3rd Quarter Market Review (as of 09/30/2008)

Chart of the Week for Oct 3, 2008 - Oct. 9, 2008

Generally, capital markets were down in the third quarter of 2008. Bonds, as measured by the Lehman Brothers Aggregate Bond Index, posted a negative return of -0.49% (just under one half of one percent) for the most recent quarter but the trailing 1-year return was still a positive 3.65%. U.S. equities, represented by the S&P 500 Index and the Russell 3000 Index, posted negative returns for the third quarter and for the trailing 1-year period. International equity markets, which are often benchmarked relative to the MSCI EAFE Index, also posted negative returns of -20.50% and -30.13% over the quarter and 1-year period, respectively. For the equity and bond markets September's negative returns were a significant contibutor to the quarterly declines.

This illustration was compiled by information from outside sources. These companies are not affiliated with ICMA-RC. This information is being provided for educational purposes and is not intended to be construed as or relied upon as investment advice. ICMA-RC does not offer specific tax or legal advice. Individuals are advised to consider any new investment strategies carefully prior to implementing.

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The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data illustrated. For performance data current to the most recent month end, contact ICMA-RC Services, LLC by calling 800-669-7400 or by writing to 777 North Capitol Street, NE, Washington, DC 20002-4240. Para asistencia en Español llame al 800-669-8216. Performance data current to the most recent quarter end is available by visiting www.icmarc.org.