% -12.8% 28.8% -26.6%
7/4/1994 115.34 -4.7% 15.0% -12.8% 28.8% -26.6%
7/5/1994 112.37 -5.8% 15.0% -12.8% 28.8% -26.6%
7/6/1994 112.28 -5.8% 15.0% -12.8% 28.8% -26.6%
7/7/1994 111.34 -2.4% 15.0% -12.8% 28.8% -26.6%
7/8/1994 109.95 -0.7% 15.0% -12.8% 28.8% -26.6%
7/11/1994 112.91 5.2% 15.0% -12.8% 28.8% -26.6%
7/12/1994 112 4.8% 15.0% -12.8% 28.8% -26.6%
7/13/1994 110.77 1.4% 15.0% -12.8% 28.8% -26.6%
7/14/1994 110.71 2.8% 15.0% -12.8% 28.8% -26.6%
7/15/1994 111.49 0.4% 15.0% -12.8% 28.8% -26.6%
7/18/1994 110.97 -1.7% 15.0% -12.8% 28.8% -26.6%
7/19/1994 114.19 1.2% 15.0% -12.8% 28.8% -26.6%
7/20/1994 114.96 -0.5% 15.0% -12.8% 28.8% -26.6%
7/21/1994 114.45 0.0% 15.0% -12.8% 28.8% -26.6%
7/22/1994 113.62 0.4% 15.0% -12.8% 28.8% -26.6%
7/25/1994 112.92 1.4% 15.0% -12.8% 28.8% -26.6%
7/26/1994 113.62 0.2% 15.0% -12.8% 28.8% -26.6%
7/27/1994 115.6 4.8% 15.0% -12.8% 28.8% -26.6%
7/28/1994 113.82 -2.3% 15.0% -12.8% 28.8% -26.6%
7/29/1994 111.75 -3.8% 15.0% -12.8% 28.8% -26.6%
8/1/1994 111.68 -1.0% 15.0% -12.8% 28.8% -26.6%
8/2/1994 109.28 -4.8% 15.0% -12.8% 28.8% -26.6%
8/3/1994 109.25 -3.8% 15.0% -12.8% 28.8% -26.6%
8/4/1994 110.8 -2.1% 15.0% -12.8% 28.8% -26.6%
8/5/1994 108.93 -5.3% 15.0% -12.8% 28.8% -26.6%
8/8/1994 108.87 -4.2% 15.0% -12.8% 28.8% -26.6%
8/9/1994 108.77 -5.8% 15.0% -12.8% 28.8% -26.6%
8/10/1994 108.5 -7.5% 15.0% -12.8% 28.8% -26.6%
8/11/1994 109.51 -9.7% 15.0% -12.8% 28.8% -26.6%
8/12/1994 108.41 -12.5% 15.0% -12.8% 28.8% -26.6%
8/15/1994 108.09 -9.2% 15.0% -12.8% 28.8% -26.6%
8/16/1994 107.72 -9.0% 15.0% -12.8% 28.8% -26.6%
8/17/1994 107.53 -8.1% 15.0% -12.8% 28.8% -26.6%
8/18/1994 110.32 -6.6% 15.0% -12.8% 28.8% -26.6%
8/19/1994 111.66 -5.5% 15.0% -12.8% 28.8% -26.6%
8/22/1994 111.04 -7.7% 15.0% -12.8% 28.8% -26.6%
8/23/1994 110.18 -5.7% 15.0% -12.8% 28.8% -26.6%
8/24/1994 112.38 -3.7% 15.0% -12.8% 28.8% -26.6%
8/25/1994 111.98 -2.5% 15.0% -12.8% 28.8% -26.6%
8/26/1994 111.51 -2.3% 15.0% -12.8% 28.8% -26.6%
8/29/1994 114.89 0.7% 15.0% -12.8% 28.8% -26.6%
8/30/1994 116.47 3.1% 15.0% -12.8% 28.8% -26.6%
8/31/1994 118.52 3.8% 15.0% -12.8% 28.8% -26.6%
9/1/1994 119.08 5.2% 15.0% -12.8% 28.8% -26.6%
9/2/1994 121.56 5.8% 15.0% -12.8% 28.8% -26.6%
9/5/1994 121.56 4.7% 15.0% -12.8% 28.8% -26.6%
9/6/1994 123.34 4.9% 15.0% -12.8% 28.8% -26.6%
9/7/1994 122.67 6.0% 15.0% -12.8% 28.8% -26.6%
9/8/1994 122.69 2.9% 15.0% -12.8% 28.8% -26.6%
9/9/1994 124.01 4.6% 15.0% -12.8% 28.8% -26.6%
9/12/1994 125.26 3.6% 15.0% -12.8% 28.8% -26.6%
9/13/1994 124.23 4.7% 15.0% -12.8% 28.8% -26.6%
9/14/1994 122.92 3.2% 15.0% -12.8% 28.8% -26.6%
9/15/1994 121.56 3.8% 15.0% -12.8% 28.8% -26.6%
9/16/1994 122.96 6.9% 15.0% -12.8% 28.8% -26.6%
9/19/1994 128.43 13.1% 15.0% -12.8% 28.8% -26.6%
9/20/1994 129.6 12.9% 15.0% -12.8% 28.8% -26.6%
9/21/1994 129.47 12.3% 15.0% -12.8% 28.8% -26.6%
9/22/1994 132.13 14.6% 15.0% -12.8% 28.8% -26.6%
9/23/1994 134.28 16.4% 15.0% -12.8% 28.8% -26.6%
9/26/1994 132.93 18.3% 15.0% -12.8% 28.8% -26.6%
9/27/1994 135.87 21.0% 15.0% -12.8% 28.8% -26.6%
9/28/1994 133.43 19.8% 15.0% -12.8% 28.8% -26.6%
9/29/1994 133.4 21.3% 15.0% -12.8% 28.8% -26.6%
9/30/1994 132.23 17.1% 15.0% -12.8% 28.8% -26.6%
10/3/1994 129.14 15.3% 15.0% -12.8% 28.8% -26.6%
10/4/1994 126.78 14.5% 15.0% -12.8% 28.8% -26.6%
10/5/1994 124.67 12.6% 15.0% -12.8% 28.8% -26.6%
10/6/1994 127.68 14.5% 15.0% -12.8% 28.8% -26.6%
10/7/1994 125.76 13.3% 15.0% -12.8% 28.8% -26.6%
10/10/1994 126.94 11.2% 15.0% -12.8% 28.8% -26.6%
10/11/1994 127.02 10.5% 15.0% -12.8% 28.8% -26.6%
10/12/1994 129.11 12.8% 15.0% -12.8% 28.8% -26.6%
10/13/1994 126.3 11.2% 15.0% -12.8% 28.8% -26.6%
10/14/1994 124.11 9.9% 15.0% -12.8% 28.8% -26.6%
10/17/1994 125.66 10.6% 15.0% -12.8% 28.8% -26.6%
10/18/1994 125.18 8.3% 15.0% -12.8% 28.8% -26.6%
10/19/1994 125.75 10.5% 15.0% -12.8% 28.8% -26.6%
10/20/1994 128.03 14.6% 15.0% -12.8% 28.8% -26.6%
10/21/1994 126.12 12.9% 15.0% -12.8% 28.8% -26.6%
10/24/1994 125.64 15.0% 15.0% -12.8% 28.8% -26.6%
10/25/1994 125.24 14.6% 15.0% -12.8% 28.8% -26.6%
10/26/1994 123.24 11.2% 15.0% -12.8% 28.8% -26.6%
10/27/1994 118.95 9.2% 15.0% -12.8% 28.8% -26.6%
10/28/1994 116.45 7.0% 15.0% -12.8% 28.8% -26.6%
10/31/1994 117.41 7.9% 15.0% -12.8% 28.8% -26.6%
11/1/1994 117.03 7.9% 15.0% -12.8% 28.8% -26.6%
11/2/1994 116.43 6.3% 15.0% -12.8% 28.8% -26.6%
11/3/1994 116.19 7.2% 15.0% -12.8% 28.8% -26.6%
11/4/1994 115.18 6.6% 15.0% -12.8% 28.8% -26.6%
11/7/1994 114.52 6.3% 15.0% -12.8% 28.8% -26.6%
11/8/1994 116.02 7.9% 15.0% -12.8% 28.8% -26.6%
11/9/1994 114.2 3.5% 15.0% -12.8% 28.8% -26.6%
11/10/1994 115.14 3.1% 15.0% -12.8% 28.8% -26.6%
11/11/1994 114.75 3.3% 15.0% -12.8% 28.8% -26.6%
11/14/1994 113.45 3.0% 15.0% -12.8% 28.8% -26.6%
11/15/1994 113.4 0.9% 15.0% -12.8% 28.8% -26.6%
11/16/1994 113.19 1.1% 15.0% -12.8% 28.8% -26.6%
11/17/1994 110.99 -0.5% 15.0% -12.8% 28.8% -26.6%
11/18/1994 109.23 -4.9% 15.0% -12.8% 28.8% -26.6%
11/21/1994 107.59 -7.6% 15.0% -12.8% 28.8% -26.6%
11/22/1994 104.98 -11.4% 15.0% -12.8% 28.8% -26.6%
11/23/1994 102.42 -14.0% 15.0% -12.8% 28.8% -26.6%
11/24/1994 102.42 -15.7% 15.0% -12.8% 28.8% -26.6%
11/25/1994 106.48 -12.4% 15.0% -12.8% 28.8% -26.6%
11/28/1994 103.83 -15.8% 15.0% -12.8% 28.8% -26.6%
11/29/1994 105.54 -14.0% 15.0% -12.8% 28.8% -26.6%
11/30/1994 102.7 -16.3% 15.0% -12.8% 28.8% -26.6%
12/1/1994 102.59 -17.3% 15.0% -12.8% 28.8% -26.6%
12/2/1994 102.23 -18.4% 15.0% -12.8% 28.8% -26.6%
12/5/1994 100.13 -19.4% 15.0% -12.8% 28.8% -26.6%
12/6/1994 102.18 -16.9% 15.0% -12.8% 28.8% -26.6%
12/7/1994 105.02 -13.6% 15.0% -12.8% 28.8% -26.6%
12/8/1994 103.39 -15.9% 15.0% -12.8% 28.8% -26.6%
12/9/1994 104.52 -18.6% 15.0% -12.8% 28.8% -26.6%
12/12/1994 105.8 -18.4% 15.0% -12.8% 28.8% -26.6%
12/13/1994 105.97 -18.2% 15.0% -12.8% 28.8% -26.6%
12/14/1994 107.41 -18.7% 15.0% -12.8% 28.8% -26.6%
12/15/1994 105.33 -21.6% 15.0% -12.8% 28.8% -26.6%
12/16/1994 102.93 -22.6% 15.0% -12.8% 28.8% -26.6%
12/19/1994 104.62 -23.0% 15.0% -12.8% 28.8% -26.6%
12/20/1994 105.64 -20.8% 15.0% -12.8% 28.8% -26.6%
12/21/1994 105.85 -20.7% 15.0% -12.8% 28.8% -26.6%
12/22/1994 104.67 -20.8% 15.0% -12.8% 28.8% -26.6%
12/23/1994 105.22 -18.5% 15.0% -12.8% 28.8% -26.6%
12/26/1994 105.22 -17.0% 15.0% -12.8% 28.8% -26.6%
12/27/1994 105.97 -15.0% 15.0% -12.8% 28.8% -26.6%
12/28/1994 110.59 -13.4% 15.0% -12.8% 28.8% -26.6%
12/29/1994 110.35 -12.3% 15.0% -12.8% 28.8% -26.6%
12/30/1994 109.33 -13.9% 15.0% -12.8% 28.8% -26.6%
1/2/1995 109.33 -13.9% 15.0% -12.8% 28.8% -26.6%
1/3/1995 105 -18.7% 15.0% -12.8% 28.8% -26.6%
1/4/1995 99.81 -21.0% 15.0% -12.8% 28.8% -26.6%
1/5/1995 101.25 -18.4% 15.0% -12.8% 28.8% -26.6%
1/6/1995 98.77 -21.4% 15.0% -12.8% 28.8% -26.6%
1/9/1995 99.91 -20.2% 15.0% -12.8% 28.8% -26.6%
1/10/1995 102.3 -18.6% 15.0% -12.8% 28.8% -26.6%
1/11/1995 107.86 -15.8% 15.0% -12.8% 28.8% -26.6%
1/12/1995 107.83 -14.5% 15.0% -12.8% 28.8% -26.6%
1/13/1995 106.89 -14.9% 15.0% -12.8% 28.8% -26.6%
1/16/1995 104.73 -16.4% 15.0% -12.8% 28.8% -26.6%
1/17/1995 105.75 -14.2% 15.0% -12.8% 28.8% -26.6%
1/18/1995 108.17 -9.1% 15.0% -12.8% 28.8% -26.6%
1/19/1995 108.38 -6.9% 15.0% -12.8% 28.8% -26.6%
1/20/1995 107.18 -8.7% 15.0% -12.8% 28.8% -26.6%
1/23/1995 104.64 -10.6% 15.0% -12.8% 28.8% -26.6%
1/24/1995 104.5 -10.2% 15.0% -12.8% 28.8% -26.6%
1/25/1995 102.65 -11.7% 15.0% -12.8% 28.8% -26.6%
1/26/1995 101.96 -11.5% 15.0% -12.8% 28.8% -26.6%
1/27/1995 98.62 -13.9% 15.0% -12.8% 28.8% -26.6%
1/30/1995 99.11 -14.6% 15.0% -12.8% 28.8% -26.6%
1/31/1995 97.38 -14.7% 15.0% -12.8% 28.8% -26.6%
2/1/1995 98.76 -14.2% 15.0% -12.8% 28.8% -26.6%
2/2/1995 101.94 -11.2% 15.0% -12.8% 28.8% -26.6%
2/3/1995 100.46 -11.4% 15.0% -12.8% 28.8% -26.6%
2/6/1995 100.62 -11.3% 15.0% -12.8% 28.8% -26.6%
2/7/1995 99.33 -12.2% 15.0% -12.8% 28.8% -26.6%
2/8/1995 100.65 -9.3% 15.0% -12.8% 28.8% -26.6%
2/9/1995 101.85 -6.8% 15.0% -12.8% 28.8% -26.6%
2/10/1995 101.31 -5.8% 15.0% -12.8% 28.8% -26.6%
2/13/1995 100.55 -4.2% 15.0% -12.8% 28.8% -26.6%
2/14/1995 100.05 -2.3% 15.0% -12.8% 28.8% -26.6%
2/15/1995 100.8 -1.6% 15.0% -12.8% 28.8% -26.6%
2/16/1995 101 -5.1% 15.0% -12.8% 28.8% -26.6%
2/17/1995 103.06 -0.7% 15.0% -12.8% 28.8% -26.6%
2/20/1995 103.06 -2.3% 15.0% -12.8% 28.8% -26.6%
2/21/1995 103.39 0.7% 15.0% -12.8% 28.8% -26.6%
2/22/1995 106.43 3.7% 15.0% -12.8% 28.8% -26.6%
2/23/1995 104.89 2.6% 15.0% -12.8% 28.8% -26.6%
2/24/1995 104.17 4.0% 15.0% -12.8% 28.8% -26.6%
2/27/1995 103.65 1.4% 15.0% -12.8% 28.8% -26.6%
2/28/1995 103.83 -1.1% 15.0% -12.8% 28.8% -26.6%
3/1/1995 100.38 -2.9% 15.0% -12.8% 28.8% -26.6%
3/2/1995 102.64 -1.8% 15.0% -12.8% 28.8% -26.6%
3/3/1995 100.41 -5.1% 15.0% -12.8% 28.8% -26.6%
3/6/1995 104.64 -1.3% 15.0% -12.8% 28.8% -26.6%
3/7/1995 112.54 4.8% 15.0% -12.8% 28.8% -26.6%
3/8/1995 108.08 2.6% 15.0% -12.8% 28.8% -26.6%
3/9/1995 110.69 7.5% 15.0% -12.8% 28.8% -26.6%
3/10/1995 109 4.2% 15.0% -12.8% 28.8% -26.6%
3/13/1995 111.56 5.6% 15.0% -12.8% 28.8% -26.6%
3/14/1995 111.48 5.3% 15.0% -12.8% 28.8% -26.6%
3/15/1995 113.24 8.2% 15.0% -12.8% 28.8% -26.6%
3/16/1995 112.49 6.9% 15.0% -12.8% 28.8% -26.6%
3/17/1995 113.8 8.2% 15.0% -12.8% 28.8% -26.6%
3/20/1995 115.47 9.0% 15.0% -12.8% 28.8% -26.6%
3/21/1995 114.36 3.4% 15.0% -12.8% 28.8% -26.6%
3/22/1995 114.29 3.6% 15.0% -12.8% 28.8% -26.6%
3/23/1995 115.86 6.0% 15.0% -12.8% 28.8% -26.6%
3/24/1995 114.77 5.0% 15.0% -12.8% 28.8% -26.6%
3/27/1995 114.83 9.4% 15.0% -12.8% 28.8% -26.6%
3/28/1995 115.96 16.2% 15.0% -12.8% 28.8% -26.6%
3/29/1995 115.38 14.0% 15.0% -12.8% 28.8% -26.6%
3/30/1995 120.09 21.6% 15.0% -12.8% 28.8% -26.6%
3/31/1995 121.97 22.1% 15.0% -12.8% 28.8% -26.6%
4/3/1995 121.98 19.2% 15.0% -12.8% 28.8% -26.6%
4/4/1995 119.78 11.1% 15.0% -12.8% 28.8% -26.6%
4/5/1995 123.19 14.2% 15.0% -12.8% 28.8% -26.6%
4/6/1995 122.46 14.6% 15.0% -12.8% 28.8% -26.6%
4/7/1995 121.36 15.9% 15.0% -12.8% 28.8% -26.6%
4/10/1995 119.34 12.9% 15.0% -12.8% 28.8% -26.6%
4/11/1995 119.35 10.3% 15.0% -12.8% 28.8% -26.6%
4/12/1995 119.86 10.6% 15.0% -12.8% 28.8% -26.6%
4/13/1995 116.28 8.5% 15.0% -12.8% 28.8% -26.6%
4/14/1995 116.28 11.1% 15.0% -12.8% 28.8% -26.6%
4/17/1995 122.71 17.4% 15.0% -12.8% 28.8% -26.6%
4/18/1995 124.88 21.7% 15.0% -12.8% 28.8% -26.6%
4/19/1995 124.08 21.7% 15.0% -12.8% 28.8% -26.6%
4/20/1995 119.92 21.6% 15.0% -12.8% 28.8% -26.6%
4/21/1995 121.32 22.4% 15.0% -12.8% 28.8% -26.6%
4/24/1995 122.15 25.4% 15.0% -12.8% 28.8% -26.6%
4/25/1995 122.73 24.3% 15.0% -12.8% 28.8% -26.6%
4/26/1995 118.63 16.4% 15.0% -12.8% 28.8% -26.6%
4/27/1995 120.51 20.0% 15.0% -12.8% 28.8% -26.6%
4/28/1995 116.93 16.2% 15.0% -12.8% 28.8% -26.6%
5/1/1995 118.99 19.8% 15.0% -12.8% 28.8% -26.6%
5/2/1995 119.08 18.3% 15.0% -12.8% 28.8% -26.6%
5/3/1995 116.16 14.1% 15.0% -12.8% 28.8% -26.6%
5/4/1995 118.59 17.1% 15.0% -12.8% 28.8% -26.6%
5/5/1995 116.88 16.2% 15.0% -12.8% 28.8% -26.6%
5/8/1995 116.66 16.6% 15.0% -12.8% 28.8% -26.6%
5/9/1995 112 11.1% 15.0% -12.8% 28.8% -26.6%
5/10/1995 111.71 10.6% 15.0% -12.8% 28.8% -26.6%
5/11/1995 109.48 6.2% 15.0% -12.8% 28.8% -26.6%
5/12/1995 109.12 5.9% 15.0% -12.8% 28.8% -26.6%
5/15/1995 112.25 8.6% 15.0% -12.8% 28.8% -26.6%
5/16/1995 113.74 6.9% 15.0% -12.8% 28.8% -26.6%
5/17/1995 115.54 10.2% 15.0% -12.8% 28.8% -26.6%
5/18/1995 117.94 13.2% 15.0% -12.8% 28.8% -26.6%
5/19/1995 115.41 11.3% 15.0% -12.8% 28.8% -26.6%
5/22/1995 113.2 9.0% 15.0% -12.8% 28.8% -26.6%
5/23/1995 116.51 16.1% 15.0% -12.8% 28.8% -26.6%
5/24/1995 119.8 16.7% 15.0% -12.8% 28.8% -26.6%
5/25/1995 119.76 19.3% 15.0% -12.8% 28.8% -26.6%
5/26/1995 120.69 15.3% 15.0% -12.8% 28.8% -26.6%
5/29/1995 120.69 7.2% 15.0% -12.8% 28.8% -26.6%
5/30/1995 119.13 10.2% 15.0% -12.8% 28.8% -26.6%
5/31/1995 120 8.4% 15.0% -12.8% 28.8% -26.6%
6/1/1995 121.3 11.3% 15.0% -12.8% 28.8% -26.6%
6/2/1995 118.72 6.4% 15.0% -12.8% 28.8% -26.6%
6/5/1995 119.02 6.8% 15.0% -12.8% 28.8% -26.6%
6/6/1995 117.99 4.2% 15.0% -12.8% 28.8% -26.6%
6/7/1995 120.46 7.1% 15.0% -12.8% 28.8% -26.6%
6/8/1995 122.04 7.2% 15.0% -12.8% 28.8% -26.6%
6/9/1995 121.83 5.5% 15.0% -12.8% 28.8% -26.6%
6/12/1995 120.61 5.5% 15.0% -12.8% 28.8% -26.6%
6/13/1995 121 5.9% 15.0% -12.8% 28.8% -26.6%
6/14/1995 123.9 6.9% 15.0% -12.8% 28.8% -26.6%
6/15/1995 126.73 10.4% 15.0% -12.8% 28.8% -26.6%
6/16/1995 126.81 10.4% 15.0% -12.8% 28.8% -26.6%
6/19/1995 129.06 11.3% 15.0% -12.8% 28.8% -26.6%
6/20/1995 125.17 8.5% 15.0% -12.8% 28.8% -26.6%
6/21/1995 124.38 3.6% 15.0% -12.8% 28.8% -26.6%
6/22/1995 127.11 4.2% 15.0% -12.8% 28.8% -26.6%
6/23/1995 126.52 3.7% 15.0% -12.8% 28.8% -26.6%
6/26/1995 123.7 3.3% 15.0% -12.8% 28.8% -26.6%
6/27/1995 123.77 0.5% 15.0% -12.8% 28.8% -26.6%
6/28/1995 121.26 -1.0% 15.0% -12.8% 28.8% -26.6%
6/29/1995 122.07 0.6% 15.0% -12.8% 28.8% -26.6%
6/30/1995 120.19 0.7% 15.0% -12.8% 28.8% -26.6%
7/3/1995 119.82 0.4% 15.0% -12.8% 28.8% -26.6%
7/4/1995 119.82 0.0% 15.0% -12.8% 28.8% -26.6%
7/5/1995 120.19 3.4% 15.0% -12.8% 28.8% -26.6%
7/6/1995 124.03 6.7% 15.0% -12.8% 28.8% -26.6%
7/7/1995 126.29 2.9% 15.0% -12.8% 28.8% -26.6%
7/10/1995 125.85 0.8% 15.0% -12.8% 28.8% -26.6%
7/11/1995 129.01 4.0% 15.0% -12.8% 28.8% -26.6%
7/12/1995 131 9.2% 15.0% -12.8% 28.8% -26.6%
7/13/1995 126.71 4.4% 15.0% -12.8% 28.8% -26.6%
7/14/1995 127.51 4.4% 15.0% -12.8% 28.8% -26.6%
7/17/1995 129.75 5.7% 15.0% -12.8% 28.8% -26.6%
7/18/1995 128.53 8.3% 15.0% -12.8% 28.8% -26.6%
7/19/1995 125.92 4.5% 15.0% -12.8% 28.8% -26.6%
7/20/1995 123.33 5.5% 15.0% -12.8% 28.8% -26.6%
7/21/1995 123.02 3.4% 15.0% -12.8% 28.8% -26.6%
7/24/1995 125.22 5.2% 15.0% -12.8% 28.8% -26.6%
7/25/1995 122.66 5.6% 15.0% -12.8% 28.8% -26.6%
7/26/1995 124.31 4.8% 15.0% -12.8% 28.8% -26.6%
7/27/1995 120.53 3.1% 15.0% -12.8% 28.8% -26.6%
7/28/1995 119.7 2.6% 15.0% -12.8% 28.8% -26.6%
7/31/1995 118.7 6.0% 15.0% -12.8% 28.8% -26.6%
8/1/1995 123.6 10.6% 15.0% -12.8% 28.8% -26.6%
8/2/1995 122.9 12.3% 15.0% -12.8% 28.8% -26.6%
8/3/1995 124.05 13.7% 15.0% -12.8% 28.8% -26.6%
8/4/1995 122.87 9.5% 15.0% -12.8% 28.8% -26.6%
8/7/1995 121.55 6.9% 15.0% -12.8% 28.8% -26.6%
8/8/1995 123.78 7.1% 15.0% -12.8% 28.8% -26.6%
8/9/1995 122.3 3.7% 15.0% -12.8% 28.8% -26.6%
8/10/1995 121.11 4.9% 15.0% -12.8% 28.8% -26.6%
8/11/1995 120.6 6.5% 15.0% -12.8% 28.8% -26.6%
8/14/1995 123.96 6.4% 15.0% -12.8% 28.8% -26.6%
8/15/1995 126.32 5.4% 15.0% -12.8% 28.8% -26.6%
8/16/1995 124.87 4.3% 15.0% -12.8% 28.8% -26.6%
8/17/1995 125.88 4.3% 15.0% -12.8% 28.8% -26.6%
8/18/1995 125.88 4.3% 15.0% -12.8% 28.8% -26.6%
8/21/1995 124.94 4.9% 15.0% -12.8% 28.8% -26.6%
8/22/1995 124.58 3.8% 15.0% -12.8% 28.8% -26.6%
8/23/1995 127.52 5.1% 15.0% -12.8% 28.8% -26.6%
8/24/1995 126.31 6.4% 15.0% -12.8% 28.8% -26.6%
8/25/1995 126.9 6.6% 15.0% -12.8% 28.8% -26.6%
8/28/1995 126.85 7.5% 15.0% -12.8% 28.8% -26.6%
8/29/1995 124.59 3.4% 15.0% -12.8% 28.8% -26.6%
8/30/1995 121.55 -0.4% 15.0% -12.8% 28.8% -26.6%
8/31/1995 122.66 0.7% 15.0% -12.8% 28.8% -26.6%
9/1/1995 121.46 0.7% 15.0% -12.8% 28.8% -26.6%
9/4/1995 121.46 0.4% 15.0% -12.8% 28.8% -26.6%
9/5/1995 123.24 -0.5% 15.0% -12.8% 28.8% -26.6%
9/6/1995 125.15 -1.2% 15.0% -12.8% 28.8% -26.6%
9/7/1995 126.38 -0.3% 15.0% -12.8% 28.8% -26.6%
9/8/1995 127.1 -1.5% 15.0% -12.8% 28.8% -26.6%
9/11/1995 127.79 2.1% 15.0% -12.8% 28.8% -26.6%
9/12/1995 129.95 4.5% 15.0% -12.8% 28.8% -26.6%
9/13/1995 126.19 -0.7% 15.0% -12.8% 28.8% -26.6%
9/14/1995 127.28 0.6% 15.0% -12.8% 28.8% -26.6%
9/15/1995 126.62 2.4% 15.0% -12.8% 28.8% -26.6%
9/18/1995 126.62 2.3% 15.0% -12.8% 28.8% -26.6%
9/19/1995 124.1 2.3% 15.0% -12.8% 28.8% -26.6%
9/20/1995 122.49 0.3% 15.0% -12.8% 28.8% -26.6%
9/21/1995 125.88 4.7% 15.0% -12.8% 28.8% -26.6%
9/22/1995 123.74 3.3% 15.0% -12.8% 28.8% -26.6%
9/25/1995 123.04 2.7% 15.0% -12.8% 28.8% -26.6%
9/26/1995 122.99 2.3% 15.0% -12.8% 28.8% -26.6%
9/27/1995 122.89 -0.9% 15.0% -12.8% 28.8% -26.6%
9/28/1995 123.54 -2.2% 15.0% -12.8% 28.8% -26.6%
9/29/1995 124.2 -1.3% 15.0% -12.8% 28.8% -26.6%
10/2/1995 122.39 -5.1% 15.0% -12.8% 28.8% -26.6%
10/3/1995 121.34 -7.4% 15.0% -12.8% 28.8% -26.6%
10/4/1995 120.48 -4.9% 15.0% -12.8% 28.8% -26.6%
10/5/1995 120.97 -5.1% 15.0% -12.8% 28.8% -26.6%
10/6/1995 122.14 -5.9% 15.0% -12.8% 28.8% -26.6%
10/9/1995 122.87 -4.4% 15.0% -12.8% 28.8% -26.6%
10/10/1995 123.22 -2.1% 15.0% -12.8% 28.8% -26.6%
10/11/1995 121.56 -1.4% 15.0% -12.8% 28.8% -26.6%
10/12/1995 119.01 -3.3% 15.0% -12.8% 28.8% -26.6%
10/13/1995 119.17 -4.8% 15.0% -12.8% 28.8% -26.6%
10/16/1995 117.28 -4.4% 15.0% -12.8% 28.8% -26.6%
10/17/1995 115.3 -7.2% 15.0% -12.8% 28.8% -26.6%
10/18/1995 113.14 -6.1% 15.0% -12.8% 28.8% -26.6%
10/19/1995 113 -5.6% 15.0% -12.8% 28.8% -26.6%
10/20/1995 113.73 -4.2% 15.0% -12.8% 28.8% -26.6%
10/23/1995 110.46 -10.6% 15.0% -12.8% 28.8% -26.6%
10/24/1995 110.55 -10.0% 15.0% -12.8% 28.8% -26.6%
10/25/1995 113.12 -8.8% 15.0% -12.8% 28.8% -26.6%
10/26/1995 111 -9.7% 15.0% -12.8% 28.8% -26.6%
10/27/1995 108.42 -10.8% 15.0% -12.8% 28.8% -26.6%
10/30/1995 108 -12.7% 15.0% -12.8% 28.8% -26.6%
10/31/1995 107.18 -12.4% 15.0% -12.8% 28.8% -26.6%
11/1/1995 108.08 -10.8% 15.0% -12.8% 28.8% -26.6%
11/2/1995 112.57 -6.7% 15.0% -12.8% 28.8% -26.6%
11/3/1995 111.66 -9.9% 15.0% -12.8% 28.8% -26.6%
11/6/1995 114.34 -9.5% 15.0% -12.8% 28.8% -26.6%
11/7/1995 116.66 -6.6% 15.0% -12.8% 28.8% -26.6%
11/8/1995 115.72 -8.1% 15.0% -12.8% 28.8% -26.6%
11/9/1995 118.25 -6.1% 15.0% -12.8% 28.8% -26.6%
11/10/1995 119.49 -4.4% 15.0% -12.8% 28.8% -26.6%
11/13/1995 117.08 -6.0% 15.0% -12.8% 28.8% -26.6%
11/14/1995 114.59 -10.1% 15.0% -12.8% 28.8% -26.6%
11/15/1995 114.58 -9.3% 15.0% -12.8% 28.8% -26.6%
11/16/1995 115.11 -9.3% 15.0% -12.8% 28.8% -26.6%
11/17/1995 117.22 -7.6% 15.0% -12.8% 28.8% -26.6%
11/20/1995 117.1 -6.0% 15.0% -12.8% 28.8% -26.6%
11/21/1995 117.35 -3.5% 15.0% -12.8% 28.8% -26.6%
11/22/1995 115.83 -5.6% 15.0% -12.8% 28.8% -26.6%
11/23/1995 115.83 -4.6% 15.0% -12.8% 28.8% -26.6%
11/24/1995 117.2 -3.5% 15.0% -12.8% 28.8% -26.6%
11/27/1995 121.46 -1.4% 15.0% -12.8% 28.8% -26.6%
11/28/1995 122.81 -1.9% 15.0% -12.8% 28.8% -26.6%
11/29/1995 120.99 -4.3% 15.0% -12.8% 28.8% -26.6%
11/30/1995 121.11 -4.7% 15.0% -12.8% 28.8% -26.6%
12/1/1995 119.82 -6.2% 15.0% -12.8% 28.8% -26.6%
12/4/1995 122.08 -6.1% 15.0% -12.8% 28.8% -26.6%
12/5/1995 124.71 -1.2% 15.0% -12.8% 28.8% -26.6%
12/6/1995 126.01 -1.0% 15.0% -12.8% 28.8% -26.6%
12/7/1995 124.47 -1.7% 15.0% -12.8% 28.8% -26.6%
12/8/1995 125.65 -0.8% 15.0% -12.8% 28.8% -26.6%
12/11/1995 124.63 0.4% 15.0% -12.8% 28.8% -26.6%
12/12/1995 123.04 0.4% 15.0% -12.8% 28.8% -26.6%
12/13/1995 120.05 -4.6% 15.0% -12.8% 28.8% -26.6%
12/14/1995 120.14 -2.9% 15.0% -12.8% 28.8% -26.6%
12/15/1995 120.89 -1.7% 15.0% -12.8% 28.8% -26.6%
12/18/1995 121.06 -1.6% 15.0% -12.8% 28.8% -26.6%
12/19/1995 120.86 -1.7% 15.0% -12.8% 28.8% -26.6%
12/20/1995 122.28 -1.0% 15.0% -12.8% 28.8% -26.6%
12/21/1995 121.92 -1.8% 15.0% -12.8% 28.8% -26.6%
12/22/1995 122.29 -0.1% 15.0% -12.8% 28.8% -26.6%
12/25/1995 122.29 0.8% 15.0% -12.8% 28.8% -26.6%
12/26/1995 121.13 0.5% 15.0% -12.8% 28.8% -26.6%
12/27/1995 119.75 -1.0% 15.0% -12.8% 28.8% -26.6%
12/28/1995 119.49 -2.2% 15.0% -12.8% 28.8% -26.6%
12/29/1995 120.42 -2.0% 15.0% -12.8% 28.8% -26.6%
1/1/1996 120.42 -2.3% 15.0% -12.8% 28.8% -26.6%
1/2/1996 126.48 4.0% 15.0% -12.8% 28.8% -26.6%
1/3/1996 129.55 8.9% 15.0% -12.8% 28.8% -26.6%
1/4/1996 128.68 8.0% 15.0% -12.8% 28.8% -26.6%
1/5/1996 132.66 13.1% 15.0% -12.8% 28.8% -26.6%
1/8/1996 134.45 16.6% 15.0% -12.8% 28.8% -26.6%
1/9/1996 135.3 19.6% 15.0% -12.8% 28.8% -26.6%
1/10/1996 137.2 21.4% 15.0% -12.8% 28.8% -26.6%
1/11/1996 133.52 17.4% 15.0% -12.8% 28.8% -26.6%
1/12/1996 131.31 18.9% 15.0% -12.8% 28.8% -26.6%
1/15/1996 132.47 19.8% 15.0% -12.8% 28.8% -26.6%
1/16/1996 132.21 16.9% 15.0% -12.8% 28.8% -26.6%
1/17/1996 134.55 21.2% 15.0% -12.8% 28.8% -26.6%
1/18/1996 132.55 22.3% 15.0% -12.8% 28.8% -26.6%
1/19/1996 135.49 25.5% 15.0% -12.8% 28.8% -26.6%
1/22/1996 141.42 31.9% 15.0% -12.8% 28.8% -26.6%
1/23/1996 140.11 29.6% 15.0% -12.8% 28.8% -26.6%
1/24/1996 137.07 21.8% 15.0% -12.8% 28.8% -26.6%
1/25/1996 139.42 24.9% 15.0% -12.8% 28.8% -26.6%
1/26/1996 139.83 22.3% 15.0% -12.8% 28.8% -26.6%
1/29/1996 142.26 21.9% 15.0% -12.8% 28.8% -26.6%
1/30/1996 140.89 21.8% 15.0% -12.8% 28.8% -26.6%
1/31/1996 141.05 19.3% 15.0% -12.8% 28.8% -26.6%
2/1/1996 147.16 23.2% 15.0% -12.8% 28.8% -26.6%
2/2/1996 150.62 28.6% 15.0% -12.8% 28.8% -26.6%
2/5/1996 152.7 33.3% 15.0% -12.8% 28.8% -26.6%
2/6/1996 152.68 33.3% 15.0% -12.8% 28.8% -26.6%
2/7/1996 145.55 26.4% 15.0% -12.8% 28.8% -26.6%
2/8/1996 145.54 24.2% 15.0% -12.8% 28.8% -26.6%
2/9/1996 143.07 22.2% 15.0% -12.8% 28.8% -26.6%
2/12/1996 141.92 20.9% 15.0% -12.8% 28.8% -26.6%
2/13/1996 143.7 24.1% 15.0% -12.8% 28.8% -26.6%
2/14/1996 147.78 27.6% 15.0% -12.8% 28.8% -26.6%
2/15/1996 143.34 22.3% 15.0% -12.8% 28.8% -26.6%
2/16/1996 144.62 19.1% 15.0% -12.8% 28.8% -26.6%
2/19/1996 144.62 17.8% 15.0% -12.8% 28.8% -26.6%
2/20/1996 141.66 17.1% 15.0% -12.8% 28.8% -26.6%
2/21/1996 144.23 19.1% 15.0% -12.8% 28.8% -26.6%
2/22/1996 143.21 19.5% 15.0% -12.8% 28.8% -26.6%
2/23/1996 142.45 16.7% 15.0% -12.8% 28.8% -26.6%
2/26/1996 146.37 17.4% 15.0% -12.8% 28.8% -26.6%
2/27/1996 145.5 15.5% 15.0% -12.8% 28.8% -26.6%
2/28/1996 145.07 16.6% 15.0% -12.8% 28.8% -26.6%
2/29/1996 144.06 14.7% 15.0% -12.8% 28.8% -26.6%
3/1/1996 142.61 14.4% 15.0% -12.8% 28.8% -26.6%
3/4/1996 136.82 11.2% 15.0% -12.8% 28.8% -26.6%
3/5/1996 137.75 14.7% 15.0% -12.8% 28.8% -26.6%
3/6/1996 138.31 15.1% 15.0% -12.8% 28.8% -26.6%
3/7/1996 140.47 16.2% 15.0% -12.8% 28.8% -26.6%
3/8/1996 138.06 14.0% 15.0% -12.8% 28.8% -26.6%
3/11/1996 139.7 15.6% 15.0% -12.8% 28.8% -26.6%
3/12/1996 136.98 12.0% 15.0% -12.8% 28.8% -26.6%
3/13/1996 138.77 13.8% 15.0% -12.8% 28.8% -26.6%
3/14/1996 139.38 14.0% 15.0% -12.8% 28.8% -26.6%
3/15/1996 137.8 12.7% 15.0% -12.8% 28.8% -26.6%
3/18/1996 136.56 12.7% 15.0% -12.8% 28.8% -26.6%
3/19/1996 136.64 14.1% 15.0% -12.8% 28.8% -26.6%
3/20/1996 136.56 14.3% 15.0% -12.8% 28.8% -26.6%
3/21/1996 137.58 14.3% 15.0% -12.8% 28.8% -26.6%
3/22/1996 139.7 16.0% 15.0% -12.8% 28.8% -26.6%
3/25/1996 142.62 12.8% 15.0% -12.8% 28.8% -26.6%
3/26/1996 148.8 14.9% 15.0% -12.8% 28.8% -26.6%
3/27/1996 149.53 16.2% 15.0% -12.8% 28.8% -26.6%
3/28/1996 143.83 8.4% 15.0% -12.8% 28.8% -26.6%
3/29/1996 143.83 7.0% 15.0% -12.8% 28.8% -26.6%
4/1/1996 143.72 6.2% 15.0% -12.8% 28.8% -26.6%
4/2/1996 142.59 3.9% 15.0% -12.8% 28.8% -26.6%
4/3/1996 144.95 8.6% 15.0% -12.8% 28.8% -26.6%
4/4/1996 143.2 9.1% 15.0% -12.8% 28.8% -26.6%
4/5/1996 143.2 8.1% 15.0% -12.8% 28.8% -26.6%
4/8/1996 148.35 12.2% 15.0% -12.8% 28.8% -26.6%
4/9/1996 146.28 8.7% 15.0% -12.8% 28.8% -26.6%
4/10/1996 149.7 12.9% 15.0% -12.8% 28.8% -26.6%
4/11/1996 149.15 10.1% 15.0% -12.8% 28.8% -26.6%
4/12/1996 145.35 2.8% 15.0% -12.8% 28.8% -26.6%
4/15/1996 145.27 3.7% 15.0% -12.8% 28.8% -26.6%
4/16/1996 141.84 3.5% 15.0% -12.8% 28.8% -26.6%
4/17/1996 140.41 0.7% 15.0% -12.8% 28.8% -26.6%
4/18/1996 141.1 0.9% 15.0% -12.8% 28.8% -26.6%
4/19/1996 137.78 -3.1% 15.0% -12.8% 28.8% -26.6%
4/22/1996 139.47 -1.0% 15.0% -12.8% 28.8% -26.6%
4/23/1996 141.47 0.3% 15.0% -12.8% 28.8% -26.6%
4/24/1996 139.94 -4.9% 15.0% -12.8% 28.8% -26.6%
4/25/1996 144.32 -4.2% 15.0% -12.8% 28.8% -26.6%
4/26/1996 142.22 -6.9% 15.0% -12.8% 28.8% -26.6%
4/29/1996 141.09 -7.6% 15.0% -12.8% 28.8% -26.6%
4/30/1996 143.42 -1.5% 15.0% -12.8% 28.8% -26.6%
5/1/1996 142.84 -1.9% 15.0% -12.8% 28.8% -26.6%
5/2/1996 141.93 -0.8% 15.0% -12.8% 28.8% -26.6%
5/3/1996 140.13 -1.3% 15.0% -12.8% 28.8% -26.6%
5/6/1996 145.4 1.2% 15.0% -12.8% 28.8% -26.6%
5/7/1996 148.78 0.7% 15.0% -12.8% 28.8% -26.6%
5/8/1996 147.06 2.6% 15.0% -12.8% 28.8% -26.6%
5/9/1996 147.03 1.7% 15.0% -12.8% 28.8% -26.6%
5/10/1996 146.35 1.2% 15.0% -12.8% 28.8% -26.6%
5/13/1996 147.7 4.3% 15.0% -12.8% 28.8% -26.6%
5/14/1996 146.69 1.7% 15.0% -12.8% 28.8% -26.6%
5/15/1996 147.26 2.8% 15.0% -12.8% 28.8% -26.6%
5/16/1996 146.71 3.0% 15.0% -12.8% 28.8% -26.6%
5/17/1996 145.95 -0.3% 15.0% -12.8% 28.8% -26.6%
5/20/1996 142.4 -2.1% 15.0% -12.8% 28.8% -26.6%
5/21/1996 146.15 0.7% 15.0% -12.8% 28.8% -26.6%
5/22/1996 145.46 1.0% 15.0% -12.8% 28.8% -26.6%
5/23/1996 143.56 0.7% 15.0% -12.8% 28.8% -26.6%
5/24/1996 143.67 5.0% 15.0% -12.8% 28.8% -26.6%
5/27/1996 143.67 4.3% 15.0% -12.8% 28.8% -26.6%
5/28/1996 143.73 3.9% 15.0% -12.8% 28.8% -26.6%
5/29/1996 143.89 2.4% 15.0% -12.8% 28.8% -26.6%
5/30/1996 145.57 5.4% 15.0% -12.8% 28.8% -26.6%
5/31/1996 148.89 6.6% 15.0% -12.8% 28.8% -26.6%
6/3/1996 147.7 7.8% 15.0% -12.8% 28.8% -26.6%
6/4/1996 143.16 3.2% 15.0% -12.8% 28.8% -26.6%
6/5/1996 136.8 -1.9% 15.0% -12.8% 28.8% -26.6%
6/6/1996 133.77 -2.9% 15.0% -12.8% 28.8% -26.6%
6/7/1996 133.34 -2.4% 15.0% -12.8% 28.8% -26.6%
6/10/1996 132.24 -3.2% 15.0% -12.8% 28.8% -26.6%
6/11/1996 130.97 -4.1% 15.0% -12.8% 28.8% -26.6%
6/12/1996 129.09 -6.2% 15.0% -12.8% 28.8% -26.6%
6/13/1996 129.57 -7.3% 15.0% -12.8% 28.8% -26.6%
6/14/1996 129.55 -9.2% 15.0% -12.8% 28.8% -26.6%
6/17/1996 128.57 -13.6% 15.0% -12.8% 28.8% -26.6%
6/18/1996 129.39 -13.5% 15.0% -12.8% 28.8% -26.6%
6/19/1996 129.92 -9.7% 15.0% -12.8% 28.8% -26.6%
6/20/1996 129.02 -10.3% 15.0% -12.8% 28.8% -26.6%
6/21/1996 125.32 -12.8% 15.0% -12.8% 28.8% -26.6%
6/24/1996 128.94 -9.6% 15.0% -12.8% 28.8% -26.6%
6/25/1996 127.31 -12.2% 15.0% -12.8% 28.8% -26.6%
6/26/1996 125.81 -12.1% 15.0% -12.8% 28.8% -26.6%
6/27/1996 124.12 -13.3% 15.0% -12.8% 28.8% -26.6%
6/28/1996 123.76 -16.6% 15.0% -12.8% 28.8% -26.6%
7/1/1996 125.72 -14.1% 15.0% -12.8% 28.8% -26.6%
7/2/1996 125.1 -16.4% 15.0% -12.8% 28.8% -26.6%
7/3/1996 125.42 -15.9% 15.0% -12.8% 28.8% -26.6%
7/4/1996 125.42 -13.7% 15.0% -12.8% 28.8% -26.6%
7/5/1996 130.31 -10.3% 15.0% -12.8% 28.8% -26.6%
7/8/1996 127.4 -10.2% 15.0% -12.8% 28.8% -26.6%
7/9/1996 131.2 -6.6% 15.0% -12.8% 28.8% -26.6%
7/10/1996 131.32 -6.9% 15.0% -12.8% 28.8% -26.6%
7/11/1996 128.09 -7.0% 15.0% -12.8% 28.8% -26.6%
7/12/1996 124.51 -10.7% 15.0% -12.8% 28.8% -26.6%
7/15/1996 123.23 -12.9% 15.0% -12.8% 28.8% -26.6%
7/16/1996 119.05 -14.9% 15.0% -12.8% 28.8% -26.6%
7/17/1996 116.75 -19.1% 15.0% -12.8% 28.8% -26.6%
7/18/1996 120.16 -15.5% 15.0% -12.8% 28.8% -26.6%
7/19/1996 121.36 -14.0% 15.0% -12.8% 28.8% -26.6%
7/22/1996 120.47 -16.0% 15.0% -12.8% 28.8% -26.6%
7/23/1996 118.87 -16.8% 15.0% -12.8% 28.8% -26.6%
7/24/1996 116.81 -17.7% 15.0% -12.8% 28.8% -26.6%
7/25/1996 117.21 -16.4% 15.0% -12.8% 28.8% -26.6%
7/26/1996 120.82 -16.9% 15.0% -12.8% 28.8% -26.6%
7/29/1996 118.44 -20.4% 15.0% -12.8% 28.8% -26.6%
7/30/1996 118 -19.8% 15.0% -12.8% 28.8% -26.6%
7/31/1996 124.35 -15.4% 15.0% -12.8% 28.8% -26.6%
8/1/1996 124.32 -15.1% 15.0% -12.8% 28.8% -26.6%
8/2/1996 126.14 -14.6% 15.0% -12.8% 28.8% -26.6%
8/5/1996 129.33 -11.8% 15.0% -12.8% 28.8% -26.6%
8/6/1996 127.68 -13.3% 15.0% -12.8% 28.8% -26.6%
8/7/1996 126.65 -13.7% 15.0% -12.8% 28.8% -26.6%
8/8/1996 128.75 -11.8% 15.0% -12.8% 28.8% -26.6%
8/9/1996 127.01 -10.8% 15.0% -12.8% 28.8% -26.6%
8/12/1996 128.13 -12.3% 15.0% -12.8% 28.8% -26.6%
8/13/1996 126.21 -13.2% 15.0% -12.8% 28.8% -26.6%
8/14/1996 123.33 -14.1% 15.0% -12.8% 28.8% -26.6%
8/15/1996 124.34 -13.5% 15.0% -12.8% 28.8% -26.6%
8/16/1996 121.66 -15.3% 15.0% -12.8% 28.8% -26.6%
8/19/1996 125.73 -12.5% 15.0% -12.8% 28.8% -26.6%
8/20/1996 127.71 -11.2% 15.0% -12.8% 28.8% -26.6%
8/21/1996 125.8 -13.6% 15.0% -12.8% 28.8% -26.6%
8/22/1996 128.17 -13.9% 15.0% -12.8% 28.8% -26.6%
8/23/1996 127.12 -13.9% 15.0% -12.8% 28.8% -26.6%
8/26/1996 128.19 -10.5% 15.0% -12.8% 28.8% -26.6%
8/27/1996 127.79 -6.6% 15.0% -12.8% 28.8% -26.6%
8/28/1996 127.77 -4.5% 15.0% -12.8% 28.8% -26.6%
8/29/1996 125.73 -5.7% 15.0% -12.8% 28.8% -26.6%
8/30/1996 124.55 -5.8% 15.0% -12.8% 28.8% -26.6%
9/2/1996 124.55 -4.9% 15.0% -12.8% 28.8% -26.6%
9/3/1996 126.67 -1.9% 15.0% -12.8% 28.8% -26.6%
9/4/1996 126.46 -2.4% 15.0% -12.8% 28.8% -26.6%
9/5/1996 125.41 -3.2% 15.0% -12.8% 28.8% -26.6%
9/6/1996 124.94 -2.8% 15.0% -12.8% 28.8% -26.6%
9/9/1996 121.26 -6.3% 15.0% -12.8% 28.8% -26.6%
9/10/1996 121.29 -6.6% 15.0% -12.8% 28.8% -26.6%
9/11/1996 122.39 -5.1% 15.0% -12.8% 28.8% -26.6%
9/12/1996 122.08 -2.6% 15.0% -12.8% 28.8% -26.6%
9/13/1996 124.21 -3.7% 15.0% -12.8% 28.8% -26.6%
9/16/1996 123.64 -2.9% 15.0% -12.8% 28.8% -26.6%
9/17/1996 122.33 -2.8% 15.0% -12.8% 28.8% -26.6%
9/18/1996 121.06 -2.5% 15.0% -12.8% 28.8% -26.6%
9/19/1996 120.06 -3.0% 15.0% -12.8% 28.8% -26.6%
9/20/1996 119.5 -4.9% 15.0% -12.8% 28.8% -26.6%
9/23/1996 119.66 -4.3% 15.0% -12.8% 28.8% -26.6%
9/24/1996 121.57 -3.1% 15.0% -12.8% 28.8% -26.6%
9/25/1996 119.57 -4.7% 15.0% -12.8% 28.8% -26.6%
9/26/1996 116.26 -10.8% 15.0% -12.8% 28.8% -26.6%
9/27/1996 115.74 -9.2% 15.0% -12.8% 28.8% -26.6%
9/30/1996 115.18 -12.2% 15.0% -12.8% 28.8% -26.6%
10/1/1996 116.75 -11.1% 15.0% -12.8% 28.8% -26.6%
10/2/1996 120.23 -6.1% 15.0% -12.8% 28.8% -26.6%
10/3/1996 116.9 -6.1% 15.0% -12.8% 28.8% -26.6%
10/4/1996 117.11 -5.0% 15.0% -12.8% 28.8% -26.6%
10/7/1996 117.22 -1.5% 15.0% -12.8% 28.8% -26.6%
10/8/1996 117.66 0.8% 15.0% -12.8% 28.8% -26.6%
10/9/1996 118.16 -1.7% 15.0% -12.8% 28.8% -26.6%
10/10/1996 119.38 -1.6% 15.0% -12.8% 28.8% -26.6%
10/11/1996 117.88 -2.1% 15.0% -12.8% 28.8% -26.6%
10/14/1996 116.39 -2.1% 15.0% -12.8% 28.8% -26.6%
10/15/1996 117.23 0.4% 15.0% -12.8% 28.8% -26.6%
10/16/1996 117.14 -0.1% 15.0% -12.8% 28.8% -26.6%
10/17/1996 115.16 -4.7% 15.0% -12.8% 28.8% -26.6%
10/18/1996 114 -3.7% 15.0% -12.8% 28.8% -26.6%
10/21/1996 116.64 -1.2% 15.0% -12.8% 28.8% -26.6%
10/22/1996 118.6 -4.6% 15.0% -12.8% 28.8% -26.6%
10/23/1996 119.25 -4.1% 15.0% -12.8% 28.8% -26.6%
10/24/1996 119.17 -5.5% 15.0% -12.8% 28.8% -26.6%
10/25/1996 118.98 -8.0% 15.0% -12.8% 28.8% -26.6%
10/28/1996 119.1 -6.7% 15.0% -12.8% 28.8% -26.6%
10/29/1996 116.18 -8.3% 15.0% -12.8% 28.8% -26.6%
10/30/1996 117.72 -8.6% 15.0% -12.8% 28.8% -26.6%
10/31/1996 115.6 -9.0% 15.0% -12.8% 28.8% -26.6%
11/1/1996 116.38 -9.2% 15.0% -12.8% 28.8% -26.6%
11/4/1996 116.71 -7.5% 15.0% -12.8% 28.8% -26.6%
11/5/1996 115.88 -6.0% 15.0% -12.8% 28.8% -26.6%
11/6/1996 113.44 -8.8% 15.0% -12.8% 28.8% -26.6%
11/7/1996 116.88 -3.9% 15.0% -12.8% 28.8% -26.6%
11/8/1996 118.63 -5.6% 15.0% -12.8% 28.8% -26.6%
11/11/1996 120.91 -5.3% 15.0% -12.8% 28.8% -26.6%
11/12/1996 126.07 0.2% 15.0% -12.8% 28.8% -26.6%
11/13/1996 127.31 -0.7% 15.0% -12.8% 28.8% -26.6%
11/14/1996 125.19 -1.5% 15.0% -12.8% 28.8% -26.6%
11/15/1996 125.07 -2.4% 15.0% -12.8% 28.8% -26.6%
11/18/1996 122.47 -4.2% 15.0% -12.8% 28.8% -26.6%
11/19/1996 122.35 -4.2% 15.0% -12.8% 28.8% -26.6%
11/20/1996 126.37 0.5% 15.0% -12.8% 28.8% -26.6%
11/21/1996 120.82 -3.0% 15.0% -12.8% 28.8% -26.6%
11/22/1996 119.75 -3.9% 15.0% -12.8% 28.8% -26.6%
11/25/1996 117.88 -6.9% 15.0% -12.8% 28.8% -26.6%
