UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-K

               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


                   For the fiscal year ended October 31, 2005
                                       OR
             TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


             For the transition period from       To

                      Commission file number 333-67112-05

                     NAVISTAR FINANCIAL 2003-B OWNER TRUST
             (Exact name of registrant as specified in its charter)

                  Delaware                           32-6027547
         ---------------------------         ---------------------------
         (State or other jurisdiction            (I.R.S. Employer
           of incorporation or                  Identification No.)
              organization)

                   425 N. Martingale Road, Schaumburg, IL 60173
                 -----------------------------------------------
               (Address of principal executive offices, Zip Code)


       Registrant's telephone number, including area code (630) 753-4000

        Securities registered pursuant to Section 12(b) of the Act: None

        Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days.      Yes        X  No


Indicate by check mark  whether the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Act).      Yes        X  No


Indicate by check mark whether the  registrant  is a shell company (as defined
in Rule 12b-2 of the Exchange Act).     Yes        X  No


--------------------------------------------------------------------------------


                                   PART I


Item 1.  Business

The Navistar  Financial  2003-B Owner Trust (the "Trust") was  formed  pursuant
to a separate  Trust  Agreement  dated  as of  October 31, 2003, among  Navistar
Financial  Retail  Receivables Corporation, ("NFRRC"), as  seller (the "Seller")
and Chase  Manhattan Bank USA, National Association (formerly  known as Chemical
Bank Delaware),  as owner trustee (the  "Trustee").  Retail  notes  and related
security  interests  in the  financed  vehicles  and a beneficial  interest in a
pool of commercial retail  leases  financing  vehicles (the "Retail  Contracts")
were transferred to the Trust in  exchange for fixed or floating rate notes (the
"Notes")  and   pass-through   certificates  (the  "Certificates")  which  were
registered on Registration  Statement No. 333-67112 and  sold to the  public in
reliance on Rule 415 under the Securities Act of 1933.

NFRRC is a wholly-owned subsidiary of Navistar Financial  Corporation.  Pursuant
to a Pooling and Servicing Agreement or a Servicing Agreement (the  "Agreement")
for each Trust, Navistar Financial Corporation acts as servicer (the "Servicer")
and, in that capacity, manages,  services,  administers  and  makes  collections
on  the  Retail  Contracts.  Each  Agreement provides that collections  shall be
distributed   to   noteholders   and certificateholders  and otherwise  used in
accordance  with the priorities set forth therein.  Pursuant to each Agreement,
the Seller  established a reserve account as credit enhancement for each  Trust.
Amounts on deposit in each  reserve  account after payments to security  holders
and the Servicer are paid to the Seller to the extent that such amounts exceed a
specified reserve  account target balance.  The specified reserve account target
balance  cannot, however, be less  than  a  specified  minimum  of  the  initial
aggregate  receivables balance for each Trust.


Item 2.  Properties

Refer to Schedule 13 for information regarding the Certificates.


Item 3.  Legal Proceedings

The registrant  knows of no material pending legal  proceedings involving either
the Retail Contracts or the Trustee, or the Seller or Servicer in respect of the
Trust.


Item 4.  Submission of Matters to a Vote of Security Holders

No matter was  submitted  during the  period of this report to  a  vote  of  the
Certificateholders.


--------------------------------------------------------------------------------


                                          PART II


Item 5.  Market for the Registrant's Common Equity and
         Related Stockholder Matters

There  were 27 participants  holding positions in the Certificates issued by the
2003-B  Owner  Trust  as  of  the  end  of  the  reporting  year. There  were 17
participants   holding   positions   in   at  least  two  different  classes  of
certificates  as  of  the  end  of  the reporting year.  Below is a breakdown of
participants by Class:

DTC Participants List as of 10/31/05

Trust       Class     Number of Participants
2003-B      A3        11
2003-B      A4        25
2003-B      B         8

Total                 44


There is no principal market in which such  certificates  are traded.  The Trust
will not pay  dividends in  respect of the  Certificates  and, accordingly,  the
information  required by  Item  201 of  Regulation  S-K  regarding  dividends is
inapplicable to the Trust.


Item 6.  Selected Financial Data

None.


