Global Asset Class Returns

Below is a table showing how different asset classes performed in terms of different currencies. This table shows year-to-date (February 27, 2009) returns for each asset class.

*YTD 27Feb09*	In USD	In AUD	In CAD	In EURO	In JPY	In GBP	In CHF	In INR
Asset Held
US Bonds	-1.14%	7.22%	1.56%	7.49%	6.21%	-0.28%	7.49%	3.59%
US Prop	-34.54%	-26.18%	-31.84%	-25.91%	-27.19%	-33.68%	-25.91%	-29.81%
US Equity	-17.84%	-9.48%	-15.14%	-9.21%	-10.49%	-16.98%	-9.21%	-13.11%

AUS Bonds	-11.76%	-3.39%	-9.05%	-3.12%	-4.40%	-10.89%	-3.12%	-7.03%
AUS Prop	-33.81%	-25.44%	-31.10%	-25.17%	-26.45%	-32.94%	-25.17%	-29.07%
AUS Equity	-19.91%	-11.55%	-17.21%	-11.28%	-12.56%	-19.05%	-11.28%	-15.18%

CAN Bonds	-4.09%	4.27%	-1.38%	4.54%	3.26%	-3.23%	4.54%	0.64%
CAN Prop	-10.41%	-2.04%	-7.70%	-1.77%	-3.05%	-9.54%	-1.77%	-5.67%
CAN Equity	-13.43%	-5.06%	-10.72%	-4.79%	-6.07%	-12.56%	-4.79%	-8.69%

Euro Bonds	-10.27%	-1.91%	-7.57%	-1.64%	-2.92%	-9.41%	-1.64%	-5.54%
Euro Prop.	-17.77%	-9.40%	-15.06%	-9.13%	-10.41%	-16.90%	-9.13%	-13.03%
Euro Equity	-13.59%	-5.23%	-10.89%	-4.96%	-6.24%	-12.73%	-4.96%	-8.86%

Japan Bnds	-8.24%	0.12%	-5.53%	0.40%	-0.89%	-7.37%	0.40%	-3.51%
Japan Prop	-30.73%	-22.37%	-28.03%	-22.10%	-23.38%	-29.87%	-22.10%	-26.00%
Japan Eqty	-23.07%	-14.71%	-20.37%	-14.44%	-15.72%	-22.21%	-14.44%	-18.34%

UK Bonds	-4.11%	4.25%	-1.41%	4.52%	3.24%	-3.25%	4.52%	0.62%
UK Prop.	-37.90%	-29.54%	-35.20%	-29.27%	-30.55%	-37.04%	-29.27%	-33.17%
UK Equity	-18.20%	-9.84%	-15.50%	-9.57%	-10.85%	-17.34%	-9.57%	-13.47%

World Bnds	-4.25%	4.11%	-1.55%	4.38%	3.10%	-3.39%	4.38%	0.48%
World Prop.	-30.02%	-21.66%	-27.32%	-21.39%	-22.67%	-29.16%	-21.39%	-25.29%
World Eqty	-19.35%	-10.98%	-16.64%	-10.71%	-11.99%	-18.48%	-10.71%	-14.61%
Commod	1.41%	9.78%	4.12%	10.05%	8.77%	2.28%	10.05%	6.14%
Timber	-25.12%	-16.75%	-22.41%	-16.48%	-17.76%	-24.25%	-16.48%	-20.38%
Uncor Alpha	-0.63%	7.73%	2.07%	8.00%	6.72%	0.23%	8.00%	4.10%
Volatility	15.88%	24.24%	18.58%	24.51%	23.23%	16.74%	24.51%	20.61%
*Currency*
AUD	-8.36%	0.00%	-5.66%	0.27%	-1.01%	-7.50%	0.27%	-3.63%
CAD	-2.70%	5.66%	0.00%	5.93%	4.65%	-1.84%	5.93%	2.03%
EUR	-8.63%	-0.27%	-5.93%	0.00%	-1.28%	-7.77%	0.00%	-3.90%
JPY	-7.35%	1.01%	-4.65%	1.28%	0.00%	-6.49%	1.28%	-2.62%
GBP	-0.86%	7.50%	1.84%	7.77%	6.49%	0.00%	7.77%	3.87%
USD	0.00%	8.36%	2.70%	8.63%	7.35%	0.86%	8.63%	4.73%
CHF	-8.63%	-0.27%	-5.93%	0.00%	-1.28%	-7.77%	0.00%	-3.90%
INR	-4.73%	3.63%	-2.03%	3.90%	2.62%	-3.87%	3.90%	0.00%

*Results are derived from the performance of Exchange Traded and Index Funds, and other products available to retail investors. This methodology reflects the pre-tax returns to retail investors in actual index funds, and therefore will differ somewhat from the results published for the underlying indexes themselves.

| Letter from the Publisher | March 2009 Issue: Key Points | This Month's Letters to the Editor: Why Academic Research? and Why Not More Frequent Updates on Where Markets are Headed?; Why Not Currencies as an Asset Class? Is Your Use of Uncorrelated Alpha Strategies in some of your Models Inconsistent with Your Belief in Passive Investing? | Global Asset Class Returns | Uncorrelated Alpha Strategies Detail | Asset Class Valuation Update | Economic Update: Situation, Scenarios, and Asset Allocation Implications | Product and Strategy Notes: Two Interesting Papers on Commodities; News of Note for Advisors; Two Interesting Hedge Fund Papers; On the Product Front and Foreign Currency Bonds....Again | 2008-2009 Benchmark Portfolios - All Currencies |