11/26/1996 119.96 -5.1% 15.0% -12.8% 28.8% -26.6%
11/27/1996 120.25 -4.1% 15.0% -12.8% 28.8% -26.6%
11/28/1996 120.25 -3.8% 15.0% -12.8% 28.8% -26.6%
11/29/1996 120.19 -0.9% 15.0% -12.8% 28.8% -26.6%
12/2/1996 117.03 -3.5% 15.0% -12.8% 28.8% -26.6%
12/3/1996 115.19 -5.9% 15.0% -12.8% 28.8% -26.6%
12/4/1996 118.99 -2.5% 15.0% -12.8% 28.8% -26.6%
12/5/1996 122.14 -1.7% 15.0% -12.8% 28.8% -26.6%
12/6/1996 121.59 -1.7% 15.0% -12.8% 28.8% -26.6%
12/9/1996 121.39 -0.8% 15.0% -12.8% 28.8% -26.6%
12/10/1996 123.91 2.4% 15.0% -12.8% 28.8% -26.6%
12/11/1996 118.9 -1.0% 15.0% -12.8% 28.8% -26.6%
12/12/1996 119.36 -0.1% 15.0% -12.8% 28.8% -26.6%
12/13/1996 118.45 -1.0% 15.0% -12.8% 28.8% -26.6%
12/16/1996 119.12 -2.0% 15.0% -12.8% 28.8% -26.6%
12/17/1996 120.16 0.5% 15.0% -12.8% 28.8% -26.6%
12/18/1996 118.93 2.3% 15.0% -12.8% 28.8% -26.6%
12/19/1996 119.76 3.5% 15.0% -12.8% 28.8% -26.6%
12/20/1996 117.24 1.8% 15.0% -12.8% 28.8% -26.6%
12/23/1996 118.63 1.6% 15.0% -12.8% 28.8% -26.6%
12/24/1996 118.73 -1.2% 15.0% -12.8% 28.8% -26.6%
12/25/1996 118.73 1.6% 15.0% -12.8% 28.8% -26.6%
12/26/1996 118.11 0.9% 15.0% -12.8% 28.8% -26.6%
12/27/1996 117.78 0.5% 15.0% -12.8% 28.8% -26.6%
12/30/1996 118.22 0.5% 15.0% -12.8% 28.8% -26.6%
12/31/1996 116.75 -1.2% 15.0% -12.8% 28.8% -26.6%
1/1/1997 116.75 -2.2% 15.0% -12.8% 28.8% -26.6%
1/2/1997 114.12 -3.2% 15.0% -12.8% 28.8% -26.6%
1/3/1997 111.83 -3.9% 15.0% -12.8% 28.8% -26.6%
1/6/1997 107.9 -8.0% 15.0% -12.8% 28.8% -26.6%
1/7/1997 109.92 -6.2% 15.0% -12.8% 28.8% -26.6%
1/8/1997 107.85 -6.3% 15.0% -12.8% 28.8% -26.6%
1/9/1997 111.56 -2.1% 15.0% -12.8% 28.8% -26.6%
1/10/1997 113.23 -2.9% 15.0% -12.8% 28.8% -26.6%
1/13/1997 112.24 -5.4% 15.0% -12.8% 28.8% -26.6%
1/14/1997 108.92 -8.7% 15.0% -12.8% 28.8% -26.6%
1/15/1997 108.62 -8.9% 15.0% -12.8% 28.8% -26.6%
1/16/1997 111.97 -5.9% 15.0% -12.8% 28.8% -26.6%
1/17/1997 113.37 -4.8% 15.0% -12.8% 28.8% -26.6%
1/20/1997 111.61 -3.9% 15.0% -12.8% 28.8% -26.6%
1/21/1997 111.6 -5.2% 15.0% -12.8% 28.8% -26.6%
1/22/1997 109.66 -5.1% 15.0% -12.8% 28.8% -26.6%
1/23/1997 109.08 -6.3% 15.0% -12.8% 28.8% -26.6%
1/24/1997 111.62 -4.4% 15.0% -12.8% 28.8% -26.6%
1/27/1997 114.26 -1.4% 15.0% -12.8% 28.8% -26.6%
1/28/1997 112.7 -0.7% 15.0% -12.8% 28.8% -26.6%
1/29/1997 113.93 -2.5% 15.0% -12.8% 28.8% -26.6%
1/30/1997 110.63 -6.7% 15.0% -12.8% 28.8% -26.6%
1/31/1997 110.2 -8.9% 15.0% -12.8% 28.8% -26.6%
2/3/1997 112.35 -10.9% 15.0% -12.8% 28.8% -26.6%
2/4/1997 111.39 -12.5% 15.0% -12.8% 28.8% -26.6%
2/5/1997 109.53 -12.5% 15.0% -12.8% 28.8% -26.6%
2/6/1997 108.14 -13.5% 15.0% -12.8% 28.8% -26.6%
2/7/1997 110.13 -10.1% 15.0% -12.8% 28.8% -26.6%
2/10/1997 108.95 -11.0% 15.0% -12.8% 28.8% -26.6%
2/11/1997 107.37 -15.0% 15.0% -12.8% 28.8% -26.6%
2/12/1997 112.21 -7.1% 15.0% -12.8% 28.8% -26.6%
2/13/1997 112.4 -6.1% 15.0% -12.8% 28.8% -26.6%
2/14/1997 114.64 -2.7% 15.0% -12.8% 28.8% -26.6%
2/17/1997 114.64 -4.4% 15.0% -12.8% 28.8% -26.6%
2/18/1997 115.34 -4.1% 15.0% -12.8% 28.8% -26.6%
2/19/1997 114.92 -4.4% 15.0% -12.8% 28.8% -26.6%
2/20/1997 118.61 -1.3% 15.0% -12.8% 28.8% -26.6%
2/21/1997 118.53 1.3% 15.0% -12.8% 28.8% -26.6%
2/24/1997 120.85 4.9% 15.0% -12.8% 28.8% -26.6%
2/25/1997 120.4 1.2% 15.0% -12.8% 28.8% -26.6%
2/26/1997 117.67 -3.7% 15.0% -12.8% 28.8% -26.6%
2/27/1997 121.44 -0.1% 15.0% -12.8% 28.8% -26.6%
2/28/1997 122.46 0.9% 15.0% -12.8% 28.8% -26.6%
3/3/1997 120.48 -2.8% 15.0% -12.8% 28.8% -26.6%
3/4/1997 117.77 -1.0% 15.0% -12.8% 28.8% -26.6%
3/5/1997 117.19 -1.8% 15.0% -12.8% 28.8% -26.6%
3/6/1997 115.74 -2.3% 15.0% -12.8% 28.8% -26.6%
3/7/1997 114.21 -4.1% 15.0% -12.8% 28.8% -26.6%
3/10/1997 115.34 -4.0% 15.0% -12.8% 28.8% -26.6%
3/11/1997 117.09 -1.5% 15.0% -12.8% 28.8% -26.6%
3/12/1997 115.4 -3.6% 15.0% -12.8% 28.8% -26.6%
3/13/1997 115.82 -1.2% 15.0% -12.8% 28.8% -26.6%
3/14/1997 115.15 -2.9% 15.0% -12.8% 28.8% -26.6%
3/17/1997 113.33 -4.5% 15.0% -12.8% 28.8% -26.6%
3/18/1997 113.37 -4.5% 15.0% -12.8% 28.8% -26.6%
3/19/1997 113.16 -4.2% 15.0% -12.8% 28.8% -26.6%
3/20/1997 110.79 -5.9% 15.0% -12.8% 28.8% -26.6%
3/21/1997 109.99 -7.0% 15.0% -12.8% 28.8% -26.6%
3/24/1997 109.07 -6.6% 15.0% -12.8% 28.8% -26.6%
3/25/1997 108.36 -7.2% 15.0% -12.8% 28.8% -26.6%
3/26/1997 110.19 -3.4% 15.0% -12.8% 28.8% -26.6%
3/27/1997 105.1 -6.0% 15.0% -12.8% 28.8% -26.6%
3/28/1997 105.1 -2.6% 15.0% -12.8% 28.8% -26.6%
3/31/1997 104.12 -5.3% 15.0% -12.8% 28.8% -26.6%
4/1/1997 103.96 -3.6% 15.0% -12.8% 28.8% -26.6%
4/2/1997 104.93 -5.9% 15.0% -12.8% 28.8% -26.6%
4/3/1997 103.83 -8.3% 15.0% -12.8% 28.8% -26.6%
4/4/1997 103.55 -7.7% 15.0% -12.8% 28.8% -26.6%
4/7/1997 102.59 -5.8% 15.0% -12.8% 28.8% -26.6%
4/8/1997 102.1 -6.0% 15.0% -12.8% 28.8% -26.6%
4/9/1997 101.06 -9.7% 15.0% -12.8% 28.8% -26.6%
4/10/1997 103.83 -8.4% 15.0% -12.8% 28.8% -26.6%
4/11/1997 100.72 -9.8% 15.0% -12.8% 28.8% -26.6%
4/14/1997 98.93 -11.4% 15.0% -12.8% 28.8% -26.6%
4/15/1997 97.46 -11.1% 15.0% -12.8% 28.8% -26.6%
4/16/1997 98.38 -9.8% 15.0% -12.8% 28.8% -26.6%
4/17/1997 99.38 -11.0% 15.0% -12.8% 28.8% -26.6%
4/18/1997 97.53 -14.6% 15.0% -12.8% 28.8% -26.6%
4/21/1997 97.48 -13.5% 15.0% -12.8% 28.8% -26.6%
4/22/1997 95.75 -16.0% 15.0% -12.8% 28.8% -26.6%
4/23/1997 94.1 -14.9% 15.0% -12.8% 28.8% -26.6%
4/24/1997 92.05 -16.5% 15.0% -12.8% 28.8% -26.6%
4/25/1997 92.44 -17.7% 15.0% -12.8% 28.8% -26.6%
4/28/1997 92.69 -16.8% 15.0% -12.8% 28.8% -26.6%
4/29/1997 93.62 -14.5% 15.0% -12.8% 28.8% -26.6%
4/30/1997 93.86 -13.2% 15.0% -12.8% 28.8% -26.6%
5/1/1997 95.68 -13.1% 15.0% -12.8% 28.8% -26.6%
5/2/1997 96.65 -11.3% 15.0% -12.8% 28.8% -26.6%
5/5/1997 98.41 -8.3% 15.0% -12.8% 28.8% -26.6%
5/6/1997 98.77 -12.0% 15.0% -12.8% 28.8% -26.6%
5/7/1997 103.4 -8.0% 15.0% -12.8% 28.8% -26.6%
5/8/1997 103.38 -9.8% 15.0% -12.8% 28.8% -26.6%
5/9/1997 106.78 -6.9% 15.0% -12.8% 28.8% -26.6%
5/12/1997 104.84 -9.1% 15.0% -12.8% 28.8% -26.6%
5/13/1997 103.02 -10.4% 15.0% -12.8% 28.8% -26.6%
5/14/1997 101.32 -14.6% 15.0% -12.8% 28.8% -26.6%
5/15/1997 103.82 -12.4% 15.0% -12.8% 28.8% -26.6%
5/16/1997 101.41 -16.1% 15.0% -12.8% 28.8% -26.6%
5/19/1997 101.31 -15.9% 15.0% -12.8% 28.8% -26.6%
5/20/1997 101.94 -13.4% 15.0% -12.8% 28.8% -26.6%
5/21/1997 101.45 -16.5% 15.0% -12.8% 28.8% -26.6%
5/22/1997 101.38 -17.2% 15.0% -12.8% 28.8% -26.6%
5/23/1997 102.14 -15.2% 15.0% -12.8% 28.8% -26.6%
5/26/1997 102.14 -13.3% 15.0% -12.8% 28.8% -26.6%
5/27/1997 104.32 -11.0% 15.0% -12.8% 28.8% -26.6%
5/28/1997 103.24 -10.8% 15.0% -12.8% 28.8% -26.6%
5/29/1997 106.21 -7.0% 15.0% -12.8% 28.8% -26.6%
5/30/1997 104.31 -9.6% 15.0% -12.8% 28.8% -26.6%
6/2/1997 101.74 -13.1% 15.0% -12.8% 28.8% -26.6%
6/3/1997 100.02 -13.3% 15.0% -12.8% 28.8% -26.6%
6/4/1997 98.11 -15.3% 15.0% -12.8% 28.8% -26.6%
6/5/1997 101.4 -11.9% 15.0% -12.8% 28.8% -26.6%
6/6/1997 101.46 -10.5% 15.0% -12.8% 28.8% -26.6%
6/9/1997 103.23 -8.9% 15.0% -12.8% 28.8% -26.6%
6/10/1997 102.7 -9.2% 15.0% -12.8% 28.8% -26.6%
6/11/1997 103.89 -6.2% 15.0% -12.8% 28.8% -26.6%
6/12/1997 104.6 -4.9% 15.0% -12.8% 28.8% -26.6%
6/13/1997 104.35 -4.3% 15.0% -12.8% 28.8% -26.6%
6/16/1997 102.57 -5.3% 15.0% -12.8% 28.8% -26.6%
6/17/1997 102.03 -7.4% 15.0% -12.8% 28.8% -26.6%
6/18/1997 99.32 -5.5% 15.0% -12.8% 28.8% -26.6%
6/19/1997 100.6 -4.3% 15.0% -12.8% 28.8% -26.6%
6/20/1997 97.4 -6.5% 15.0% -12.8% 28.8% -26.6%
6/23/1997 95.73 -7.9% 15.0% -12.8% 28.8% -26.6%
6/24/1997 94.73 -9.7% 15.0% -12.8% 28.8% -26.6%
6/25/1997 96.74 -6.8% 15.0% -12.8% 28.8% -26.6%
6/26/1997 96.96 -6.4% 15.0% -12.8% 28.8% -26.6%
6/27/1997 95.31 -7.1% 15.0% -12.8% 28.8% -26.6%
6/30/1997 95.6 -6.4% 15.0% -12.8% 28.8% -26.6%
7/1/1997 97.24 -3.8% 15.0% -12.8% 28.8% -26.6%
7/2/1997 95.39 -8.1% 15.0% -12.8% 28.8% -26.6%
7/3/1997 94.7 -6.0% 15.0% -12.8% 28.8% -26.6%
7/4/1997 94.7 -4.3% 15.0% -12.8% 28.8% -26.6%
7/7/1997 87.01 -10.7% 15.0% -12.8% 28.8% -26.6%
7/8/1997 89.65 -8.9% 15.0% -12.8% 28.8% -26.6%
7/9/1997 88.82 -10.6% 15.0% -12.8% 28.8% -26.6%
7/10/1997 91.73 -5.9% 15.0% -12.8% 28.8% -26.6%
7/11/1997 93.99 -3.6% 15.0% -12.8% 28.8% -26.6%
7/14/1997 90.98 -5.0% 15.0% -12.8% 28.8% -26.6%
7/15/1997 89.91 -4.5% 15.0% -12.8% 28.8% -26.6%
7/16/1997 90.89 -1.3% 15.0% -12.8% 28.8% -26.6%
7/17/1997 94.17 1.9% 15.0% -12.8% 28.8% -26.6%
7/18/1997 97.09 4.7% 15.0% -12.8% 28.8% -26.6%
7/21/1997 94.31 0.7% 15.0% -12.8% 28.8% -26.6%
7/22/1997 94.71 0.9% 15.0% -12.8% 28.8% -26.6%
7/23/1997 93.71 -2.1% 15.0% -12.8% 28.8% -26.6%
7/24/1997 94.09 -2.6% 15.0% -12.8% 28.8% -26.6%
7/25/1997 95.15 -3.3% 15.0% -12.8% 28.8% -26.6%
7/28/1997 96.29 -2.5% 15.0% -12.8% 28.8% -26.6%
7/29/1997 95.93 -7.2% 15.0% -12.8% 28.8% -26.6%
7/30/1997 97.68 -5.5% 15.0% -12.8% 28.8% -26.6%
7/31/1997 97.92 -8.3% 15.0% -12.8% 28.8% -26.6%
8/1/1997 98.1 -6.4% 15.0% -12.8% 28.8% -26.6%
8/4/1997 97.54 -5.3% 15.0% -12.8% 28.8% -26.6%
8/5/1997 95.37 -5.9% 15.0% -12.8% 28.8% -26.6%
8/6/1997 97.33 -6.3% 15.0% -12.8% 28.8% -26.6%
8/7/1997 98.23 -3.1% 15.0% -12.8% 28.8% -26.6%
8/8/1997 102.47 1.1% 15.0% -12.8% 28.8% -26.6%
8/11/1997 102.85 0.9% 15.0% -12.8% 28.8% -26.6%
8/12/1997 101.79 0.3% 15.0% -12.8% 28.8% -26.6%
8/13/1997 102.68 1.3% 15.0% -12.8% 28.8% -26.6%
8/14/1997 99.93 -2.2% 15.0% -12.8% 28.8% -26.6%
8/15/1997 100.68 -1.4% 15.0% -12.8% 28.8% -26.6%
8/18/1997 100.5 -3.7% 15.0% -12.8% 28.8% -26.6%
8/19/1997 99.08 -4.0% 15.0% -12.8% 28.8% -26.6%
8/20/1997 99.4 -6.4% 15.0% -12.8% 28.8% -26.6%
8/21/1997 100.4 -3.7% 15.0% -12.8% 28.8% -26.6%
8/22/1997 101.59 -0.1% 15.0% -12.8% 28.8% -26.6%
8/25/1997 101.05 1.0% 15.0% -12.8% 28.8% -26.6%
8/26/1997 100.76 2.7% 15.0% -12.8% 28.8% -26.6%
8/27/1997 99.13 -2.2% 15.0% -12.8% 28.8% -26.6%
8/28/1997 99.5 -1.9% 15.0% -12.8% 28.8% -26.6%
8/29/1997 98.87 -4.2% 15.0% -12.8% 28.8% -26.6%
9/1/1997 98.87 -3.7% 15.0% -12.8% 28.8% -26.6%
9/2/1997 98.88 -4.8% 15.0% -12.8% 28.8% -26.6%
9/3/1997 98.19 -6.1% 15.0% -12.8% 28.8% -26.6%
9/4/1997 98.38 -5.7% 15.0% -12.8% 28.8% -26.6%
9/5/1997 97.99 -4.5% 15.0% -12.8% 28.8% -26.6%
9/8/1997 94.98 -6.9% 15.0% -12.8% 28.8% -26.6%
9/9/1997 95.71 -3.6% 15.0% -12.8% 28.8% -26.6%
9/10/1997 95.49 -5.1% 15.0% -12.8% 28.8% -26.6%
9/11/1997 94.11 -3.4% 15.0% -12.8% 28.8% -26.6%
9/12/1997 94.09 -1.7% 15.0% -12.8% 28.8% -26.6%
9/15/1997 92.69 -2.2% 15.0% -12.8% 28.8% -26.6%
9/16/1997 91.91 -5.0% 15.0% -12.8% 28.8% -26.6%
9/17/1997 92.75 -4.3% 15.0% -12.8% 28.8% -26.6%
9/18/1997 95.07 -0.3% 15.0% -12.8% 28.8% -26.6%
9/19/1997 94.84 -0.8% 15.0% -12.8% 28.8% -26.6%
9/22/1997 92.96 -4.4% 15.0% -12.8% 28.8% -26.6%
9/23/1997 94.95 -0.5% 15.0% -12.8% 28.8% -26.6%
9/24/1997 98.1 3.6% 15.0% -12.8% 28.8% -26.6%
9/25/1997 103.42 9.2% 15.0% -12.8% 28.8% -26.6%
9/26/1997 102.23 17.5% 15.0% -12.8% 28.8% -26.6%
9/29/1997 105.45 17.6% 15.0% -12.8% 28.8% -26.6%
9/30/1997 109.5 23.3% 15.0% -12.8% 28.8% -26.6%
10/1/1997 108.1 17.8% 15.0% -12.8% 28.8% -26.6%
10/2/1997 107.25 14.1% 15.0% -12.8% 28.8% -26.6%
10/3/1997 109.14 20.0% 15.0% -12.8% 28.8% -26.6%
10/6/1997 106.57 18.5% 15.0% -12.8% 28.8% -26.6%
10/7/1997 106.01 16.6% 15.0% -12.8% 28.8% -26.6%
10/8/1997 109.16 15.9% 15.0% -12.8% 28.8% -26.6%
10/9/1997 105.54 8.7% 15.0% -12.8% 28.8% -26.6%
10/10/1997 107.29 13.8% 15.0% -12.8% 28.8% -26.6%
10/13/1997 107.15 13.1% 15.0% -12.8% 28.8% -26.6%
10/14/1997 105.67 12.8% 15.0% -12.8% 28.8% -26.6%
10/15/1997 104.68 11.3% 15.0% -12.8% 28.8% -26.6%
10/16/1997 102.44 7.7% 15.0% -12.8% 28.8% -26.6%
10/17/1997 101.38 5.3% 15.0% -12.8% 28.8% -26.6%
10/20/1997 99.43 3.6% 15.0% -12.8% 28.8% -26.6%
10/21/1997 102.12 4.5% 15.0% -12.8% 28.8% -26.6%
10/22/1997 104.94 7.2% 15.0% -12.8% 28.8% -26.6%
10/23/1997 105.65 7.7% 15.0% -12.8% 28.8% -26.6%
10/24/1997 96.51 -1.1% 15.0% -12.8% 28.8% -26.6%
10/27/1997 85.64 -10.2% 15.0% -12.8% 28.8% -26.6%
10/28/1997 89.26 -8.3% 15.0% -12.8% 28.8% -26.6%
10/29/1997 86.31 -12.1% 15.0% -12.8% 28.8% -26.6%
10/30/1997 90.46 -11.7% 15.0% -12.8% 28.8% -26.6%
10/31/1997 87.91 -14.5% 15.0% -12.8% 28.8% -26.6%
11/3/1997 88.27 -13.3% 15.0% -12.8% 28.8% -26.6%
11/4/1997 87.6 -14.7% 15.0% -12.8% 28.8% -26.6%
11/5/1997 85.77 -14.2% 15.0% -12.8% 28.8% -26.6%
11/6/1997 84.74 -15.8% 15.0% -12.8% 28.8% -26.6%
11/7/1997 81.39 -19.0% 15.0% -12.8% 28.8% -26.6%
11/10/1997 80.82 -18.4% 15.0% -12.8% 28.8% -26.6%
11/11/1997 80.81 -18.7% 15.0% -12.8% 28.8% -26.6%
11/12/1997 76.18 -24.1% 15.0% -12.8% 28.8% -26.6%
11/13/1997 78.79 -22.4% 15.0% -12.8% 28.8% -26.6%
11/14/1997 77.05 -23.8% 15.0% -12.8% 28.8% -26.6%
11/17/1997 76.27 -24.3% 15.0% -12.8% 28.8% -26.6%
11/18/1997 75.23 -24.1% 15.0% -12.8% 28.8% -26.6%
11/19/1997 74.5 -25.1% 15.0% -12.8% 28.8% -26.6%
11/20/1997 76.68 -22.4% 15.0% -12.8% 28.8% -26.6%
11/21/1997 76.53 -22.6% 15.0% -12.8% 28.8% -26.6%
11/24/1997 74.5 -24.7% 15.0% -12.8% 28.8% -26.6%
11/25/1997 72.89 -25.8% 15.0% -12.8% 28.8% -26.6%
11/26/1997 71.03 -27.8% 15.0% -12.8% 28.8% -26.6%
11/27/1997 71.03 -27.5% 15.0% -12.8% 28.8% -26.6%
11/28/1997 70.82 -25.4% 15.0% -12.8% 28.8% -26.6%
12/1/1997 70.28 -26.6% 15.0% -12.8% 28.8% -26.6%
12/2/1997 70.52 -26.1% 15.0% -12.8% 28.8% -26.6%
12/3/1997 69.01 -26.7% 15.0% -12.8% 28.8% -26.6%
12/4/1997 64.79 -31.1% 15.0% -12.8% 28.8% -26.6%
12/5/1997 67.29 -27.4% 15.0% -12.8% 28.8% -26.6%
12/8/1997 65.85 -28.4% 15.0% -12.8% 28.8% -26.6%
12/9/1997 64.2 -30.8% 15.0% -12.8% 28.8% -26.6%
12/10/1997 67.63 -28.9% 15.0% -12.8% 28.8% -26.6%
12/11/1997 65.94 -30.5% 15.0% -12.8% 28.8% -26.6%
12/12/1997 67.74 -27.1% 15.0% -12.8% 28.8% -26.6%
12/15/1997 68.91 -27.4% 15.0% -12.8% 28.8% -26.6%
12/16/1997 68.54 -30.1% 15.0% -12.8% 28.8% -26.6%
12/17/1997 74.81 -27.7% 15.0% -12.8% 28.8% -26.6%
12/18/1997 72.8 -28.8% 15.0% -12.8% 28.8% -26.6%
12/19/1997 71.22 -32.5% 15.0% -12.8% 28.8% -26.6%
12/22/1997 71.75 -34.5% 15.0% -12.8% 28.8% -26.6%
12/23/1997 73.59 -31.9% 15.0% -12.8% 28.8% -26.6%
12/24/1997 75.42 -29.7% 15.0% -12.8% 28.8% -26.6%
12/25/1997 75.42 -30.9% 15.0% -12.8% 28.8% -26.6%
12/26/1997 74.57 -30.0% 15.0% -12.8% 28.8% -26.6%
12/29/1997 72.22 -31.9% 15.0% -12.8% 28.8% -26.6%
12/30/1997 75.26 -31.1% 15.0% -12.8% 28.8% -26.6%
12/31/1997 74.19 -29.7% 15.0% -12.8% 28.8% -26.6%
1/1/1998 74.19 -30.9% 15.0% -12.8% 28.8% -26.6%
1/2/1998 75.34 -29.7% 15.0% -12.8% 28.8% -26.6%
1/5/1998 70.61 -33.2% 15.0% -12.8% 28.8% -26.6%
1/6/1998 69.04 -34.0% 15.0% -12.8% 28.8% -26.6%
1/7/1998 69.94 -31.7% 15.0% -12.8% 28.8% -26.6%
1/8/1998 65.79 -35.1% 15.0% -12.8% 28.8% -26.6%
1/9/1998 63.65 -36.0% 15.0% -12.8% 28.8% -26.6%
1/12/1998 61.49 -39.8% 15.0% -12.8% 28.8% -26.6%
1/13/1998 66.51 -36.6% 15.0% -12.8% 28.8% -26.6%
1/14/1998 66.72 -36.8% 15.0% -12.8% 28.8% -26.6%
1/15/1998 69.69 -27.8% 15.0% -12.8% 28.8% -26.6%
1/16/1998 71.82 -16.1% 15.0% -12.8% 28.8% -26.6%
1/19/1998 71.82 -19.5% 15.0% -12.8% 28.8% -26.6%
1/20/1998 69.23 -19.8% 15.0% -12.8% 28.8% -26.6%
1/21/1998 70.68 -21.9% 15.0% -12.8% 28.8% -26.6%
1/22/1998 68.86 -21.7% 15.0% -12.8% 28.8% -26.6%
1/23/1998 76.13 -13.8% 15.0% -12.8% 28.8% -26.6%
1/26/1998 76.26 -12.9% 15.0% -12.8% 28.8% -26.6%
1/27/1998 77.55 -9.6% 15.0% -12.8% 28.8% -26.6%
1/28/1998 78.97 -6.8% 15.0% -12.8% 28.8% -26.6%
1/29/1998 75.41 -7.3% 15.0% -12.8% 28.8% -26.6%
1/30/1998 74.97 -7.2% 15.0% -12.8% 28.8% -26.6%
2/2/1998 75.03 -7.2% 15.0% -12.8% 28.8% -26.6%
2/3/1998 70.87 -7.0% 15.0% -12.8% 28.8% -26.6%
2/4/1998 75 -4.8% 15.0% -12.8% 28.8% -26.6%
2/5/1998 75.96 -1.4% 15.0% -12.8% 28.8% -26.6%
2/6/1998 76.18 -0.1% 15.0% -12.8% 28.8% -26.6%
2/9/1998 77.39 2.9% 15.0% -12.8% 28.8% -26.6%
2/10/1998 75.69 1.6% 15.0% -12.8% 28.8% -26.6%
2/11/1998 74.41 -3.0% 15.0% -12.8% 28.8% -26.6%
2/12/1998 75.41 -1.5% 15.0% -12.8% 28.8% -26.6%
2/13/1998 76.71 3.0% 15.0% -12.8% 28.8% -26.6%
2/16/1998 76.71 5.2% 15.0% -12.8% 28.8% -26.6%
2/17/1998 73.39 3.3% 15.0% -12.8% 28.8% -26.6%
2/18/1998 72.9 2.6% 15.0% -12.8% 28.8% -26.6%
2/19/1998 72.32 2.1% 15.0% -12.8% 28.8% -26.6%
2/20/1998 70.97 1.0% 15.0% -12.8% 28.8% -26.6%
2/23/1998 69.6 -1.3% 15.0% -12.8% 28.8% -26.6%
2/24/1998 68.77 -0.3% 15.0% -12.8% 28.8% -26.6%
2/25/1998 69.15 6.7% 15.0% -12.8% 28.8% -26.6%
2/26/1998 72.85 8.3% 15.0% -12.8% 28.8% -26.6%
2/27/1998 75.45 14.6% 15.0% -12.8% 28.8% -26.6%
3/2/1998 75.17 17.1% 15.0% -12.8% 28.8% -26.6%
3/3/1998 73.89 9.3% 15.0% -12.8% 28.8% -26.6%
3/4/1998 73.99 12.2% 15.0% -12.8% 28.8% -26.6%
3/5/1998 73.09 7.9% 15.0% -12.8% 28.8% -26.6%
3/6/1998 74.76 8.5% 15.0% -12.8% 28.8% -26.6%
3/9/1998 77.02 12.4% 15.0% -12.8% 28.8% -26.6%
3/10/1998 78.16 4.5% 15.0% -12.8% 28.8% -26.6%
3/11/1998 75.86 4.2% 15.0% -12.8% 28.8% -26.6%
3/12/1998 75.62 6.2% 15.0% -12.8% 28.8% -26.6%
3/13/1998 76.57 6.7% 15.0% -12.8% 28.8% -26.6%
3/16/1998 75.32 2.4% 15.0% -12.8% 28.8% -26.6%
3/17/1998 72.8 -3.5% 15.0% -12.8% 28.8% -26.6%
3/18/1998 72.56 -3.8% 15.0% -12.8% 28.8% -26.6%
3/19/1998 71.94 -3.5% 15.0% -12.8% 28.8% -26.6%
3/20/1998 71.21 -1.4% 15.0% -12.8% 28.8% -26.6%
3/23/1998 76.77 2.0% 15.0% -12.8% 28.8% -26.6%
3/24/1998 75.92 2.3% 15.0% -12.8% 28.8% -26.6%
3/25/1998 74.98 1.1% 15.0% -12.8% 28.8% -26.6%
3/26/1998 80.94 7.4% 15.0% -12.8% 28.8% -26.6%
3/27/1998 83.22 17.9% 15.0% -12.8% 28.8% -26.6%
3/30/1998 82.18 19.0% 15.0% -12.8% 28.8% -26.6%
3/31/1998 81.67 16.8% 15.0% -12.8% 28.8% -26.6%
4/1/1998 80.35 22.1% 15.0% -12.8% 28.8% -26.6%
4/2/1998 82.22 29.2% 15.0% -12.8% 28.8% -26.6%
4/3/1998 87.35 42.1% 15.0% -12.8% 28.8% -26.6%
4/6/1998 88.89 33.6% 15.0% -12.8% 28.8% -26.6%
4/7/1998 85.92 28.8% 15.0% -12.8% 28.8% -26.6%
4/8/1998 88.6 27.1% 15.0% -12.8% 28.8% -26.6%
4/9/1998 85.64 19.2% 15.0% -12.8% 28.8% -26.6%
4/10/1998 85.64 19.2% 15.0% -12.8% 28.8% -26.6%
4/13/1998 86.35 24.7% 15.0% -12.8% 28.8% -26.6%
4/14/1998 84.31 19.3% 15.0% -12.8% 28.8% -26.6%
4/15/1998 84.82 23.2% 15.0% -12.8% 28.8% -26.6%
4/16/1998 85.48 12.3% 15.0% -12.8% 28.8% -26.6%
4/17/1998 83.91 10.0% 15.0% -12.8% 28.8% -26.6%
4/20/1998 83.63 7.8% 15.0% -12.8% 28.8% -26.6%
4/21/1998 89.48 13.3% 15.0% -12.8% 28.8% -26.6%
4/22/1998 92.88 23.2% 15.0% -12.8% 28.8% -26.6%
4/23/1998 93.2 24.3% 15.0% -12.8% 28.8% -26.6%
4/24/1998 89.88 19.8% 15.0% -12.8% 28.8% -26.6%
4/27/1998 86.42 21.9% 15.0% -12.8% 28.8% -26.6%
4/28/1998 88.34 17.8% 15.0% -12.8% 28.8% -26.6%
4/29/1998 90.34 18.9% 15.0% -12.8% 28.8% -26.6%
4/30/1998 87.93 15.4% 15.0% -12.8% 28.8% -26.6%
5/1/1998 85.69 10.7% 15.0% -12.8% 28.8% -26.6%
5/4/1998 85.93 13.5% 15.0% -12.8% 28.8% -26.6%
5/5/1998 86.33 16.0% 15.0% -12.8% 28.8% -26.6%
5/6/1998 85.52 13.4% 15.0% -12.8% 28.8% -26.6%
5/7/1998 82.75 7.9% 15.0% -12.8% 28.8% -26.6%
5/8/1998 84.07 9.6% 15.0% -12.8% 28.8% -26.6%
5/11/1998 85.83 17.0% 15.0% -12.8% 28.8% -26.6%
5/12/1998 82.93 13.8% 15.0% -12.8% 28.8% -26.6%
5/13/1998 83.26 15.1% 15.0% -12.8% 28.8% -26.6%
5/14/1998 83.73 18.0% 15.0% -12.8% 28.8% -26.6%
5/15/1998 84.29 21.1% 15.0% -12.8% 28.8% -26.6%
5/18/1998 81.32 18.2% 15.0% -12.8% 28.8% -26.6%
5/19/1998 81.06 17.2% 15.0% -12.8% 28.8% -26.6%
5/20/1998 81.09 11.3% 15.0% -12.8% 28.8% -26.6%
5/21/1998 81.9 8.5% 15.0% -12.8% 28.8% -26.6%
5/22/1998 81.04 7.8% 15.0% -12.8% 28.8% -26.6%
5/25/1998 81.04 9.7% 15.0% -12.8% 28.8% -26.6%
5/26/1998 76.35 3.2% 15.0% -12.8% 28.8% -26.6%
5/27/1998 74.8 2.3% 15.0% -12.8% 28.8% -26.6%
5/28/1998 76.29 2.0% 15.0% -12.8% 28.8% -26.6%
5/29/1998 74.71 -3.0% 15.0% -12.8% 28.8% -26.6%
6/1/1998 70.97 -9.2% 15.0% -12.8% 28.8% -26.6%
6/2/1998 73.25 -3.4% 15.0% -12.8% 28.8% -26.6%
6/3/1998 73.36 -3.0% 15.0% -12.8% 28.8% -26.6%
6/4/1998 72.84 -4.9% 15.0% -12.8% 28.8% -26.6%
6/5/1998 72.78 -3.4% 15.0% -12.8% 28.8% -26.6%
6/8/1998 76.6 5.2% 15.0% -12.8% 28.8% -26.6%
6/9/1998 73.59 1.4% 15.0% -12.8% 28.8% -26.6%
6/10/1998 72.16 0.3% 15.0% -12.8% 28.8% -26.6%
6/11/1998 68.82 -3.4% 15.0% -12.8% 28.8% -26.6%
6/12/1998 68.23 -11.1% 15.0% -12.8% 28.8% -26.6%
6/15/1998 66.02 -13.0% 15.0% -12.8% 28.8% -26.6%
6/16/1998 68.58 -8.5% 15.0% -12.8% 28.8% -26.6%
6/17/1998 70.53 -12.9% 15.0% -12.8% 28.8% -26.6%
6/18/1998 69.08 -17.0% 15.0% -12.8% 28.8% -26.6%
6/19/1998 69.54 -15.4% 15.0% -12.8% 28.8% -26.6%
6/22/1998 68.2 -16.5% 15.0% -12.8% 28.8% -26.6%
6/23/1998 69.55 -13.4% 15.0% -12.8% 28.8% -26.6%
6/24/1998 67.9 -17.4% 15.0% -12.8% 28.8% -26.6%
6/25/1998 69.18 -20.8% 15.0% -12.8% 28.8% -26.6%
6/26/1998 69.56 -21.7% 15.0% -12.8% 28.8% -26.6%
6/29/1998 68.71 -20.0% 15.0% -12.8% 28.8% -26.6%
6/30/1998 71.72 -19.1% 15.0% -12.8% 28.8% -26.6%
7/1/1998 70.73 -17.4% 15.0% -12.8% 28.8% -26.6%
7/2/1998 68.8 -19.7% 15.0% -12.8% 28.8% -26.6%
7/3/1998 68.8 -20.3% 15.0% -12.8% 28.8% -26.6%
7/6/1998 69.09 -18.1% 15.0% -12.8% 28.8% -26.6%
7/7/1998 71.46 -15.8% 15.0% -12.8% 28.8% -26.6%
7/8/1998 70.4 -17.6% 15.0% -12.8% 28.8% -26.6%
7/9/1998 68.23 -18.7% 15.0% -12.8% 28.8% -26.6%
7/10/1998 67.47 -19.3% 15.0% -12.8% 28.8% -26.6%
7/13/1998 67.04 -25.1% 15.0% -12.8% 28.8% -26.6%
7/14/1998 68.52 -26.2% 15.0% -12.8% 28.8% -26.6%
7/15/1998 67.96 -27.1% 15.0% -12.8% 28.8% -26.6%
7/16/1998 69.8 -22.3% 15.0% -12.8% 28.8% -26.6%
7/17/1998 70.34 -18.6% 15.0% -12.8% 28.8% -26.6%
7/20/1998 71.44 -19.1% 15.0% -12.8% 28.8% -26.6%
7/21/1998 69.56 -23.0% 15.0% -12.8% 28.8% -26.6%
7/22/1998 69.76 -20.7% 15.0% -12.8% 28.8% -26.6%
7/23/1998 67.18 -21.6% 15.0% -12.8% 28.8% -26.6%
7/24/1998 66.15 -23.0% 15.0% -12.8% 28.8% -26.6%
7/27/1998 65.08 -24.6% 15.0% -12.8% 28.8% -26.6%
7/28/1998 66.46 -22.3% 15.0% -12.8% 28.8% -26.6%
7/29/1998 65.03 -21.4% 15.0% -12.8% 28.8% -26.6%
7/30/1998 66.07 -21.4% 15.0% -12.8% 28.8% -26.6%
7/31/1998 62.92 -26.7% 15.0% -12.8% 28.8% -26.6%
8/3/1998 61.65 -25.7% 15.0% -12.8% 28.8% -26.6%
8/4/1998 62.58 -24.8% 15.0% -12.8% 28.8% -26.6%
8/5/1998 63.46 -24.2% 15.0% -12.8% 28.8% -26.6%
8/6/1998 63.46 -24.7% 15.0% -12.8% 28.8% -26.6%
8/7/1998 63.2 -22.3% 15.0% -12.8% 28.8% -26.6%
8/10/1998 63.17 -22.1% 15.0% -12.8% 28.8% -26.6%
8/11/1998 60.55 -25.3% 15.0% -12.8% 28.8% -26.6%
8/12/1998 60.32 -26.3% 15.0% -12.8% 28.8% -26.6%
8/13/1998 60.95 -24.8% 15.0% -12.8% 28.8% -26.6%
8/14/1998 59.91 -26.1% 15.0% -12.8% 28.8% -26.6%
8/17/1998 60.32 -21.0% 15.0% -12.8% 28.8% -26.6%
8/18/1998 60.67 -18.9% 15.0% -12.8% 28.8% -26.6%
8/19/1998 61.81 -19.0% 15.0% -12.8% 28.8% -26.6%
8/20/1998 63.77 -14.6% 15.0% -12.8% 28.8% -26.6%
8/21/1998 61.66 -13.1% 15.0% -12.8% 28.8% -26.6%
8/24/1998 60.79 -17.0% 15.0% -12.8% 28.8% -26.6%
8/25/1998 59.61 -18.7% 15.0% -12.8% 28.8% -26.6%
8/26/1998 57.68 -20.8% 15.0% -12.8% 28.8% -26.6%
8/27/1998 54.23 -25.5% 15.0% -12.8% 28.8% -26.6%
8/28/1998 51.41 -32.9% 15.0% -12.8% 28.8% -26.6%
8/31/1998 48.89 -33.6% 15.0% -12.8% 28.8% -26.6%
9/1/1998 51.33 -28.9% 15.0% -12.8% 28.8% -26.6%
9/2/1998 51.72 -24.8% 15.0% -12.8% 28.8% -26.6%
9/3/1998 58.28 -14.6% 15.0% -12.8% 28.8% -26.6%
9/4/1998 64.69 -2.0% 15.0% -12.8% 28.8% -26.6%
9/7/1998 64.69 -5.7% 15.0% -12.8% 28.8% -26.6%
9/8/1998 63.76 -9.6% 15.0% -12.8% 28.8% -26.6%
9/9/1998 60.84 -11.9% 15.0% -12.8% 28.8% -26.6%
9/10/1998 67.9 -2.4% 15.0% -12.8% 28.8% -26.6%
9/11/1998 67.9 -0.4% 15.0% -12.8% 28.8% -26.6%
9/14/1998 66.92 -3.8% 15.0% -12.8% 28.8% -26.6%
9/15/1998 65.13 -4.1% 15.0% -12.8% 28.8% -26.6%
9/16/1998 64.06 -7.4% 15.0% -12.8% 28.8% -26.6%
9/17/1998 67.46 -3.0% 15.0% -12.8% 28.8% -26.6%
9/18/1998 68.03 -1.0% 15.0% -12.8% 28.8% -26.6%
9/21/1998 64.52 -10.0% 15.0% -12.8% 28.8% -26.6%
9/22/1998 64.98 -8.1% 15.0% -12.8% 28.8% -26.6%
9/23/1998 69.29 0.7% 15.0% -12.8% 28.8% -26.6%
9/24/1998 74.69 8.6% 15.0% -12.8% 28.8% -26.6%
9/25/1998 74.11 7.3% 15.0% -12.8% 28.8% -26.6%
9/28/1998 78.46 9.8% 15.0% -12.8% 28.8% -26.6%
9/29/1998 73.5 4.4% 15.0% -12.8% 28.8% -26.6%
9/30/1998 74.99 9.9% 15.0% -12.8% 28.8% -26.6%
10/1/1998 79.29 17.5% 15.0% -12.8% 28.8% -26.6%
10/2/1998 82.89 23.6% 15.0% -12.8% 28.8% -26.6%
10/5/1998 78.31 14.3% 15.0% -12.8% 28.8% -26.6%
10/6/1998 80.76 18.8% 15.0% -12.8% 28.8% -26.6%
10/7/1998 86.63 24.1% 15.0% -12.8% 28.8% -26.6%
10/8/1998 83.43 18.6% 15.0% -12.8% 28.8% -26.6%
10/9/1998 76.68 7.3% 15.0% -12.8% 28.8% -26.6%
10/12/1998 76.1 9.4% 15.0% -12.8% 28.8% -26.6%
10/13/1998 73.59 5.5% 15.0% -12.8% 28.8% -26.6%
10/14/1998 70.74 5.3% 15.0% -12.8% 28.8% -26.6%
10/15/1998 75.52 14.2% 15.0% -12.8% 28.8% -26.6%
10/16/1998 76.35 17.3% 15.0% -12.8% 28.8% -26.6%
10/19/1998 73.26 10.2% 15.0% -12.8% 28.8% -26.6%
10/20/1998 74.54 14.6% 15.0% -12.8% 28.8% -26.6%
10/21/1998 72.62 9.9% 15.0% -12.8% 28.8% -26.6%
10/22/1998 70.92 12.7% 15.0% -12.8% 28.8% -26.6%
10/23/1998 69.71 13.1% 15.0% -12.8% 28.8% -26.6%
10/26/1998 68.93 10.1% 15.0% -12.8% 28.8% -26.6%
10/27/1998 74.63 17.6% 15.0% -12.8% 28.8% -26.6%
10/28/1998 73.59 16.0% 15.0% -12.8% 28.8% -26.6%
10/29/1998 75.11 18.8% 15.0% -12.8% 28.8% -26.6%
10/30/1998 75.39 19.3% 15.0% -12.8% 28.8% -26.6%
11/2/1998 73.59 21.5% 15.0% -12.8% 28.8% -26.6%
11/3/1998 73.1 21.2% 15.0% -12.8% 28.8% -26.6%
11/4/1998 79.18 29.9% 15.0% -12.8% 28.8% -26.6%
11/5/1998 83.06 38.6% 15.0% -12.8% 28.8% -26.6%
11/6/1998 79.28 31.4% 15.0% -12.8% 28.8% -26.6%
11/9/1998 79.03 30.3% 15.0% -12.8% 28.8% -26.6%
11/10/1998 78.1 26.4% 15.0% -12.8% 28.8% -26.6%
11/11/1998 76.46 19.9% 15.0% -12.8% 28.8% -26.6%
11/12/1998 81.38 32.0% 15.0% -12.8% 28.8% -26.6%
11/13/1998 78.22 28.7% 15.0% -12.8% 28.8% -26.6%
11/16/1998 75.28 26.3% 15.0% -12.8% 28.8% -26.6%
11/17/1998 76.22 32.1% 15.0% -12.8% 28.8% -26.6%
11/18/1998 78.12 44.1% 15.0% -12.8% 28.8% -26.6%
11/19/1998 77.43 50.6% 15.0% -12.8% 28.8% -26.6%
11/20/1998 77.05 57.6% 15.0% -12.8% 28.8% -26.6%
11/23/1998 78.26 52.5% 15.0% -12.8% 28.8% -26.6%
11/24/1998 76.18 47.3% 15.0% -12.8% 28.8% -26.6%
11/25/1998 75.24 29.1% 15.0% -12.8% 28.8% -26.6%
11/26/1998 75.24 16.3% 15.0% -12.8% 28.8% -26.6%
11/27/1998 74.61 15.3% 15.0% -12.8% 28.8% -26.6%
11/30/1998 70.96 11.3% 15.0% -12.8% 28.8% -26.6%
12/1/1998 71.23 17.1% 15.0% -12.8% 28.8% -26.6%
12/2/1998 69.37 2.2% 15.0% -12.8% 28.8% -26.6%
12/3/1998 66.17 -2.5% 15.0% -12.8% 28.8% -26.6%
12/4/1998 67.16 0.4% 15.0% -12.8% 28.8% -26.6%
12/7/1998 68.86 5.7% 15.0% -12.8% 28.8% -26.6%
12/8/1998 65.89 2.9% 15.0% -12.8% 28.8% -26.6%
12/9/1998 64.86 -3.9% 15.0% -12.8% 28.8% -26.6%
12/10/1998 69.29 1.9% 15.0% -12.8% 28.8% -26.6%
12/11/1998 65.86 2.1% 15.0% -12.8% 28.8% -26.6%
12/14/1998 65.75 1.2% 15.0% -12.8% 28.8% -26.6%
12/15/1998 66.33 -4.3% 15.0% -12.8% 28.8% -26.6%
12/16/1998 69.81 -6.5% 15.0% -12.8% 28.8% -26.6%
12/17/1998 66.24 -10.6% 15.0% -12.8% 28.8% -26.6%
12/18/1998 64.78 -17.4% 15.0% -12.8% 28.8% -26.6%
12/21/1998 63.41 -13.7% 15.0% -12.8% 28.8% -26.6%
12/22/1998 61.25 -18.3% 15.0% -12.8% 28.8% -26.6%
12/23/1998 63.23 -20.3% 15.0% -12.8% 28.8% -26.6%
12/24/1998 63.41 -23.5% 15.0% -12.8% 28.8% -26.6%
12/25/1998 63.41 -19.0% 15.0% -12.8% 28.8% -26.6%
12/28/1998 62.23 -22.9% 15.0% -12.8% 28.8% -26.6%
12/29/1998 64.85 -25.1% 15.0% -12.8% 28.8% -26.6%
12/30/1998 63.54 -23.8% 15.0% -12.8% 28.8% -26.6%
12/31/1998 64.97 -15.3% 15.0% -12.8% 28.8% -26.6%
1/1/1999 64.97 -14.6% 15.0% -12.8% 28.8% -26.6%
1/4/1999 65.52 -11.0% 15.0% -12.8% 28.8% -26.6%
1/5/1999 66.74 -5.7% 15.0% -12.8% 28.8% -26.6%
1/6/1999 68.39 -9.4% 15.0% -12.8% 28.8% -26.6%
1/7/1999 72.19 -5.4% 15.0% -12.8% 28.8% -26.6%
1/8/1999 72.95 -0.4% 15.0% -12.8% 28.8% -26.6%
1/11/1999 74.92 0.5% 15.0% -12.8% 28.8% -26.6%
1/12/1999 69.99 -3.6% 15.0% -12.8% 28.8% -26.6%
1/13/1999 69.52 -2.0% 15.0% -12.8% 28.8% -26.6%
1/14/1999 68.68 -1.5% 15.0% -12.8% 28.8% -26.6%
1/15/1999 68.74 -0.3% 15.0% -12.8% 28.8% -26.6%
1/18/1999 68.74 -7.9% 15.0% -12.8% 28.8% -26.6%
1/19/1999 67.58 -8.2% 15.0% -12.8% 28.8% -26.6%
1/20/1999 67.97 -9.5% 15.0% -12.8% 28.8% -26.6%
1/21/1999 68.49 -9.2% 15.0% -12.8% 28.8% -26.6%
1/22/1999 66.92 -9.1% 15.0% -12.8% 28.8% -26.6%
1/25/1999 65.91 -9.8% 15.0% -12.8% 28.8% -26.6%
1/26/1999 63.14 -20.3% 15.0% -12.8% 28.8% -26.6%
1/27/1999 61.66 -25.8% 15.0% -12.8% 28.8% -26.6%
1/28/1999 62.1 -21.7% 15.0% -12.8% 28.8% -26.6%
1/29/1999 63.26 -20.0% 15.0% -12.8% 28.8% -26.6%
2/1/1999 65.72 -15.9% 15.0% -12.8% 28.8% -26.6%
2/2/1999 65.9 -13.8% 15.0% -12.8% 28.8% -26.6%
2/3/1999 64.33 -21.0% 15.0% -12.8% 28.8% -26.6%
2/4/1999 67.74 -13.4% 15.0% -12.8% 28.8% -26.6%
2/5/1999 67.95 -9.7% 15.0% -12.8% 28.8% -26.6%
2/8/1999 68.52 -10.1% 15.0% -12.8% 28.8% -26.6%
2/9/1999 63.63 -18.5% 15.0% -12.8% 28.8% -26.6%
2/10/1999 63.75 -17.7% 15.0% -12.8% 28.8% -26.6%
2/11/1999 63.16 -18.0% 15.0% -12.8% 28.8% -26.6%
2/12/1999 66.62 -14.9% 15.0% -12.8% 28.8% -26.6%
2/15/1999 66.62 -12.5% 15.0% -12.8% 28.8% -26.6%
2/16/1999 63.9 -15.1% 15.0% -12.8% 28.8% -26.6%
2/17/1999 62.36 -17.1% 15.0% -12.8% 28.8% -26.6%
2/18/1999 62.17 -16.7% 15.0% -12.8% 28.8% -26.6%
2/19/1999 62.59 -11.8% 15.0% -12.8% 28.8% -26.6%
2/22/1999 62.31 -12.5% 15.0% -12.8% 28.8% -26.6%
2/23/1999 61.64 -11.1% 15.0% -12.8% 28.8% -26.6%
2/24/1999 61.03 -7.8% 15.0% -12.8% 28.8% -26.6%
2/25/1999 61.39 -8.6% 15.0% -12.8% 28.8% -26.6%
2/26/1999 60.56 -12.1% 15.0% -12.8% 28.8% -26.6%
3/1/1999 60.71 -7.9% 15.0% -12.8% 28.8% -26.6%
3/2/1999 60.7 -6.4% 15.0% -12.8% 28.8% -26.6%
3/3/1999 61.35 -11.5% 15.0% -12.8% 28.8% -26.6%
3/4/1999 62.42 -5.2% 15.0% -12.8% 28.8% -26.6%
3/5/1999 62.09 -5.6% 15.0% -12.8% 28.8% -26.6%
3/8/1999 64.92 -2.1% 15.0% -12.8% 28.8% -26.6%
3/9/1999 64.93 -7.0% 15.0% -12.8% 28.8% -26.6%
3/10/1999 65.67 -0.9% 15.0% -12.8% 28.8% -26.6%
3/11/1999 65.55 1.2% 15.0% -12.8% 28.8% -26.6%
3/12/1999 63.37 -0.1% 15.0% -12.8% 28.8% -26.6%
3/15/1999 61.4 0.2% 15.0% -12.8% 28.8% -26.6%
3/16/1999 62.17 -1.7% 15.0% -12.8% 28.8% -26.6%
3/17/1999 62.49 -1.5% 15.0% -12.8% 28.8% -26.6%
3/18/1999 61.65 -2.8% 15.0% -12.8% 28.8% -26.6%
3/19/1999 62.47 0.4% 15.0% -12.8% 28.8% -26.6%
3/22/1999 62.56 -3.5% 15.0% -12.8% 28.8% -26.6%
3/23/1999 61.14 -3.8% 15.0% -12.8% 28.8% -26.6%
3/24/1999 62.8 -3.3% 15.0% -12.8% 28.8% -26.6%
3/25/1999 61.94 -4.7% 15.0% -12.8% 28.8% -26.6%
3/26/1999 60.76 -7.3% 15.0% -12.8% 28.8% -26.6%
3/29/1999 58.52 -12.3% 15.0% -12.8% 28.8% -26.6%
3/30/1999 56.44 -17.5% 15.0% -12.8% 28.8% -26.6%
3/31/1999 59.76 -17.2% 15.0% -12.8% 28.8% -26.6%
4/1/1999 58.78 -19.4% 15.0% -12.8% 28.8% -26.6%
4/2/1999 58.78 -21.5% 15.0% -12.8% 28.8% -26.6%
4/5/1999 57.2 -18.3% 15.0% -12.8% 28.8% -26.6%
4/6/1999 58.03 -16.5% 15.0% -12.8% 28.8% -26.6%
4/7/1999 57.86 -15.8% 15.0% -12.8% 28.8% -26.6%
4/8/1999 57.02 -17.0% 15.0% -12.8% 28.8% -26.6%
4/9/1999 59.23 -13.8% 15.0% -12.8% 28.8% -26.6%
4/12/1999 61.3 -9.3% 15.0% -12.8% 28.8% -26.6%
4/13/1999 61.08 -10.1% 15.0% -12.8% 28.8% -26.6%
4/14/1999 58.94 -13.9% 15.0% -12.8% 28.8% -26.6%
4/15/1999 63.43 -5.2% 15.0% -12.8% 28.8% -26.6%
4/16/1999 67.72 2.7% 15.0% -12.8% 28.8% -26.6%
4/19/1999 69.7 10.4% 15.0% -12.8% 28.8% -26.6%
4/20/1999 67.38 9.3% 15.0% -12.8% 28.8% -26.6%
4/21/1999 65.52 5.5% 15.0% -12.8% 28.8% -26.6%
4/22/1999 68.41 8.1% 15.0% -12.8% 28.8% -26.6%
4/23/1999 67.59 2.8% 15.0% -12.8% 28.8% -26.6%
4/26/1999 65.63 -0.4% 15.0% -12.8% 28.8% -26.6%
4/27/1999 69.37 7.8% 15.0% -12.8% 28.8% -26.6%
