Dfa us matrix book 2011

1981

2010

MATRIX BOOK 2O1 1

on the coverThirty years of working with

clients has created a rich

history of portfolios. Pie charts

show annual fund count by

asset class. Each year reflects

the universe of investments that

Dimensional’s combination of

empirical research and efficient

execution provides.

Below, a color key identifies the

asset classes as seen on the

cover and throughout the essay.

US Short Term

US Intermediate Term

Municipal

Global

Small Value

US Equity

International Equity

Emerging Markets Equity

Fixed Income

Small Cap

Large Value

Large Cap

US Core

Emerging Markets

Emerging Markets Core

Real Estate

Commodities

Multiple Asset Classes

Small Value

Small Cap

Large Value

Large Cap

International Core

2010

MATRIX BOOK 2O1 1

DIMENSIONAL FUND ADVISORS

In 1981, when Dimensional opened for business in a Brooklyn brownstone,

co-founders David Booth and Rex Sinquefield had a bold vision. They

wanted to apply the best financial science to the world of investing.

Their first strategy, a small company fund, would offer exposure to the higher

expected returns of US micro cap stocks—a novel idea at the time. This strategy

was the first of many groundbreaking efforts that reshaped the way institutions

and individuals approach market investing.

This year marks our thirtieth anniversary. We expanded beyond the single

small cap strategy years ago, and are now a global investment firm with over

$200 billion of client assets invested in a full line of equity and fixed income

strategies. But in some important ways, we still think and act like a small firm.

What is at the heart of this long-term success? We have taken good ideas and

put them to work for investors. In this simple statement are three crucial

components: ideas, execution, and client commitment.

First, consider the role of ideas. From the beginning, Dimensional formed a

philosophy around the theories and research that shaped modern finance. By

working closely with the academics who developed and advanced these ideas,

Dimensional based its approach on a solid empirical foundation. David and Rex

initially sought guidance from Eugene Fama, who became the first outside board

member, and John McQuown joined the company board soon thereafter. Other

1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968

James Lorie and Lawrence Fisher found the Center for Research in Security Prices (CRSP) at the University of Chicago Graduate School of Business (GSB).

Merton Miller and Franco Modigliani publish “The Cost of Capital, Corporation Finance and the Theory of Investment.” Their research formed the basis for modern thinking on capital structure.

The first CRSP stock market database is completed, allowing the average rate of return on US equities (1926–1960) to be measured for the first time.

Eugene Fama’s PhD thesis is published in the Journal of Business. Titled “The Behavior of Stock Market Prices,” the article provides the most comprehensive to-date study of the statistical properties of stock prices.

The Fortran programming language and IBM 709 computer, both instrumental in Eugene Fama’s doctoral research, are developed.

Following his 1952 article that introduced modern portfolio theory, Harry Markowitz publishes his book, Portfolio Selection: Efficient Diversification of Investments.

Eugene Fama begins graduate work at the University of Chicago Graduate School of Business (GSB). He meets his doctoral advisor, Merton Miller.

William Sharpe derives the Capital Asset Pricing Model (CAPM) in an article published in the Journal of Finance.

Michael Jensen publishes the first major study of mutual fund performance, providing evidence that most active managers underperform indices.

Actual inception was December 23, 1981. The S&P data are provided by Standard & Poor’s Index Services Group. Russell Investments is the source and owner of Russell data. Average annual

total returns for US Micro Cap Portfolio as of December 31, 2010: one year, 31.29%; five years, 3.21%; ten years, 9.63%; since inception (12/23/1981), 12.00%. Average annual total returns for S&P

500 Index as of December 31, 2010: one year, 15.06%; five years, 2.29%; ten years, 1.41%. Average annual total returns for Russell 2000 Index as of December 31, 2010: one year, 26.85%;

five years, 4.47%; ten years, 6.33%. Annual expense ratio for the US Micro Cap Portfolio as of October 31, 2010: total operating expense ratio, 0.52%; net expense ratio (to investor), 0.52%.

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996

YEARS OF

GOOD IDEAS

AT WORK

MIcro cAP: A SIGnAtUre StrAteGY Identifying a risk factor is only the beginning. Dimensional has also been able to capture it. From its inception in 1981, the firm’s first strategy, now known as US Micro Cap, has harnessed the small cap effect.