Item 7.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations

As of October 31, 2005, the balance of 2003-B Owner Trust  was as follows:


                                                                  Reserve
  Dollar amounts in millions                      Principal       Account
  ------------------------------------------------------------------------------

  Navistar Financial 2003-B Owner Trust            $253.2         $13.9

      Note:  Balances  include  the effect of  the  November  2005  distribution
      in accordance with the Owner Trust Agreements.

As of October 31, 2005, the aggregate shelf registration  available to NFRRC for
issuance of asset-backed securities was $2.5 billion.


Item 8.  Financial Statements and Supplementary Data

None.


Item 9.  Changes in and Disagreements With Accountants on
         Accounting and Financial Disclosure

None.


--------------------------------------------------------------------------------

Item 9A.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

      Our evaluation of the  effectiveness  of our disclosure  controls
and  procedures  as defined in  Rules 13a-15(e)  and  15d-15(e)  of the
Exchange  Act  was  performed   under  the  supervision  and  with  the
participation of our senior  management,  including our Chief Executive
Officer  and  Chief  Financial  Officer.   The  purpose  of  disclosure
controls and  procedures is to ensure that  information  required to be
disclosed  in the reports we file or submit  under the  Exchange Act is
recorded,  processed,  summarized and reported  within the time periods
specified in the SEC's rules and forms,  and that such  information  is
accumulated  and  communicated  to  management,   including  our  Chief
Executive  Officer  and  Chief  Financial  Officer,   to  allow  timely
decisions regarding required disclosures.

      In  NFC's   2005  Form  10-K,   we   disclosed   eight   material
weaknesses.  A material  weakness is a deficiency,  or  combination  of
deficiencies,  in internal  control over financial  reporting such that
there is a reasonable  possibility that a material  misstatement of the
Company's   annual  or  interim   financial   statements  will  not  be
prevented or detected on a timely basis.

      Based on the  material  weaknesses  identified  below,  our Chief
Executive  Officer and Chief  Financial  Officer  concluded that, as of
October 31,  2005,  our  disclosure  controls and  procedures  were not
effective.   The   following   chart  shows  the  material   weaknesses
identified and the filing where full remediation was discussed:

2005 Material Weakness Description

1.    Control  Environment:  Management  had not  established  a strong
      consciousness  regarding  the  application  of ethics  across all
      areas of the Company  and the  importance  of  internal  controls
      over  financial   reporting   including  adherence  to  generally
      accepted  accounting  principles.  This  weakness  in the control
      environment  likely  contributed  to many of the  other  material
      weaknesses  we  disclosed.   As  identified  by  an   independent
      investigation  initiated by Navistar,  Inc's Board of  Directors,
      certain  members of management and other  employees,  in place at
      that  time,   were   involved   in   instances   of   intentional
      misconduct.

      Filing where full remediation is disclosed -July 31, 2008 Form 10-Q

2.    Accounting  Personnel:  We did not have a  sufficient  number  of
      accounting  personnel  with an  appropriate  level of  accounting
      knowledge,   experience  and  training  in  the   application  of
      generally   accepted   accounting   principles   ("GAAP").   This
      includes a previously identified material weakness,  disclosed in
      fiscal  2004,   which  related  to  accounting   for   receivable
      securitization   transactions.   This  weakness  resulted  in  an
      inadequate  segregation of duties and an  insufficient  review of
      information  pertaining to securitization  accounting.  There was
      also a material  weakness related to the accounting for allowance
      for losses.  We did not maintain  effective  controls to properly
      account  for the  timing of losses  associated  with  repossessed
      assets and the  calculation  of loss factors used in  determining
      the  allowance  for losses.  Specifically,  we did not record the
      loss at the  time  that the  repossession  occurred  and  instead
      recorded the loss when the repossessed asset was sold.

      Filing where full remediation is disclosed - October 31, 2007 Form 10-K

3.    Accounting Policies and Procedures:  We did not have a formalized
      process   for   monitoring,    updating,    disseminating,    and
      implementing  GAAP-compliant  accounting policies and procedures.
      This  includes  a  previously   identified   material   weakness,
      disclosed  in fiscal 2004  concerning  a  misapplication  of GAAP
      related to  securitization  accounting and an associated  lack of
      timely  resolution of  outstanding  reconciling  items in certain
      collection accounts.