4/28/1999 72.45 7.0% 15.0% -12.8% 28.8% -26.6%
4/29/1999 74.55 9.7% 15.0% -12.8% 28.8% -26.6%
4/30/1999 73.42 7.2% 15.0% -12.8% 28.8% -26.6%
5/3/1999 75.83 19.2% 15.0% -12.8% 28.8% -26.6%
5/4/1999 74.75 17.3% 15.0% -12.8% 28.8% -26.6%
5/5/1999 79.63 26.1% 15.0% -12.8% 28.8% -26.6%
5/6/1999 82.63 24.0% 15.0% -12.8% 28.8% -26.6%
5/7/1999 72.05 8.2% 15.0% -12.8% 28.8% -26.6%
5/10/1999 67.34 5.4% 15.0% -12.8% 28.8% -26.6%
5/11/1999 68.95 10.6% 15.0% -12.8% 28.8% -26.6%
5/12/1999 67.43 8.5% 15.0% -12.8% 28.8% -26.6%
5/13/1999 68.65 9.7% 15.0% -12.8% 28.8% -26.6%
5/14/1999 68.72 10.3% 15.0% -12.8% 28.8% -26.6%
5/17/1999 66.23 7.4% 15.0% -12.8% 28.8% -26.6%
5/18/1999 63.7 4.4% 15.0% -12.8% 28.8% -26.6%
5/19/1999 65.26 6.3% 15.0% -12.8% 28.8% -26.6%
5/20/1999 63.82 5.4% 15.0% -12.8% 28.8% -26.6%
5/21/1999 63.66 4.9% 15.0% -12.8% 28.8% -26.6%
5/24/1999 62.51 3.0% 15.0% -12.8% 28.8% -26.6%
5/25/1999 60.4 -1.5% 15.0% -12.8% 28.8% -26.6%
5/26/1999 60.86 -2.5% 15.0% -12.8% 28.8% -26.6%
5/27/1999 61.68 -0.7% 15.0% -12.8% 28.8% -26.6%
5/28/1999 60.87 -6.2% 15.0% -12.8% 28.8% -26.6%
5/31/1999 60.87 -6.3% 15.0% -12.8% 28.8% -26.6%
6/1/1999 59.93 -8.7% 15.0% -12.8% 28.8% -26.6%
6/2/1999 61.04 -6.9% 15.0% -12.8% 28.8% -26.6%
6/3/1999 62.42 -1.5% 15.0% -12.8% 28.8% -26.6%
6/4/1999 62.08 1.1% 15.0% -12.8% 28.8% -26.6%
6/7/1999 61.95 -0.4% 15.0% -12.8% 28.8% -26.6%
6/8/1999 60.59 -3.0% 15.0% -12.8% 28.8% -26.6%
6/9/1999 59.81 -3.0% 15.0% -12.8% 28.8% -26.6%
6/10/1999 61.58 -1.4% 15.0% -12.8% 28.8% -26.6%
6/11/1999 62.77 0.3% 15.0% -12.8% 28.8% -26.6%
6/14/1999 61.6 0.8% 15.0% -12.8% 28.8% -26.6%
6/15/1999 61.16 -2.6% 15.0% -12.8% 28.8% -26.6%
6/16/1999 60.55 -2.2% 15.0% -12.8% 28.8% -26.6%
6/17/1999 61.03 0.4% 15.0% -12.8% 28.8% -26.6%
6/18/1999 61.8 5.6% 15.0% -12.8% 28.8% -26.6%
6/21/1999 60.61 7.4% 15.0% -12.8% 28.8% -26.6%
6/22/1999 59.5 -0.4% 15.0% -12.8% 28.8% -26.6%
6/23/1999 62.73 6.7% 15.0% -12.8% 28.8% -26.6%
6/24/1999 61.98 5.4% 15.0% -12.8% 28.8% -26.6%
6/25/1999 63.2 10.5% 15.0% -12.8% 28.8% -26.6%
6/28/1999 63.76 9.9% 15.0% -12.8% 28.8% -26.6%
6/29/1999 65.21 12.7% 15.0% -12.8% 28.8% -26.6%
6/30/1999 66.93 17.4% 15.0% -12.8% 28.8% -26.6%
7/1/1999 66.81 12.8% 15.0% -12.8% 28.8% -26.6%
7/2/1999 67.07 9.4% 15.0% -12.8% 28.8% -26.6%
7/5/1999 67.07 9.8% 15.0% -12.8% 28.8% -26.6%
7/6/1999 62.95 6.8% 15.0% -12.8% 28.8% -26.6%
7/7/1999 62.88 -0.9% 15.0% -12.8% 28.8% -26.6%
7/8/1999 61.88 -8.6% 15.0% -12.8% 28.8% -26.6%
7/9/1999 62.66 -10.1% 15.0% -12.8% 28.8% -26.6%
7/12/1999 61.2 -9.2% 15.0% -12.8% 28.8% -26.6%
7/13/1999 60.72 -7.3% 15.0% -12.8% 28.8% -26.6%
7/14/1999 60.18 -12.0% 15.0% -12.8% 28.8% -26.6%
7/15/1999 59.2 -12.4% 15.0% -12.8% 28.8% -26.6%
7/16/1999 59.14 -9.9% 15.0% -12.8% 28.8% -26.6%
7/19/1999 57.84 -16.6% 15.0% -12.8% 28.8% -26.6%
7/20/1999 59.18 -18.3% 15.0% -12.8% 28.8% -26.6%
7/21/1999 61.67 -17.3% 15.0% -12.8% 28.8% -26.6%
7/22/1999 62.1 -15.4% 15.0% -12.8% 28.8% -26.6%
7/23/1999 61.29 -19.2% 15.0% -12.8% 28.8% -26.6%
7/26/1999 61.14 -18.2% 15.0% -12.8% 28.8% -26.6%
7/27/1999 61.36 -22.9% 15.0% -12.8% 28.8% -26.6%
7/28/1999 61.77 -25.2% 15.0% -12.8% 28.8% -26.6%
7/29/1999 64.62 -10.3% 15.0% -12.8% 28.8% -26.6%
7/30/1999 62.87 -6.6% 15.0% -12.8% 28.8% -26.6%
8/2/1999 61.74 -10.5% 15.0% -12.8% 28.8% -26.6%
8/3/1999 65.22 -3.3% 15.0% -12.8% 28.8% -26.6%
8/4/1999 66.47 -3.2% 15.0% -12.8% 28.8% -26.6%
8/5/1999 66.12 -3.8% 15.0% -12.8% 28.8% -26.6%
8/6/1999 64.85 -2.1% 15.0% -12.8% 28.8% -26.6%
8/9/1999 68.54 7.6% 15.0% -12.8% 28.8% -26.6%
8/10/1999 67.78 3.9% 15.0% -12.8% 28.8% -26.6%
8/11/1999 71.02 11.3% 15.0% -12.8% 28.8% -26.6%
8/12/1999 69.51 9.2% 15.0% -12.8% 28.8% -26.6%
8/13/1999 68.94 10.3% 15.0% -12.8% 28.8% -26.6%
8/16/1999 67.27 11.4% 15.0% -12.8% 28.8% -26.6%
8/17/1999 69.77 14.6% 15.0% -12.8% 28.8% -26.6%
8/18/1999 66.11 7.2% 15.0% -12.8% 28.8% -26.6%
8/19/1999 66.88 9.9% 15.0% -12.8% 28.8% -26.6%
8/20/1999 67.51 10.9% 15.0% -12.8% 28.8% -26.6%
8/23/1999 68.24 13.9% 15.0% -12.8% 28.8% -26.6%
8/24/1999 66.11 8.3% 15.0% -12.8% 28.8% -26.6%
8/25/1999 65.02 4.2% 15.0% -12.8% 28.8% -26.6%
8/26/1999 67.16 8.2% 15.0% -12.8% 28.8% -26.6%
8/27/1999 66.89 8.0% 15.0% -12.8% 28.8% -26.6%
8/30/1999 65.25 7.7% 15.0% -12.8% 28.8% -26.6%
8/31/1999 67.34 12.6% 15.0% -12.8% 28.8% -26.6%
9/1/1999 66.76 8.4% 15.0% -12.8% 28.8% -26.6%
9/2/1999 67.57 7.6% 15.0% -12.8% 28.8% -26.6%
9/3/1999 65.78 6.8% 15.0% -12.8% 28.8% -26.6%
9/6/1999 65.78 7.6% 15.0% -12.8% 28.8% -26.6%
9/7/1999 67.13 10.9% 15.0% -12.8% 28.8% -26.6%
9/8/1999 66.4 8.8% 15.0% -12.8% 28.8% -26.6%
9/9/1999 67.89 9.9% 15.0% -12.8% 28.8% -26.6%
9/10/1999 66.63 9.9% 15.0% -12.8% 28.8% -26.6%
9/13/1999 65.69 10.4% 15.0% -12.8% 28.8% -26.6%
9/14/1999 65.78 4.9% 15.0% -12.8% 28.8% -26.6%
9/15/1999 64.47 4.0% 15.0% -12.8% 28.8% -26.6%
9/16/1999 64.63 2.3% 15.0% -12.8% 28.8% -26.6%
9/17/1999 63.79 0.0% 15.0% -12.8% 28.8% -26.6%
9/20/1999 64.25 -1.5% 15.0% -12.8% 28.8% -26.6%
9/21/1999 68.49 2.3% 15.0% -12.8% 28.8% -26.6%
9/22/1999 69.34 3.8% 15.0% -12.8% 28.8% -26.6%
9/23/1999 69.3 3.3% 15.0% -12.8% 28.8% -26.6%
9/24/1999 71.46 6.5% 15.0% -12.8% 28.8% -26.6%
9/27/1999 86.52 37.4% 15.0% -12.8% 28.8% -26.6%
9/28/1999 86.18 37.1% 15.0% -12.8% 28.8% -26.6%
9/29/1999 82.25 32.9% 15.0% -12.8% 28.8% -26.6%
9/30/1999 80.26 28.1% 15.0% -12.8% 28.8% -26.6%
10/1/1999 82.91 35.5% 15.0% -12.8% 28.8% -26.6%
10/4/1999 88.81 46.3% 15.0% -12.8% 28.8% -26.6%
10/5/1999 84.61 40.6% 15.0% -12.8% 28.8% -26.6%
10/6/1999 82.46 39.3% 15.0% -12.8% 28.8% -26.6%
10/7/1999 80.03 35.3% 15.0% -12.8% 28.8% -26.6%
10/8/1999 77.09 33.3% 15.0% -12.8% 28.8% -26.6%
10/11/1999 80.17 35.5% 15.0% -12.8% 28.8% -26.6%
10/12/1999 77 24.9% 15.0% -12.8% 28.8% -26.6%
10/13/1999 81.01 30.5% 15.0% -12.8% 28.8% -26.6%
10/14/1999 76.99 25.6% 15.0% -12.8% 28.8% -26.6%
10/15/1999 77.41 26.6% 15.0% -12.8% 28.8% -26.6%
10/18/1999 75.82 23.6% 15.0% -12.8% 28.8% -26.6%
10/19/1999 73.26 18.6% 15.0% -12.8% 28.8% -26.6%
10/20/1999 73.12 13.2% 15.0% -12.8% 28.8% -26.6%
10/21/1999 74.39 18.3% 15.0% -12.8% 28.8% -26.6%
10/22/1999 72.34 17.2% 15.0% -12.8% 28.8% -26.6%
10/25/1999 72.11 10.6% 15.0% -12.8% 28.8% -26.6%
10/26/1999 67.71 1.9% 15.0% -12.8% 28.8% -26.6%
10/27/1999 69.43 5.0% 15.0% -12.8% 28.8% -26.6%
10/28/1999 69.38 7.0% 15.0% -12.8% 28.8% -26.6%
10/29/1999 69.55 1.5% 15.0% -12.8% 28.8% -26.6%
11/1/1999 66.97 -1.2% 15.0% -12.8% 28.8% -26.6%
11/2/1999 68.69 -3.3% 15.0% -12.8% 28.8% -26.6%
11/3/1999 68.26 -1.8% 15.0% -12.8% 28.8% -26.6%
11/4/1999 68.18 -1.1% 15.0% -12.8% 28.8% -26.6%
11/5/1999 66.8 -0.7% 15.0% -12.8% 28.8% -26.6%
11/8/1999 68.26 -2.2% 15.0% -12.8% 28.8% -26.6%
11/9/1999 69.51 5.1% 15.0% -12.8% 28.8% -26.6%
11/10/1999 73.21 9.5% 15.0% -12.8% 28.8% -26.6%
11/11/1999 70.38 4.3% 15.0% -12.8% 28.8% -26.6%
11/12/1999 69.94 2.5% 15.0% -12.8% 28.8% -26.6%
11/15/1999 71.08 7.5% 15.0% -12.8% 28.8% -26.6%
11/16/1999 69.94 7.6% 15.0% -12.8% 28.8% -26.6%
11/17/1999 68.32 1.7% 15.0% -12.8% 28.8% -26.6%
11/18/1999 68.37 2.2% 15.0% -12.8% 28.8% -26.6%
11/19/1999 67.94 4.1% 15.0% -12.8% 28.8% -26.6%
11/22/1999 65.98 -2.0% 15.0% -12.8% 28.8% -26.6%
11/23/1999 70.14 5.1% 15.0% -12.8% 28.8% -26.6%
11/24/1999 72.55 7.4% 15.0% -12.8% 28.8% -26.6%
11/25/1999 72.55 10.3% 15.0% -12.8% 28.8% -26.6%
11/26/1999 72.1 9.6% 15.0% -12.8% 28.8% -26.6%
11/29/1999 67.25 0.2% 15.0% -12.8% 28.8% -26.6%
11/30/1999 67.04 1.0% 15.0% -12.8% 28.8% -26.6%
12/1/1999 66.2 -2.5% 15.0% -12.8% 28.8% -26.6%
12/2/1999 64.81 -2.7% 15.0% -12.8% 28.8% -26.6%
12/3/1999 64.79 -1.4% 15.0% -12.8% 28.8% -26.6%
12/6/1999 63.79 -3.0% 15.0% -12.8% 28.8% -26.6%
12/7/1999 66.82 3.6% 15.0% -12.8% 28.8% -26.6%
12/8/1999 65.56 1.4% 15.0% -12.8% 28.8% -26.6%
12/9/1999 63.43 -0.6% 15.0% -12.8% 28.8% -26.6%
12/10/1999 63.46 -1.2% 15.0% -12.8% 28.8% -26.6%
12/13/1999 64.95 -5.2% 15.0% -12.8% 28.8% -26.6%
12/14/1999 62.8 -9.4% 15.0% -12.8% 28.8% -26.6%
12/15/1999 65.33 -5.7% 15.0% -12.8% 28.8% -26.6%
12/16/1999 66.23 -7.3% 15.0% -12.8% 28.8% -26.6%
12/17/1999 67.47 -22.0% 15.0% -12.8% 28.8% -26.6%
12/20/1999 65.84 -23.6% 15.0% -12.8% 28.8% -26.6%
12/21/1999 67.41 -18.0% 15.0% -12.8% 28.8% -26.6%
12/22/1999 66.45 -17.2% 15.0% -12.8% 28.8% -26.6%
12/23/1999 66.56 -19.7% 15.0% -12.8% 28.8% -26.6%
12/24/1999 66.56 -25.1% 15.0% -12.8% 28.8% -26.6%
12/27/1999 67.91 -19.7% 15.0% -12.8% 28.8% -26.6%
12/28/1999 67.63 -18.0% 15.0% -12.8% 28.8% -26.6%
12/29/1999 68.66 -14.2% 15.0% -12.8% 28.8% -26.6%
12/30/1999 67.64 -12.3% 15.0% -12.8% 28.8% -26.6%
12/31/1999 67.97 -15.2% 15.0% -12.8% 28.8% -26.6%
1/3/2000 67.53 -12.3% 15.0% -12.8% 28.8% -26.6%
1/4/2000 65.35 -19.3% 15.0% -12.8% 28.8% -26.6%
1/5/2000 66.4 -13.8% 15.0% -12.8% 28.8% -26.6%
1/6/2000 66.12 -14.6% 15.0% -12.8% 28.8% -26.6%
1/7/2000 65.43 -13.7% 15.0% -12.8% 28.8% -26.6%
1/10/2000 65.18 -11.0% 15.0% -12.8% 28.8% -26.6%
1/11/2000 66.34 -9.3% 15.0% -12.8% 28.8% -26.6%
1/12/2000 65.03 -12.6% 15.0% -12.8% 28.8% -26.6%
1/13/2000 64.91 -10.3% 15.0% -12.8% 28.8% -26.6%
1/14/2000 63.79 -11.5% 15.0% -12.8% 28.8% -26.6%
1/17/2000 63.79 -5.8% 15.0% -12.8% 28.8% -26.6%
1/18/2000 66.87 -3.7% 15.0% -12.8% 28.8% -26.6%
1/19/2000 66.55 -4.1% 15.0% -12.8% 28.8% -26.6%
1/20/2000 64.62 -7.1% 15.0% -12.8% 28.8% -26.6%
1/21/2000 63.25 -5.6% 15.0% -12.8% 28.8% -26.6%
1/24/2000 61.72 -10.1% 15.0% -12.8% 28.8% -26.6%
1/25/2000 61 -10.6% 15.0% -12.8% 28.8% -26.6%
1/26/2000 59.3 -13.0% 15.0% -12.8% 28.8% -26.6%
1/27/2000 62.49 -6.5% 15.0% -12.8% 28.8% -26.6%
1/28/2000 59.05 -13.5% 15.0% -12.8% 28.8% -26.6%
1/31/2000 59.98 -13.7% 15.0% -12.8% 28.8% -26.6%
2/1/2000 59.31 -19.0% 15.0% -12.8% 28.8% -26.6%
2/2/2000 60.67 -13.8% 15.0% -12.8% 28.8% -26.6%
2/3/2000 60.83 -13.0% 15.0% -12.8% 28.8% -26.6%
2/4/2000 68.25 -4.0% 15.0% -12.8% 28.8% -26.6%
2/7/2000 65.64 -6.1% 15.0% -12.8% 28.8% -26.6%
2/8/2000 63.62 -6.9% 15.0% -12.8% 28.8% -26.6%
2/9/2000 67.59 -1.1% 15.0% -12.8% 28.8% -26.6%
2/10/2000 68.34 0.6% 15.0% -12.8% 28.8% -26.6%
2/11/2000 67.5 2.3% 15.0% -12.8% 28.8% -26.6%
2/14/2000 65.57 -6.5% 15.0% -12.8% 28.8% -26.6%
2/15/2000 66.94 -7.7% 15.0% -12.8% 28.8% -26.6%
2/16/2000 66.66 -8.1% 15.0% -12.8% 28.8% -26.6%
2/17/2000 65.76 -8.8% 15.0% -12.8% 28.8% -26.6%
2/18/2000 68.04 1.2% 15.0% -12.8% 28.8% -26.6%
2/21/2000 68.04 1.5% 15.0% -12.8% 28.8% -26.6%
2/22/2000 68.16 3.0% 15.0% -12.8% 28.8% -26.6%
2/23/2000 64.4 -0.6% 15.0% -12.8% 28.8% -26.6%
2/24/2000 61.93 -4.4% 15.0% -12.8% 28.8% -26.6%
2/25/2000 60.59 -5.0% 15.0% -12.8% 28.8% -26.6%
2/28/2000 59.64 -10.7% 15.0% -12.8% 28.8% -26.6%
2/29/2000 59.76 -8.8% 15.0% -12.8% 28.8% -26.6%
3/1/2000 60.93 -3.9% 15.0% -12.8% 28.8% -26.6%
3/2/2000 59.79 -5.8% 15.0% -12.8% 28.8% -26.6%
3/3/2000 58.89 -9.3% 15.0% -12.8% 28.8% -26.6%
3/6/2000 58.82 -6.3% 15.0% -12.8% 28.8% -26.6%
3/7/2000 62.79 -3.9% 15.0% -12.8% 28.8% -26.6%
3/8/2000 60.57 -8.5% 15.0% -12.8% 28.8% -26.6%
3/9/2000 61.19 -9.3% 15.0% -12.8% 28.8% -26.6%
3/10/2000 59.5 -9.6% 15.0% -12.8% 28.8% -26.6%
3/13/2000 60.45 -10.3% 15.0% -12.8% 28.8% -26.6%
3/14/2000 60.38 -9.1% 15.0% -12.8% 28.8% -26.6%
3/15/2000 60.44 -9.2% 15.0% -12.8% 28.8% -26.6%
3/16/2000 59.85 -10.1% 15.0% -12.8% 28.8% -26.6%
3/17/2000 58.2 -14.3% 15.0% -12.8% 28.8% -26.6%
3/20/2000 59.43 -12.1% 15.0% -12.8% 28.8% -26.6%
3/21/2000 61.81 -10.0% 15.0% -12.8% 28.8% -26.6%
3/22/2000 59.05 -12.7% 15.0% -12.8% 28.8% -26.6%
3/23/2000 59.69 -12.2% 15.0% -12.8% 28.8% -26.6%
3/24/2000 59.83 -11.4% 15.0% -12.8% 28.8% -26.6%
3/27/2000 58.9 -9.9% 15.0% -12.8% 28.8% -26.6%
3/28/2000 58.32 -12.2% 15.0% -12.8% 28.8% -26.6%
3/29/2000 56.84 -14.0% 15.0% -12.8% 28.8% -26.6%
3/30/2000 56.13 -14.2% 15.0% -12.8% 28.8% -26.6%
3/31/2000 56.5 -13.3% 15.0% -12.8% 28.8% -26.6%
4/3/2000 56.6 -14.7% 15.0% -12.8% 28.8% -26.6%
4/4/2000 58.44 -10.1% 15.0% -12.8% 28.8% -26.6%
4/5/2000 58.84 -9.4% 15.0% -12.8% 28.8% -26.6%
4/6/2000 57.17 -10.4% 15.0% -12.8% 28.8% -26.6%
4/7/2000 56.11 -12.0% 15.0% -12.8% 28.8% -26.6%
4/10/2000 56.52 -15.5% 15.0% -12.8% 28.8% -26.6%
4/11/2000 56.09 -15.7% 15.0% -12.8% 28.8% -26.6%
4/12/2000 55.29 -14.4% 15.0% -12.8% 28.8% -26.6%
4/13/2000 54.67 -13.6% 15.0% -12.8% 28.8% -26.6%
4/14/2000 57.75 -6.4% 15.0% -12.8% 28.8% -26.6%
4/17/2000 56.67 -7.1% 15.0% -12.8% 28.8% -26.6%
4/18/2000 55.72 -6.0% 15.0% -12.8% 28.8% -26.6%
4/19/2000 56.6 -9.4% 15.0% -12.8% 28.8% -26.6%
4/20/2000 55.71 -5.7% 15.0% -12.8% 28.8% -26.6%
4/21/2000 55.71 -7.1% 15.0% -12.8% 28.8% -26.6%
4/24/2000 56.27 -5.1% 15.0% -12.8% 28.8% -26.6%
4/25/2000 55.33 -8.8% 15.0% -12.8% 28.8% -26.6%
4/26/2000 55.47 -8.8% 15.0% -12.8% 28.8% -26.6%
4/27/2000 56.16 -17.7% 15.0% -12.8% 28.8% -26.6%
4/28/2000 54.75 -16.6% 15.0% -12.8% 28.8% -26.6%
5/1/2000 55.55 -12.7% 15.0% -12.8% 28.8% -26.6%
5/2/2000 61.02 -9.7% 15.0% -12.8% 28.8% -26.6%
5/3/2000 59.8 -12.5% 15.0% -12.8% 28.8% -26.6%
5/4/2000 62.17 -7.9% 15.0% -12.8% 28.8% -26.6%
5/5/2000 59.92 -8.6% 15.0% -12.8% 28.8% -26.6%
5/8/2000 59.62 -10.9% 15.0% -12.8% 28.8% -26.6%
5/9/2000 59.97 -10.0% 15.0% -12.8% 28.8% -26.6%
5/10/2000 60.39 -8.2% 15.0% -12.8% 28.8% -26.6%
5/11/2000 59.42 -12.7% 15.0% -12.8% 28.8% -26.6%
5/12/2000 59.18 -13.0% 15.0% -12.8% 28.8% -26.6%
5/15/2000 59.67 -12.5% 15.0% -12.8% 28.8% -26.6%
5/16/2000 59.86 -7.0% 15.0% -12.8% 28.8% -26.6%
5/17/2000 57.26 -7.5% 15.0% -12.8% 28.8% -26.6%
5/18/2000 56.57 -6.6% 15.0% -12.8% 28.8% -26.6%
5/19/2000 56.72 -4.9% 15.0% -12.8% 28.8% -26.6%
5/22/2000 57.28 -4.1% 15.0% -12.8% 28.8% -26.6%
5/23/2000 57.86 -5.0% 15.0% -12.8% 28.8% -26.6%
5/24/2000 57.62 -3.6% 15.0% -12.8% 28.8% -26.6%
5/25/2000 56.56 -4.0% 15.0% -12.8% 28.8% -26.6%
5/26/2000 56.77 -3.5% 15.0% -12.8% 28.8% -26.6%
5/29/2000 56.77 -9.6% 15.0% -12.8% 28.8% -26.6%
5/30/2000 57.69 -4.8% 15.0% -12.8% 28.8% -26.6%
5/31/2000 56.28 -8.0% 15.0% -12.8% 28.8% -26.6%
6/1/2000 56.54 -5.0% 15.0% -12.8% 28.8% -26.6%
6/2/2000 59.27 -2.0% 15.0% -12.8% 28.8% -26.6%
6/5/2000 61.61 2.0% 15.0% -12.8% 28.8% -26.6%
6/6/2000 62.08 2.7% 15.0% -12.8% 28.8% -26.6%
6/7/2000 60.05 0.3% 15.0% -12.8% 28.8% -26.6%
6/8/2000 59.57 2.4% 15.0% -12.8% 28.8% -26.6%
6/9/2000 58.54 -1.5% 15.0% -12.8% 28.8% -26.6%
6/12/2000 60.14 -2.7% 15.0% -12.8% 28.8% -26.6%
6/13/2000 60.07 1.7% 15.0% -12.8% 28.8% -26.6%
6/14/2000 61.53 3.1% 15.0% -12.8% 28.8% -26.6%
6/15/2000 60.18 0.6% 15.0% -12.8% 28.8% -26.6%
6/16/2000 60.21 2.2% 15.0% -12.8% 28.8% -26.6%
6/19/2000 58.38 0.1% 15.0% -12.8% 28.8% -26.6%
6/20/2000 57.59 1.3% 15.0% -12.8% 28.8% -26.6%
6/21/2000 57.74 2.9% 15.0% -12.8% 28.8% -26.6%
6/22/2000 57.62 2.0% 15.0% -12.8% 28.8% -26.6%
6/23/2000 56.62 0.0% 15.0% -12.8% 28.8% -26.6%
6/26/2000 56.46 -3.4% 15.0% -12.8% 28.8% -26.6%
6/27/2000 57.15 -2.9% 15.0% -12.8% 28.8% -26.6%
6/28/2000 59.21 3.6% 15.0% -12.8% 28.8% -26.6%
6/29/2000 56.72 1.1% 15.0% -12.8% 28.8% -26.6%
6/30/2000 57.81 2.3% 15.0% -12.8% 28.8% -26.6%
7/3/2000 57.35 2.2% 15.0% -12.8% 28.8% -26.6%
7/4/2000 57.35 3.7% 15.0% -12.8% 28.8% -26.6%
7/5/2000 54.83 0.3% 15.0% -12.8% 28.8% -26.6%
7/6/2000 55.36 -4.1% 15.0% -12.8% 28.8% -26.6%
7/7/2000 54.59 -3.7% 15.0% -12.8% 28.8% -26.6%
7/10/2000 55.3 -0.8% 15.0% -12.8% 28.8% -26.6%
7/11/2000 56.92 0.6% 15.0% -12.8% 28.8% -26.6%
7/12/2000 56.14 0.8% 15.0% -12.8% 28.8% -26.6%
7/13/2000 55.7 0.0% 15.0% -12.8% 28.8% -26.6%
7/14/2000 54.64 -2.9% 15.0% -12.8% 28.8% -26.6%
7/17/2000 55.18 -0.3% 15.0% -12.8% 28.8% -26.6%
7/18/2000 54.99 -0.9% 15.0% -12.8% 28.8% -26.6%
7/19/2000 53.3 -5.1% 15.0% -12.8% 28.8% -26.6%
7/20/2000 52.24 -4.6% 15.0% -12.8% 28.8% -26.6%
7/21/2000 50.75 -8.6% 15.0% -12.8% 28.8% -26.6%
7/24/2000 50.3 -17.6% 15.0% -12.8% 28.8% -26.6%
7/25/2000 50.2 -16.1% 15.0% -12.8% 28.8% -26.6%
7/26/2000 51.04 -17.9% 15.0% -12.8% 28.8% -26.6%
7/27/2000 50.82 -15.2% 15.0% -12.8% 28.8% -26.6%
7/28/2000 51.29 -14.0% 15.0% -12.8% 28.8% -26.6%
7/31/2000 50.85 -15.2% 15.0% -12.8% 28.8% -26.6%
8/1/2000 51.78 -14.3% 15.0% -12.8% 28.8% -26.6%
8/2/2000 52.04 -12.4% 15.0% -12.8% 28.8% -26.6%
8/3/2000 49.59 -16.2% 15.0% -12.8% 28.8% -26.6%
8/4/2000 50.52 -15.3% 15.0% -12.8% 28.8% -26.6%
8/7/2000 50.81 -15.1% 15.0% -12.8% 28.8% -26.6%
8/8/2000 51.01 -10.9% 15.0% -12.8% 28.8% -26.6%
8/9/2000 50.31 -11.1% 15.0% -12.8% 28.8% -26.6%
8/10/2000 50.67 -10.7% 15.0% -12.8% 28.8% -26.6%
8/11/2000 52.99 -7.5% 15.0% -12.8% 28.8% -26.6%
8/14/2000 53.02 -8.4% 15.0% -12.8% 28.8% -26.6%
8/15/2000 53.02 -8.0% 15.0% -12.8% 28.8% -26.6%
8/16/2000 54.48 -3.7% 15.0% -12.8% 28.8% -26.6%
8/17/2000 52.91 -6.8% 15.0% -12.8% 28.8% -26.6%
8/18/2000 52.02 -8.4% 15.0% -12.8% 28.8% -26.6%
8/21/2000 51.11 -11.4% 15.0% -12.8% 28.8% -26.6%
8/22/2000 51.1 -9.2% 15.0% -12.8% 28.8% -26.6%
8/23/2000 50.72 -10.3% 15.0% -12.8% 28.8% -26.6%
8/24/2000 51.19 -13.6% 15.0% -12.8% 28.8% -26.6%
8/25/2000 51.8 -15.9% 15.0% -12.8% 28.8% -26.6%
8/28/2000 51.01 -17.8% 15.0% -12.8% 28.8% -26.6%
8/29/2000 50.56 -15.8% 15.0% -12.8% 28.8% -26.6%
8/30/2000 50.91 -14.5% 15.0% -12.8% 28.8% -26.6%
8/31/2000 52.34 -10.6% 15.0% -12.8% 28.8% -26.6%
9/1/2000 52.84 -12.1% 15.0% -12.8% 28.8% -26.6%
9/4/2000 52.84 -12.0% 15.0% -12.8% 28.8% -26.6%
9/5/2000 53.22 -13.5% 15.0% -12.8% 28.8% -26.6%
9/6/2000 54.22 -9.9% 15.0% -12.8% 28.8% -26.6%
9/7/2000 53.99 -10.3% 15.0% -12.8% 28.8% -26.6%
9/8/2000 54.74 -6.2% 15.0% -12.8% 28.8% -26.6%
9/11/2000 54.2 -5.9% 15.0% -12.8% 28.8% -26.6%
9/12/2000 53.64 -7.1% 15.0% -12.8% 28.8% -26.6%
9/13/2000 53.48 -7.2% 15.0% -12.8% 28.8% -26.6%
9/14/2000 52.51 -7.3% 15.0% -12.8% 28.8% -26.6%
9/15/2000 51.21 -9.3% 15.0% -12.8% 28.8% -26.6%
9/18/2000 50.61 -11.4% 15.0% -12.8% 28.8% -26.6%
9/19/2000 49.69 -16.1% 15.0% -12.8% 28.8% -26.6%
9/20/2000 48.65 -14.2% 15.0% -12.8% 28.8% -26.6%
9/21/2000 49.39 -14.6% 15.0% -12.8% 28.8% -26.6%
9/22/2000 49.51 -13.7% 15.0% -12.8% 28.8% -26.6%
9/25/2000 49.59 -13.5% 15.0% -12.8% 28.8% -26.6%
9/26/2000 48.99 -10.7% 15.0% -12.8% 28.8% -26.6%
9/27/2000 50.9 -8.1% 15.0% -12.8% 28.8% -26.6%
9/28/2000 49.67 -9.0% 15.0% -12.8% 28.8% -26.6%
9/29/2000 49.92 -9.7% 15.0% -12.8% 28.8% -26.6%
10/2/2000 48.89 -14.1% 15.0% -12.8% 28.8% -26.6%
10/3/2000 48.56 -13.5% 15.0% -12.8% 28.8% -26.6%
10/4/2000 48.69 -12.6% 15.0% -12.8% 28.8% -26.6%
10/5/2000 47.08 -13.8% 15.0% -12.8% 28.8% -26.6%
10/6/2000 45.98 -16.7% 15.0% -12.8% 28.8% -26.6%
10/9/2000 47.14 -14.3% 15.0% -12.8% 28.8% -26.6%
10/10/2000 47.27 -11.3% 15.0% -12.8% 28.8% -26.6%
10/11/2000 45.19 -13.5% 15.0% -12.8% 28.8% -26.6%
10/12/2000 47.63 -6.1% 15.0% -12.8% 28.8% -26.6%
10/13/2000 45.74 -9.1% 15.0% -12.8% 28.8% -26.6%
10/16/2000 45.08 -10.2% 15.0% -12.8% 28.8% -26.6%
10/17/2000 44.11 -13.6% 15.0% -12.8% 28.8% -26.6%
10/18/2000 43.87 -13.7% 15.0% -12.8% 28.8% -26.6%
10/19/2000 43.64 -14.9% 15.0% -12.8% 28.8% -26.6%
10/20/2000 43.39 -14.7% 15.0% -12.8% 28.8% -26.6%
10/23/2000 43.5 -16.0% 15.0% -12.8% 28.8% -26.6%
10/24/2000 42.78 -17.8% 15.0% -12.8% 28.8% -26.6%
10/25/2000 42.41 -14.5% 15.0% -12.8% 28.8% -26.6%
10/26/2000 42.81 -15.3% 15.0% -12.8% 28.8% -26.6%
10/27/2000 43.41 -14.6% 15.0% -12.8% 28.8% -26.6%
10/30/2000 44.67 -12.4% 15.0% -12.8% 28.8% -26.6%
10/31/2000 43.87 -12.8% 15.0% -12.8% 28.8% -26.6%
11/1/2000 43.43 -14.3% 15.0% -12.8% 28.8% -26.6%
11/2/2000 43.17 -18.5% 15.0% -12.8% 28.8% -26.6%
11/3/2000 43.62 -17.7% 15.0% -12.8% 28.8% -26.6%
11/6/2000 44.11 -16.8% 15.0% -12.8% 28.8% -26.6%
11/7/2000 44.47 -18.4% 15.0% -12.8% 28.8% -26.6%
11/8/2000 43.84 -17.1% 15.0% -12.8% 28.8% -26.6%
11/9/2000 43.88 -15.6% 15.0% -12.8% 28.8% -26.6%
11/10/2000 43.2 -15.5% 15.0% -12.8% 28.8% -26.6%
11/13/2000 42.84 -16.2% 15.0% -12.8% 28.8% -26.6%
11/14/2000 42.81 -15.6% 15.0% -12.8% 28.8% -26.6%
11/15/2000 42.69 -16.6% 15.0% -12.8% 28.8% -26.6%
11/16/2000 43 -17.0% 15.0% -12.8% 28.8% -26.6%
11/17/2000 41.85 -18.0% 15.0% -12.8% 28.8% -26.6%
11/20/2000 42.17 -16.6% 15.0% -12.8% 28.8% -26.6%
11/21/2000 43.65 -14.3% 15.0% -12.8% 28.8% -26.6%
11/22/2000 45.13 -13.8% 15.0% -12.8% 28.8% -26.6%
11/23/2000 45.13 -14.6% 15.0% -12.8% 28.8% -26.6%
11/24/2000 44.52 -15.7% 15.0% -12.8% 28.8% -26.6%
11/27/2000 46.85 -12.0% 15.0% -12.8% 28.8% -26.6%
11/28/2000 47.09 -13.2% 15.0% -12.8% 28.8% -26.6%
11/29/2000 46.23 -14.4% 15.0% -12.8% 28.8% -26.6%
11/30/2000 47.08 -14.0% 15.0% -12.8% 28.8% -26.6%
12/1/2000 48.61 -10.3% 15.0% -12.8% 28.8% -26.6%
12/4/2000 50.36 -6.1% 15.0% -12.8% 28.8% -26.6%
12/5/2000 47.97 -10.3% 15.0% -12.8% 28.8% -26.6%
12/6/2000 50.48 -3.9% 15.0% -12.8% 28.8% -26.6%
12/7/2000 50.62 -1.2% 15.0% -12.8% 28.8% -26.6%
12/8/2000 51.07 0.9% 15.0% -12.8% 28.8% -26.6%
12/11/2000 49.8 0.2% 15.0% -12.8% 28.8% -26.6%
12/12/2000 49.89 2.5% 15.0% -12.8% 28.8% -26.6%
12/13/2000 47.99 -2.8% 15.0% -12.8% 28.8% -26.6%
12/14/2000 48.02 -3.0% 15.0% -12.8% 28.8% -26.6%
12/15/2000 49.43 -0.3% 15.0% -12.8% 28.8% -26.6%
12/18/2000 49.61 1.3% 15.0% -12.8% 28.8% -26.6%
12/19/2000 50.93 0.1% 15.0% -12.8% 28.8% -26.6%
12/20/2000 53.11 6.9% 15.0% -12.8% 28.8% -26.6%
12/21/2000 52.26 4.7% 15.0% -12.8% 28.8% -26.6%
12/22/2000 52.39 7.2% 15.0% -12.8% 28.8% -26.6%
12/25/2000 52.39 7.9% 15.0% -12.8% 28.8% -26.6%
12/26/2000 52.44 7.7% 15.0% -12.8% 28.8% -26.6%
12/27/2000 52.27 11.0% 15.0% -12.8% 28.8% -26.6%
12/28/2000 52.1 13.3% 15.0% -12.8% 28.8% -26.6%
12/29/2000 51.41 9.1% 15.0% -12.8% 28.8% -26.6%
1/1/2001 51.41 8.8% 15.0% -12.8% 28.8% -26.6%
1/2/2001 51.78 14.6% 15.0% -12.8% 28.8% -26.6%
1/3/2001 50.54 6.1% 15.0% -12.8% 28.8% -26.6%
1/4/2001 49.79 8.9% 15.0% -12.8% 28.8% -26.6%
1/5/2001 49.23 9.2% 15.0% -12.8% 28.8% -26.6%
1/8/2001 49.75 12.8% 15.0% -12.8% 28.8% -26.6%
1/9/2001 49.37 12.5% 15.0% -12.8% 28.8% -26.6%
1/10/2001 49.16 12.6% 15.0% -12.8% 28.8% -26.6%
1/11/2001 48.17 11.0% 15.0% -12.8% 28.8% -26.6%
1/12/2001 48.89 12.4% 15.0% -12.8% 28.8% -26.6%
1/15/2001 48.89 14.3% 15.0% -12.8% 28.8% -26.6%
1/16/2001 48.91 15.3% 15.0% -12.8% 28.8% -26.6%
1/17/2001 48.26 12.7% 15.0% -12.8% 28.8% -26.6%
1/18/2001 48.83 12.5% 15.0% -12.8% 28.8% -26.6%
1/19/2001 48.92 9.5% 15.0% -12.8% 28.8% -26.6%
1/22/2001 51.99 18.5% 15.0% -12.8% 28.8% -26.6%
1/23/2001 50.94 17.3% 15.0% -12.8% 28.8% -26.6%
1/24/2001 48.75 12.9% 15.0% -12.8% 28.8% -26.6%
1/25/2001 48.78 11.8% 15.0% -12.8% 28.8% -26.6%
1/26/2001 48.51 10.0% 15.0% -12.8% 28.8% -26.6%
1/29/2001 47.52 6.9% 15.0% -12.8% 28.8% -26.6%
1/30/2001 48.52 10.7% 15.0% -12.8% 28.8% -26.6%
1/31/2001 48.86 11.3% 15.0% -12.8% 28.8% -26.6%
2/1/2001 49.75 15.2% 15.0% -12.8% 28.8% -26.6%
2/2/2001 48.88 14.1% 15.0% -12.8% 28.8% -26.6%
2/5/2001 48.6 13.5% 15.0% -12.8% 28.8% -26.6%
2/6/2001 47.54 11.4% 15.0% -12.8% 28.8% -26.6%
2/7/2001 47.6 10.7% 15.0% -12.8% 28.8% -26.6%
2/8/2001 46.37 10.8% 15.0% -12.8% 28.8% -26.6%
2/9/2001 46.66 10.6% 15.0% -12.8% 28.8% -26.6%
2/12/2001 46.6 6.8% 15.0% -12.8% 28.8% -26.6%
2/13/2001 46.31 2.6% 15.0% -12.8% 28.8% -26.6%
2/14/2001 45.82 1.5% 15.0% -12.8% 28.8% -26.6%
2/15/2001 45.9 3.1% 15.0% -12.8% 28.8% -26.6%
2/16/2001 47.38 1.1% 15.0% -12.8% 28.8% -26.6%
2/19/2001 47.38 0.6% 15.0% -12.8% 28.8% -26.6%
2/20/2001 46.39 0.3% 15.0% -12.8% 28.8% -26.6%
2/21/2001 46.88 -0.4% 15.0% -12.8% 28.8% -26.6%
2/22/2001 48.41 -0.4% 15.0% -12.8% 28.8% -26.6%
2/23/2001 50.23 -0.3% 15.0% -12.8% 28.8% -26.6%
2/26/2001 53.53 11.6% 15.0% -12.8% 28.8% -26.6%
2/27/2001 53.55 6.1% 15.0% -12.8% 28.8% -26.6%
2/28/2001 52.51 3.7% 15.0% -12.8% 28.8% -26.6%
3/1/2001 52.84 3.5% 15.0% -12.8% 28.8% -26.6%
3/2/2001 52.35 5.1% 15.0% -12.8% 28.8% -26.6%
3/5/2001 53.94 8.1% 15.0% -12.8% 28.8% -26.6%
3/6/2001 52.85 10.1% 15.0% -12.8% 28.8% -26.6%
3/7/2001 53.49 11.4% 15.0% -12.8% 28.8% -26.6%
3/8/2001 56.79 14.9% 15.0% -12.8% 28.8% -26.6%
3/9/2001 55.01 10.9% 15.0% -12.8% 28.8% -26.6%
3/12/2001 55.13 8.2% 15.0% -12.8% 28.8% -26.6%
3/13/2001 53.52 0.8% 15.0% -12.8% 28.8% -26.6%
3/14/2001 52.63 0.7% 15.0% -12.8% 28.8% -26.6%
3/15/2001 50.51 -3.6% 15.0% -12.8% 28.8% -26.6%
3/16/2001 48.37 -7.7% 15.0% -12.8% 28.8% -26.6%
3/19/2001 49.21 -6.2% 15.0% -12.8% 28.8% -26.6%
3/20/2001 49.5 -5.3% 15.0% -12.8% 28.8% -26.6%
3/21/2001 49.71 -4.6% 15.0% -12.8% 28.8% -26.6%
3/22/2001 49.5 -3.7% 15.0% -12.8% 28.8% -26.6%
3/23/2001 48.89 -4.9% 15.0% -12.8% 28.8% -26.6%
3/26/2001 49.01 -5.3% 15.0% -12.8% 28.8% -26.6%
3/27/2001 48.27 -4.5% 15.0% -12.8% 28.8% -26.6%
3/28/2001 47.67 -4.3% 15.0% -12.8% 28.8% -26.6%
3/29/2001 47.09 -4.3% 15.0% -12.8% 28.8% -26.6%
3/30/2001 47.57 -4.4% 15.0% -12.8% 28.8% -26.6%
4/2/2001 46.21 -6.4% 15.0% -12.8% 28.8% -26.6%
4/3/2001 47.79 -2.8% 15.0% -12.8% 28.8% -26.6%
4/4/2001 50.29 4.4% 15.0% -12.8% 28.8% -26.6%
4/5/2001 50.22 2.7% 15.0% -12.8% 28.8% -26.6%
4/6/2001 50.41 3.1% 15.0% -12.8% 28.8% -26.6%
4/9/2001 50.78 3.8% 15.0% -12.8% 28.8% -26.6%
4/10/2001 51.02 5.7% 15.0% -12.8% 28.8% -26.6%
4/11/2001 50.55 3.5% 15.0% -12.8% 28.8% -26.6%
4/12/2001 51.59 5.5% 15.0% -12.8% 28.8% -26.6%
4/13/2001 51.59 -0.8% 15.0% -12.8% 28.8% -26.6%
4/16/2001 52.66 3.4% 15.0% -12.8% 28.8% -26.6%
4/17/2001 51.81 6.3% 15.0% -12.8% 28.8% -26.6%
4/18/2001 52.96 8.6% 15.0% -12.8% 28.8% -26.6%
4/19/2001 52.8 8.8% 15.0% -12.8% 28.8% -26.6%
4/20/2001 52.04 9.5% 15.0% -12.8% 28.8% -26.6%
4/23/2001 51.72 6.6% 15.0% -12.8% 28.8% -26.6%
4/24/2001 53.12 8.7% 15.0% -12.8% 28.8% -26.6%
4/25/2001 52.09 4.7% 15.0% -12.8% 28.8% -26.6%
4/26/2001 55.07 12.7% 15.0% -12.8% 28.8% -26.6%
4/27/2001 55.76 14.7% 15.0% -12.8% 28.8% -26.6%
4/30/2001 55.13 16.0% 15.0% -12.8% 28.8% -26.6%
5/1/2001 56.72 19.2% 15.0% -12.8% 28.8% -26.6%
5/2/2001 56.59 22.0% 15.0% -12.8% 28.8% -26.6%
5/3/2001 54.85 17.6% 15.0% -12.8% 28.8% -26.6%
5/4/2001 54.78 17.6% 15.0% -12.8% 28.8% -26.6%
5/7/2001 55.45 19.7% 15.0% -12.8% 28.8% -26.6%
5/8/2001 55.52 21.2% 15.0% -12.8% 28.8% -26.6%
5/9/2001 59.17 28.9% 15.0% -12.8% 28.8% -26.6%
5/10/2001 59.5 25.6% 15.0% -12.8% 28.8% -26.6%
5/11/2001 58.52 23.5% 15.0% -12.8% 28.8% -26.6%
5/14/2001 59.03 27.2% 15.0% -12.8% 28.8% -26.6%
5/15/2001 58.57 24.9% 15.0% -12.8% 28.8% -26.6%
5/16/2001 62 28.1% 15.0% -12.8% 28.8% -26.6%
5/17/2001 62.69 24.8% 15.0% -12.8% 28.8% -26.6%
5/18/2001 65.27 21.9% 15.0% -12.8% 28.8% -26.6%
5/21/2001 65.79 22.9% 15.0% -12.8% 28.8% -26.6%
5/22/2001 62.83 19.7% 15.0% -12.8% 28.8% -26.6%
5/23/2001 61.35 16.1% 15.0% -12.8% 28.8% -26.6%
5/24/2001 59.33 13.3% 15.0% -12.8% 28.8% -26.6%
5/25/2001 60.99 13.1% 15.0% -12.8% 28.8% -26.6%
5/28/2001 60.99 15.4% 15.0% -12.8% 28.8% -26.6%
5/29/2001 59.89 12.0% 15.0% -12.8% 28.8% -26.6%
5/30/2001 57.69 1.6% 15.0% -12.8% 28.8% -26.6%
5/31/2001 57.13 3.9% 15.0% -12.8% 28.8% -26.6%
6/1/2001 58.12 5.4% 15.0% -12.8% 28.8% -26.6%
6/4/2001 58.29 8.9% 15.0% -12.8% 28.8% -26.6%
6/5/2001 58.99 12.1% 15.0% -12.8% 28.8% -26.6%
6/6/2001 57.03 12.9% 15.0% -12.8% 28.8% -26.6%
6/7/2001 56.52 16.8% 15.0% -12.8% 28.8% -26.6%
6/8/2001 58.78 19.4% 15.0% -12.8% 28.8% -26.6%
6/11/2001 57.13 15.4% 15.0% -12.8% 28.8% -26.6%
6/12/2001 58.67 18.0% 15.0% -12.8% 28.8% -26.6%
6/13/2001 58.88 18.9% 15.0% -12.8% 28.8% -26.6%
6/14/2001 59.68 22.1% 15.0% -12.8% 28.8% -26.6%
6/15/2001 58.37 19.1% 15.0% -12.8% 28.8% -26.6%
6/18/2001 57.51 19.1% 15.0% -12.8% 28.8% -26.6%
6/19/2001 57.34 20.3% 15.0% -12.8% 28.8% -26.6%
6/20/2001 55.65 18.2% 15.0% -12.8% 28.8% -26.6%
6/21/2001 54.98 15.6% 15.0% -12.8% 28.8% -26.6%
6/22/2001 55.2 19.5% 15.0% -12.8% 28.8% -26.6%
6/25/2001 55.33 15.8% 15.0% -12.8% 28.8% -26.6%
6/26/2001 55.86 11.1% 15.0% -12.8% 28.8% -26.6%
6/27/2001 55.01 9.5% 15.0% -12.8% 28.8% -26.6%
6/28/2001 53.46 6.1% 15.0% -12.8% 28.8% -26.6%
6/29/2001 53.25 4.9% 15.0% -12.8% 28.8% -26.6%
7/2/2001 51.51 1.0% 15.0% -12.8% 28.8% -26.6%
7/3/2001 52.42 3.7% 15.0% -12.8% 28.8% -26.6%
7/4/2001 52.42 1.6% 15.0% -12.8% 28.8% -26.6%
7/5/2001 51.93 0.7% 15.0% -12.8% 28.8% -26.6%
7/6/2001 51.79 -1.7% 15.0% -12.8% 28.8% -26.6%
7/9/2001 51.87 0.1% 15.0% -12.8% 28.8% -26.6%
7/10/2001 52.76 -0.4% 15.0% -12.8% 28.8% -26.6%
7/11/2001 54.31 2.9% 15.0% -12.8% 28.8% -26.6%
7/12/2001 54.36 4.5% 15.0% -12.8% 28.8% -26.6%
7/13/2001 53.86 4.1% 15.0% -12.8% 28.8% -26.6%
7/16/2001 52.99 -0.2% 15.0% -12.8% 28.8% -26.6%
7/17/2001 53.71 3.1% 15.0% -12.8% 28.8% -26.6%
7/18/2001 55.72 1.2% 15.0% -12.8% 28.8% -26.6%
7/19/2001 55.57 -0.3% 15.0% -12.8% 28.8% -26.6%
7/20/2001 55.77 1.2% 15.0% -12.8% 28.8% -26.6%
7/23/2001 55.26 -2.6% 15.0% -12.8% 28.8% -26.6%
7/24/2001 56.51 -0.1% 15.0% -12.8% 28.8% -26.6%
7/25/2001 55.51 1.2% 15.0% -12.8% 28.8% -26.6%
7/26/2001 53.96 -1.5% 15.0% -12.8% 28.8% -26.6%
7/27/2001 54.6 -1.5% 15.0% -12.8% 28.8% -26.6%
7/30/2001 53.12 -4.3% 15.0% -12.8% 28.8% -26.6%
7/31/2001 53.06 -10.3% 15.0% -12.8% 28.8% -26.6%
8/1/2001 52.91 -11.1% 15.0% -12.8% 28.8% -26.6%
8/2/2001 52.65 -10.0% 15.0% -12.8% 28.8% -26.6%
8/3/2001 52.74 -10.7% 15.0% -12.8% 28.8% -26.6%
8/6/2001 53.29 -9.0% 15.0% -12.8% 28.8% -26.6%
8/7/2001 52.63 -15.1% 15.0% -12.8% 28.8% -26.6%
8/8/2001 53.33 -14.9% 15.0% -12.8% 28.8% -26.6%
8/9/2001 55.93 -14.3% 15.0% -12.8% 28.8% -26.6%
8/10/2001 55.15 -16.2% 15.0% -12.8% 28.8% -26.6%
8/13/2001 56.63 -9.9% 15.0% -12.8% 28.8% -26.6%
8/14/2001 55.88 -8.9% 15.0% -12.8% 28.8% -26.6%
8/15/2001 56.67 -4.5% 15.0% -12.8% 28.8% -26.6%
8/16/2001 57.04 -6.5% 15.0% -12.8% 28.8% -26.6%
8/17/2001 57.56 -5.6% 15.0% -12.8% 28.8% -26.6%
8/20/2001 57.11 -4.6% 15.0% -12.8% 28.8% -26.6%
8/21/2001 57.51 -0.3% 15.0% -12.8% 28.8% -26.6%
8/22/2001 57.16 0.1% 15.0% -12.8% 28.8% -26.6%
8/23/2001 57.78 -0.6% 15.0% -12.8% 28.8% -26.6%
8/24/2001 58.26 -0.1% 15.0% -12.8% 28.8% -26.6%
8/27/2001 57.39 -2.7% 15.0% -12.8% 28.8% -26.6%
8/28/2001 56.86 -0.3% 15.0% -12.8% 28.8% -26.6%
8/29/2001 56.63 0.2% 15.0% -12.8% 28.8% -26.6%
8/30/2001 56.94 -3.1% 15.0% -12.8% 28.8% -26.6%
8/31/2001 56.56 -1.0% 15.0% -12.8% 28.8% -26.6%
9/3/2001 56.56 -3.6% 15.0% -12.8% 28.8% -26.6%
9/4/2001 55.26 -6.1% 15.0% -12.8% 28.8% -26.6%
9/5/2001 55.67 -6.7% 15.0% -12.8% 28.8% -26.6%
9/6/2001 54.5 -6.6% 15.0% -12.8% 28.8% -26.6%
9/7/2001 55.03 -4.3% 15.0% -12.8% 28.8% -26.6%
9/10/2001 55.5 -3.2% 15.0% -12.8% 28.8% -26.6%
9/11/2001 55.5 -0.3% 15.0% -12.8% 28.8% -26.6%
9/12/2001 55.5 0.9% 15.0% -12.8% 28.8% -26.6%
9/13/2001 55.5 0.5% 15.0% -12.8% 28.8% -26.6%
9/14/2001 55.5 0.3% 15.0% -12.8% 28.8% -26.6%
9/17/2001 56.89 1.8% 15.0% -12.8% 28.8% -26.6%
9/18/2001 57.52 4.6% 15.0% -12.8% 28.8% -26.6%
9/19/2001 57.73 8.0% 15.0% -12.8% 28.8% -26.6%
9/20/2001 59.31 11.4% 15.0% -12.8% 28.8% -26.6%
9/21/2001 58.2 13.0% 15.0% -12.8% 28.8% -26.6%
9/24/2001 56.31 7.4% 15.0% -12.8% 28.8% -26.6%
9/25/2001 55.67 6.2% 15.0% -12.8% 28.8% -26.6%
9/26/2001 57.77 11.2% 15.0% -12.8% 28.8% -26.6%
9/27/2001 57.85 11.7% 15.0% -12.8% 28.8% -26.6%
9/28/2001 57.79 11.4% 15.0% -12.8% 28.8% -26.6%
10/1/2001 58.75 11.4% 15.0% -12.8% 28.8% -26.6%
10/2/2001 59.15 8.9% 15.0% -12.8% 28.8% -26.6%
10/3/2001 56.81 4.5% 15.0% -12.8% 28.8% -26.6%
10/4/2001 56.51 4.9% 15.0% -12.8% 28.8% -26.6%