19901/1982

$1 million

2

DIMENSIONAL FUND ADVISORS MATRIX BOOK 2011

leading financial thinkers were approached to serve on Dimensional’s mutual fund

board. These were future Nobel laureates Merton Miller and Myron Scholes, as well

as Roger Ibbotson and Richard Roll. In the early years, Dimensional’s connection

with leading academics provided the credibility necessary to introduce cutting-edge

strategies that lacked proven track records.

Our affiliations advanced over the years. In the early 1990s, Kenneth French

began working with Dimensional as a consultant. After he and Professor Fama

completed their landmark research on the size and value effects in stocks,

Professor French assumed an expanded role in helping Dimensional with

strategy design and implementation, and ultimately became a board member.

More recently, Nobel laureate Robert Merton, who served on the mutual fund

board, joined the firm to consult on new ideas regarding risk-managed

pension solutions.

Dimensional’s strategies are rooted in financial science, but the quality

of an idea must be proven in practice. This is the second component of

Dimensional’s success—an ability to translate theory into strategies designed

to deliver higher expected returns over time, at a lower cost, and in ways that

are scalable. Meeting these requirements demanded a different approach to

portfolio design, management, and trading. Dimensional had to find ways to

capture the sources of higher expected returns while managing the natural

market frictions that can erode performance.

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981

David Booth graduates from the University of Chicago Graduate School of Business.

Rex Sinquefield graduates from the University of Chicago Graduate School of Business.

Robert Merton publishes a paper on the Intertemporal Capital Asset Pricing Model, which introduces the element of time into asset pricing.

Eugene Fama, Lawrence Fisher, Michael Jensen, and Richard Roll offer empirical evidence that stock prices move quickly in response to new information.

Roger Ibbotson and Rex Sinquefield publish “Stocks, Bonds, Bills, and Inflation” (SBBI), their influential study of major US asset class returns since 1926.

Working independently at their respective firms, John McQuown and David Booth at Wells Fargo and Rex Sinquefield at American National Bank in Chicago create the first S&P 500 Index funds.

Stephen Ross develops the Arbitrage Pricing Theory. Based on the law of one price, the asset pricing approach allows for the possibility of multiple sources of systematic risk.

Fischer Black and Myron Scholes derive their seminal options pricing model in their paper “The Pricing of Options and Corporate Liabilities.”

Eugene Fama publishes “Efficient Capital Markets: A Review of Theory and Empirical Work,” which offers the first comprehensive review of efficient markets research.

David Booth and Rex Sinquefield found Dimensional.

Performance data shown represents past performance. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown.

The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance

data current to the most recent month end, access our website at www.dimensional.com. Average annual total returns include reinvestment of dividends and capital gains.

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

US MICRO CAP PORTFOLIO$26.79 million

S&P 500INDEx$22.35 million

RUSSELL 2000INDEx$17.36 million

2000 12/2010

continued on page 8

Eugene Fama and John McQuown join Dimensional’s board of directors. Merton Miller, Myron Scholes, Richard Roll, and Roger Ibbotson begin serving on Dimensional’s mutual fund board.

3

3


1989 1990 1991 1992

n US Large Company (US)

n Five-Year Global Fixed Income (US)

n Intermediate Government Fixed Income (US)

n Large Cap International (US) n US Large Cap Value (US)

n US Small Cap Value (US)

Dimensional starts the financial advisor business, opening fund access to qualified fee-based advisors.

London trading office opens and prepares to trade in the UK and European markets.

Merton Miller, Harry Markowitz, and William Sharpe receive the Nobel Prize for their contributions to financial economics.

Eugene Fama and David Booth receive the Graham and Dodd Award of Excellence for their article, “Diversification Returns and Asset Contributions.”

Fama and French research on size and value is published as “The Cross-Section of Expected Stock Returns” in the Journal of Finance. The results lay the groundwork for Dimensional’s value strategies.

1982 1983 19841981

Funds Incepted:

n US Micro Cap (US)

n One-Year Fixed Income (US)

Dimensional launches first strategy: the 9-10 Fund (now the US Micro Cap Portfolio).

Inspired by Eugene Fama’s interest rate research, Dimensional launches the One-Year Fixed Income Portfolio.

Eugene Fama develops a method that shifts maturities according to optimal positions identified on the yield curve. Research guides development of variable maturity strategy in fixed income.First Matrix Book

features four data series.Kenneth French joins the University of Chicago Graduate School of Business faculty.

George Constantinides joins mutual fund board.

McDonnell Douglas becomes Dimensional’s first client.

Growth of a dollar invested in S&P 500 for each calendar year

Rolf Banz publishes doctoral research documenting US small cap outperformance relative to the market (1926–1975).

