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ASSET CLASS RETURN COMPARISON (INCLUDING U.S.)
As of August 2008

by William Pometto
J.P. Morgan Investment Analytics and Consulting
william.m.pometto@jpmorgan.com

Index	Monthly Return	Trailing 3 Months	Year To Date	1 Year	2 Year	3 Year	5 year	10 Year
L.B. Aggregate Bond Index	0.95	0.79	2.00	5.86	5.56	4.26	4.61	5.58
M.L. High Yield Index	0.32	(3.91)	(2.62)	(1.42)	2.48	3.42	6.87	4.23
MSCI Emerging Markets Free	(7.95)	(20.18)	(21.67)	(9.83)	13.96	19.38	23.89	17.72
MSCI-EAFE (Net)	(4.05)	(14.73)	(17.31)	(14.41)	0.80	8.08	13.86	6.34
Russell 1000 Growth (Gross)	1.08	(7.99)	(9.83)	(6.77)	4.76	4.39	6.10	2.59
Russell 2000 Value (Gross)	4.75	(0.44)	(0.71)	(7.52)	(0.69)	3.59	10.25	11.28
Russell 300 Index (Gross)	1.55	(7.57)	(10.39)	(10.22)	1.58	3.92	7.57	5.52
S&P 500-Cap.Weighted	1.45	(7.89)	(11.39)	(11.14)	1.15	3.67	6.93	3.11

U.S. EQUITY

U.S. Stock Markets avoided a third straight down month, posting modest gains in August.
Much of the upward momentum was driven by declining oil prices.
Value stocks experienced the biggest lift with the Russell 2000 Value Index posting a 4.75 percent gain for the month.
The S&P 500 and NASDAQ Composite added 1.45 percent and 1.92 percent respectively.

INTERNATIONAL EQUITY

International Markets performed poorly in August.
Investor concern continues over the slumping United States economy and how it will affect international markets.
The strengthening U.S. dollar has also negatively impacted international market returns.
The Emerging Markets were hit the hardest, as evidenced by the 7.95 percent loss for the MSCI Emerging Markets Free Index in August.

FIXED INCOME

Fixed Income Markets were a safe bet for August.
Government bonds continued to post respectable gains.
The L.B. Government Long Term Index posted a 2.32 percent return for the month, putting it up 3.75 percent year to date.

REAL ESTATE

Real Estate Markets haven't improved as mortgage concerns still exist.
Home sales continued to slow.

GLOBAL EQUITIES (EXCLUDING U.S.)
As of July 2008

by Simreet Gill
J.P. Morgan Investment Analytics and Consulting
simreet.k.gill@jpmorgan.com

Europe

Source: J.P. Morgan Investment Analytics and Consulting, Bloomberg

The financial markets have remained highly unstable over the past month, owing in part to the troubles at GSEs such as Freddie Mac. Equities have been slowly grinding through the cyclical slowdown triggered by a housing bust, credit crunch, and commodity price pressures.
In July, equities saw a month of two halves with sharp falls in the first half and a rebound of equal magnitude and intensity in the second half. The downshift in global growth indicators earlier in the month triggered further declines in global equity markets. In particular, the abrupt weakening in European and Japanese growth into midyear, combined with signs that global industrial activity is now contracting, marked a sharper downshift in momentum than the consensus anticipated. Later in the month, sharply lower oil prices and short covering in financials helped equity markets to more than retrace their losses seen in the first two weeks of July. (Morgan Markets)

Asia-Pacific

Australia, Hong Kong & Singapore	Japan (Nikkei 225)
	Resource-consuming emerging markets such as India and China, which had been sharply sold off owing to growing inflationary concerns on rising commodity prices, picked up. The Japanese market had the second largest fall among major developed nations after England. However, while the Japanese market has tended to be as highly volatile as emerging markets recently, we think movement in the Japanese market in July was only slight compared with the sharp movement in emerging markets. (Morgan Markets)
Korean (KOSPI)