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No. of Recommendations: 23
I started a new thread to reply to Gurdison in the "REIT preferreds" thread. Gurdison says the Vanguard GNMA fund is at an all-time high so this is [he says] clearly not a good time to buy.

None of the charts that I have been able to find include the future. The "All-time high" refers only to all past time. So, I can't conclude this is not a good time to buy.

If we assume the past is an indicator of future results, and if we look at total return, not share price, we see past "all-time-highs" have usually been quickly followed by new "all-time-highs" and there have been no "bad times to buy" just good times to buy and better times to buy. So, I think Gurdison must have been looking at a price-only chart.

Looking at just the share value over time is meaningless, since the fund distributes capital gains when realized and then the share price goes down even though the shareholders get the money. Timing your purchases for the dips in share price that occur after capital gains distributions will not increase your return. The only meaningful chart would be a chart of cumulative total returns, including distributions. On such a chart, this fund is usually at an all-time high, because periods of negative returns have been rare and brief.

A bar chart and a line graph can be found here: https://personal.vanguard.com/us/funds/snapshot?FundId=0036&... Look at the line graph of historic return including interest income and capital gains. As you can see, even buying at past all-time highs has brought good total returns in subsequent periods, with only brief pauses.

For example, $10,000 invested in this fund in 1999 would have reached an all-time high of about $16,500 in mid-2007. Now, 1 1/2 years later, it would be over $18,000. (If you roll your mouse over the line chart it gives exact values.) Would mid-2007 have been a bad time to buy? How many here wish they'd gone into this fund in mid-2007 instead of what they did hold?

I believe money market funds, CD's and savings accounts are also at an all-time high on a total-return basis, are they not? Yet you are buying them. (Sorry, just having a little fun there.)

Contrast the total return chart to this chart of the share price: http://finance.yahoo.com/echarts?s=VFIIX#chart1:symbol=vfiix... This is a meaningless chart, since you don't know if a decline is due to a distribution or true negative return.

The average maturity on the fund's holdings is just 3 years and the duration on the fund's holdings is just 2. That means a full percentage point increase in the yield on its bonds would result in only a 2% loss of value. And of course, a 2% loss of value would be earned back in less than half a year, since the SEC yield is 3.43% now and would therefore be 4.43% after a 1 percentage point increase.

These are bundles of home mortgages with 100% US government guarantee against default.

Because the homeowners have a right of prepayment, there is a heads-you-don't-win-tails-you-lose-temporarily aspect to holding mortgage bonds in that when rates fall your capital gain is attenuated by prepayments and when they rise prepayments fall off and so just when you would welcome prepayments, you don't get as many, and you have to wait until maturity to get your money back and reinvest it at the then-higher prevailing rates. You are compensated for this unattractive feature by higher current yield than on comparable bonds that don't work this way. Right now, with many homeowner's unable to refinance because their houses won't appraise high enough to meet the loan-to-value test for a new loan, prepayments are less of a factor than they would normally be as rates go down. When rates rise this time around, however, there will probably be more prepayments than normal; I say this because the next significant rise in rates will probably be because the economy (and house prices) are rapidly recovering, so there will probably be a lot of prepayments despite rising rates due to pent-up desire to move from one house to another (moves that have been delayed because people were waiting for their house price to recover). That makes GNMA's more attractive in today's environment than they would normally be. Whether this is fully priced in, I don't know. What I do know is that it's pretty hard to imagine a scenario that would give this fund a negative return over a multi-year period, and it has never had one. I think the chances of a money market fund beating this fund over the next few years is pretty slim.

Below I list the monthly value of the fund from today back to its inception in 1987, adjusted for distributions. (Source: Yahoo). It's hard, looking at this history, to get too excited about trying to time your entry and exit points in this fund.

