1

2.

()

()



()

ri i- ;d i- ;i i- ;0 i- .
:

, , :
( 2)
( )
(cv)

2=
-
ri i- n
2=

- ri i- Pi i -

() ,
7

, %12015218203232442126517236151971916 1920,4614,53 2,453,81

1.

2.

3. = 68,3% = 95,5% = 99,7%19,0

2,45

16,55 - 21,4514,10 - 23,9011,65 - 26,3520,4

3,81

16,59 - 24,2112,78 - 28,028,97 - 31,83

(CV):
- r -
CVa = 2,45/19 = 0,129 CV = 3,81/20,4 = 0,187

()








t0
t1

14,1
16,55
19
21,45
23,9
11,65
26,35
= 68,3 %
= 95,5%
= 99,7%
+
-
+ 2

- 2

1

1928-2008.

, % , % ( ), %1. 3,74%-3,02%2. 10- 5,45%1,71%7,61%3. 10,18%6,44%19,53%

1928-2008.

, % (), %MinMax 0,03%14,30%3,74%3,02%10- -8,25%32,81%5,45%7,61%-46,57%67,84%10,18%19,53%

, 2007.
: 19%

,% 11,9 61,349,4 45,533,6 29,117,2 ()13,51,6 ( )9,6-2,3 8,8-3,1 7,6-4,3 5,3-6,6, 3,5-8,4 ( )0,6-11,3 ( )- 0,6-12,5 ()-2,7-14,6, - 6,8-18,7

, . . ( ). :

rp - r - i - ()

()
: 15% (i) 10%.

1. = (1+0,15)/(1+0,1) - 1 = 0,0455 4,55% 2. = rp + i + rp*i = = 4,55 + 10 + 4,55 * 0,1 = 15%

: = 10 . . = 20 = : 15 . = 7%; 610 . = 6%; 1115 . = 5%; 16-20 . = 4%

( 1928-2008 .)
10-

01.01.2002. 01.11.2007. 1, 6 12

= (ri rf) : I

ri i- rf -

( )

NASDAQ

( )

2

0.045780.179524

0.2615410.450309

0.5509690.689287

0.8516240.815173

RUX-Cbonds. MAXMIN. MAXMIN

01.01.2002100-1.09168907150.94717748025.3279144308-3.15350081581/3/02267.7-9.91873735321.69760777518.0971941599-45.3563650619

01.02.2002101.70251.68816988692/1/02288.017.3128251229

01.03.2002103.32831.5859413091 3/1/02305.475.8856372362

01.04.2002104.60941.2322115803. MAXMIN4/1/02349.7713.5424221496. MAXMIN

01.05.2002106.65331.93499730240.99077522491.02782363795.3279144308-1.21049136915/6/02386.259.92090325998.07930265252.72511110418.0971941599-16.2876356421