       Remediation ongoing - As of October 31, 2008 remediation related
       to Repossessed Vehicle Inventory Accounting Policies and Procedures
       remains on going. See October 31, 2008 Form 10-K for further discussion.

4.    Internal Audit: We utilize  Navistar's  corporate  internal audit
      department  in lieu of having a separate  department.  Navistar's
      internal  audit  department  was  not  an  effective   monitoring
      control   over   financial   reporting   for   Navistar  and  its
      subsidiaries.

      Filing where full remediation is disclosed - July 31, 2008 Form 10-Q

5.    Information   Technology  (IT):  Our  IT  general  controls  over
      computer program development,  computer program changes, computer
      operations  and  system  user  access to  programs  and data were
      ineffectively designed.  Additionally, we concluded that computer
      application controls were unreliable and ineffective.

      Filing where full remediation is disclosed - October 31, 2008 Form 10-K

6.    Pension  Accounting:  We utilize the  services of the  Navistar's
      corporate  pension  and  benefits  group to address  our  pension
      accounting  needs.  Navistar's  corporate  pension  and  benefits
      group did not maintain effective controls to accurately  estimate
      the total entity pension and OPEB obligations.  Specifically, the
      application  of the  methodology  used  to  determine  historical
      discount  rates was not  properly  documented  and  reviewed  and
      lacked proper  support for other  assumptions  used in accounting
      for the obligations.

      Filing where full remediation is disclosed - October 31, 2008 Form 10-K

7.    Income Tax  Accounting:  We utilize the  services  of  Navistar's
      corporate  tax  group  to  address  our  tax  accounting   needs.
      Navistar's   corporate   tax  group  did  not   retain   detailed
      supporting documentation for our tax liabilities.

      Filing where full remediation is disclosed - October 31, 2007 Form 10-K

8.    Journal  Entries:  We did not maintain  effective  controls  over
      review and  approval of journal  entries.  Specifically,  journal
      entries  were  not  reviewed   thoroughly  and  approved  by  the
      appropriate  level of  management  to  ensure  the  accuracy  and
      appropriateness of the accounts used when entries were recorded.

      Filing where full remediation is disclosed - October 31, 2008 Form 10-K

Changes in Internal Control over Financial Reporting

Our  management is  responsible  for  establishing  and  maintaining
adequate  internal  control  over  financial  reporting  as  defined in
Rules  13a-15(f)  and  15d-15(f)  of the  Exchange  Act.  Over the last
three years,  NFC has taken  numerous  remediation  actions,  including
but not limited to the following;

o  Executives and senior  management  increased their  communication
   about the  importance of internal  controls,  ethics and acting with
   integrity across the company.

o  We made  leadership  changes and  increased  our staff  levels to
   strengthen our finance and accounting team.

o  We  established  an Audit  Committee  specifically  for  Navistar
   Financial  Corporation  and appointed an  independent  member of the
   Board of Directors to chair the committee.

o  We   focused  on   updating   and   implementing   GAAP-compliant
   accounting  policies and  procedures  and  increasing the formal and
   informal training of our finance and accounting team.

o  We retained outside  consultants  with appropriate  expertise and
   training to supplement our finance and accounting staff.

o  Navistar,  Inc.  fully  outsourced the internal audit function to
   an independent accounting firm.

o  Under the  guidance  of  Navistar,  Inc's   new  Chief  Information
   Officer ("CIO"),  we adopted and implemented  Control Objectives for
   Information and related Technology  (COBIT®), a recognized industry
   standard  control  framework,  as the  foundation  of our  design of
   information technology ("IT") general controls.

o  We  reinforced  our journal  entry  policy  and   procedures  to our
   finance and  accounting  team  through  regular  communications  and
   training.

As of October 31, 2008,  these actions,  and those more fully described
in our Control and  Procedure  disclosures  included in the  Securities
and Exchange  Commission  filings referenced below, have remediated all
but one of the material  weaknesses  identified in the  Company's  2005
Form  10-K.  Our  leadership  team  continues  to  take  the  necessary
actions to remediate our  remaining  material  weakness and  strengthen
our internal control over financial reporting.