Date Adj Close
10/9/2009 10.75
10/8/2009 10.78
10/7/2009 10.79
10/6/2009 10.77
10/5/2009 10.77
10/2/2009 10.77
10/1/2009 10.77
9/30/2009 10.75
9/29/2009 10.76
9/28/2009 10.76
9/25/2009 10.75
9/24/2009 10.74
9/23/2009 10.73
9/22/2009 10.72
9/21/2009 10.71
9/18/2009 10.72
9/17/2009 10.73
9/16/2009 10.72
9/15/2009 10.71
9/14/2009 10.71
9/11/2009 10.73
9/10/2009 10.73
9/9/2009 10.71
9/8/2009 10.71
9/4/2009 10.71
9/3/2009 10.72
9/2/2009 10.73
9/1/2009 10.71
8/31/2009 10.7
8/28/2009 10.65
8/27/2009 10.65
8/26/2009 10.65
8/25/2009 10.64
8/24/2009 10.64
8/21/2009 10.62
8/20/2009 10.65
8/19/2009 10.64
8/18/2009 10.64
8/17/2009 10.65
8/14/2009 10.65
8/13/2009 10.63
8/12/2009 10.6
8/11/2009 10.6
8/10/2009 10.59
8/7/2009 10.56
8/6/2009 10.58
8/5/2009 10.58
8/4/2009 10.6
8/3/2009 10.62
7/31/2009 10.64
7/30/2009 10.57
7/29/2009 10.57
7/28/2009 10.57
7/27/2009 10.56
7/24/2009 10.57
7/23/2009 10.56
7/22/2009 10.59
7/21/2009 10.61
7/20/2009 10.58
7/17/2009 10.56
7/16/2009 10.57
7/15/2009 10.55
7/14/2009 10.58
7/13/2009 10.6
7/10/2009 10.62
7/9/2009 10.59
7/8/2009 10.62
7/7/2009 10.58
7/6/2009 10.56
7/2/2009 10.56
7/1/2009 10.55
6/30/2009 10.54
6/29/2009 10.52
6/26/2009 10.52
6/25/2009 10.51
6/24/2009 10.47
6/23/2009 10.46
6/22/2009 10.47
6/19/2009 10.45
6/18/2009 10.43
6/17/2009 10.49
6/16/2009 10.49
6/15/2009 10.46
6/12/2009 10.43
6/11/2009 10.39
6/10/2009 10.36
6/9/2009 10.42
6/8/2009 10.4
6/5/2009 10.43
6/4/2009 10.49
6/3/2009 10.53
6/2/2009 10.5
6/1/2009 10.49
5/29/2009 10.54
5/28/2009 10.45
5/27/2009 10.44
5/26/2009 10.51
5/22/2009 10.53
5/21/2009 10.53
5/20/2009 10.55
5/19/2009 10.55
5/18/2009 10.55
5/15/2009 10.56
5/14/2009 10.56
5/13/2009 10.57
5/12/2009 10.54
5/11/2009 10.54
5/8/2009 10.5
5/7/2009 10.51
5/6/2009 10.53
5/5/2009 10.52
5/4/2009 10.51
5/1/2009 10.5
4/30/2009 10.52
4/29/2009 10.49
4/28/2009 10.51
4/27/2009 10.52
4/24/2009 10.5
4/23/2009 10.49
4/22/2009 10.49
4/21/2009 10.5
4/20/2009 10.5
4/17/2009 10.5
4/16/2009 10.52
4/15/2009 10.53
4/14/2009 10.53
4/13/2009 10.52
4/9/2009 10.52
4/8/2009 10.52
4/7/2009 10.51
4/6/2009 10.49
4/3/2009 10.48
4/2/2009 10.5
4/1/2009 10.5
3/31/2009 10.49
3/30/2009 10.45
3/27/2009 10.45
3/26/2009 10.44
3/25/2009 10.43
3/24/2009 10.43
3/23/2009 10.44
3/20/2009 10.45
3/19/2009 10.46
3/18/2009 10.45
3/17/2009 10.39
3/16/2009 10.39
3/13/2009 10.39
3/12/2009 10.38
3/11/2009 10.37
3/10/2009 10.36
3/9/2009 10.36
3/6/2009 10.37
3/5/2009 10.36
3/4/2009 10.34
3/3/2009 10.35
3/2/2009 10.34
2/27/2009 10.32
2/26/2009 10.28
2/25/2009 10.28
2/24/2009 10.3
2/23/2009 10.29
2/20/2009 10.3
2/19/2009 10.3
2/18/2009 10.32
2/17/2009 10.32
2/13/2009 10.3
2/12/2009 10.32
2/11/2009 10.31
2/10/2009 10.3
2/9/2009 10.25
2/6/2009 10.26
2/5/2009 10.27
2/4/2009 10.26
2/3/2009 10.27
2/2/2009 10.28
1/30/2009 10.27
1/29/2009 10.22
1/28/2009 10.26
1/27/2009 10.27
1/26/2009 10.26
1/23/2009 10.27
1/22/2009 10.27
1/21/2009 10.28
1/20/2009 10.3
1/16/2009 10.32
1/15/2009 10.34
1/14/2009 10.34
1/13/2009 10.35
1/12/2009 10.35
1/9/2009 10.37
1/8/2009 10.39
1/7/2009 10.37
1/6/2009 10.37
1/5/2009 10.31
1/2/2009 10.27
12/31/2008 10.28
12/30/2008 10.24
12/29/2008 10.25
12/26/2008 10.24
12/24/2008 10.23
12/23/2008 10.21
12/22/2008 10.22
12/19/2008 10.25
12/18/2008 10.25
12/17/2008 10.25
12/16/2008 10.22
12/15/2008 10.2
12/12/2008 10.19
12/11/2008 10.21
12/10/2008 10.19
12/9/2008 10.14
12/8/2008 10.12
12/5/2008 10.11
12/4/2008 10.12
12/3/2008 10.08
12/2/2008 10.1
12/1/2008 10.12
11/28/2008 10.11
11/26/2008 10.07
11/25/2008 10.08
11/24/2008 9.95
11/21/2008 9.98
11/20/2008 9.96
11/19/2008 9.94
11/18/2008 9.94
11/17/2008 9.9
11/14/2008 9.91
11/13/2008 9.89
11/12/2008 9.95
11/11/2008 9.9
11/10/2008 9.9
11/7/2008 9.91
11/6/2008 9.95
11/5/2008 9.95
11/4/2008 9.91
11/3/2008 9.78
10/31/2008 9.74
10/30/2008 9.67
10/29/2008 9.68
10/28/2008 9.7
10/27/2008 9.74
10/24/2008 9.81
10/23/2008 9.89
10/22/2008 9.95
10/21/2008 9.93
10/20/2008 9.93
10/17/2008 9.78
10/16/2008 9.75
10/15/2008 9.74
10/14/2008 9.69
10/13/2008 9.66
10/10/2008 9.73
10/9/2008 9.82
10/8/2008 9.89
10/7/2008 9.96
10/6/2008 9.97
10/3/2008 9.93
10/2/2008 9.92
10/1/2008 9.9
9/30/2008 9.89
9/29/2008 9.92
9/26/2008 9.89
9/25/2008 9.88
9/24/2008 9.88
9/23/2008 9.88
9/22/2008 9.89
9/19/2008 9.93
9/18/2008 9.95
9/17/2008 9.95
9/16/2008 9.96
9/15/2008 10
9/12/2008 9.95
9/11/2008 9.98
9/10/2008 9.99
9/9/2008 9.99
9/8/2008 10.02
9/5/2008 9.88
9/4/2008 9.91
9/3/2008 9.88
9/2/2008 9.85
8/29/2008 9.83
8/28/2008 9.81
8/27/2008 9.79
8/26/2008 9.79
8/25/2008 9.77
8/22/2008 9.74
8/21/2008 9.76
8/20/2008 9.8
8/19/2008 9.76
8/18/2008 9.75
8/15/2008 9.75
8/14/2008 9.69
8/13/2008 9.67
8/12/2008 9.68
8/11/2008 9.66
8/8/2008 9.7
8/7/2008 9.68
8/6/2008 9.63
8/5/2008 9.68
8/4/2008 9.7
8/1/2008 9.73
7/31/2008 9.73
7/30/2008 9.67
7/29/2008 9.64
7/28/2008 9.67
7/25/2008 9.61
7/24/2008 9.68
7/23/2008 9.59
7/22/2008 9.58
7/21/2008 9.6
7/18/2008 9.58
7/17/2008 9.63
7/16/2008 9.71
7/15/2008 9.77
7/14/2008 9.75
7/11/2008 9.74
7/10/2008 9.8
7/9/2008 9.8
7/8/2008 9.75
7/7/2008 9.69
7/3/2008 9.68
7/2/2008 9.7
7/1/2008 9.71
6/30/2008 9.72
6/27/2008 9.67
6/26/2008 9.64
6/25/2008 9.61
6/24/2008 9.61
6/23/2008 9.59
6/20/2008 9.62
6/19/2008 9.62
6/18/2008 9.63
6/17/2008 9.57
6/16/2008 9.54
6/13/2008 9.54
6/12/2008 9.57
6/11/2008 9.64
6/10/2008 9.6
6/9/2008 9.66
6/6/2008 9.71
6/5/2008 9.69
6/4/2008 9.73
6/3/2008 9.76
6/2/2008 9.74
5/30/2008 9.72
5/29/2008 9.66
5/28/2008 9.69
5/27/2008 9.74
5/23/2008 9.77
5/22/2008 9.75
5/21/2008 9.79
5/20/2008 9.81
5/19/2008 9.79
5/16/2008 9.78
5/15/2008 9.78
5/14/2008 9.73
5/13/2008 9.73
5/12/2008 9.78
5/9/2008 9.8
5/8/2008 9.8
5/7/2008 9.79
5/6/2008 9.77
5/5/2008 9.77
5/2/2008 9.78
5/1/2008 9.81
4/30/2008 9.78
4/29/2008 9.72
4/28/2008 9.71
4/25/2008 9.69
4/24/2008 9.7
4/23/2008 9.73
4/22/2008 9.75
4/21/2008 9.74
4/18/2008 9.73
4/17/2008 9.7
4/16/2008 9.71
4/15/2008 9.77
4/14/2008 9.8
4/11/2008 9.82
4/10/2008 9.79
4/9/2008 9.82
4/8/2008 9.78
4/7/2008 9.8
4/4/2008 9.82
4/3/2008 9.75
4/2/2008 9.73
4/1/2008 9.75
3/31/2008 9.8
3/28/2008 9.75
3/27/2008 9.71
3/26/2008 9.74
3/25/2008 9.74
3/24/2008 9.73
3/20/2008 9.8
3/19/2008 9.77
3/18/2008 9.75
3/17/2008 9.84
3/14/2008 9.74
3/13/2008 9.71
3/12/2008 9.72
3/11/2008 9.63
3/10/2008 9.65
3/7/2008 9.62
3/6/2008 9.56
3/5/2008 9.64
3/4/2008 9.7
3/3/2008 9.75
2/29/2008 9.78
2/28/2008 9.69
2/27/2008 9.63
2/26/2008 9.56
2/25/2008 9.55
2/22/2008 9.61
2/21/2008 9.64
2/20/2008 9.57
2/19/2008 9.57
2/15/2008 9.65
2/14/2008 9.64
2/13/2008 9.69
2/12/2008 9.71
2/11/2008 9.72
2/8/2008 9.71
2/7/2008 9.69
2/6/2008 9.73
2/5/2008 9.74
2/4/2008 9.72
2/1/2008 9.74
1/31/2008 9.72
1/30/2008 9.67
1/29/2008 9.67
1/28/2008 9.7
1/25/2008 9.69
1/24/2008 9.67
1/23/2008 9.72
1/22/2008 9.75
1/18/2008 9.7
1/17/2008 9.71
1/16/2008 9.68
1/15/2008 9.71
1/14/2008 9.7
1/11/2008 9.69
1/10/2008 9.65
1/9/2008 9.67
1/8/2008 9.66
1/7/2008 9.67
1/4/2008 9.65
1/3/2008 9.63
1/2/2008 9.62
12/31/2007 9.59
12/28/2007 9.52
12/27/2007 9.48
12/26/2007 9.45
12/24/2007 9.47
12/21/2007 9.5
12/20/2007 9.55
12/19/2007 9.54
12/18/2007 9.52
12/17/2007 9.48
12/14/2007 9.47
12/13/2007 9.5
12/12/2007 9.52
12/11/2007 9.54
12/10/2007 9.48
12/7/2007 9.49
12/6/2007 9.56
12/5/2007 9.58
12/4/2007 9.59
12/3/2007 9.58
11/30/2007 9.58
11/29/2007 9.53
11/28/2007 9.52
11/27/2007 9.54
11/26/2007 9.58
11/23/2007 9.51
11/21/2007 9.5
11/20/2007 9.46
11/19/2007 9.47
11/16/2007 9.46
11/15/2007 9.46
11/14/2007 9.44
11/13/2007 9.43
11/12/2007 9.47
11/9/2007 9.47
11/8/2007 9.4
11/7/2007 9.39
11/6/2007 9.39
11/5/2007 9.4
11/2/2007 9.43
11/1/2007 9.41
10/31/2007 9.38
10/30/2007 9.37
10/29/2007 9.37
10/26/2007 9.36
10/25/2007 9.39
10/24/2007 9.39
10/23/2007 9.35
10/22/2007 9.35
10/19/2007 9.35
10/18/2007 9.33
10/17/2007 9.31
10/16/2007 9.27
10/15/2007 9.27
10/12/2007 9.27
10/11/2007 9.27
10/10/2007 9.26
10/9/2007 9.26
10/8/2007 9.26
10/5/2007 9.26
10/4/2007 9.31
10/3/2007 9.3
10/2/2007 9.3
10/1/2007 9.29
9/28/2007 9.28
9/27/2007 9.25
9/26/2007 9.23
9/25/2007 9.23
9/24/2007 9.23
9/21/2007 9.24
9/20/2007 9.22
9/19/2007 9.29
9/18/2007 9.3
9/17/2007 9.27
9/14/2007 9.27
9/13/2007 9.26
9/12/2007 9.28
9/11/2007 9.3
9/10/2007 9.32
9/7/2007 9.31
9/6/2007 9.24
9/5/2007 9.25
9/4/2007 9.19
8/31/2007 9.2
8/30/2007 9.19
8/29/2007 9.19
8/28/2007 9.21
8/27/2007 9.19
8/24/2007 9.17
8/23/2007 9.15
8/22/2007 9.15
8/21/2007 9.17
8/20/2007 9.15
8/17/2007 9.15
8/16/2007 9.14
8/15/2007 9.11
8/14/2007 9.12
8/13/2007 9.12
8/10/2007 9.12
8/9/2007 9.12
8/8/2007 9.11
8/7/2007 9.15
8/6/2007 9.14
8/3/2007 9.15
8/2/2007 9.12
8/1/2007 9.11
7/31/2007 9.09
7/30/2007 9.03
7/27/2007 9.05
7/26/2007 9.06
7/25/2007 9.02
7/24/2007 9.01
7/23/2007 9.01
7/20/2007 9.02
7/19/2007 9.01
7/18/2007 9.01
7/17/2007 8.99
7/16/2007 9.01
7/13/2007 8.99
7/12/2007 8.99
7/11/2007 9.01
7/10/2007 9.01
7/9/2007 8.97
7/6/2007 8.95
7/5/2007 8.97
7/3/2007 9.01
7/2/2007 9.02
6/29/2007 9.01
6/28/2007 8.95
6/27/2007 8.97
6/26/2007 8.96
6/25/2007 8.97
6/22/2007 8.95
6/21/2007 8.93
6/20/2007 8.96
6/19/2007 8.98
6/18/2007 8.96
6/15/2007 8.96
6/14/2007 8.92
6/13/2007 8.92
6/12/2007 8.9
6/11/2007 8.96
6/8/2007 8.96
6/7/2007 8.97
6/6/2007 9.03
6/5/2007 9.03
6/4/2007 9.06
6/1/2007 9.05
5/31/2007 9.06
5/30/2007 9.03
5/29/2007 9.03
5/25/2007 9.04
5/24/2007 9.04
5/23/2007 9.05
5/22/2007 9.06
5/21/2007 9.07
5/18/2007 9.07
5/17/2007 9.08
5/16/2007 9.1
5/15/2007 9.1
5/14/2007 9.11
5/11/2007 9.11
5/10/2007 9.11
5/9/2007 9.11
5/8/2007 9.12
5/7/2007 9.12
5/4/2007 9.12
5/3/2007 9.11
5/2/2007 9.11
5/1/2007 9.11
4/30/2007 9.11
4/27/2007 9.07
4/26/2007 9.07
4/25/2007 9.08
4/24/2007 9.08
4/23/2007 9.08
4/20/2007 9.08
4/19/2007 9.08
4/18/2007 9.08
4/17/2007 9.08
4/16/2007 9.06
4/13/2007 9.05
4/12/2007 9.06
4/11/2007 9.06
4/10/2007 9.06
4/9/2007 9.06
4/5/2007 9.08
4/4/2007 9.08
4/3/2007 9.08
4/2/2007 9.08
3/30/2007 9.08
3/29/2007 9.05
3/28/2007 9.05
3/27/2007 9.05
3/26/2007 9.05
3/23/2007 9.05
3/22/2007 9.06
3/21/2007 9.08
3/20/2007 9.07
3/19/2007 9.06
3/16/2007 9.06
3/15/2007 9.06
3/14/2007 9.07
3/13/2007 9.07
3/12/2007 9.06
3/9/2007 9.05
3/8/2007 9.07
3/7/2007 9.07
3/6/2007 9.06
3/5/2007 9.06
3/2/2007 9.06
3/1/2007 9.05
2/28/2007 9.06
2/27/2007 9.03
2/26/2007 9.01
2/23/2007 9
2/22/2007 8.98
2/21/2007 9
2/20/2007 9
2/16/2007 9
2/15/2007 9
2/14/2007 9
2/13/2007 8.96
2/12/2007 8.96
2/9/2007 8.97
2/8/2007 9
2/7/2007 9
2/6/2007 8.99
2/5/2007 8.98
2/2/2007 8.97
2/1/2007 8.95
1/31/2007 8.95
1/30/2007 8.89
1/29/2007 8.89
1/26/2007 8.9
1/25/2007 8.9
1/24/2007 8.92
1/23/2007 8.92
1/22/2007 8.94
1/19/2007 8.94
1/18/2007 8.94
1/17/2007 8.94
1/16/2007 8.95
1/12/2007 8.95
1/11/2007 8.95
1/10/2007 8.97
1/9/2007 8.98
1/8/2007 8.98
1/5/2007 8.99
1/4/2007 8.99
1/3/2007 8.98
12/29/2006 8.96
12/28/2006 8.92
12/27/2006 8.93
12/26/2006 8.95
12/22/2006 8.94
12/21/2006 8.96
12/20/2006 8.95
12/19/2006 8.95
12/18/2006 8.94
12/15/2006 8.95
12/14/2006 8.95
12/13/2006 8.95
12/12/2006 8.97
12/11/2006 8.95
12/8/2006 8.94
12/7/2006 8.96
12/6/2006 8.96
12/5/2006 8.98
12/4/2006 8.98
12/1/2006 8.98
11/30/2006 8.96
11/29/2006 8.92
11/28/2006 8.92
11/27/2006 8.91
11/24/2006 8.91
11/22/2006 8.91
11/21/2006 8.91
11/20/2006 8.91
11/17/2006 8.9
11/16/2006 8.88
11/15/2006 8.89
11/14/2006 8.9
11/13/2006 8.88
11/10/2006 8.9
11/9/2006 8.89
11/8/2006 8.89
11/7/2006 8.87
11/6/2006 8.86
11/3/2006 8.86
11/2/2006 8.89
11/1/2006 8.9
10/31/2006 8.88
10/30/2006 8.83
10/27/2006 8.83
10/26/2006 8.81
10/25/2006 8.79
10/24/2006 8.77
10/23/2006 8.77
10/20/2006 8.79
10/19/2006 8.79
10/18/2006 8.8
10/17/2006 8.79
10/16/2006 8.79
10/13/2006 8.77
10/12/2006 8.78
10/11/2006 8.77
10/10/2006 8.79
10/9/2006 8.81
10/6/2006 8.81
10/5/2006 8.84
10/4/2006 8.85
10/3/2006 8.83
10/2/2006 8.83
9/29/2006 8.83
9/28/2006 8.79
9/27/2006 8.8
9/26/2006 8.81
9/25/2006 8.81
9/22/2006 8.81
9/21/2006 8.8
9/20/2006 8.78
9/19/2006 8.77
9/18/2006 8.75
9/15/2006 8.75
9/14/2006 8.76
9/13/2006 8.77
9/12/2006 8.77
9/11/2006 8.76
9/8/2006 8.77
9/7/2006 8.77
9/6/2006 8.76
9/5/2006 8.77
9/1/2006 8.78
8/31/2006 8.77
8/30/2006 8.72
8/29/2006 8.72
8/28/2006 8.71
8/25/2006 8.72
8/24/2006 8.71
8/23/2006 8.7
8/22/2006 8.71
8/21/2006 8.71
8/18/2006 8.71
8/17/2006 8.69
8/16/2006 8.7
8/15/2006 8.67
8/14/2006 8.64
8/11/2006 8.66
8/10/2006 8.66
8/9/2006 8.67
8/8/2006 8.66
8/7/2006 8.66
8/4/2006 8.67
8/3/2006 8.65
8/2/2006 8.65
8/1/2006 8.64
7/31/2006 8.63
7/28/2006 8.59
7/27/2006 8.56
7/26/2006 8.56
7/25/2006 8.54
7/24/2006 8.55
7/21/2006 8.55
7/20/2006 8.56
7/19/2006 8.54
7/18/2006 8.51
7/17/2006 8.53
7/14/2006 8.53
7/13/2006 8.53
7/12/2006 8.52
7/11/2006 8.52
7/10/2006 8.52
7/7/2006 8.52
7/6/2006 8.49
7/5/2006 8.47
7/3/2006 8.51
6/30/2006 8.52
6/29/2006 8.45
6/28/2006 8.43
6/27/2006 8.44
6/26/2006 8.43
6/23/2006 8.44
6/22/2006 8.45
6/21/2006 8.48
6/20/2006 8.48
6/19/2006 8.5
6/16/2006 8.5
6/15/2006 8.51
6/14/2006 8.57
6/13/2006 8.57
6/12/2006 8.56
6/9/2006 8.57
6/8/2006 8.57
6/7/2006 8.56
6/6/2006 8.57
6/5/2006 8.57
6/2/2006 8.58
6/1/2006 8.53
5/31/2006 8.52
5/30/2006 8.5
5/26/2006 8.51
5/25/2006 8.5
5/24/2006 8.51
5/23/2006 8.51
5/22/2006 8.52
5/19/2006 8.51
5/18/2006 8.51
5/17/2006 8.48
5/16/2006 8.5
5/15/2006 8.48
5/12/2006 8.48
5/11/2006 8.49
5/10/2006 8.51
5/9/2006 8.51
5/8/2006 8.51
5/5/2006 8.52
5/4/2006 8.49
5/3/2006 8.49
5/2/2006 8.52
5/1/2006 8.51
4/28/2006 8.54
4/27/2006 8.5
4/26/2006 8.48
4/25/2006 8.51
4/24/2006 8.54
4/21/2006 8.53
4/20/2006 8.52
4/19/2006 8.52
4/18/2006 8.53
4/17/2006 8.52
4/13/2006 8.51
4/12/2006 8.53
4/11/2006 8.54
4/10/2006 8.53
4/7/2006 8.54
4/6/2006 8.57
4/5/2006 8.58
4/4/2006 8.57
4/3/2006 8.57
3/31/2006 8.58
3/30/2006 8.54
3/29/2006 8.56
3/28/2006 8.57
3/27/2006 8.6
3/24/2006 8.61
3/23/2006 8.58
3/22/2006 8.59
3/21/2006 8.57
3/20/2006 8.6
3/17/2006 8.59
3/16/2006 8.6
3/15/2006 8.57
3/14/2006 8.59
3/13/2006 8.55
3/10/2006 8.56
3/9/2006 8.56
3/8/2006 8.56
3/7/2006 8.56
3/6/2006 8.56
3/3/2006 8.58
3/2/2006 8.59
3/1/2006 8.61
2/28/2006 8.63
2/27/2006 8.59
2/24/2006 8.59
2/23/2006 8.59
2/22/2006 8.6
2/21/2006 8.6
2/17/2006 8.6
2/16/2006 8.58
2/15/2006 8.56
2/14/2006 8.56
2/13/2006 8.58
2/10/2006 8.59
2/9/2006 8.6
2/8/2006 8.6
2/7/2006 8.6
2/6/2006 8.6
2/3/2006 8.6
2/2/2006 8.6
2/1/2006 8.6
1/31/2006 8.61
1/30/2006 8.58
1/27/2006 8.59
1/26/2006 8.58
1/25/2006 8.6
1/24/2006 8.64
1/23/2006 8.64
1/20/2006 8.64
1/19/2006 8.63
1/18/2006 8.64
1/17/2006 8.64
1/13/2006 8.64
1/12/2006 8.61
1/11/2006 8.59
1/10/2006 8.6
1/9/2006 8.63
1/6/2006 8.63
1/5/2006 8.63
1/4/2006 8.62
1/3/2006 8.59
12/30/2005 8.59
12/29/2005 8.55
12/28/2005 8.56
12/27/2005 8.57
12/23/2005 8.55
12/22/2005 8.54
12/21/2005 8.53
12/20/2005 8.53
12/19/2005 8.53
12/16/2005 8.53
12/15/2005 8.52
12/14/2005 8.53
12/13/2005 8.49
12/12/2005 8.48
12/9/2005 8.48
12/8/2005 8.5
12/7/2005 8.48
12/6/2005 8.48
12/5/2005 8.45
12/2/2005 8.46
12/1/2005 8.46
11/30/2005 8.48
11/29/2005 8.46
11/28/2005 8.48
11/25/2005 8.48
11/23/2005 8.47
11/22/2005 8.48
11/21/2005 8.46
11/18/2005 8.44
11/17/2005 8.47
11/16/2005 8.45
11/15/2005 8.43
11/14/2005 8.42
11/11/2005 8.45
11/10/2005 8.45
11/9/2005 8.42
11/8/2005 8.44
11/7/2005 8.42
11/4/2005 8.41
11/3/2005 8.41
11/2/2005 8.42
11/1/2005 8.44
10/31/2005 8.45
10/28/2005 8.42
10/27/2005 8.41
10/26/2005 8.4
10/25/2005 8.43
10/24/2005 8.45
10/21/2005 8.47
10/20/2005 8.45
10/19/2005 8.46
10/18/2005 8.45
10/17/2005 8.44
10/14/2005 8.44
10/13/2005 8.45
10/12/2005 8.46
10/11/2005 8.47
10/10/2005 8.48
10/7/2005 8.48
10/6/2005 8.48
10/5/2005 8.48
10/4/2005 8.47
10/3/2005 8.47
9/30/2005 8.49
9/29/2005 8.48
9/28/2005 8.48
9/27/2005 8.48
9/26/2005 8.48
9/23/2005 8.48
9/22/2005 8.5
9/21/2005 8.5
9/20/2005 8.48
9/19/2005 8.49
9/16/2005 8.48
9/15/2005 8.5
9/14/2005 8.51
9/13/2005 8.51
9/12/2005 8.51
9/9/2005 8.51
9/8/2005 8.52
9/7/2005 8.52
9/6/2005 8.52
9/2/2005 8.55
9/1/2005 8.55
8/31/2005 8.53
8/30/2005 8.48
8/29/2005 8.47
8/26/2005 8.48
8/25/2005 8.48
8/24/2005 8.47
8/23/2005 8.47
8/22/2005 8.47
8/19/2005 8.47
8/18/2005 8.47
8/17/2005 8.45
8/16/2005 8.47
8/15/2005 8.45
8/12/2005 8.47
8/11/2005 8.45
8/10/2005 8.43
8/9/2005 8.43
8/8/2005 8.42
8/5/2005 8.43
8/4/2005 8.45
8/3/2005 8.46
8/2/2005 8.44
8/1/2005 8.45
7/29/2005 8.46
7/28/2005 8.44
7/27/2005 8.44
7/26/2005 8.44
7/25/2005 8.44
7/22/2005 8.44
7/21/2005 8.43
7/20/2005 8.46
7/19/2005 8.45
7/18/2005 8.44
7/15/2005 8.45
7/14/2005 8.45
7/13/2005 8.45
7/12/2005 8.46
7/11/2005 8.46
7/8/2005 8.48
7/7/2005 8.48
7/6/2005 8.47
7/5/2005 8.46
7/1/2005 8.48
6/30/2005 8.49
6/29/2005 8.44
6/28/2005 8.45
6/27/2005 8.46
6/24/2005 8.46
6/23/2005 8.46
6/22/2005 8.46
6/21/2005 8.44
6/20/2005 8.44
6/17/2005 8.44
6/16/2005 8.44
6/15/2005 8.44
6/14/2005 8.44
6/13/2005 8.44
6/10/2005 8.44
6/9/2005 8.46
6/8/2005 8.46
6/7/2005 8.47
6/6/2005 8.46
6/3/2005 8.47
6/2/2005 8.48
6/1/2005 8.48
5/31/2005 8.47
5/27/2005 8.42
5/26/2005 8.42
5/25/2005 8.42
5/24/2005 8.42
5/23/2005 8.42
5/20/2005 8.4
5/19/2005 8.41
5/18/2005 8.42
5/17/2005 8.41