10/5/2001 57.97 9.4% 15.0% -12.8% 28.8% -26.6%
10/8/2001 57.1 6.3% 15.0% -12.8% 28.8% -26.6%
10/9/2001 55.26 -0.8% 15.0% -12.8% 28.8% -26.6%
10/10/2001 53.6 -3.5% 15.0% -12.8% 28.8% -26.6%
10/11/2001 51.98 -6.8% 15.0% -12.8% 28.8% -26.6%
10/12/2001 54.44 -1.5% 15.0% -12.8% 28.8% -26.6%
10/15/2001 54.12 -4.2% 15.0% -12.8% 28.8% -26.6%
10/16/2001 55.39 -0.2% 15.0% -12.8% 28.8% -26.6%
10/17/2001 56.19 4.1% 15.0% -12.8% 28.8% -26.6%
10/18/2001 54.07 -1.0% 15.0% -12.8% 28.8% -26.6%
10/19/2001 52.74 -0.7% 15.0% -12.8% 28.8% -26.6%
10/22/2001 51.48 -3.0% 15.0% -12.8% 28.8% -26.6%
10/23/2001 51.79 -2.1% 15.0% -12.8% 28.8% -26.6%
10/24/2001 52.34 -0.6% 15.0% -12.8% 28.8% -26.6%
10/25/2001 53.23 0.9% 15.0% -12.8% 28.8% -26.6%
10/26/2001 52.94 -0.7% 15.0% -12.8% 28.8% -26.6%
10/29/2001 53.03 0.8% 15.0% -12.8% 28.8% -26.6%
10/30/2001 54.52 2.2% 15.0% -12.8% 28.8% -26.6%
10/31/2001 54.53 -2.5% 15.0% -12.8% 28.8% -26.6%
11/1/2001 54.48 -1.2% 15.0% -12.8% 28.8% -26.6%
11/2/2001 55.83 -1.4% 15.0% -12.8% 28.8% -26.6%
11/5/2001 55.2 -1.2% 15.0% -12.8% 28.8% -26.6%
11/6/2001 55.08 -2.8% 15.0% -12.8% 28.8% -26.6%
11/7/2001 56.02 -1.8% 15.0% -12.8% 28.8% -26.6%
11/8/2001 53.87 -6.4% 15.0% -12.8% 28.8% -26.6%
11/9/2001 54.72 -4.2% 15.0% -12.8% 28.8% -26.6%
11/12/2001 54.64 -5.0% 15.0% -12.8% 28.8% -26.6%
11/13/2001 53.42 -6.5% 15.0% -12.8% 28.8% -26.6%
11/14/2001 52.93 -8.4% 15.0% -12.8% 28.8% -26.6%
11/15/2001 51.94 -10.8% 15.0% -12.8% 28.8% -26.6%
11/16/2001 50.91 -11.3% 15.0% -12.8% 28.8% -26.6%
11/19/2001 49.46 -13.0% 15.0% -12.8% 28.8% -26.6%
11/20/2001 50.34 -11.1% 15.0% -12.8% 28.8% -26.6%
11/21/2001 49.89 -12.4% 15.0% -12.8% 28.8% -26.6%
11/22/2001 49.89 -11.8% 15.0% -12.8% 28.8% -26.6%
11/23/2001 49.83 -11.9% 15.0% -12.8% 28.8% -26.6%
11/26/2001 49.83 -9.8% 15.0% -12.8% 28.8% -26.6%
11/27/2001 51.45 -7.6% 15.0% -12.8% 28.8% -26.6%
11/28/2001 52.09 -4.4% 15.0% -12.8% 28.8% -26.6%
11/29/2001 51.7 -6.1% 15.0% -12.8% 28.8% -26.6%
11/30/2001 52.57 -5.3% 15.0% -12.8% 28.8% -26.6%
12/3/2001 53.38 -3.8% 15.0% -12.8% 28.8% -26.6%
12/4/2001 52.93 -4.6% 15.0% -12.8% 28.8% -26.6%
12/5/2001 53.36 -3.9% 15.0% -12.8% 28.8% -26.6%
12/6/2001 54.12 -2.5% 15.0% -12.8% 28.8% -26.6%
12/7/2001 52.89 -7.0% 15.0% -12.8% 28.8% -26.6%
12/10/2001 52.44 -8.8% 15.0% -12.8% 28.8% -26.6%
12/11/2001 52.33 -9.4% 15.0% -12.8% 28.8% -26.6%
12/12/2001 53.61 -9.6% 15.0% -12.8% 28.8% -26.6%
12/13/2001 53.65 -7.8% 15.0% -12.8% 28.8% -26.6%
12/14/2001 55.73 -1.0% 15.0% -12.8% 28.8% -26.6%
12/17/2001 55.09 -1.0% 15.0% -12.8% 28.8% -26.6%
12/18/2001 56.78 -1.7% 15.0% -12.8% 28.8% -26.6%
12/19/2001 54.41 -5.9% 15.0% -12.8% 28.8% -26.6%
12/20/2001 55.59 -3.8% 15.0% -12.8% 28.8% -26.6%
12/21/2001 54.98 -6.4% 15.0% -12.8% 28.8% -26.6%
12/24/2001 55.19 -6.7% 15.0% -12.8% 28.8% -26.6%
12/25/2001 55.19 -2.9% 15.0% -12.8% 28.8% -26.6%
12/26/2001 54.73 -3.1% 15.0% -12.8% 28.8% -26.6%
12/27/2001 54.11 -6.7% 15.0% -12.8% 28.8% -26.6%
12/28/2001 53.56 -6.2% 15.0% -12.8% 28.8% -26.6%
12/31/2001 54.43 -1.5% 15.0% -12.8% 28.8% -26.6%
1/1/2002 54.43 1.5% 15.0% -12.8% 28.8% -26.6%
1/2/2002 54.8 5.4% 15.0% -12.8% 28.8% -26.6%
1/3/2002 55.71 2.3% 15.0% -12.8% 28.8% -26.6%
1/4/2002 55.95 3.4% 15.0% -12.8% 28.8% -26.6%
1/7/2002 56.87 2.7% 15.0% -12.8% 28.8% -26.6%
1/8/2002 55.87 -0.6% 15.0% -12.8% 28.8% -26.6%
1/9/2002 58.07 7.4% 15.0% -12.8% 28.8% -26.6%
1/10/2002 58.56 11.0% 15.0% -12.8% 28.8% -26.6%
1/11/2002 58.5 13.6% 15.0% -12.8% 28.8% -26.6%
1/14/2002 58.53 13.0% 15.0% -12.8% 28.8% -26.6%
1/15/2002 59.56 13.8% 15.0% -12.8% 28.8% -26.6%
1/16/2002 60.29 13.3% 15.0% -12.8% 28.8% -26.6%
1/17/2002 59.13 11.7% 15.0% -12.8% 28.8% -26.6%
1/18/2002 58.34 10.0% 15.0% -12.8% 28.8% -26.6%
1/21/2002 58.34 7.0% 15.0% -12.8% 28.8% -26.6%
1/22/2002 58.46 7.2% 15.0% -12.8% 28.8% -26.6%
1/23/2002 57.59 5.7% 15.0% -12.8% 28.8% -26.6%
1/24/2002 57.3 2.6% 15.0% -12.8% 28.8% -26.6%
1/25/2002 59.14 7.1% 15.0% -12.8% 28.8% -26.6%
1/28/2002 58.57 6.3% 15.0% -12.8% 28.8% -26.6%
1/29/2002 60.35 7.7% 15.0% -12.8% 28.8% -26.6%
1/30/2002 60.42 12.2% 15.0% -12.8% 28.8% -26.6%
1/31/2002 61.33 12.1% 15.0% -12.8% 28.8% -26.6%
2/1/2002 62.8 14.9% 15.0% -12.8% 28.8% -26.6%
2/4/2002 65.25 22.1% 15.0% -12.8% 28.8% -26.6%
2/5/2002 67.83 28.2% 15.0% -12.8% 28.8% -26.6%
2/6/2002 64.79 24.7% 15.0% -12.8% 28.8% -26.6%
2/7/2002 67.3 32.2% 15.0% -12.8% 28.8% -26.6%
2/8/2002 68.24 38.0% 15.0% -12.8% 28.8% -26.6%
2/11/2002 64.58 28.3% 15.0% -12.8% 28.8% -26.6%
2/12/2002 66.25 32.8% 15.0% -12.8% 28.8% -26.6%
2/13/2002 66.53 33.4% 15.0% -12.8% 28.8% -26.6%
2/14/2002 68.02 36.5% 15.0% -12.8% 28.8% -26.6%
2/15/2002 67.4 35.3% 15.0% -12.8% 28.8% -26.6%
2/18/2002 67.4 31.0% 15.0% -12.8% 28.8% -26.6%
2/19/2002 63.95 22.8% 15.0% -12.8% 28.8% -26.6%
2/20/2002 63.1 22.1% 15.0% -12.8% 28.8% -26.6%
2/21/2002 65.1 23.8% 15.0% -12.8% 28.8% -26.6%
2/22/2002 64.68 21.2% 15.0% -12.8% 28.8% -26.6%
2/25/2002 63.53 20.0% 15.0% -12.8% 28.8% -26.6%
2/26/2002 66.57 24.8% 15.0% -12.8% 28.8% -26.6%
2/27/2002 65.04 20.2% 15.0% -12.8% 28.8% -26.6%
2/28/2002 65.16 23.2% 15.0% -12.8% 28.8% -26.6%
3/1/2002 65.61 25.1% 15.0% -12.8% 28.8% -26.6%
3/4/2002 64.87 24.0% 15.0% -12.8% 28.8% -26.6%
3/5/2002 63.94 19.3% 15.0% -12.8% 28.8% -26.6%
3/6/2002 65.66 22.4% 15.0% -12.8% 28.8% -26.6%
3/7/2002 62.51 12.2% 15.0% -12.8% 28.8% -26.6%
3/8/2002 60.9 10.5% 15.0% -12.8% 28.8% -26.6%
3/11/2002 62.55 10.2% 15.0% -12.8% 28.8% -26.6%
3/12/2002 64.01 17.6% 15.0% -12.8% 28.8% -26.6%
3/13/2002 62.21 11.9% 15.0% -12.8% 28.8% -26.6%
3/14/2002 62.46 13.6% 15.0% -12.8% 28.8% -26.6%
3/15/2002 61.92 12.2% 15.0% -12.8% 28.8% -26.6%
3/18/2002 64.78 17.4% 15.0% -12.8% 28.8% -26.6%
3/19/2002 64.57 18.0% 15.0% -12.8% 28.8% -26.6%
3/20/2002 65.67 21.4% 15.0% -12.8% 28.8% -26.6%
3/21/2002 65.6 22.5% 15.0% -12.8% 28.8% -26.6%
3/22/2002 67.86 24.7% 15.0% -12.8% 28.8% -26.6%
3/25/2002 70.08 28.8% 15.0% -12.8% 28.8% -26.6%
3/26/2002 68.13 24.3% 15.0% -12.8% 28.8% -26.6%
3/27/2002 72.18 29.6% 15.0% -12.8% 28.8% -26.6%
3/28/2002 70.89 26.7% 15.0% -12.8% 28.8% -26.6%
3/29/2002 70.89 24.7% 15.0% -12.8% 28.8% -26.6%
4/1/2002 72.33 29.5% 15.0% -12.8% 28.8% -26.6%
4/2/2002 71.5 23.1% 15.0% -12.8% 28.8% -26.6%
4/3/2002 69.38 18.5% 15.0% -12.8% 28.8% -26.6%
4/4/2002 69.49 18.8% 15.0% -12.8% 28.8% -26.6%
4/5/2002 68.41 16.9% 15.0% -12.8% 28.8% -26.6%
4/8/2002 67.84 13.9% 15.0% -12.8% 28.8% -26.6%
4/9/2002 66.72 10.7% 15.0% -12.8% 28.8% -26.6%
4/10/2002 69.8 18.0% 15.0% -12.8% 28.8% -26.6%
4/11/2002 69.14 18.5% 15.0% -12.8% 28.8% -26.6%
4/12/2002 69.79 19.6% 15.0% -12.8% 28.8% -26.6%
4/15/2002 69.56 19.0% 15.0% -12.8% 28.8% -26.6%
4/16/2002 68.87 19.6% 15.0% -12.8% 28.8% -26.6%
4/17/2002 72.32 26.2% 15.0% -12.8% 28.8% -26.6%
4/18/2002 70.65 19.5% 15.0% -12.8% 28.8% -26.6%
4/19/2002 72.22 23.3% 15.0% -12.8% 28.8% -26.6%
4/22/2002 72.71 20.5% 15.0% -12.8% 28.8% -26.6%
4/23/2002 73.72 22.0% 15.0% -12.8% 28.8% -26.6%
4/24/2002 74.07 20.8% 15.0% -12.8% 28.8% -26.6%
4/25/2002 73.94 17.7% 15.0% -12.8% 28.8% -26.6%
4/26/2002 77.5 18.8% 15.0% -12.8% 28.8% -26.6%
4/29/2002 76.87 13.3% 15.0% -12.8% 28.8% -26.6%
4/30/2002 73.96 14.2% 15.0% -12.8% 28.8% -26.6%
5/1/2002 76.35 13.4% 15.0% -12.8% 28.8% -26.6%
5/2/2002 76.36 11.9% 15.0% -12.8% 28.8% -26.6%
5/3/2002 78.36 21.3% 15.0% -12.8% 28.8% -26.6%
5/6/2002 79.65 20.2% 15.0% -12.8% 28.8% -26.6%
5/7/2002 77.5 16.5% 15.0% -12.8% 28.8% -26.6%
5/8/2002 76.92 13.1% 15.0% -12.8% 28.8% -26.6%
5/9/2002 78.56 16.6% 15.0% -12.8% 28.8% -26.6%
5/10/2002 79.9 18.5% 15.0% -12.8% 28.8% -26.6%
5/13/2002 80.78 26.3% 15.0% -12.8% 28.8% -26.6%
5/14/2002 76.34 21.0% 15.0% -12.8% 28.8% -26.6%
5/15/2002 75.74 16.3% 15.0% -12.8% 28.8% -26.6%
5/16/2002 77.28 19.5% 15.0% -12.8% 28.8% -26.6%
5/17/2002 80.67 27.0% 15.0% -12.8% 28.8% -26.6%
5/20/2002 83.18 25.0% 15.0% -12.8% 28.8% -26.6%
5/21/2002 84.97 30.6% 15.0% -12.8% 28.8% -26.6%
5/22/2002 84.94 30.4% 15.0% -12.8% 28.8% -26.6%
5/23/2002 86.7 32.1% 15.0% -12.8% 28.8% -26.6%
5/24/2002 85.84 32.3% 15.0% -12.8% 28.8% -26.6%
5/27/2002 85.84 34.3% 15.0% -12.8% 28.8% -26.6%
5/28/2002 88.65 35.0% 15.0% -12.8% 28.8% -26.6%
5/29/2002 85.81 37.3% 15.0% -12.8% 28.8% -26.6%
5/30/2002 83.7 37.4% 15.0% -12.8% 28.8% -26.6%
5/31/2002 84.24 34.7% 15.0% -12.8% 28.8% -26.6%
6/3/2002 86.77 35.6% 15.0% -12.8% 28.8% -26.6%
6/4/2002 85.6 37.6% 15.0% -12.8% 28.8% -26.6%
6/5/2002 83.09 33.0% 15.0% -12.8% 28.8% -26.6%
6/6/2002 83.73 35.2% 15.0% -12.8% 28.8% -26.6%
6/7/2002 78.75 21.6% 15.0% -12.8% 28.8% -26.6%
6/10/2002 75.17 16.4% 15.0% -12.8% 28.8% -26.6%
6/11/2002 77.81 18.5% 15.0% -12.8% 28.8% -26.6%
6/12/2002 75.58 15.2% 15.0% -12.8% 28.8% -26.6%
6/13/2002 74.08 9.2% 15.0% -12.8% 28.8% -26.6%
6/14/2002 76.99 9.9% 15.0% -12.8% 28.8% -26.6%
6/17/2002 73.65 8.1% 15.0% -12.8% 28.8% -26.6%
6/18/2002 76.39 5.8% 15.0% -12.8% 28.8% -26.6%
6/19/2002 75.42 6.4% 15.0% -12.8% 28.8% -26.6%
6/20/2002 78.89 11.3% 15.0% -12.8% 28.8% -26.6%
6/21/2002 78.16 8.1% 15.0% -12.8% 28.8% -26.6%
6/24/2002 78.35 9.6% 15.0% -12.8% 28.8% -26.6%
6/25/2002 77.87 12.2% 15.0% -12.8% 28.8% -26.6%
6/26/2002 76.27 9.8% 15.0% -12.8% 28.8% -26.6%
6/27/2002 73.42 7.3% 15.0% -12.8% 28.8% -26.6%
6/28/2002 71.46 5.3% 15.0% -12.8% 28.8% -26.6%
7/1/2002 75.2 12.7% 15.0% -12.8% 28.8% -26.6%
7/2/2002 70.27 0.7% 15.0% -12.8% 28.8% -26.6%
7/3/2002 70.57 2.1% 15.0% -12.8% 28.8% -26.6%
7/4/2002 70.57 1.1% 15.0% -12.8% 28.8% -26.6%
7/5/2002 69.84 0.4% 15.0% -12.8% 28.8% -26.6%
7/8/2002 72.55 5.3% 15.0% -12.8% 28.8% -26.6%
7/9/2002 77.96 7.8% 15.0% -12.8% 28.8% -26.6%
7/10/2002 78.27 10.8% 15.0% -12.8% 28.8% -26.6%
7/11/2002 75.47 4.5% 15.0% -12.8% 28.8% -26.6%
7/12/2002 76.08 4.6% 15.0% -12.8% 28.8% -26.6%
7/15/2002 72.75 -1.3% 15.0% -12.8% 28.8% -26.6%
7/16/2002 71.88 -3.0% 15.0% -12.8% 28.8% -26.6%
7/17/2002 69.9 -5.5% 15.0% -12.8% 28.8% -26.6%
7/18/2002 70.69 -8.8% 15.0% -12.8% 28.8% -26.6%
7/19/2002 71.29 -7.3% 15.0% -12.8% 28.8% -26.6%
7/22/2002 66.6 -10.0% 15.0% -12.8% 28.8% -26.6%
7/23/2002 59.24 -22.4% 15.0% -12.8% 28.8% -26.6%
7/24/2002 62.96 -17.5% 15.0% -12.8% 28.8% -26.6%
7/25/2002 59.49 -24.1% 15.0% -12.8% 28.8% -26.6%
7/26/2002 55.73 -30.0% 15.0% -12.8% 28.8% -26.6%
7/29/2002 59.54 -23.2% 15.0% -12.8% 28.8% -26.6%
7/30/2002 61.71 -19.8% 15.0% -12.8% 28.8% -26.6%
7/31/2002 60.54 -22.9% 15.0% -12.8% 28.8% -26.6%
8/1/2002 62.07 -22.3% 15.0% -12.8% 28.8% -26.6%
8/2/2002 63.23 -21.7% 15.0% -12.8% 28.8% -26.6%
8/5/2002 59.17 -22.5% 15.0% -12.8% 28.8% -26.6%
8/6/2002 62.13 -18.0% 15.0% -12.8% 28.8% -26.6%
8/7/2002 63.31 -18.1% 15.0% -12.8% 28.8% -26.6%
8/8/2002 61.7 -23.5% 15.0% -12.8% 28.8% -26.6%
8/9/2002 66.13 -20.5% 15.0% -12.8% 28.8% -26.6%
8/12/2002 65.49 -22.9% 15.0% -12.8% 28.8% -26.6%
8/13/2002 65.79 -22.5% 15.0% -12.8% 28.8% -26.6%
8/14/2002 64.63 -25.5% 15.0% -12.8% 28.8% -26.6%
8/15/2002 67.27 -21.6% 15.0% -12.8% 28.8% -26.6%
8/16/2002 65.75 -23.4% 15.0% -12.8% 28.8% -26.6%
8/19/2002 62.8 -29.2% 15.0% -12.8% 28.8% -26.6%
8/20/2002 63.06 -26.5% 15.0% -12.8% 28.8% -26.6%
8/21/2002 61.94 -26.0% 15.0% -12.8% 28.8% -26.6%
8/22/2002 63.91 -24.1% 15.0% -12.8% 28.8% -26.6%
8/23/2002 62.03 -28.5% 15.0% -12.8% 28.8% -26.6%
8/26/2002 65.49 -23.5% 15.0% -12.8% 28.8% -26.6%
8/27/2002 67.48 -18.8% 15.0% -12.8% 28.8% -26.6%
8/28/2002 66.8 -20.2% 15.0% -12.8% 28.8% -26.6%
8/29/2002 69.92 -11.2% 15.0% -12.8% 28.8% -26.6%
8/30/2002 69.46 -7.6% 15.0% -12.8% 28.8% -26.6%
9/2/2002 69.46 -10.7% 15.0% -12.8% 28.8% -26.6%
9/3/2002 70.77 -6.4% 15.0% -12.8% 28.8% -26.6%
9/4/2002 69.06 -6.8% 15.0% -12.8% 28.8% -26.6%
9/5/2002 72.12 -6.3% 15.0% -12.8% 28.8% -26.6%
9/6/2002 73.13 -0.7% 15.0% -12.8% 28.8% -26.6%
9/9/2002 76.06 -0.4% 15.0% -12.8% 28.8% -26.6%
9/10/2002 72 -4.5% 15.0% -12.8% 28.8% -26.6%
9/11/2002 72.95 -7.5% 15.0% -12.8% 28.8% -26.6%
9/12/2002 76.08 -2.7% 15.0% -12.8% 28.8% -26.6%
9/13/2002 75.9 -3.1% 15.0% -12.8% 28.8% -26.6%
9/16/2002 76.69 -1.5% 15.0% -12.8% 28.8% -26.6%
9/17/2002 73.61 -3.5% 15.0% -12.8% 28.8% -26.6%
9/18/2002 73.81 0.5% 15.0% -12.8% 28.8% -26.6%
9/19/2002 75.83 6.1% 15.0% -12.8% 28.8% -26.6%
9/20/2002 75.38 0.2% 15.0% -12.8% 28.8% -26.6%
9/23/2002 73.43 4.5% 15.0% -12.8% 28.8% -26.6%
9/24/2002 75.47 6.9% 15.0% -12.8% 28.8% -26.6%
9/25/2002 72.35 2.5% 15.0% -12.8% 28.8% -26.6%
9/26/2002 69.2 -0.9% 15.0% -12.8% 28.8% -26.6%
9/27/2002 68.61 -5.4% 15.0% -12.8% 28.8% -26.6%
9/30/2002 69.74 -10.5% 15.0% -12.8% 28.8% -26.6%
10/1/2002 67.62 -13.6% 15.0% -12.8% 28.8% -26.6%
10/2/2002 67.16 -11.0% 15.0% -12.8% 28.8% -26.6%
10/3/2002 66.67 -12.4% 15.0% -12.8% 28.8% -26.6%
10/4/2002 67.05 -7.8% 15.0% -12.8% 28.8% -26.6%
10/7/2002 64.78 -9.9% 15.0% -12.8% 28.8% -26.6%
10/8/2002 62.79 -10.2% 15.0% -12.8% 28.8% -26.6%
10/9/2002 61.64 -12.8% 15.0% -12.8% 28.8% -26.6%
10/10/2002 60.71 -14.8% 15.0% -12.8% 28.8% -26.6%
10/11/2002 62.52 -6.1% 15.0% -12.8% 28.8% -26.6%
10/14/2002 62.88 6.1% 15.0% -12.8% 28.8% -26.6%
10/15/2002 61.16 -2.9% 15.0% -12.8% 28.8% -26.6%
10/16/2002 61.11 2.7% 15.0% -12.8% 28.8% -26.6%
10/17/2002 61.09 9.6% 15.0% -12.8% 28.8% -26.6%
10/18/2002 60.19 1.1% 15.0% -12.8% 28.8% -26.6%
10/21/2002 59.89 -2.9% 15.0% -12.8% 28.8% -26.6%
10/22/2002 63.36 4.7% 15.0% -12.8% 28.8% -26.6%
10/23/2002 61.55 -0.8% 15.0% -12.8% 28.8% -26.6%
10/24/2002 62.2 -1.6% 15.0% -12.8% 28.8% -26.6%
10/25/2002 62.31 5.3% 15.0% -12.8% 28.8% -26.6%
10/28/2002 64.44 3.7% 15.0% -12.8% 28.8% -26.6%
10/29/2002 64.5 1.9% 15.0% -12.8% 28.8% -26.6%
10/30/2002 65.59 6.3% 15.0% -12.8% 28.8% -26.6%
10/31/2002 63.44 -4.1% 15.0% -12.8% 28.8% -26.6%
11/1/2002 66.41 1.4% 15.0% -12.8% 28.8% -26.6%
11/4/2002 68.09 3.5% 15.0% -12.8% 28.8% -26.6%
11/5/2002 68.17 5.5% 15.0% -12.8% 28.8% -26.6%
11/6/2002 69.94 4.0% 15.0% -12.8% 28.8% -26.6%
11/7/2002 69.71 6.0% 15.0% -12.8% 28.8% -26.6%
11/8/2002 68.92 9.7% 15.0% -12.8% 28.8% -26.6%
11/11/2002 67.68 7.3% 15.0% -12.8% 28.8% -26.6%
11/12/2002 67.61 9.2% 15.0% -12.8% 28.8% -26.6%
11/13/2002 65.19 2.0% 15.0% -12.8% 28.8% -26.6%
11/14/2002 66.2 6.7% 15.0% -12.8% 28.8% -26.6%
11/15/2002 68.97 5.3% 15.0% -12.8% 28.8% -26.6%
11/18/2002 67.64 0.2% 15.0% -12.8% 28.8% -26.6%
11/19/2002 65.69 -1.7% 15.0% -12.8% 28.8% -26.6%
11/20/2002 65.2 -6.8% 15.0% -12.8% 28.8% -26.6%
11/21/2002 64.64 -6.9% 15.0% -12.8% 28.8% -26.6%
11/22/2002 64.67 -6.9% 15.0% -12.8% 28.8% -26.6%
11/25/2002 63.72 -10.0% 15.0% -12.8% 28.8% -26.6%
11/26/2002 63.23 -8.4% 15.0% -12.8% 28.8% -26.6%
11/27/2002 62.87 -12.8% 15.0% -12.8% 28.8% -26.6%
11/28/2002 62.87 -14.0% 15.0% -12.8% 28.8% -26.6%
11/29/2002 63.38 -16.7% 15.0% -12.8% 28.8% -26.6%
12/2/2002 63.5 -11.8% 15.0% -12.8% 28.8% -26.6%
12/3/2002 67.12 -8.0% 15.0% -12.8% 28.8% -26.6%
12/4/2002 68.03 -10.6% 15.0% -12.8% 28.8% -26.6%
12/5/2002 68.92 -9.2% 15.0% -12.8% 28.8% -26.6%
12/6/2002 71.29 -7.0% 15.0% -12.8% 28.8% -26.6%
12/9/2002 70.99 -3.6% 15.0% -12.8% 28.8% -26.6%
12/10/2002 68.77 -6.8% 15.0% -12.8% 28.8% -26.6%
12/11/2002 70.58 -6.9% 15.0% -12.8% 28.8% -26.6%
12/12/2002 75.39 0.0% 15.0% -12.8% 28.8% -26.6%
12/13/2002 77.11 5.0% 15.0% -12.8% 28.8% -26.6%
12/16/2002 78.21 3.6% 15.0% -12.8% 28.8% -26.6%
12/17/2002 74.67 3.2% 15.0% -12.8% 28.8% -26.6%
12/18/2002 77.1 11.4% 15.0% -12.8% 28.8% -26.6%
12/19/2002 74.47 8.5% 15.0% -12.8% 28.8% -26.6%
12/20/2002 74.88 7.4% 15.0% -12.8% 28.8% -26.6%
12/23/2002 77.57 14.7% 15.0% -12.8% 28.8% -26.6%
12/24/2002 76 13.2% 15.0% -12.8% 28.8% -26.6%
12/25/2002 76 14.0% 15.0% -12.8% 28.8% -26.6%
12/26/2002 79.27 18.2% 15.0% -12.8% 28.8% -26.6%
12/27/2002 78.52 21.2% 15.0% -12.8% 28.8% -26.6%
12/30/2002 76.86 22.4% 15.0% -12.8% 28.8% -26.6%
12/31/2002 76.76 24.5% 15.0% -12.8% 28.8% -26.6%
1/1/2003 76.76 26.4% 15.0% -12.8% 28.8% -26.6%
1/2/2003 77.82 24.5% 15.0% -12.8% 28.8% -26.6%
1/3/2003 79.51 26.4% 15.0% -12.8% 28.8% -26.6%
1/6/2003 78.15 27.8% 15.0% -12.8% 28.8% -26.6%
1/7/2003 75.42 23.4% 15.0% -12.8% 28.8% -26.6%
1/8/2003 77.85 27.4% 15.0% -12.8% 28.8% -26.6%
1/9/2003 76.52 27.1% 15.0% -12.8% 28.8% -26.6%
1/10/2003 78.13 30.5% 15.0% -12.8% 28.8% -26.6%
1/13/2003 76.74 21.1% 15.0% -12.8% 28.8% -26.6%
1/14/2003 73.76 19.8% 15.0% -12.8% 28.8% -26.6%
1/15/2003 73.95 18.9% 15.0% -12.8% 28.8% -26.6%
1/16/2003 77.18 23.9% 15.0% -12.8% 28.8% -26.6%
1/17/2003 75.43 17.1% 15.0% -12.8% 28.8% -26.6%
1/20/2003 75.43 16.9% 15.0% -12.8% 28.8% -26.6%
1/21/2003 75.77 15.5% 15.0% -12.8% 28.8% -26.6%
1/22/2003 77.69 22.5% 15.0% -12.8% 28.8% -26.6%
1/23/2003 80.33 21.0% 15.0% -12.8% 28.8% -26.6%
1/24/2003 82.2 20.7% 15.0% -12.8% 28.8% -26.6%
1/27/2003 79.58 16.7% 15.0% -12.8% 28.8% -26.6%
1/28/2003 79.44 13.6% 15.0% -12.8% 28.8% -26.6%
1/29/2003 77.5 11.2% 15.0% -12.8% 28.8% -26.6%
1/30/2003 78.28 13.6% 15.0% -12.8% 28.8% -26.6%
1/31/2003 77 13.8% 15.0% -12.8% 28.8% -26.6%
2/3/2003 76.04 12.5% 15.0% -12.8% 28.8% -26.6%
2/4/2003 79.64 22.2% 15.0% -12.8% 28.8% -26.6%
2/5/2003 76.18 15.1% 15.0% -12.8% 28.8% -26.6%
2/6/2003 75.68 9.7% 15.0% -12.8% 28.8% -26.6%
2/7/2003 74.55 10.2% 15.0% -12.8% 28.8% -26.6%
2/10/2003 72.11 9.8% 15.0% -12.8% 28.8% -26.6%
2/11/2003 74.56 14.4% 15.0% -12.8% 28.8% -26.6%
2/12/2003 71.24 10.2% 15.0% -12.8% 28.8% -26.6%
2/13/2003 74.52 15.2% 15.0% -12.8% 28.8% -26.6%
2/14/2003 72.15 13.2% 15.0% -12.8% 28.8% -26.6%
2/17/2003 72.15 14.1% 15.0% -12.8% 28.8% -26.6%
2/18/2003 72.3 15.0% 15.0% -12.8% 28.8% -26.6%
2/19/2003 73.43 16.8% 15.0% -12.8% 28.8% -26.6%
2/20/2003 74.03 16.8% 15.0% -12.8% 28.8% -26.6%
2/21/2003 72.05 13.5% 15.0% -12.8% 28.8% -26.6%
2/24/2003 71.92 7.2% 15.0% -12.8% 28.8% -26.6%
2/25/2003 70.49 3.6% 15.0% -12.8% 28.8% -26.6%
2/26/2003 71.2 3.3% 15.0% -12.8% 28.8% -26.6%
2/27/2003 70.28 -1.4% 15.0% -12.8% 28.8% -26.6%
2/28/2003 71.99 1.4% 15.0% -12.8% 28.8% -26.6%
3/3/2003 69.89 1.6% 15.0% -12.8% 28.8% -26.6%
3/4/2003 70.19 -0.6% 15.0% -12.8% 28.8% -26.6%
3/5/2003 70.12 -7.0% 15.0% -12.8% 28.8% -26.6%
3/6/2003 69.74 -9.6% 15.0% -12.8% 28.8% -26.6%
3/7/2003 67.44 -13.8% 15.0% -12.8% 28.8% -26.6%
3/10/2003 64.94 -13.0% 15.0% -12.8% 28.8% -26.6%
3/11/2003 63.1 -18.2% 15.0% -12.8% 28.8% -26.6%
3/12/2003 63.66 -14.5% 15.0% -12.8% 28.8% -26.6%
3/13/2003 64.05 -14.5% 15.0% -12.8% 28.8% -26.6%
3/14/2003 65.63 -15.4% 15.0% -12.8% 28.8% -26.6%
3/17/2003 64.95 -14.5% 15.0% -12.8% 28.8% -26.6%
3/18/2003 66.62 -12.3% 15.0% -12.8% 28.8% -26.6%
3/19/2003 66.03 -16.7% 15.0% -12.8% 28.8% -26.6%
3/20/2003 64.65 -17.7% 15.0% -12.8% 28.8% -26.6%
3/21/2003 63.15 -17.8% 15.0% -12.8% 28.8% -26.6%
3/24/2003 62.93 -18.0% 15.0% -12.8% 28.8% -26.6%
3/25/2003 63.46 -17.3% 15.0% -12.8% 28.8% -26.6%
3/26/2003 63.91 -17.9% 15.0% -12.8% 28.8% -26.6%
3/27/2003 62.21 -21.8% 15.0% -12.8% 28.8% -26.6%
3/28/2003 66.74 -14.6% 15.0% -12.8% 28.8% -26.6%
3/31/2003 66.92 -11.3% 15.0% -12.8% 28.8% -26.6%
4/1/2003 65.49 -15.9% 15.0% -12.8% 28.8% -26.6%
4/2/2003 64.6 -15.6% 15.0% -12.8% 28.8% -26.6%
4/3/2003 64.18 -17.9% 15.0% -12.8% 28.8% -26.6%
4/4/2003 64.74 -15.6% 15.0% -12.8% 28.8% -26.6%
4/7/2003 63.82 -13.5% 15.0% -12.8% 28.8% -26.6%
4/8/2003 64.25 -13.1% 15.0% -12.8% 28.8% -26.6%
4/9/2003 66.22 -14.2% 15.0% -12.8% 28.8% -26.6%
4/10/2003 65.85 -12.7% 15.0% -12.8% 28.8% -26.6%
4/11/2003 65.73 -12.9% 15.0% -12.8% 28.8% -26.6%
4/14/2003 65.46 -13.6% 15.0% -12.8% 28.8% -26.6%
4/15/2003 66.72 -14.1% 15.0% -12.8% 28.8% -26.6%
4/16/2003 67.18 -16.4% 15.0% -12.8% 28.8% -26.6%
4/17/2003 67.01 -18.5% 15.0% -12.8% 28.8% -26.6%
4/18/2003 67.01 -15.8% 15.0% -12.8% 28.8% -26.6%
4/21/2003 68.85 -13.3% 15.0% -12.8% 28.8% -26.6%
4/22/2003 68.76 -11.3% 15.0% -12.8% 28.8% -26.6%
4/23/2003 68.92 -12.0% 15.0% -12.8% 28.8% -26.6%
4/24/2003 66.16 -14.1% 15.0% -12.8% 28.8% -26.6%
4/25/2003 65.53 -13.8% 15.0% -12.8% 28.8% -26.6%
4/28/2003 65.51 -17.7% 15.0% -12.8% 28.8% -26.6%
4/29/2003 64.36 -15.5% 15.0% -12.8% 28.8% -26.6%
4/30/2003 65.3 -13.7% 15.0% -12.8% 28.8% -26.6%
5/1/2003 67.66 -9.2% 15.0% -12.8% 28.8% -26.6%
5/2/2003 67.55 -6.3% 15.0% -12.8% 28.8% -26.6%
5/5/2003 68.92 -7.6% 15.0% -12.8% 28.8% -26.6%
5/6/2003 69.34 -2.7% 15.0% -12.8% 28.8% -26.6%
5/7/2003 68.56 -8.0% 15.0% -12.8% 28.8% -26.6%
5/8/2003 70.48 -2.3% 15.0% -12.8% 28.8% -26.6%
5/9/2003 70.69 -2.0% 15.0% -12.8% 28.8% -26.6%
5/12/2003 71.73 -0.8% 15.0% -12.8% 28.8% -26.6%
5/13/2003 70.34 -4.2% 15.0% -12.8% 28.8% -26.6%
5/14/2003 71.45 -3.5% 15.0% -12.8% 28.8% -26.6%
5/15/2003 72.23 0.2% 15.0% -12.8% 28.8% -26.6%
5/16/2003 71.72 -0.3% 15.0% -12.8% 28.8% -26.6%
5/19/2003 73.97 4.9% 15.0% -12.8% 28.8% -26.6%
5/20/2003 74.28 4.3% 15.0% -12.8% 28.8% -26.6%
5/21/2003 75.58 7.5% 15.0% -12.8% 28.8% -26.6%
5/22/2003 73.83 2.6% 15.0% -12.8% 28.8% -26.6%
5/23/2003 73.99 5.9% 15.0% -12.8% 28.8% -26.6%
5/26/2003 73.99 5.4% 15.0% -12.8% 28.8% -26.6%
5/27/2003 74.55 6.3% 15.0% -12.8% 28.8% -26.6%
5/28/2003 71.77 2.9% 15.0% -12.8% 28.8% -26.6%
5/29/2003 73.15 8.5% 15.0% -12.8% 28.8% -26.6%
5/30/2003 73.46 13.1% 15.0% -12.8% 28.8% -26.6%
6/2/2003 73.97 17.2% 15.0% -12.8% 28.8% -26.6%
6/3/2003 74.03 16.3% 15.0% -12.8% 28.8% -26.6%
6/4/2003 75.1 17.3% 15.0% -12.8% 28.8% -26.6%
6/5/2003 77.7 18.4% 15.0% -12.8% 28.8% -26.6%
6/6/2003 77.08 18.7% 15.0% -12.8% 28.8% -26.6%
6/9/2003 76.72 15.2% 15.0% -12.8% 28.8% -26.6%
6/10/2003 75.64 14.6% 15.0% -12.8% 28.8% -26.6%
6/11/2003 76.3 18.0% 15.0% -12.8% 28.8% -26.6%
6/12/2003 76.68 21.4% 15.0% -12.8% 28.8% -26.6%
6/13/2003 78.29 24.4% 15.0% -12.8% 28.8% -26.6%
6/16/2003 79.37 25.1% 15.0% -12.8% 28.8% -26.6%
6/17/2003 82.24 28.7% 15.0% -12.8% 28.8% -26.6%
6/18/2003 81.42 30.9% 15.0% -12.8% 28.8% -26.6%
6/19/2003 81.87 22.7% 15.0% -12.8% 28.8% -26.6%
6/20/2003 80.65 20.5% 15.0% -12.8% 28.8% -26.6%
6/23/2003 78.13 19.3% 15.0% -12.8% 28.8% -26.6%
6/24/2003 76.39 18.3% 15.0% -12.8% 28.8% -26.6%
6/25/2003 77.17 20.2% 15.0% -12.8% 28.8% -26.6%
6/26/2003 77.19 19.2% 15.0% -12.8% 28.8% -26.6%
6/27/2003 77.54 21.5% 15.0% -12.8% 28.8% -26.6%
6/30/2003 78.65 22.4% 15.0% -12.8% 28.8% -26.6%
7/1/2003 81.07 22.4% 15.0% -12.8% 28.8% -26.6%
7/2/2003 80.7 22.6% 15.0% -12.8% 28.8% -26.6%
7/3/2003 79.81 21.4% 15.0% -12.8% 28.8% -26.6%
7/4/2003 79.81 21.9% 15.0% -12.8% 28.8% -26.6%
7/7/2003 78.84 18.2% 15.0% -12.8% 28.8% -26.6%
7/8/2003 77.28 15.0% 15.0% -12.8% 28.8% -26.6%
7/9/2003 77.26 15.3% 15.0% -12.8% 28.8% -26.6%
7/10/2003 77.54 15.7% 15.0% -12.8% 28.8% -26.6%
7/11/2003 78.09 13.4% 15.0% -12.8% 28.8% -26.6%
7/14/2003 78.44 14.1% 15.0% -12.8% 28.8% -26.6%
7/15/2003 74.78 8.5% 15.0% -12.8% 28.8% -26.6%
7/16/2003 73.44 11.0% 15.0% -12.8% 28.8% -26.6%
7/17/2003 74.63 13.9% 15.0% -12.8% 28.8% -26.6%
7/18/2003 74.88 14.3% 15.0% -12.8% 28.8% -26.6%
7/21/2003 77.06 19.7% 15.0% -12.8% 28.8% -26.6%
7/22/2003 77.32 18.4% 15.0% -12.8% 28.8% -26.6%
7/23/2003 81.46 20.4% 15.0% -12.8% 28.8% -26.6%
7/24/2003 82.79 22.6% 15.0% -12.8% 28.8% -26.6%
7/25/2003 84.27 22.3% 15.0% -12.8% 28.8% -26.6%
7/28/2003 83.06 19.8% 15.0% -12.8% 28.8% -26.6%
7/29/2003 81.44 18.8% 15.0% -12.8% 28.8% -26.6%
7/30/2003 80.64 14.4% 15.0% -12.8% 28.8% -26.6%
7/31/2003 81.12 14.8% 15.0% -12.8% 28.8% -26.6%
8/1/2003 80.23 11.8% 15.0% -12.8% 28.8% -26.6%
8/4/2003 81.24 15.5% 15.0% -12.8% 28.8% -26.6%
8/5/2003 80.91 13.2% 15.0% -12.8% 28.8% -26.6%
8/6/2003 82.67 14.5% 15.0% -12.8% 28.8% -26.6%
8/7/2003 82.63 15.2% 15.0% -12.8% 28.8% -26.6%
8/8/2003 86.44 16.9% 15.0% -12.8% 28.8% -26.6%
8/11/2003 87.71 18.1% 15.0% -12.8% 28.8% -26.6%
8/12/2003 86.21 14.1% 15.0% -12.8% 28.8% -26.6%
8/13/2003 87.37 18.3% 15.0% -12.8% 28.8% -26.6%
8/14/2003 87.95 18.9% 15.0% -12.8% 28.8% -26.6%
8/15/2003 87.58 18.4% 15.0% -12.8% 28.8% -26.6%
8/18/2003 86.39 15.9% 15.0% -12.8% 28.8% -26.6%
8/19/2003 89.42 24.6% 15.0% -12.8% 28.8% -26.6%
8/20/2003 91.18 24.6% 15.0% -12.8% 28.8% -26.6%
8/21/2003 88.03 19.8% 15.0% -12.8% 28.8% -26.6%
8/22/2003 86.78 17.3% 15.0% -12.8% 28.8% -26.6%
8/25/2003 85.83 15.9% 15.0% -12.8% 28.8% -26.6%
8/26/2003 87.57 16.6% 15.0% -12.8% 28.8% -26.6%
8/27/2003 91.38 17.6% 15.0% -12.8% 28.8% -26.6%
8/28/2003 91 18.1% 15.0% -12.8% 28.8% -26.6%
8/29/2003 91 18.6% 15.0% -12.8% 28.8% -26.6%
9/1/2003 91 20.3% 15.0% -12.8% 28.8% -26.6%
9/2/2003 89.95 17.9% 15.0% -12.8% 28.8% -26.6%
9/3/2003 89.94 17.3% 15.0% -12.8% 28.8% -26.6%
9/4/2003 91.95 17.4% 15.0% -12.8% 28.8% -26.6%
9/5/2003 93.45 17.7% 15.0% -12.8% 28.8% -26.6%
9/8/2003 93.36 13.5% 15.0% -12.8% 28.8% -26.6%
9/9/2003 94.53 16.1% 15.0% -12.8% 28.8% -26.6%
9/10/2003 93.4 14.1% 15.0% -12.8% 28.8% -26.6%
9/11/2003 94.28 16.9% 15.0% -12.8% 28.8% -26.6%
9/12/2003 92.34 18.2% 15.0% -12.8% 28.8% -26.6%
9/15/2003 91.95 20.4% 15.0% -12.8% 28.8% -26.6%
9/16/2003 92.43 19.8% 15.0% -12.8% 28.8% -26.6%
9/17/2003 93.19 20.7% 15.0% -12.8% 28.8% -26.6%
9/18/2003 92.61 19.4% 15.0% -12.8% 28.8% -26.6%
9/19/2003 95.38 21.3% 15.0% -12.8% 28.8% -26.6%
9/22/2003 96.63 19.2% 15.0% -12.8% 28.8% -26.6%
9/23/2003 97.41 20.7% 15.0% -12.8% 28.8% -26.6%
9/24/2003 97.5 22.2% 15.0% -12.8% 28.8% -26.6%
9/25/2003 93.52 17.2% 15.0% -12.8% 28.8% -26.6%
9/26/2003 89.66 13.7% 15.0% -12.8% 28.8% -26.6%
9/29/2003 90.62 17.3% 15.0% -12.8% 28.8% -26.6%
9/30/2003 91.12 17.9% 15.0% -12.8% 28.8% -26.6%
10/1/2003 91.63 18.2% 15.0% -12.8% 28.8% -26.6%
10/2/2003 92.9 19.0% 15.0% -12.8% 28.8% -26.6%
10/3/2003 88.63 13.0% 15.0% -12.8% 28.8% -26.6%
10/6/2003 89.14 19.2% 15.0% -12.8% 28.8% -26.6%
10/7/2003 90.7 23.5% 15.0% -12.8% 28.8% -26.6%
10/8/2003 91.38 22.4% 15.0% -12.8% 28.8% -26.6%
10/9/2003 91.06 21.6% 15.0% -12.8% 28.8% -26.6%
10/10/2003 91.06 18.2% 15.0% -12.8% 28.8% -26.6%
10/13/2003 93.29 20.7% 15.0% -12.8% 28.8% -26.6%
10/14/2003 92.72 13.8% 15.0% -12.8% 28.8% -26.6%
10/15/2003 91.96 11.1% 15.0% -12.8% 28.8% -26.6%
10/16/2003 94.03 11.6% 15.0% -12.8% 28.8% -26.6%
10/17/2003 91.86 10.6% 15.0% -12.8% 28.8% -26.6%
10/20/2003 92.12 13.1% 15.0% -12.8% 28.8% -26.6%
10/21/2003 96.65 19.9% 15.0% -12.8% 28.8% -26.6%
10/22/2003 96.69 19.2% 15.0% -12.8% 28.8% -26.6%
10/23/2003 96.06 19.7% 15.0% -12.8% 28.8% -26.6%
10/24/2003 97.9 20.5% 15.0% -12.8% 28.8% -26.6%
10/27/2003 98.37 21.6% 15.0% -12.8% 28.8% -26.6%
10/28/2003 97.65 18.1% 15.0% -12.8% 28.8% -26.6%
10/29/2003 99.44 20.3% 15.0% -12.8% 28.8% -26.6%
10/30/2003 97.6 12.9% 15.0% -12.8% 28.8% -26.6%
10/31/2003 98.08 11.8% 15.0% -12.8% 28.8% -26.6%
11/3/2003 95.99 11.3% 15.0% -12.8% 28.8% -26.6%
11/4/2003 96.78 10.8% 15.0% -12.8% 28.8% -26.6%
11/5/2003 96.8 10.1% 15.0% -12.8% 28.8% -26.6%
11/6/2003 94.94 8.4% 15.0% -12.8% 28.8% -26.6%
11/7/2003 97.39 12.7% 15.0% -12.8% 28.8% -26.6%
11/10/2003 96.19 7.6% 15.0% -12.8% 28.8% -26.6%
11/11/2003 96.48 5.8% 15.0% -12.8% 28.8% -26.6%
11/12/2003 101.86 15.7% 15.0% -12.8% 28.8% -26.6%
11/13/2003 101.29 16.7% 15.0% -12.8% 28.8% -26.6%
11/14/2003 102.2 19.1% 15.0% -12.8% 28.8% -26.6%
11/17/2003 100.02 14.2% 15.0% -12.8% 28.8% -26.6%
11/18/2003 104.64 14.5% 15.0% -12.8% 28.8% -26.6%
11/19/2003 105.17 15.6% 15.0% -12.8% 28.8% -26.6%
11/20/2003 104.22 14.5% 15.0% -12.8% 28.8% -26.6%
11/21/2003 104.46 14.8% 15.0% -12.8% 28.8% -26.6%
11/24/2003 102.79 14.3% 15.0% -12.8% 28.8% -26.6%
11/25/2003 104.62 16.3% 15.0% -12.8% 28.8% -26.6%
11/26/2003 107.68 17.1% 15.0% -12.8% 28.8% -26.6%
11/27/2003 107.68 15.2% 15.0% -12.8% 28.8% -26.6%
11/28/2003 109.66 17.5% 15.0% -12.8% 28.8% -26.6%
12/1/2003 112.21 18.7% 15.0% -12.8% 28.8% -26.6%
12/2/2003 112.29 20.2% 15.0% -12.8% 28.8% -26.6%
12/3/2003 112.21 19.0% 15.0% -12.8% 28.8% -26.6%
12/4/2003 109.32 18.4% 15.0% -12.8% 28.8% -26.6%
12/5/2003 111.33 21.1% 15.0% -12.8% 28.8% -26.6%
12/8/2003 111.02 20.1% 15.0% -12.8% 28.8% -26.6%
12/9/2003 107.83 15.7% 15.0% -12.8% 28.8% -26.6%
12/10/2003 103.04 11.3% 15.0% -12.8% 28.8% -26.6%
12/11/2003 106.01 11.1% 15.0% -12.8% 28.8% -26.6%
12/12/2003 106.67 10.4% 15.0% -12.8% 28.8% -26.6%
12/15/2003 107.86 10.7% 15.0% -12.8% 28.8% -26.6%
12/16/2003 104.73 7.4% 15.0% -12.8% 28.8% -26.6%
12/17/2003 106.06 13.4% 15.0% -12.8% 28.8% -26.6%
12/18/2003 105.31 17.5% 15.0% -12.8% 28.8% -26.6%
12/19/2003 102.49 13.1% 15.0% -12.8% 28.8% -26.6%
12/22/2003 103 13.0% 15.0% -12.8% 28.8% -26.6%
12/23/2003 103.82 13.3% 15.0% -12.8% 28.8% -26.6%
12/24/2003 104.21 12.2% 15.0% -12.8% 28.8% -26.6%
12/25/2003 104.21 17.6% 15.0% -12.8% 28.8% -26.6%
12/26/2003 106.77 19.8% 15.0% -12.8% 28.8% -26.6%
12/29/2003 110.19 21.5% 15.0% -12.8% 28.8% -26.6%
12/30/2003 109.73 20.1% 15.0% -12.8% 28.8% -26.6%
12/31/2003 108.84 19.5% 15.0% -12.8% 28.8% -26.6%
1/1/2004 108.84 19.5% 15.0% -12.8% 28.8% -26.6%
1/2/2004 109.48 17.4% 15.0% -12.8% 28.8% -26.6%
1/5/2004 112.88 21.7% 15.0% -12.8% 28.8% -26.6%
1/6/2004 110.64 20.3% 15.0% -12.8% 28.8% -26.6%
1/7/2004 108.3 15.2% 15.0% -12.8% 28.8% -26.6%
1/8/2004 108.97 18.6% 15.0% -12.8% 28.8% -26.6%
1/9/2004 110.54 20.0% 15.0% -12.8% 28.8% -26.6%
1/12/2004 108.71 12.5% 15.0% -12.8% 28.8% -26.6%
1/13/2004 105.79 9.4% 15.0% -12.8% 28.8% -26.6%
1/14/2004 101.43 5.6% 15.0% -12.8% 28.8% -26.6%
1/15/2004 97.34 -0.6% 15.0% -12.8% 28.8% -26.6%
1/16/2004 98.52 0.2% 15.0% -12.8% 28.8% -26.6%
1/19/2004 98.52 0.9% 15.0% -12.8% 28.8% -26.6%
1/20/2004 100.93 1.5% 15.0% -12.8% 28.8% -26.6%
1/21/2004 101.21 3.7% 15.0% -12.8% 28.8% -26.6%
1/22/2004 99.25 1.2% 15.0% -12.8% 28.8% -26.6%
1/23/2004 97.79 1.9% 15.0% -12.8% 28.8% -26.6%
1/26/2004 97.1 0.3% 15.0% -12.8% 28.8% -26.6%
1/27/2004 98.97 2.2% 15.0% -12.8% 28.8% -26.6%
1/28/2004 96.3 1.4% 15.0% -12.8% 28.8% -26.6%
1/29/2004 94.05 -3.4% 15.0% -12.8% 28.8% -26.6%
1/30/2004 95.58 -0.6% 15.0% -12.8% 28.8% -26.6%
2/2/2004 96.05 -0.4% 15.0% -12.8% 28.8% -26.6%
2/3/2004 95.93 -5.8% 15.0% -12.8% 28.8% -26.6%
2/4/2004 94.92 -6.3% 15.0% -12.8% 28.8% -26.6%
2/5/2004 96.23 -5.8% 15.0% -12.8% 28.8% -26.6%
2/6/2004 100.9 0.9% 15.0% -12.8% 28.8% -26.6%
2/9/2004 101.94 -2.6% 15.0% -12.8% 28.8% -26.6%
2/10/2004 101.33 -3.7% 15.0% -12.8% 28.8% -26.6%
2/11/2004 104.31 0.1% 15.0% -12.8% 28.8% -26.6%
2/12/2004 102.54 -1.8% 15.0% -12.8% 28.8% -26.6%
2/13/2004 102.16 -0.6% 15.0% -12.8% 28.8% -26.6%
2/16/2004 102.16 -2.4% 15.0% -12.8% 28.8% -26.6%
2/17/2004 105.23 -2.3% 15.0% -12.8% 28.8% -26.6%
2/18/2004 100.42 -6.7% 15.0% -12.8% 28.8% -26.6%
2/19/2004 100.24 -8.6% 15.0% -12.8% 28.8% -26.6%
2/20/2004 97.55 -13.1% 15.0% -12.8% 28.8% -26.6%
2/23/2004 96.58 -14.0% 15.0% -12.8% 28.8% -26.6%
2/24/2004 99.46 -11.4% 15.0% -12.8% 28.8% -26.6%
2/25/2004 98.39 -10.0% 15.0% -12.8% 28.8% -26.6%
2/26/2004 99.07 -11.0% 15.0% -12.8% 28.8% -26.6%
2/27/2004 99.8 -10.1% 15.0% -12.8% 28.8% -26.6%
3/1/2004 100.95 -6.4% 15.0% -12.8% 28.8% -26.6%
3/2/2004 97.71 -5.2% 15.0% -12.8% 28.8% -26.6%
3/3/2004 97.8 -7.7% 15.0% -12.8% 28.8% -26.6%
3/4/2004 99.13 -7.1% 15.0% -12.8% 28.8% -26.6%
3/5/2004 101.98 -5.5% 15.0% -12.8% 28.8% -26.6%
3/8/2004 100.87 -3.7% 15.0% -12.8% 28.8% -26.6%
3/9/2004 100.98 -4.8% 15.0% -12.8% 28.8% -26.6%
3/10/2004 97.74 -7.2% 15.0% -12.8% 28.8% -26.6%
3/11/2004 98.88 -3.5% 15.0% -12.8% 28.8% -26.6%
3/12/2004 98.53 -4.3% 15.0% -12.8% 28.8% -26.6%
