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T. R P Q P U

March 31, 2011

  • U.

    S. Stocks Advance Despite Turmoil Overseas and Higher Oil Prices

  • U.

    S. stocks extended last year’s brisk gains in the first quarter amid favorable economic and

corporate profit growth. Market volatility increased significantly starting in late February due to political and social unrest in the Middle East and North Africa (MENA) region; a spike in oil prices; and a devastating earthquake, tsunami, and nuclear crisis in Japan. However, shares rallied in the final days of the quarter, lifting smaller-cap indexes to new bull market highs. Large-cap indexes finished the quarter slightly below their February highs.

E R

Energy and Smaller-Cap U.S. Growth Stocks Outperform

Mid- and small-cap shares outper- formed their large-cap counterparts. As measured by Russell style indexes, value stocks fared better than growth stocks in the large-cap universe; the reverse was true among small- and mid-caps. Since bottoming in March 2009, the S&P 500 Index has returned slightly more than 100% through March 31, 2011. Various small- and mid-cap indexes have done even better.

In the U.S. equity market, as measured by the Wilshire 5000 Total Market Index, all sectors produced positive returns. Energy stocks fared best, lifted by a spike in oil prices in response to the unrest in the MENA region. Industrials and business ser- vices and health care stocks also out- performed, but other sectors lagged. The consumer staples and nancials sectors recorded the smallest gains.

Non-U.S. equities generally advanced but lagged their domes- tic counterparts. Japanese stocks plummeted following the March 11 earthquake but recovered some of their losses by the end of March. Other Asian markets, such as South Korea, fared much better. MENA markets declined, while ination and political uncertainties weighed on Latin American stocks. European stocks generated the best returns in U.S. dollar terms.

26.95

25.79

5.92

9.36

4.83

7.94

15.65

15.98

3.45

2.10

10.90

18.78

U.S. Stock Market Performance

International Stock Market Performance

28%

24%

24

20

20

16

16

12

12

8

8

4

4

0

0

Performance of Wilshire 5000 Series

Energy

16.09 40.90

Industrials and Business Services

8.79 24.18

Health Care

6.73 8.54

Materials

5.13 28.90

3 Months

1 Year

Total Returns for Periods Ended March 31, 2011

S&P 500 Stock Index S&P MidCap 400 Index Nasdaq Composite Index Russell 2000 Index

3 Months

1 Year

Total Returns for Periods Ended March 31, 2011

MSCI EAFE Index (Europe, Australasia, Far East) MSCI Emerging Markets Index

Telecommunication Services

Information Technology

Utilities

Consumer Discretionary

Consumer Staples

Financials

  • 0

    5 10 15 20 25 30 35 40

3 Months

45%

1 Year

Total Returns for Periods Ended March 31, 2011, Ranked by Highest to Lowest Quarterly Return

4.66 27.07

2.87 10.88

2.75 5.70

4.27 15.18

4.12 15.30

4.03 21.65

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