5/16/2005 8.4
5/13/2005 8.41
5/12/2005 8.4
5/11/2005 8.4
5/10/2005 8.4
5/9/2005 8.39
5/6/2005 8.39
5/5/2005 8.42
5/4/2005 8.41
5/3/2005 8.4
5/2/2005 8.4
4/29/2005 8.39
4/28/2005 8.37
4/27/2005 8.36
4/26/2005 8.35
4/25/2005 8.36
4/22/2005 8.37
4/21/2005 8.36
4/20/2005 8.38
4/19/2005 8.38
4/18/2005 8.36
4/15/2005 8.36
4/14/2005 8.35
4/13/2005 8.34
4/12/2005 8.35
4/11/2005 8.31
4/8/2005 8.31
4/7/2005 8.32
4/6/2005 8.33
4/5/2005 8.32
4/4/2005 8.33
4/1/2005 8.33
3/31/2005 8.31
3/30/2005 8.26
3/29/2005 8.24
3/28/2005 8.23
3/24/2005 8.24
3/23/2005 8.24
3/22/2005 8.25
3/21/2005 8.27
3/18/2005 8.29
3/17/2005 8.3
3/16/2005 8.29
3/15/2005 8.28
3/14/2005 8.29
3/11/2005 8.28
3/10/2005 8.31
3/9/2005 8.31
3/8/2005 8.34
3/7/2005 8.36
3/4/2005 8.35
3/3/2005 8.33
3/2/2005 8.33
3/1/2005 8.33
2/28/2005 8.34
2/25/2005 8.34
2/24/2005 8.34
2/23/2005 8.35
2/22/2005 8.34
2/18/2005 8.35
2/17/2005 8.36
2/16/2005 8.36
2/15/2005 8.36
2/14/2005 8.37
2/11/2005 8.37
2/10/2005 8.39
2/9/2005 8.39
2/8/2005 8.39
2/7/2005 8.39
2/4/2005 8.39
2/3/2005 8.37
2/2/2005 8.37
2/1/2005 8.37
1/31/2005 8.37
1/28/2005 8.34
1/27/2005 8.33
1/26/2005 8.33
1/25/2005 8.34
1/24/2005 8.35
1/21/2005 8.35
1/20/2005 8.34
1/19/2005 8.33
1/18/2005 8.32
1/14/2005 8.32
1/13/2005 8.33
1/12/2005 8.33
1/11/2005 8.32
1/10/2005 8.31
1/7/2005 8.3
1/6/2005 8.3
1/5/2005 8.29
1/4/2005 8.29
1/3/2005 8.31
12/31/2004 8.31
12/30/2004 8.27
12/29/2004 8.25
12/28/2004 8.25
12/27/2004 8.26
12/23/2004 8.27
12/22/2004 8.27
12/21/2004 8.28
12/20/2004 8.27
12/17/2004 8.27
12/16/2004 8.28
12/15/2004 8.29
12/14/2004 8.29
12/13/2004 8.28
12/10/2004 8.3
12/9/2004 8.29
12/8/2004 8.3
12/7/2004 8.29
12/6/2004 8.29
12/3/2004 8.28
12/2/2004 8.24
12/1/2004 8.25
11/30/2004 8.25
11/29/2004 8.23
11/26/2004 8.24
11/24/2004 8.25
11/23/2004 8.26
11/22/2004 8.25
11/19/2004 8.25
11/18/2004 8.26
11/17/2004 8.25
11/16/2004 8.24
11/15/2004 8.24
11/12/2004 8.24
11/11/2004 8.24
11/10/2004 8.24
11/9/2004 8.26
11/8/2004 8.26
11/5/2004 8.25
11/4/2004 8.28
11/3/2004 8.28
11/2/2004 8.27
11/1/2004 8.27
10/29/2004 8.28
10/28/2004 8.23
10/27/2004 8.23
10/26/2004 8.25
10/25/2004 8.25
10/22/2004 8.25
10/21/2004 8.25
10/20/2004 8.25
10/19/2004 8.24
10/18/2004 8.24
10/15/2004 8.23
10/14/2004 8.25
10/13/2004 8.23
10/12/2004 8.23
10/11/2004 8.22
10/8/2004 8.22
10/7/2004 8.19
10/6/2004 8.2
10/5/2004 8.21
10/4/2004 8.21
10/1/2004 8.2
9/30/2004 8.21
9/29/2004 8.18
9/28/2004 8.21
9/27/2004 8.21
9/24/2004 8.2
9/23/2004 8.21
9/22/2004 8.21
9/21/2004 8.21
9/20/2004 8.21
9/17/2004 8.19
9/16/2004 8.21
9/15/2004 8.19
9/14/2004 8.2
9/13/2004 8.2
9/10/2004 8.2
9/9/2004 8.19
9/8/2004 8.21
9/7/2004 8.18
9/3/2004 8.17
9/2/2004 8.18
9/1/2004 8.2
8/31/2004 8.2
8/30/2004 8.15
8/27/2004 8.15
8/26/2004 8.15
8/25/2004 8.14
8/24/2004 8.13
8/23/2004 8.13
8/20/2004 8.14
8/19/2004 8.15
8/18/2004 8.14
8/17/2004 8.14
8/16/2004 8.13
8/13/2004 8.14
8/12/2004 8.13
8/11/2004 8.13
8/10/2004 8.13
8/9/2004 8.14
8/6/2004 8.14
8/5/2004 8.1
8/4/2004 8.09
8/3/2004 8.09
8/2/2004 8.08
7/30/2004 8.08
7/29/2004 8.03
7/28/2004 8.02
7/27/2004 8
7/26/2004 8.04
7/23/2004 8.05
7/22/2004 8.05
7/21/2004 8.03
7/20/2004 8.04
7/19/2004 8.06
7/16/2004 8.07
7/15/2004 8.03
7/14/2004 8.03
7/13/2004 8.03
7/12/2004 8.06
7/9/2004 8.06
7/8/2004 8.05
7/7/2004 8.05
7/6/2004 8.05
7/2/2004 8.06
7/1/2004 8.03
6/30/2004 8
6/29/2004 7.93
6/28/2004 7.93
6/25/2004 7.96
6/24/2004 7.95
6/23/2004 7.93
6/22/2004 7.93
6/21/2004 7.93
6/18/2004 7.93
6/17/2004 7.93
6/16/2004 7.91
6/15/2004 7.93
6/14/2004 7.85
6/10/2004 7.89
6/9/2004 7.89
6/8/2004 7.92
6/7/2004 7.92
6/4/2004 7.91
6/3/2004 7.92
6/2/2004 7.9
6/1/2004 7.92
5/28/2004 7.93
5/27/2004 7.93
5/26/2004 7.9
5/25/2004 7.88
5/24/2004 7.88
5/21/2004 7.87
5/20/2004 7.88
5/19/2004 7.86
5/18/2004 7.88
5/17/2004 7.9
5/14/2004 7.87
5/13/2004 7.83
5/12/2004 7.86
5/11/2004 7.86
5/10/2004 7.84
5/7/2004 7.83
5/6/2004 7.9
5/5/2004 7.92
5/4/2004 7.94
5/3/2004 7.95
4/30/2004 7.95
4/29/2004 7.91
4/28/2004 7.94
4/27/2004 7.96
4/26/2004 7.95
4/23/2004 7.96
4/22/2004 7.98
4/21/2004 7.96
4/20/2004 7.99
4/19/2004 7.99
4/16/2004 7.99
4/15/2004 7.98
4/14/2004 7.98
4/13/2004 8
4/12/2004 8.03
4/8/2004 8.03
4/7/2004 8.05
4/6/2004 8.04
4/5/2004 8.03
4/2/2004 8.05
4/1/2004 8.09
3/31/2004 8.1
3/30/2004 8.06
3/29/2004 8.06
3/26/2004 8.08
3/25/2004 8.09
3/24/2004 8.1
3/23/2004 8.09
3/22/2004 8.09
3/19/2004 8.08
3/18/2004 8.09
3/17/2004 8.1
3/16/2004 8.1
3/15/2004 8.08
3/12/2004 8.09
3/11/2004 8.09
3/10/2004 8.11
3/9/2004 8.11
3/8/2004 8.11
3/5/2004 8.09
3/4/2004 8.05
3/3/2004 8.05
3/2/2004 8.05
3/1/2004 8.07
2/27/2004 8.07
2/26/2004 8.03
2/25/2004 8.04
2/24/2004 8.03
2/23/2004 8.03
2/20/2004 8.02
2/19/2004 8.03
2/18/2004 8.04
2/17/2004 8.04
2/13/2004 8.04
2/12/2004 8.04
2/11/2004 8.06
2/10/2004 8.04
2/9/2004 8.04
2/6/2004 8.04
2/5/2004 8.01
2/4/2004 8.04
2/3/2004 8.04
2/2/2004 8.03
1/30/2004 8.02
1/29/2004 7.97
1/28/2004 7.97
1/27/2004 8
1/26/2004 7.99
1/23/2004 8
1/22/2004 8.03
1/21/2004 8.01
1/20/2004 8
1/16/2004 8.01
1/15/2004 8.02
1/14/2004 8.02
1/13/2004 8.03
1/12/2004 8.03
1/9/2004 8.03
1/8/2004 7.99
1/7/2004 8
1/6/2004 7.99
1/5/2004 7.96
1/2/2004 7.95
12/31/2003 7.97
12/30/2003 7.94
12/29/2003 7.94
12/26/2003 7.96
12/24/2003 7.95
12/23/2003 7.93
12/22/2003 7.96
12/19/2003 7.97
12/18/2003 7.97
12/17/2003 7.96
12/16/2003 7.96
12/15/2003 7.94
12/12/2003 7.95
12/11/2003 7.95
12/10/2003 7.94
12/9/2003 7.93
12/8/2003 7.94
12/5/2003 7.96
12/4/2003 7.91
12/3/2003 7.9
12/2/2003 7.9
12/1/2003 7.9
11/28/2003 7.92
11/26/2003 7.9
11/25/2003 7.92
11/24/2003 7.9
11/21/2003 7.92
11/20/2003 7.92
11/19/2003 7.91
11/18/2003 7.93
11/17/2003 7.93
11/14/2003 7.92
11/13/2003 7.91
11/12/2003 7.89
11/11/2003 7.86
11/10/2003 7.86
11/7/2003 7.86
11/6/2003 7.86
11/5/2003 7.88
11/4/2003 7.89
11/3/2003 7.87
10/31/2003 7.89
10/30/2003 7.85
10/29/2003 7.86
10/28/2003 7.87
10/27/2003 7.86
10/24/2003 7.86
10/23/2003 7.84
10/22/2003 7.85
10/21/2003 7.83
10/20/2003 7.83
10/17/2003 7.82
10/16/2003 7.8
10/15/2003 7.83
10/14/2003 7.84
10/13/2003 7.86
10/10/2003 7.88
10/9/2003 7.86
10/8/2003 7.87
10/7/2003 7.86
10/6/2003 7.88
10/3/2003 7.86
10/2/2003 7.91
10/1/2003 7.92
9/30/2003 7.92
9/29/2003 7.89
9/26/2003 7.89
9/25/2003 7.87
9/24/2003 7.87
9/23/2003 7.84
9/22/2003 7.84
9/19/2003 7.85
9/18/2003 7.84
9/17/2003 7.85
9/16/2003 7.82
9/15/2003 7.84
9/12/2003 7.83
9/11/2003 7.83
9/10/2003 7.84
9/9/2003 7.81
9/8/2003 7.81
9/5/2003 7.81
9/4/2003 7.75
9/3/2003 7.72
9/2/2003 7.73
8/29/2003 7.76
8/28/2003 7.74
8/27/2003 7.71
8/26/2003 7.72
8/25/2003 7.7
8/22/2003 7.72
8/21/2003 7.71
8/20/2003 7.75
8/19/2003 7.76
8/18/2003 7.71
8/15/2003 7.69
8/14/2003 7.67
8/13/2003 7.68
8/12/2003 7.76
8/11/2003 7.76
8/8/2003 7.8
8/7/2003 7.79
8/6/2003 7.77
8/5/2003 7.69
8/4/2003 7.7
8/1/2003 7.68
7/31/2003 7.69
7/30/2003 7.72
7/29/2003 7.72
7/28/2003 7.77
7/25/2003 7.81
7/24/2003 7.81
7/23/2003 7.82
7/22/2003 7.81
7/21/2003 7.82
7/18/2003 7.86
7/17/2003 7.85
7/16/2003 7.85
7/15/2003 7.88
7/14/2003 7.91
7/11/2003 7.94
7/10/2003 7.93
7/9/2003 7.92
7/8/2003 7.92
7/7/2003 7.92
7/3/2003 7.93
7/2/2003 7.94
7/1/2003 7.94
6/30/2003 7.94
6/27/2003 7.9
6/26/2003 7.91
6/25/2003 7.92
6/24/2003 7.93
6/23/2003 7.92
6/20/2003 7.92
6/19/2003 7.92
6/18/2003 7.92
6/17/2003 7.92
6/16/2003 7.93
6/13/2003 7.93
6/12/2003 7.93
6/11/2003 7.94
6/10/2003 7.94
6/9/2003 7.94
6/6/2003 7.93
6/5/2003 7.92
6/4/2003 7.93
6/3/2003 7.92
6/2/2003 7.92
5/30/2003 7.92
5/29/2003 7.9
5/28/2003 7.89
5/27/2003 7.9
5/23/2003 7.9
5/22/2003 7.9
5/21/2003 7.9
5/20/2003 7.91
5/19/2003 7.91
5/16/2003 7.91
5/15/2003 7.9
5/14/2003 7.91
5/13/2003 7.89
5/12/2003 7.91
5/9/2003 7.91
5/8/2003 7.91
5/7/2003 7.91
5/6/2003 7.9
5/5/2003 7.88
5/2/2003 7.88
5/1/2003 7.89
4/30/2003 7.89
4/29/2003 7.84
4/28/2003 7.85
4/25/2003 7.85
4/24/2003 7.84
4/23/2003 7.84
4/22/2003 7.83
4/21/2003 7.83
4/17/2003 7.84
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4/15/2003 7.84
4/14/2003 7.82
4/11/2003 7.83
4/10/2003 7.85
4/9/2003 7.86
4/8/2003 7.84
4/7/2003 7.83
4/4/2003 7.84
4/3/2003 7.84
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3/31/2003 7.86
3/28/2003 7.82
3/27/2003 7.81
3/26/2003 7.8
3/25/2003 7.8
3/24/2003 7.8
3/21/2003 7.77
3/20/2003 7.78
3/19/2003 7.8
3/18/2003 7.8
3/17/2003 7.82
3/14/2003 7.83
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3/12/2003 7.86
3/11/2003 7.87
3/10/2003 7.87
3/7/2003 7.86
3/6/2003 7.86
3/5/2003 7.87
3/4/2003 7.86
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2/28/2003 7.86
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1/24/2003 7.84
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12/18/2002 7.79
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12/13/2002 7.78
12/12/2002 7.78
12/11/2002 7.8
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12/6/2002 7.78
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11/13/2002 7.79
11/12/2002 7.8
11/11/2002 7.8
11/8/2002 7.8
11/7/2002 7.8
11/6/2002 7.78
11/5/2002 7.77
11/4/2002 7.77
11/1/2002 7.78
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10/21/2002 7.69
10/18/2002 7.69
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10/16/2002 7.72
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9/11/2002 7.69
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9/6/2002 7.7
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8/30/2002 7.69
8/29/2002 7.66
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8/21/2002 7.66
8/20/2002 7.66
8/19/2002 7.63
8/16/2002 7.64
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8/14/2002 7.67
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8/12/2002 7.66
8/9/2002 7.66
8/8/2002 7.64
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8/5/2002 7.67
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8/1/2002 7.64
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7/26/2002 7.6
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7/18/2002 7.57
7/17/2002 7.55
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7/12/2002 7.57
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7/9/2002 7.55
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6/28/2002 7.52
6/27/2002 7.49
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6/21/2002 7.5
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6/14/2002 7.49
6/13/2002 7.47
6/12/2002 7.47
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6/10/2002 7.44
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5/30/2002 7.46
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5/28/2002 7.44
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5/21/2002 7.45
5/20/2002 7.43
5/17/2002 7.42
5/16/2002 7.44
5/15/2002 7.41
5/14/2002 7.4
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5/10/2002 7.44
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5/8/2002 7.42
5/7/2002 7.44
5/6/2002 7.44
5/3/2002 7.44
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4/30/2002 7.44
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4/19/2002 7.41
4/18/2002 7.41
4/17/2002 7.4
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4/15/2002 7.41
4/12/2002 7.4
4/11/2002 7.38
4/10/2002 7.39
4/9/2002 7.38
4/8/2002 7.38
4/5/2002 7.38
4/4/2002 7.37
4/3/2002 7.36
4/2/2002 7.34
4/1/2002 7.32
3/28/2002 7.33
3/27/2002 7.31
3/26/2002 7.3
3/25/2002 7.27
3/22/2002 7.28
3/21/2002 7.28
3/20/2002 7.28
3/19/2002 7.31
3/18/2002 7.3
3/15/2002 7.29
3/14/2002 7.3
3/13/2002 7.32
3/12/2002 7.31
3/11/2002 7.31
3/8/2002 7.31
3/7/2002 7.35
3/6/2002 7.38
3/5/2002 7.38
3/4/2002 7.39
3/1/2002 7.4
2/28/2002 7.42
2/27/2002 7.38
2/26/2002 7.35
2/25/2002 7.37
2/22/2002 7.38
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2/20/2002 7.37
2/19/2002 7.37
2/15/2002 7.38
2/14/2002 7.37
2/13/2002 7.35
2/12/2002 7.37
2/11/2002 7.37
2/8/2002 7.37
2/7/2002 7.35
2/6/2002 7.35
2/5/2002 7.36
2/4/2002 7.36
2/1/2002 7.35
1/31/2002 7.33
1/30/2002 7.3
1/29/2002 7.3
1/28/2002 7.28
1/25/2002 7.28
1/24/2002 7.28
1/23/2002 7.28
1/22/2002 7.3
1/18/2002 7.3
1/17/2002 7.29
1/16/2002 7.31
1/15/2002 7.32
1/14/2002 7.32
1/11/2002 7.33
1/10/2002 7.3
1/9/2002 7.28
1/8/2002 7.28
1/7/2002 7.27
1/4/2002 7.25
1/3/2002 7.25
1/2/2002 7.23
12/31/2001 7.25
12/28/2001 7.18
12/27/2001 7.18
12/26/2001 7.17
12/24/2001 7.18
12/21/2001 7.2
12/20/2001 7.2
12/19/2001 7.21
12/18/2001 7.18
12/17/2001 7.16
12/14/2001 7.18
12/13/2001 7.21
12/12/2001 7.24
12/11/2001 7.21
12/10/2001 7.2
12/7/2001 7.2
12/6/2001 7.23
12/5/2001 7.25
12/4/2001 7.3
12/3/2001 7.28
11/30/2001 7.28
11/29/2001 7.22
11/28/2001 7.2
11/27/2001 7.2
11/26/2001 7.2
11/23/2001 7.2
11/22/2001 7.21
11/21/2001 7.21
11/20/2001 7.24
11/19/2001 7.25
11/16/2001 7.22
11/15/2001 7.26
11/14/2001 7.29
11/13/2001 7.31
11/12/2001 7.33
11/9/2001 7.33
11/8/2001 7.33
11/7/2001 7.35
11/6/2001 7.35
11/5/2001 7.33
11/2/2001 7.33
11/1/2001 7.35
10/31/2001 7.35
10/30/2001 7.3
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10/26/2001 7.28
10/25/2001 7.28
10/24/2001 7.27
10/23/2001 7.26
10/22/2001 7.26
10/19/2001 7.26
10/18/2001 7.27
10/17/2001 7.28
10/16/2001 7.27
10/15/2001 7.26
10/12/2001 7.24
10/11/2001 7.24
10/10/2001 7.25
10/9/2001 7.27
10/8/2001 7.27
10/5/2001 7.27
10/4/2001 7.27
10/3/2001 7.26
10/2/2001 7.26
10/1/2001 7.26
9/28/2001 7.26
9/27/2001 7.22
9/26/2001 7.21
9/25/2001 7.21
9/24/2001 7.2
9/21/2001 7.21
9/20/2001 7.21
9/19/2001 7.21
9/18/2001 7.19
9/17/2001 7.21
9/10/2001 7.17
9/7/2001 7.17
9/6/2001 7.16
9/5/2001 7.14
9/4/2001 7.13
8/31/2001 7.16
8/30/2001 7.13
8/29/2001 7.13
8/28/2001 7.11
8/27/2001 7.09
8/24/2001 7.1
8/23/2001 7.11
8/22/2001 7.11
8/21/2001 7.1
8/20/2001 7.09
8/17/2001 7.11
8/16/2001 7.1
8/15/2001 7.09
8/14/2001 7.1
8/13/2001 7.11
8/10/2001 7.1
8/9/2001 7.1
8/8/2001 7.11
8/7/2001 7.08
8/6/2001 7.08
8/3/2001 7.07
8/2/2001 7.08
8/1/2001 7.1
7/31/2001 7.11
7/30/2001 7.05
7/27/2001 7.05
7/26/2001 7.03
7/25/2001 7.03
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7/23/2001 7.03
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7/18/2001 7.05
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7/16/2001 7.02
7/13/2001 7.01
7/12/2001 7.01
7/11/2001 7.01
7/10/2001 7.01
7/9/2001 6.99
7/6/2001 6.99
7/5/2001 6.98
7/3/2001 6.98
7/2/2001 6.99
6/29/2001 6.97
6/28/2001 6.94
6/27/2001 6.97
6/26/2001 6.98
6/25/2001 6.99
6/22/2001 6.99
6/21/2001 6.98
6/20/2001 6.98
6/19/2001 6.97
6/18/2001 6.97
6/15/2001 6.98
6/14/2001 6.98
6/13/2001 6.98
6/12/2001 6.98
6/11/2001 6.97
6/8/2001 6.96
6/7/2001 6.97
6/6/2001 6.98
6/5/2001 6.98
6/4/2001 6.97
6/1/2001 6.96
5/31/2001 6.96
5/30/2001 6.88
5/29/2001 6.88
5/25/2001 6.88
5/24/2001 6.88
5/23/2001 6.91
5/22/2001 6.91
5/21/2001 6.91
5/18/2001 6.91
5/17/2001 6.91
5/16/2001 6.91
5/15/2001 6.9
5/14/2001 6.9
5/11/2001 6.89
5/10/2001 6.94
5/9/2001 6.96
5/8/2001 6.95
5/7/2001 6.95
5/4/2001 6.95
5/3/2001 6.94
5/2/2001 6.93
5/1/2001 6.92
4/30/2001 6.91
4/27/2001 6.87
4/26/2001 6.89
4/25/2001 6.89
4/24/2001 6.89
4/23/2001 6.89
4/20/2001 6.89
4/19/2001 6.88
4/18/2001 6.89
4/17/2001 6.87
4/16/2001 6.85
4/12/2001 6.87
4/11/2001 6.89
4/10/2001 6.89
4/9/2001 6.91
4/6/2001 6.91
4/5/2001 6.9
4/4/2001 6.91
4/3/2001 6.9
4/2/2001 6.89
3/30/2001 6.9
3/29/2001 6.85
3/28/2001 6.85
3/27/2001 6.84
3/26/2001 6.87
3/23/2001 6.88
3/22/2001 6.9
3/21/2001 6.89
3/20/2001 6.88
3/19/2001 6.87
3/16/2001 6.88
3/15/2001 6.88
3/14/2001 6.86
3/13/2001 6.84
3/12/2001 6.85
3/9/2001 6.85
3/8/2001 6.86
3/7/2001 6.85
3/6/2001 6.84
3/5/2001 6.84
3/2/2001 6.84
3/1/2001 6.86
2/28/2001 6.86
2/27/2001 6.81
2/26/2001 6.8
2/23/2001 6.79
2/22/2001 6.78
2/21/2001 6.79
2/20/2001 6.79
2/16/2001 6.79
2/15/2001 6.77
2/14/2001 6.78
2/13/2001 6.79
2/12/2001 6.81
2/9/2001 6.81
2/8/2001 6.81
2/7/2001 6.81
2/6/2001 6.81
2/5/2001 6.81
2/2/2001 6.82
2/1/2001 6.84
1/31/2001 6.83
1/30/2001 6.77
1/29/2001 6.76
1/26/2001 6.76
1/25/2001 6.75
1/24/2001 6.74
1/23/2001 6.74
1/22/2001 6.75
1/19/2001 6.76
1/18/2001 6.77
1/17/2001 6.76
1/16/2001 6.74
1/12/2001 6.74
1/11/2001 6.76
1/10/2001 6.76
1/9/2001 6.78
1/8/2001 6.79
1/5/2001 6.79
1/4/2001 6.77
1/3/2001 6.74
1/2/2001 6.76
12/29/2000 6.72
12/28/2000 6.67
12/27/2000 6.68
12/26/2000 6.69
12/22/2000 6.7
12/21/2000 6.7
12/20/2000 6.69
12/19/2000 6.67
12/18/2000 6.68
12/15/2000 6.68
12/14/2000 6.68
12/13/2000 6.67
12/12/2000 6.66
12/11/2000 6.65
12/8/2000 6.66
12/7/2000 6.67
12/6/2000 6.67
12/5/2000 6.64
12/4/2000 6.61
12/1/2000 6.61
11/30/2000 6.63
11/29/2000 6.57
11/28/2000 6.56
11/27/2000 6.56
11/24/2000 6.55
11/22/2000 6.55
11/21/2000 6.54
11/20/2000 6.54
11/17/2000 6.54
11/16/2000 6.56
11/15/2000 6.55
11/14/2000 6.54
11/13/2000 6.54
11/10/2000 6.53
11/9/2000 6.53
11/8/2000 6.52
11/7/2000 6.52
11/6/2000 6.52
11/3/2000 6.53
11/2/2000 6.54
11/1/2000 6.54
10/31/2000 6.52
10/30/2000 6.49
10/27/2000 6.5
10/26/2000 6.51
10/25/2000 6.52
10/24/2000 6.53
10/23/2000 6.53
10/20/2000 6.53
10/19/2000 6.51
10/18/2000 6.5
10/17/2000 6.49