01.06.2002108.481.69824374196/3/02391.371.3168575882

01.07.2002110.38081.73703814837/1/02361.78-7.861711182

01.08.2002112.06041.51018059728/1/02332.3-8.4998116913

01.09.2002113.54491.31603417619/2/02329.44-0.8643932081

01.10.2002115.19511.442885922710/1/02335.181.7273457677

01.11.2002116.9341.498246043311/1/02357.456.4327791256

01.12.2002119.01031.76003709212/2/02361.010.9910166567

01.01.2003121.64682.19117199231/4/03360.79-0.0609587162

01.02.2003124.38232.22381233132/3/03347.06-3.8798395956

03.03.2003131.1895.32791443083/3/03391.2611.9874624971

01.04.2003134.70252.64296114754/1/03360.66-8.1436614354

05.05.2003138.36182.68033505185/5/03431.6517.9679388402

02.06.2003139.81671.04602855076/2/03455.665.4131842689

01.07.2003139.4981-0.22812979357/1/03502.969.8763726704

01.08.2003138.0518-1.04220040528/1/03451.05-10.8932445972

01.09.2003138.90150.61360717939/1/03540.5318.0971941599

01.10.2003139.45060.394536784410/1/03573.855.9817898425

03.11.2003142.61312.242495243711/3/03538.14-6.4249288769

01.12.2003144.00660.972376274112/1/03530.43-1.4430751

05.01.2004149.48383.73288938961/5/04586.089.9768300672

02.02.2004153.27542.50482775792/2/04607.873.6504744284

01.03.2004155.20241.24937682133/1/04688.7212.4873759035

01.04.2004158.60282.16728919754/1/04748.958.3837423265

05.05.2004156.6945-1.21049136915/5/04636.38-16.2876356421

01.06.2004156.2566-0.27985221066/1/04557.45-13.2423055981

01.07.2004157.08120.52633413767/1/04585.154.8495411407

02.08.2004157.42540.21888261648/2/04545.81-6.9597294785

01.09.2004159.80111.49782216499/1/04583.676.7064824788

01.10.2004162.20621.493844845210/1/04648.2810.4986947166

01.11.2004166.45842.587706298811/1/04665.712.6531438485

01.12.2004167.45960.59966997912/1/04611.07-8.5642621381

11.01.2005168.98490.90672336751/11/05607.57-0.574412398

01.02.2005170.71851.02066393792/1/05640.325.2500656481

01.03.2005172.99521.3247847253/1/05714.110.905495716

01.04.2005173.70870.411590994/1/05680.38-4.8371542939

03.05.2005175.59541.0802726615/3/05669.36-1.6329433628

01.06.2005176.98870.7903403776/1/05667.13-0.3337102514

01.07.2005178.77771.00572458757/1/05717.877.3303564686

01.08.2005180.70651.07310335718/1/05782.48.6077624561

01.09.2005183.37021.46328920779/1/05894.5713.3977037175

03.10.2005185.67941.251447034410/3/051038.7614.9439817183

01.11.2005185.92920.134442549311/1/05942.11-9.7660932496

01.12.2005186.54790.33220864812/1/051058.9311.689220274

10.01.2006187.98980.76996634711/10/061190.3411.698001626

01.02.2006189.29630.69258062912/1/061339.5711.8109686342

01.03.2006190.3050.53145359313/1/061450.827.9780246887

03.04.2006191.42930.58905015924/3/061450.880.0041355068

02.05.2006192.15060.37608897145/2/061716.616.8175321405

01.06.2006193.7230.81498641176/1/061459.99-16.191600392

03.07.2006194.30510.30003004257/3/061512.043.5030146052

01.08.2006195.4230.5736835848/1/061544.882.1486504996

01.09.2006197.71541.16621829969/1/0616204.7479911814

02.10.2006199.19760.746867394110/2/061557.23-3.9517547328

01.11.2006200.55790.680568622811/1/061644.865.4746672296

01.12.2006201.5850.510814555412/1/061780.517.9244565907

09.01.2007203.41390.90316908621/9/071798.631.0125423879

01.02.2007204.48070.52307749722/1/071894.255.179771783

01.03.2007205.82190.65376372323/1/071797.1-5.2648727274

02.04.2007207.38420.75618798694/2/071927.737.0168890332

02.05.2007208.95410.75414990195/2/071911.69-0.8355477295

01.06.2007210.60310.78607088196/1/071829.5-4.3944962116

02.07.2007212.47340.88414846197/2/071911.754.3976347465

01.08.2007214.08560.75591309858/1/071946.341.7931632929

03.09.2007213.0075-0.50485586869/3/071926.5-1.0245800787

01.10.2007212.1669-0.395414726410/1/072047.096.0714387409

01.11.2007215.57681.594399747311/1/072220.168.1159992866

03.12.2007216.04940.218985867312/3/072200.75-0.8781054

09.01.2008217.78090.79824262811/9/082296.564.2614139798

01.02.2008218.35310.262396572/1/081968.97-15.3901787777

03.03.2008217.0312-0.60723552133/3/082032.293.1652672688

01.04.2008218.27180.56999531774/1/082063.691.5332406472

04.05.2008221.431.43654372665/4/082140.983.6768025594

02.06.2008223.44450.90565486196/2/082452.7613.5950252975

01.07.2008222.9333-0.22904374887/1/082242.74-8.9515588474

01.08.2008222.9055-0.01247087518/1/081941.73-14.4119004358

01.09.2008222.2758-0.28289616849/1/081666.52-15.2841708384

17.09.2008215.3757-3.15350081589/18/081058.84-45.3563650619

6

RUX-Cbonds. MAXMIN. MAXMIN

01.01.2002100-0.62291737570.99291162642.8043720076-0.22261883661/3/02267.7-3.16431347392.27764709639.999647145-11.1220278878

01.02.2002101.70251.68816988692/1/02288.017.3128251229

01.03.2002103.32831.5859413091 3/1/02305.475.8856372362

01.04.2002104.60941.2322115803. MAXMIN4/1/02349.7713.5424221496. MAXMIN

01.05.2002106.65331.93499730240.60971767971.02660316852.80437200760.31189576085/6/02386.259.92090325992.70697989262.57208887759.999647145-2.7583174621