4


n Five-Year Government (US) n Continental Small Company (US)

1993 1994

n Asia Pacific Small Company (US)

n International Value (US)

n Real Estate Securities (US)

n International Small Cap Value (US)

n Emerging Markets (US)

n Emerging Markets Value (US)

Andrew Cain, future CEO of Dimensional UK/Europe, joins the firm in London.

Harvard Business School publishes a case study on Dimensional. Dimensional holds first

introductory conference for financial advisors.

Sydney trading office opens and begins trading in the regional markets. Glenn Crane joins the firm as CEO of Dimensional Australia.

Rex Sinquefield receives the Graham and Dodd Award of Excellence for “Where Are the Gains from International Diversification?”

Eugene Fama and Kenneth French introduce the Three-Factor Model in “Common Risk Factors in the Returns on Stocks and Bonds,” published in the Journal of Financial Economics.

1985 1986 1987 1988

n Japanese Small Company (US)

n United Kingdom Small Company (US)

n US Small Cap (US)

Dimensional moves headquarters to Santa Monica office on Ocean Avenue.

Dimensional funds a research joint venture with Nomura Securities, which documents the size effect in Japan.

John Gould joins mutual fund board.

Dimensional commissions research that documents the size effect in UK stocks.

1995 1996

n VA Global Bond (US)

n VA International Small (US)

n VA International Value (US)

n VA Short-Term Fixed (US)

n VA US Large Value (US)

n VA US Targeted Value (US)

n Emerging Markets Small Cap (US)

n Enhanced US Large Company (US)

n International Small Company (US)

n Two-Year Fixed Income (US)

n Two-Year Government (US)

n Two-Year Global Fixed Income (US)

n US Targeted Value (US)

Dimensional applies variable maturity strategy to longer duration fixed income.

Dimensional offers a multi-country strategy targeting European small company stocks.

Dimensional launches variable annuity sub-advised strategies.

5

5


2005 2006 2007 2008

1997 1998 1999 2000

Sydney office establishes a sales and marketing division and launches first Australian trusts.

Jim Davis teams with Eugene Fama and Kenneth French to extend value vs. growth research back to 1926.

Robert Merton and Myron Scholes receive the Nobel Prize for their work in options pricing.

Dimensional launches its first public website, starting a tradition of leveraging web technology to service and educate clients.

Launch of US core equity strategies offers integrated portfolios structured for diversified multifactor exposure and greater cost efficiency.

Abbie Smith joins mutual fund board.

Dimensional offers funds to the Chilean private pension system.

Eduardo Repetto joins Dimensional following work as a researcher at Cal Tech, where he also earned his PhD.

Assets under management pass $100 billion.

Rex Sinquefield retires from Dimensional.

Social strategies apply core equity technology to traditional socially conscious investing needs.

Dimensional opens Austin office and begins plans for construction of headquarters.

Dimensional breaks ground on Palisades West headquarters in Austin.

Dimensional launches core equity strategy that applies environmental research to stock selection.

The University of Chicago Graduate School of Business is renamed the University of Chicago Booth School of Business in recognition of Booth family gift.

Palisades West campus is completed. Dimensional moves headquarters from Santa Monica to Austin.

n Australian Value (AUS)

n Global Value (US)

n Global Value (AUS)

n Tax-Managed International Value (US)

n Short-Term Fixed Interest (AUS)

n Australian Large Company (AUS)

n Australian Small Company (AUS)

n Global Large Company (AUS)

n Global Small Company (AUS)

n Tax-Managed US Marketwide Value (US)

n Tax-Managed US Small Cap (US)

n Tax-Managed US Targeted Value (US)

n International Core Equity (US)

n Two-Year Diversified Fixed Interest (AUS)

n US Core Equity 1 (US)

n US Core Equity 2 (US)

n US Vector Equity (US)

n California Short-Term Municipal Bond (US)

n Canadian Small Company (US)

n Emerging Markets Targeted Value (IR)

n European Value (IR)

n Global Real Estate (AUS)

n Global Short Fixed Income (IR)

n International Real Estate Securities (US)

n Pacific Basin Value (IR)

n TA US Core Equity 2 (US)

n US Social Core Equity 2 (US)

*IR indicates Irish domiciled.

n Global Core Equity (IR)

n Global Targeted Value (IR)

n International Sustainability Core 1 (US)

n International Value ex Tobacco (US)

n International Vector Equity (US)

n Selectively Hedged Global Fixed Income (US)

n Short-Term Investment (US)

n TA World ex US Core Equity (US)

n US Sustainability Core 1 (US)

n Australian Core Equity (AUS)

n Emerging Markets Social Core Equity (US)

n Global Core Equity (AUS)

n Inflation-Protected Securities (US)

n UK Core Equity (UK)

6


2003 2004

2009 2010

2001 2002

Dimensional conducts research into development of core equity technology.