10/16/2000 6.48
10/13/2000 6.49
10/12/2000 6.49
10/11/2000 6.47
10/10/2000 6.46
10/9/2000 6.46
10/6/2000 6.46
10/5/2000 6.46
10/4/2000 6.46
10/3/2000 6.47
10/2/2000 6.48
9/29/2000 6.49
9/28/2000 6.44
9/27/2000 6.43
9/26/2000 6.43
9/25/2000 6.43
9/22/2000 6.43
9/21/2000 6.42
9/20/2000 6.41
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9/18/2000 6.42
9/15/2000 6.42
9/14/2000 6.42
9/13/2000 6.43
9/12/2000 6.41
9/11/2000 6.41
9/8/2000 6.42
9/7/2000 6.42
9/6/2000 6.43
9/5/2000 6.44
9/1/2000 6.44
8/31/2000 6.42
8/30/2000 6.37
8/29/2000 6.38
8/28/2000 6.38
8/25/2000 6.39
8/24/2000 6.39
8/23/2000 6.39
8/22/2000 6.38
8/21/2000 6.38
8/18/2000 6.38
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8/16/2000 6.38
8/15/2000 6.38
8/14/2000 6.38
8/11/2000 6.38
8/10/2000 6.39
8/9/2000 6.38
8/8/2000 6.38
8/7/2000 6.36
8/4/2000 6.37
8/3/2000 6.35
8/2/2000 6.34
8/1/2000 6.33
7/31/2000 6.32
7/28/2000 6.28
7/27/2000 6.3
7/26/2000 6.29
7/25/2000 6.29
7/24/2000 6.29
7/21/2000 6.31
7/20/2000 6.3
7/19/2000 6.26
7/18/2000 6.26
7/17/2000 6.27
7/14/2000 6.29
7/13/2000 6.31
7/12/2000 6.29
7/11/2000 6.31
7/10/2000 6.3
7/7/2000 6.31
7/6/2000 6.3
7/5/2000 6.32
7/3/2000 6.29
6/30/2000 6.29
6/29/2000 6.25
6/28/2000 6.23
6/27/2000 6.23
6/26/2000 6.23
6/23/2000 6.22
6/22/2000 6.23
6/21/2000 6.25
6/20/2000 6.28
6/19/2000 6.3
6/16/2000 6.3
6/15/2000 6.28
6/14/2000 6.28
6/13/2000 6.26
6/12/2000 6.25
6/9/2000 6.23
6/8/2000 6.25
6/7/2000 6.26
6/6/2000 6.26
6/5/2000 6.25
6/2/2000 6.23
6/1/2000 6.21
5/31/2000 6.18
5/30/2000 6.13
5/26/2000 6.14
5/25/2000 6.11
5/24/2000 6.1
5/23/2000 6.09
5/22/2000 6.1
5/19/2000 6.07
5/18/2000 6.06
5/17/2000 6.08
5/16/2000 6.08
5/15/2000 6.05
5/12/2000 6.05
5/11/2000 6.09
5/10/2000 6.08
5/9/2000 6.07
5/8/2000 6.06
5/5/2000 6.06
5/4/2000 6.09
5/3/2000 6.12
5/2/2000 6.16
5/1/2000 6.15
4/28/2000 6.16
4/27/2000 6.13
4/26/2000 6.16
4/25/2000 6.17
4/24/2000 6.2
4/20/2000 6.2
4/19/2000 6.2
4/18/2000 6.19
4/17/2000 6.2
4/14/2000 6.21
4/13/2000 6.2
4/12/2000 6.18
4/11/2000 6.19
4/10/2000 6.21
4/7/2000 6.2
4/6/2000 6.2
4/5/2000 6.22
4/4/2000 6.22
4/3/2000 6.17
3/31/2000 6.17
3/30/2000 6.1
3/29/2000 6.07
3/28/2000 6.07
3/27/2000 6.08
3/24/2000 6.09
3/23/2000 6.12
3/22/2000 6.09
3/21/2000 6.1
3/20/2000 6.1
3/17/2000 6.11
3/16/2000 6.08
3/15/2000 6.08
3/14/2000 6.07
3/13/2000 6.06
3/10/2000 6.06
3/9/2000 6.08
3/8/2000 6.08
3/7/2000 6.08
3/6/2000 6.08
3/3/2000 6.09
3/2/2000 6.07
3/1/2000 6.08
2/29/2000 6.06
2/28/2000 6.02
2/25/2000 6.04
2/24/2000 6.03
2/23/2000 6.02
2/22/2000 6.03
2/18/2000 5.99
2/17/2000 5.97
2/16/2000 5.98
2/15/2000 5.99
2/14/2000 6
2/11/2000 5.98
2/10/2000 5.98
2/9/2000 5.98
2/8/2000 6
2/7/2000 5.98
2/4/2000 6
2/3/2000 6
2/2/2000 5.99
2/1/2000 6
1/31/2000 5.98
1/28/2000 5.97
1/27/2000 5.97
1/26/2000 5.98
1/25/2000 5.97
1/24/2000 5.97
1/21/2000 5.95
1/20/2000 5.95
1/19/2000 5.96
1/18/2000 5.96
1/14/2000 5.97
1/13/2000 5.99
1/12/2000 5.97
1/11/2000 5.97
1/10/2000 6
1/7/2000 6.02
1/6/2000 6
1/5/2000 5.99
1/4/2000 6.02
1/3/2000 6.02
12/31/1999 6.04
12/30/1999 6.02
12/29/1999 6.01
12/28/1999 6.01
12/27/1999 6.01
12/23/1999 6.01
12/22/1999 6.01
12/21/1999 6.01
12/20/1999 6.01
12/17/1999 6.03
12/16/1999 6.03
12/15/1999 6.04
12/14/1999 6.05
12/13/1999 6.08
12/10/1999 6.09
12/9/1999 6.07
12/8/1999 6.07
12/7/1999 6.08
12/6/1999 6.07
12/3/1999 6.06
12/2/1999 6.04
12/1/1999 6.04
11/30/1999 6.06
11/29/1999 6.02
11/26/1999 6.04
11/24/1999 6.05
11/23/1999 6.05
11/22/1999 6.05
11/19/1999 6.06
11/18/1999 6.06
11/17/1999 6.06
11/16/1999 6.07
11/15/1999 6.08
11/12/1999 6.08
11/11/1999 6.06
11/10/1999 6.06
11/9/1999 6.08
11/8/1999 6.08
11/5/1999 6.09
11/4/1999 6.08
11/3/1999 6.06
11/2/1999 6.05
11/1/1999 6.05
10/29/1999 6.06
10/28/1999 5.99
10/27/1999 5.96
10/26/1999 5.95
10/25/1999 5.95
10/22/1999 5.96
10/21/1999 5.96
10/20/1999 5.96
10/19/1999 5.96
10/18/1999 5.97
10/15/1999 5.97
10/14/1999 5.96
10/13/1999 5.98
10/12/1999 5.99
10/11/1999 6.01
10/8/1999 6.01
10/7/1999 5.99
10/6/1999 5.99
10/5/1999 5.99
10/4/1999 6.01
10/1/1999 6
9/30/1999 6.02
9/29/1999 5.97
9/28/1999 6
9/27/1999 6.01
9/24/1999 6.03
9/23/1999 6
9/22/1999 5.98
9/21/1999 5.97
9/20/1999 5.98
9/17/1999 6
9/16/1999 6
9/15/1999 5.98
9/14/1999 5.97
9/13/1999 5.97
9/10/1999 5.98
9/9/1999 5.95
9/8/1999 5.96
9/7/1999 5.94
9/3/1999 5.96
9/2/1999 5.91
9/1/1999 5.92
8/31/1999 5.91
8/30/1999 5.89
8/27/1999 5.94
8/26/1999 5.97
8/25/1999 5.99
8/24/1999 5.94
8/23/1999 5.93
8/20/1999 5.92
8/19/1999 5.93
8/18/1999 5.94
8/17/1999 5.95
8/16/1999 5.91
8/13/1999 5.9
8/12/1999 5.85
8/11/1999 5.83
8/10/1999 5.81
8/9/1999 5.83
8/6/1999 5.86
8/5/1999 5.89
8/4/1999 5.88
8/3/1999 5.88
8/2/1999 5.91
7/30/1999 5.92
7/29/1999 5.9
7/28/1999 5.92
7/27/1999 5.91
7/26/1999 5.9
7/23/1999 5.91
7/22/1999 5.94
7/21/1999 5.98
7/20/1999 5.98
7/19/1999 5.98
7/16/1999 5.98
7/15/1999 5.98
7/14/1999 5.98
7/13/1999 5.98
7/12/1999 5.98
7/9/1999 5.96
7/8/1999 5.95
7/7/1999 5.95
7/6/1999 5.95
7/2/1999 5.96
7/1/1999 5.96
6/30/1999 5.96
6/29/1999 5.9
6/28/1999 5.89
6/25/1999 5.88
6/24/1999 5.87
6/23/1999 5.89
6/22/1999 5.91
6/21/1999 5.92
6/18/1999 5.94
6/17/1999 5.95
6/16/1999 5.9
6/15/1999 5.9
6/14/1999 5.9
6/11/1999 5.9
6/10/1999 5.92
6/9/1999 5.94
6/8/1999 5.95
6/7/1999 5.95
6/4/1999 5.95
6/3/1999 5.95
6/2/1999 5.95
6/1/1999 5.97
5/28/1999 6
5/27/1999 5.97
5/26/1999 5.99
5/25/1999 6
5/24/1999 6
5/21/1999 5.99
5/20/1999 5.99
5/19/1999 5.99
5/18/1999 5.98
5/17/1999 5.99
5/14/1999 6
5/13/1999 6.03
5/12/1999 6.02
5/11/1999 6.02
5/10/1999 6.03
5/7/1999 6.03
5/6/1999 6.03
5/5/1999 6.05
5/4/1999 6.05
5/3/1999 6.05
4/30/1999 6.05
4/29/1999 6.04
4/28/1999 6.03
4/27/1999 6.03
4/26/1999 6.03
4/23/1999 6.03
4/22/1999 6.03
4/21/1999 6.04
4/20/1999 6.04
4/19/1999 6.03
4/16/1999 6.03
4/15/1999 6.04
4/14/1999 6.04
4/13/1999 6.04
4/12/1999 6.05
4/9/1999 6.05
4/8/1999 6.05
4/7/1999 6.04
4/6/1999 6.04
4/5/1999 6.03
4/1/1999 6.02
3/31/1999 6.02
3/30/1999 5.99
3/29/1999 5.98
3/26/1999 5.99
3/25/1999 5.99
3/24/1999 6
3/23/1999 5.99
3/22/1999 5.99
3/19/1999 6
3/18/1999 6.01
3/17/1999 6.01
3/16/1999 6.01
3/15/1999 6
3/12/1999 6
3/11/1999 5.99
3/10/1999 5.99
3/9/1999 5.99
3/8/1999 5.98
3/5/1999 5.97
3/4/1999 5.96
3/3/1999 5.96
3/2/1999 5.97
3/1/1999 5.97
2/26/1999 5.99
2/25/1999 5.95
2/24/1999 5.97
2/23/1999 5.98
2/22/1999 5.99
2/19/1999 5.98
2/18/1999 5.99
2/17/1999 5.99
2/16/1999 5.99
2/12/1999 5.99
2/11/1999 6.01
2/10/1999 6.01
2/9/1999 6.01
2/8/1999 6.01
2/5/1999 6.01
2/4/1999 6
2/3/1999 6.01
2/2/1999 6.02
2/1/1999 6.02
1/29/1999 6.03
1/28/1999 6
1/27/1999 5.99
1/26/1999 5.99
1/25/1999 5.99
1/22/1999 5.99
1/21/1999 5.99
1/20/1999 5.97
1/19/1999 5.97
1/15/1999 5.97
1/14/1999 5.98
1/13/1999 5.98
1/12/1999 5.97
1/11/1999 5.97
1/8/1999 5.97
1/7/1999 5.98
1/6/1999 5.99
1/5/1999 5.99
1/4/1999 5.98
12/31/1998 5.99
12/30/1998 5.95
12/29/1998 5.94
12/28/1998 5.93
12/24/1998 5.92
12/23/1998 5.93
12/22/1998 5.94
12/21/1998 5.94
12/18/1998 5.95
12/17/1998 5.95
12/16/1998 5.95
12/15/1998 5.95
12/14/1998 5.95
12/11/1998 5.95
12/10/1998 5.97
12/9/1998 5.97
12/8/1998 5.96
12/7/1998 5.95
12/4/1998 5.96
12/3/1998 5.97
12/2/1998 5.97
12/1/1998 5.97
11/30/1998 5.96
11/27/1998 5.92
11/25/1998 5.92
11/24/1998 5.92
11/23/1998 5.92
11/20/1998 5.93
11/19/1998 5.92
11/18/1998 5.92
11/17/1998 5.91
11/16/1998 5.9
11/13/1998 5.91
11/12/1998 5.91
11/11/1998 5.91
11/10/1998 5.91
11/9/1998 5.9
11/6/1998 5.9
11/5/1998 5.91
11/4/1998 5.9
11/3/1998 5.91
11/2/1998 5.91
10/30/1998 5.92
10/29/1998 5.91
10/28/1998 5.9
10/27/1998 5.89
10/26/1998 5.88
10/23/1998 5.88
10/22/1998 5.89
10/21/1998 5.9
10/20/1998 5.91
10/19/1998 5.92
10/16/1998 5.93
10/15/1998 5.92
10/14/1998 5.92
10/13/1998 5.89
10/12/1998 5.88
10/9/1998 5.88
10/8/1998 5.88
10/7/1998 5.93
10/6/1998 5.95
10/5/1998 5.96
10/2/1998 5.96
10/1/1998 5.95
9/30/1998 5.94
9/29/1998 5.89
9/28/1998 5.89
9/25/1998 5.89
9/24/1998 5.89
9/23/1998 5.87
9/22/1998 5.86
9/21/1998 5.87
9/18/1998 5.87
9/17/1998 5.87
9/16/1998 5.86
9/15/1998 5.86
9/14/1998 5.87
9/11/1998 5.87
9/10/1998 5.89
9/9/1998 5.87
9/8/1998 5.86
9/4/1998 5.87
9/3/1998 5.86
9/2/1998 5.86
9/1/1998 5.86
8/31/1998 5.86
8/28/1998 5.83
8/27/1998 5.83
8/26/1998 5.81
8/25/1998 5.8
8/24/1998 5.8
8/21/1998 5.81
8/20/1998 5.8
8/19/1998 5.8
8/18/1998 5.8
8/17/1998 5.81
8/14/1998 5.81
8/13/1998 5.81
8/12/1998 5.82
8/11/1998 5.82
8/10/1998 5.82
8/7/1998 5.82
8/6/1998 5.82
8/5/1998 5.82
8/4/1998 5.82
8/3/1998 5.82
7/31/1998 5.8
7/30/1998 5.77
7/29/1998 5.77
7/28/1998 5.78
7/27/1998 5.78
7/24/1998 5.78
7/23/1998 5.78
7/22/1998 5.78
7/21/1998 5.78
7/20/1998 5.78
7/17/1998 5.78
7/16/1998 5.78
7/15/1998 5.78
7/14/1998 5.77
7/13/1998 5.78
7/10/1998 5.78
7/9/1998 5.78
7/8/1998 5.78
7/7/1998 5.78
7/6/1998 5.79
7/2/1998 5.79
7/1/1998 5.78
6/30/1998 5.77
6/29/1998 5.74
6/26/1998 5.74
6/25/1998 5.74
6/24/1998 5.75
6/23/1998 5.75
6/22/1998 5.75
6/19/1998 5.75
6/18/1998 5.75
6/17/1998 5.74
6/16/1998 5.75
6/15/1998 5.76
6/12/1998 5.76
6/11/1998 5.76
6/10/1998 5.76
6/9/1998 5.75
6/8/1998 5.75
6/5/1998 5.75
6/4/1998 5.75
6/3/1998 5.75
6/2/1998 5.75
6/1/1998 5.76
5/29/1998 5.75
5/28/1998 5.71
5/27/1998 5.72
5/26/1998 5.71
5/22/1998 5.71
5/21/1998 5.71
5/20/1998 5.71
5/19/1998 5.71
5/18/1998 5.71
5/15/1998 5.7
5/14/1998 5.7
5/13/1998 5.71
5/12/1998 5.71
5/11/1998 5.7
5/8/1998 5.71
5/7/1998 5.71
5/6/1998 5.71
5/5/1998 5.71
5/4/1998 5.71
5/1/1998 5.71
4/30/1998 5.71
4/29/1998 5.65
4/28/1998 5.65
4/27/1998 5.65
4/24/1998 5.67
4/23/1998 5.67
4/22/1998 5.67
4/21/1998 5.67
4/20/1998 5.68
4/17/1998 5.68
4/16/1998 5.68
4/15/1998 5.68
4/14/1998 5.68
4/13/1998 5.68
4/9/1998 5.69
4/8/1998 5.68
4/7/1998 5.69
4/6/1998 5.69
4/3/1998 5.71
4/2/1998 5.69
4/1/1998 5.68
3/31/1998 5.68
3/30/1998 5.63
3/27/1998 5.64
3/26/1998 5.65
3/25/1998 5.65
3/24/1998 5.66
3/23/1998 5.66
3/20/1998 5.66
3/19/1998 5.66
3/18/1998 5.66
3/17/1998 5.67
3/16/1998 5.68
3/13/1998 5.68
3/12/1998 5.68
3/11/1998 5.68
3/10/1998 5.67
3/9/1998 5.67
3/6/1998 5.65
3/5/1998 5.63
3/4/1998 5.64
3/3/1998 5.64
3/2/1998 5.64
2/27/1998 5.65
2/26/1998 5.62
2/25/1998 5.62
2/24/1998 5.61
2/23/1998 5.62
2/20/1998 5.64
2/19/1998 5.64
2/18/1998 5.64
2/17/1998 5.64
2/13/1998 5.64
2/12/1998 5.64
2/11/1998 5.64
2/10/1998 5.63
2/9/1998 5.63
2/6/1998 5.64
2/5/1998 5.64
2/4/1998 5.64
2/3/1998 5.64
2/2/1998 5.64
1/30/1998 5.64
1/29/1998 5.61
1/28/1998 5.58
1/27/1998 5.59
1/26/1998 5.59
1/23/1998 5.58
1/22/1998 5.61
1/21/1998 5.61
1/20/1998 5.61
1/16/1998 5.61
1/15/1998 5.62
1/14/1998 5.62
1/13/1998 5.63
1/12/1998 5.64
1/9/1998 5.63
1/8/1998 5.63
1/7/1998 5.61
1/6/1998 5.62
1/5/1998 5.62
1/2/1998 5.6
12/31/1997 5.58
12/30/1997 5.54
12/29/1997 5.55
12/26/1997 5.55
12/24/1997 5.55
12/23/1997 5.56
12/22/1997 5.56
12/19/1997 5.56
12/18/1997 5.56
12/17/1997 5.55
12/16/1997 5.56
12/15/1997 5.56
12/12/1997 5.56
12/11/1997 5.56
12/10/1997 5.55
12/9/1997 5.54
12/8/1997 5.54
12/5/1997 5.54
12/4/1997 5.55
12/3/1997 5.54
12/2/1997 5.54
12/1/1997 5.53
11/28/1997 5.53
11/26/1997 5.5
11/25/1997 5.5
11/24/1997 5.5
11/21/1997 5.5
11/20/1997 5.5
11/19/1997 5.51
11/18/1997 5.5
11/17/1997 5.51
11/14/1997 5.51
11/13/1997 5.51
11/12/1997 5.5
11/11/1997 5.5
11/10/1997 5.5
11/7/1997 5.51
11/6/1997 5.5
11/5/1997 5.5
11/4/1997 5.5
11/3/1997 5.51
10/31/1997 5.51
10/30/1997 5.48
10/29/1997 5.48
10/28/1997 5.47
10/27/1997 5.49
10/24/1997 5.47
10/23/1997 5.47
10/22/1997 5.45
10/21/1997 5.45
10/20/1997 5.45
10/17/1997 5.45
10/16/1997 5.46
10/15/1997 5.46
10/14/1997 5.46
10/13/1997 5.45
10/10/1997 5.45
10/9/1997 5.46
10/8/1997 5.46
10/7/1997 5.48
10/6/1997 5.48
10/3/1997 5.47
10/2/1997 5.47
10/1/1997 5.47
9/30/1997 5.46
9/29/1997 5.43
9/26/1997 5.43
9/25/1997 5.42
9/24/1997 5.44
9/23/1997 5.43
9/22/1997 5.43
9/19/1997 5.43
9/18/1997 5.43
9/17/1997 5.44
9/16/1997 5.44
9/15/1997 5.4
9/12/1997 5.4
9/11/1997 5.38
9/10/1997 5.39
9/9/1997 5.39
9/8/1997 5.39
9/5/1997 5.38
9/4/1997 5.39
9/3/1997 5.39
9/2/1997 5.39
8/29/1997 5.38
8/28/1997 5.36
8/27/1997 5.34
8/26/1997 5.34
8/25/1997 5.34
8/22/1997 5.34
8/21/1997 5.35
8/20/1997 5.36
8/19/1997 5.37
8/18/1997 5.37
8/15/1997 5.36
8/14/1997 5.36
8/13/1997 5.35
8/12/1997 5.35
8/11/1997 5.35
8/8/1997 5.35
8/7/1997 5.37
8/6/1997 5.37
8/5/1997 5.36
8/4/1997 5.36
8/1/1997 5.37
7/31/1997 5.39
7/30/1997 5.36
7/29/1997 5.36
7/28/1997 5.35
7/25/1997 5.35
7/24/1997 5.35
7/23/1997 5.35
7/22/1997 5.35
7/21/1997 5.34
7/18/1997 5.34
7/17/1997 5.35
7/16/1997 5.35
7/15/1997 5.34
7/14/1997 5.34
7/11/1997 5.34
7/10/1997 5.34
7/9/1997 5.34
7/8/1997 5.34
7/7/1997 5.34
7/3/1997 5.34
7/2/1997 5.32
7/1/1997 5.31
6/30/1997 5.3
6/27/1997 5.27
6/26/1997 5.26
6/25/1997 5.27
6/24/1997 5.28
6/23/1997 5.28
6/20/1997 5.29
6/19/1997 5.28
6/18/1997 5.28
6/17/1997 5.27
6/16/1997 5.28
6/13/1997 5.28
6/12/1997 5.27
6/11/1997 5.25
6/10/1997 5.25
6/9/1997 5.26
6/6/1997 5.27
6/5/1997 5.24
6/4/1997 5.24
6/3/1997 5.24
6/2/1997 5.23
5/30/1997 5.23
5/29/1997 5.18
5/28/1997 5.17
5/27/1997 5.17
5/23/1997 5.19
5/22/1997 5.19
5/21/1997 5.18
5/20/1997 5.18
5/19/1997 5.18
5/16/1997 5.19
5/15/1997 5.19
5/14/1997 5.19
5/13/1997 5.18
5/12/1997 5.2
5/9/1997 5.19
5/8/1997 5.18
5/7/1997 5.18
5/6/1997 5.19
5/5/1997 5.19
5/2/1997 5.19
5/1/1997 5.18
4/30/1997 5.18
4/29/1997 5.13
4/28/1997 5.1
4/25/1997 5.09
4/24/1997 5.1
4/23/1997 5.11
4/22/1997 5.12
4/21/1997 5.11
4/18/1997 5.12
4/17/1997 5.11
4/16/1997 5.1
4/15/1997 5.1
4/14/1997 5.08
4/11/1997 5.09
4/10/1997 5.1
4/9/1997 5.1
4/8/1997 5.1
4/7/1997 5.11
4/4/1997 5.1
4/3/1997 5.11
4/2/1997 5.11
4/1/1997 5.1
3/31/1997 5.09
3/27/1997 5.06
3/26/1997 5.08
3/25/1997 5.09
3/24/1997 5.1
3/21/1997 5.09
3/20/1997 5.1
3/19/1997 5.1
3/18/1997 5.11
3/17/1997 5.11
3/14/1997 5.12
3/13/1997 5.11
3/12/1997 5.14
3/11/1997 5.14
3/10/1997 5.15
3/7/1997 5.15
3/6/1997 5.13
3/5/1997 5.14
3/4/1997 5.14
3/3/1997 5.14
2/28/1997 5.15
2/27/1997 5.11
2/26/1997 5.12
2/25/1997 5.15
2/24/1997 5.15
2/21/1997 5.16
2/20/1997 5.15
2/19/1997 5.17
2/18/1997 5.17
2/14/1997 5.17
2/13/1997 5.16
2/12/1997 5.15
2/11/1997 5.15
2/10/1997 5.15
2/7/1997 5.15
2/6/1997 5.13
2/5/1997 5.14
2/4/1997 5.15
2/3/1997 5.15
1/31/1997 5.13
1/30/1997 5.09
1/29/1997 5.08
1/28/1997 5.08
1/27/1997 5.07
1/24/1997 5.07
1/23/1997 5.08
1/22/1997 5.09
1/21/1997 5.09
1/20/1997 5.08
1/17/1997 5.09
1/16/1997 5.08
1/15/1997 5.09
1/14/1997 5.09
1/13/1997 5.07
1/10/1997 5.07
1/9/1997 5.09
1/8/1997 5.08
1/7/1997 5.08
1/6/1997 5.09
1/3/1997 5.09
1/2/1997 5.08
12/31/1996 5.1
12/30/1996 5.09
12/27/1996 5.09
12/26/1996 5.08
12/24/1996 5.09
12/23/1996 5.09
12/20/1996 5.08
12/19/1996 5.08
12/18/1996 5.07
12/17/1996 5.07
12/16/1996 5.08
12/13/1996 5.09
12/12/1996 5.08
12/11/1996 5.08
12/10/1996 5.11
12/9/1996 5.11
12/6/1996 5.1
12/5/1996 5.1
12/4/1996 5.12
12/3/1996 5.13
12/2/1996 5.13
11/29/1996 5.13
11/27/1996 5.09
11/26/1996 5.09
11/25/1996 5.09
11/22/1996 5.08
11/21/1996 5.09
11/20/1996 5.09
11/19/1996 5.08
11/18/1996 5.08
11/15/1996 5.08
11/14/1996 5.08
11/13/1996 5.08
11/12/1996 5.08
11/11/1996 5.06
11/8/1996 5.06
11/7/1996 5.07
11/6/1996 5.06
11/5/1996 5.06
11/4/1996 5.05
11/1/1996 5.05
10/31/1996 5.05
10/30/1996 5.02
10/29/1996 5.02
10/28/1996 4.99
10/25/1996 4.99
10/24/1996 4.98
10/23/1996 4.98
10/22/1996 4.98
10/21/1996 4.99
10/18/1996 4.99
10/17/1996 4.99
10/16/1996 4.97
10/15/1996 4.98
10/14/1996 4.98
10/11/1996 4.98
10/10/1996 4.96
10/9/1996 4.98
10/8/1996 4.98
10/7/1996 4.98
10/4/1996 4.99
10/3/1996 4.96
10/2/1996 4.97
10/1/1996 4.96
9/30/1996 4.94
9/27/1996 4.92
9/26/1996 4.92
9/25/1996 4.91
9/24/1996 4.89
9/23/1996 4.89
9/20/1996 4.88
9/19/1996 4.88
9/18/1996 4.89
9/17/1996 4.89
9/16/1996 4.91
9/13/1996 4.91
9/12/1996 4.87
9/11/1996 4.86
9/10/1996 4.86
9/9/1996 4.87
9/6/1996 4.86
9/5/1996 4.85
9/4/1996 4.85
9/3/1996 4.87
8/30/1996 4.86
8/29/1996 4.85
8/28/1996 4.86
8/27/1996 4.86
8/26/1996 4.86
8/23/1996 4.88
8/22/1996 4.9
8/21/1996 4.9
8/20/1996 4.91
8/19/1996 4.91
8/16/1996 4.91
8/15/1996 4.9
8/14/1996 4.91
8/13/1996 4.91
8/12/1996 4.93
8/9/1996 4.91
8/8/1996 4.91
8/7/1996 4.91
8/6/1996 4.91
8/5/1996 4.92
8/2/1996 4.92
8/1/1996 4.89
7/31/1996 4.86
7/30/1996 4.81
7/29/1996 4.8
7/26/1996 4.82
7/25/1996 4.81
7/24/1996 4.81
7/23/1996 4.82
7/22/1996 4.81
7/19/1996 4.83
7/18/1996 4.84
7/17/1996 4.82
7/16/1996 4.82
7/15/1996 4.8
7/12/1996 4.81
7/11/1996 4.8
7/10/1996 4.79
7/9/1996 4.78
7/8/1996 4.77
7/5/1996 4.77
7/3/1996 4.83
7/2/1996 4.83
7/1/1996 4.84
6/28/1996 4.84
6/27/1996 4.78
6/26/1996 4.77
6/25/1996 4.77
6/24/1996 4.77
6/21/1996 4.76
6/20/1996 4.76
6/19/1996 4.76
6/18/1996 4.77
6/17/1996 4.77
6/14/1996 4.76
6/13/1996 4.75
6/12/1996 4.75
6/11/1996 4.75
6/10/1996 4.76
6/7/1996 4.77
6/6/1996 4.81
6/5/1996 4.8
6/4/1996 4.79
6/3/1996 4.78
5/31/1996 4.77
5/30/1996 4.76
5/29/1996 4.77
5/28/1996 4.79
5/24/1996 4.79
5/23/1996 4.79
5/22/1996 4.8
5/21/1996 4.8
5/20/1996 4.81
5/17/1996 4.79
5/16/1996 4.78
5/15/1996 4.8
5/14/1996 4.79
5/13/1996 4.78
5/10/1996 4.78
5/9/1996 4.75