3/15/2004 96.3 -7.2% 15.0% -12.8% 28.8% -26.6%
3/16/2004 97.44 -6.5% 15.0% -12.8% 28.8% -26.6%
3/17/2004 99.04 -5.0% 15.0% -12.8% 28.8% -26.6%
3/18/2004 101.09 -5.3% 15.0% -12.8% 28.8% -26.6%
3/19/2004 101.43 -7.9% 15.0% -12.8% 28.8% -26.6%
3/22/2004 100.69 -8.2% 15.0% -12.8% 28.8% -26.6%
3/23/2004 101.4 -6.8% 15.0% -12.8% 28.8% -26.6%
3/24/2004 98.97 -9.1% 15.0% -12.8% 28.8% -26.6%
3/25/2004 101.5 -7.3% 15.0% -12.8% 28.8% -26.6%
3/26/2004 102.54 -9.2% 15.0% -12.8% 28.8% -26.6%
3/29/2004 103.41 -6.5% 15.0% -12.8% 28.8% -26.6%
3/30/2004 104.57 -3.4% 15.0% -12.8% 28.8% -26.6%
3/31/2004 104.95 -3.7% 15.0% -12.8% 28.8% -26.6%
4/1/2004 105.35 -4.7% 15.0% -12.8% 28.8% -26.6%
4/2/2004 104.3 -4.1% 15.0% -12.8% 28.8% -26.6%
4/5/2004 101.77 -3.8% 15.0% -12.8% 28.8% -26.6%
4/6/2004 102.42 1.0% 15.0% -12.8% 28.8% -26.6%
4/7/2004 102.81 5.6% 15.0% -12.8% 28.8% -26.6%
4/8/2004 101.62 3.1% 15.0% -12.8% 28.8% -26.6%
4/9/2004 101.62 3.1% 15.0% -12.8% 28.8% -26.6%
4/12/2004 101.72 0.8% 15.0% -12.8% 28.8% -26.6%
4/13/2004 95.56 -5.6% 15.0% -12.8% 28.8% -26.6%
4/14/2004 93.92 -5.4% 15.0% -12.8% 28.8% -26.6%
4/15/2004 95.08 -2.8% 15.0% -12.8% 28.8% -26.6%
4/16/2004 95.18 -2.0% 15.0% -12.8% 28.8% -26.6%
4/19/2004 94.5 -4.5% 15.0% -12.8% 28.8% -26.6%
4/20/2004 89.26 -7.3% 15.0% -12.8% 28.8% -26.6%
4/21/2004 87.96 -6.5% 15.0% -12.8% 28.8% -26.6%
4/22/2004 89.54 -6.3% 15.0% -12.8% 28.8% -26.6%
4/23/2004 88.12 -8.3% 15.0% -12.8% 28.8% -26.6%
4/26/2004 88.54 -7.7% 15.0% -12.8% 28.8% -26.6%
4/27/2004 87.45 -7.9% 15.0% -12.8% 28.8% -26.6%
4/28/2004 81.2 -15.6% 15.0% -12.8% 28.8% -26.6%
4/29/2004 82.06 -18.7% 15.0% -12.8% 28.8% -26.6%
4/30/2004 81.94 -19.6% 15.0% -12.8% 28.8% -26.6%
5/3/2004 82.13 -18.9% 15.0% -12.8% 28.8% -26.6%
5/4/2004 86.48 -17.1% 15.0% -12.8% 28.8% -26.6%
5/5/2004 84.56 -17.5% 15.0% -12.8% 28.8% -26.6%
5/6/2004 82.33 -19.4% 15.0% -12.8% 28.8% -26.6%
5/7/2004 78.03 -23.6% 15.0% -12.8% 28.8% -26.6%
5/10/2004 79.94 -24.0% 15.0% -12.8% 28.8% -26.6%
5/11/2004 81.48 -18.9% 15.0% -12.8% 28.8% -26.6%
5/12/2004 80.7 -19.5% 15.0% -12.8% 28.8% -26.6%
5/13/2004 80.09 -17.9% 15.0% -12.8% 28.8% -26.6%
5/14/2004 81.21 -15.9% 15.0% -12.8% 28.8% -26.6%
5/17/2004 81.46 -18.1% 15.0% -12.8% 28.8% -26.6%
5/18/2004 82.96 -15.7% 15.0% -12.8% 28.8% -26.6%
5/19/2004 84.49 -14.7% 15.0% -12.8% 28.8% -26.6%
5/20/2004 83.98 -15.9% 15.0% -12.8% 28.8% -26.6%
5/21/2004 85.82 -15.0% 15.0% -12.8% 28.8% -26.6%
5/24/2004 87 -11.0% 15.0% -12.8% 28.8% -26.6%
5/25/2004 88.41 -9.6% 15.0% -12.8% 28.8% -26.6%
5/26/2004 89.25 -10.0% 15.0% -12.8% 28.8% -26.6%
5/27/2004 90.47 -11.3% 15.0% -12.8% 28.8% -26.6%
5/28/2004 89.81 -11.0% 15.0% -12.8% 28.8% -26.6%
5/31/2004 89.81 -11.1% 15.0% -12.8% 28.8% -26.6%
6/1/2004 88.38 -9.6% 15.0% -12.8% 28.8% -26.6%
6/2/2004 87.82 -11.2% 15.0% -12.8% 28.8% -26.6%
6/3/2004 85.78 -12.9% 15.0% -12.8% 28.8% -26.6%
6/4/2004 87.47 -9.2% 15.0% -12.8% 28.8% -26.6%
6/7/2004 88.82 -8.8% 15.0% -12.8% 28.8% -26.6%
6/8/2004 87.42 -11.7% 15.0% -12.8% 28.8% -26.6%
6/9/2004 83.03 -17.9% 15.0% -12.8% 28.8% -26.6%
6/10/2004 83.83 -17.4% 15.0% -12.8% 28.8% -26.6%
6/11/2004 83.83 -16.7% 15.0% -12.8% 28.8% -26.6%
6/14/2004 80.79 -20.3% 15.0% -12.8% 28.8% -26.6%
6/15/2004 83.04 -16.1% 15.0% -12.8% 28.8% -26.6%
6/16/2004 83.55 -17.7% 15.0% -12.8% 28.8% -26.6%
6/17/2004 84.34 -17.7% 15.0% -12.8% 28.8% -26.6%
6/18/2004 85.99 -16.8% 15.0% -12.8% 28.8% -26.6%
6/21/2004 85.34 -18.4% 15.0% -12.8% 28.8% -26.6%
6/22/2004 86.39 -17.7% 15.0% -12.8% 28.8% -26.6%
6/23/2004 86.65 -17.8% 15.0% -12.8% 28.8% -26.6%
6/24/2004 88.56 -15.1% 15.0% -12.8% 28.8% -26.6%
6/25/2004 88.44 -13.1% 15.0% -12.8% 28.8% -26.6%
6/28/2004 86.01 -16.0% 15.0% -12.8% 28.8% -26.6%
6/29/2004 84.58 -17.7% 15.0% -12.8% 28.8% -26.6%
6/30/2004 86.29 -15.1% 15.0% -12.8% 28.8% -26.6%
7/1/2004 85.36 -16.0% 15.0% -12.8% 28.8% -26.6%
7/2/2004 87.24 -14.2% 15.0% -12.8% 28.8% -26.6%
7/5/2004 87.24 -8.7% 15.0% -12.8% 28.8% -26.6%
7/6/2004 86.68 -7.7% 15.0% -12.8% 28.8% -26.6%
7/7/2004 90.14 -5.2% 15.0% -12.8% 28.8% -26.6%
7/8/2004 91.34 -4.0% 15.0% -12.8% 28.8% -26.6%
7/9/2004 91.85 -2.8% 15.0% -12.8% 28.8% -26.6%
7/12/2004 90.8 1.7% 15.0% -12.8% 28.8% -26.6%
7/13/2004 89.7 2.0% 15.0% -12.8% 28.8% -26.6%
7/14/2004 90.02 0.5% 15.0% -12.8% 28.8% -26.6%
7/15/2004 90 2.1% 15.0% -12.8% 28.8% -26.6%
7/16/2004 89.66 1.3% 15.0% -12.8% 28.8% -26.6%
7/19/2004 88.26 0.9% 15.0% -12.8% 28.8% -26.6%
7/20/2004 87.78 8.1% 15.0% -12.8% 28.8% -26.6%
7/21/2004 85.65 4.4% 15.0% -12.8% 28.8% -26.6%
7/22/2004 86.5 5.6% 15.0% -12.8% 28.8% -26.6%
7/23/2004 84.03 2.3% 15.0% -12.8% 28.8% -26.6%
7/26/2004 82.64 -4.4% 15.0% -12.8% 28.8% -26.6%
7/27/2004 83.45 -1.3% 15.0% -12.8% 28.8% -26.6%
7/28/2004 84.42 2.5% 15.0% -12.8% 28.8% -26.6%
7/29/2004 85.73 9.9% 15.0% -12.8% 28.8% -26.6%
7/30/2004 86.97 8.8% 15.0% -12.8% 28.8% -26.6%
8/2/2004 87.26 7.1% 15.0% -12.8% 28.8% -26.6%
8/3/2004 87.45 8.4% 15.0% -12.8% 28.8% -26.6%
8/4/2004 85.92 7.3% 15.0% -12.8% 28.8% -26.6%
8/5/2004 84.25 3.7% 15.0% -12.8% 28.8% -26.6%
8/6/2004 86.67 6.4% 15.0% -12.8% 28.8% -26.6%
8/9/2004 86.32 4.1% 15.0% -12.8% 28.8% -26.6%
8/10/2004 86.46 2.3% 15.0% -12.8% 28.8% -26.6%
8/11/2004 84.9 1.1% 15.0% -12.8% 28.8% -26.6%
8/12/2004 85.64 -0.2% 15.0% -12.8% 28.8% -26.6%
8/13/2004 87.84 1.0% 15.0% -12.8% 28.8% -26.6%
8/16/2004 89.69 1.4% 15.0% -12.8% 28.8% -26.6%
8/17/2004 89.85 0.7% 15.0% -12.8% 28.8% -26.6%
8/18/2004 90.41 -0.1% 15.0% -12.8% 28.8% -26.6%
8/19/2004 94.02 4.7% 15.0% -12.8% 28.8% -26.6%
8/20/2004 95.82 6.7% 15.0% -12.8% 28.8% -26.6%
8/23/2004 93.8 6.1% 15.0% -12.8% 28.8% -26.6%
8/24/2004 91.66 4.4% 15.0% -12.8% 28.8% -26.6%
8/25/2004 94.16 9.8% 15.0% -12.8% 28.8% -26.6%
8/26/2004 93.3 6.7% 15.0% -12.8% 28.8% -26.6%
8/27/2004 94.37 6.2% 15.0% -12.8% 28.8% -26.6%
8/30/2004 92.85 6.2% 15.0% -12.8% 28.8% -26.6%
8/31/2004 94.79 14.2% 15.0% -12.8% 28.8% -26.6%
9/1/2004 95.34 13.7% 15.0% -12.8% 28.8% -26.6%
9/2/2004 94.51 12.7% 15.0% -12.8% 28.8% -26.6%
9/3/2004 92.93 15.0% 15.0% -12.8% 28.8% -26.6%
9/6/2004 92.93 11.9% 15.0% -12.8% 28.8% -26.6%
9/7/2004 92.15 10.3% 15.0% -12.8% 28.8% -26.6%
9/8/2004 91.77 8.8% 15.0% -12.8% 28.8% -26.6%
9/9/2004 92.29 7.3% 15.0% -12.8% 28.8% -26.6%
9/10/2004 92.75 8.7% 15.0% -12.8% 28.8% -26.6%
9/13/2004 93.02 7.7% 15.0% -12.8% 28.8% -26.6%
9/14/2004 94.7 9.3% 15.0% -12.8% 28.8% -26.6%
9/15/2004 93.45 5.5% 15.0% -12.8% 28.8% -26.6%
9/16/2004 93.17 5.3% 15.0% -12.8% 28.8% -26.6%
9/17/2004 92.31 7.3% 15.0% -12.8% 28.8% -26.6%
9/20/2004 93.13 10.1% 15.0% -12.8% 28.8% -26.6%
9/21/2004 96.37 11.7% 15.0% -12.8% 28.8% -26.6%
9/22/2004 95.81 12.2% 15.0% -12.8% 28.8% -26.6%
9/23/2004 96.07 10.1% 15.0% -12.8% 28.8% -26.6%
9/24/2004 96.3 10.4% 15.0% -12.8% 28.8% -26.6%
9/27/2004 96.71 11.6% 15.0% -12.8% 28.8% -26.6%
9/28/2004 99.78 10.7% 15.0% -12.8% 28.8% -26.6%
9/29/2004 99.39 8.8% 15.0% -12.8% 28.8% -26.6%
9/30/2004 101.95 11.0% 15.0% -12.8% 28.8% -26.6%
10/1/2004 101.06 11.3% 15.0% -12.8% 28.8% -26.6%
10/4/2004 99.79 11.2% 15.0% -12.8% 28.8% -26.6%
10/5/2004 102.29 13.6% 15.0% -12.8% 28.8% -26.6%
10/6/2004 102.99 14.4% 15.0% -12.8% 28.8% -26.6%
10/7/2004 102.13 13.9% 15.0% -12.8% 28.8% -26.6%
10/8/2004 104.26 18.1% 15.0% -12.8% 28.8% -26.6%
10/11/2004 103.51 17.9% 15.0% -12.8% 28.8% -26.6%
10/12/2004 100.68 17.5% 15.0% -12.8% 28.8% -26.6%
10/13/2004 97.77 13.0% 15.0% -12.8% 28.8% -26.6%
10/14/2004 97.93 16.5% 15.0% -12.8% 28.8% -26.6%
10/15/2004 99.89 20.9% 15.0% -12.8% 28.8% -26.6%
10/18/2004 98.39 17.9% 15.0% -12.8% 28.8% -26.6%
10/19/2004 98.95 17.2% 15.0% -12.8% 28.8% -26.6%
10/20/2004 101.82 18.8% 15.0% -12.8% 28.8% -26.6%
10/21/2004 102.23 17.5% 15.0% -12.8% 28.8% -26.6%
10/22/2004 102.36 17.3% 15.0% -12.8% 28.8% -26.6%
10/25/2004 105.98 21.2% 15.0% -12.8% 28.8% -26.6%
10/26/2004 105.65 23.0% 15.0% -12.8% 28.8% -26.6%
10/27/2004 103.2 22.5% 15.0% -12.8% 28.8% -26.6%
10/28/2004 101.61 17.2% 15.0% -12.8% 28.8% -26.6%
10/29/2004 103.42 19.8% 15.0% -12.8% 28.8% -26.6%
11/1/2004 101.95 17.9% 15.0% -12.8% 28.8% -26.6%
11/2/2004 99.49 17.2% 15.0% -12.8% 28.8% -26.6%
11/3/2004 101.88 19.0% 15.0% -12.8% 28.8% -26.6%
11/4/2004 104.35 18.8% 15.0% -12.8% 28.8% -26.6%
11/5/2004 106.86 19.1% 15.0% -12.8% 28.8% -26.6%
11/8/2004 106.53 18.6% 15.0% -12.8% 28.8% -26.6%
11/9/2004 106.3 17.6% 15.0% -12.8% 28.8% -26.6%
11/10/2004 105.47 12.2% 15.0% -12.8% 28.8% -26.6%
11/11/2004 106 10.6% 15.0% -12.8% 28.8% -26.6%
11/12/2004 108.59 15.8% 15.0% -12.8% 28.8% -26.6%
11/15/2004 107.09 16.8% 15.0% -12.8% 28.8% -26.6%
11/16/2004 108.67 15.4% 15.0% -12.8% 28.8% -26.6%
11/17/2004 110.34 18.3% 15.0% -12.8% 28.8% -26.6%
11/18/2004 108.31 14.8% 15.0% -12.8% 28.8% -26.6%
11/19/2004 109.68 18.1% 15.0% -12.8% 28.8% -26.6%
11/22/2004 110.25 16.3% 15.0% -12.8% 28.8% -26.6%
11/23/2004 107.71 13.0% 15.0% -12.8% 28.8% -26.6%
11/24/2004 107.21 13.4% 15.0% -12.8% 28.8% -26.6%
11/25/2004 107.21 15.4% 15.0% -12.8% 28.8% -26.6%
11/26/2004 109.87 18.2% 15.0% -12.8% 28.8% -26.6%
11/29/2004 110.03 19.4% 15.0% -12.8% 28.8% -26.6%
11/30/2004 106.75 16.3% 15.0% -12.8% 28.8% -26.6%
12/1/2004 106.71 15.6% 15.0% -12.8% 28.8% -26.6%
12/2/2004 103.21 11.3% 15.0% -12.8% 28.8% -26.6%
12/3/2004 103.85 11.6% 15.0% -12.8% 28.8% -26.6%
12/6/2004 102.4 8.1% 15.0% -12.8% 28.8% -26.6%
12/7/2004 100.25 7.3% 15.0% -12.8% 28.8% -26.6%
12/8/2004 98.8 6.0% 15.0% -12.8% 28.8% -26.6%
12/9/2004 99.24 7.5% 15.0% -12.8% 28.8% -26.6%
12/10/2004 98.32 5.6% 15.0% -12.8% 28.8% -26.6%
12/13/2004 99.8 3.6% 15.0% -12.8% 28.8% -26.6%
12/14/2004 99.15 3.5% 15.0% -12.8% 28.8% -26.6%
12/15/2004 100 4.1% 15.0% -12.8% 28.8% -26.6%
12/16/2004 98.26 2.0% 15.0% -12.8% 28.8% -26.6%
12/17/2004 98.33 1.7% 15.0% -12.8% 28.8% -26.6%
12/20/2004 98.76 -1.0% 15.0% -12.8% 28.8% -26.6%
12/21/2004 99.99 0.6% 15.0% -12.8% 28.8% -26.6%
12/22/2004 99.12 -2.8% 15.0% -12.8% 28.8% -26.6%
12/23/2004 99.3 -1.7% 15.0% -12.8% 28.8% -26.6%
12/24/2004 99.3 -0.5% 15.0% -12.8% 28.8% -26.6%
12/27/2004 100.12 -2.1% 15.0% -12.8% 28.8% -26.6%
12/28/2004 99.35 -3.5% 15.0% -12.8% 28.8% -26.6%
12/29/2004 98.93 -3.1% 15.0% -12.8% 28.8% -26.6%
12/30/2004 98.86 -5.2% 15.0% -12.8% 28.8% -26.6%
12/31/2004 99.35 -4.0% 15.0% -12.8% 28.8% -26.6%
# OF % OF
OCCURRENCES OCCURRENCES
2 Standard Deviations 110 2.7
1 Standard Deviations 701 17.3
-1 Standard Deviations 648 16.0
-2 Standard Deviations 48 1.2
CURRENT OUTLOOK
The gold market in China has shown good follow-through in investor interest
after repealing their 50-year ban on gold ownership by individuals in December
of 2002. At the end of June 2004, Beijingers became able to buy and sell gold
bars at a bank, opening a convenient and flexible new investment tool to help
citizens manage their assets. Recently, banks also began to sell gold
denominated certificates.
After listing in Australia, London and South Africa, the gold exchange-traded
fund (ETF) finally received approval for listing in the U.S. in mid-November as
streetTRACKS Gold Trust(6) (ticker GLD). Each share of the fund represents
1/10th of an ounce of gold. It was anticipated this should be a positive
development in raising the visibility of gold as an asset class for individuals
to consider. By year-end, the fund had attracted $1.34 billion. According to
Trim Tabs Investment Research, the fund has grown faster than any other
exchange-traded fund. Some fund managers have been reported to use it as a
parking place for money instead of holding cash in their portfolios.
35
GOLD AND PRECIOUS MINERALS FUNDS
As the year came to a close it was reported that the Hulbert Gold Newsletter
Sentiment Index, which represents the average exposure to the gold market among
a subset of short-term gold timing newsletters, had fallen a total of 52
percentage points in recent sessions and now stood at 19.6 percent. This was a
rather dramatic drop in the index, particularly with gold breaking above $450
per ounce. This may support the thesis that we have not seen the top of this
bull market in gold yet. Market tops are typically characterized by investors
becoming irrationally exuberant, and any corrections in share prices are treated
as another chance to increase exposure before the bull market continues in
earnest.
For example, in the wake of the first 10 percent correction from the market's
highs in March of 2000, the average short-term stock market timer tracked by the
Hulbert Financial Digest actually increased his exposure to equities.
Pension funds are also beginning to take note of the positive investment
attributes that commodities provide the portfolio. As recently reported by
Goldman Sachs, their Commodity Index-linked note has averaged returns of about
12 percent per year since 1970, while equity and bonds have only returned
between 8.5 percent and 11 percent, respectively, over the same period.
Threats we are monitoring include a sustainable reversal in the U.S. dollar,
rising U.S. interest rates and a significant economic slowdown in China and/or
the U.S.
(1) The U.S. Trade-Weighted Dollar Index provides a general indication of the
international value of the U.S. dollar.
(2) This security comprised 6.99 percent of the total net assets of the World
Precious Minerals Fund and 10.80 percent of the Gold Shares Fund as of
December 31, 2004.
(3) This security comprised 9.03 percent of the total net assets of the World
Precious Minerals Fund and 11.19 percent of the Gold Shares Fund as of
December 31, 2004.
(4) This security comprised 3.44 percent of the total net assets of the World
Precious Minerals Fund and 4.09 percent of the Gold Shares Fund as of
December 31, 2004.
(5) This security comprised 3.99 percent of the total net assets of the World
Precious Minerals Fund and 7.40 percent of the Gold Shares Fund as of
December 31, 2004.
(6) This security comprised 0.39 percent of the total net assets of the World
Precious Minerals Fund and 0.07 percent of the total net assets of the Gold
Shares Fund as of December 31, 2004.
36
GOLD AND PRECIOUS MINERALS FUNDS
WORLD PRECIOUS MINERALS FUND
TOP 10 EQUITY* HOLDINGS BASED ON TOTAL INVESTMENTS December 31, 2004
NORTHERN ORION RESOURCES, INC. 9.00%
INTERMEDIATE & JUNIOR GOLD PRODUCERS
---------------------------------------------------------------
WHEATON RIVER MINERALS LTD. 6.96%
INTERMEDIATE & JUNIOR GOLD PRODUCERS
---------------------------------------------------------------
BOLIVAR GOLD CORP. 4.51%
GOLD/MINERAL EXPLORATION & DEVELOPMENT
---------------------------------------------------------------
LUNDIN MINING CORP. 4.27%
METAL & MINERAL MINING
---------------------------------------------------------------
BEMA GOLD CORP. 3.97%
INTERMEDIATE & JUNIOR GOLD PRODUCERS
---------------------------------------------------------------
SOUTHERN AFRICAN RESOURCES PLC 3.95%
METAL & MINERAL MINING
---------------------------------------------------------------
GOLDCORP, INC. 3.50%
INTERMEDIATE & JUNIOR GOLD PRODUCERS
---------------------------------------------------------------
PLACER DOME, INC. 3.43%
SENIOR GOLD PRODUCERS
---------------------------------------------------------------
IVANHOE MINES LTD. 2.78%
GOLD/MINERAL EXPLORATION & DEVELOPMENT
---------------------------------------------------------------
ALAMOS GOLD, INC. 2.26%
GOLD/MINERAL EXPLORATION & DEVELOPMENT
*Includes convertible debentures.
37
GOLD AND PRECIOUS MINERALS FUNDS
GOLD SHARES FUND
TOP 10 EQUITY HOLDINGS BASED ON TOTAL INVESTMENTS December 31, 2004
NORTHERN ORION RESOURCES, INC. 11.29%
GOLD MINING
---------------------------------------------------------------
WHEATON RIVER MINERALS LTD. 10.89%
GOLD MINING
---------------------------------------------------------------
GOLDCORP, INC. 9.35%
GOLD MINING
---------------------------------------------------------------
BEMA GOLD CORP. 7.47%
GOLD MINING
---------------------------------------------------------------
FREEPORT-MCMORAN COPPER & GOLD, INC. 4.92%
GOLD MINING
---------------------------------------------------------------
LUNDIN MINING CORP. 4.68%
METAL & MINERAL MINING
---------------------------------------------------------------
PLACER DOME, INC. 4.13%
GOLD MINING
---------------------------------------------------------------
RANDGOLD RESOURCES LTD. 3.82%
GOLD MINING
---------------------------------------------------------------
IVANHOE MINES LTD. 3.44%
GOLD MINING
---------------------------------------------------------------
GOLD FIELDS LTD. 3.11%
GOLD MINING
38
GOLD AND PRECIOUS MINERALS FUNDS
WORLD PRECIOUS MINERALS FUND
PORTFOLIO PROFILE December 31, 2004
Country Distribution (based on domicile) % of Investments
---------------------------------------------------------------
Canada 72.26%
---------------------------------------------------------------
United States 15.83%
---------------------------------------------------------------
United Kingdom 7.63%
---------------------------------------------------------------
Australia 1.79%
---------------------------------------------------------------
Other Foreign 2.49%
GOLD SHARES FUND
PORTFOLIO PROFILE December 31, 2004
Country Distribution (based on domicile) % of Investments
---------------------------------------------------------------
Canada 69.81%
---------------------------------------------------------------
United States 20.50%
---------------------------------------------------------------
United Kingdom 3.83%
---------------------------------------------------------------
South Africa 3.32%
---------------------------------------------------------------
Other Foreign 2.54%
39
GOLD AND PRECIOUS MINERALS FUNDS
WORLD PRECIOUS MINERALS FUND
PORTFOLIO ALLOCATION
BASED ON TOTAL INVESTMENTS December 31, 2004
[World Precious Minerals Fund Pie Chart]
Diamond Mining & Exploration 2.12%
Senior Gold Producers 6.45%
Cash Equivalent 8.96%
Metal & Mineral Mining 19.81%
Gold/Mineral Exploration & Development 27.53%
Intermediate & Junior Gold Producers 30.69%
Other 4.44%
GOLD SHARES FUND
PORTFOLIO ALLOCATION
BASED ON TOTAL INVESTMENTS December 31, 2004
[Gold Shares Fund Pie Chart]
Merchant Banking 2.23%
Cash Equivalent 8.92%
Metal & Mineral Mining 10.82%
Gold Mining 76.22%
Other 1.81%
40
EXPENSE EXAMPLE (UNAUDITED) December 31, 2004
As a shareholder of the funds, you incur two types of costs: (1) transaction
costs, including short-term trading fees and exchange fees; and (2) ongoing
costs, including management fees and other fund expenses. This example is
intended to help you understand your ongoing costs (in dollars) of investing in
other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period as indicated below.
* ACTUAL EXPENSES. The first line of the table below for each fund provides
information about actual account values and actual expenses. You may use the
information in this line, together with the amount you invested, to estimate
the expenses you paid over the period. Simply divide your account value by
$1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then
multiply the result by the number in the first line under the heading
"Expenses Paid During Period" to estimate the expenses you paid on your
account during this period.
* HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second line of the table
below for each fund provides information about hypothetical account values and
hypothetical expenses based on the fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in these funds and other funds. To do so, compare this 5% hypothetical example
with the 5% hypothetical examples that appear in the shareholder reports of
other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any direct or transactional costs, such as
small account, exchange or short-term trading fees. Therefore, the second line
of the table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these direct or transactional costs were included, your costs would have been
higher.
41
EXPENSE EXAMPLE (UNAUDITED) December 31, 2004
- ------------------------------------------------------------------------------------
SIX MONTHS ENDED DECEMBER 31, 2004
BEGINNING ENDING EXPENSES
ACCOUNT VALUE ACCOUNT VALUE PAID DURING
JULY 1, 2004 DECEMBER 31, 2004 PERIOD*
- ------------------------------------------------------------------------------------
U.S. TREASURY SECURITIES CASH FUND
Based on Actual Fund Return $1,000.00 $1,002.90 $ 5.04
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,020.17 $ 5.08
- ------------------------------------------------------------------------------------
U.S. GOVERNMENT SECURITIES SAVINGS FUND
Based on Actual Fund Return $1,000.00 $1,006.10 $ 2.28
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,022.94 $ 2.29
- ------------------------------------------------------------------------------------
NEAR-TERM TAX FREE FUND
Based on Actual Fund Return $1,000.00 $1,023.20 $ 2.31
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,022.92 $ 2.31
- ------------------------------------------------------------------------------------
TAX FREE FUND
Based on Actual Fund Return $1,000.00 $1,037.70 $ 3.60
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,021.67 $ 3.58
- ------------------------------------------------------------------------------------
ALL AMERICAN EQUITY FUND
Based on Actual Fund Return $1,000.00 $1,061.70 $ 9.09
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,016.38 $ 8.89
- ------------------------------------------------------------------------------------
CHINA REGION OPPORTUNITY FUND
Based on Actual Fund Return $1,000.00 $1,166.60 $13.86
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,012.41 $12.87
- ------------------------------------------------------------------------------------
GLOBAL RESOURCES FUND
Based on Actual Fund Return $1,000.00 $1,329.00 $ 8.62
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,017.80 $ 7.47
- ------------------------------------------------------------------------------------
WORLD PRECIOUS MINERALS FUND
Based on Actual Fund Return $1,000.00 $1,229.60 $ 8.15
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,017.89 $ 7.38
- ------------------------------------------------------------------------------------
GOLD SHARES FUND
Based on Actual Fund Return $1,000.00 $1,170.90 $10.46
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,015.57 $ 9.71
- ------------------------------------------------------------------------------------
<FN>
*These calculations are based on expenses incurred in the most recent fiscal
half-year. The funds' annualized six-month expense ratios for the six-month
period ended December 31, 2004, were 1.00%, 0.45%, 0.45%, 0.70%, 1.75%, 2.54%,
1.47%, 1.45% and 1.91%, respectively, for the U.S. Treasury Securities Cash,
U.S. Government Securities Savings, Near-Term Tax Free, Tax Free, All American
Equity, China Region Opportunity, Global Resources, World Precious Minerals and
Gold Shares Funds. The dollar amounts shown as "Expenses Paid" are equal to the
annualized expense ratio multiplied by the average account value over the
period, multiplied by 184, the number of days in the most recent fiscal
half-year, then divided by 365 days in the current fiscal year.
</FN>
42
U.S. TREASURY SECURITIES CASH FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
UNITED STATES
GOVERNMENT COUPON MATURITY PRINCIPAL
OBLIGATIONS 60.22% RATE DATE AMOUNT VALUE
UNITED STATES TREASURY BILLS 37.05%
- ------------------------------------------------------------------------------------
Yield 2.03% 01/06/05 $ 10,000,000 $ 9,997,180
Yield 1.66% 01/13/05 10,000,000 9,994,483
Yield 1.99% 04/14/05 10,000,000 9,942,992
Yield 2.03% 04/28/05 10,000,000 9,934,062
------------
39,868,717
UNITED STATES TREASURY NOTES 23.17%
- ------------------------------------------------------------------------------------
1.50% 02/28/05 10,000,000 10,002,847
2.00% 08/31/05 10,000,000 9,964,120
1.625% 10/31/05 5,000,000 4,957,013
------------
24,923,980
- ------------------------------------------------------------------------------------
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS 64,792,697
- ------------------------------------------------------------------------------------
(cost $64,792,697)
REPURCHASE AGREEMENTS 40.07%
Joint Tri-Party Repurchase Agreements, 01/03/05, collateralized by U.S. Treasury
securities held in joint tri-party repurchase accounts:
1.50% Morgan Stanley Dean
Witter, repurchase price
$20,002,500 1.50% 01/03/05 20,000,000 20,000,000
1.50% UBS Financial Services,
Inc., repurchase price
$23,123,552 1.50% 01/03/05 23,120,662 23,120,662
- ------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 43,120,662
- ------------------------------------------------------------------------------------
(cost $43,120,662)
- ------------------------------------------------------------------------------------
TOTAL INVESTMENTS 100.29% 107,913,359
- ------------------------------------------------------------------------------------
(cost $107,913,359)
Other assets and liabilities, net (0.29)% (310,192)
------------
NET ASSETS 100% $107,603,167
------------
See notes to portfolios of investments and notes to financial statements.
43
U.S. GOVERNMENT SECURITIES SAVINGS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
UNITED STATES
GOVERNMENT AND AGENCY COUPON MATURITY PRINCIPAL
OBLIGATIONS 100.10% RATE DATE AMOUNT VALUE
FEDERAL FARM CREDIT BANK 36.91%
- -----------------------------------------------------------------------------------
Discount Notes:
Yield 2.14% 01/03/05 $27,000,000 $ 26,996,790
Yield 2.18% 01/04/05 30,000,000 29,994,558
Yield 1.88% 01/06/05 10,000,000 9,997,389
Yield 2.18% 01/14/05 10,000,000 9,992,128
Yield 2.19% 01/18/05 10,000,000 9,989,658
Yield 2.32% 04/01/05 10,000,000 9,942,000
Fixed Rates:
5.90% 01/10/05 2,685,000 2,687,693
5.70% 01/18/05 1,200,000 1,202,160
1.87% 01/24/05 2,400,000 2,399,663
3.875% 02/01/05 10,000,000 10,015,876
7.25% 02/09/05 1,000,000 1,005,432
1.25% 04/07/05 4,000,000 3,991,234
4.375% 04/15/05 5,369,000 5,398,849
1.50% 04/21/05 2,428,000 2,428,000
2.30% 05/25/05 1,000,000 999,099
1.98% 06/01/05 3,620,000 3,613,101
5.80% 06/17/05 2,950,000 2,997,958
2.125% 08/15/05 5,000,000 4,980,708
2.50% 10/11/05 1,500,000 1,497,189
2.25% 11/01/05 7,100,000 7,075,354
6.50% 11/22/05 1,650,000 1,701,930
Variable Rate:
2.33% 08/23/05 10,000,000 9,999,677
------------
158,906,446
FEDERAL HOME LOAN BANK 60.41%
- -----------------------------------------------------------------------------------
Discount Notes:
Yield 1.63% 01/03/05 75,000,000 74,993,225
Yield 2.18% 01/05/05 10,503,000 10,500,456
Yield 2.24% 01/07/05 10,000,000 9,996,275
Yield 1.94% 01/12/05 10,000,000 9,994,072
Yield 2.14% 01/19/05 1,600,000 1,598,288
Yield 1.97% 01/21/05 10,000,000 9,989,055
Yield 2.11% 01/26/05 20,000,000 19,970,660
Yield 2.15% 01/28/05 7,711,000 7,698,566
Yield 2.22% 02/04/05 10,000,000 9,979,033
Yield 2.16% 02/09/05 10,000,000 9,976,600
Yield 2.08% 04/13/05 10,000,000 9,941,067
Fixed Rates:
4.125% 01/14/05 11,135,000 11,143,962
4.375% 02/15/05 11,395,000 11,430,667
See notes to portfolios of investments and notes to financial statements.
44
U.S. GOVERNMENT SECURITIES SAVINGS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
UNITED STATES
GOVERNMENT AND COUPON MATURITY PRINCIPAL
AGENCY OBLIGATIONS RATE DATE AMOUNT VALUE
FEDERAL HOME LOAN BANK (CONT'D)
- -----------------------------------------------------------------------------------
7.125% 02/15/05 $ 2,000,000 $ 2,011,899
1.47% 02/28/05 10,000,000 9,984,951
1.50% 03/01/05 5,000,000 5,000,000
1.40% 04/01/05 5,000,000 5,000,000
4.15% 04/26/05 2,000,000 2,012,681
1.50% 05/04/05 5,000,000 5,000,000
1.55% 05/06/05 5,000,000 5,000,000
6.22% 05/12/05 1,000,000 1,014,411
1.65% 05/17/05 5,000,000 5,000,000
1.70% 05/23/05 5,000,000 5,000,000
1.75% 08/12/05 3,700,000 3,687,714
2.125% 09/01/05 5,000,000 4,991,617
2.50% 11/02/05 5,000,000 4,999,610
2.52% 12/01/05 4,175,000 4,165,568
------------
260,080,377
STUDENT LOAN MARKETING ASSOCIATION 2.78%
- -----------------------------------------------------------------------------------
Fixed Rates:
2.00% 03/15/05 11,950,000 11,948,848
- -----------------------------------------------------------------------------------
TOTAL INVESTMENTS 100.10% 430,935,671
- -----------------------------------------------------------------------------------
(cost $430,935,671)
Other assets and liabilities, net
(0.10)% (449,561)
------------
NET ASSETS 100% $430,486,110
------------
See notes to portfolios of investments and notes to financial statements.
45
NEAR-TERM TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS 93.07% RATE DATE AMOUNT VALUE
ALABAMA 3.25%
- -------------------------------------------------------------------------------------
DCH Health Care Authority Facilities
Revenue 5.00% 06/01/09 $ 250,000 $ 268,985
University Alabama, Series A 5.00% 09/01/09 300,000 327,924
----------
596,909
ARIZONA 2.96%
- -------------------------------------------------------------------------------------
Arizona State Transportation Board,
Series A 5.00% 07/01/09 300,000 329,118
Maricopa County, Arizona Unified School
District, GO 4.85% 07/01/11 200,000 214,208
----------
543,326
ARKANSAS 2.22%
- -------------------------------------------------------------------------------------
Arkansas State Community Water System
Public Water Authority Revenue 2.40% 10/01/05 200,000 200,146
Little Rock Arkansas Health Facilities
Board Hospital Revenue 6.80% 11/01/05 200,000 207,380
----------
407,526
CALIFORNIA 7.96%
- -------------------------------------------------------------------------------------
Association of Bay Area Governments
(ABAG) Finance Authority, Series C 4.00% 03/01/08 100,000 102,622
California State, GO 6.40% 02/01/06 500,000 522,885
Chino Basin Regional Financing Authority
Revenue 7.00% 08/01/06 250,000 268,560
Modesto Irrigation District Financing
Authority Revenue Domestic Water
Project, Series C 5.75% 09/01/15 200,000 209,032
Santa Clara County Financing Authority
Revenue 4.00% 08/01/06 350,000 359,348
----------
1,462,447
COLORADO 2.90%
- -------------------------------------------------------------------------------------
Adams & Arapahoe Counties Joint School
District, Series C, GO 5.75% 12/01/07 100,000 108,486
Platte River Power Authority Revenue,
Series FF 5.00% 06/01/07 400,000 423,968
----------
532,454
CONNECTICUT 3.51%
- -------------------------------------------------------------------------------------
Bridgeport, Series A, GO 6.00% 03/01/06 200,000 208,548
Connecticut State, Series C, GO 5.00% 12/15/08 400,000 436,704
----------
645,252
See notes to portfolios of investments and notes to financial statements.