We   believe  the  above  measures  have  strengthened  our  accounting
and  financial  reporting  controls.  We  are  committed  to  providing
timely,  thorough, and accurate financial reporting.  Most importantly,
prior to filing our fiscal  year 2005  Annual  Report on Form 10-K,  we
made  significant  efforts to review our financial  results in light of
the   aforementioned   weaknesses   to  conclude   that  the  financial
statements  included herein fairly present,  in all material  respects,
our financial position,  results of operations,  and cash flows for the
periods presented in conformity with GAAP.


The following Controls and Procedures disclosures are incorporate by reference;

Navistar Financial Corporation 2005 Form 10-K, Commission file number 1-4146-1
Navistar Financial Corporation 2007 Form 10-K, Commission file number 1-4146-1
Navistar Financial Corporation 2008 Form 10-K, Commission file number 1-4146-1
Navistar Financial Corporation 2008 3Q Form 10-Q, Commission file number
1-4146-1
--------------------------------------------------------------------------------


                                PART III


Item 10.  Directors and Executive Officers of the Registrant

None.


Item 11.  Executive Compensation

None.


Item 12.  Security Ownership of Certain Beneficial Owners and Management

Navistar Financial Corporation owns 100% of NFRRC's common stock.


Item 13.  Certain Relationships and Related Transactions

None.


--------------------------------------------------------------------------------


                                             PART IV


Item 15.    Exhibits, Financial Statement Schedules and Reports on Form 8-K

     (a)  Exhibits

          3       Articles of Incorporation and By-Laws
          10      Material Contracts
          31      Certification Pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002
          99.1    Management's Assertion Concerning Compliance.
          99.2    Report of Independent Registered Public Accounting Firm
          99.3    Officer's Compliance Certificate.


     (b)  Schedules

          The Annual Summary for the Owner Trust is an annualized
          version of the monthly Servicer Certificates prepared by the
          Servicer.
          13       Annual Summary
                       Navistar Financial 2003-B Owner Trust


    (c)   Reports on Form 8-K

          The Registrant filed the following reports on Form 8-K during
          the three months ended October 31, 2005:

          (i)     Navistar Financial 2003-B Owner Trust filed the
                  September Servicer Certificate on Form 8-K Dated
                  October 27, 2005

          (ii)    Navistar Financial 2003-B Owner Trust filed the August
                  Servicer Certificate on Form 8-K Dated September 27, 2005

          (iii)   Navistar Financial 2003-B Owner Trust filed the July
                  Servicer Certificate on Form 8-K Dated August 25, 2005


--------------------------------------------------------------------------------


                                         SIGNATURE


    Pursuant  to  the  requirements  of  Section 13 or 15(d) of  the  Securities
Exchange  Act of 1934,  the  registrant  has  duly  caused  this  report  to  be
signed  on its  behalf by the undersigned, thereunto duly authorized.


                           NAVISTAR FINANCIAL 2003-B OWNER TRUST
                   (Exact name of Registrant as specified in its charter)


   Date: January 26, 2009    By:/s/ DAVID L. DERFELT
                                    David L. Derfelt
                                    V.P., and Controller
                                    (Principal Accounting Officer)


================================================================================
                                                                    Schedule 13
                                                                    Page 1 of 3

                   Navistar Financial 2003 - B Owner Trust
               For the Months of November 2004 to October 2005
                              Fiscal Year 2005

Original Pool Amount                                            $354,999,927.08
Subsequent Receivables (Transferred 11/21/2003)                 $194,998,039.46

Beginning Pool Balance as of 11/1/04                            $379,972,768.84
Beginning Pool Factor as of 11/1/04                                   0.6908621

Principal and Interest Collections:
    Principal Collected (Including Servicer Advance Repay)      $126,815,050.03
    Interest Collected                                           $20,820,092.23

Additional Deposits:
    Repurchase Amounts                                               $11,171.78
    Liquidation Proceeds / Recoveries                             $1,753,598.08
Total Additional Deposits                                         $1,764,769.86

Repos / Chargeoffs                                                $1,999,849.57
Aggregate Number of Notes Charged Off                                       704