01.06.2002108.481.69824374196/3/02391.371.3168575882

01.07.2002110.38081.73703814831.64610032817/1/02361.78-7.8617111825.0194890291

01.08.2002112.06041.51018059721.61643544658/1/02332.3-8.49981169132.3840495601

01.09.2002113.54491.31603417611.57145092439/2/02329.44-0.86439320811.259044486

01.10.2002115.19511.44288592271.606563314810/1/02335.181.7273457677-0.7101349109

01.11.2002116.9341.49824604331.533771438211/1/02357.456.4327791256-1.2914889333

01.12.2002119.01031.7600370921.544070329912/2/02361.010.9910166567-1.3457957552

01.01.2003121.64682.19117199231.61975930391/4/03360.79-0.0609587162-0.0456703443

01.02.2003124.38232.22381233131.73869792632/3/03347.06-3.87983959560.724325005

03.03.2003131.1895.32791443082.40734463543/3/03391.2611.98746249712.8663009559

01.04.2003134.70252.64296114752.60735717294/1/03360.66-8.14366143541.2211330887

05.05.2003138.36182.68033505182.80437200765/5/03431.6517.96793884023.1436597078

02.06.2003139.81671.04602855072.68537058416/2/03455.665.41318426893.8806876432

01.07.2003139.4981-0.22812979352.28215361987/1/03502.969.87637267045.5369095409

01.08.2003138.0518-1.04220040521.73781816378/1/03451.05-10.89324459724.3680087073

01.09.2003138.90150.61360717930.95210028849/1/03540.5318.09719415995.3862973178

01.10.2003139.45060.39453678440.577362894610/1/03573.855.98178984257.7405391975

03.11.2003142.61312.24249524370.504389593211/3/03538.14-6.42492887693.6750612446

01.12.2003144.00660.97237627410.492114213812/1/03530.43-1.44307512.5323513498

05.01.2004149.48383.73288938961.15228407761/5/04586.089.97683006722.5490942493

02.02.2004153.27542.50482775791.74345543812/2/04607.873.65047442844.9730474202

01.03.2004155.20241.24937682131.84941704523/1/04688.7212.48737590354.0380777108

01.04.2004158.60282.16728919752.14487578074/1/04748.958.38374232654.4384031248

05.05.2004156.6945-1.21049136911.56937801195/5/04636.38-16.28763564212.7946186639

01.06.2004156.2566-0.27985221061.36067326446/1/04557.45-13.24230559810.8280802476

01.07.2004157.08120.52633413760.82624738917/1/04585.154.8495411407-0.0264679068

02.08.2004157.42540.21888261640.44525653228/2/04545.81-6.9597294785-1.7948352246

01.09.2004159.80111.49782216490.48666408949/1/04583.676.7064824788-2.7583174621

01.10.2004162.20621.49384484520.374423364110/1/04648.2810.4986947166-2.4058253971