46
NEAR-TERM TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS RATE DATE AMOUNT VALUE
DELAWARE 3.52%
- -------------------------------------------------------------------------------------
Delaware State, Series A, GO 4.25% 03/01/09 $ 400,000 $ 427,456
Delaware Transportation Authority System
Revenue 5.50% 07/01/08 200,000 220,068
----------
647,524
DISTRICT OF COLUMBIA 0.91%
- -------------------------------------------------------------------------------------
District of Columbia, Unrefunded, Series
B 5.50% 06/01/09 150,000 166,672
FLORIDA 3.83%
- -------------------------------------------------------------------------------------
Florida State Board of Education Capital
Outlay, Series B, GO 5.25% 06/01/11 175,000 191,019
Hillsborough County Industrial
Development Authority Hospital Revenue 3.50% 10/01/09 205,000 204,461
Jacksonville Transportation Authority,
GO 6.50% 07/01/07 280,000 308,073
----------
703,553
GEORGIA 5.78%
- -------------------------------------------------------------------------------------
Atlanta Development Authority Revenue,
Series A 5.25% 07/01/12 375,000 401,816
Coweta County School District, GO 4.00% 08/01/06 175,000 179,867
Georgia Municipal Electric Authority
Power Revenue, Series A 5.30% 01/01/07 100,000 105,900
Marietta Georgia Development Authority
Revenue 3.00% 09/15/08 375,000 374,209
----------
1,061,792
ILLINOIS 1.34%
- -------------------------------------------------------------------------------------
Chicago Water Revenue (ZCB) 0.00% 11/01/08 275,000 245,971
INDIANA 1.33%
- -------------------------------------------------------------------------------------
Indianapolis, Indiana Local Public
Improvement Bond Bank, Series D 6.60% 02/01/07 225,000 243,844
KENTUCKY 1.53%
- -------------------------------------------------------------------------------------
Kentucky Infrastructure Authority
Revenue, Series K 3.00% 08/01/05 280,000 280,868
MARYLAND 0.91%
- -------------------------------------------------------------------------------------
Baltimore County, GO Unlimited Tax 5.00% 06/01/05 165,000 167,039
MASSACHUSETTS 1.32%
- -------------------------------------------------------------------------------------
Massachusetts State Health & Educational
Facilities Authority Revenue, Series D 5.00% 10/01/07 135,000 135,161
Massachusetts State, Series C, GO 4.625% 10/01/08 100,000 107,278
----------
242,439
See notes to portfolios of investments and notes to financial statements.
47
NEAR-TERM TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS RATE DATE AMOUNT VALUE
MICHIGAN 1.81%
- -------------------------------------------------------------------------------------
Detroit, Michigan Local Development
Financial Authority, Series A 5.20% 05/01/10 $ 130,000 $ 135,729
Michigan Municipal Board Authority
Revenue 3.00% 11/01/09 200,000 197,604
----------
333,333
MISSISSIPPI 3.26%
- -------------------------------------------------------------------------------------
Mississippi Development Bank Special
Obligation 3.25% 11/01/07 300,000 299,511
Mississippi Hospital Equipment &
Facilities Authority Revenue 3.45% 04/01/07 300,000 299,862
----------
599,373
NEVADA 2.79%
- -------------------------------------------------------------------------------------
Nevada State Municipal Bond Bank Project
#51, Series A, GO 5.10% 01/01/08 250,000 257,027
Washoe County Gas & Water Facilities,
Revenue 6.30% 12/01/14 250,000 254,962
----------
511,989
NEW JERSEY 3.27%
- -------------------------------------------------------------------------------------
Jersey City, GO 6.00% 10/01/05 110,000 113,191
New Jersey State 5.125% 05/01/10 250,000 275,942
Washington Township Board of Education,
GO 5.10% 02/01/08 200,000 211,474
----------
600,607
NEW MEXICO 0.64%
- -------------------------------------------------------------------------------------
New Mexico State Highway Commission
Revenue 3.75% 06/15/06 115,000 117,421
NEW YORK 10.75%
- -------------------------------------------------------------------------------------
Hempstead Township, Series B, GO
Unlimited Tax 5.375% 11/15/10 120,000 130,062
New York City Transitional Financial
Authority Revenue, Series A 5.25% 11/01/08 225,000 247,241
New York, New York, Series B 5.25% 08/01/09 200,000 219,088
New York, New York, Series C 3.50% 08/01/07 300,000 307,425
New York State, GO 5.00% 03/01/08 250,000 269,475
New York State, Local Highway & Bridge,
Series A 5.375% 04/01/10 200,000 218,376
New York State, Medical Care Facilities
Financial Agency Revenue, Series D 5.10% 02/15/06 250,000 259,808
Schenectady Metroplex Development
Authority Revenue, Series A 5.00% 12/15/12 110,000 118,392
Tobacco Settlement Financing Corp.,
Series B 4.00% 06/01/07 200,000 205,730
----------
1,975,597
See notes to portfolios of investments and notes to financial statements.
48
NEAR-TERM TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS RATE DATE AMOUNT VALUE
NORTH CAROLINA 1.03%
- -------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power
Agency Revenue, Refunding, Series A 5.60% 01/01/10 $ 175,000 $ 188,402
OHIO 1.14%
- -------------------------------------------------------------------------------------
Ohio State Higher Education, Series B,
GO 4.25% 11/01/07 200,000 210,088
OREGON 1.90%
- -------------------------------------------------------------------------------------
Clackamas County Hospital Facilities
Authority Revenue 5.00% 05/01/07 200,000 211,298
Oregon State Department Transportation
Highway 5.00% 11/15/09 125,000 137,891
----------
349,189
PUERTO RICO 1.10%
- -------------------------------------------------------------------------------------
Puerto Rico Commonwealth Highway &
Transportation Authority Revenue,
Series F 5.00% 07/01/05 200,000 202,708
SOUTH CAROLINA 1.18%
- -------------------------------------------------------------------------------------
Horry County Hospitality Fee Special
Obligation 5.00% 04/01/10 200,000 217,328
TENNESSEE 1.66%
- -------------------------------------------------------------------------------------
Shelby County Tennessee Health
Educational & Housing Facilities Board
Revenue 5.15% 07/01/07 300,000 304,959
TEXAS 14.01%
- -------------------------------------------------------------------------------------
Arlington Refunded, Series A 5.00% 08/15/08 200,000 217,228
Austin Utility System Revenue, Series A 5.375% 11/15/05 150,000 151,952
Bexar County Refunded, GO 5.40% 06/15/12 200,000 208,262
Gulf Coast Industrial Development
Authority Pollution Control Revenue 4.95% 07/01/07 385,000 411,084
Killeen, Texas Independent School
District System, GO 5.00% 02/15/09 400,000 428,748
San Antonio Water System Revenue 5.00% 05/15/13 100,000 108,247
Southwest Higher Education Authority 4.30% 10/01/09 300,000 313,182
Texas State Affordable Housing Corp. 4.00% 11/01/06 215,000 215,290
Texas State Water Development Board
Revenue, Series A 5.125% 07/15/09 290,000 303,166
Texas Turnpike Authority Revenue 5.00% 06/01/08 200,000 216,018
----------
2,573,177
UTAH 1.17%
- -------------------------------------------------------------------------------------
Utah Transit Authority Sales Tax &
Transportation Revenue 4.90% 12/15/09 200,000 214,102
See notes to portfolios of investments and notes to financial statements.
49
NEAR-TERM TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS RATE DATE AMOUNT VALUE
VIRGINIA 2.60%
- -------------------------------------------------------------------------------------
Virginia Commonwealth Transportation
Board 4.00% 05/15/07 $ 460,000 $ 477,968
WASHINGTON 0.61%
- -------------------------------------------------------------------------------------
Clark County, Washington School
District, GO Unlimited 5.125% 12/01/11 100,000 111,381
WISCONSIN 0.88%
- -------------------------------------------------------------------------------------
Milwaukee, Wisconsin, Series L, GO 4.60% 12/15/13 150,000 162,053
- -------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS 17,097,291
- -------------------------------------------------------------------------------------
(cost $16,808,703)
REPURCHASE AGREEMENT 5.77%
Joint Tri-Party Repurchase Agreement,
UBS Financial Services, Inc.,
12/31/04, 1.50%, due 01/03/05,
repurchase price $1,060,435,
collateralized by U.S. Treasury
securities held in a joint tri-party
repurchase account (cost $1,060,302) 1.50% 01/03/05 1,060,302 1,060,302
- -------------------------------------------------------------------------------------
TOTAL INVESTMENTS 98.84% 18,157,593
- -------------------------------------------------------------------------------------
(cost $17,869,005)
Other assets and liabilities, net 1.16% 212,556
----------
NET ASSETS 100% $18,370,149
-----------
See notes to portfolios of investments and notes to financial statements.
50
TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS 92.83% RATE DATE AMOUNT VALUE
ALABAMA 3.52%
- -------------------------------------------------------------------------------------
Alabama State, GO Unlimited, Series A 4.00% 09/01/08 $ 600,000 $ 631,026
Alabama State, GO Unlimited, Series A 4.625% 09/01/22 375,000 387,454
-----------
1,018,480
ARIZONA 3.78%
- -------------------------------------------------------------------------------------
Glendale, Arizona Water & Sewer Revenue 5.00% 07/01/14 700,000 771,673
Salt River Project Agricultural
Improvement & Power District Electric
System Revenue 6.00% 01/01/07 300,000 321,822
-----------
1,093,495
ARKANSAS 3.49%
- -------------------------------------------------------------------------------------
Arkansas State Community Water System
Public Water Authority Revenue 2.40% 10/01/05 300,000 300,219
Gravette Arkansas School District, GO
Unlimited, Series B 4.00% 06/01/09 290,000 302,238
Nettleton Arkansas Special School
District, GO Limited 4.20% 06/01/14 400,000 406,972
-----------
1,009,429
CALIFORNIA 8.75%
- -------------------------------------------------------------------------------------
California State, GO Unlimited 5.00% 02/01/25 320,000 330,835
Los Angeles, California University
School District, GO Unlimited, Series
A 5.375% 07/01/18 790,000 886,254
New Haven, California University School
District, GO Unlimited 5.75% 08/01/19 1,145,000 1,317,506
-----------
2,534,595
COLORADO 0.54%
- -------------------------------------------------------------------------------------
Colorado Health Facility Authority
Revenue 5.00% 09/01/16 150,000 155,973
FLORIDA 2.70%
- -------------------------------------------------------------------------------------
Florida Board of Education Capital
Outlay, GO Unlimited Tax, Refunding,
Series A 6.625% 06/01/07 270,000 279,045
St. Lucie County Florida Sales Tax
Revenue 5.25% 10/01/23 465,000 503,293
-----------
782,338
GEORGIA 4.01%
- -------------------------------------------------------------------------------------
Atlanta Development Authority Revenue 5.25% 07/01/22 500,000 528,825
Chatham County Hospital Authority
Revenue, Series A 5.50% 01/01/34 405,000 420,406
See notes to portfolios of investments and notes to financial statements.
51
TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS RATE DATE AMOUNT VALUE
GEORGIA (CONT'D)
- -------------------------------------------------------------------------------------
Georgia Municipal Electric Authority
Power Revenue, Series A 5.30% 01/01/07 $ 200,000 $ 211,800
-----------
1,161,031
ILLINOIS 5.59%
- -------------------------------------------------------------------------------------
Du Page County, Refunding 5.60% 01/01/21 490,000 569,302
Illinois Development Financing
Authority Hospital Revenue, Adventist
Health Systems 5.65% 11/15/24 435,000 454,866
Illinois Development Financing
Authority Revenue Presbyterian Home
Lake Project, Series B 6.25% 09/01/17 250,000 268,665
Illinois Regional Transportation
Authority Revenue, Series A 7.20% 11/01/20 250,000 324,527
-----------
1,617,360
IOWA 1.82%
- -------------------------------------------------------------------------------------
Polk County Revenue Catholic Health
Initiatives, Series A 5.125% 12/01/11 500,000 527,905
KANSAS 3.94%
- -------------------------------------------------------------------------------------
Kansas State Development Finance
Authority Hospital Revenue, Series Z 5.00% 12/15/12 500,000 544,580
University of Kansas Hospital Authority
Health Facilities Revenue 5.625% 09/01/27 570,000 594,966
-----------
1,139,546
KENTUCKY 1.94%
- -------------------------------------------------------------------------------------
Kentucky State Property & Buildings
Commission Revenue 4.50% 08/01/12 525,000 561,020
MARYLAND 5.18%
- -------------------------------------------------------------------------------------
Baltimore, Maryland Water Project
Revenue, Series A 5.00% 07/01/24 320,000 351,587
Maryland State Department of
Transportation 5.00% 11/01/10 750,000 829,980
Maryland State Health & Higher
Educational Facilities Authority
Revenue 5.75% 07/01/21 300,000 318,819
-----------
1,500,386
MICHIGAN 4.29%
- -------------------------------------------------------------------------------------
Belding Area Schools, Refunding 5.00% 05/01/18 390,000 404,457
Detroit, Michigan Local Development
Financing Authority, Refunding,
Series A 5.375% 05/01/18 300,000 307,698
See notes to portfolios of investments and notes to financial statements.
52
TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS RATE DATE AMOUNT VALUE
MICHIGAN (CONT'D)
- -------------------------------------------------------------------------------------
Michigan State Hospital Finance
Authority Revenue 4.90% 05/15/13 $ 500,000 $ 531,195
-----------
1,243,350
MISSOURI 1.51%
- -------------------------------------------------------------------------------------
St. Louis Airport Development Program,
Series A 5.00% 07/01/11 400,000 438,448
NEW JERSEY 3.87%
- -------------------------------------------------------------------------------------
New Jersey Health Care Facilities
Financing Authority Revenue 4.375% 07/01/10 460,000 483,460
New Jersey State Housing & Management
Financing Agency Revenue, Series G 2.90% 04/01/08 290,000 291,241
New Jersey State Transportation
Authority, Series A 5.00% 06/15/13 315,000 346,116
-----------
1,120,817
NEW MEXICO 0.71%
- -------------------------------------------------------------------------------------
New Mexico State Highway Commission
Revenue 3.75% 06/15/06 200,000 204,210
NEW YORK 4.78%
- -------------------------------------------------------------------------------------
Albany Parking Authority Revenue 5.00% 07/15/09 400,000 423,028
New York, GO Unlimited, Series H 5.25% 03/15/14 450,000 481,972
New York, GO Unlimited, Series J 5.00% 05/15/12 250,000 266,765
Saratoga County Industrial Development
Agency Civic Facility Revenue, Series
A 5.00% 12/01/09 200,000 213,408
-----------
1,385,173
NORTH CAROLINA 1.86%
- -------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power
Agency Revenue, Refunding, Series A 5.60% 01/01/10 500,000 538,290
OHIO 1.97%
- -------------------------------------------------------------------------------------
Ohio State Mental Health Facilities
Revenue 5.50% 06/01/15 300,000 333,243
South Euclid Special Assessment, GO
Limited Tax 6.70% 12/01/14 200,000 236,028
-----------
569,271
PENNSYLVANIA 1.85%
- -------------------------------------------------------------------------------------
Chester County Health & Educational
Facilities Authority Revenue 5.00% 05/15/08 250,000 268,683
See notes to portfolios of investments and notes to financial statements.
53
TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS RATE DATE AMOUNT VALUE
PENNSYLVANIA (CONT'D)
- -------------------------------------------------------------------------------------
Philadelphia Hospital & Higher
Educational Facilities Authority
Revenue 4.95% 06/15/06 $ 265,000 $ 267,565
-----------
536,248
PUERTO RICO 1.10%
- -------------------------------------------------------------------------------------
Puerto Rico Electric Power Authority
Revenue, Series II 5.125% 07/01/26 300,000 318,321
RHODE ISLAND 3.83%
- -------------------------------------------------------------------------------------
North Providence, GO Unlimited Tax,
Series A 6.05% 07/01/13 500,000 554,680
Rhode Island State Health & Educational
Building Corporation Revenue 6.50% 08/15/32 500,000 555,650
-----------
1,110,330
SOUTH CAROLINA 0.89%
- -------------------------------------------------------------------------------------
South Carolina Jobs Economic
Development Authority Revenue 5.00% 11/01/23 250,000 257,678
TEXAS 10.45%
- -------------------------------------------------------------------------------------
Austin Utility System Revenue, Series A 5.375% 11/15/05 225,000 227,927
Austin, Texas, GO 5.00% 09/01/16 565,000 591,289
Duncanville, Texas Independent School
District, GO Unlimited, Series B 5.25% 02/15/32 500,000 522,580
Floresville, Texas Independent School
District, GO Unlimited 5.00% 02/01/20 340,000 359,285
Killeen, Texas Refinancing &
Improvement, GO 4.50% 08/01/18 500,000 516,510
Texas Turnpike Authority Revenue 5.00% 06/01/08 750,000 810,068
-----------
3,027,659
UTAH 1.10%
- -------------------------------------------------------------------------------------
Weber County School District, Series A 5.15% 06/15/08 300,000 318,879
VERMONT 1.03%
- -------------------------------------------------------------------------------------
Vermont Educational & Health Buildings
Financing Agency Revenue, Vermont Law
School Project, Series A 5.375% 01/01/23 300,000 299,484
See notes to portfolios of investments and notes to financial statements.
54
TAX FREE FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COUPON MATURITY PRINCIPAL
MUNICIPAL BONDS RATE DATE AMOUNT VALUE
VIRGINIA 4.35%
- -------------------------------------------------------------------------------------
Fairfax, Virginia, GO Unlimited 4.625% 01/15/33 $ 430,000 $ 427,652
Riverside Virginia Regional Jail
Authority Facilities Revenue 5.00% 07/01/11 750,000 832,245
-----------
1,259,897
WASHINGTON 3.98%
- -------------------------------------------------------------------------------------
Bellevue, Washington, GO 5.00% 12/01/13 790,000 878,053
King & Snohomish Counties' School
District, Series C 5.00% 06/15/10 250,000 273,828
-----------
1,151,881
- -------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS 26,881,494
- -------------------------------------------------------------------------------------
(cost $25,779,377)
REPURCHASE AGREEMENT 5.99%
Joint Tri-Party Repurchase Agreement,
UBS Financial Services, Inc.,
12/31/04, 1.50%, due 01/03/05,
repurchase price $1,735,853,
collateralized by U.S. Treasury
securities held in a joint tri-party
repurchase account (cost $1,735,636) 1.50% 01/03/05 1,735,636 1,735,636
- -------------------------------------------------------------------------------------
TOTAL INVESTMENTS 98.82% 28,617,130
- -------------------------------------------------------------------------------------
(cost $27,515,013)
Other assets and liabilities, net 1.18% 342,079
-----------
NET ASSETS 100% $28,959,209
-----------
See notes to portfolios of investments and notes to financial statements.
55
ALL AMERICAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS 94.07% SHARES VALUE
AEROSPACE/DEFENSE 0.95%
- -------------------------------------------------------------------------------------
United Industrial Corp. 5,000 $ 193,700
APPAREL 1.33%
- -------------------------------------------------------------------------------------
NIKE, Inc., Class B 3,000 272,070
BANKS 4.48%
- -------------------------------------------------------------------------------------
Bank of America Corp. 14,000 657,860
UnionBanCal Corp. 4,000 257,920
-----------
915,780
CHEMICALS & ALLIED PRODUCTS 2.28%
- -------------------------------------------------------------------------------------
Dow Chemical Co. 3,500 173,285
Hercules, Inc. 10,000 148,500*
Lyondell Chemical Co. 5,000 144,600
-----------
466,385
COAL 0.80%
- -------------------------------------------------------------------------------------
CONSOL Energy, Inc. 4,000 164,200
COMPUTER & OFFICE EQUIPMENT 1.75%
- -------------------------------------------------------------------------------------
Apple Computer, Inc. 3,000 193,200
Juniper Networks Inc. 6,074 165,152*
-----------
358,352
CONSTRUCTION 0.67%
- -------------------------------------------------------------------------------------
Toll Brothers, Inc. 2,000 137,220*
DATA PROCESSING & SOFTWARE 4.36%
- -------------------------------------------------------------------------------------
Infosys Technologies Ltd., Sponsored ADR 2,000 138,620
Mercury Interactive Corp. 4,000 182,200*
Microsoft Corp. 5,000 133,550
Network Appliance, Inc 12,000 398,640*
Stockgroup Information Systems, Inc. 110,000 39,600*
-----------
892,610
E-COMMERCE / SERVICES 8.99%
- -------------------------------------------------------------------------------------
Digital River, Inc. 12,000 499,320*
eBay, Inc. 6,000 697,680*
Google, Inc., Class A 500 96,550*
Symantec Corp. 8,000 206,080*
See notes to portfolios of investments and notes to financial statements.
56
ALL AMERICAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
E-COMMERCE / SERVICES (CONT'D)
- -------------------------------------------------------------------------------------
Yahoo! Inc. 9,000 $ 339,120*
-----------
1,838,750
ELECTRONICS & COMPONENTS 0.96%
- -------------------------------------------------------------------------------------
Intel Corp. 4,000 93,560
Jabil Circuit, Inc. 4,000 102,320*
-----------
195,880
FINANCIAL SERVICES 3.15%
- -------------------------------------------------------------------------------------
American Express Co. 4,600 259,302
Capital One Financial Corp. 1,900 159,999
E*TRADE Financial Corp. 15,000 224,250*
-----------
643,551
FORESTRY 0.96%
- -------------------------------------------------------------------------------------
Rayonier, Inc. 4,000 195,640
HEALTHCARE DISTRIBUTORS 4.86%
- -------------------------------------------------------------------------------------
AMERIGROUP Corp. 5,000 378,300*
UnitedHealth Group, Inc. 7,000 616,210
-----------
994,510
HEALTHCARE EQUIPMENT & FACILITIES 1.98%
- -------------------------------------------------------------------------------------
Mine Safety Appliances Co. 8,000 405,600
HOUSEHOLD APPLIANCES 2.14%
- -------------------------------------------------------------------------------------
General Electric Co. 12,000 438,000
INDUSTRIAL COMPONENTS 1.21%
- -------------------------------------------------------------------------------------
Rockwell Automation, Inc. 5,000 247,750
INSURANCE 0.86%
- -------------------------------------------------------------------------------------
ProAssurance Corp. 4,500 175,995*
INVESTMENT TRUSTS 4.44%
- -------------------------------------------------------------------------------------
Biotech HOLDRs Trust 3,000 458,760
Health Care Select Sector SPDR Fund 7,000 211,330
Nasdaq-100 Index Tracking Stock 6,000 239,460*
-----------
909,550
See notes to portfolios of investments and notes to financial statements.
57
ALL AMERICAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
MANUFACTURING 6.00%
- -------------------------------------------------------------------------------------
Caterpillar, Inc. 3,000 $ 292,530
KLA-Tencor Corp. 9,000 419,220*
Textron, Inc. 7,000 516,600
-----------
1,228,350
METAL & MINERAL MINING 8.58%
- -------------------------------------------------------------------------------------
Alcan, Inc. 2,000 98,080
Bema Gold Corp., Warrants (October 2007) 25,000 46,966*
Cameco Corp. 2,000 209,720
Companhia Vale do Rio Doce, ADR 4,000 116,040
Joy Global, Inc. 7,500 325,725
Phelps Dodge Corp. 2,000 197,840
United States Steel Corp. 3,000 153,750
Wheaton River Minerals Ltd., Warrants (March 2007) 125,000 244,181*
Wheaton River Minerals Ltd., Warrants (May 2007) 150,000 294,264*
Wheaton River Minerals Ltd., Warrants (August 2008) 50,000 68,579*
-----------
1,755,145
OIL & GAS DRILLING 2.99%
- -------------------------------------------------------------------------------------
Nabors Industries, Inc. 2,000 102,580*
Transocean, Inc. 12,000 508,680*
-----------
611,260
OIL & GAS EQUIPMENT & SERVICES 2.91%
- -------------------------------------------------------------------------------------
Halliburton Co. 10,000 392,400
Varco International, Inc. 7,000 204,050*
-----------
596,450
OIL & GAS EXPLORATION & PRODUCTION 0.48%
- -------------------------------------------------------------------------------------
Chesapeake Energy Corp. 6,000 99,000
OIL & GAS REFINING & MARKETING 1.33%
- -------------------------------------------------------------------------------------
Valero Energy Corp. 6,000 272,400
OIL & GAS ROYALTY TRUSTS 2.07%
- -------------------------------------------------------------------------------------
Enerplus Resources Fund 6,000 217,860
San Juan Basin Royalty Trust 7,000 206,080
-----------
423,940
See notes to portfolios of investments and notes to financial statements.
58
ALL AMERICAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
PHARMACEUTICALS 2.90%
- -------------------------------------------------------------------------------------
Johnson & Johnson 6,000 $ 380,520
Wyeth 5,000 212,950
-----------
593,470
RETAIL 6.88%
- -------------------------------------------------------------------------------------
American Eagle Outfitters, Inc. 9,000 423,900
Costco Wholesale Corp. 4,500 217,845
Starbucks Corp. 8,000 498,880*
Urban Outfitters, Inc. 6,000 266,400*
-----------
1,407,025
TELECOMMUNICATIONS 2.55%
- -------------------------------------------------------------------------------------
Motorola, Inc. 12,000 206,400
Stream Communications Network, Inc. 190,000 112,100*
Verizon Communications, Inc. 5,000 202,550
-----------
521,050
TRANSPORTATION 9.28%
- -------------------------------------------------------------------------------------
Burlington Northern Santa Fe Corp. 14,000 662,340
FedEx Corp. 5,000 492,450
Overnite Corp. 5,000 186,200
Yellow Roadway Corp. 10,000 557,100*
-----------
1,898,090
UTILITIES 0.86%
- -------------------------------------------------------------------------------------
Exelon Corp. 4,000 176,280
WHOLESALE & DISTRIBUTION 1.07%
- -------------------------------------------------------------------------------------
Masco Corp. 6,000 219,180
- -------------------------------------------------------------------------------------
TOTAL COMMON STOCKS AND WARRANTS 19,247,183
- -------------------------------------------------------------------------------------
(cost $16,211,021)
See notes to portfolios of investments and notes to financial statements.
59
ALL AMERICAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
PRINCIPAL
REPURCHASE AGREEMENT 6.21% AMOUNT VALUE
Joint Tri-Party Repurchase Agreement, UBS Financial
Services, Inc., 12/31/04, 1.50%, due 01/03/05,
repurchase price $1,271,427, collateralized by
U.S. Treasury securities held in a joint tri-party
repurchase account (cost $1,271,268) $1,271,268 $ 1,271,268
- -------------------------------------------------------------------------------------
TOTAL INVESTMENTS 100.28% 20,518,451
- -------------------------------------------------------------------------------------
(cost $17,482,289)
Other assets and liabilities, net (0.28)% (56,824)
-----------
NET ASSETS 100% $20,461,627
-----------
See notes to portfolios of investments and notes to financial statements.
60
CHINA REGION OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS 95.05% SHARES VALUE
APPAREL 1.06%
- --------------------------------------------------------------------------------------
Li & Fung Ltd. 200,000 $ 337,075
BANKING & FINANCIAL SERVICES 4.54%
- --------------------------------------------------------------------------------------
HSBC Holdings plc, Sponsored ADR 10,000 851,400
SE Global Equities Corp. 397,500 337,875*
Standard Chartered plc 14,000 259,368
-----------
1,448,643
CHEMICALS & ALLIED PRODUCTS 4.00%
- --------------------------------------------------------------------------------------
Jilin Chemical Industrial Co., Ltd., H shares 1,800,000 640,082*
Kingboard Chemical Holdings Ltd. 300,000 636,840
-----------
1,276,922
CONGLOMERATES 4.12%
- --------------------------------------------------------------------------------------
China Merchants Holdings International Co., Ltd. 300,000 565,437
Hutchison Whampoa Ltd. 80,000 748,770
-----------
1,314,207
EDUCATION 2.71%
- --------------------------------------------------------------------------------------
Capital Alliance Group, Inc. 1,578,332 865,918*+
ELECTRONIC EQUIPMENT 7.69%
- --------------------------------------------------------------------------------------
ASM Pacific Technology Ltd. 300,000 1,078,769
Skyworth Digital Holdings Ltd. 600,000 63,105
Techtronic Industries Co., Ltd. 600,000 1,312,277
Yageo Corp. 1 2*
-----------
2,454,153
INSURANCE 3.11%
- --------------------------------------------------------------------------------------
China Life Insurance Co., Ltd., H shares 1,500,000 990,750*
INTERNET 0.83%
- --------------------------------------------------------------------------------------
Asia Broadband, Inc. 947,000 265,160*
NATURAL RESOURCES 14.52%
- --------------------------------------------------------------------------------------
Apac Minerals, Inc. 307,500 135,474*
Apac Minerals, Inc., Warrants (April 2005) 28,750 0*
Caledon Resources Corp. plc 900,000 97,000*
China NetTV Holdings, Inc. 500,000 70,000*
China NetTV Holdings, Inc., Warrants (September 2005) 500,000 30,000*
Continental Minerals Corp. 200,000 251,039*
See notes to portfolios of investments and notes to financial statements.
61
CHINA REGION OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
NATURAL RESOURCES (CONT'D)
- --------------------------------------------------------------------------------------
Entree Gold, Inc. 200,000 $ 241,064*
Entree Gold, Inc., Warrants (October 2005) 100,000 8,313*
Erdene Gold, Inc. 100,000 64,838*
Global Alumina Products Corp. 200,000 390,000*
Global Alumina Products Corp., Warrants (May 2006) 100,000 45,000*
Nu XMP Ventures Ltd., Units 100,000 50,707*
Nu XMP Ventures Ltd., Warrants (May 2005) 100,000 0*
Olympus Pacific Minerals, Inc. 340,500 105,433*
Olympus Pacific Minerals, Inc., Warrants (October
2005) 250,000 0*
Silk Road Resources Ltd. 260,000 118,870*
Silk Road Resources Ltd., Warrants (June 2005) 130,000 0*
Southern Cross Resources, Inc. 125,000 63,383*
Spur Ventures, Inc. 500,000 556,941*
Sterling Group Ventures, Inc. 12,800 5,120*
Sterling Group Ventures, Inc. (RS) 500,000 176,000*
Sterling Group Ventures, Inc., Warrants (February
2006) (RS) 500,000 0*
Toledo Mining Corp. plc 2,262,000 113,770*
TVI Pacific, Inc. 1,185,714 118,276*
TVI Pacific, Inc., Warrants (November 2005) 1,185,714 39,425*
Western Canadian Coal Corp. 90,000 457,855*
Western Canadian Coal Corp., Warrants (April 2005) 50,000 212,801*
Yanzhou Coal Mining Co., Ltd., H shares 900,000 1,282,504
-----------
4,633,813
OFFICE SUPPLIES 0.00%
- --------------------------------------------------------------------------------------
China First Pencil Co., Ltd., B shares 1 0*
Daying Modern Agricultural Co. 1 0*
-----------
0
OIL & GAS EXPLORATION & PRODUCTION - JUNIOR 2.51%
- --------------------------------------------------------------------------------------
Big Sky Energy Corp. 1,145,350 801,745*
OIL & GAS EXTRACTION 9.33%
- --------------------------------------------------------------------------------------
China Petroleum & Chemical Corp., ADR 20,000 819,800
CNOOC Ltd., ADR 20,000 1,083,800
PetroChina Co. Ltd., ADR 20,000 1,073,800
-----------
2,977,400
PHARMACEUTICALS 0.12%
- --------------------------------------------------------------------------------------
Dragon Pharmaceuticals, Inc. 30,000 36,600*
PUBLISHING 0.58%
- --------------------------------------------------------------------------------------
Lingo Media, Inc. 800,000 186,201*
See notes to portfolios of investments and notes to financial statements.
62
CHINA REGION OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
REAL ESTATE DEVELOPERS 10.53%
- --------------------------------------------------------------------------------------
Cheung Kong Holdings Ltd. 160,000 $ 1,600,463
New World Development Co., Ltd. 500,000 559,647
Sun Hung Kai Properties Ltd. 120,000 1,200,347
-----------
3,360,457
RETAIL 10.85%
- --------------------------------------------------------------------------------------
Esprit Holdings Ltd. 250,000 1,511,691
Lifestyle International Holdings Ltd. 600,000 887,717
Sa Sa International Holdings Ltd. 2,000,000 1,061,400
Shanghai Friendship Group, Inc., Co., B shares 2 1
-----------
3,460,809
SHIPPING & CONTAINERS 8.19%
- --------------------------------------------------------------------------------------
China International Marine Containers (Group) Co.,
Ltd., B shares 123,141 226,550
China Shipping Development Co., Ltd., H Shares 1,400,000 1,242,803
Cosco Pacific Ltd. 549,000 1,144,228
-----------
2,613,581
STEEL MANUFACTURING 0.16%
- --------------------------------------------------------------------------------------
Angang New Steel Co., Ltd., H shares 100,000 50,819
TELECOMMUNICATIONS 4.31%
- --------------------------------------------------------------------------------------
China Mobile (Hong Kong) Ltd., H shares 400,000 1,376,800
TRANSPORTATION 2.31%
- --------------------------------------------------------------------------------------
Guangshen Railway Co., Ltd., H Shares 1,800,000 737,994
UTILITIES 3.58%
- --------------------------------------------------------------------------------------
Hong Kong & China Gas Co., Ltd. 551,693 1,142,743
- --------------------------------------------------------------------------------------
TOTAL COMMON STOCKS AND WARRANTS 30,331,790
- --------------------------------------------------------------------------------------
(cost $24,472,620)
See notes to portfolios of investments and notes to financial statements.
63
CHINA REGION OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
PRINCIPAL
REPURCHASE AGREEMENT 3.11% AMOUNT VALUE
Joint Tri-Party Repurchase Agreement, UBS Financial
Services, Inc., 12/31/04, 1.50%, due 01/03/05,
repurchase price $994,546, collateralized by U.S.
Treasury securities held in a joint tri-party
repurchase account (cost $994,422) $ 994,422 $ 994,422
- --------------------------------------------------------------------------------------
TOTAL INVESTMENTS 98.16% 31,326,212
- --------------------------------------------------------------------------------------
(cost $25,467,042)
Other assets and liabilities, net 1.84% 586,244
-----------
NET ASSETS 100% $31,912,456
-----------
See notes to portfolios of investments and notes to financial statements.
64
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS 88.05% SHARES VALUE
ALUMINUM 1.47%
- --------------------------------------------------------------------------------------------
Alcan, Inc. 30,000 $ 1,471,200
Aluminum Corporation of China Ltd., H Shares 1,000,000 586,999
Global Alumina Products Corp. 800,000 1,560,000*
Global Alumina Products Corp., Warrants (May 2006) 400,000 180,000*
------------
3,798,199
CHEMICALS - DIVERSIFIED 4.65%
- --------------------------------------------------------------------------------------------
Dow Chemical Co. 40,000 1,980,400
FMC Corp. 40,000 1,932,000*
Lyondell Chemical Co. 55,000 1,590,600
NOVA Chemicals Corp. 60,000 2,829,608
PPG Industries, Inc. 35,000 2,385,600
Westlake Chemical Corp. 40,000 1,336,000
------------
12,054,208
CHEMICALS - SPECIALTY 1.09%
- --------------------------------------------------------------------------------------------
Hercules, Inc. 105,000 1,559,250*
Methanex Corp. 70,000 1,278,200
------------
2,837,450
COAL 7.18%
- --------------------------------------------------------------------------------------------
Adobe Ventures, Inc. 2,100,000 903,367*+
Adobe Ventures, Inc., Warrants (March 2006) 550,000 0*
CONSOL Energy, Inc. 30,000 1,231,500
Fording Canadian Coal Trust 110,000 8,480,033
Macarthur Coal Ltd. 750,000 2,336,245
NEMI Northern Energy & Mining, Inc. 689,230 1,432,315*
NEMI Northern Energy & Mining, Inc., Warrants (May
2005) 769,230 1,118,996*
Western Canadian Coal Corp. 390,000 1,984,040*
Western Canadian Coal Corp., Warrants (April 2005) 75,000 319,202*
Western Canadian Coal Corp., Warrants (June 2006) 145,000 556,858*
Westshore Terminals Income Fund 25,000 260,183
------------
18,622,739
CONSTRUCTION & ENGINEERING 0.55%
- --------------------------------------------------------------------------------------------
The Shaw Group, Inc. 80,000 1,428,000*
COPPER 2.33%
- --------------------------------------------------------------------------------------------
African Copper plc 1,010,000 1,045,014*
African Copper plc, Warrants (April 2005) 500,000 38,321*
Amerigo Resources Ltd. 700,100 1,123,186*
Constellation Copper Corp. 5,102,500 2,926,621*
EuroZinc Mining Corp., Special Warrants 834,000 485,287*
See notes to portfolios of investments and notes to financial statements.
65
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
COPPER (CONT'D)
- ----------------------------------------------------------------------------------------
Toledo Mining Corp. plc 8,260,000 $ 415,448*
------------
6,033,877
DATA PROCESSING & SOFTWARE 0.02%
- --------------------------------------------------------------------------------------------
Stockgroup Information Systems, Inc. 110,000 39,600*
DIAMOND MINING & EXPLORATION 0.08%
- --------------------------------------------------------------------------------------------
Diamond Fields International Ltd. 112,000 38,637*
Diamond Fields International Ltd., Warrants (November
2006) 112,000 0*
Diamonds North Resources Ltd. 75,000 60,474*
Diamonds North Resources Ltd., Warrants (March 2005) 75,000 10,599*
Metalex Ventures Ltd. 30,000 21,197*
Vaaldiam Resources Ltd. 250,000 87,282*
------------
218,189
ELECTRICITY GENERATION 0.79%
- --------------------------------------------------------------------------------------------
Great Lakes Hydro Income Fund 65,000 1,042,810
Northland Power Income Fund 85,000 999,086
------------
2,041,896
FERROCHROME 0.00%
- --------------------------------------------------------------------------------------------
Zimasco Consolidated Enterprises Ltd. (RS) 22,000 4,840
FINANCIAL SERVICES 0.09%
- --------------------------------------------------------------------------------------------
GMP Capital Corp. 15,000 246,259
FORESTRY 0.48%
- --------------------------------------------------------------------------------------------
TimberWest Forest Corp. 100,000 1,253,533
GAS & PROPANE DISTRIBUTION 2.20%
- --------------------------------------------------------------------------------------------
Energy Savings Income Fund 200,000 3,200,333
Superior Plus Income Fund 100,000 2,495,428
------------
5,695,761
GOLD & COPPER MINING 6.45%
- --------------------------------------------------------------------------------------------
European Minerals Corp. 338,250 216,502*
European Minerals Corp., Warrants (December 2008) 169,125 39,364*
Ivanhoe Mines Ltd. 265,000 1,905,445*
Northern Orion Resources, Inc. 2,259,400 6,554,694*
Northern Orion Resources, Inc., Warrants (March 2005) 250,000 45,511*
Northern Orion Resources, Inc., Warrants (May 2008) 630,200 942,943*
See notes to portfolios of investments and notes to financial statements.
66
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
GOLD & COPPER MINING (CONT'D)
- ----------------------------------------------------------------------------------------
Northgate Exploration Ltd., Warrants (December 2006) 729,000 $ 230,274*
Taseko Mines Ltd. 825,000 1,426,434*
Taseko Mines Ltd., Warrants (March 2005) 375,000 0*
Taseko Mines Ltd., Warrants (December 2005) 250,000 276,392*
Wheaton River Minerals Ltd. 1,000,000 3,243,253*
Wheaton River Minerals Ltd., Warrants (March 2007) 152,450 297,803*
Wheaton River Minerals Ltd., Warrants (May 2007) 268,250 526,243*
Wheaton River Minerals Ltd., Warrants (August 2008) 745,000 1,021,820*
------------
16,726,678
GOLD & NICKEL MINING 0.02%
- --------------------------------------------------------------------------------------------
Rio Narcea Gold Mines Ltd., Warrants (September 2008) 112,500 43,485*
GOLD MINING 3.83%
- --------------------------------------------------------------------------------------------
Agnico-Eagle Mines Ltd., Warrants (November 2007) 10,000 27,600*
Apac Minerals, Inc. 86,000 37,889*
Apac Minerals, Inc., Warrants (April 2005) 43,000 0*
Apollo Gold Corp. 443,125 379,400*
Bema Gold Corp. 372,750 1,137,168*
Bema Gold Corp., Warrants (October 2007) 125,000 234,830*
Bolivar Gold Corp. 1,450,000 2,386,534*
Bolivar Gold Corp., Warrants (March 2008) 180,000 152,618*
Bolivar Gold Corp., Warrants (August 2008) 275,000 235,453*
Caledon Resources Corp. plc 1,000,000 107,778*
China NetTV Holdings, Inc. 653,750 91,525*
China NetTV Holdings, Inc., Warrants (September 2005) 500,000 30,000*
Corona Gold Ltd. 50,000 390
Crowflight Minerals, Inc. 1,000,000 253,533*
Dumont Nickel, Inc. 500,000 78,969*
Dumont Nickel, Inc., Warrants (October 2005) 250,000 0*
Entree Gold, Inc. 160,000 192,851*
Entree Gold, Inc., Warrants (October 2005) 80,000 6,650*
Glencairn Gold Corp. 600,000 274,314*
Glencairn Gold Corp., Warrants (February 2005) 150,000 0*
Glencairn Gold Corp., Warrants (November 2008) 300,000 54,863*
Goldcorp, Inc., Warrants (April 2007) 5,000 42,450*
Kinross Gold Corp., Warrants (December 2007) 135,000 71,820*
Medoro Resources Ltd. 200,000 23,275*
Metallica Resources, Inc. 276,000 330,374*
Metallica Resources, Inc., Warrants (December 2008) 200,000 54,032*
Mexgold Resources, Inc. 300,000 645,885*
Mexgold Resources, Inc., Warrants (February 2006) 150,000 11,222*
Nevada Pacific Gold Ltd. 518,648 418,195*
Nevsun Resources Ltd., Warrants (May 2005) 50,000 29,094*
New Sleeper Gold Corp. 200,000 149,626*
See notes to portfolios of investments and notes to financial statements.
67
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
GOLD MINING (CONT'D)
- ----------------------------------------------------------------------------------------
New Sleeper Gold Corp., Warrants (December 2008) 100,000 $ 0*
Olympus Pacific Minerals, Inc. 375,000 116,116*
Olympus Pacific Minerals, Inc., Warrants (October
2005) 250,000 0*
Placer Dome, Inc. 20,000 377,200
Planet Exploration, Inc. 160,000 79,801*
Planet Exploration, Inc., Warrants (December 2005) 160,000 0*
QGX Ltd. 180,000 403,990*
Ridge Mining plc 575,000 550,864*
Silk Road Resources Ltd. 265,000 121,155*
Silk Road Resources Ltd., Warrants (June 2005) 132,500 0*
Stingray Resources, Inc. 120,000 89,277*
Stingray Resources, Inc., Warrants (December 2005) 60,000 0*
TLC Ventures Corp. 216,000 200,200*
TLC Ventures Corp., Warrants (May 2005) 87,500 0*
TVI Pacific, Inc. 2,371,428 236,551*
TVI Pacific, Inc., Warrants (November 2005) 2,371,428 78,850*
U.S. Gold Corp. 5,360 2,251*
UGL Enterprises Ltd. 100,000 31,588*
UGL Enterprises Ltd., Warrants (January 2006) 50,000 0*
X-Cal Resources Ltd. 200,000 88,113*
Yamana Gold, Inc. 25,000 74,813*
Yamana Gold, Inc., Warrants (July 2008) 12,500 24,418*
------------
9,933,525
INDUSTRIAL GASES 0.56%
- --------------------------------------------------------------------------------------------
Air Products & Chemicals, Inc. 25,000 1,449,250
IRON ORE 1.95%
- --------------------------------------------------------------------------------------------
Companhia Vale do Rio Doce, ADR 105,000 3,046,050
Labrador Iron Ore Royalty Trust 110,000 2,007,066
------------
5,053,116
LITHIUM 0.07%
- --------------------------------------------------------------------------------------------
Sterling Group Ventures, Inc. 25,700 10,280*
Sterling Group Ventures, Inc. (RS) 500,000 176,000
Sterling Group Ventures, Inc., Warrants (February
2006) (RS) 500,000 0*
------------
186,280
MERCHANT BANKING 0.31%
- --------------------------------------------------------------------------------------------
Endeavour Mining Capital Corp. 273,000 748,878
Endeavour Mining Capital Corp., Warrants (November
2008) 60,000 52,868*
------------
801,746
See notes to portfolios of investments and notes to financial statements.
68
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
MINING EQUIPMENT & SERVICES 0.76%
- --------------------------------------------------------------------------------------------
Dynatec Corp. 2,150,000 $ 1,965,919*
NICKEL 0.23%
- --------------------------------------------------------------------------------------------
European Nickel plc 350,000 157,595*
European Nickel plc, Warrants (September 2005) 175,000 0*
FNX Mining Co., Inc. 100,000 430,590*
------------
588,185
OIL & GAS - INTEGRATED 3.18%
- --------------------------------------------------------------------------------------------
PetroKazakhstan, Inc., Class A 25,000 927,500
Petroleo Brasileiro S.A., ADR 120,000 4,773,600
Southwestern Energy Co. 50,000 2,534,500*
------------
8,235,600
OIL & GAS DRILLING 5.45%
- --------------------------------------------------------------------------------------------
Nabors Industries, Inc. 50,000 2,564,500*
Patterson-UTI Energy, Inc. 100,000 1,945,000
Pioneer Drilling Co. 70,700 713,363*
Precision Drilling Corp. 50,000 3,140,000*
Transocean, Inc. 55,000 2,331,450*
Unit Corp. 90,000 3,438,900*
------------
14,133,213
OIL & GAS EQUIPMENT & SERVICES 5.91%
- --------------------------------------------------------------------------------------------
BJ Services Co. 65,000 3,025,100
CCS Income Trust 80,000 2,921,363
National-Oilwell, Inc. 30,000 1,058,700*
Newalta Income Fund 40,000 743,142
Peak Energy Services Trust 125,000 945,553
Savanna Energy Services Corp. 120,000 1,713,716*
SIEM Offshore 150,000 765,180*
Technicoil Corp. 625,000 1,548,213*
TETRA Technologies, Inc. 60,000 1,698,000*
Total Energy Services Ltd. 160,000 908,396*
------------
15,327,363
OIL & GAS EXPLORATION & PRODUCTION - JUNIOR 12.73%
- --------------------------------------------------------------------------------------------
Aquest Energy Ltd. 200,000 410,640*
Bankers Petroleum Ltd. (RS) 4,418,000 1,909,692*
Bankers Petroleum Ltd., Warrants (November 2009) (RS) 2,209,000 0*
Big Sky Energy Corp. 2,362,000 1,653,400*
Birchcliff Energy Ltd., S/R (RS) 100,000 249,377*
Choice Resources Corp. 2,126,000 1,060,349*+
See notes to portfolios of investments and notes to financial statements.
69
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
OIL & GAS EXPLORATION & PRODUCTION - JUNIOR (CONT'D)
- ----------------------------------------------------------------------------------------
Choice Resources Corp., Warrants (March 2006) 1,000,000 $ 0*
Cinch Energy Corp. 340,000 689,609*
CNH Global NV, Warrants (June 2005) 300,000 43,641*
Duvernay Oil Corp. 70,000 1,133,500*
EastCoast Energy Corp., Class B 10,000 31,172*
Eastshore Energy Ltd., Class A 450,000 1,243,766*
Elgin Resources, Inc. 625,000 644,223*
Elgin Resources, Inc., Warrants (March 2006) 250,000 0*
First Calgary Petroleums Ltd. 50,000 781,380*
Gentry Resources Ltd. (RS) 120,000 330,723
Grove Energy Ltd. 2,000,000 947,630*
Grove Energy Ltd., Warrants (April 2006) 600,000 84,788*
Hawk Energy Corp. 200,000 610,141*
Mustang Resources, Inc. 120,000 807,980*
Pacific Stratus Ventures Ltd. 3,000,000 997,506 +
Pan-Ocean Energy Corp., Ltd. 0 1,598,670
Paramount Resources Ltd. 100,000 2,236,076*
Penn West Petroleum Ltd. 70,000 4,611,388
Peregrine Energy Ltd., Special Warrants 277,750 526,409*
ProspEx Resources Ltd. 200,000 548,628*
ProspEx Resources Ltd. (RS) 300,000 781,796*
Quadra Resources Corp. 3,800,000 646,000*
Real Resources, Inc. 100,000 984,206*
Rock Creek Resources Ltd. 548,400 1,253,616*+
Tanganyika Oil Company Ltd. 100,000 639,235*
Tempest Energy Corp., Class A 200,000 1,103,907*
TransGlobe Energy Corp. 173,500 894,181*
TriLoch Resources, Inc., Class A 100,000 228,595*
True Energy, Inc. 200,000 605,154*
West Energy Ltd. 571,500 2,717,357*
------------
33,004,735
OIL & GAS EXPLORATION & PRODUCTION - SENIOR 1.34%
- --------------------------------------------------------------------------------------------
Chesapeake Energy Corp. 95,000 1,567,500
CNOOC Ltd., ADR 20,000 1,083,800
Novy Neft II Limited 60,000 810,000*
------------
3,461,300
OIL & GAS REFINING & MARKETING 1.23%
- --------------------------------------------------------------------------------------------
Valero Energy Corp. 70,000 3,178,000
OIL & GAS ROYALTY TRUSTS 11.86%
- --------------------------------------------------------------------------------------------
Acclaim Energy Trust 130,000 1,556,110
ARC Energy Trust 100,000 1,487,947
See notes to portfolios of investments and notes to financial statements.
70
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
OIL & GAS ROYALTY TRUSTS (CONT'D)
- ----------------------------------------------------------------------------------------
Bonavista Energy Trust 195,000 $ 4,392,768
Bonterra Energy Income Trust 30,000 625,935
BP Prudhoe Bay Royalty Trust 16,000 772,800
Canadian Oil Sands Trust 45,000 2,529,052
Enerplus Resources Fund 80,000 2,904,803
Esprit Energy Trust, Class A 150,000 1,533,666
Focus Energy Trust 250,000 4,150,042
Harvest Energy Trust 160,000 3,052,369
Paramount Energy Trust 60,000 795,012
Peyto Energy Trust 20,000 795,179
Progress Energy Trust 115,000 1,292,436
San Juan Basin Royalty Trust 97,000 2,855,680
Vermillion Energy Trust 120,000 2,006,983
------------
30,750,782
PLATINUM GROUP METALS 2.76%
- --------------------------------------------------------------------------------------------
African Minerals, Special Warrants (RS) 12,500 75,000*
Anooraq Resources Corp. 650,000 848,296*
Anooraq Resources Corp., Warrants (March 2006) 175,000 0*
Aquarius Platinum Ltd. (RS) 6,862 23,807
Osmium Holdings S.A. (RS) 104 10,400
Southern African Resources plc 6,000,000 4,368,594*
Southern Platinum Corp. 625,000 1,096,218*
SouthernEra Resources Ltd., Warrants (November 2006) 100,000 14,547*
Western Prospector Group Ltd., Units (RS) 650,000 729,426
------------
7,166,288
POLYMETALLIC 0.10%
- --------------------------------------------------------------------------------------------
Altius Minerals Corp., Warrants (July 2005) 100,000 174,564
Farallon Resources Ltd. 100,000 76,475*
------------
251,039
POTASH & AGRICULTURAL FERTILIZERS 0.83%
- --------------------------------------------------------------------------------------------
Potash Corporation of Saskatchewan, Inc. 20,000 1,661,200
Spur Ventures, Inc. 450,000 501,247*
------------
2,162,447
POWER TECHNOLOGY 0.07%
- --------------------------------------------------------------------------------------------
Dynex Power, Inc. 660,000 192,020*
Dynex Power, Inc. Warrants (August 2006) 330,000 0*
------------
192,020
See notes to portfolios of investments and notes to financial statements.
71
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
PULP & PAPER 0.44%
- --------------------------------------------------------------------------------------------
Aracruz Celulose S.A., ADR 30,000 $ 1,131,000
SHIPPING & CONTAINERS 0.88%
- --------------------------------------------------------------------------------------------
Top Tankers, Inc. 140,000 2,275,000
SILVER MINING 1.52%
- --------------------------------------------------------------------------------------------
Pan American Silver Corp., Warrants (February 2008) 27,000 213,441*
Silver Wheaton Corp. 689,075 2,176,629*
Silver Wheaton Corp., Units (RS) 1,500,000 947,631*
Silver Wheaton Corp., Warrants (August 2009) 2,225,000 610,349*
------------
3,948,050
STEEL 1.81%
- --------------------------------------------------------------------------------------------
Companhia Siderurgica Nacional S.A., ADR 175,000 3,346,000
POSCO, ADR 30,000 1,335,900
------------
4,681,900
URANIUM 1.09%
- --------------------------------------------------------------------------------------------
Cameco Corp. 75,000 2,615,337
Southern Cross Resources, Inc. 400,000 202,826*
------------
2,818,163
ZINC 1.74%
- --------------------------------------------------------------------------------------------
Breakwater Resources Ltd., Warrants (January 2009) 2,100,000 418,953*
HudBay Minerals, Inc. 386,333 751,471*
Hudbay Minerals, Inc., Warrants (December 2009) 5,360,000 200,499*
Lundin Mining Corp. 253,125 2,205,112*
Noranda Income Fund 90,000 938,903
------------
4,514,938
- --------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS AND WARRANTS 228,254,573
- --------------------------------------------------------------------------------------------
(cost $181,826,964)
See notes to portfolios of investments and notes to financial statements.