Total Available Funds                                           $147,326,867.33

Ending Pool Balance as of 10/31/05                              $253,219,742.25
Ending Pool Factor as of 10/31/05                                     0.4604012

Servicing Fee                                                      3,193,520.84

Memo: Servicer will allocate $18,000 of
    Servicing Fee for Administration Fee

Repayment of Servicer Advances                                    $2,073,044.79

Memo Item - Reserve Account
    Opening Balance                                              $20,898,735.80
    Trans Base                                                            $0.00
    Trans Low/0%                                                          $0.00
    Investment Income Earned during the Year                        $469,253.10
    Excess Servicing                                              $8,550,197.53
    Transfer from/(to) Collections Account                                $0.00
    Beginning Balance                                            $29,918,186.43

Reserve Account:
    Beginning Balance  (see Memo Item)                           $29,918,186.43
    Target Percentage                                                     5.50%
    Target Balance                                               $13,927,085.82
    Minimum Balance                                              $10,999,959.33
    (Release) / Deposit                                        ($15,991,100.61)
    Ending Balance                                               $13,927,085.82

Delinquencies                                    Dollars                  Notes
    Installments:  1 - 30 days                  908,390.89                  836
                  31 - 60 days                  193,859.65                  126
                  60+  days                     109,361.10                   57

    Total:                                    1,211,611.64                  852

    Balances:     60+  days                   1,076,250.38                   57

Note: Due to  rounding, the summary  amounts  may not equal to the total of the
monthly servicer certificates for the period.


------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        Schedule 13
                                                                                                                        Page 2 of 3

                                        Navistar Financial 2003 - B Owner Trust
                                     For the Months of November 2004 to October 2005
                                                    Fiscal Year 2005

                                                              NOTES
                                     TOTAL      CLASS A - 1       CLASS A - 2      CLASS A - 3       CLASS A - 4       CLASS B
Original Pool Amount         $550,000,000.00   $93,400,000.00   $163,500,000.00  $160,000,000.00   $111,100,000.00   $22,000,000.00
Distributions:
    Distribution Percentages                             0.00%            70.96%           25.04%             0.00%            4.00%
    Coupon                                           1.140630%         1.690000%        4.170000%         3.250000%        3.790000%

Beginning Pool Balance       $379,972,768.84
Ending Pool Balance          $253,219,742.25

Collected Principal          $124,753,177.02
Collected Interest            $20,820,092.23
Charge - Offs                  $1,999,849.57
Liquidation Proceeds/Recoveries$1,753,598.08
Swap Payments to/(from) Trust  $1,106,718.92
Servicing & Administration Fee $3,193,520.84
Cash Transfer from Reserve Acct        $0.00
Ttl Collections Avail for
     Debt Svc                $145,240,065.41

Beginning Balance            $379,972,768.84            $0.00    $89,937,858.09  $160,000,000.00   $111,100,000.00   $18,934,910.75

Interest Due                   $9,936,841.29            $0.00       $590,312.16    $5,110,047.01     $3,610,749.96      $625,732.16
Interest Paid                  $9,936,841.29            $0.00       $590,312.16    $5,110,047.01     $3,610,749.96      $625,732.16
Principal Due                $126,753,026.59            $0.00    $89,937,858.09   $31,745,047.43             $0.00    $5,070,121.07
Mandatory Prepayments Class A-1 only   $0.00            $0.00
Principal Paid               $126,753,026.59            $0.00    $89,937,858.09   $31,745,047.43             $0.00    $5,070,121.07

Ending Balance               $253,219,742.25            $0.00             $0.00  $128,254,952.57   $111,100,000.00   $13,864,789.68
Note/Certificate Pool Factor                           0.0000            0.0000           0.8016            1.0000           0.6302
   (Ending Bal/Original Pool Amt)
Total Distributions          $136,689,867.88            $0.00    $90,528,170.25   $36,855,094.44     $3,610,749.96    $5,695,853.23

Interest Shortfall                     $0.00            $0.00             $0.00            $0.00             $0.00            $0.00
Principal Shortfall                    $0.00            $0.00             $0.00            $0.00             $0.00            $0.00
    Total Shortfall                    $0.00            $0.00             $0.00            $0.00             $0.00            $0.00
              (required from Reserve)
Excess Servicing               $8,550,197.53
    (see Memo Item - Reserve Acct)

Beginning Reserve Acct Bal    $29,918,186.43
(Release) / Draw             ($15,991,100.61)
Ending Reserve Acct Balance   $13,927,085.82

Memo Item - Advances:
Ttl Outstanding Servicer
     Advances                  $2,212,067.25

Note:  Ending principal balance includes the effect of the November distribution for the October period.
Note: Due to rounding, the summary amounts may not equal to the total of the monthly servicer certificates for the period.