01.11.2004166.45842.58770629881.007456308711/1/04665.712.65314384850.7509711847

01.12.2004167.45960.5996699791.154043340312/1/04611.07-8.56426213811.5306450947

11.01.2005168.98490.90672336751.21744154531/11/05607.57-0.5744123980.6266528382

01.02.2005170.71851.02066393791.35107176562/1/05640.325.25006564812.6616186927

01.03.2005172.99521.3247847251.32223219233/1/05714.110.9054957163.3614542322

01.04.2005173.70870.411590991.14185654974/1/05680.38-4.83715429390.8054793971

03.05.2005175.59541.0802726610.89061761015/3/05669.36-1.63294336280.0911315285

01.06.2005176.98870.7903403770.92239600976/1/05667.13-0.33371025141.4628901763

01.07.2005178.77771.00572458750.93889621317/1/05717.877.33035646862.7803516541

01.08.2005180.70651.07310335710.94763611638/1/05782.48.60776245613.3399677888

01.09.2005183.37021.46328920770.97072019679/1/05894.5713.39770371753.755335789

03.10.2005185.67941.25144703441.110696204110/3/051038.7614.94398171837.052191791

01.11.2005185.92920.13444254930.953057852211/1/05942.11-9.76609324965.6966668099

01.12.2005186.54790.3322086480.87670256412/1/051058.9311.6892202747.7004885641

10.01.2006187.98980.76996634710.83740952391/10/061190.3411.6980016268.4284294237

01.02.2006189.29630.69258062910.77398906932/1/061339.5711.81096863428.9622971201

01.03.2006190.3050.53145359310.61868313353/1/061450.827.97802468878.0590172819

03.04.2006191.42930.58905015920.50828365434/3/061450.880.00413550685.5690429133

02.05.2006192.15060.37608897140.5485580585/2/061716.616.81753214059.999647145

01.06.2006193.7230.81498641170.62902101866/1/061459.99-16.1916003925.3528437007

03.07.2006194.30510.30003004250.55069830127/3/061512.043.50301460523.9870125306

01.08.2006195.4230.5736835840.5308821278/1/061544.882.14865049962.3766261748

01.09.2006197.71541.16621829960.63667624479/1/0616204.74799118141.8382872569

02.10.2006199.19760.74686739410.662979117210/2/061557.23-3.95175473281.178972217

01.11.2006200.55790.68056862280.713725725811/1/061644.865.4746672296-0.7115052682

01.12.2006201.5850.51081455540.663030416412/1/061780.517.92445659073.3078375623

09.01.2007203.41390.90316908620.76355359031/9/071798.631.01254238792.8927588594

01.02.2007204.48070.52307749720.75511924252/1/071894.255.1797717833.39794574

01.03.2007205.82190.65376372320.66971014653/1/071797.1-5.26487272741.7291350885

02.04.2007207.38420.75618798690.67126357864/2/071927.737.01688903323.5572423829

02.05.2007208.95410.75414990190.68352712515/2/071911.69-0.83554772952.5055398897

01.06.2007210.60310.78607088190.72940317956/1/071829.5-4.39449621160.4523810893

02.07.2007212.47340.88414846190.72623307557/2/071911.754.39763474651.0165631491

01.08.2007214.08560.75591309850.7650390098/1/071946.341.79316329290.4521284007

03.09.2007213.0075-0.50485586860.57193574379/3/071926.5-1.02458007871.1588438421

01.10.2007212.1669-0.39541472640.380001958210/1/072047.096.07143874091.0012687934

01.11.2007215.57681.59439974730.520043599111/1/072220.168.11599928662.4931932961

03.12.2007216.04940.21898586730.4255294312/3/072200.75-0.87810543.0792584314

09.01.2008217.78090.79824262810.4112117911/9/082296.564.26141397983.0565549702

01.02.2008218.35310.262396570.32895903632/1/081968.97-15.39017877770.1926646251

03.03.2008217.0312-0.60723552130.31189576083/3/082032.293.16526726880.8909725164

01.04.2008218.27180.56999531770.47279743484/1/082063.691.53324064720.1346061675

04.05.2008221.431.43654372660.44648809815/4/082140.983.6768025594-0.6052599537

02.06.2008223.44450.90565486190.56093293056/2/082452.7613.59502529751.8069284958

01.07.2008222.9333-0.22904374880.38971853437/1/082242.74-8.9515588474-0.395233642

01.08.2008222.9055-0.01247087510.34390729358/1/081941.73-14.4119004358-0.2321872517

01.09.2008222.2758-0.28289616840.39796385239/1/081666.52-15.2841708384-3.3070936029

17.09.2008215.3757-3.1535008158-0.22261883669/18/081058.84-45.3563650619-11.1220278878

12

RUX-Cbonds. MAXMIN. MAXMIN

01.01.2002100-0.48949877050.99634131122.16907172290.12508929911/3/02267.7-2.19021103462.53387192147.8481569775-5.4937108602

01.02.2002101.70251.68816988692/1/02288.017.3128251229

01.03.2002103.32831.5859413091 3/1/02305.475.8856372362

01.04.2002104.60941.2322115803. MAXMIN4/1/02349.7713.5424221496. MAXMIN

01.05.2002106.65331.93499730240.47444717231.02876775392.16907172290.40046516275/6/02386.259.92090325991.9186781932.74765025697.8481569775-0.800173