72
GLOBAL RESOURCES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
PURCHASED OPTIONS 0.09% CONTRACTS VALUE
GOLD MINING 0.09%
- --------------------------------------------------------------------------------------------
Philadelphia Stock Exchange Gold & Silver Index,
Strike Price 85, Put, Expiration Mar. 2005 (premium
$188,737) 2,250 $ 146,250
Placer Dome, Inc., Strike Price 25, Call, Expiration
Jan. 2006 (premium $81,743) 700 82,250
------------
228,500
- --------------------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS 228,500
- --------------------------------------------------------------------------------------------
(cost $270,480)
PRINCIPAL
CONVERTIBLE DEBENTURES 0.97% AMOUNT
GOLD MINING 0.05%
- --------------------------------------------------------------------------------------------
Bolivar Gold Corp. $ 191,733 144,377
METAL & MINERAL MINING 0.32%
- --------------------------------------------------------------------------------------------
1078352 Alberta Ltd. (RS) 827,472 831,255
OIL & GAS EXPLORATION & PRODUCTION - JUNIOR 0.60%
- --------------------------------------------------------------------------------------------
Catalina Energy Corp. 63,875 44,333
Gastar Exploration Ltd. (RS) 1,500,000 1,500,000
------------
1,544,333
- --------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE DEBENTURES 2,519,965
- --------------------------------------------------------------------------------------------
(cost $2,583,080)
- --------------------------------------------------------------------------------------------
TOTAL SECURITIES 231,003,038
- --------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT 11.08%
Joint Tri-Party Repurchase Agreement, UBS Financial
Services, Inc., 12/31/04, 1.50%, due 01/03/05,
repurchase price $28,731,808, collateralized by
U.S. Treasury securities held in a joint tri-party
repurchase account (cost $28,728,217) 28,728,217 28,728,217
- --------------------------------------------------------------------------------------------
TOTAL INVESTMENTS 100.19% 259,731,255
- --------------------------------------------------------------------------------------------
(cost $213,408,741)
Other assets and liabilities, net (0.19)% (487,694)
------------
NET ASSETS 100% $259,243,561
------------
See notes to portfolios of investments and notes to financial statements.
73
WORLD PRECIOUS MINERALS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS 90.34% SHARES VALUE
DATA PROCESSING & SOFTWARE 0.13%
- ------------------------------------------------------------------------------------------
Stockgroup Information Systems, Inc. 1,050,000 $ 378,000*
DIAMOND MINING & EXPLORATION 2.13%
- ------------------------------------------------------------------------------------------
Aber Diamond Corp. 85,000 2,999,377*
Diagem International Resource Corp. 800,000 133,001*
Diamond Fields International Ltd. 1,290,000 445,012*
Diamond Fields International Ltd., Warrants
(November 2006) 512,000 0*
Diamonds North Resources Ltd. 1,900,000 1,532,003*+
Diamonds North Resources Ltd., Warrants (March 2005) 300,000 42,394*
Metalex Ventures Ltd. 70,000 49,460*
Shore Gold, Inc. 175,000 501,870
Tahera Diamond Corp. 800,000 249,377*
Vaaldiam Resources Ltd. 750,000 261,845*
------------
6,214,339
DIAMONDS & GOLD RETAIL 0.25%
- ------------------------------------------------------------------------------------------
Tiffany & Co. 22,500 719,325
FINANCIAL SERVICES 0.78%
- ------------------------------------------------------------------------------------------
GMP Capital Corp. 64,100 1,052,348
NETeller plc 179,800 1,221,273*
------------
2,273,621
GOLD/MINERAL EXPLORATION & DEVELOPMENT 27.10%
- ------------------------------------------------------------------------------------------
Alamos Gold, Inc. 2,212,800 6,621,845*
American Gold Capital Corp. 200,000 149,626*
Amerix Precious Metals Corp. 425,000 151,912*
Amerix Precious Metals Corp., Warrants (December
2005) 212,500 0*
AMT International Mining Corp. 1,000,000 14,131*
Apac Minerals, Inc. 1,548,000 681,995*
Atikwa Minerals Corp. 1,448,333 108,354*
Atikwa Minerals Corp., Warrants (July 2005) 1,333,333 0*
Bendigo Mining NL 685,000 497,345*
BHP Billiton Ltd., Sponsored ADR 5,000 120,100
Bolivar Gold Corp. 6,336,100 10,428,494*+
Bolivar Gold Corp., Warrants (March 2008) 823,700 698,399*
Bolivar Gold Corp., Warrants (August 2008) 1,913,800 1,638,582*
Caledon Resources Corp. plc 18,170,000 1,958,323*+
Candente Resource Corp. 190,000 94,763*
Candente Resource Corp., Warrants (June 2005) 95,000 0*
Central African Gold plc 4,000,000 402,370*
Chilean Gold Ltd. (RS) 500,000 0*
Continental Minerals Corp. 685,000 859,809*
Continental Precious Minerals, Inc. 200,000 15,794*
See notes to portfolios of investments and notes to financial statements.
74
WORLD PRECIOUS MINERALS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
GOLD/MINERAL EXPLORATION & DEVELOPMENT (CONT'D)
- ------------------------------------------------------------------------------------------
Corona Gold Ltd. 812,500 $ 6,343*
Dumont Nickel, Inc. 1,525,000 240,856*
Dumont Nickel, Inc., Warrants (October 2005) 750,000 0*
Dynatec Corp. 1,792,000 1,638,570*
ECU Silver Mining, Inc. 900,000 254,364*
Erdene Gold, Inc. 400,000 259,352*
European Minerals Corp. 1,170,000 746,874*
European Minerals Corp., Warrants (December 2008) 400,000 93,101*
Farallon Resources Ltd. 2,130,000 1,628,928*
First Point Minerals Corp. 1,040,000 116,708*
Fortress Minerals Corp. 100,000 41,563*
Gabriel Resources Ltd. 100,000 129,676*
Gallery Gold Ltd. 900,000 288,078*
Glencairn Gold Corp. 2,045,000 934,954*
Glencairn Gold Corp. (RS) 413,000 179,379*
Glencairn Gold Corp., Warrants (February 2005) 600,000 0*
Glencairn Gold Corp., Warrants (November 2008) 824,000 150,690*
Glencairn Gold Corp., Warrants (November 2008) (RS) 206,500 35,876*
Gold Fields Ltd., ADR 166,000 2,071,680
Gold Reserve, Inc. 220,000 972,901*
Gold Summit Corp. 200,000 56,525*
Gold Summit Corp., Warrants (January 2005) 100,000 0*
Great Basin Gold Ltd. 1,330,000 1,558,853*
Guinor Gold Corp. 1,570,000 1,305,071*
Herald Resources Ltd. 1,000,000 655,788*
High River Gold Mines Ltd. 520,000 791,022*
Inca Pacific Resources, Inc. 156,800 97,756*
Inca Pacific Resources, Inc., Warrants (November
2006) 90,000 0*
Ivanhoe Mines Ltd. 1,128,800 8,116,449*
Ivanhoe Mines Ltd., Warrants (December 2005) 20,000 21,114*
Jonpol Explorations Ltd. 5,000 1,288*
Laurion Gold, Inc. 3,420,000 341,147*+
Laurion Gold, Inc. Special Warrants 2,000,000 0*
Leviathan Resources Ltd. 166,666 136,622*
LionOre Mining International Ltd. 130,570 747,557*
Medoro Resources Ltd. 655,000 76,226*
Meridian Gold, Inc. 232,500 4,405,279*
Metallic Ventures Gold, Inc. 1,165,100 1,743,292*
Metallic Ventures Gold, Inc., Warrants (March 2009) 50,000 10,391*
Metallica Resources, Inc. 315,000 377,057*
Metallica Resources, Inc., Warrants (December 2008) 495,000 133,728*
Mexgold Resources, Inc. 977,900 2,105,371*
Mexgold Resources, Inc., Warrants (February 2006) 200,000 14,963*
Moss Lake Gold Mines Ltd. 2,269,000 339,501*+
Nevada Pacific Gold Ltd. 3,843,335 3,098,948*+
New Sleeper Gold Corp. 590,000 441,397*
See notes to portfolios of investments and notes to financial statements.
75
WORLD PRECIOUS MINERALS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
GOLD/MINERAL EXPLORATION & DEVELOPMENT (CONT'D)
- ------------------------------------------------------------------------------------------
New Sleeper Gold Corp., Warrants (December 2008) 150,000 $ 0*
Odyssey Resources Ltd. 1,100,000 137,157*
Olympus Pacific Minerals, Inc. 726,500 224,955*
Olympus Pacific Minerals, Inc., Warrants (October
2005) 500,000 0*
Oxus Gold plc 250,000 259,864*
Pacific Rim Mining Corp. 3,964,500 2,300,193*+
Planet Exploration, Inc. 300,000 149,626*
Planet Exploration, Inc., Warrants (December 2005) 300,000 0*
Platte River Gold, Special Warrants (RS) 595,000 1,190,000*
QGX Ltd. 675,000 1,514,963*
Radius Gold, Inc. 649,200 804,080*
Red Back Mining, Inc. 15,500 23,321*
Red Back Mining, Inc., Special Warrants 200,000 300,914*
Ridge Mining plc 1,180,000 1,130,470*
Rio Narcea Gold Mines Ltd. 1,035,000 2,462,801*
Rio Narcea Gold Mines Ltd., Warrants (September
2008) 828,750 320,340*
Romarco Minerals, Inc. 2,158,000 394,647*+
Rubicon Minerals Corp. 200,000 201,164*
Rubicon Minerals Corp., Warrants (February 2005) 100,000 0*
Solitario Resources Corp. 257,700 387,728*
Southern Cross Resources, Inc. 150,000 76,060*
Southwestern Resources Corp. 25,000 257,689*
St. Andrew Goldfields Ltd. 3,632,877 649,267*
St. Andrew Goldfields Ltd., Warrants (December 2004) 1,000,000 0*
Stingray Resources, Inc. 300,000 223,192*
Stingray Resources, Inc., Warrants (December 2005) 150,000 0*
Stratagold Corp. 625,000 353,283*
Stratagold Corp., Warrants (November 2005) 312,500 20,781*
Strongbow Exploration, Inc. 820,000 221,530*
Sydney Resource Corp. 615,000 184,040*
Sydney Resources Corp., Warrants (April 2005) 300,000 0*
Tenke Mining Corp. 131,000 425,777*
TLC Ventures Corp. 610,000 565,378*
TLC Ventures Corp., Warrants (May 2005) 250,000 0*
TVI Pacific, Inc. 3,601,428 359,245*
TVI Pacific, Inc., Warrants (November 2005) 2,371,428 78,850*
U.S. Gold Corp. 206,240 86,621*
Vedron Gold, Inc. 2,500,000 561,097*+
Verena Minerals Corp. 1,000,000 99,751*
Verena Minerals Corp., Warrants (May 2005) 500,000 0*
Western Exploration & Development Ltd., 144A,
Special Warrants (RS) 600,000 30,000*
Western Prospector Group Ltd. 850,000 953,865*+
White Knight Resource Ltd. 500,000 332,502*
X-Cal Resources Ltd. 2,011,000 885,977*
------------
78,974,208
See notes to portfolios of investments and notes to financial statements.
76
WORLD PRECIOUS MINERALS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
INTERMEDIATE & JUNIOR GOLD PRODUCERS 30.82%
- -------------------------------------------------------------------------------------------
Agnico-Eagle Mines Ltd., Warrants (November 2007) 600,900 $ 1,658,484
Apollo Gold Corp. 2,725,950 2,333,939*+
Apollo Gold Corp., Warrants (December 2006) 333,500 0*
Bema Gold Corp. 1,698,700 5,182,354*
Bema Gold Corp., Warrants (October 2007) 3,432,000 6,447,481*
Cambior, Inc. 949,500 2,533,871*
Cambior, Inc., Warrants (October 2006) 125,000 48,836*
Cambior, Inc., Warrants (August 2008) 250,785 210,551*
Emperor Mines Ltd. 980,000 482,004*
Frontier Pacific Mining Corp. 1,237,500 565,773*
Frontier Pacific Mining Corp., Warrants (April 2006) 200,000 0*
Goldcorp, Inc. 415,000 6,241,574
Goldcorp, Inc., Warrants (April 2007) 141,500 1,201,335*
Goldcorp, Inc., Warrants (May 2009) 178,100 2,811,404*
Golden Star Resources Ltd., Warrants (February 2007) 28,000 37,240*
Hecla Mining Co. 280,000 1,632,400*
Kinross Gold Corp., Warrants (December 2007) 2,361,000 1,256,060*
Northern Orion Resources, Inc. 7,517,900 21,810,017*+
Northern Orion Resources, Inc., Warrants (March
2005) 2,000,000 364,090*
Northern Orion Resources, Inc., Warrants (May 2008) 2,772,150 4,147,855*
Northgate Exploration Ltd. 230,000 388,113*
Northgate Exploration Ltd., Warrants (December 2006) 3,544,500 1,052,207*
Randgold Resources Ltd., ADR 374,000 4,263,600*
Resolute Mining Ltd. 1,000,000 1,124,208*
Resolute Mining Ltd., Warrants (June 2005) 278,333 139,069*
Sino Gold Ltd. 530,000 827,542*
Troy Resources NL 208,800 513,482
Wheaton River Minerals Ltd. 930,720 3,017,659*
Wheaton River Minerals Ltd., Warrants (March 2007) 3,379,350 6,601,390*
Wheaton River Minerals Ltd., Warrants (May 2007) 3,214,125 6,305,349*
Wheaton River Minerals Ltd., Warrants (August 2008) 3,239,910 4,443,767*
Yamana Gold, Inc. 547,500 1,638,404*
Yamana Gold, Inc., Warrants (July 2008) 273,000 533,292*
------------
89,813,350
INVESTMENT TRUST 0.39%
- ------------------------------------------------------------------------------------------
streetTRACKS Gold Trust 26,150 1,145,370*
MERCHANT BANKING 1.47%
- ------------------------------------------------------------------------------------------
Endeavour Mining Capital Corp. 1,459,100 4,002,519+
Endeavour Mining Capital Corp., Warrants (November
2008) 314,000 276,675*
------------
4,279,194
See notes to portfolios of investments and notes to financial statements.
77
WORLD PRECIOUS MINERALS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
METAL & MINERAL MINING 19.89%
- ------------------------------------------------------------------------------------------
African Minerals, Special Warrants (RS) 112,500 $ 675,000*
AfriOre Ltd. 1,020,000 585,037*
AfriOre Ltd., Warrants (March 2005) 500,000 0*
Amarc Resources Ltd. 454,545 222,927*
Amarc Resources Ltd., Warrants (January 2005) 454,545 0*
Amerigo Resources Ltd. 1,260,000 2,021,446*
Amerigo Resources Ltd., Warrants (June 2005) 552,500 562,604*
Anooraq Resources Corp. 2,664,100 3,476,839*
Anooraq Resources Corp., Warrants (March 2006) 325,000 0*
Aquarius Platinum Ltd. 50,000 197,127
Aquarius Platinum Ltd. (RS) 60,045 208,322*
Breakwater Resources Ltd. 555,000 262,968*
Breakwater Resources Ltd., Warrants (January 2009) 815,000 162,594*
Constellation Copper Corp. 1,050,000 602,244*
Corriente Resources, Inc. 460,000 1,120,366*
Elgin Resources, Inc. 2,559,000 2,637,706*+
Elgin Resources, Inc., Warrants (March 2006) 500,000 0*
European Nickel plc 400,000 180,109*
European Nickel plc, Warrants (September 2005) 200,000 0*
FNX Mining Co., Inc. 841,500 3,623,416*
HudBay Minerals, Inc. 367,333 714,514*
Hudbay Minerals, Inc., Warrants (December 2009) 5,360,000 200,499*
Latin American Copper plc 3,000,000 165,259*+
Lundin Mining Corp. 1,433,945 12,491,890*
North American Tungsten Corp., Ltd. 1,060,000 176,226*
Northern Dynasty Minerals Ltd. 430,000 2,080,299*
Osmium Holdings S.A. (RS) 891 89,100*
Pacific North West Capital Corp. 1,501,966 611,773*
Pacific North West Capital Corp., Warrants (June
2005) 150,000 0*
Pacific North West Capital Corp., Warrants (October
2005) 187,500 0*
Pan American Silver Corp., Warrants (February 2008) 267,650 2,115,837*
Peru Copper Corp. 201,350 230,975*
Peru Copper Corp., Warrants (March 2006) 150,250 27,477*
Platinum Group Metals Ltd. 141,800 129,659*
Silver Wheaton Corp. 1,156,470 3,653,022*
Silver Wheaton Corp., Units (RS) 2,000,000 1,263,508*
Silver Wheaton Corp., Warrants (August 2009) 3,625,000 994,389*
Southern African Resources plc 15,875,000 11,558,572*
Southern Platinum Corp. 250,000 438,487*
SouthernEra Resources Ltd., Warrants (November 2006) 100,000 14,547*
Taseko Mines Ltd. 2,300,000 3,976,725*
Taseko Mines Ltd., Warrants (March 2005) 500,000 0*
Toledo Mining Corp. plc 7,030,000 353,583*
UGL Enterprises Ltd. 200,000 63,175*
UGL Enterprises Ltd., Warrants (January 2006) 100,000 0*
WMC Resources Ltd., Sponsored ADR 1,800 40,662
See notes to portfolios of investments and notes to financial statements.
78
WORLD PRECIOUS MINERALS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
METAL & MINERAL MINING (CONT'D)
- ------------------------------------------------------------------------------------------
Zimasco Consolidated Enterprises Ltd. (RS) 192,500 $ 42,350*
------------
57,971,233
OIL & GAS EXPLORATION & PRODUCTION - JUNIOR 0.54%
- ------------------------------------------------------------------------------------------
Big Sky Energy Corp. 2,238,650 1,567,055*
OIL & GAS EXTRACTION 0.89%
- ------------------------------------------------------------------------------------------
BlackRock Ventures, Inc. 300,000 1,832,918*
Choice Resources Corp. 605,000 301,746*
Pacific Stratus Ventures Ltd. 1,395,000 463,841*
------------
2,598,505
SENIOR GOLD PRODUCERS 5.95%
- ------------------------------------------------------------------------------------------
Barrick Gold Corp. 50,000 1,211,000
Freeport-McMoRan Copper & Gold, Inc., Class B 55,000 2,102,650
Newmont Mining Corp. 100,000 4,441,000
Placer Dome, Inc. 509,000 9,599,740
------------
17,354,390
- ------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS AND WARRANTS 263,288,590
- ------------------------------------------------------------------------------------------
(cost $203,208,496)
PRINCIPAL
CONVERTIBLE DEBENTURES 0.55% AMOUNT
GOLD/MINERAL EXPLORATION & DEVELOPMENT 0.55%
- ------------------------------------------------------------------------------------------
Bolivar Gold Corp. $ 575,197 433,130
Century Mining Corp. 1,025,602 1,163,757
------------
1,596,887
- ------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE DEBENTURES 1,596,887
- ------------------------------------------------------------------------------------------
(cost $1,600,799)
See notes to portfolios of investments and notes to financial statements.
79
WORLD PRECIOUS MINERALS FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
PURCHASED OPTIONS 0.52% CONTRACTS VALUE
SENIOR GOLD PRODUCERS 0.52%
- ------------------------------------------------------------------------------------------
Barrick Gold Corp., Strike Price 30, Call,
Expiration Jan. 2006 (premium $385,500) 2,250 $ 303,750
Freeport McMoRan Copper & Gold, Inc., Strike Price
40, Call, Expiration Jan. 2006 (premium $149,284) 355 166,850
Newmont Mining Corp., Strike Price 50, Call,
Expiration Jan. 2005 (premium $9,800) 80 800
Newmont Mining Corp., Strike Price 40, Call,
Expiration Jan. 2006 (premium $175,560) 150 126,000
Philadelphia Stock Exchange Gold & Silver Index,
Strike Price 85, Put, Expiration Mar. 2005
(premium $718,420) 7,705 500,825
Placer Dome, Inc., Strike Price 25, Call, Expiration
Jan. 2006 (premium $422,911) 3,610 424,175
------------
1,522,400
- ------------------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS 1,522,400
- ------------------------------------------------------------------------------------------
(cost $1,861,475)
- ------------------------------------------------------------------------------------------
TOTAL SECURITIES 266,407,877
- ------------------------------------------------------------------------------------------
PRINCIPAL
REPURCHASE AGREEMENT 9.00% AMOUNT
Joint Tri-Party Repurchase Agreement, UBS Financial
Services, Inc., 12/31/04, 1.50%, due 01/03/05,
repurchase price $26,221,048, collateralized by
U.S. Treasury securities held in a joint tri-party
repurchase account (cost $26,217,771) $26,217,771 26,217,771
- ------------------------------------------------------------------------------------------
TOTAL INVESTMENTS 100.41% 292,625,648
- ------------------------------------------------------------------------------------------
(cost $232,888,541)
Other assets and liabilities, net (0.41)% (1,186,167)
------------
NET ASSETS 100% $291,439,481
------------
See notes to portfolios of investments and notes to financial statements.
80
GOLD SHARES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS 88.62% SHARES VALUE
DIAMOND MINING & EXPLORATION 1.18%
- --------------------------------------------------------------------------------------
Aber Diamond Corp. 22,000 $ 776,309*
Diamond Fields International Ltd. 336,000 115,910*
Diamond Fields International Ltd., Warrants (November
2006) 176,000 0*
-----------
892,219
DIAMONDS & GOLD RETAIL 0.32%
- --------------------------------------------------------------------------------------
Tiffany & Co. 7,500 239,775
FINANCIAL SERVICES 0.22%
- --------------------------------------------------------------------------------------
GMP Capital Corp. 10,000 164,173
GOLD MINING 73.89%
- --------------------------------------------------------------------------------------
Agnico-Eagle Mines Ltd., Warrants (November 2007) 221,100 610,236*
Apollo Gold Corp. 1,301,000 1,113,907*
Apollo Gold Corp., Warrants (December 2006) 166,500 0*
Barrick Gold Corp. 20,000 484,400
Bema Gold Corp. 762,000 2,324,672*
Bema Gold Corp., Warrants (October 2007) 1,726,500 3,243,466*
Cambior, Inc. 419,400 1,119,298*
Cambior, Inc., Warrants (October 2006) 43,300 16,917*
Cambior, Inc., Warrants (August 2008) 225,615 189,419*
DRDGOLD Ltd., ADR 100,000 154,000*
Freeport-McMoRan Copper & Gold, Inc., Class B 80,000 3,058,400
Glencairn Gold Corp. 475,000 217,165*
Glencairn Gold Corp. (RS) 177,000 76,877*
Glencairn Gold Corp., Warrants (February 2005) 250,000 0*
Glencairn Gold Corp., Warrants (November 2008) 231,000 42,244*
Glencairn Gold Corp., Warrants (November 2008) (RS) 88,500 15,375*
Gold Fields Ltd., ADR 186,000 2,321,280
Goldcorp, Inc. 303,000 4,557,102
Goldcorp, Inc., Warrants (April 2007) 83,900 712,311*
Goldcorp, Inc., Warrants (May 2009) 108,000 1,704,838*
Golden Star Resources Ltd., Warrants (February 2007) 5,000 6,650*
Guinor Gold Corp. 755,000 627,598*
Hecla Mining Co. 90,000 524,700*
Ivanhoe Mines Ltd. 357,000 2,566,958*
Kinross Gold Corp., Warrants (December 2007) 1,244,000 661,812*
Meridian Gold, Inc. 101,500 1,923,236*
Mexgold Resources, Inc. 282,300 607,778*
Mexgold Resources, Inc., Warrants (February 2006) 50,000 3,741*
Newmont Mining Corp. 45,000 1,998,450
Northern Orion Resources, Inc. 2,403,800 6,973,608*
Northern Orion Resources, Inc., Warrants (May 2008) 964,850 1,443,666*
Northgate Exploration Ltd. 155,000 261,554*
See notes to portfolios of investments and notes to financial statements.
81
GOLD SHARES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
COMMON STOCKS AND WARRANTS SHARES VALUE
GOLD MINING (CONT'D)
- --------------------------------------------------------------------------------------
Northgate Exploration Ltd., Warrants (December 2006) 1,244,000 $ 368,213*
Pacific Rim Mining Corp. 1,000,000 580,212*
Placer Dome, Inc. 160,000 3,017,628
Randgold Resources Ltd., ADR 250,000 2,850,000*
Rio Narcea Gold Mines Ltd., Warrants (September 2008) 251,750 97,310*
Sino Gold Ltd. 150,000 234,210*
Wheaton River Minerals Ltd. 102,180 331,347*
Wheaton River Minerals Ltd., Warrants (March 2007) 2,380,500 4,650,187*
Wheaton River Minerals Ltd., Warrants (May 2007) 1,095,625 2,149,356*
Wheaton River Minerals Ltd., Warrants (August 2008) 722,990 991,632*
Yamana Gold, Inc. 167,500 501,247*
Yamana Gold, Inc., Warrants (July 2008) 133,500 260,786*
-----------
55,593,786
INVESTMENT TRUST 0.07%
- --------------------------------------------------------------------------------------
streetTRACKS Gold Trust 1,150 50,370*
MERCHANT BANKING 2.21%
- --------------------------------------------------------------------------------------
Endeavour Mining Capital Corp. 571,900 1,568,803
Endeavour Mining Capital Corp., Warrants (November
2008) 107,000 94,281*
-----------
1,663,084
METAL & MINERAL MINING 10.73%
- --------------------------------------------------------------------------------------
Breakwater Resources Ltd. 285,000 135,037*
Breakwater Resources Ltd., Warrants (January 2009) 655,000 130,673*
FNX Mining Co., Inc. 302,280 1,301,588*
LionOre Mining International Ltd. 11,000 62,727*
Lundin Mining Corp. 400,930 3,492,724*
Pan American Silver Corp., Warrants (February 2008) 121,650 961,672*
Silver Wheaton Corp. 375,155 1,185,028*
Silver Wheaton Corp., Units (RS) 500,000 315,877*
Silver Wheaton Corp. Warrants (August 2009) 950,000 260,598*
Southern Platinum Corp. 125,000 219,244*
Toledo Mining Corp. plc 60,000 3,018*
TVI Pacific, Inc. 20,000 1,995*
-----------
8,070,181
- --------------------------------------------------------------------------------------
TOTAL COMMON STOCKS AND WARRANTS 66,673,588
- --------------------------------------------------------------------------------------
(cost $50,676,404)
See notes to portfolios of investments and notes to financial statements.
82
GOLD SHARES FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED) December 31, 2004
PREFERRED STOCK 0.72% SHARES VALUE
GOLD MINING 0.72%
- --------------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Depositary
Shares representing 0.05 shares of Gold-Denominated
Preferred Stock (cost $449,618) 12,500 $ 545,625
PURCHASED OPTIONS 0.60% CONTRACTS
GOLD MINING 0.60%
- --------------------------------------------------------------------------------------
Barrick Gold Corp., Strike Price 30, Call, Expiration
Jan. 2006 (premium $133,500) 750 101,250
Freeport McMoRan Copper & Gold, Inc., Strike Price 40,
Call, Expiration Jan. 2006 (premium $60,975) 145 68,150
Newmont Mining Corp., Strike Price 50, Call,
Expiration Jan. 2005 (premium $2,450) 20 200
Newmont Mining Corp., Strike Price 40, Call,
Expiration Jan. 2006 (premium $58,520) 50 42,000
Philadelphia Stock Exchange Gold & Silver Index,
Strike Price 85, Put, Expiration Mar. 2005 (premium
$58,563) 2,750 178,750
Placer Dome, Inc., Strike Price 25, Call, Expiration
Jan. 2006 (premium $255,388) 500 58,750
-----------
449,100
- --------------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS 449,100
- --------------------------------------------------------------------------------------
(cost $569,396)
PRINCIPAL
CONVERTIBLE DEBENTURE 0.33% AMOUNT
GOLD MINING 0.33%
- --------------------------------------------------------------------------------------
Century Mining Corp. (cost $219,772) $ 219,772 249,376
- --------------------------------------------------------------------------------------
TOTAL SECURITIES 67,917,689
- --------------------------------------------------------------------------------------
REPURCHASE AGREEMENT 8.85%
Joint Tri-Party Repurchase Agreement, UBS Financial
Services, Inc., 12/31/04, 1.50%, due 01/03/05,
repurchase price $6,655,471, collateralized by
U.S. Treasury securities held in a joint tri-party
repurchase account (cost $6,654,639) 6,654,639 6,654,639
- --------------------------------------------------------------------------------------
TOTAL INVESTMENTS 99.12% 74,572,328
- --------------------------------------------------------------------------------------
(cost $58,569,829)
Other assets and liabilities, net 0.88% 661,372
-----------
NET ASSETS 100% $75,233,700
-----------
See notes to portfolios of investments and notes to financial statements.
83
NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) December 31, 2004
LEGEND
* Non-income producing security GO General Obligation Bond
+ Affiliated company (see following) RS Restricted Security (see following)
ADR American Depositary Receipt S/R Subscription Receipt
GDR Global Depositary Receipt
GENERAL
The yields reflect the effective yield from the date of purchase.
Variable Rate Notes have periodic reset features, which effectively shorten the
maturity dates and reset the interest rates as tied to various interest-bearing
instruments. Rates shown are current rates at December 31, 2004.
Securities with a 144A designation are exempt from registration under Rule 144A
of the Securities Act of 1933.
JOINT TRI-PARTY REPURCHASE AGREEMENTS (SEE ALSO NOTE 1 TO
FINANCIAL STATEMENTS)
The terms of the joint tri-party repurchase agreements and the securities held
as collateral at December 31, 2004 were:
Morgan Stanley Dean Witter repurchase agreement, 12/31/04, 1.50%, due 01/03/05:
Total principal amount: $20,000,000; Total repurchase price:
$20,002,500
Collateral:
$15,395,000 U.S. Treasury Note, 3.875%, 01/15/09
(total collateral market value, including accrued interest, of
$20,414,093)
UBS Financial Services, Inc. repurchase agreement, 12/31/04, 1.50%,
due 01/03/05:
Total principal amount: $134,456,879; Total repurchase price:
$138,474,186
Collateral:
$627,000 U.S. Treasury Bonds, interest rate range 6.00% -12.00%,
maturity date range 08/15/13 - 05/15/30
$140,717,000 U.S. Treasury Notes, interest rate range 1.125% - 6.875%,
maturity date range 01/15/05 - 11/15/14
(total collateral market value, including accrued interest,
of $141,230,577)
Other mutual funds managed by U.S. Global Investors, Inc. participate in the
joint tri-party repurchase agreements. Each owns an undivided interest in
the accounts.
84
NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) December 31, 2004
AFFILIATED COMPANIES - INDICATED IN PORTFOLIO OF INVESTMENTS AS "+"
The Investment Company Act of 1940 defines affiliates as companies in which the
Fund owns at least 5% of the outstanding voting securities. The following is a
summary of transactions with each affiliated company during the six months ended
December 31, 2004.
SHARES OF AFFILIATED COMPANIES
JUNE 30, 2004 ADDITIONS REDUCTIONS DECEMBER 31, 2004
CHINA REGION OPPORTUNITY FUND
- ------------------------------------------------------------------------------------------------
Capital Alliance Group Inc. 1,673,332 30,000 (125,000) 1,578,332(a)
At December 31, 2004, there were no investments in affiliated companies. Net
realized gains on transactions were $25,803, and there was no income earned for
the period.
SHARES OF AFFILIATED COMPANIES
JUNE 30, 2004 ADDITIONS REDUCTIONS DECEMBER 31, 2004
GLOBAL RESOURCES FUND
- ----------------------------------------------------------------------------------------------
Adobe Ventures, Inc. 3,200,000 -- (1,100,000) 2,100,000
Choice Resources Corp. 2,142,000 -- (16,000) 2,126,000
Pacific Stratus Ventures 3,000,000 -- -- 3,000,000
Rock Creek Resources Ltd. 548,400 -- -- 548,400
At December 31, 2004, the value of investments in affiliated companies was
$4,214,838, representing 1.63% of net assets, and the total cost was $4,245,750.
Net realized gains on transactions were $9,183, and there was no income earned
for the period.
SHARES OF AFFILIATED COMPANIES
JUNE 30, 2004 ADDITIONS REDUCTIONS DECEMBER 31, 2004
WORLD PRECIOUS MINERALS FUND
- -------------------------------------------------------------------------------------------------
Apollo Gold Corp. 3,876,625 126,500 (1,277,175) 2,725,950(a)
Bolivar Gold Corp. 6,444,000 2,492,100 (2,600,000) 6,336,100
Caledon Resources Corp. plc 5,700,000 12,470,000 -- 18,170,000
Diamonds North Resources Ltd. 1,800,000 100,000 -- 1,900,000
Elgin Resources, Inc. 1,160,000 1,399,000 -- 2,559,000
Endeavour Mining Capital Corp. 1,434,500 36,600 (12,000) 1,459,100
Latin America Copper plc 3,000,000 -- -- 3,000,000
Laurion Gold Inc. 10,000 5,810,000 (2,400,000) 3,420,000
Moss Lake Gold Mines Ltd. 2,250,000 19,000 -- 2,269,000
Nevada Pacific Gold Ltd. 2,500,000 1,524,135 (180,800) 3,843,335
Northern Orion Resources, Inc. 6,225,800 1,565,100 (273,000) 7,517,900
Pacific Rim Mining Corp. 3,935,000 162,000 (132,500) 3,964,500(a)
Romarco Minerals, Inc. 2,130,000 28,000 -- 2,158,000
South African Resources plc 15,910,000 165,000 (200,000) 15,875,000(a)
Vedron Gold Inc. -- 2,500,000 -- 2,500,000
Western Prospector Group Ltd. 900,000 -- (50,000) 850,000(a)
At December 31, 2004, the value of investments in affiliated companies was
$47,269,661 representing 16.22% of net assets, and the total cost was
$32,978,435. Net realized gains on transactions were $2,666,085, and there was
$38,725 of income earned for the period.
<FN>
(a) At December 31, 2004, the company is no longer defined as an affiliate,
although it was an affiliated company during the period.
</FN>
85
NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) December 31, 2004
RESTRICTED SECURITIES - INDICATED IN PORTFOLIO OF INVESTMENTS AS
"RS"
The following securities are subject to legal restrictions on their resale. The
issuer bears the cost of registration, if any, involved in the disposition of
these securities.
ACQUISITION COST PER
SECURITY DATE SHARE
CHINA REGION OPPORTUNITY FUND
- --------------------------------------------------------------
COMMON STOCKS AND WARRANTS
Sterling Group Ventures, Inc. 02/12/04 $0.35
Sterling Group Ventures,
Inc., Warrants (February
2006) 02/12/04 $0.15
At December 31, 2004, the total cost of restricted securities was $250,000, and
the total value was $176,000, representing 0.55% of net assets.
ACQUISITION COST PER
DATE SHARE
GLOBAL RESOURCES FUND
- -------------------------------------------------------------------------------------------
COMMON STOCKS AND WARRANTS
African Minerals, Special Warrants 07/09/03 $6.00
Aquarius Platinum Ltd. 03/05/03 $5.68
Bankers Petroleum Ltd. 11/11/04 $0.46
Bankers Petroleum Ltd., Warrants (November 2009) 11/11/04 $0.00
Birchcliff Energy Ltd., Subscription Receipts 12/08/04 $2.50
Gentry Resources Ltd. 12/06/04 $2.37
Osmium Holdings S.A. 10/22/96-01/29/98 $987.07
ProspEx Resources Ltd. 11/24/04 $2.46
Silver Wheaton Corp., Units 11/30/04 $0.63
Sterling Group Ventures, Inc. 02/12/04 $0.15
Sterling Group Ventures, Inc., Warrants (February
2006) 02/12/04 $0.03
Western Prospector Group Ltd., Units 10/14/04 $0.91
Zimasco Consolidated Enterprises Ltd. 06/15/95-09/30/99 $3.73
CONVERTIBLE DEBENTURES
1078352 Alberta Ltd. 12/07/04 $0.83
Gastar Exploration Ltd. 11/12/04 $1.00
At December 31, 2004, the total cost of restricted securities was $7,556,081,
and the total value was $7,569,947, representing 2.92% of net assets.
ACQUISITION COST PER
DATE SHARE
WORLD PRECIOUS MINERALS FUND
- -------------------------------------------------------------------------------------------
COMMON STOCKS AND WARRANTS
African Minerals, Special Warrants 07/09/03 $6.00
Aquarius Platinum Ltd. 03/05/03 $5.68
Chilean Gold Ltd. 01/17/97 $1.10
Glencairn Gold Corp. 12/07/04 $0.51
Glencairn Gold Corp., Warrants (November 2008) 12/07/04 $0.18
86
NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) December 31, 2004
ACQUISITION COST PER
SECURITY DATE SHARE
WORLD PRECIOUS MINERALS FUND (CONT'D)
- ------------------------------------------------------------------------------------------
Osmium Holdings S.A. 10/22/96-01/29/98 $1,280.75
Platte River Gold, Special Warrants 03/01/04-06/07/04 $1.50
Silver Wheaton Corp., Units 11/30/04 $0.63
Western Exploration & Development Ltd., 144A,
Special Warrants 08/14/97 $0.50
Zimasco Consolidated Enterprises Ltd. 6/15/95-09/30/99 $3.73
At December 31, 2004, the total cost of restricted securities was $6,129,399,
and the total value was $3,713,535, representing 1.27% of net assets.
ACQUISITION COST PER
DATE SHARE
GOLD SHARES FUND
- ------------------------------------------------------------------------------------------
COMMON STOCKS AND WARRANTS
Glencairn Gold Corp. 12/07/04 $0.51
Glencairn Gold Corp., Warrants (November 2008) 12/07/04 $0.18
Silver Wheaton Corp., Units 11/30/04 $0.63
At December 31, 2004, the total cost of restricted securities was $423,267, and
the total value was $408,129, representing 0.54% of net assets.
87
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
U.S. TREASURY
SECURITIES
CASH FUND
Investments, at identified cost $107,913,359
============
ASSETS
- ---------------------------------------------------------------------------
Investments, at value:
Securities $ 64,792,697
Repurchase agreements 43,120,662
Cash 328
Receivables:
Interest 134,411
Capital shares sold 900,760
From adviser --
Other assets 40,521
- ---------------------------------------------------------------------------
TOTAL ASSETS 108,989,379
- ---------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------
Payables:
Capital shares redeemed 1,242,501
Adviser and affiliates 65,563
Dividends and distributions --
Accounts payable and accrued expenses 78,148
- ---------------------------------------------------------------------------
TOTAL LIABILITIES 1,386,212
- ---------------------------------------------------------------------------
NET ASSETS $107,603,167
============
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------
Paid-in capital $107,622,977
Accumulated undistributed net investment income
(distributions in excess of net investment income) (1,339)
Accumulated net realized loss on investments and foreign
currencies (18,471)
Net unrealized appreciation of investments and other assets
and liabilities denominated in foreign currencies --
------------
Net assets applicable to capital shares outstanding $107,603,167
============
Capital shares outstanding, an unlimited number of no
par shares authorized 107,677,774
============
NET ASSET VALUE, PUBLIC OFFERING PRICE, REDEMPTION PRICE,
PER SHARE $ 1.00
============
See accompanying notes to financial statements.
88
December 31, 2004
U.S. GOVERNMENT
SECURITIES NEAR-TERM TAX FREE
SAVINGS FUND TAX FREE FUND FUND
Investments, at identified cost $430,935,671 $17,869,005 $27,515,013
============ =========== ===========
ASSETS
- ------------------------------------------------------------------------------------------------------------------
Investments, at value:
Securities $430,935,671 $17,097,291 $26,881,494
Repurchase agreements -- 1,060,302 1,735,636
Cash 1,514 1 --
Receivables:
Interest 1,319,791 231,844 406,556
Capital shares sold 776,572 19,946 10,800
From adviser -- 6,141 --
Other assets 54,087 3,965 6,643
- ------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 433,087,635 18,419,490 29,041,129
- ------------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------------
Payables:
Capital shares redeemed 2,374,404 -- 33,255
Adviser and affiliates 123,222 -- 2,901
Dividends and distributions -- 5,207 5,601
Accounts payable and accrued expenses 103,899 44,134 40,163
- ------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 2,601,525 49,341 81,920
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS $430,486,110 $18,370,149 $28,959,209
============ =========== ===========
NET ASSETS CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------
Paid-in capital $430,534,373 $18,227,629 $28,839,991
Accumulated undistributed net investment income
(distributions in excess of net investment income) 364,605 11,049 22,471
Accumulated net realized loss on investments and foreign
currencies (412,868) (157,117) (1,005,370)
Net unrealized appreciation of investments and other assets
and liabilities denominated in foreign currencies -- 288,588 1,102,117
------------ ----------- -----------
Net assets applicable to capital shares outstanding $430,486,110 $18,370,149 $28,959,209
============ =========== ===========
Capital shares outstanding, an unlimited number of no
par shares authorized 430,762,839 8,381,105 2,349,420
============ =========== ===========
NET ASSET VALUE, PUBLIC OFFERING PRICE, REDEMPTION PRICE,
PER SHARE $ 1.00 $ 2.19 $ 12.33
============ =========== ===========
89
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
ALL AMERICAN CHINA REGION
EQUITY FUND OPPORTUNITY FUND
Investments, at identified cost $17,482,289 $ 25,467,042
=========== ============
ASSETS
- ----------------------------------------------------------------------------------
Investments, at value:
Securities of unaffiliated issuers $19,247,183 $ 30,331,790
Securities of affiliated issuers -- --
Repurchase agreements 1,271,268 994,422
Cash 22,922 --
Foreign currencies (cost $0, $383,237,
$716,535, $2,402,041, and $1,340,453) -- 392,778
Receivables:
Investments sold -- 424,290
Dividends 16,003 13,804
Interest 53 41
Capital shares sold 1,086 47,513
Unrealized appreciation on foreign
currency exchange contracts -
Note 1 G -- --
Other assets 13,548 17,200
- ----------------------------------------------------------------------------------
TOTAL ASSETS 20,572,063 32,221,838
- ----------------------------------------------------------------------------------
LIABILITIES
- ----------------------------------------------------------------------------------
Payables:
Investments purchased -- 105,610
Capital shares redeemed 49,867 44,181
Adviser and affiliates 10,937 43,219
Accounts payable and accrued expenses 49,632 86,469
Due to custodian -- 29,782
Unrealized depreciation on foreign
currency exchange contracts -
Note 1 G -- 121
- ----------------------------------------------------------------------------------
TOTAL LIABILITIES 110,436 309,382
- ----------------------------------------------------------------------------------
NET ASSETS $20,461,627 $ 31,912,456
=========== ============
NET ASSETS CONSIST OF:
- ----------------------------------------------------------------------------------
Paid-in capital $19,096,151 $ 37,796,380
Distributions in excess of net investment
income (21,792) (1,110,115)
Accumulated net realized gain (loss) on
investments and foreign currencies (1,648,894) (10,648,816)
Net unrealized appreciation of investments
and other assets and liabilities
denominated in foreign currencies 3,036,162 5,875,007
----------- ------------
Net assets applicable to capital shares
outstanding $20,461,627 $ 31,912,456
=========== ============
Capital shares outstanding, an
unlimited number of no par shares
authorized 855,279 4,774,116
=========== ============
NET ASSET VALUE, PUBLIC OFFERING PRICE,
REDEMPTION PRICE, PER SHARE $ 23.92 $ 6.68
=========== ============
See accompanying notes to financial statements.
90
December 31, 2004
GLOBAL RESOURCES WORLD PRECIOUS GOLD SHARES
FUND MINERALS FUND FUND
Investments, at identified cost $213,408,741 $232,888,541 $ 58,569,829
============ ============ =============
ASSETS
- ---------------------------------------------------------------------------------------------------------
Investments, at value:
Securities of unaffiliated issuers $226,788,200 $219,138,216 $ 67,917,689
Securities of affiliated issuers 4,214,838 47,269,661 --
Repurchase agreements 28,728,217 26,217,771 6,654,639
Cash -- -- --
Foreign currencies (cost $0, $383,237,
$716,535, $2,402,041, and $1,340,453) 654,903 2,435,935 1,352,149
Receivables:
Investments sold 10,559,429 4,520,869 3,074,670
Dividends 506,500 24,764 3,310
Interest 33,822 61,835 8,797
Capital shares sold 2,208,014 785,842 241,505
Unrealized appreciation on foreign
currency exchange contracts -
Note 1 G 5,696 605 3,050
Other assets 43,256 75,138 46,509
- ---------------------------------------------------------------------------------------------------------
TOTAL ASSETS 273,742,875 300,530,636 79,302,318
- ---------------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------------
Payables:
Investments purchased 10,096,836 7,966,809 3,401,890
Capital shares redeemed 1,147,303 511,173 465,949
Adviser and affiliates 241,741 269,648 55,484
Accounts payable and accrued expenses 110,813 196,912 108,319
Due to custodian 2,886,621 133,500 35,240
Unrealized depreciation on foreign
currency exchange contracts -
Note 1 G 16,000 13,113 1,736
- ---------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 14,499,314 9,091,155 4,068,618
- ---------------------------------------------------------------------------------------------------------
NET ASSETS $259,243,561 $291,439,481 $ 75,233,700
============ ============ =============
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------------------------------
Paid-in capital $209,984,666 $259,757,192 $ 172,609,707
Distributions in excess of net investment
income (8,406,563) (34,647,542) (1,773,893)
Accumulated net realized gain (loss) on
investments and foreign currencies 11,358,920 6,553,556 (111,628,472)
Net unrealized appreciation of investments
and other assets and liabilities
denominated in foreign currencies 46,306,538 59,776,275 16,026,358
------------ ------------ -------------
Net assets applicable to capital shares
outstanding $259,243,561 $291,439,481 $ 75,233,700
============ ============ =============
Capital shares outstanding, an
unlimited number of no par shares
authorized 24,672,620 17,809,222 9,226,726
============ ============ =============
NET ASSET VALUE, PUBLIC OFFERING PRICE,
REDEMPTION PRICE, PER SHARE $ 10.51 $ 16.36 $ 8.15
============ ============ =============
91
STATEMENTS OF OPERATIONS (UNAUDITED)
U.S. TREASURY
SECURITIES
CASH FUND
NET INVESTMENT INCOME
INCOME:
- ---------------------------------------------------------------------------
Interest and other $933,187
--------
TOTAL INCOME 933,187
EXPENSES:
- ---------------------------------------------------------------------------
Management fee 294,329
Transfer agent fees and expenses 103,632
Accounting service fees and expenses 21,550
Professional fees 22,111
Custodian fees 54,650
Shareholder reporting 38,868
Registration fees 15,111
Trustee fees and expenses 10,081
Miscellaneous 29,925
--------
Total expenses before reductions 590,257
Expenses offset - Note 1 J (2,424)
Expenses reimbursed - Note 2 --
--------
NET EXPENSES 587,833
- ---------------------------------------------------------------------------
NET INVESTMENT INCOME 345,354
- ---------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Realized gain (loss) from securities --
Net change in unrealized appreciation of investments --
- ---------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS --
- ---------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $345,354
========
See accompanying notes to financial statements.
92
For the Six Months Ended December 31, 2004
U.S. GOVERNMENT
SECURITIES NEAR-TERM TAX FREE
SAVINGS FUND TAX FREE FUND FUND
NET INVESTMENT INCOME
INCOME:
- -----------------------------------------------------------------------------------------------------------------
Interest and other $3,660,911 $298,155 $ 570,504
---------- -------- ----------
TOTAL INCOME 3,660,911 298,155 570,504
EXPENSES:
- -----------------------------------------------------------------------------------------------------------------
Management fee 989,321 47,169 107,977
Transfer agent fees and expenses 210,116 7,989 8,453
Accounting service fees and expenses 32,527 27,656 26,244
Professional fees 27,099 19,925 20,055
Custodian fees 37,436 3,209 6,561
Shareholder reporting 70,113 3,153 3,535
Registration fees 22,128 7,394 8,614
Trustee fees and expenses 10,081 10,081 10,081
Miscellaneous 57,517 3,848 6,100
---------- -------- ----------
Total expenses before reductions 1,456,338 130,424 197,620
Expenses offset - Note 1 J (157) (9) (241)
Expenses reimbursed - Note 2 (458,044) (87,726) (96,361)
---------- -------- ----------
NET EXPENSES 998,137 42,689 101,018
- -----------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 2,662,774 255,466 469,486
- -----------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Realized gain (loss) from securities 9,787 (4,928) (925)
Net change in unrealized appreciation of investments -- 177,602 574,666
- -----------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 9,787 172,674 573,741
- -----------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $2,672,561 $428,140 $1,043,227
========== ======== ==========
93
STATEMENTS OF OPERATIONS (UNAUDITED)
ALL AMERICAN CHINA REGION
EQUITY FUND OPPORTUNITY FUND
NET INVESTMENT INCOME
INCOME:
- ----------------------------------------------------------------------------------
Dividends from unaffiliated issuers $ 141,144 $ 312,547
Dividends from affiliated issuers -- --
Foreign taxes withheld on dividends (1,663) (15,452)
---------- ----------
Net dividends 139,481 297,095
Interest and other (net of foreign taxes
withheld $0, $0, $372, $0, $0) 13,797 20,474
---------- ----------
TOTAL INCOME 153,278 317,569
EXPENSES:
- ----------------------------------------------------------------------------------
Management fee 72,881 214,734
Transfer agent fees and expenses 47,534 60,044
Accounting service fees and expenses 21,069 28,615
Professional fees 33,748 30,931
Custodian fees 13,358 53,292
Shareholder reporting 14,656 13,515
Registration fees 8,790 12,475
Trustee fees and expenses 10,081 10,081
Miscellaneous 12,392 12,414
---------- ----------
Total expenses before reductions 234,509 436,101
Expenses offset - Note 1 J (149) (101)
Expenses reimbursed - Note 2 (64,311) --
---------- ----------
NET EXPENSES 170,049 436,000
- ----------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (16,771) (118,431)
- ----------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS
Realized gain (loss) from:
Securities of unaffiliated issuers 16,141 145,122
Securities of affiliated issuers -- 25,803
Foreign currency transactions 1,618 1,961
---------- ----------
NET REALIZED GAIN 17,759 172,886
---------- ----------
Net change in unrealized appreciation (depreciation) of:
Investments 1,164,508 5,017,886
Other assets and liabilities
denominated in foreign currencies -- 13,574
---------- ----------
NET UNREALIZED APPRECIATION 1,164,508 5,031,460
- ----------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 1,182,267 5,204,346
- ----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $1,165,496 $5,085,915
========== ==========
See accompanying notes to financial statements.