5/8/1996 4.75
5/7/1996 4.74
5/6/1996 4.74
5/3/1996 4.73
5/2/1996 4.74
5/1/1996 4.78
4/30/1996 4.79
4/29/1996 4.77
4/26/1996 4.78
4/25/1996 4.77
4/24/1996 4.78
4/23/1996 4.78
4/22/1996 4.79
4/19/1996 4.78
4/18/1996 4.76
4/17/1996 4.77
4/16/1996 4.78
4/15/1996 4.78
4/12/1996 4.78
4/11/1996 4.74
4/10/1996 4.75
4/9/1996 4.76
4/8/1996 4.75
4/4/1996 4.82
4/3/1996 4.83
4/2/1996 4.83
4/1/1996 4.82
3/29/1996 4.81
3/28/1996 4.76
3/27/1996 4.78
3/26/1996 4.8
3/25/1996 4.8
3/22/1996 4.79
3/21/1996 4.79
3/20/1996 4.78
3/19/1996 4.77
3/18/1996 4.76
3/15/1996 4.76
3/14/1996 4.78
3/13/1996 4.78
3/12/1996 4.78
3/11/1996 4.78
3/8/1996 4.78
3/7/1996 4.84
3/6/1996 4.84
3/5/1996 4.86
3/4/1996 4.87
3/1/1996 4.86
2/29/1996 4.83
2/28/1996 4.81
2/27/1996 4.82
2/26/1996 4.83
2/23/1996 4.83
2/22/1996 4.84
2/21/1996 4.83
2/20/1996 4.83
2/16/1996 4.86
2/15/1996 4.87
2/14/1996 4.88
2/13/1996 4.89
2/12/1996 4.89
2/9/1996 4.88
2/8/1996 4.88
2/7/1996 4.88
2/6/1996 4.88
2/5/1996 4.87
2/2/1996 4.88
2/1/1996 4.88
1/31/1996 4.88
1/30/1996 4.84
1/29/1996 4.83
1/26/1996 4.83
1/25/1996 4.83
1/24/1996 4.84
1/23/1996 4.84
1/22/1996 4.84
1/19/1996 4.86
1/18/1996 4.86
1/17/1996 4.85
1/16/1996 4.84
1/15/1996 4.83
1/12/1996 4.83
1/11/1996 4.83
1/10/1996 4.82
1/9/1996 4.83
1/8/1996 4.84
1/5/1996 4.83
1/4/1996 4.84
1/3/1996 4.85
1/2/1996 4.84
12/29/1995 4.84
12/28/1995 4.81
12/27/1995 4.8
12/26/1995 4.8
12/22/1995 4.8
12/21/1995 4.79
12/20/1995 4.79
12/19/1995 4.79
12/18/1995 4.78
12/15/1995 4.79
12/14/1995 4.79
12/13/1995 4.79
12/12/1995 4.79
12/11/1995 4.79
12/8/1995 4.78
12/7/1995 4.78
12/6/1995 4.78
12/5/1995 4.78
12/4/1995 4.79
12/1/1995 4.78
11/30/1995 4.78
11/29/1995 4.74
11/28/1995 4.73
11/27/1995 4.73
11/24/1995 4.73
11/22/1995 4.73
11/21/1995 4.73
11/20/1995 4.73
11/17/1995 4.73
11/16/1995 4.73
11/15/1995 4.73
11/14/1995 4.73
11/13/1995 4.73
11/10/1995 4.73
11/9/1995 4.73
11/8/1995 4.73
11/7/1995 4.73
11/6/1995 4.73
11/3/1995 4.73
11/2/1995 4.74
11/1/1995 4.73
10/31/1995 4.72
10/30/1995 4.68
10/27/1995 4.68
10/26/1995 4.67
10/25/1995 4.68
10/24/1995 4.68
10/23/1995 4.67
10/20/1995 4.67
10/19/1995 4.68
10/18/1995 4.68
10/17/1995 4.68
10/16/1995 4.68
10/13/1995 4.69
10/12/1995 4.67
10/11/1995 4.67
10/10/1995 4.68
10/9/1995 4.68
10/6/1995 4.68
10/5/1995 4.67
10/4/1995 4.67
10/3/1995 4.67
10/2/1995 4.67
9/29/1995 4.67
9/28/1995 4.63
9/27/1995 4.62
9/26/1995 4.62
9/25/1995 4.63
9/22/1995 4.62
9/21/1995 4.63
9/20/1995 4.65
9/19/1995 4.64
9/18/1995 4.64
9/15/1995 4.65
9/14/1995 4.66
9/13/1995 4.64
9/12/1995 4.64
9/11/1995 4.63
9/8/1995 4.63
9/7/1995 4.64
9/6/1995 4.64
9/5/1995 4.64
9/1/1995 4.63
8/31/1995 4.62
8/30/1995 4.59
8/29/1995 4.58
8/28/1995 4.59
8/25/1995 4.59
8/24/1995 4.57
8/23/1995 4.56
8/22/1995 4.56
8/21/1995 4.56
8/18/1995 4.56
8/17/1995 4.56
8/16/1995 4.56
8/15/1995 4.55
8/14/1995 4.55
8/11/1995 4.54
8/10/1995 4.56
8/9/1995 4.57
8/8/1995 4.57
8/7/1995 4.57
8/4/1995 4.57
8/3/1995 4.56
8/2/1995 4.57
8/1/1995 4.56
7/31/1995 4.57
7/28/1995 4.55
7/27/1995 4.55
7/26/1995 4.54
7/25/1995 4.55
7/24/1995 4.55
7/21/1995 4.55
7/20/1995 4.56
7/19/1995 4.55
7/18/1995 4.58
7/17/1995 4.59
7/14/1995 4.6
7/13/1995 4.61
7/12/1995 4.61
7/11/1995 4.62
7/10/1995 4.62
7/7/1995 4.61
7/6/1995 4.59
7/5/1995 4.57
7/3/1995 4.57
6/30/1995 4.57
6/29/1995 4.53
6/28/1995 4.55
6/27/1995 4.55
6/26/1995 4.56
6/23/1995 4.57
6/22/1995 4.58
6/21/1995 4.56
6/20/1995 4.56
6/19/1995 4.56
6/16/1995 4.55
6/15/1995 4.56
6/14/1995 4.57
6/13/1995 4.56
6/12/1995 4.52
6/9/1995 4.52
6/8/1995 4.55
6/7/1995 4.55
6/6/1995 4.56
6/5/1995 4.57
6/2/1995 4.58
6/1/1995 4.55
5/31/1995 4.55
5/30/1995 4.52
5/26/1995 4.5
5/25/1995 4.5
5/24/1995 4.5
5/23/1995 4.48
5/22/1995 4.47
5/19/1995 4.47
5/18/1995 4.47
5/17/1995 4.49
5/16/1995 4.49
5/15/1995 4.47
5/12/1995 4.47
5/11/1995 4.47
5/10/1995 4.47
5/9/1995 4.48
5/8/1995 4.47
5/5/1995 4.48
5/4/1995 4.45
5/3/1995 4.42
5/2/1995 4.41
5/1/1995 4.4
4/28/1995 4.41
4/27/1995 4.39
4/26/1995 4.39
4/25/1995 4.39
4/24/1995 4.39
4/21/1995 4.39
4/20/1995 4.39
4/19/1995 4.38
4/18/1995 4.39
4/17/1995 4.39
4/13/1995 4.39
4/12/1995 4.37
4/11/1995 4.36
4/10/1995 4.36
4/7/1995 4.36
4/6/1995 4.36
4/5/1995 4.36
4/4/1995 4.36
4/3/1995 4.35
3/31/1995 4.34
3/30/1995 4.32
3/29/1995 4.33
3/28/1995 4.33
3/27/1995 4.35
3/24/1995 4.34
3/23/1995 4.33
3/22/1995 4.32
3/21/1995 4.34
3/20/1995 4.34
3/17/1995 4.34
3/16/1995 4.35
3/15/1995 4.34
3/14/1995 4.35
3/13/1995 4.33
3/10/1995 4.33
3/9/1995 4.31
3/8/1995 4.29
3/7/1995 4.27
3/6/1995 4.27
3/3/1995 4.28
3/2/1995 4.3
3/1/1995 4.32
2/28/1995 4.32
2/27/1995 4.29
2/24/1995 4.27
2/23/1995 4.28
2/22/1995 4.27
2/21/1995 4.25
2/17/1995 4.26
2/16/1995 4.25
2/15/1995 4.25
2/14/1995 4.23
2/13/1995 4.21
2/10/1995 4.21
2/9/1995 4.22
2/8/1995 4.23
2/7/1995 4.23
2/6/1995 4.23
2/3/1995 4.24
2/2/1995 4.2
2/1/1995 4.21
1/31/1995 4.22
1/30/1995 4.19
1/27/1995 4.18
1/26/1995 4.16
1/25/1995 4.15
1/24/1995 4.14
1/23/1995 4.14
1/20/1995 4.14
1/19/1995 4.15
1/18/1995 4.16
1/17/1995 4.17
1/16/1995 4.17
1/13/1995 4.17
1/12/1995 4.14
1/11/1995 4.14
1/10/1995 4.13
1/9/1995 4.12
1/6/1995 4.13
1/5/1995 4.12
1/4/1995 4.14
1/3/1995 4.12
12/30/1994 4.14
12/29/1994 4.11
12/28/1994 4.11
12/27/1994 4.12
12/23/1994 4.11
12/22/1994 4.11
12/21/1994 4.11
12/20/1994 4.11
12/19/1994 4.11
12/16/1994 4.11
12/15/1994 4.11
12/14/1994 4.11
12/13/1994 4.09
12/12/1994 4.09
12/9/1994 4.1
12/8/1994 4.09
12/7/1994 4.1
12/6/1994 4.1
12/5/1994 4.1
12/2/1994 4.1
12/1/1994 4.08
11/30/1994 4.09
11/29/1994 4.05
11/28/1994 4.07
11/25/1994 4.09
11/23/1994 4.09
11/22/1994 4.06
11/21/1994 4.05
11/18/1994 4.05
11/17/1994 4.05
11/16/1994 4.06
11/15/1994 4.06
11/14/1994 4.06
11/11/1994 4.06
11/10/1994 4.06
11/9/1994 4.07
11/8/1994 4.05
11/7/1994 4.05
11/4/1994 4.05
11/3/1994 4.06
11/2/1994 4.06
11/1/1994 4.07
10/31/1994 4.09
10/28/1994 4.07
10/27/1994 4.05
10/26/1994 4.05
10/25/1994 4.05
10/24/1994 4.05
10/21/1994 4.06
10/20/1994 4.07
10/19/1994 4.09
10/18/1994 4.1
10/17/1994 4.09
10/14/1994 4.1
10/13/1994 4.09
10/12/1994 4.08
10/11/1994 4.08
10/10/1994 4.07
10/7/1994 4.07
10/6/1994 4.06
10/5/1994 4.06
10/4/1994 4.08
10/3/1994 4.08
9/30/1994 4.1
9/29/1994 4.07
9/28/1994 4.08
9/27/1994 4.08
9/26/1994 4.08
9/23/1994 4.08
9/22/1994 4.08
9/21/1994 4.08
9/20/1994 4.09
9/19/1994 4.1
9/16/1994 4.1
9/15/1994 4.13
9/14/1994 4.11
9/13/1994 4.1
9/12/1994 4.1
9/9/1994 4.1
9/8/1994 4.13
9/7/1994 4.13
9/6/1994 4.13
9/2/1994 4.14
9/1/1994 4.14
8/31/1994 4.15
8/30/1994 4.12
8/29/1994 4.12
8/26/1994 4.12
8/25/1994 4.11
8/24/1994 4.12
8/23/1994 4.11
8/22/1994 4.1
8/19/1994 4.11
8/18/1994 4.11
8/17/1994 4.13
8/16/1994 4.11
8/15/1994 4.1
8/12/1994 4.11
8/11/1994 4.09
8/10/1994 4.09
8/9/1994 4.09
8/8/1994 4.11
8/5/1994 4.1
8/4/1994 4.13
8/3/1994 4.13
8/2/1994 4.13
8/1/1994 4.13
7/29/1994 4.14
7/28/1994 4.08
7/27/1994 4.08
7/26/1994 4.08
7/25/1994 4.08
7/22/1994 4.07
7/21/1994 4.08
7/20/1994 4.08
7/19/1994 4.1
7/18/1994 4.08
7/15/1994 4.08
7/14/1994 4.08
7/13/1994 4.05
7/12/1994 4.03
7/11/1994 4.04
7/8/1994 4.06
7/7/1994 4.08
7/6/1994 4.07
7/5/1994 4.06
7/1/1994 4.06
6/30/1994 4.06
6/29/1994 4.06
6/28/1994 4.06
6/27/1994 4.06
6/24/1994 4.06
6/23/1994 4.09
6/22/1994 4.08
6/21/1994 4.07
6/20/1994 4.08
6/17/1994 4.08
6/16/1994 4.09
6/15/1994 4.09
6/14/1994 4.11
6/13/1994 4.09
6/10/1994 4.1
6/9/1994 4.11
6/8/1994 4.11
6/7/1994 4.11
6/6/1994 4.11
6/3/1994 4.1
6/2/1994 4.08
6/1/1994 4.07
5/31/1994 4.07
5/27/1994 4.05
5/26/1994 4.06
5/25/1994 4.05
5/24/1994 4.05
5/23/1994 4.04
5/20/1994 4.07
5/19/1994 4.09
5/18/1994 4.08
5/17/1994 4.05
5/16/1994 4.03
5/13/1994 4.02
5/12/1994 4
5/11/1994 3.99
5/10/1994 4.01
5/9/1994 3.98
5/6/1994 4.02
5/5/1994 4.05
5/4/1994 4.04
5/3/1994 4.04
5/2/1994 4.04
4/29/1994 4.05
4/28/1994 4.04
4/26/1994 4.06
4/25/1994 4.06
4/22/1994 4.06
4/21/1994 4.06
4/20/1994 4.03
4/19/1994 4.03
4/18/1994 4.03
4/15/1994 4.06
4/14/1994 4.05
4/13/1994 4.06
4/12/1994 4.05
4/11/1994 4.05
4/8/1994 4.05
4/7/1994 4.07
4/6/1994 4.05
4/5/1994 4.03
4/4/1994 4.01
3/31/1994 4.08
3/30/1994 4.06
3/29/1994 4.07
3/28/1994 4.09
3/25/1994 4.1
3/24/1994 4.1
3/23/1994 4.13
3/22/1994 4.12
3/21/1994 4.11
3/18/1994 4.12
3/17/1994 4.14
3/16/1994 4.13
3/15/1994 4.12
3/14/1994 4.11
3/11/1994 4.12
3/10/1994 4.12
3/9/1994 4.14
3/8/1994 4.15
3/7/1994 4.15
3/4/1994 4.14
3/3/1994 4.15
3/2/1994 4.16
3/1/1994 4.17
2/28/1994 4.18
2/25/1994 4.16
2/24/1994 4.16
2/23/1994 4.16
2/22/1994 4.17
2/18/1994 4.17
2/17/1994 4.18
2/16/1994 4.19
2/15/1994 4.19
2/14/1994 4.19
2/11/1994 4.19
2/10/1994 4.19
2/9/1994 4.18
2/8/1994 4.18
2/7/1994 4.18
2/4/1994 4.18
2/3/1994 4.19
2/2/1994 4.19
2/1/1994 4.2
1/31/1994 4.2
1/28/1994 4.19
1/27/1994 4.18
1/26/1994 4.18
1/25/1994 4.18
1/24/1994 4.18
1/21/1994 4.18
1/20/1994 4.18
1/19/1994 4.18
1/18/1994 4.18
1/17/1994 4.17
1/14/1994 4.17
1/13/1994 4.18
1/12/1994 4.19
1/11/1994 4.19
1/10/1994 4.19
1/7/1994 4.19
1/6/1994 4.17
1/5/1994 4.17
1/4/1994 4.17
1/3/1994 4.17
12/31/1993 4.17
12/30/1993 4.15
12/29/1993 4.15
12/28/1993 4.15
12/27/1993 4.16
12/23/1993 4.16
12/22/1993 4.15
12/21/1993 4.14
12/20/1993 4.14
12/17/1993 4.14
12/16/1993 4.14
12/15/1993 4.14
12/14/1993 4.14
12/13/1993 4.14
12/10/1993 4.14
12/9/1993 4.15
12/8/1993 4.14
12/7/1993 4.14
12/6/1993 4.15
12/3/1993 4.14
12/2/1993 4.14
12/1/1993 4.14
11/30/1993 4.14
11/29/1993 4.12
11/26/1993 4.12
11/24/1993 4.12
11/23/1993 4.12
11/22/1993 4.12
11/19/1993 4.12
11/18/1993 4.12
11/17/1993 4.13
11/16/1993 4.13
11/15/1993 4.13
11/12/1993 4.14
11/11/1993 4.14
11/10/1993 4.14
11/9/1993 4.14
11/8/1993 4.14
11/5/1993 4.13
11/4/1993 4.13
11/3/1993 4.13
11/2/1993 4.13
11/1/1993 4.14
10/29/1993 4.15
10/28/1993 4.13
10/27/1993 4.12
10/26/1993 4.12
10/25/1993 4.12
10/22/1993 4.12
10/21/1993 4.12
10/20/1993 4.12
10/19/1993 4.12
10/18/1993 4.12
10/15/1993 4.13
10/14/1993 4.13
10/13/1993 4.13
10/12/1993 4.13
10/11/1993 4.14
10/8/1993 4.14
10/7/1993 4.13
10/6/1993 4.14
10/5/1993 4.14
10/4/1993 4.14
10/1/1993 4.14
9/30/1993 4.14
9/29/1993 4.13
9/28/1993 4.13
9/27/1993 4.13
9/24/1993 4.13
9/23/1993 4.13
9/22/1993 4.13
9/21/1993 4.13
9/20/1993 4.13
9/17/1993 4.14
9/16/1993 4.14
9/15/1993 4.13
9/14/1993 4.12
9/13/1993 4.13
9/10/1993 4.13
9/9/1993 4.12
9/8/1993 4.13
9/7/1993 4.13
9/3/1993 4.13
9/2/1993 4.12
9/1/1993 4.13
8/31/1993 4.14
8/30/1993 4.12
8/27/1993 4.12
8/26/1993 4.12
8/25/1993 4.12
8/24/1993 4.12
8/23/1993 4.12
8/20/1993 4.13
8/19/1993 4.13
8/18/1993 4.13
8/17/1993 4.13
8/16/1993 4.13
8/13/1993 4.13
8/12/1993 4.13
8/11/1993 4.13
8/10/1993 4.13
8/9/1993 4.13
8/6/1993 4.12
8/5/1993 4.12
8/4/1993 4.12
8/3/1993 4.12
8/2/1993 4.13
7/30/1993 4.13
7/29/1993 4.11
7/28/1993 4.1
7/27/1993 4.1
7/26/1993 4.1
7/23/1993 4.1
7/22/1993 4.11
7/21/1993 4.11
7/20/1993 4.12
7/19/1993 4.12
7/16/1993 4.13
7/15/1993 4.12
7/14/1993 4.12
7/13/1993 4.12
7/12/1993 4.12
7/9/1993 4.12
7/8/1993 4.11
7/7/1993 4.11
7/6/1993 4.11
7/2/1993 4.12
7/1/1993 4.12
6/30/1993 4.11
6/29/1993 4.09
6/28/1993 4.09
6/25/1993 4.09
6/24/1993 4.09
6/23/1993 4.09
6/22/1993 4.1
6/21/1993 4.1
6/18/1993 4.09
6/17/1993 4.1
6/16/1993 4.09
6/15/1993 4.1
6/14/1993 4.1
6/11/1993 4.1
6/10/1993 4.09
6/9/1993 4.09
6/8/1993 4.09
6/7/1993 4.08
6/4/1993 4.08
6/3/1993 4.09
6/2/1993 4.08
6/1/1993 4.08
5/28/1993 4.08
5/27/1993 4.06
5/26/1993 4.06
5/25/1993 4.06
5/24/1993 4.05
5/21/1993 4.05
5/20/1993 4.06
5/19/1993 4.05
5/18/1993 4.05
5/17/1993 4.06
5/14/1993 4.06
5/13/1993 4.06
5/12/1993 4.07
5/11/1993 4.07
5/10/1993 4.07
5/7/1993 4.07
5/6/1993 4.07
5/5/1993 4.07
5/4/1993 4.07
5/3/1993 4.07
4/30/1993 4.06
4/29/1993 4.04
4/28/1993 4.04
4/27/1993 4.04
4/26/1993 4.04
4/23/1993 4.05
4/22/1993 4.06
4/21/1993 4.06
4/20/1993 4.05
4/19/1993 4.05
4/16/1993 4.04
4/15/1993 4.05
4/14/1993 4.06
4/13/1993 4.06
4/12/1993 4.06
4/8/1993 4.05
4/7/1993 4.05
4/6/1993 4.04
4/5/1993 4.04
4/2/1993 4.03
4/1/1993 4.04
3/31/1993 4.04
3/30/1993 4.02
3/29/1993 4.02
3/26/1993 4.02
3/25/1993 4.03
3/24/1993 4.03
3/23/1993 4.04
3/22/1993 4.04
3/19/1993 4.04
3/18/1993 4.05
3/17/1993 4.04
3/16/1993 4.03
3/15/1993 4.02
3/12/1993 4.03
3/11/1993 4.04
3/10/1993 4.04
3/9/1993 4.05
3/8/1993 4.05
3/5/1993 4.04
3/4/1993 4.05
3/3/1993 4.04
3/2/1993 4.03
3/1/1993 4.03
2/26/1993 4.03
2/25/1993 4
2/24/1993 4
2/23/1993 4
2/22/1993 4.01
2/19/1993 4.01
2/18/1993 4.02
2/17/1993 4.01
2/16/1993 4.01
2/12/1993 4
2/11/1993 4
2/10/1993 3.99
2/9/1993 4
2/8/1993 4
2/5/1993 4.01
2/4/1993 4
2/3/1993 3.99
2/2/1993 3.99
2/1/1993 3.99
1/29/1993 3.99
1/28/1993 3.96
1/27/1993 3.95
1/26/1993 3.96
1/25/1993 3.97
1/22/1993 3.97
1/21/1993 3.96
1/20/1993 3.96
1/19/1993 3.96
1/18/1993 3.96
1/15/1993 3.96
1/14/1993 3.96
1/13/1993 3.95
1/12/1993 3.95
1/11/1993 3.95
1/8/1993 3.95
1/7/1993 3.94
1/6/1993 3.95
1/5/1993 3.95
1/4/1993 3.95
12/31/1992 3.94
12/30/1992 3.92
12/29/1992 3.92
12/28/1992 3.92
12/24/1992 3.92
12/23/1992 3.92
12/22/1992 3.92
12/21/1992 3.92
12/18/1992 3.92
12/17/1992 3.91
12/16/1992 3.91
12/15/1992 3.91
12/14/1992 3.91
12/11/1992 3.9
12/10/1992 3.92
12/9/1992 3.92
12/8/1992 3.92
12/7/1992 3.92
12/4/1992 3.92
12/3/1992 3.92
12/2/1992 3.91
12/1/1992 3.9
11/30/1992 3.9
11/27/1992 3.87
11/25/1992 3.88
11/24/1992 3.89
11/23/1992 3.87
11/20/1992 3.88
11/19/1992 3.88
11/18/1992 3.88
11/17/1992 3.87
11/16/1992 3.86
11/13/1992 3.87
11/12/1992 3.88
11/11/1992 3.87
11/10/1992 3.87
11/9/1992 3.86
11/6/1992 3.87
11/5/1992 3.87
11/4/1992 3.87
11/3/1992 3.87
11/2/1992 3.86
10/30/1992 3.87
10/29/1992 3.86
10/28/1992 3.86
10/27/1992 3.85
10/26/1992 3.84
10/23/1992 3.86
10/22/1992 3.87
10/21/1992 3.86
10/20/1992 3.86
10/19/1992 3.88
10/16/1992 3.89
10/15/1992 3.9
10/14/1992 3.89
10/13/1992 3.89
10/12/1992 3.88
10/9/1992 3.88
10/8/1992 3.89
10/7/1992 3.88
10/6/1992 3.9
10/5/1992 3.91
10/2/1992 3.91
10/1/1992 3.92
9/30/1992 3.91
9/29/1992 3.89
9/28/1992 3.89
9/25/1992 3.88
9/24/1992 3.88
9/23/1992 3.86
9/22/1992 3.87
9/21/1992 3.88
9/18/1992 3.89
9/17/1992 3.89
9/16/1992 3.88
9/15/1992 3.89
9/14/1992 3.89
9/11/1992 3.89
9/10/1992 3.89
9/9/1992 3.9
9/8/1992 3.91
9/4/1992 3.89
9/3/1992 3.88
9/2/1992 3.89
9/1/1992 3.88
8/31/1992 3.88
8/28/1992 3.85
8/27/1992 3.85
8/26/1992 3.84
8/25/1992 3.83
8/24/1992 3.84
8/21/1992 3.85
8/20/1992 3.87
8/19/1992 3.86
8/18/1992 3.85
8/17/1992 3.84
8/14/1992 3.84
8/13/1992 3.84
8/12/1992 3.85
8/11/1992 3.85
8/10/1992 3.86
8/7/1992 3.85
8/6/1992 3.84
8/5/1992 3.84
8/4/1992 3.84
8/3/1992 3.83
7/31/1992 3.83
7/30/1992 3.79
7/29/1992 3.82
7/28/1992 3.83
7/27/1992 3.83
7/24/1992 3.83
7/23/1992 3.84
7/22/1992 3.83
7/21/1992 3.82
7/20/1992 3.82
7/17/1992 3.82
7/16/1992 3.82
7/15/1992 3.82
7/14/1992 3.81
7/13/1992 3.81
7/10/1992 3.82
7/9/1992 3.82
7/8/1992 3.81
7/7/1992 3.82
7/6/1992 3.81
7/2/1992 3.81
7/1/1992 3.79
6/30/1992 3.78
6/29/1992 3.76
6/26/1992 3.75
6/25/1992 3.76
6/24/1992 3.75
6/23/1992 3.75
6/22/1992 3.75
6/19/1992 3.76
6/18/1992 3.77
6/17/1992 3.76
6/16/1992 3.75
6/15/1992 3.75
6/12/1992 3.74
6/11/1992 3.74
6/10/1992 3.73
6/9/1992 3.74
6/8/1992 3.74
6/5/1992 3.74
6/4/1992 3.73
6/3/1992 3.72
6/2/1992 3.72
6/1/1992 3.72
5/29/1992 3.73
5/28/1992 3.69
5/27/1992 3.68
5/26/1992 3.68
5/22/1992 3.7
5/21/1992 3.71
5/20/1992 3.73
5/19/1992 3.73
5/18/1992 3.72
5/15/1992 3.71
5/14/1992 3.71
5/13/1992 3.71
5/12/1992 3.71
5/11/1992 3.7
5/8/1992 3.69
5/7/1992 3.68
5/6/1992 3.68
5/5/1992 3.67
5/4/1992 3.67
5/1/1992 3.67
4/30/1992 3.66
4/29/1992 3.63
4/28/1992 3.64
4/27/1992 3.64
4/24/1992 3.65
4/23/1992 3.64
4/22/1992 3.65
4/21/1992 3.65
4/20/1992 3.65
4/16/1992 3.66
4/15/1992 3.68
4/14/1992 3.68
4/13/1992 3.68
4/10/1992 3.67
4/9/1992 3.67
4/8/1992 3.66
4/7/1992 3.66
4/6/1992 3.66
4/3/1992 3.65
4/2/1992 3.64
4/1/1992 3.64
3/31/1992 3.63
3/30/1992 3.6
3/27/1992 3.6
3/26/1992 3.6
3/25/1992 3.6
3/24/1992 3.6
3/23/1992 3.59
3/20/1992 3.59
3/19/1992 3.61
3/18/1992 3.6
3/17/1992 3.59
3/16/1992 3.59
3/13/1992 3.59
3/12/1992 3.61
3/11/1992 3.63
3/10/1992 3.64
3/9/1992 3.63
3/6/1992 3.62
3/5/1992 3.62
3/4/1992 3.63
3/3/1992 3.63
3/2/1992 3.63
2/28/1992 3.65
2/27/1992 3.62
2/26/1992 3.62
2/25/1992 3.6
2/24/1992 3.6
2/21/1992 3.6
2/20/1992 3.61
2/19/1992 3.6
2/18/1992 3.6
2/14/1992 3.61
2/13/1992 3.61
2/12/1992 3.63
2/11/1992 3.63
2/10/1992 3.64
2/7/1992 3.64
2/6/1992 3.64
2/5/1992 3.64
2/4/1992 3.62
2/3/1992 3.61
1/31/1992 3.61
1/30/1992 3.58
1/29/1992 3.59
1/28/1992 3.6
1/27/1992 3.6
1/24/1992 3.6
1/23/1992 3.61
1/22/1992 3.63
1/21/1992 3.64
1/20/1992 3.63
1/17/1992 3.63
1/16/1992 3.64
1/15/1992 3.65
1/14/1992 3.64
1/13/1992 3.66
1/10/1992 3.67
1/9/1992 3.68
1/8/1992 3.68
1/7/1992 3.68
1/6/1992 3.66
1/3/1992 3.66
1/2/1992 3.67
12/31/1991 3.68
12/30/1991 3.65
12/27/1991 3.64
12/26/1991 3.65
12/24/1991 3.64
12/23/1991 3.64
12/20/1991 3.64
12/19/1991 3.62
12/18/1991 3.61
12/17/1991 3.61
12/16/1991 3.6
12/13/1991 3.6
12/12/1991 3.6
12/11/1991 3.6
12/10/1991 3.61
12/9/1991 3.59
12/6/1991 3.58
12/5/1991 3.59
12/4/1991 3.58
12/3/1991 3.57
12/2/1991 3.57