01.06.2002108.481.69824374196/3/02391.371.3168575882

01.07.2002110.38081.73703814837/1/02361.78-7.861711182

01.08.2002112.06041.51018059728/1/02332.3-8.4998116913

01.09.2002113.54491.31603417619/2/02329.44-0.8643932081

01.10.2002115.19511.442885922710/1/02335.181.7273457677

01.11.2002116.9341.498246043311/1/02357.456.4327791256

01.12.2002119.01031.76003709212/2/02361.010.9910166567

01.01.2003121.64682.19117199231.6329298161/4/03360.79-0.06095871622.4869093424

01.02.2003124.38232.22381233131.67756668642/3/03347.06-3.87983959561.5541872826

03.03.2003131.1895.32791443081.98939777993/3/03391.2611.98746249712.062672721

01.04.2003134.70252.64296114752.10696024384/1/03360.66-8.14366143540.2554990889

05.05.2003138.36182.68033505182.16907172295/5/03431.6517.96793884020.9260853872

02.06.2003139.81671.04602855072.1147204576/2/03455.665.41318426891.267445944

01.07.2003139.4981-0.22812979351.95095646197/1/03502.969.87637267042.7456195983

01.08.2003138.0518-1.04220040521.7382580458/1/03451.05-10.89324459722.5461668562

01.09.2003138.90150.61360717931.67972246199/1/03540.5318.09719415994.1262991369

01.10.2003139.45060.39453678441.592360033710/1/03573.855.98178984254.4808361431

03.11.2003142.61312.24249524371.654380800411/3/03538.14-6.42492887693.4093604762

01.12.2003144.00660.97237627411.588742398912/1/03530.43-1.44307513.2065194965

05.01.2004149.48383.73288938961.71721884871/5/04586.089.97683006724.0430018951

02.02.2004153.27542.50482775791.74063680092/2/04607.873.65047442844.6705280638

01.03.2004155.20241.24937682131.40075866683/1/04688.7212.48737590354.7121875143

01.04.2004158.60282.16728919751.36111933764/1/04748.958.38374232656.0894711611

05.05.2004156.6945-1.21049136911.03688380265/5/04636.38-16.28763564213.2348399543

01.06.2004156.2566-0.27985221060.92639373916/1/04557.45-13.24230559811.6802157987

01.07.2004157.08120.52633413760.98926573347/1/04585.154.84954114071.2613131712

02.08.2004157.42540.21888261641.09435598528/2/04545.81-6.95972947851.5891060978

01.09.2004159.80111.49782216491.16804056739/1/04583.676.70648247880.6398801243

01.10.2004162.20621.49384484521.259649572410/1/04648.2810.49869471661.0162888639

01.11.2004166.45842.58770629881.288417160311/1/04665.712.65314384851.7727949243

01.12.2004167.45960.5996699791.257358302412/1/04611.07-8.56426213811.1793626711

11.01.2005168.98490.90672336751.02184446721/11/05607.57-0.5744123980.3000924657

01.02.2005170.71851.02066393790.89816414892/1/05640.325.25006564810.433391734

01.03.2005172.99521.3247847250.90444814083/1/05714.110.9054957160.301568385

01.04.2005173.70870.411590990.75813995694/1/05680.38-4.8371542939-0.800173

03.05.2005175.59541.0802726610.94903695945/3/05669.36-1.63294336280.4210513566

01.06.2005176.98870.7903403771.0382196756/1/05667.13-0.33371025141.4967676355

01.07.2005178.77771.00572458751.07816887927/1/05717.877.33035646861.7035022462

01.08.2005180.70651.07310335711.14935394098/1/05782.48.60776245613.0007932407

01.09.2005183.37021.46328920771.14647619459/1/05894.5713.39770371753.5583950106

03.10.2005185.67941.25144703441.126276376910/3/051038.7614.94398171833.9288355941

01.11.2005185.92920.13444254930.921837731111/1/05942.11-9.76609324962.8938991692

01.12.2005186.54790.3322086480.899549286912/1/051058.9311.6892202744.5816893702

10.01.2006187.98980.76996634710.88815286851/10/061190.3411.6980016265.6043905389

01.02.2006189.29630.69258062910.86081259282/1/061339.5711.81096863426.1511324544

01.03.2006190.3050.53145359310.79470166513/1/061450.827.97802468875.9071765355

03.04.2006191.42930.58905015920.80948992924/3/061450.880.00413550686.3106173522

02.05.2006192.15060.37608897140.75080795515/2/061716.616.81753214057.8481569775

01.06.2006193.7230.81498641170.75286179136/1/061459.99-16.1916003926.5266661324

03.07.2006194.30510.30003004250.69405391257/3/061512.043.50301460526.2077209771

01.08.2006195.4230.5736835840.65243559818/1/061544.882.14865049965.6694616474

01.09.2006197.71541.16621829960.62767968919/1/0616204.74799118144.9486522694

02.10.2006199.19760.74686739410.585631385710/2/061557.23-3.95175473283.3740075652