94
For the Six Months Ended December 31, 2004
GLOBAL RESOURCES WORLD PRECIOUS GOLD SHARES
FUND MINERALS FUND FUND
NET INVESTMENT INCOME
INCOME:
- -----------------------------------------------------------------------------------------------------------
Dividends from unaffiliated issuers $ 2,285,635 $ 232,680 $ 156,577
Dividends from affiliated issuers -- 38,725 --
Foreign taxes withheld on dividends (277,495) (18,216) (5,720)
----------- ------------ -----------
Net dividends 2,008,140 253,189 150,857
Interest and other (net of foreign taxes
withheld $0, $0, $372, $0, $0) 152,085 244,849 57,145
----------- ------------ -----------
TOTAL INCOME 2,160,225 498,038 208,002
EXPENSES:
- -----------------------------------------------------------------------------------------------------------
Management fee 904,248 1,275,990 266,118
Transfer agent fees and expenses 167,310 250,403 159,273
Accounting service fees and expenses 56,404 82,540 28,630
Professional fees 49,766 70,702 51,501
Custodian fees 72,661 123,239 52,866
Shareholder reporting 28,956 52,709 65,804
Registration fees 20,714 22,867 11,778
Trustee fees and expenses 10,081 10,081 10,081
Miscellaneous 20,646 49,238 32,596
----------- ------------ -----------
Total expenses before reductions 1,330,786 1,937,769 678,647
Expenses offset - Note 1 J (912) (1,015) (393)
Expenses reimbursed - Note 2 -- -- --
----------- ------------ -----------
NET EXPENSES 1,329,874 1,936,754 678,254
- -----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 830,351 (1,438,716) (470,252)
- -----------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS
Realized gain (loss) from:
Securities of unaffiliated issuers 15,419,853 28,334,137 6,955,061
Securities of affiliated issuers 9,183 2,666,085 --
Foreign currency transactions (102,215) (81,498) 72,789
----------- ------------ -----------
NET REALIZED GAIN 15,326,821 30,918,724 7,027,850
----------- ------------ -----------
Net change in unrealized appreciation (depreciation) of:
Investments 34,071,463 21,896,323 4,350,519
Other assets and liabilities
denominated in foreign currencies (46,126) 51,534 25,240
----------- ------------ -----------
NET UNREALIZED APPRECIATION 34,025,337 21,947,857 4,375,759
- -----------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 49,352,158 52,866,581 11,403,609
- -----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $50,182,509 $ 51,427,865 $10,933,357
=========== ============ ===========
95
STATEMENTS OF CHANGES IN NET ASSETS
U.S. TREASURY
SECURITIES CASH
FUND
--------------------------------------
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2004 JUNE 30, 2004
(UNAUDITED)
INCREASE (DECREASE)
IN NET ASSETS
FROM OPERATIONS:
- -----------------------------------------------------------------------------------------
Net investment income $ 345,354 $ 92,368
Net realized gain (loss) -- 1
Net unrealized appreciation (depreciation) -- --
------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 345,354 92,369
DISTRIBUTIONS TO SHAREHOLDERS:
- -----------------------------------------------------------------------------------------
From net investment income (346,252) (101,002)
------------- ---------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (346,252) (101,002)
FROM CAPITAL SHARE TRANSACTIONS:
- -----------------------------------------------------------------------------------------
Proceeds from shares sold 523,963,207 1,025,094,191
Distributions reinvested 336,928 94,987
------------- ---------------
524,300,135 1,025,189,178
Cost of shares redeemed (529,270,993) (1,036,484,900)
------------- ---------------
NET DECREASE IN NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS (4,970,858) (11,295,722)
- -----------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (4,971,756) (11,304,355)
- -----------------------------------------------------------------------------------------
NET ASSETS
Beginning of period 112,574,923 123,879,278
- -----------------------------------------------------------------------------------------
END OF PERIOD $ 107,603,167 $112,574,923
- -----------------------------------------------------------------------------------------
Accumulated undistributed net investment income
(distributions in excess of net investment
income), end of period $ (1,339) $ (441)
============= ===============
CAPITAL SHARE ACTIVITY
- -----------------------------------------------------------------------------------------
Shares sold 523,963,207 1,025,094,191
Shares reinvested 336,928 94,987
Shares redeemed (529,270,993) (1,036,484,900)
------------- ---------------
NET SHARE ACTIVITY (4,970,858) (11,295,722)
============= ===============
See accompanying notes to financial statements.
96
U.S. GOVERNMENT SECURITIES
SAVINGS FUND NEAR-TERM TAX FREE FUND
------------------------------------ --------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2004 JUNE 30, 2004 DECEMBER 31, 2004 JUNE 30, 2004
(UNAUDITED) (UNAUDITED)
INCREASE (DECREASE)
IN NET ASSETS
FROM OPERATIONS:
- ----------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 2,662,774 $ 2,929,286 $ 255,466 $ 563,721
Net realized gain (loss) 9,787 (2,815) (4,928) (75,145)
Net unrealized appreciation (depreciation) -- -- 177,602 (519,740)
------------- ------------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 2,672,561 2,926,471 428,140 (31,164)
DISTRIBUTIONS TO SHAREHOLDERS:
- ----------------------------------------------------------------------------------------------------------------------------------
From net investment income (2,697,124) (3,011,129) (256,439) (562,094)
------------- ------------- ----------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (2,697,124) (3,011,129) (256,439) (562,094)
FROM CAPITAL SHARE TRANSACTIONS:
- ----------------------------------------------------------------------------------------------------------------------------------
Proceeds from shares sold 150,720,930 305,815,073 1,898,674 9,190,367
Distributions reinvested 2,653,899 2,951,497 228,823 509,716
------------- ------------- ----------- ------------
153,374,829 308,766,570 2,127,497 9,700,083
Cost of shares redeemed (164,585,682) (396,789,633) (2,602,165) (12,412,496)
------------- ------------- ----------- ------------
NET DECREASE IN NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS (11,210,853) (88,023,063) (474,668) (2,712,413)
- ----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (11,235,416) (88,107,721) (302,967) (3,305,671)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
Beginning of period 441,721,526 529,829,247 18,673,116 21,978,787
- ----------------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 430,486,110 $ 441,721,526 $18,370,149 $ 18,673,116
- ----------------------------------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income
(distributions in excess of net investment
income), end of period $ 364,605 $ 398,955 $ 11,049 $ 12,022
============= ============= =========== ============
CAPITAL SHARE ACTIVITY
- ----------------------------------------------------------------------------------------------------------------------------------
Shares sold 150,720,930 305,815,073 864,155 4,150,480
Shares reinvested 2,653,899 2,951,497 104,330 231,345
Shares redeemed (164,585,682) (396,789,633) (1,185,945) (5,645,390)
------------ ------------ ----------- -----------
NET SHARE ACTIVITY (11,210,853) (88,023,063) (217,460) (1,263,565)
============ ============ =========== ===========
97
STATEMENTS OF CHANGES IN NET ASSETS
TAX FREE FUND
---------------------------------------
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2004 JUNE 30, 2004
(UNAUDITED)
INCREASE (DECREASE)
IN NET ASSETS
FROM OPERATIONS:
- -----------------------------------------------------------------------------------------
Net investment income (loss) $ 469,486 $ 1,519,563
Net realized gain (loss) (925) (666,186)
Net unrealized appreciation (depreciation) 574,666 (1,643,946)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 1,043,227 (790,569)
DISTRIBUTIONS TO SHAREHOLDERS:
- -----------------------------------------------------------------------------------------
From net investment income (471,184) (1,516,384)
----------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (471,184) (1,516,384)
FROM CAPITAL SHARE TRANSACTIONS:
- -----------------------------------------------------------------------------------------
Proceeds from shares sold 2,876,954 19,801,674
Distributions reinvested 439,477 1,421,180
Proceeds from short-term trading fees -- --
----------- ------------
3,316,431 21,222,854
Cost of shares redeemed (3,095,773) (46,032,083)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS 220,658 (24,809,229)
- -----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 792,701 (27,116,182)
- -----------------------------------------------------------------------------------------
NET ASSETS
Beginning of period 28,166,508 55,282,690
- -----------------------------------------------------------------------------------------
END OF PERIOD $28,959,209 $ 28,166,508
- -----------------------------------------------------------------------------------------
Accumulated undistributed net investment income
(distributions in excess of net investment
income), end of period $ 22,471 $ 24,169
=========== ============
CAPITAL SHARE ACTIVITY
- -----------------------------------------------------------------------------------------
Shares sold 233,700 1,592,976
Shares reinvested 35,768 114,947
Shares redeemed (251,761) (3,746,613)
----------- ------------
NET SHARE ACTIVITY 17,707 (2,038,690)
=========== ============
See accompanying notes to financial statements.
98
CHINA REGION
ALL AMERICAN EQUITY FUND OPPORTUNITY FUND
------------------------------------ ------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2004 JUNE 30, 2004 DECEMBER 31, 2004 JUNE 30, 2004
(UNAUDITED) (UNAUDITED)
INCREASE (DECREASE)
IN NET ASSETS
FROM OPERATIONS:
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (16,771) $ (96,708) $ (118,431) $ 19,358
Net realized gain (loss) 17,759 2,013,062 172,886 3,817,739
Net unrealized appreciation (depreciation) 1,164,508 1,211,377 5,031,460 1,802,766
----------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 1,165,496 3,127,731 5,085,915 5,639,863
DISTRIBUTIONS TO SHAREHOLDERS:
- ---------------------------------------------------------------------------------------------------------------------------------
From net investment income -- -- (727,576) (389,832)
----------- ----------- ------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS -- -- (727,576) (389,832)
FROM CAPITAL SHARE TRANSACTIONS:
- ---------------------------------------------------------------------------------------------------------------------------------
Proceeds from shares sold 1,834,486 5,303,241 4,191,542 83,398,128
Distributions reinvested -- -- 697,792 375,803
Proceeds from short-term trading fees 582 1,540 46,474 346,504
----------- ----------- ------------ ------------
1,835,068 5,304,781 4,935,808 84,120,435
Cost of shares redeemed (2,512,932) (6,792,391) (12,471,255) (67,095,545)
----------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS (677,864) (1,487,610) (7,535,447) 17,024,890
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 487,632 1,640,121 (3,177,108) 22,274,921
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
Beginning of period 19,973,995 18,333,874 35,089,564 12,814,645
- ---------------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $20,461,627 $19,973,995 $ 31,912,456 $ 35,089,566
- ---------------------------------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income
(distributions in excess of net investment
income), end of period $ (21,792) $ (5,021) $ (1,110,115) $ (264,108)
=========== =========== ============ ============
CAPITAL SHARE ACTIVITY
- ---------------------------------------------------------------------------------------------------------------------------------
Shares sold 82,580 248,317 664,936 13,569,142
Shares reinvested -- -- 105,247 58,903
Shares redeemed (113,773) (319,266) (1,980,800) (10,715,843)
----------- ----------- ------------ ------------
NET SHARE ACTIVITY (31,193) (70,949) (1,210,617) 2,912,202
=========== =========== ============ ============
99
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL RESOURCES FUND
-------------------------------------
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2004 JUNE 30, 2004
(UNAUDITED)
INCREASE IN NET ASSETS
FROM OPERATIONS:
- -----------------------------------------------------------------------------------------
Net investment income (loss) $ 830,351 $ 947,518
Net realized gain 15,326,821 12,977,156
Net unrealized appreciation 34,025,337 8,841,637
------------ -------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 50,182,509 22,766,311
DISTRIBUTIONS TO SHAREHOLDERS:
- -----------------------------------------------------------------------------------------
From net investment income (7,961,606) (2,895,600)
From net capital gains (6,887,607) --
------------ -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (14,849,213) (2,895,600)
FROM CAPITAL SHARE TRANSACTIONS:
- -----------------------------------------------------------------------------------------
Proceeds from shares sold 145,716,893 348,432,901
Distributions reinvested 14,127,634 2,804,886
Proceeds from short-term trading fees 19,892 77,336
------------ -------------
159,864,419 351,315,123
Cost of shares redeemed (71,528,197) (250,495,998)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS 88,336,222 100,819,125
- -----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 123,669,518 120,689,836
- -----------------------------------------------------------------------------------------
NET ASSETS
Beginning of period 135,574,043 14,884,207
- -----------------------------------------------------------------------------------------
END OF PERIOD $259,243,561 $ 135,574,043
- -----------------------------------------------------------------------------------------
Distributions in excess of net investment
income, end of period $ (8,406,563) $ (1,275,308)
============ =============
CAPITAL SHARE ACTIVITY
- -----------------------------------------------------------------------------------------
Shares sold 14,539,069 42,999,711
Shares reinvested 1,353,225 340,812
Shares redeemed (7,374,500) (30,079,698)
------------ -------------
NET SHARE ACTIVITY 8,517,794 13,260,825
============ =============
See accompanying notes to financial statements.
100
WORLD PRECIOUS
MINERALS FUND GOLD SHARES FUND
------------------------------------- --------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2004 JUNE 30, 2004 DECEMBER 31, 2004 JUNE 30, 2004
(UNAUDITED) (UNAUDITED)
INCREASE IN NET ASSETS
FROM OPERATIONS:
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (1,438,716) $ (2,577,057) $ (470,252) $ (990,870)
Net realized gain 30,918,724 29,899,943 7,027,850 13,756,851
Net unrealized appreciation 21,947,857 28,812,905 4,375,759 2,229,117
------------- -------------- ------------- -------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 51,427,865 56,135,791 10,933,357 14,995,098
DISTRIBUTIONS TO SHAREHOLDERS:
- -----------------------------------------------------------------------------------------------------------------------------------
From net investment income (7,944,295) (28,079,322) (428,417) (247,150)
From net capital gains -- -- -- --
------------- -------------- ------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (7,944,295) (28,079,322) (428,417) (247,150)
FROM CAPITAL SHARE TRANSACTIONS:
- -----------------------------------------------------------------------------------------------------------------------------------
Proceeds from shares sold 432,553,832 991,344,370 102,540,238 217,107,819
Distributions reinvested 7,470,390 26,655,112 393,191 232,435
Proceeds from short-term trading fees 908,717 1,698,299 208,157 412,525
------------- -------------- ------------- -------------
440,932,939 1,019,697,781 103,141,586 217,752,779
Cost of shares redeemed (439,828,530) (908,115,092) (105,144,576) (211,488,529)
------------- -------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS 1,104,409 111,582,689 (2,002,990) 6,264,250
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 44,587,979 139,639,158 8,501,950 21,012,198
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
Beginning of period 246,851,502 107,212,344 66,731,750 45,719,552
- -----------------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 291,439,481 $ 246,851,502 $ 75,233,700 $ 66,731,750
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions in excess of net investment
income, end of period $ (34,647,542) $ (25,264,531) $ (1,773,893) $ (875,224)
============= ============== ============= =============
CAPITAL SHARE ACTIVITY
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold 28,666,721 67,498,565 13,472,623 29,745,969
Shares reinvested 460,567 1,746,731 48,363 28,802
Shares redeemed (29,360,506) (62,198,481) (13,821,942) (29,073,888)
------------- -------------- ------------- -------------
NET SHARE ACTIVITY (233,218) 7,046,815 (300,956) 700,883
============= ============== ============= =============
101
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
NOTE 1: SIGNIFICANT ACCOUNTING POLICIES
U.S. Global Investors Funds (Trust) is organized as a Massachusetts business
trust, consisting of nine separate funds (Funds), as follows: U.S. Treasury
Securities Cash, U.S. Government Securities Savings, Near-Term Tax Free, Tax
Free, All American Equity, China Region Opportunity, Global Resources, World
Precious Minerals and Gold Shares. The Trust is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. All funds are diversified with the exception of China Region
Opportunity, Global Resources, World Precious Minerals and Gold Shares.
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. The
policies are in conformity with accounting principles generally accepted in the
United States.
A. SECURITY VALUATIONS
The Funds value investments traded on national or international securities
exchanges or over-the-counter at the last sales price reported by the
security's primary exchange at the time of daily valuation. Securities for
which no sale was reported are valued at the mean between the last reported bid
and asked prices or using quotes provided by principal market makers.
Short-term investments with effective maturities of sixty days or less at the
date of purchase and investments of U.S. Treasury Securities Cash and U.S.
Government Securities Savings Funds are valued at amortized cost, which
approximates market value. An independent pricing service values municipal
securities and long-term U.S. Government obligations using a system based on
such factors as credit rating, maturity, coupon and type of security to
determine fair value.
B. FAIR VALUED SECURITIES
Securities for which market quotations are not readily available or which are
subject to legal restrictions are valued at their fair value as determined in
good faith under consistently applied procedures under the general supervision
of the Board of Trustees. The following factors are generally considered in
determining fair value: nature and duration of any trading restrictions,
trading volume, market values of unrestricted shares of the same or similar
class, investment management's judgment regarding the market experience of the
issuer, financial status and other operational and market factors affecting the
issuer, issuer's management, quality of the underlying property based on review
of independent geological studies, the extent of a fund's investment in the
trading securities of the issuer; and other relevant matters. The fair values
may differ from what would have been used had a broader market for these
securities existed.
For securities traded on international exchanges, if events which may
materially affect the value of a fund's securities occur after the close of the
primary exchange
102
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
and before a fund's net asset value is next determined then those securities
will be valued at their fair value as determined in good faith under the
supervision of the Board of Trustees.
C. SECURITY TRANSACTIONS AND INVESTMENT INCOME Security transactions are
accounted for on trade date. Realized gains and losses from security
transactions are determined on an identified-cost basis. Dividend income is
recorded on the ex-dividend date, except that certain dividends from foreign
securities where the ex-dividend date may have passed are recorded as soon as a
fund is informed of the ex-dividend data in the exercise of reasonable
diligence. Interest income, which may include original issue discount, is
recorded on an accrual basis. Discounts and premiums on securities purchased
are accreted and amortized, respectively, on a yield-to-maturity basis as
adjustments to interest income.
The Funds may purchase securities on a when-issued or delayed-delivery basis
and segregate the liquid assets on their books to collateralize the obligation
until trade settlement. Such investments are accounted for in the same manner
as marketable portfolio securities.
The equity funds may invest in private placements and initial public offerings
(IPOs), the volatility of which may significantly affect performance. There is
no guarantee that these high-risk investments will affect a fund's performance
in the same way in the future.
D. REPURCHASE AGREEMENTS
The Funds may enter into repurchase agreements with recognized financial
institutions or registered broker-dealers and, in all instances, hold as
collateral, underlying securities with a value exceeding the total repurchase
price, including accrued interest. The Funds use joint tri-party repurchase
agreements with other funds under common management where uninvested cash is
collectively invested in repurchase agreements, and each participating fund
owns an undivided interest in the account.
E. OPTIONS
Some Funds may write or purchase options on securities to manage their exposure
to stock or commodity markets as well as fluctuations in interest and currency
conversion rates. Written options include a risk of loss in excess of the
option premium. The use of options carries the risk of a change in value of the
underlying instruments, an illiquid secondary market, or that the counterparty
may fail to perform its obligations. The option premium is the basis for
recognition of unrealized or realized gain or loss on the option. The cost of
securities acquired or the proceeds from securities sold through the exercise
of the option is adjusted by the amount of the premium. There were no written
options open at December 31, 2004.
103
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
Purchase option transactions during the six months ended December 31, 2004 were
as follows:
WORLD PRECIOUS
GLOBAL RESOURCES FUND MINERALS FUND GOLD SHARES FUND
---------------------------------------------------------------------------------------
NUMBER OF PREMIUMS NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS PAID/(RECEIVED) CONTRACTS PAID/(RECEIVED) CONTRACTS PAID/(RECEIVED)
Options outstanding
at June 30, 2004 956 $ 327,648 12,414 $ 1,727,060 4,630 $ 653,884
Options purchased 6,378 2,712,254 14,437 1,888,478 3,520 491,727
Options sold (4,124) (2,742,642) (10,781) (1,572,003) (3,415) (524,655)
Options expired (260) (26,780) (1,920) (182,060) (520) (51,560)
------ ----------- ------- ----------- ------ ---------
Options outstanding at
December 31, 2004 2,950 $ 270,480 14,150 $ 1,861,475 4,215 $ 569,396
====== =========== ======= =========== ====== =========
F. FOREIGN CURRENCY TRANSACTIONS
Some Funds may invest in securities of foreign issuers. The accounting records
of these funds are maintained in U.S. dollars. At each net asset value
determination date, the value of assets and liabilities denominated in foreign
currencies are translated into U.S. dollars using the current exchange rate.
Security transactions, income and expenses are converted to U.S. dollars at the
prevailing rate of exchange on the date of the event. The effect of changes in
foreign exchange rates on foreign denominated securities is included with the
net realized and unrealized gain or loss on securities. Other unrealized
foreign currency gains or losses are reported separately.
G. FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to lock in the U.S.
dollar cost of purchase and sale transactions. A forward foreign currency
contract is a commitment to purchase or sell a foreign currency at a future
date at a negotiated rate. These contracts are valued daily, and a fund's net
equity therein, representing unrealized gain or loss on the contracts as
measured by the difference between the forward foreign exchange rates at the
dates of entry into the contracts and the forward rates at the reporting, is
included in the statement of assets and liabilities. Realized and unrealized
gains and losses are included in the statement of operations. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar.
104
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
Open forward foreign currency contracts at December 31, 2004 were:
FOREIGN IN EXCHANGE SETTLEMENT UNREALIZED UNREALIZED
FUND CONTRACT CURRENCY FOR USD DATE VALUE APPRECIATION (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------
China Region Opportunity
SALES:
Canadian Dollar 50,500 $ 41,857 01/04/05 $ 41,978 $ -- $ (121)
Global Resources
PURCHASES:
Canadian Dollar 196,253 163,354 01/04/05 163,136 -- (218)
Canadian Dollar 5,056,652 4,219,150 01/05/05 4,203,368 -- (15,782)
--------- ---------- ---------- ------- --------
5,252,905 4,382,504 4,366,504 -- (16,000)
SALES:
Canadian Dollar 48,522 40,486 01/04/05 40,334 152 --
Canadian Dollar 445,050 370,104 01/04/05 369,950 154 --
Canadian Dollar 2,593,928 2,161,606 01/04/05 2,156,216 5,390 --
--------- ---------- ---------- ------- --------
3,087,500 2,572,196 2,566,500 5,696 --
World Precious Minerals
PURCHASES:
British Pound 6,369 12,252 01/04/05 12,204 -- (48)
British Pound 3,021 5,817 01/05/05 5,788 -- (29)
Canadian Dollar 1,762,377 1,466,936 01/04/05 1,464,985 -- (1,951)
Canadian Dollar 2,049,196 1,709,801 01/05/05 1,703,405 -- (6,396)
--------- ---------- ---------- ------- --------
3,820,963 3,194,806 3,186,382 (8,424)
SALES:
Canadian Dollar 804,000 663,640 01/04/05 668,329 -- (4,689)
Canadian Dollar 194,088 161,942 01/04/05 161,337 605 --
--------- ---------- ---------- ------- --------
998,088 825,582 829,666 605 (4,689)
Gold Shares
PURCHASES:
Canadian Dollar 182,947 152,278 01/04/05 152,076 -- (202)
Canadian Dollar 489,330 408,285 01/05/05 406,758 -- (1,527)
Canadian Dollar 19,450 16,175 01/05/05 16,168 -- (7)
--------- ---------- ---------- ------- --------
691,727 576,738 575,002 (1,736)
SALES:
British Pound 33,332 64,181 01/04/05 63,866 315 --
Canadian Dollar 876,400 731,247 01/04/05 728,512 2,735 --
--------- ---------- ---------- ------- --------
909,732 795,428 792,378 3,050 --
H. FEDERAL INCOME TAXES
The Funds intend to continue to comply with the requirements of Subchapter M of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of their taxable income to shareholders.
Accordingly, no provision for federal income taxes is required.
I. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
The Funds record dividends and distributions to shareholders on the ex-dividend
date. Distributions are determined in accordance with income tax regulations,
which may differ from accounting principles generally accepted in the United
States. Accordingly, periodic reclassifications are made within the Funds'
capital accounts to reflect income and gains available for distribution under
income tax regulations.
105
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
The Funds generally make distributions at least annually. The U.S. Treasury
Securities Cash and U.S. Government Securities Savings Funds accrue dividends,
on a daily basis with payment monthly. Tax Free and Near-Term Tax Free pay
monthly dividends. Dividends and distributions payable at period end are
processed for reinvestment on the following business day.
J. EXPENSES
Each fund bears expenses incurred specifically on its behalf plus an allocation
of its share of Trust level expenses. Expense offset arrangements have been
made with the Funds' custodian so the custodian fees may be paid indirectly by
credits earned on the Funds' cash balances. Such deposit arrangements are an
alternative to overnight investments.
K. SHORT-TERM TRADING (REDEMPTION) FEES
Shares held in the All American Equity Fund less than 30 days are subject to a
short-term trading fee equal to 0.10% of the proceeds of the redeemed shares.
Shares held in the China Region Opportunity Fund less than 180 days are subject
to a short-term trading fee equal to 1.00% of the proceeds of the redeemed
shares. Shares held in the Global Resources, World Precious Minerals and Gold
Shares Funds held less than 30 days are subject to a short-term trading fee
equal to 0.25% of the proceeds of the redeemed shares. These fees, which are
retained by the funds, are accounted for as an addition to paid-in capital.
L. USE OF ESTIMATES IN FINANCIAL STATEMENT PREPARATION The preparation of
financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
NOTE 2: RELATED PARTY TRANSACTIONS
U.S. Global Investors, Inc. (Adviser), under an investment advisory agreement
with the Trust in effect through February 28, 2006, furnishes management and
investment advisory services and, subject to the supervision of the Trustees,
directs the investments of each fund according to its investment objectives,
policies and limitations. The Adviser also furnishes all necessary office
facilities, business equipment and personnel for administering the affairs of
the Trust. Frank E. Holmes, a trustee of the Funds, is the controlling owner of
the Adviser.
106
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
For the services of the Adviser, each fund pays a management fee based upon its
net assets. Fees are accrued daily and paid monthly. The contractual management
fee for each fund is:
ANNUAL PERCENTAGE OF
FUND AVERAGE DAILY NET ASSETS
----------------------------------------------------------------------------
Gold Shares, All American Equity and .75% of the first $250,000,000 and
Tax Free .50% of the excess
U.S. Treasury Securities Cash and .50% of the first $250,000,000 and U.S.
Government Securities Savings .375% of the excess
World Precious Minerals and 1.00% of the first $250,000,000 and
Global Resources .50% of the excess
Near-Term Tax Free 0.50%
China Region Opportunity 1.25%
The Adviser has voluntarily agreed to reimburse specific funds so that their
total operating expenses will not exceed certain annual percentages of average
net assets. The expenses for the six months ended December 31, 2004 were
voluntarily limited as follows: U.S. Government Securities Savings at 0.45%,
Near-Term Tax Free at 0.45%, Tax Free at 0.70% and All American Equity at
1.75%. In addition, the Adviser has contractually limited total fund operating
expenses to not exceed 0.45% for the U.S. Government Securities Savings Fund,
0.45% for the Near-Term Tax Free Fund, 0.70% for the Tax Free Fund and 1.75%
for the All American Equity Fund on an annualized basis through June 30, 2005,
and until such later date as the Adviser determines.
The Adviser has also voluntarily agreed to waive fees and/or reimburse U.S.
Treasury Securities Cash Fund and U.S. Government Securities Savings Fund to
the extent necessary to maintain the fund's yield at a certain level as
determined by the Adviser (Minimum Yield). The Adviser may recapture any fees
waived and/or expenses reimbursed within three years after the end of the
fiscal year of such waiver and/or reimbursement to the extent that such
recapture would not cause the fund's yield to fall below the Minimum Yield. For
the year ended June 30, 2004, fees waived and/or expenses reimbursed as a
result of this agreement were $45,136 and $0 for the U.S. Treasury Securities
Cash Fund and the U.S. Government Securities Savings Fund, respectively. These
amounts are recoverable by the Adviser through June 30, 2007. There have been
no fees waived and/or expenses reimbursed as a result of this agreement during
the six months ended December 31, 2004.
United Shareholder Services, Inc. (USSI), a wholly-owned subsidiary of the
Adviser, is the transfer agent for the funds. Each fund pays an annual fee
based on its number of shareholder accounts for transfer agency services.
Certain account
107
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
fees are paid directly by shareholders to the transfer agent, which, in turn,
reduces its charge to the funds. Brown Brothers Harriman & Co. serves as the
custodian, fund accounting and administration service agent with a fee
structure based primarily on average net assets of the funds. Additionally, the
Adviser was reimbursed for in-house legal and internal administration services
pertaining to each fund during the six months ended December 31, 2004, in the
amounts of $172,785 and $19,695, respectively.
During the six months ended December 31, 2004, A & B Mailers, Inc., a
wholly-owned subsidiary of the Adviser, was paid $190,157 for mailing services
provided to the funds.
The five independent Trustees receive compensation for serving on the Board.
The Chairman and members of special committees receive additional compensation.
Trustees are also reimbursed for out-of-pocket expenses incurred while
attending meetings. Frank E. Holmes receives no compensation from the Funds for
serving on the Board.
NOTE 3: INVESTMENT ACTIVITY
Cost of purchases and proceeds from sales of long-term securities for the six
months ended December 31, 2004, are summarized as follows:
FUND PURCHASES SALES
----------------------------------------------------------------------
Near-Term Tax Free $ -- $ 983,362
Tax Free 7,328,486 9,336,080
All American Equity 22,299,181 22,066,583
China Region Opportunity 25,296,614 29,508,725
Global Resources 171,753,985 111,450,158
World Precious Minerals 87,618,937 91,531,949
Gold Shares 25,969,471 27,109,714
U.S. Treasury Securities Cash and U.S. Government Securities Savings held only
short-term investments. The funds neither purchased nor sold long-term U.S.
government securities during the period.
Investments in foreign issuers as a percent of total investments at December
31, 2004, were: 91.44% of China Region Opportunity, 71.00% of Global Resources,
84.17% of World Precious Minerals and 79.50% of Gold Shares.
108
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
NOTE 4: TAX INFORMATION
The following table presents the income tax basis of the securities owned at
December 31, 2004, and the tax basis components of net unrealized appreciation
or depreciation:
GROSS GROSS NET UNREALIZED
AGGREGATE UNREALIZED UNREALIZED APPRECIATION
FUND TAX COST APPRECIATION DEPRECIATION (DEPRECIATION)
------------------------------------------------------------------------------------------------------------
U.S. Treasury Securities Cash $107,913,359 $ -- $ -- $ --
U.S. Government Securities Savings 430,935,671 -- -- --
Near-Term Tax Free 17,869,005 313,507 (24,919) 288,588
Tax Free 27,515,013 1,104,865 (2,748) 1,102,117
All American Equity 17,482,289 3,224,277 (188,115) 3,036,162
China Region Opportunity 25,467,042 6,356,927 (497,757) 5,859,170
Global Resources 213,408,741 50,395,532 (4,073,018) 46,322,514
World Precious Minerals 232,888,541 75,569,057 (15,831,950) 59,737,107
Gold Shares 58,569,829 19,031,689 (3,029,190) 16,002,499
All distributions paid during the six months ended December 31, 2004, as shown
on the Statements of Changes in Net Assets, are taxable as ordinary income to
shareholders, with the exception of Global Resources Fund. Global Resources
Fund paid a distribution of $14,849,213, of which $9,712,693 was taxable as
ordinary income to shareholders and $5,136,520 was taxable as long-term capital
gains.
Net realized capital loss carryforwards, for federal income tax purposes, may
be used to offset current or future capital gains until expiration. The funds'
tax-basis capital gains and losses are determined only at the end of each
fiscal year. The loss carryforwards and related expiration dates for each fund,
as of June 30, 2004, are as follows:
EXPIRATION DATE
FUND 2005 2006 2007 2008
---------------------------------------------------------------------------------------------------------
U.S. Treasury Securities Cash $ -- $ -- $ 7,529 $ 10,657
U.S. Government Securities Savings 410,187 -- -- --
Near-Term Tax Free -- -- -- 17,590
Tax Free -- -- -- --
All American Equity -- -- -- --
China Region Opportunity 75,143 -- 2,188,607 4,657,144
Global Resources -- -- -- --
World Precious Minerals -- -- -- 4,745,337
Gold Shares 11,087,367 49,313,088 50,050,196 2,931,501
109
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
EXPIRATION DATE
FUND 2009 2010 2011 2012 TOTAL
--------------------------------------------------------------------------------------------------
U.S. Treasury
Securities Cash $ -- $ -- $ 285 $ -- $ 18,471
U.S. Government
Securities Savings -- -- -- 12,079 422,266
Near-Term Tax Free 59,454 -- -- 46,218 123,262
Tax Free 338,259 -- -- 90,567 428,826
All American Equity -- 347,177 1,275,741 -- 1,622,918
China Region
Opportunity 3,347,272 193,867 80,860 -- 10,542,893
Global Resources -- -- -- -- --
World Precious
Minerals 8,548,676 9,640,340 -- -- 22,934,353
Gold Shares 4,098,335 1,122,291 118,602,778
POST OCTOBER 31, 2003 POST OCTOBER 31, 2003
FUND CAPITAL LOSSES CURRENCY LOSS DEFERRAL
--------------------------------------------------------------------------------------------
U.S. Government Securities Savings $ 389 $ --
Near-Term Tax Free 28,927 --
Tax Free 575,619 --
All American Equity -- 5,021
China Region Opportunity -- 275,680
World Precious Minerals -- 1,256,795
The amounts above, in accordance with tax rules, are deemed to have occurred on
July 1, 2004.
NOTE 5: RISKS OF CONCENTRATIONS
China Region Opportunity may be exposed to risks not typically associated with
investments in the United States, due to concentration of investments in
foreign issuers in the region. These investments present risks resulting from
disruptive political or economic conditions and the potential imposition of
adverse governmental laws or currency exchange restrictions affecting the area.
The investment policies of Gold Shares and World Precious Minerals present
unique risks to their respective portfolios' values. The prices of gold and
other precious metals may be subject to fluctuations caused by international
monetary and political developments including trade or currency restrictions,
currency devaluation and revaluation, and social and political conditions
within a country. Fluctuations in the prices of gold and other precious metals
will affect the market values of the securities held by these funds.
NOTE 6: CREDIT ARRANGEMENTS
Each of the U.S. Global Investors Funds, along with other funds
under common management, has a revolving credit facility with Brown
Brothers Harriman & Co. (BBH). Borrowings of each fund are
collateralized by any or all of the securities
110
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) December 31, 2004
held by BBH as the fund's custodian. Interest on borrowings is charged at the
current overnight Federal Funds Rate plus 2%. Each fund has a maximum borrowing
limit of 10% of qualified assets. The aggregate borrowings by all the funds
under the agreement cannot exceed $10,000,000 at any one time. There were no
borrowings under the revolving credit facility at December 31, 2004.
NOTE 7: SHARES OF BENEFICIAL INTEREST
At December 31, 2004, individual shareholders holding more than 5% of
outstanding shares comprised 5.62% of the Near-Term Tax Free Fund and 45.25% of
the Tax Free Fund.
NOTE 8: NEAR-TERM TAX FREE FUND STOCK SPLIT
Effective as of the close of business on January 3, 2005, Near-Term Tax Free
Fund instituted a 5-for-1 stock split. All capital share activity and per share
data for Near-Term Tax Free Fund for the current and previous periods presented
in these financial statements has been adjusted to reflect the stock split.
111
FINANCIAL HIGHLIGHTS
U.S. TREASURY SECURITIES CASH FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED JUNE 30,
12/04 2004 2003 2002 2001 2000
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- -------------------------------------------------------------------------------------------------------------
Investment Activities
Net investment income --(a) --(a) .01 .01 .05 .04
Net realized and unrealized gain -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total from investment activities --(a) --(a) .01 .01 .05 .04
-------- -------- -------- -------- -------- --------
Distributions from net investment income --(a) --(a) (.01) (.01) (.05) (.04)
- -------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- -------------------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding account fees) (b) .29% .08% .57% 1.43% 4.59% 4.49%
Ratios to Average Net Assets (c):
Net investment income .59% .07% .52% 1.43% 4.62% 4.33%
Total expenses 1.00% 1.00% .97% 1.00% 1.06% 1.04%
Expenses reimbursed or offset -- (.04)% -- -- -- --
Net expenses 1.00% .96% .97% 1.00% 1.06% 1.04%
Net assets, end of period (in thousands) $107,603 $112,575 $123,879 $134,930 $130,832 $137,172
U.S. GOVERNMENT SECURITIES SAVINGS FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED JUNE 30,
12/04 2004 2003 2002 2001 2000
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- -----------------------------------------------------------------------------------------------------------
Investment Activities
Net investment income .01 .01 .01 .02 .05 .05
Net realized and unrealized gain -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total from investment activities .01 .01 .01 .02 .05 .05
-------- -------- -------- -------- -------- --------
Distributions from net investment income (.01) (.01) (.01) (.02) (.05) (.05)
- -----------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- -----------------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding account fees) (b) .61% .63% 1.09% 2.20% 5.42% 5.44%
Ratios to Average Net Assets (c):
Net investment income 1.20% .61% 1.08% 2.20% 5.41% 5.26%
Total expenses .66% .65% .61% .59% .60% .60%
Expenses reimbursed or offset (.21)% (.20)% (.16)% (.14)% (.20)% (.20)%
Net expenses .45% .45% .45% .45% .40% .40%
Net assets, end of period (in thousands) $430,486 $441,722 $529,829 $691,843 $782,242 $755,140
<FN>
(a)The per share amount does not round to a full penny.
(b)Total returns for periods less than one year are not annualized. Assumes
investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the investment
at the net asset value at the end of the period.
(c)Ratios are annualized for periods of less than one year. Expenses reimbursed
or offset reflect reductions to total expenses, as discussed in the notes to
the financial statements. These amounts would decrease the net investment
income ratio had such reductions not occurred.
See accompanying notes to financial statements.
</FN>
112
FINANCIAL HIGHLIGHTS
NEAR-TERM TAX FREE FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED ENDED JUNE 30,
12/04* 2004* 2003* 2002* 2001* 2000*
NET ASSET VALUE, BEGINNING OF PERIOD $2.17 $2.23 $2.16 $2.12 $2.06 $2.09
- -----------------------------------------------------------------------------------------------------
Investment Activities
Net investment income .03 .06 .06 .08 .09 .09
Net realized and unrealized gain (loss) .02 (.06) .07 .04 .06 (.03)
------- ------- ------- ------ ------ ------
Total from investment activities .05 .00 .13 .12 .15 .06
------- ------- ------- ------ ------ ------
Distributions from net investment
income (.03) (.06) (.06) (.08) (.09) (.09)
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $2.19 $2.17 $2.23 $2.16 $2.12 $2.06
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding account fees) (a) 2.32% .20% 5.97% 5.65% 7.21% 2.65%
Ratios to Average Net Assets (b):
Net investment income 2.71% 2.73% 2.83% 3.73% 4.15% 4.10%
Total expenses 1.38% 1.25% 1.44% 2.63% 2.72% 2.45%
Expenses reimbursed or offset (.93)% (.80)% (.94)% (2.01)% (2.02)% (1.75)%
Net expenses .45% .45% .50% .62% .70% .70%
Portfolio turnover rate 0% 21% 20% 19% 23% 24%
Net assets, end of period (in thousands) $18,370 $18,673 $21,979 $9,752 $6,035 $5,222
TAX FREE FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED JUNE 30,
12/04 2004 2003 2002 2001 2000
NET ASSET VALUE, BEGINNING OF PERIOD $12.08 $12.65 $12.18 $11.95 $11.38 $11.80
- -----------------------------------------------------------------------------------------------------
Investment Activities
Net investment income .20 .43 .42 .50 .53 .56
Net realized and unrealized gain (loss) .25 (.58) .48 .23 .57 (.39)
------- ------- ------- ------- ------- -------
Total from investment activities .45 (.15) .90 .73 1.10 .17
------- ------- ------- ------- ------- -------
Distributions
From net investment income (.20) (.42) (.43) (.50) (.53) (.55)
From net realized gains -- -- -- -- -- (.04)
------- ------- ------- ------- ------- -------
Total distributions (.20) (.42) (.43) (.50) (.53) (.59)
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $12.33 $12.08 $12.65 $12.18 $11.95 $11.38
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding account fees) (a) 3.77% (1.25)% 7.49% 6.18% 9.81% 1.57%
Ratios to Average Net Assets (b):
Net investment income 3.26% 3.22% 3.34% 4.13% 4.50% 4.80%
Total expenses 1.37% 1.09% 1.22% 1.56% 1.53% 1.53%
Expenses reimbursed or offset (.67)% (.39)% (.52)% (.86)% (.83)% (.83)%
Net expenses .70% .70% .70% .70% .70% .70%
Portfolio turnover rate 27% 54% 26% 22% 19% 16%
Net assets, end of period (in thousands) $28,959 $28,167 $55,283 $21,698 $20,248 $18,380
<FN>
(a)Total returns for periods less than one year are not annualized. Assumes
investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the investment
at the net asset value at the end of the period.
(b)Ratios are annualized for periods of less than one year. Expenses reimbursed
or offset reflect reductions to total expenses, as discussed in the notes to
the financial statements. These amounts would decrease the net investment
income ratio had such reductions not occurred.
*The values shown for Near-Term Tax Free Fund for the current period and prior
periods have been adjusted to reflect the 5-for-1 stock split, which was
effective on January 3, 2005.
See accompanying notes to financial statements.
</FN>
113
FINANCIAL HIGHLIGHTS
ALL AMERICAN EQUITY FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED JUNE 30,
12/04 2004 2003 2002 2001 2000
NET ASSET VALUE, BEGINNING OF PERIOD $22.53 $19.15 $21.20 $25.44 $45.18 $44.78
- ----------------------------------------------------------------------------------------------------
Investment Activities
Net investment income (loss) (.02) (.11) (.03) (.03) .08 .33
Net realized and unrealized gain (loss) 1.41 3.49 (2.02) (4.20) (11.42) .90
------- ------- ------- ------- ------- -------
Total from investment activities 1.39 3.38 (2.05) (4.23) (11.34) 1.23
------- ------- ------- ------- ------- -------
Distributions
From net investment income -- -- -- (.01) (.08) (.33)
From net realized gains -- -- -- -- (8.32) (.50)
------- ------- ------- ------- ------- -------
Total distributions -- -- -- (.01) (8.40) (.83)
- ----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $23.92 $22.53 $19.15 $21.20 $25.44 $45.18
- ----------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding account fees) (a) 6.17% 17.65% (9.67)% (16.62)% (27.96)% 2.72%
Ratios to Average Net Assets (b):
Net investment income (loss) (.17)% (.49)% (.12)% (.12)% .25% .28%
Total expenses 2.41% 2.31% 2.56% 2.19% 1.69% 1.53%
Expenses reimbursed or offset (.66)% (.56)% (1.06)% (.73)% (.69)% (.53)%
Net expenses 1.75% 1.75% 1.50% 1.46% 1.00% 1.00%
Portfolio turnover rate 125% 96% 119% 75% 85% 21%
Net assets, end of period (in thousands) $20,462 $19,974 $18,334 $20,713 $26,942 $44,038
CHINA REGION OPPORTUNITY FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED JUNE 30,
12/04 2004 2003 2002 2001 2000
NET ASSET VALUE, BEGINNING OF PERIOD $5.86 $4.17 $4.38 $4.92 $6.11 $5.58
- ----------------------------------------------------------------------------------------------------
Investment Activities
Net investment income (loss) (.03) --* (.02) (.04) (.04) (.02)
Net realized and unrealized gain (loss) 1.01 1.74 (.19) (.50) (1.09) .55
------- ------- ------- ------- ------- -------
Total from investment activities .98 1.74 (.21) (.54) (1.13) .53
------- ------- ------- ------- ------- -------
Distributions
From net investment income (.16) (.05) -- -- (.06) --
------- ------- ------- ------- ------- -------
Total distributions (.16) (.05) -- -- (.06) --
- ----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $6.68 $5.86 $4.17 $4.38 $4.92 $6.11
- ----------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding accounts fees) (a) 16.66% 41.63% (4.79)% (10.98)% (18.45)% 9.50%
Ratios to Average Net Assets (b):
Net investment income (loss) (.69)% .05% (.60)% (.83)% (.56)% (.40)%
Total expenses 2.54% 2.25% 3.91% 3.54% 3.04% 3.10%
Expenses reimbursed or offset (c) -- -- -- -- -- --
Net expenses 2.54% 2.25% 3.91% 3.54% 3.04% 3.10%
Portfolio turnover rate 81% 126% 44% 29% 4% 40%
Net assets, end of period (in thousands) $31,912 $35,090 $12,815 $12,003 $15,123 $21,273
<FN>
(a)Total returns for periods less than one year are not annualized. Assumes
investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the investment
at the net asset value at the end of the period.
(b)Ratios are annualized for periods of less than one year. Expenses reimbursed
or offset reflect reductions to total expenses, as discussed in the notes to
the financial statements. These amounts would decrease the net investment
income ratio had such reductions not occurred.
(c)Ratio does not round to 0.01%.
*Based on average monthly shares outstanding.
See accompanying notes to financial statements.
</FN>
114
FINANCIAL HIGHLIGHTS
GLOBAL RESOURCES FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED JUNE 30,
12/04 2004 2003 2002 2001 2000
NET ASSET VALUE, BEGINNING OF PERIOD $8.39 $5.14 $4.93 $4.01 $3.88 $4.01
- ------------------------------------------------------------------------------------------------------
Investment Activities
Net investment income (loss) .06 .12 (.05) (.06) (.06) (.08)
Net realized and unrealized gain (loss) 2.70 3.26 .35 .98 .19 (.05)
-------- -------- ------- ------- ------- -------
Total from investment activities 2.76 3.38 .30 .92 .13 (.13)
-------- -------- ------- ------- ------- -------
Distributions
From net investment income (.34) (.13) (.09) -- -- --
From net realized gains (.30) -- -- -- -- --
-------- -------- ------- ------- ------- -------
Total distributions (.64) (.13) (.09) -- -- --
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.51 $8.39 $5.14 $4.93 $4.01 $3.88
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding account fees) (a) 32.90% 65.73% 6.43% 22.94% 3.35% (3.24)%
Ratios to Average Net Assets (b):
Net investment income (loss) .92% .74% (1.38)% (1.57)% (1.47)% (1.87)%
Total expenses 1.47% 1.54% 3.75% 3.83% 3.61% 3.79%
Expenses reimbursed or offset -- -- -- -- -- --
Net expenses 1.47% 1.54% 3.75% 3.83% 3.61% 3.79%
Portfolio turnover rate 66% 140% 101% 96% 65% 55%
Net assets, end of period (in thousands) $259,244 $135,574 $14,884 $14,900 $11,887 $13,530
WORLD PRECIOUS MINERALS FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED JUNE 30,
12/04 2004 2003 2002 2001 2000
NET ASSET VALUE, BEGINNING OF PERIOD $13.68 $9.75 $10.43 $5.28 $6.43 $7.79
- --------------------------------------------------------------------------------------------------------
Investment Activities
Net investment income (loss) (.14) (.17)* (.05) (.07) (.10) (.01)
Net realized and unrealized gain (loss) 3.28 5.96 (.38) 5.22 (1.03) (1.35)
-------- -------- -------- ------- ------- --------
Total from investment activities 3.14 5.79 (.43) 5.15 (1.13) (1.36)
-------- -------- -------- ------- ------- --------
Distributions
From net investment income (.46) (1.86) (.25) -- (.02) --
-------- -------- -------- ------- ------- --------
Total distributions (.46) (1.86) (.25) -- (.02) --
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $16.36 $13.68 $9.75 $10.43 $5.28 $6.43
- --------------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding account fees) (a) 22.96% 57.42% (4.02)% 97.54% (17.54)% (17.46)%
Ratios to Average Net Assets (b):
Net investment loss (1.08)% (1.15)% (1.36)% (1.32)% (1.51)% (1.41)%
Total expenses 1.45% 1.47% 1.92% 2.27% 2.86% 2.50%
Expenses reimbursed or offset (c) -- -- -- -- -- --
Net expenses 1.45% 1.47% 1.92% 2.27% 2.86% 2.50%
Portfolio turnover rate 36% 65% 141% 104% 68% 93%
Net assets, end of period (in thousands) $291,439 $246,852 $107,212 $97,044 $42,455 $57,019
<FN>
(a)Total returns for periods less than one year are not annualized. Assumes
investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the investment
at the net asset value at the end of the period.
(b)Ratios are annualized for periods of less than one year. Expenses reimbursed
or offset reflect reductions to total expenses, as discussed in the notes to
the financial statements. These amounts would decrease the net investment
income ratio had such reductions not occurred.
(c)Ratio does not round to 0.01%.
*Based on average monthly shares outstanding.
See accompanying notes to financial statements.
</FN>
115
FINANCIAL HIGHLIGHTS
GOLD SHARES FUND
FOR A CAPITAL SHARE OUTSTANDING DURING THE SIX MONTHS ENDED DECEMBER 31, 2004
(UNAUDITED) AND EACH YEAR ENDED JUNE 30,
12/04 2004 2003 2002 2001 2000
NET ASSET VALUE, BEGINNING OF PERIOD $7.00 $5.18 $5.28 $2.83 $2.92 $3.42
- -----------------------------------------------------------------------------------------------------
Investment Activities
Net investment loss (.05) (.10) (.10) (.06) (.09) (.15)
Net realized and unrealized gain (loss) 1.25 1.95 -- 2.51 -- (.35)
------- ------- ------- ------- ------- -------
Total from investment activities 1.20 1.85 (.10) 2.45 (.09) (.50)
------- ------- ------- ------- ------- -------
Distributions
From net investment income (.05) (.03) -- -- -- --
------- ------- ------- ------- ------- -------
Total distributions (.05) (.03) -- -- -- --
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $8.15 $7.00 $5.18 $5.28 $2.83 $2.92
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN (excluding accounts fees) (a) 17.09% 35.57% (1.89)% 86.57% (3.08)% (14.62)%
Ratios to Average Net Assets (b):
Net investment loss (1.33)% (1.45)% (1.98)% (1.99)% (2.93)% (3.98)%
Total expenses 1.91% 1.93% 2.64% 3.57% 5.79% 5.74%
Expenses reimbursed or offset -- -- -- -- -- --
Net expenses 1.91% 1.93% 2.64% 3.57% 5.79% 5.74%
Portfolio turnover rate 40% 85% 138% 164% 95% 82%
Net assets, end of period (in thousands) $75,234 $66,732 $45,720 $52,911 $22,231 $25,836
<FN>
(a)Total returns for periods less than one year are not annualized. Assumes
investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the investment
at the net asset value at the end of the period.
(b)Ratios are annualized for periods of less than one year. Expenses reimbursed
or offset reflect reductions to total expenses, as discussed in the notes to
the financial statements. These amounts would decrease the net investment
income ratio had such reductions not occurred.
See accompanying notes to financial statements.
</FN>
116
ADDITIONAL INFORMATION (UNAUDITED)
PROXY VOTING
A description of the policies and procedures that the funds use to determine
how to vote proxies relating to portfolio securities is available without
charge, upon request, by calling 1-800-US-FUNDS (1-800-873-8637). It also
appears in the funds' statement of additional information (Form 485B), which
can be found on the SEC's website at www.sec.gov.
Information regarding how the funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge, upon request, by calling 1-800-US-FUNDS (1-800-873-8637) or
accessing the funds Form N-PX on the SEC's website at www.sec.gov.
AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES
The funds provide complete lists of holdings four times in each fiscal year, at
the quarter-ends. For the second and fourth quarters, the lists appear in the
funds' semi-annual and annual reports to shareholders. For the first and third
quarters, the funds file the lists with the SEC on Form N-Q. Shareholders can
look up the funds' Forms N-Q on the SEC's website at www.sec.gov. You may also
visit or call the SEC's Public Reference Room in Washington, D.C.
(1-202-942-8090) or send a request plus a duplicating fee to the SEC, Public
Reference Section, Washington, DC 20549-0102 or by electronic request a the
following e-mail address: publicinfo@sec.gov.
117
NOTES
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ITEM 2. CODE OF ETHICS.
Required only in annual report on Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Required only in annual report on Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Required only in annual report on Form N-CSR.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Required only in annual report on Form N-CSR.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable. The complete schedule of investments is included in Item 1 of
this Form N-CSR>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's president and treasurer have determined that the
registrant's disclosure controls and procedures are effective based on
their evaluation of the disclosure controls and procedures as of a date
within 90 days of the filing date of this report.
(b) There was no change in the registrant's internal control over financial
reporting that occurred in the registrant's second fiscal quarter of the
period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 12. EXHIBITS.
(a) Not applicable.
(b) Certifications of principal executive officer and principal financial
officer of the registrant as required by Rule 30a-2 under the Investment
Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
U.S. GLOBAL INVESTORS FUNDS
By: /s/Frank E. Holmes
-----------------------------------
Frank E. Holmes
President, Chief Executive Officer
Date: March 11, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/Frank E. Holmes
-----------------------------------
Frank E. Holmes
President, Chief Executive Officer
Date: March 11, 2005
By: /s/Catherine A. Rademacher
Catherine A. Rademacher
Treasurer
Date: March 11, 2005
EXHIBIT INDEX
(a)(2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2 under the Investment Company Act of
1940.
(b) Certifications of principal executive officer and principal financial
officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.