Top Ten Countries in the MSCI EAFE Index

Chart of the Week for April 17 - April 23, 2009

The Morgan Stanley Capital International ("MSCI") Europe, Australasia, and Far East Index ("EAFE") is a benchmark used to measure non-U.S. developed country stock market performance. The bar chart above shows the gross performance in U.S. dollars of the top 10 countries by weighting in the index as of March 31, 2009, with Japan having the highest weighting listed first and Hong Kong having the tenth-highest weighting listed last. Also included is the gross return of the MSCI Emerging Markets Index, an index that measures the equity stock market performance of 25 emerging market countries, which are not included in the EAFE Index.

Contrary to the popular belief in the "decoupling" of developed and developing markets, over the past year the credit crisis and ensuing world economic slowdown have hurt equity investors across the globe in similar fashion. All of the top ten countries in the MSCI EAFE index declined sharply in the past year. The best performer was Japan, which declined by 35.89%. Both the MSCI Emerging Markets Index and the MSCI EAFE Index fell dramatically, by 46.9% and 46.2%, respectively.

No one can be certain which direction individual countries or entire markets will move in the future, as past trends are no guarantee of future results. It is important to understand the principles of domestic and international investing before establishing a personal investment strategy as investing strategies vary and are dependent upon individual goals.

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.

Investment information can change rapidly and the changes can be significant particularly in volatile markets. For this reason “as of”’ dates are provided for specific data where applicable. The information should not be considered current after the dates provided.

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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.