01.11.2006200.55790.68056862280.631141891911/1/061644.865.47466722964.6440709384

01.12.2006201.5850.51081455540.646025717512/1/061780.517.92445659074.3303406315

09.01.2007203.41390.90316908620.65712594581/9/071798.631.01254238793.439885695

01.02.2007204.48070.52307749720.64300068482/1/071894.255.1797717832.8872859574

01.03.2007205.82190.65376372320.65319319563/1/071797.1-5.26487272741.7837111727

02.04.2007207.38420.75618798690.66712134794/2/071927.737.01688903322.3681072999

02.05.2007208.95410.75414990190.69862642555/2/071911.69-0.83554772950.8970173108

01.06.2007210.60310.78607088190.6962167986/1/071829.5-4.39449621161.8801093258

02.07.2007212.47340.88414846190.74489333297/2/071911.754.39763474651.9546610042

01.08.2007214.08560.75591309850.76007912588/1/071946.341.79316329291.9250370703

03.09.2007213.0075-0.50485586860.62082294519/3/071926.5-1.02458007871.4439894653

01.10.2007212.1669-0.39541472640.525632768410/1/072047.096.07143874092.2792555881

01.11.2007215.57681.59439974730.601785362111/1/072220.168.11599928662.4993665929

03.12.2007216.04940.21898586730.577466304812/3/072200.75-0.87810541.7658197603

09.01.2008217.78090.79824262810.56872243331/9/082296.564.26141397982.0365590597

01.02.2008218.35310.262396570.54699902272/1/081968.97-15.39017877770.3223965129

03.03.2008217.0312-0.60723552130.44191575233/3/082032.293.16526726881.0249081793

01.04.2008218.27180.56999531770.42639969654/1/082063.691.53324064720.5679374804

04.05.2008221.431.43654372660.48326584865/4/082140.983.67680255940.9439666712

02.06.2008223.44450.90565486190.49323118026/2/082452.7613.59502529752.4430934636

01.07.2008222.9333-0.22904374880.40046516277/1/082242.74-8.95155884741.3306606641

01.08.2008222.9055-0.01247087510.33643316498/1/081941.73-14.4119004358-0.0197613133

01.09.2008222.2758-0.28289616840.35492980669/1/081666.52-15.2841708384-1.2080605433

17.09.2008215.3757-3.15350081580.12508929919/18/081058.84-45.3563650619-5.4937108602

18

RUX-Cbonds. MAXMIN. MAXMIN

01.01.2002100-0.40869878510.97490075441.84933775060.21006018551/3/02267.7-1.63051165472.68096496155.4537232757-3.3287176423

01.02.2002101.70251.68816988692/1/02288.017.3128251229

01.03.2002103.32831.5859413091 3/1/02305.475.8856372362

01.04.2002104.60941.2322115803. MAXMIN4/1/02349.7713.5424221496. MAXMIN

01.05.2002106.65331.93499730240.39452691681.00454133111.84933775060.50802099055/6/02386.259.92090325991.37275850532.87200053015.45372327570.9460190416

01.06.2002108.481.69824374196/3/02391.371.3168575882

01.07.2002110.38081.73703814837/1/02361.78-7.861711182

01.08.2002112.06041.51018059728/1/02332.3-8.4998116913

01.09.2002113.54491.31603417619/2/02329.44-0.8643932081

01.10.2002115.19511.442885922710/1/02335.181.7273457677

01.11.2002116.9341.498246043311/1/02357.456.4327791256

01.12.2002119.01031.76003709212/2/02361.010.9910166567

01.01.2003121.64682.19117199231/4/03360.79-0.0609587162

01.02.2003124.38232.22381233132/3/03347.06-3.8798395956

03.03.2003131.1895.32791443083/3/03391.2611.9874624971

01.04.2003134.70252.64296114754/1/03360.66-8.1436614354

05.05.2003138.36182.68033505185/5/03431.6517.9679388402

02.06.2003139.81671.04602855076/2/03455.665.4131842689

01.07.2003139.4981-0.22812979351.84933775067/1/03502.969.87637267043.5035760753

01.08.2003138.0518-1.04220040521.69765051228/1/03451.05-10.89324459722.4921277575

01.09.2003138.90150.61360717931.64363194949/1/03540.5318.09719415993.1705475866

01.10.2003139.45060.39453678441.597094460710/1/03573.855.98178984252.7505124584

03.11.2003142.61312.24249524371.614177679711/3/03538.14-6.42492887691.842410673

01.12.2003144.00660.97237627411.573851709312/1/03530.43-1.44307511.6890810792

05.01.2004149.48383.73288938961.68473233381/5/04586.089.97683006722.6801111487

02.02.2004153.27542.50482775791.73999050942/2/04607.873.65047442843.3551270442

01.03.2004155.20241.24937682131.7362873233/1/04688.7212.48737590354.0968919948

01.04.2004158.60282.16728919751.77653194944/1/04748.958.38374232654.4666918037

05.05.2004156.6945-1.21049136911.62604653765/5/04636.38-16.28763564213.2044465388