11/29/1991 3.56
11/27/1991 3.54
11/26/1991 3.53
11/25/1991 3.54
11/22/1991 3.54
11/21/1991 3.55
11/20/1991 3.55
11/19/1991 3.56
11/18/1991 3.56
11/15/1991 3.56
11/14/1991 3.56
11/13/1991 3.55
11/12/1991 3.55
11/11/1991 3.55
11/8/1991 3.55
11/7/1991 3.55
11/6/1991 3.54
11/5/1991 3.53
11/4/1991 3.54
11/1/1991 3.55
10/31/1991 3.55
10/30/1991 3.52
10/29/1991 3.51
10/28/1991 3.49
10/25/1991 3.49
10/24/1991 3.48
10/23/1991 3.47
10/22/1991 3.48
10/21/1991 3.49
10/18/1991 3.5
10/17/1991 3.5
10/16/1991 3.51
10/15/1991 3.5
10/14/1991 3.5
10/11/1991 3.5
10/10/1991 3.48
10/9/1991 3.5
10/8/1991 3.51
10/7/1991 3.51
10/4/1991 3.51
10/3/1991 3.5
10/2/1991 3.5
10/1/1991 3.5
9/30/1991 3.49
9/27/1991 3.47
9/26/1991 3.46
9/25/1991 3.46
9/24/1991 3.46
9/23/1991 3.47
9/20/1991 3.47
9/19/1991 3.46
9/18/1991 3.46
9/17/1991 3.46
9/16/1991 3.46
9/13/1991 3.46
9/12/1991 3.46
9/11/1991 3.45
9/10/1991 3.45
9/9/1991 3.44
9/6/1991 3.44
9/5/1991 3.43
9/4/1991 3.43
9/3/1991 3.43
8/30/1991 3.43
8/29/1991 3.42
8/28/1991 3.41
8/27/1991 3.4
8/26/1991 3.4
8/23/1991 3.4
8/22/1991 3.41
8/21/1991 3.4
8/20/1991 3.4
8/19/1991 3.4
8/16/1991 3.41
8/15/1991 3.41
8/14/1991 3.41
8/13/1991 3.4
8/12/1991 3.4
8/9/1991 3.39
8/8/1991 3.39
8/7/1991 3.39
8/6/1991 3.39
8/5/1991 3.37
8/2/1991 3.37
8/1/1991 3.35
7/31/1991 3.36
7/30/1991 3.33
7/29/1991 3.33
7/26/1991 3.33
7/25/1991 3.33
7/24/1991 3.32
7/23/1991 3.32
7/22/1991 3.32
7/19/1991 3.32
7/18/1991 3.31
7/17/1991 3.31
7/16/1991 3.32
7/15/1991 3.31
7/12/1991 3.31
7/11/1991 3.3
7/10/1991 3.3
7/9/1991 3.29
7/8/1991 3.29
7/5/1991 3.29
7/3/1991 3.3
7/2/1991 3.3
7/1/1991 3.3
6/28/1991 3.3
6/27/1991 3.27
6/26/1991 3.27
6/25/1991 3.27
6/24/1991 3.27
6/21/1991 3.27
6/20/1991 3.27
6/19/1991 3.26
6/18/1991 3.26
6/17/1991 3.26
6/14/1991 3.26
6/13/1991 3.25
6/12/1991 3.26
6/11/1991 3.27
6/10/1991 3.26
6/7/1991 3.26
6/6/1991 3.28
6/5/1991 3.28
6/4/1991 3.29
6/3/1991 3.29
5/31/1991 3.3
5/30/1991 3.29
5/29/1991 3.28
5/28/1991 3.28
5/24/1991 3.27
5/23/1991 3.27
5/22/1991 3.28
5/21/1991 3.27
5/20/1991 3.27
5/17/1991 3.27
5/16/1991 3.26
5/15/1991 3.26
5/14/1991 3.26
5/13/1991 3.27
5/10/1991 3.26
5/9/1991 3.28
5/8/1991 3.28
5/7/1991 3.27
5/6/1991 3.27
5/3/1991 3.27
5/2/1991 3.28
5/1/1991 3.28
4/30/1991 3.27
4/29/1991 3.24
4/26/1991 3.25
4/25/1991 3.25
4/24/1991 3.25
4/23/1991 3.23
4/22/1991 3.23
4/19/1991 3.24
4/18/1991 3.25
4/17/1991 3.26
4/16/1991 3.25
4/15/1991 3.26
4/12/1991 3.25
4/11/1991 3.24
4/10/1991 3.24
4/9/1991 3.25
4/8/1991 3.25
4/5/1991 3.25
4/4/1991 3.25
4/3/1991 3.24
4/2/1991 3.24
4/1/1991 3.24
3/28/1991 3.24
3/27/1991 3.22
3/26/1991 3.21
3/25/1991 3.21
3/22/1991 3.21
3/21/1991 3.21
3/20/1991 3.2
3/19/1991 3.19
3/18/1991 3.2
3/15/1991 3.22
3/14/1991 3.23
3/13/1991 3.22
3/12/1991 3.22
3/11/1991 3.22
3/8/1991 3.21
3/7/1991 3.22
3/6/1991 3.21
3/5/1991 3.21
3/4/1991 3.21
3/1/1991 3.21
2/28/1991 3.22
2/27/1991 3.2
2/26/1991 3.2
2/25/1991 3.21
2/22/1991 3.21
2/21/1991 3.22
2/20/1991 3.22
2/19/1991 3.23
2/15/1991 3.24
2/14/1991 3.24
2/13/1991 3.23
2/12/1991 3.23
2/11/1991 3.24
2/8/1991 3.24
2/7/1991 3.23
2/6/1991 3.23
2/5/1991 3.23
2/4/1991 3.22
2/1/1991 3.22
1/31/1991 3.2
1/30/1991 3.17
1/29/1991 3.17
1/28/1991 3.17
1/25/1991 3.17
1/24/1991 3.18
1/23/1991 3.17
1/22/1991 3.17
1/21/1991 3.16
1/18/1991 3.17
1/17/1991 3.16
1/16/1991 3.13
1/15/1991 3.14
1/14/1991 3.14
1/11/1991 3.14
1/10/1991 3.15
1/9/1991 3.14
1/8/1991 3.15
1/7/1991 3.16
1/4/1991 3.18
1/3/1991 3.18
1/2/1991 3.18
12/31/1990 3.15
12/28/1990 3.12
12/27/1990 3.12
12/26/1990 3.12
12/24/1990 3.11
12/21/1990 3.12
12/20/1990 3.13
12/19/1990 3.13
12/18/1990 3.13
12/17/1990 3.13
12/14/1990 3.13
12/13/1990 3.14
12/12/1990 3.15
12/11/1990 3.15
12/10/1990 3.14
12/7/1990 3.14
12/6/1990 3.12
12/5/1990 3.12
12/4/1990 3.11
12/3/1990 3.11
11/30/1990 3.1
11/29/1990 3.07
11/28/1990 3.08
11/27/1990 3.08
11/26/1990 3.08
11/23/1990 3.08
11/21/1990 3.08
11/20/1990 3.08
11/19/1990 3.07
11/16/1990 3.08
11/15/1990 3.07
11/14/1990 3.07
11/13/1990 3.07
11/12/1990 3.05
11/9/1990 3.05
11/8/1990 3.03
11/7/1990 3.04
11/6/1990 3.05
11/5/1990 3.04
11/2/1990 3.03
11/1/1990 3.04
10/31/1990 3.03
10/30/1990 3
10/29/1990 3
10/26/1990 3.01
10/25/1990 3.01
10/24/1990 3.01
10/23/1990 3
10/22/1990 3
10/19/1990 3
10/18/1990 2.99
10/17/1990 2.99
10/16/1990 2.98
10/15/1990 2.98
10/12/1990 2.98
10/11/1990 2.96
10/10/1990 2.98
10/9/1990 2.99
10/8/1990 3.01
10/5/1990 3.01
10/4/1990 3.01
10/3/1990 3.01
10/2/1990 3.01
10/1/1990 3.01
9/28/1990 2.99
9/27/1990 2.95
9/26/1990 2.95
9/25/1990 2.95
9/24/1990 2.95
9/21/1990 2.95
9/20/1990 2.97
9/19/1990 2.97
9/18/1990 2.97
9/17/1990 2.97
9/14/1990 2.97
9/13/1990 2.98
9/12/1990 2.98
9/11/1990 2.98
9/10/1990 2.98
9/7/1990 2.98
9/6/1990 2.98
9/5/1990 2.97
9/4/1990 2.97
8/31/1990 2.97
8/30/1990 2.95
8/29/1990 2.95
8/28/1990 2.94
8/27/1990 2.94
8/24/1990 2.92
8/23/1990 2.93
8/22/1990 2.94
8/21/1990 2.94
8/20/1990 2.95
8/17/1990 2.95
8/16/1990 2.96
8/15/1990 2.97
8/14/1990 2.97
8/13/1990 2.96
8/10/1990 2.96
8/9/1990 2.96
8/8/1990 2.94
8/7/1990 2.95
8/6/1990 2.96
8/3/1990 3
8/2/1990 3
8/1/1990 3.01
7/31/1990 3
7/30/1990 2.98
7/27/1990 2.97
7/26/1990 2.96
7/25/1990 2.96
7/24/1990 2.96
7/23/1990 2.97
7/20/1990 2.97
7/19/1990 2.96
7/18/1990 2.96
7/17/1990 2.97
7/16/1990 2.96
7/13/1990 2.96
7/12/1990 2.96
7/11/1990 2.95
7/10/1990 2.94
7/9/1990 2.94
7/6/1990 2.95
7/5/1990 2.96
7/3/1990 2.96
7/2/1990 2.96
6/29/1990 2.95
6/28/1990 2.93
6/27/1990 2.92
6/26/1990 2.92
6/25/1990 2.92
6/22/1990 2.92
6/21/1990 2.92
6/20/1990 2.92
6/19/1990 2.92
6/18/1990 2.93
6/15/1990 2.93
6/14/1990 2.94
6/13/1990 2.94
6/12/1990 2.93
6/11/1990 2.93
6/8/1990 2.93
6/7/1990 2.93
6/6/1990 2.93
6/5/1990 2.93
6/4/1990 2.93
6/1/1990 2.93
5/31/1990 2.91
5/30/1990 2.89
5/29/1990 2.88
5/25/1990 2.88
5/24/1990 2.89
5/23/1990 2.89
5/22/1990 2.88
5/21/1990 2.87
5/18/1990 2.87
5/17/1990 2.88
5/16/1990 2.88
5/15/1990 2.88
5/14/1990 2.88
5/11/1990 2.87
5/10/1990 2.85
5/9/1990 2.84
5/8/1990 2.85
5/7/1990 2.85
5/4/1990 2.85
5/3/1990 2.83
5/2/1990 2.82
5/1/1990 2.82
4/30/1990 2.82
4/27/1990 2.8
4/26/1990 2.8
4/25/1990 2.81
4/24/1990 2.81
4/23/1990 2.81
4/20/1990 2.82
4/19/1990 2.83
4/18/1990 2.84
4/17/1990 2.84
4/16/1990 2.85
4/12/1990 2.86
4/11/1990 2.86
4/10/1990 2.86
4/9/1990 2.86
4/6/1990 2.86
4/5/1990 2.86
4/4/1990 2.86
4/3/1990 2.85
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3/30/1990 2.85
3/29/1990 2.84
3/28/1990 2.85
3/27/1990 2.84
3/26/1990 2.85
3/23/1990 2.84
3/22/1990 2.84
3/21/1990 2.84
3/20/1990 2.85
3/19/1990 2.84
3/16/1990 2.84
3/15/1990 2.83
3/14/1990 2.83
3/13/1990 2.82
3/12/1990 2.83
3/9/1990 2.83
3/8/1990 2.84
3/7/1990 2.84
3/6/1990 2.83
3/5/1990 2.83
3/2/1990 2.84
3/1/1990 2.84
2/28/1990 2.85
2/27/1990 2.83
2/26/1990 2.83
2/23/1990 2.82
2/22/1990 2.82
2/21/1990 2.81
2/20/1990 2.81
2/16/1990 2.83
2/15/1990 2.83
2/14/1990 2.85
2/13/1990 2.85
2/12/1990 2.85
2/9/1990 2.85
2/8/1990 2.83
2/7/1990 2.82
2/6/1990 2.82
2/5/1990 2.82
2/2/1990 2.83
2/1/1990 2.83
1/31/1990 2.83
1/30/1990 2.8
1/29/1990 2.8
1/26/1990 2.8
1/25/1990 2.82
1/24/1990 2.82
1/23/1990 2.83
1/22/1990 2.83
1/19/1990 2.83
1/18/1990 2.83
1/17/1990 2.84
1/16/1990 2.84
1/15/1990 2.85
1/12/1990 2.85
1/11/1990 2.86
1/10/1990 2.85
1/9/1990 2.85
1/8/1990 2.85
1/5/1990 2.86
1/4/1990 2.86
1/3/1990 2.85
1/2/1990 2.85
12/29/1989 2.86
12/28/1989 2.84
12/27/1989 2.84
12/26/1989 2.83
12/22/1989 2.85
12/21/1989 2.85
12/20/1989 2.85
12/19/1989 2.85
12/18/1989 2.85
12/15/1989 2.85
12/14/1989 2.85
12/13/1989 2.84
12/12/1989 2.84
12/11/1989 2.84
12/8/1989 2.84
12/7/1989 2.84
12/6/1989 2.84
12/5/1989 2.84
12/4/1989 2.84
12/1/1989 2.84
11/30/1989 2.84
11/29/1989 2.82
11/28/1989 2.82
11/27/1989 2.82
11/24/1989 2.83
11/22/1989 2.82
11/21/1989 2.82
11/20/1989 2.82
11/17/1989 2.82
11/16/1989 2.83
11/15/1989 2.83
11/14/1989 2.82
11/13/1989 2.82
11/10/1989 2.82
11/9/1989 2.82
11/8/1989 2.82
11/7/1989 2.81
11/6/1989 2.81
11/3/1989 2.81
11/2/1989 2.81
11/1/1989 2.81
10/31/1989 2.81
10/30/1989 2.79
10/27/1989 2.78
10/26/1989 2.79
10/25/1989 2.79
10/24/1989 2.79
10/23/1989 2.78
10/20/1989 2.78
10/19/1989 2.78
10/18/1989 2.78
10/17/1989 2.78
10/16/1989 2.78
10/13/1989 2.79
10/12/1989 2.77
10/11/1989 2.77
10/10/1989 2.78
10/9/1989 2.77
10/6/1989 2.78
10/5/1989 2.76
10/4/1989 2.76
10/3/1989 2.75
10/2/1989 2.75
9/29/1989 2.75
9/28/1989 2.72
9/27/1989 2.73
9/26/1989 2.73
9/25/1989 2.72
9/22/1989 2.73
9/21/1989 2.74
9/20/1989 2.74
9/19/1989 2.75
9/18/1989 2.75
9/15/1989 2.75
9/14/1989 2.75
9/13/1989 2.74
9/12/1989 2.75
9/11/1989 2.74
9/8/1989 2.74
9/7/1989 2.74
9/6/1989 2.74
9/5/1989 2.74
9/1/1989 2.74
8/31/1989 2.73
8/30/1989 2.71
8/29/1989 2.71
8/28/1989 2.71
8/25/1989 2.72
8/24/1989 2.71
8/23/1989 2.71
8/22/1989 2.71
8/21/1989 2.72
8/18/1989 2.72
8/17/1989 2.71
8/16/1989 2.72
8/15/1989 2.71
8/14/1989 2.71
8/11/1989 2.72
8/10/1989 2.73
8/9/1989 2.73
8/8/1989 2.73
8/7/1989 2.73
8/4/1989 2.73
8/3/1989 2.75
8/2/1989 2.76
8/1/1989 2.77
7/31/1989 2.76
7/28/1989 2.74
7/27/1989 2.74
7/26/1989 2.73
7/25/1989 2.73
7/24/1989 2.73
7/21/1989 2.73
7/20/1989 2.73
7/19/1989 2.72
7/18/1989 2.72
7/17/1989 2.73
7/14/1989 2.73
7/13/1989 2.73
7/12/1989 2.73
7/11/1989 2.73
7/10/1989 2.73
7/7/1989 2.73
7/6/1989 2.72
7/5/1989 2.71
7/3/1989 2.71
6/30/1989 2.71
6/29/1989 2.69
6/28/1989 2.68
6/27/1989 2.69
6/26/1989 2.68
6/23/1989 2.68
6/22/1989 2.66
6/21/1989 2.67
6/20/1989 2.67
6/19/1989 2.67
6/16/1989 2.67
6/15/1989 2.67
6/14/1989 2.68
6/13/1989 2.67
6/12/1989 2.69
6/9/1989 2.7
6/8/1989 2.68
6/7/1989 2.68
6/6/1989 2.67
6/5/1989 2.67
6/2/1989 2.66
6/1/1989 2.64
5/31/1989 2.64
5/30/1989 2.62
5/26/1989 2.61
5/25/1989 2.61
5/24/1989 2.62
5/23/1989 2.63
5/22/1989 2.63
5/19/1989 2.61
5/18/1989 2.6
5/17/1989 2.6
5/16/1989 2.6
5/15/1989 2.6
5/12/1989 2.6
5/11/1989 2.57
5/10/1989 2.55
5/9/1989 2.56
5/8/1989 2.57
5/5/1989 2.58
5/4/1989 2.56
5/3/1989 2.56
5/2/1989 2.56
5/1/1989 2.55
4/28/1989 2.56
4/27/1989 2.53
4/26/1989 2.53
4/25/1989 2.53
4/24/1989 2.53
4/21/1989 2.53
4/20/1989 2.53
4/19/1989 2.54
4/18/1989 2.54
4/17/1989 2.53
4/14/1989 2.53
4/13/1989 2.51
4/12/1989 2.52
4/11/1989 2.52
4/10/1989 2.52
4/7/1989 2.52
4/6/1989 2.53
4/5/1989 2.53
4/4/1989 2.53
4/3/1989 2.52
3/31/1989 2.51
3/30/1989 2.49
3/29/1989 2.49
3/28/1989 2.49
3/27/1989 2.49
3/23/1989 2.49
3/22/1989 2.48
3/21/1989 2.47
3/20/1989 2.48
3/17/1989 2.48
3/16/1989 2.51
3/15/1989 2.51
3/14/1989 2.51
3/13/1989 2.51
3/10/1989 2.51
3/9/1989 2.52
3/8/1989 2.52
3/7/1989 2.52
3/6/1989 2.52
3/3/1989 2.51
3/2/1989 2.51
3/1/1989 2.51
2/28/1989 2.51
2/27/1989 2.49
2/24/1989 2.49
2/23/1989 2.49
2/22/1989 2.5
2/21/1989 2.51
2/17/1989 2.51
2/16/1989 2.51
2/15/1989 2.51
2/14/1989 2.51
2/13/1989 2.51
2/10/1989 2.51
2/9/1989 2.52
2/8/1989 2.53
2/7/1989 2.53
2/6/1989 2.53
2/3/1989 2.53
2/2/1989 2.53
2/1/1989 2.53
1/31/1989 2.53
1/30/1989 2.51
1/27/1989 2.51
1/26/1989 2.51
1/25/1989 2.51
1/24/1989 2.52
1/23/1989 2.51
1/20/1989 2.51
1/19/1989 2.51
1/18/1989 2.5
1/17/1989 2.5
1/16/1989 2.5
1/13/1989 2.5
1/12/1989 2.49
1/11/1989 2.48
1/10/1989 2.48
1/9/1989 2.48
1/6/1989 2.47
1/5/1989 2.47
1/4/1989 2.48
1/3/1989 2.48
12/30/1988 2.49
12/29/1988 2.46
12/28/1988 2.46
12/27/1988 2.48
12/23/1988 2.49
12/22/1988 2.49
12/21/1988 2.48
12/20/1988 2.48
12/19/1988 2.48
12/16/1988 2.47
12/15/1988 2.46
12/14/1988 2.46
12/13/1988 2.47
12/12/1988 2.49
12/9/1988 2.49
12/8/1988 2.5
12/7/1988 2.5
12/6/1988 2.49
12/5/1988 2.49
12/2/1988 2.49
12/1/1988 2.5
11/30/1988 2.49
11/29/1988 2.47
11/28/1988 2.47
11/25/1988 2.47
11/23/1988 2.48
11/22/1988 2.48
11/21/1988 2.48
11/18/1988 2.48
11/17/1988 2.49
11/16/1988 2.49
11/15/1988 2.49
11/14/1988 2.49
11/11/1988 2.5
11/10/1988 2.5
11/9/1988 2.5
11/8/1988 2.5
11/7/1988 2.5
11/4/1988 2.51
11/3/1988 2.52
11/2/1988 2.52
11/1/1988 2.53
10/31/1988 2.53
10/28/1988 2.51
10/27/1988 2.51
10/26/1988 2.5
10/25/1988 2.5
10/24/1988 2.49
10/21/1988 2.49
10/20/1988 2.49
10/19/1988 2.49
10/18/1988 2.49
10/17/1988 2.49
10/14/1988 2.49
10/13/1988 2.48
10/12/1988 2.48
10/11/1988 2.49
10/10/1988 2.49
10/7/1988 2.49
10/6/1988 2.48
10/5/1988 2.48
10/4/1988 2.48
10/3/1988 2.48
9/30/1988 2.48
9/29/1988 2.45
9/28/1988 2.45
9/27/1988 2.45
9/26/1988 2.45
9/23/1988 2.45
9/22/1988 2.46
9/21/1988 2.46
9/20/1988 2.46
9/19/1988 2.45
9/16/1988 2.45
9/15/1988 2.46
9/14/1988 2.46
9/13/1988 2.45
9/12/1988 2.45
9/9/1988 2.45
9/8/1988 2.45
9/7/1988 2.45
9/6/1988 2.44
9/2/1988 2.44
9/1/1988 2.42
8/31/1988 2.42
8/30/1988 2.4
8/29/1988 2.4
8/26/1988 2.39
8/25/1988 2.39
8/24/1988 2.4
8/23/1988 2.4
8/22/1988 2.4
8/19/1988 2.4
8/18/1988 2.4
8/17/1988 2.39
8/16/1988 2.39
8/15/1988 2.39
8/12/1988 2.39
8/11/1988 2.4
8/10/1988 2.4
8/9/1988 2.42
8/8/1988 2.42
8/5/1988 2.42
8/4/1988 2.43
8/3/1988 2.43
8/2/1988 2.43
8/1/1988 2.42
7/29/1988 2.42
7/28/1988 2.4
7/27/1988 2.4
7/26/1988 2.41
7/25/1988 2.41
7/22/1988 2.41
7/21/1988 2.4
7/20/1988 2.41
7/19/1988 2.41
7/18/1988 2.41
7/15/1988 2.41
7/14/1988 2.41
7/13/1988 2.41
7/12/1988 2.41
7/11/1988 2.41
7/8/1988 2.41
7/7/1988 2.42
7/6/1988 2.42
7/5/1988 2.43
7/1/1988 2.43
6/30/1988 2.43
6/29/1988 2.4
6/28/1988 2.4
6/27/1988 2.4
6/24/1988 2.4
6/23/1988 2.4
6/22/1988 2.4
6/21/1988 2.38
6/20/1988 2.38
6/17/1988 2.39
6/16/1988 2.4
6/15/1988 2.42
6/14/1988 2.42
6/13/1988 2.4
6/10/1988 2.4
6/9/1988 2.39
6/8/1988 2.39
6/7/1988 2.39
6/6/1988 2.38
6/3/1988 2.38
6/2/1988 2.37
6/1/1988 2.38
5/31/1988 2.36
5/27/1988 2.34
5/26/1988 2.34
5/25/1988 2.35
5/24/1988 2.34
5/23/1988 2.34
5/20/1988 2.35
5/19/1988 2.35
5/18/1988 2.35
5/17/1988 2.36
5/16/1988 2.37
5/13/1988 2.37
5/12/1988 2.36
5/11/1988 2.36
5/10/1988 2.36
5/9/1988 2.37
5/6/1988 2.37
5/5/1988 2.38
5/4/1988 2.38
5/3/1988 2.37
5/2/1988 2.37
4/29/1988 2.38
4/28/1988 2.36
4/27/1988 2.36
4/26/1988 2.37
4/25/1988 2.37
4/22/1988 2.37
4/21/1988 2.37
4/20/1988 2.36
4/19/1988 2.36
4/18/1988 2.36
4/15/1988 2.37
4/14/1988 2.38
4/13/1988 2.39
4/12/1988 2.39
4/11/1988 2.39
4/8/1988 2.39
4/7/1988 2.38
4/6/1988 2.38
4/5/1988 2.37
4/4/1988 2.37
3/31/1988 2.38
3/30/1988 2.37
3/29/1988 2.37
3/28/1988 2.37
3/25/1988 2.39
3/24/1988 2.38
3/23/1988 2.38
3/22/1988 2.38
3/21/1988 2.38
3/18/1988 2.4
3/17/1988 2.4
3/16/1988 2.39
3/15/1988 2.4
3/14/1988 2.4
3/11/1988 2.4
3/10/1988 2.39
3/9/1988 2.39
3/8/1988 2.39
3/7/1988 2.4
3/4/1988 2.4
3/3/1988 2.41
3/2/1988 2.41
3/1/1988 2.41
2/29/1988 2.41
2/26/1988 2.39
2/25/1988 2.39
2/24/1988 2.4
2/23/1988 2.39
2/22/1988 2.39
2/19/1988 2.39
2/18/1988 2.39
2/17/1988 2.38
2/16/1988 2.37
2/12/1988 2.37
2/11/1988 2.39
2/10/1988 2.4
2/9/1988 2.39
2/8/1988 2.38
2/5/1988 2.39
2/4/1988 2.37
2/3/1988 2.38
2/2/1988 2.38
2/1/1988 2.38
1/29/1988 2.38
1/28/1988 2.36
1/27/1988 2.35
1/26/1988 2.34
1/25/1988 2.34
1/22/1988 2.34
1/21/1988 2.34
1/20/1988 2.33
1/19/1988 2.32
1/18/1988 2.32
1/15/1988 2.32
1/14/1988 2.3
1/13/1988 2.29
1/12/1988 2.29
1/11/1988 2.29
1/8/1988 2.28
1/7/1988 2.29
1/6/1988 2.3
1/5/1988 2.3
1/4/1988 2.28
12/31/1987 2.28
12/30/1987 2.27
12/29/1987 2.26
12/28/1987 2.26
12/24/1987 2.27
12/23/1987 2.27
12/22/1987 2.26
12/21/1987 2.27
12/18/1987 2.27
12/17/1987 2.25
12/16/1987 2.23
12/15/1987 2.24
12/14/1987 2.23
12/11/1987 2.23
12/10/1987 2.23
12/9/1987 2.25
12/8/1987 2.25
12/7/1987 2.25
12/4/1987 2.26
12/3/1987 2.26
12/2/1987 2.26
12/1/1987 2.26
11/30/1987 2.25
11/27/1987 2.23
11/25/1987 2.24
11/24/1987 2.26
11/23/1987 2.26
11/20/1987 2.26
11/19/1987 2.26
11/18/1987 2.25
11/17/1987 2.25
11/16/1987 2.26
11/13/1987 2.26
11/12/1987 2.26
11/11/1987 2.25
11/10/1987 2.26
11/9/1987 2.25
11/6/1987 2.25
11/5/1987 2.25
11/4/1987 2.24
11/3/1987 2.23
11/2/1987 2.22
10/30/1987 2.23
10/29/1987 2.21
10/28/1987 2.2
10/27/1987 2.21
10/26/1987 2.23
10/23/1987 2.2
10/22/1987 2.21
10/21/1987 2.17
10/20/1987 2.16
10/19/1987 2.06
10/16/1987 2.08
10/15/1987 2.08
10/14/1987 2.1
10/13/1987 2.12
10/12/1987 2.12
10/9/1987 2.12
10/8/1987 2.13
10/7/1987 2.15
10/6/1987 2.14
10/5/1987 2.15
10/2/1987 2.15
10/1/1987 2.15
9/30/1987 2.14
9/29/1987 2.13
9/28/1987 2.14
9/25/1987 2.14
9/24/1987 2.15
9/23/1987 2.15
9/22/1987 2.14
9/21/1987 2.15
9/18/1987 2.13
9/17/1987 2.13
9/16/1987 2.13
9/15/1987 2.15
9/14/1987 2.16
9/11/1987 2.16
9/10/1987 2.15
9/9/1987 2.14
9/8/1987 2.14
9/4/1987 2.18
9/3/1987 2.18
9/2/1987 2.18
9/1/1987 2.21
8/31/1987 2.21
8/28/1987 2.2
8/27/1987 2.21
8/26/1987 2.22
8/25/1987 2.23
8/24/1987 2.24
8/21/1987 2.24
8/20/1987 2.23
8/19/1987 2.23
8/18/1987 2.23
8/17/1987 2.24
8/14/1987 2.24
8/13/1987 2.23
8/12/1987 2.22
8/11/1987 2.22
8/10/1987 2.22
8/7/1987 2.22
8/6/1987 2.22
8/5/1987 2.23
8/4/1987 2.22
8/3/1987 2.22
7/31/1987 2.23
7/30/1987 2.21
7/29/1987 2.21
7/28/1987 2.21
7/27/1987 2.22
7/24/1987 2.22
7/23/1987 2.22
7/22/1987 2.22
7/21/1987 2.24
7/20/1987 2.24
7/17/1987 2.24
7/16/1987 2.24
7/15/1987 2.23
7/14/1987 2.24
7/13/1987 2.23
7/10/1987 2.23
7/9/1987 2.23
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No. of Recommendations: 2
Jim:

First off, I hope nobody tries to read this in the whole thread mode.<g>

Now down to my main points.

I do not dislike Vanguards GNMA fund (VFIIX). I owned it from 2001 until December 2008. I was a willing holder of the fund for the entire time. Bond funds with a 20+ year history paint an interesting picture. You can clearly see the results of how they performed during various phases. While each cycle may have its unique components, the behavior is easy to tie into what was going on with the fed at the time.

I think the fact that the fund is priced at an all time high IS relevant. My CG when I sold last December was relatively modest because I was not particularly aware of the detailed history when I started buying. So, while I made a few later buys at or slightly below the $10 mark, most of my buys were made in the $10.40-10.60 range. I considered myself a longer term holder so I never considered selling when the price fell to around $10. Unfortunately, I didn't have all that much capital to deploy in that range.

What changed for me last December was that I seriously investigated a series of other Vanguard bond funds. Those charts were telling me that they were a screaming buy as their prices had recently climbed off of all time lows. I calculated that a slow return to the mean would provide very large CGs as well as very good income streams. It would also diversify my income holdings rather than having them remain in one bucket. I figured that the GNMA fund could still have some more upside, but it was already within striking distance of its all time highs. The only concern was the USA going to continue as a going concern. I made a bet that it would.

What has played out is that I would have had about 1.5k in addtional CGs had I remained fully invested in VFIIX. I have ended up with about 9k in CGs by implementing my strategy. I even shortchanged myself because I didn't deploy the proceeds from my VFIIX sale all at once. As it was, I only invested about 70% of the funds as the rally got ahead of me and I was reluctant to invest the rest after the big spikes. See my plan was to make some larger initial buys and add to them over the year.

I certainly understand the income and CG functions of the fund. Yahoo says that the last CG was paid on 12/31/02 and was a total of $.02/share. So that element is pretty much a non factor. Yes one has to consider the dividend income in any decision. I maintain spreadsheets for all of my investments that calculate my annualized return on anything held 12 months or longer. I don't bother doing that on investments held less than a year as I feel that distorts the true picture. My nearly 8 year hold of VFIIX produced an annualized return of 5.45% for me. I was satisfied with that number but I also realized that had my purchases been made with a better plan, I could have had a much lower cost basis and thereby a higher annualized return.

VFIIX provides a decent income stream. Yes if the price goes down, the yields will go up. Using the income numbers posted so far this year and carrying them out through December, they will pay out about $.44 per share. While I am not predicting it, it is certainly possible that you could see a price decline that would equal the income paid out. Yes, you could also see it move above its all time high. Yet I am usually reluctant to make an investment at an all time high based on the assumption that the price will move even higher. If I am counting on the income stream to be higher next year that will imply much better entry prices at that time. One can certainly make the decision to put some capital to work now and add more at better prices later on. All of that comes down to personal preference.

FWIW, I even established a new small position in VFIIX @10.50 after my 60 day Vanguard waiting period expired.


B
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<<<If we assume the past is an indicator of future results, and if we look at total return, not share price, we see past "all-time-highs" have usually been quickly followed by new "all-time-highs" and there have been no "bad times to buy" just good times to buy and better times to buy. So, I think Gurdison must have been looking at a price-only chart.>>>

The reason the Vanguard GNMA fund chart ( and almost any high grade bond fund chart) looks so good over a long period is that we have had the benefit over a long time of a decline in yields. Sure there have been movements up and down but the overall general trend over the past 25+ years has been a decline in yields. Just looking at the US 10yr yield , in 1981 it was 13.92% vs 3.38% today. Could yields go lower , ala Japan , sure... but I would put my bets on yields reversing course and drifting higher based on a combination of higher inflation or higher rates needed to attracted buyers as the amount of debt issuance increases.

Regarding the VGI GNMA fund , it looks from Vanguard's web-site that the current duration(sensitivity to interest rate changes) of the fund is around 2yrs and the yield is approx 3.5% so if yields in general went up 2% over a 1 yr time frame your combination of price loss and interest earned would equate to a small loss , approx (.50% - 1.0%). Not the end of the world and maybe an ok bet in todays environment of .20% money market yields.
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Gurdison says the Vanguard GNMA fund is at an all-time high so this is [he says] clearly not a good time to buy.

None of the charts that I have been able to find include the future. The "All-time high" refers only to all past time. So, I can't conclude this is not a good time to buy.


Sorry, you can only recommend a post to the Best of once.
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Just looking at the US 10yr yield , in 1981 it was 13.92% vs 3.38% today.

Er... wasn't 1981 an all time high?

What if you made your US 10 yr. yield comparison starting in 1971?

What if you made your US 10 yr. yield comparison starting in 1991?
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<None of the charts that I have been able to find include the future. The "All-time high" refers only to all past time. So, I can't conclude this is not a good time to buy.>


While I totally agree that none of us can know the future, I still believe we can learn lots of things from looking at the long term charts. I feel this is especially true when it comes to high quality bond funds in the Vanguard family. The range of price movements over 22+ years makes good sense when viewed from an historical perspective. The up and down movements correlated fairly well with changes in interest rates, rates of inflation and multiple surprises along the way. We had no way to know that it would do what it did, but hindsight helps us to understand why it performed as it did. When you view it that way, you can get an idea of they types of things that can move the price in either direction.

I mentioned that my annualized return was about 5.5%. That was based on an average cost basis of around $10.33. In the last five years the low price was around 9.90. For 10 years 9.60. For 15 years 9.50. In the last 18 years the price topped 10.50 on four extended trips. If I were to guestimate the average price over the same 18 years it would be around $10.25. The all time high of 10.79 was hit last week.

I will not dispute that we could see higher prices. What I would like to see is a rationale in support of a price in the low to mid 11's. The two main ways I could see it would be if we entered a prolonged period of deflation and/or we have an enormously excessive amount of capital flowing into these funds for an extended period of time. Others have pointed out the long range downward trend of interest rates from the early 80's through much of this decade. I am not one calling for a meteoric rise in inflation (though some are), but modest to moderate inflation with somewhat higher interest rates seems to be a reasonable assumption on my part. We could also remain flat for some time.

Since all of us have to make do with our best guesses going forward, a bit of pragmatism is never out of style IMO. I am always skeptical of buying any asset or asset classs when it is at or near an all time high. That doesn't mean that lots of people won't make money doing so. They usually do until they don't. If gold buyers at $1050/oz see the price of gold reach 1500 as some predict, the new buyers can make out very well. The herd mentality may actually drive some of that rather than anything fundamental. Of course those who bought at 800 back in the early 80s based on the assumption that we would see 1000+ in a couple of years were sadly disappointed. I am not sure what their annualized return looks like.

In the world of REITs, Preferreds and bonds, I like to be more cautious in my outlook. My 7 year annualized return of 5.5% for my GNMA fund was satisfactory for what it did. By contrast two of my Vanguard bond funds that I bought with some of my proceeds in Dec 08-Jan 09 brought me 20% returns. That was almost entirely based on the pragmatic premise of a slow return to the mean. What happened was a fast return to the mean and then some. A return to the mean of the GNMA fund would not help a new investor who plops down all of their money at these high prices.

As always, we all have to decide for ourselves where, when and how much to invest in anything. My food for thought is that even "safe" investments have good times and bad times to buy them.


B
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No. of Recommendations: 9
Jim, I would be a lot more cautious on the long term prospects for Vanguard GNMA (VFIIX). I have the same concerns about all medium to long term bond funds, plus all of the REIT preferreds that are popular on this board. The issues are what you and Workinhard100 mentioned.

1) We have been in a secular (long term) downtrend on interest rates for about 28 years. The ten year US note peaked at ~ 15.3% at September 1981. The current yield is ~ 3.4%. Any medium to long term bond held during this time should have had both capital gains plus higher interest payments. Hard to have lost money. The last time I looked closely, the total return on long term bonds during this time was comparable to stocks.

2) What is not discussed as much is the other side of the secular trend. For example if we look at the previous 28 years from September 1953 to September 1981. The 10 year yield increased from ~2.9% up to ~ 15.3%. During this time most medium to long term bonds had a negative total return. All of the negative total return was due to the decrease in principal value.

3) If you consider the real (inflation adjusted) returns, bond holders were crushed in this period of time. The real increase in inflation started in ~1966. Not only did bond holders suffer, but equities suffered as well. The Dow hit 1000 in 1966. It did not cross 1000 for good until 1982. In that period of time inflation increased by about 3X, so the Dow was effectively at 333.

4) Had money market funds been available to individual investors in 1953 or 1966, they would have produced a positive return to 1982, beating both stocks and bonds. The reason for this is simple, they would have suffered no principal deterioration in this time.

5) The biggest question we have to answer IMO is when the secular uptrend in interest rates will start. Each of us will have an opinion. Opinions are all over the place on when and what magnitude it will be. What everyone needs to understand when holding both bond funds, as well as the REIT preferreds, is that YOU have stated your opinion. If you continue to hold, your opinion is that the secular increase in interest rates is "further out" in the indefinite future.

6) The other issue specific to VFIIX is what the real duration is and how the fund will behave in a secular increasing interest rate market. My opinion is that the duration of 2 years is way understated for a rising interest rate market. Bond folks call this negative convexity. I think the principal value could drop more than 2% for every 1% increase in interest rates. Time will tell.

7) Lastly, we really have no idea what market interest rates are these days at any point on the yield curve. We have always known that the Federal Reserve sets the short term rates. What has changed is that they are in buying at all points on the curve, including the 30 year mortgage paper. If they stopped buying tomorrow, we would see what the market prices are for interest rates. Until that point, once again it is all speculation. IMO, they can not continue to control the entire yield curve ad infinitem, so the question is when this changes.

8) My bottom line is that I am not confident that VFIIX will have a positive total return over say the next 5 to 10 years.

Thanks,

Yodaorange
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<<< My bottom line is that I am not confident that VFIIX will have a positive total return over say the next 5 to 10 years.>>>

I would be very surprised if VFIIX has a negative return over even any 3 year period much less 5 to 10 years. I think you are being overally pessimistic on a very good fund. There have been times when this fund dropped 5-10 % in price over a short period of time; but they are rare and it usually recovers. Don't forget, if interest rates do go up, as you expect, there will be more interest income to offset some of the principal loss. Personally I think we are in for a long period of low interest rates and don't see much risk with this fund.
Norm
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No. of Recommendations: 3
yodaorange wrote <<when holding both bond funds, as well as the REIT preferreds, is that YOU have stated your opinion. If you continue to hold, your opinion is that the secular increase in interest rates is "further out" in the indefinite future.>> I hold REIT preferreds. Here was my justification:

I can get a good, relatively safe (I think) yield. If interest goes up, the price of the preferreds mayy go down, but I still collect my safe yield and I'm moderately happy. Also in rising interest environment my preferreds are less likely to get redeemed.

I do take an inflation risk, but I don't see inflation coming soon. I guess I'm betting we might have higher interest rates without higher inflation. I know that historically higher interest rates and inflation are correlated but Ben Bernanke said that when the Fed sees inflation the Fed will allow interest rates to rise thereby, I assume, keeping inflation in check. So we may be able to have rising interest and relatively low inflation, providing that Ben Bernanke can pull it off. If he can I'm still happy but worried.

If we get high interest rates and high inflation, I may not be happy at all. How unhappy I'll be depends how much interest rate increase (i.e. how much the preferreds go down) and how much inflation. But managing your money entails risk and no matter where you put your money there's probably a way to lose real (inflation adjusted) money.

Comments, corrections, bricks welcome.

klee12
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No. of Recommendations: 12
Well, the GNMA fund will go the way that mortgage bond prices go, which move inversely with nominal interest rates.

Gurdison observes, in effect, that bond prices are abnormally high, which is to say nominal interest rates are abnormally low, and proposes betting on regression to the mean, which he thinks would predict a rise in nominal interest rates (fall in bond prices, fall in the gnma fund price).

But, which should we expect to regress to the mean-- nominal interest rates or real interest rates?