1) Principal distributions will be paid in the  following priority:  First  to Class A-1 until paid in  full, second 96.00% applied
sequentially to Class A notes and 4.00% to Class B notes until all Class A Notes are  repaid in full, then  100% to  Class B Notes.
2) Class A-1 Interest based on Actual Number of Days. Interest for first settlement based off 17 days, from 10/31/03 to 11/17/03 for
Class A-1 and A-3.  Class A-2, and  A-4 and Class B Interest calculated  on 15 days.
3) LIBOR was reset on 11/11/04 at 2.10000%.  The Interest Rate on the Class A-3a Floating Rate Notes for the 11/15/04 Distribution
Date is 2.30000%.


------------------------------------------------------------------------------------------------------------------------------------
                                                                     Schedule 13
                                                                     Page 3 of 3


                            Navistar Financial 2003 - B Owner Trust
                        For the Months of November 2004 to October 2005
                                      Fiscal Year 2005


   At each Distribution Date, an annualized loss   percentage  is  computed.  If
   the annualized  percentage  exceeds 1.5%, any  monthly  excess  servicing  is
   transferred to the reserve account to 10.0% of the ending receivable balance.
   When   the  annualized  loss  percentage falls to or below 1.5%, the  reserve
   account requirement returns to the greater of the specified target  amount or
   the specified minimum balance.

   The annualized loss percentage is calculated as follows:
     The numerator of which is equal to the sum  of the  aggregate  losses plus
     liquidation proceeds for each of the calendar months which are the fifth,
     fourth and third calendar months preceding the calendar month immediately
     preceding that Distribution Date, minus the sum of the liquidation proceeds
     for the monthly periods which are the  first, second  and  third  calendar
     months preceding the calendar month immediately preceding such Distribution
     Date, and  the  denominator of  which is the  sum of the  remaining  gross
     balances of all outstanding receivables as of the  last day of each of the
     sixth, fifth  and  fourth  calendar  months  preceding  the  calendar month
     immediately preceding that Distribution Date.


   The annualized loss (recovery) percentages reported at each Distribution Date
   are as follows:

           November    2004     -0.0077%             May   2005         0.3303%
           December    2004      0.0373%            June   2005         0.3880%
            January    2005     -0.0496%            July   2005        -0.1527%
           February    2005      0.1974%          August   2005        -0.3651%
              March    2005      0.1745%       September   2005        -0.5576%
              April    2005      0.2992%         October   2005        -0.0947%


   At  each  Distribution  Date  a  three-month  rolling  average  delinquency
   percentage  is  calculated.  If  this  percentage exceeds 2.0%, any monthly
   excess servicing is used to fund the reserve account to 10.0% of the ending
   receivable balance.  When the delinquency percentage falls below 2.0%, the
   reserve account requirement returns to the greater of the specified target
   amount or the specified minimum balance.

   The delinquency percentage is calculated as follows:
      The numerator of which is equal to the aggregate remaining gross  balances
      of all outstanding  receivables  which are 61 days or more  past due as of
      the last day of the related monthly period and the denominator of which is
      equal  to the  aggregate  remaining  gross  balances  of  all  outstanding
      receivables on the last day of such monthly period.


   The three month rolling averages reported at each Distribution Date are as
   follows:

         November    2004      0.2937%             May   2005           0.2198%
         December    2004      0.3698%            June   2005           0.2686%
          January    2005      0.3810%            July   2005           0.2798%
         February    2005      0.3848%          August   2005           0.3158%
            March    2005      0.2769%       September   2005           0.3518%
            April    2005      0.2598%         October   2005           0.3730%