01.06.2004156.2566-0.27985221061.51271935416/1/04557.45-13.24230559812.4137064135

01.07.2004157.08120.52633413761.42022836227/1/04585.154.84954114072.6865119611

02.08.2004157.42540.21888261641.3088433788/2/04545.81-6.95972947852.5154069676

01.09.2004159.80111.49782216491.09606047439/1/04583.676.70648247882.2220191888

01.10.2004162.20621.49384484521.032220679810/1/04648.2810.49869471663.2577056417

01.11.2004166.45842.58770629881.027074637911/1/04665.712.65314384852.4068836977

01.12.2004167.45960.5996699791.002276939512/1/04611.07-8.56426213811.6303588974

11.01.2005168.98490.90672336751.06532433731/11/05607.57-0.5744123981.0497597269

01.02.2005170.71851.02066393791.1799279122/1/05640.325.25006564811.9466102961

01.03.2005172.99521.3247847251.21943777563/1/05714.110.9054957161.5470714936

01.04.2005173.70870.411590991.22038523154/1/05680.38-4.83715429390.9460190416

03.05.2005175.59541.0802726611.15581731025/3/05669.36-1.63294336281.2122404591

01.06.2005176.98870.7903403771.14570420486/1/05667.13-0.33371025141.2738718395

01.07.2005178.77771.00572458750.99419504927/1/05717.877.33035646861.1268455285

01.08.2005180.70651.07310335710.91465480478/1/05782.48.60776245611.4022504189

01.09.2005183.37021.46328920770.92653882619/1/05894.5713.39770371751.4528241864

03.10.2005185.67941.25144703440.87565870610/3/051038.7614.94398171831.8172819304

01.11.2005185.92920.13444254930.95037725711/1/05942.11-9.76609324962.179589841

01.12.2005186.54790.3322086480.98438063812/1/051058.9311.6892202743.5646746117

10.01.2006187.98980.76996634710.99791576081/10/061190.3411.6980016263.9451446387

01.02.2006189.29630.69258062911.0242323172/1/061339.5711.81096863424.9879612005

01.03.2006190.3050.53145359310.97054517423/1/061450.827.97802468875.0586024344

03.04.2006191.42930.58905015920.92027880274/3/061450.880.00413550684.4755713672

02.05.2006192.15060.37608897140.79741117345/2/061716.616.81753214055.2624818278

01.06.2006193.7230.81498641170.80937319746/1/061459.99-16.1916003924.8387408137

03.07.2006194.30510.30003004250.77566801277/3/061512.043.50301460525.0652645361

01.08.2006195.4230.5736835840.75083577088/1/061544.882.14865049964.8929636945

01.09.2006197.71541.16621829960.7420265259/1/0616204.74799118144.5508801093

02.10.2006199.19760.74686739410.760652991910/2/061557.23-3.95175473284.6000689738

01.11.2006200.55790.68056862280.73844721211/1/061644.865.47466722964.9949362289

01.12.2006201.5850.51081455540.722917999712/1/061780.517.92445659075.4537232757

09.01.2007203.41390.90316908620.71722047181/9/071798.631.01254238795.1027336046

01.02.2007204.48070.52307749720.68666347962/1/071894.255.1797717834.9122896783

01.03.2007205.82190.65376372320.64168984163/1/071797.1-5.26487272743.8754798758

02.04.2007207.38420.75618798690.614175454/2/071927.737.01688903323.4350858377

02.05.2007208.95410.75414990190.64860363635/2/071911.69-0.83554772953.9312272555

01.06.2007210.60310.78607088190.67381820486/1/071829.5-4.39449621163.0376874508

02.07.2007212.47340.88414846190.68016165577/2/071911.754.39763474652.632111513

01.08.2007214.08560.75591309850.68368012628/1/071946.341.79316329292.0755667718

03.09.2007213.0075-0.50485586860.62610737839/3/071926.5-1.02458007871.5754220625

01.10.2007212.1669-0.39541472640.571414884710/1/072047.096.07143874091.9124944644