At zero inflation, today's 5% mortgage rate is way high by historical standards. So, regression to the mean predicts a fall in real rates. This can only be accomplished by a fall in nominal rates or an increase in inflation.

Suppose there is no increase in inflation for a good long while. Then we can't have regression to the mean for both real rates and nominal rates. The real rate has a mean on a lower floor while the nominal rate is pushing the "up" button. With no increase in inflation, they are trapped in the same elevator and only one can win. I would bet on Mr. Real Rate. Real rates have true economic effect and set in motion powerful economic forces that push them toward normal long-run levels. Nominal rates are meaningless numbers, viewed without reference to the accompanying inflation rate, and therefore do not set in motion economic forces to push them toward long-run norms. We saw this in the late 60s and early 70s when inflation heated up and the Fed failed to adjust nominal rates accordingly. The market soon did in the long bond and the Fed had to go to extremes in the high end to make up for its past foolishness.

How reasonable is my stipulation of no increase in inflation for a good long time? Well, I believe prices are set by supply and demand. Inflation is the rate of increase in prices. We seem to have too little demand and not much prospect for rectifying that deficiency quickly. So, I think prices will not be rising for most things for at least a few years. This says to me a 5% mortgage rate is not sustainable and it has to go lower.

By the way, 5% is not low high by the standards of pre-1960s America. In the 30s and 40s 3% was the norm and in the 50s they were in the 4s and 5s. http://mortgage.lovetoknow.com/Mortgage_Rate_History The difference is due to inflation. In the 1960s and after we became accustomed to expect higher inflation rates, and lending rates increased accordingly. If we return to the low inflation rates of the past, or even deflation as Japan has experienced and we experienced in the 1930s, we will return to 3% and 4% mortgages.
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No. of Recommendations: 3
vodaorange -- Let me respond to your point 7:

I think the Fed balance sheet, enlarged as it is, is tiny in comparison to the size of the world long-bond market. I don't think their buying longer maturities can have a significant impact on long rates.

http://krugman.blogs.nytimes.com/2008/09/22/the-humbling-of-... (This one is a little old, and pre-dates the really big moves by the Fed. But it sets out important principles).



http://globaleconomicanalysis.blogspot.com/2009/03/krugmans-...

(This one is by someone arguing with a more recent post by Krugman, but I think Krugman would actually agree with him -- the Fed actions in the long-bond market are a "hail Mary" move, which Krugman is applauding more because something is better than nothing, rather than because of any firm belief in their success. In many other posts he argues only fiscal stimulus can fix this mess. Anyway, I agree with the bloggers logic -- The Fed can't move the long-bond markets higher by buying. I think Krugman was more interested in making a point about the expected cost of the move if it succeeds, rather than commenting on the probability of its success.)

No one knows for sure. We're in uncharted waters here; pure theory can't answer this one definitively, and we have no comparable experience, so no empirical guides either. Economic historians will study this period for decades to come. We are witnesses to important history.
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No. of Recommendations: 9
Hi Jim, a few points:

1) I agree we are in uncharted water with regard to the fed and the whole long bond market. The market is too complex to perfectly model at this point IMO.

2) The fed has publicly disclosed they are buying $1.25 trillion of Mortgage Backed Paper. Here is the announcement and FAQ's of the program:

http://www.newyorkfed.org/markets/mbs_faq.html

3) According to a recent post from John Jansen: " the Fed and the Treasury together own close to 34% of outstanding 30-year FN/FH pass-through pools at the moment."

So with the Fed and treasury controlling 1/3rd of the market, I would argue they contribute significantly to setting the interest rates. This paper is fixed rate, 10 to 30 year. BTW, John Jansen used to work at the Fed open market desk, so he is kind of like our Reitnut of how the Fed works. (Of course he can not be as good at fed operations as Reitnut is on REITS!) Here is his post:

http://acrossthecurve.com/?p=8869

4) Why would the fed buy the $1.25 trillion of paper UNLESS they thought it would influence the market rates? If the market would absorb this paper at the same rates, why have the fed involved? You can argue ala Krugman that the fed purchase is not having that much affect on rates, but the fed obviously does not see it that way.

5) I am not smart enough to predict where interest rates will be in 5 or 10 years, at any point along the yield curve. Eventually I do expect a secular uptrend in rates. To me it is not rational to forecast lower interest rates at any point on the curve. At the short end, they would have to go negative. At the long end, you get into all kinds of arguments about future inflation expectations in addition to the dollar depreciation. Beyond my pay grade to forecast. I would not trust anybody that forecasts them with any certainty.

How many folks forecasted 2009 0% short term rates back in 2007? I don't see a very large show of hands . . . One of my main points is that by holding bond funds and/or REIT preferreds for the indefinite future means that you ARE forecasting the future interest rates. You might not think you are making a discreet forecast, but it is implied in the holdings.

Thanks,

Yodaorange
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<<Just looking at the US 10yr yield , in 1981 it was 13.92% vs 3.38% today.>>

<<Er... wasn't 1981 an all time high?

What if you made your US 10 yr. yield comparison starting in 1971?

What if you made your US 10 yr. yield comparison starting in 1991? >>

Yes, 1981 was the high but my point was that GNMA funds and bond funds have benefited over the long term (I think looking at a chart from 1981 is a fairly long term horizon for most investors) from having the wind of declining yields at their backs. I think that wind direction is turning into a headwind and will be a force to overcome for bonds investors as well as investors in balanced funds and preferred securities.

As to your other questions, the avg 10yr yield in 1971 was 6.16% , in 1991 is was 7.86% so in both cases, you would have the benefit of a decline in yields (although if you invested in 1971 you would have had a nasty price correction into 1981). 1971 is somewhat of a moot point in evaluating VGI GNMA fund because is didn't start until 6/27/80. GNMA's themselves didn't start trading until around 1970 and the market took some time to gain critical mass and liquidity.
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No. of Recommendations: 3
gurdison

Yes if the price goes down, the yields will go up.

GNMAs are not bonds and, alas, your statement is not true. At one time GNMA funds were our largest holdings, but I got rid of them when the unit price and dividends went down together.* I'm not sure why this can happen, but it may have something to do with refinancing at lower rates aand paying off the loans.

brucedoe

*(well, through an error we still have some of the Vanguard GNMA fund and more of the American Century Ginnie Mae funds which I just let ride because the total is only about $6,000, and the dividends sure look good in today's climate.)
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No. of Recommendations: 6
GNMAs are bonds. Callable on a piecemeal basis (prepayments = calls). The fund is not a bond, but a fund of such bonds.

I don't think price and yield on a GNMA bond could both go down at the same time.

But a fund of bonds could behave that way, since yields could be going up on the bonds presently held (causing capital loss) while management is also shifting the mix to shorter maturities, which have lower yields. (If the latter swamped the former in regard to fund yeild.) Distributions obviously could cause price declines in the fund, but I imagine you took that into account and that's not what was going on. When did this occur?

Bottom line: I would not use a GNMA fund to bet on interest rate movements. But I would use it as a money-market substitute, bearing in mind there is some price volatility.
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JimLuckett wrote <<The fund is not a bond, but a fund of such bonds.>> Yes, there is a big difference. I have a question.

Suppose you have lots of money and want to buy bonds instead of investing in a fund. One might ladder the investment; buy equal amounts of 1 yr, 2 yr, ... 5 yrs. As the 1 yr bonds mature reinvest the amount received in the some 5 yr bonds. The interest rate generally increases as the maturity date increases so you're constantly investing at the 5 yr rate. Assume you live off the interest payments.

Now suppose that interest rates do not change over the next 10 years, and you want to mark your holdings to market. After 4 years the 5 yr bond should be trading at the yields of 1 yr bonds, and the 1 yr bond should be trading to yield less than the 5 year bond. In otherwords the the 5 yr bond you bought 4 years ago should have depreciated in price. And if you mark to market your portfolio of bonds, the bonds will probably be valued at less than your purchase price because of the shortening of maturities even though interest have not changed.

Of course in the real world the Fed funds rate varies as does the steepness of the yield curve.

The question I have is: Do most funds act passively with a ladder of funds, pay out the interest rates, and reinvest maturing assets. Or do they try to increase returns by an actively by trying to guess at future interest metrics and position their portfolios accordingly? Or some combination of a passive and active strategy?

Comments, correction, and bricks welcome

klee12
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I should have mentioned why I asked the above questions. A passive strategy takes on interest rate risk, the active strategy has both interest risk and market risk. It seems that when investing in funds one wants to know whether or not there is market risk. A fund that tries to avoid market risk is like an ETF, IMHO. Are the Vanguard funds mentioned on this thread active or passive?

klee12
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Hi Klee, several points in reply:

1) "Suppose you have lots of money and want to buy bonds instead of investing in a fund."

It actually does not take that much money to buy individual bonds instead of bond funds. Several of the discount brokerages now offer transparent pricing on a wide array of bonds. In the accounts I manage, ~ 99% of holdings are individual bonds versus ~1% bond funds.

2) "In other words the 5 yr bond you bought 4 years ago should have depreciated in price."

For normally sloped yield curves, the prices behave opposite of this. For example say you buy a 5 year bond at 5% interest today for 100(par). One year later, if the current 4 year bonds are yielding 4%, the one year old 5 year bond will be worth more than 100, ~ 104.1. This aging 5 year bond will continue to be worth more than 100 until very close to it's maturity date.

3) "Do most funds act passively with a ladder of funds, pay out the interest rates, and reinvest maturing assets."

I do not think there is a universal answer to this question for bond funds, however in general they are all closer to indexed than actively managed. If you look at the range of returns for bond funds, they are closely distributed within a category. For example, if the category is "Long term US government" there is a common benchmark, maturity and duration that are used. So a manager is usually pretty limited as to what holdings the fund can have by the prospectus. The other limitation is career risk. If the manager were to wildly deviate from the benchmark holding and was WRONG, there would be a mass exodus from the fund.

4) Vanguard GNMA fund, VFIIX, is an actively managed fund. That being said, there is probably very little difference due to active management. They are probably trying to improve the fund performance by .3% to .5% per year. Here are the pertinent comments from the January 21, 2009 annual report.

"We periodically modify the Treasury funds’ positioning to take advantage of our outlook for changes in the shape of the Treasury yield curve. Currently, the funds are bulleted, meaning that we have overweighted maturities that are close to the midpoint of each fund’s respective maturity range.

We also express our outlook for the change in interest rates across the curve by altering the funds’ durations, a measure of a bond fund’s price sensitivity to interest rate changes. During the year, we maintained a short-duration bias in the Treasury and Short-Term Federal portfolios because we expected the government to orchestrate another Bear Stearns-like rescue of Lehman Brothers, thus avoiding a calamity in the financial markets and pre-empting a panicked flight to quality that would drive Treasury yields lower.

Our outlook was incorrect, and the funds underperformed their benchmarks as a result. The Treasury market rallied as Lehman Brothers sought assistance, failed to find it, and declared bankruptcy."


Thanks,

Yodaorange
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Yodaorange wrote <<For normally sloped yield curves, the prices behave opposite of this.>> Ooops, of course you're right. I think I knew that but my fingers didn't. That means mark to market pricing should be greating than your cost, right?

Thanks to the other info. If most funds don't stray from some index or other then it would seem that the market risk (guessing wrong on future interest rate movements) are limited. I found the quote from the Vanguard annual report interesting.

I forgot to mention, in addition to market risk (guessing future interest rate movements), there's also credit risk. One might go for lower rated bonds to improve performance. I've heard that the way to play this is to buy low credit bonds when economy is improving (less chance of BK) and sell them when economy starts to go down. That's economy timing and could be dangerous, I think.

klee12
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Some bond funds are actively managed, some are index funds, and then there are all degrees of active among the active ones. The Vanguard GNMA fund is actively managed, even though Vanguard is the king of indexing. They vary the average maturity, depending on market conditions and outlook.
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Jim

GNMAs are not bonds, they are baskets of parts of mortgages in , initially, $25,000 lots.

If a mortgage in your GNMA is paid off, you are sent a small amount of money, and the GNMA is now worth less. Suppose it is the highest yielding mortgage that is paid off, your percentage yield on the remainder is decreased because the highest yielding one is no longer in the mix. Thus both the value of the GNMA and the percentage yield are lowered together (of course the total yield is lowered too because you are no longer getting the dividends from the high yielding mortgage). And it seems to make sense to me that the mortgages with the highest interest rate are likely to be the ones that are paid off first.

Does this make sense?

brucedoe
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Brucedoe: Nothing like a good semantic argument between friends. I will plunge into the fray with gusto.

I've have just now read 3 or 4 definitions of "bond" and they all fit those thingamajigs that this fund holds. It's a very general term. Here is a typical one:

bond
1. A long-term promissory note. Bonds vary widely in maturity, security, and type of issuer, although most are sold in $1,000 denominations or, if a municipal bond, $5,000 denominations.



[Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved.]

So, even the mortgages that back up a GNMA are themselves bonds.

Precisely speaking, GNMAs are not baskets of mortgages any more than your mortgage is your house; GNMAs are bonds whose collateral is baskets of mortgages and whose payment obligations are tied in some respects but not others to the performance of the mortgages. Example of the "not others": if a mortgage loan in the collateral pool is prepaid in the middle of the month, GNMA requires that the issuer of the MBS pay the investors who own the MBS interest through the end of the month, even if the mortgage in question does not require this of the homeowner. [ Currently, the issuers of MBS (including GNMA-guaranteed MBS) are up in arms because of proposed prohibitions on requiring pre-paying borrowers to pay interest through the end of the month.
http://www.americansecuritization.com/uploadedFiles/ASF_GNMA... ]

I have also just re-read the Vanguard web page on the GNMA fund and it says its holdings presently consist of "28 bonds" and it classifies the fund as a bond fund.

The Google search "GNMA Bond" returns over 1.6 million hits. At Answers.com, one of those hits chosen at random, you can read passages like:

"GNMA primarily does two things. First, it provides a computer platform that efficiently pools mortgages into bonds from pre-approved lenders. Second, GNMA provides, for 6 basis points of the outstanding principal balance of a bond, a guarantee of timely payment of principal and interest; "

The GNMA website says: "What Ginnie Mae does is guarantee investors the timely payment of principal and interest on MBS [Mortgage Backed Securities] backed by federally insured or guaranteed loans."

So, GNMA itself says the thing in question is an MBS. But, is an MBS a bond? I asked Google and here is what I found:

The book, "Corporate bonds and structured financial products" By Moorad Choudhry has a section (18.1.4) which states "Mortgage-backed securities are bonds created from a pool of mortgages." http://books.google.com/books?id=tt3RLXsagagC&pg=PA317&a...

So, I persist in thinking GNMAs are bonds.
I agree that high yielding mortgages are more likely to be paid off.

I agree that when a mortgage linked to one of these GNMA-guaranteed bonds pays off, the principle declines and the yield will decline too if the mortgage had an above-average yield. However, the value of the fund holding that bond does not necessarily decline in that event, because the fund has the cash resulting from that prepayment, and the fund's NAV is its cash + the market value of its bonds. Whether the fund declines would depend on whether the market had accorded that portion of the bond a higher value than the face value of the mortgage. Since market participants know that mortgages are subject to prepayment and higher yielding mortgages are more likely to prepay, it seem likely that only an unexpectedly high rate of prepayments would cause the investor a capital loss; prepayments at the expected volume would already be priced into the bond.

Interestingly, I learned on the GNMA website that there are 2 types of GNMA MBS, those that allow there to be a range of interest rates in the mortgages that serve as collateral for the bond and those that require all mortgages in the collateral pool to have the same interest rate. Not sure what to do with that factoid, but I thought it was interesting.
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JimLuckett

OK, OK, you win! Mercy, such over kill. But thank you for the kind way in which you correct me.

All I can say is that GNMA funds at one time were one of our largest holdings, but I couldn't stand it when the unit price declined and the dividends declined too. This can happen, unlike more conventional bonds. At any rate, we sold out but though some gliches we still ended up owning a small amount of the Vanguard GNMA fund and a large amount of the American Century Ginny Mae fund which I just let ride.

Since these funds are at or above their historic highs, I, for one, think it is a poor time to buy them. Of course, you never know when bubbles will burst, and they may go higher yet. Everything these years seem to be bigger but not necessarily batter. I consider it a gamble to buy these now, but, as I am fond of saying, to each their own poison.

Cheers,

brucedoe
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Revisitng this thread from 11 months ago: As I predicted it would, Vanguard GNMA has done well. Oct 2009 was a good time to buy the fund, even though it was at an all-time high. In almost every month since, it has hit a new all-time high. I predict it will continue to do well.

Prices
Date Open High Low Close Avg Vol Adj Close*
Sep 10 11.07 11.07 11.06 11.06 0 11.06
Aug 10 11.07 11.09 11.04 11.09 0 11.09
Jul 30, 2010 $ 0.029 Dividend
Jul 10 11.00 11.08 11.00 11.08 0 11.08
Jun 30, 2010 $ 0.026 Dividend
Jun 10 10.89 11.01 10.89 11.00 0 10.97
May 28, 2010 $ 0.029 Dividend
May 10 10.74 10.91 10.74 10.88 0 10.83
Apr 10 10.69 10.76 10.64 10.76 0 10.68
Mar 31, 2010 $ 0.031 Dividend
Mar 29, 2010 $ 0.044 Dividend
Mar 10 10.76 10.83 10.72 10.72 0 10.64
Feb 26, 2010 $ 0.026 Dividend
Feb 10 10.75 10.80 10.72 10.77 0 10.61
Jan 29, 2010 $ 0.024 Dividend
Jan 10 10.65 10.75 10.65 10.75 0 10.57
Dec 31, 2009 $ 0.026 Dividend
Dec 30, 2009 $ 0.072 Dividend
Dec 09 10.88 10.88 10.64 10.64 0 10.44
Nov 30, 2009 $ 0.028 Dividend
Nov 09 10.78 10.90 10.76 10.90 0 10.59
Oct 30, 2009 $ 0.029 Dividend
Oct 09 10.77 10.79 10.73 10.78 0 10.45
Sep 30, 2009 $ 0.032 Dividend
Sep 09 10.71 10.76 10.71 10.75 0 10.39
* Close price adjusted for dividends and splits.
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It's not just the Vanguard fund. According to Morningstar, the one year total return for the Vanguard Admiral GNMA fund was 7.98%, while the Fidelity GNMA fund returned 8.42% for the same period. This difference might be due to the Fidelity fund's longer effective duration; 3.4 years vs. 2.6 years for Vanguard. That sort of agrees with my image of Vanguard being more conservative.

Mark
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Jim

I had trouble reading your table, but, as we own some GNMA (albeit only a small amount), how can I complain? Still I think buying GNMA funds at these high prices is dangerous. It appears that as mortgage rates are falling, the GNMA is rising much like bonds do, but that is not a given with GNMAs. They can, and have, fallen together. We have owned them for a long time and have experienced this. At one time the American Century GNMA Fund (formerly Benham) was one of our largest holdings. They hit a period where both the dividends and the unit price fell together, and we got out of that. We thought we had gotten our of the Vanguard fund also, but, through a mistake, we still have a couple thousand dollars worth which we just let ride.

But buying GNMA prices at this level is probably not more dangerous than our buying a 30-yr 4.5% Treasury and expecting the rate to fall to maybe 3.25% (It has fallen more than 10%). So to each their own poison.

brucedoe
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Since there have been a lot of posts lately suggesting this is the bottom for interest rates, I thought it would be timely to revisit this GNMA thread from 3 years ago. At that time in early 2009 I posted that I was buying the Vanguard GNMA fund and some folks opined it was a bad time to do that because the fund was at an all-time high.

I've made 30% through today on that investment, thanks in part to capital gains distributions. Not bad for a 3-year investment in government-guaranteed securities. I bought at 10.5 around the time this thread started and it's now 11.05. But my adjusted basis given interest and capital gains distributions (all re-invested) is 8.49.

Moral: Sometimes all-time highs are followed by more all-time highs.

We can only recognize "high" and "low" with hindsight. Some day we may look back on 2012 and marvel that we were once able to get AS MUCH AS 6% on decent REIT preferreds. If so, we'll thank ourselves for every bit of call protection we got through our securities selection decisions.

Looking at the prices of long-time-to-call preferreds shows the value of call protection when rates fall. Many well-protect issues are substantially above par. Examples include PLDGP at 60 (par = 50), PPS - A at 58.6, PSA-Q at 28. I'd rather have a capital gain than a call notice and no comparable place to reinvest.
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Click "whole thread" to get the full historical perspective.
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Jim

I have to admit that I am one of those who are amazed at the VANGUARD GNMA fund behavior. For many years it was cyclical and when it dipped below $10/un it was a good buy, but this time it took off and has remained high for a long time. Our small amount of the GNMA fund has more than doubled with reinvested dividends and capital gains. I forget when we originally bought it but it was more than 10 yrs ago.

brucedoe
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Ok guys, we all placed our bets about what would happen to the Vanguard GNMA fund and now it's 10 years later. It's time for me to say "I told you so." (please click on Whole Thread and read back over this discussion which began in 2009 and has lain dormant since then).

Over the last 10 years a $10,000 investment in Vanguard GNMA fund grew to almost $14k, a CAGR of 3.21%. see chart:
https://investor.vanguard.com/mutual-funds/profile/VFIIX.

The share price is modestly lower, but that could not be more irrelevant -- capital gains did occur but they went out to shareholders as distributions rather than accumulating in the share price.

Conclusion: If you have money that you do not want at risk but you do want to grow modestly -- faster than inflation -- this fund is a great place for it. There is a little gyration inverse to interest rates, but not much. There is zero default risk.

I think it's very interesting to read back over this discussion, knowing what we know now. Please do click on "whole thread."

Now everyone pile on and say "Okay you were right about the last 10 years, but for the next 10 years GNMAs are a terrible investment." Then we'll visit this again in 2029.
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We all have different views on just what certain adjectives mean, but I am not sure that I would consider 3.21% moderate growth. Seems like it has grown at a glacial pace, but since most glaciers are receding that might not be the right term as it did provide positive growth.

Let's see, let's assume 25% tax bracket so, 3.21% x 75% equals 2.41% then subtract 1.80% for inflation that leaves you with 0.61%. That would be $61 dollars on each $10,000 after taxes and inflation.

I could take my wife out to dinner for that.
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Super safe. Liquid. Positive, albeit small, return. Could be the best position in your portfolio in a scenario where the S really hits the fan. Beats money markets and cash. Big growth is the role of other positions in the portfolio. Everyone should have an allocation to super safe.

You can back out the tax part of your calculation if you hold it in a Roth, of course. If you have enough other deductions and credits, which you might in the event of serious illness, you can back out the tax part of the calculation even holding it in a traditional IRA.

And remember, the "small return" we are looking down our noses at is almost 40% cumulatively over 10 years.
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A fascinating and illuminating thread. Thanks, JimLuckett, for reviving this thread. And thanks for rejoining the ranks of active Fools here in Reitdom.

I see the Vanguard GNMA fund as a capital preservation investment candidate.

David, who is taking a serious look at Vanguard GNMA Admiral fund.
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