01.11.2007215.57681.59439974730.639098816711/1/072220.168.11599928661.4290759725

03.12.2007216.04940.21898586730.605987675312/3/072200.75-0.87810542.2798256943

09.01.2008217.78090.79824262810.63366615231/9/082296.564.26141397982.3219589929

01.02.2008218.35310.262396570.61637242932/1/081968.97-15.39017877771.3475795886

03.03.2008217.0312-0.60723552130.5178472173/3/082032.293.16526726881.2596504824

01.04.2008218.27180.56999531770.50802099054/1/082063.691.53324064721.5643724479

04.05.2008221.431.43654372660.55001960745/4/082140.983.67680255941.4644910773

02.06.2008223.44450.90565486190.571955186/2/082452.7613.59502529751.7795226722

01.07.2008222.9333-0.22904374880.5090544677/1/082242.74-8.95155884741.2259614924

01.08.2008222.9055-0.01247087510.47930177968/1/081941.73-14.41190043580.137535258

01.09.2008222.2758-0.28289616840.4272651199/1/081666.52-15.2841708384-0.4190924148

17.09.2008215.3757-3.15350081580.21006018559/18/081058.84-45.3563650619-3.3287176423

. MAXMIN. . MAXMIN.

1 1.10403177930.95762528675.4724024238-3.10429655410.36921517511 9.52028801292.185302550119.8381554151-36.46400883280.1717702813

6 0.63123890570.9997953542.8440646942-0.22237122460.71255961876 3.21426117782.354060211410.5167018432-10.52583654630.5612674613

12 0.49532314251.00251555162.19276709670.12516756840.913576436812 2.24255772352.5904641768.1643420047-5.345532440.909882566

(%)0.55

1 19.8381554151-36.4640088328. .

1 5.4724024238-3.10429655410.36921517510.17177028130.92993047622.2675469649

6 10.5167018432-10.52583654630.71255961870.56126746130.28210526230.6211211743

6 2.8440646942-0.22237122460.91357643680.909882566

12 8.1643420047-5.34553244

12 2.19276709670.1251675684

. MAXMIN.

1 1.475997570.8149774035.327914431-6.274901510.179524281

6 0.7951306070.9080545812.804372008-2.1260271760.450309141

12 0.5708617210.9434873492.169071723-0.7825471230.689286625

18 0.4683945790.9318227911.849337751-0.3798549380.815173378

. MAXMIN.

1 9.8890620491.00272572416.50058153-30.15820.04578

6 4.3038095411.6756222059.99738085-20.28520.261541

12 2.8665421632.1293756577.881950802-9.800480.550969

18 2.1274999222.3618289345.260881493-5.829520.851624

. MAXMIN.

1 1.475997570.8149774035.327914431-6.27490.179524

6 0.7951306070.9080545812.804372008-2.126030.450309

12 0.5708617210.9434873492.169071723-0.782550.689287

18 0.4683945790.9318227911.849337751-0.379850.815173

MAX

MIN

MAX

MIN

.Max-min , .

16.50058153-30.15825.327914431-6.2749

9.99738085-20.28522.804372008-2.12603

7.881950802-9.800482.169071723-0.78255

5.260881493-5.829521.849337751-0.37985

MBD00088C21.doc

1) 6 , , 6 .

MBD0008924F.doc

1) 12 , , 12 .

MBD0007F768.doc

1) 6 , , 6 .

MBD0008158F.doc

1) 12 , , 12 .

, , . (, 1200 . .. 500 . ..)

-5





75%
25%
40%
15%
45%
40%
60%
13,5%
11.8%
8,4%
16,5%
13,5%
6,8%
4,5%
7%
3%
7,5%
7,5%
40%
35%
25%
60%
40%
45%
55%
70%
30%
50%
50%

20

(-), ( ).
i - i- ()i - i- ()m - Corr i,m- i- ()
:

.. 0,700,750,850,900,951,001,201,351,50

( .. , 2003.)

1,371,301,141,101,101,070,910,880,880,820,750,53

:
, n i i- qi i- i = 1,2,3 .n-
,

= 0,8 0,1 + 0,95 0,2 + 0,6 0,4 + 1,2 0,3 = 0,87

iA1002004003000,10,20,40,30,80,950,61,210001

(SML)

ri= rf + i (rm - rf),
(ri) SML :
rf - ;rm - ;i - i-
:

( 2003.)
: (rm= 56%; rf = 13%)

, %r= rf + (rm - rf ) ,% 1,371,31,141,10,910,880,8872696260525151731153584614937

, %

rf

x0

x1

r1

r2

SMLSML