Vancouver office opens to serve Canadian financial advisors.

Harvard Business School publishes second case study on Dimensional.

Kenneth French becomes head of Investment Policy Committee.

Robert Merton joins mutual fund board.

Core equity is first applied for Australian clients.

Dimensional acquires SmartNest. Robert Merton affiliates as Resident Scientist to lead development of a risk-managed DC solution for plan participants.

Dimensional UK/Europe opens offices in Amsterdam and Berlin.

Edward Lazear joins mutual fund board.

Assets under management pass $200 billion.

Fama/French Forum blog launches, connecting the ideas and research of Dimensional’s academics with advisors, institutional clients, and the public.

n Short-Term Municipal Bond (US)n Five-Year Diversified Fixed Interest (AUS)

n Tax-Managed US Equity (US)

n Global 25/75 (US)

n Global 60/40 (US)

n Global Equity (US)

n Five-Year Global Fixed Income (CA)

n Canadian Core Equity (CA)

n Emerging Markets Core Equity (UK)

n Global Short-Dated Bond (UK)

n UK Small Companies (UK)

n UK Value (UK)

n Investment Grade Fixed Income (CA)

n Short-Term Extended Quality (US)

n Sterling Ultra-Short Fixed Income (IR)

n Commodity Strategy (US)

n Intermediate-Term Extended Quality (US)

n World ex US Value (US)

The first tax-managed separate accounts are launched.

London office establishes sales and marketing division to serve clients in the UK and Europe.

7

7


One solution was to avoid liquidity traps arising from closely tracking an index.

Dimensional eschewed indexing, opting instead to hold securities with the

prescribed risk characteristics. By targeting a broader range of candidates in

a portfolio, traders had more options and could transact with more flexibility

and patience, resulting in better price execution. In this way, potential

problems—such as the illiquidity of small cap stocks—could be turned

into opportunities.

Dimensional has an industry reputation for

smart trading. Acting as liquidity providers,

our traders can better negotiate prices and

incur lower trading costs, both of which can

add value to portfolio returns. In combination,

our strengths in strategy design, portfolio

management, and trading provide clients

with a compelling set of tools to pursue

their investment objectives. And by creating

investments that truly help people, we have built a formidable business

advantage in the market.

This points to the third element in Dimensional’s success—a commitment to

understand what clients need and to deliver relevant solutions. Driven by ideas,

we implement strategies designed to address the evolving needs of investors. In

the formative years, Dimensional built its business by offering highly competitive,

targeted solutions for institutional clients. Today, we continue to deliver specific

risk exposures to some of the most prominent institutional names in the world.

The offering spans from corporate defined benefit and defined contribution

plans to public retirement plans, foundations, and endowments.

Dimensional also provides a broad set of investment solutions to help advisors

serve individual clients. When we entered the financial advisor business in 1989,

our implementation skills honed in the institutional world were put to the

test. We were concerned that volatile money flows from retail investors might

compromise our implementation approach. We met the challenge by partnering

with advisors who shared our investment philosophy, then providing them with

educational and technical support to help their clients invest for the long term.

In response to the evolving needs of clients,

Dimensional has launched portfolios to help

advisors offer a full range of globally diversified

investment solutions. The global financial advisor

business, which now represents over half of total

assets under management, has grown into a strong

partnership among Dimensional, advisors, and

individual investors.

A world away from our beginnings as a manager of US micro cap stocks,

Dimensional is now a global business with clients, strategies, and trading offices

around the world. Most assets are invested outside the US, in both developed

and emerging markets, while small company equity strategies account for only

about 15 percent of assets under management.

Looking at the past three decades, the common threads in Dimensional’s

unique story are the connection to the leading financial thinkers, our skills in

implementing ideas, and a commitment to doing the best for our clients—in

all markets.

Putting good ideas to work has proved a recipe for Dimensional’s business

success and for the success of the professionals and clients we serve.

continued from page 3

YEARS OF

GOOD IDEAS

AT WORK

8


TABLE

OF

CONTENTS

30 YEARS OF GOOD IDEAS AT WORK 2

ANNUALIzED RATES OF RETURNS (%) 10

HOW TO USE THIS BOOK 11

TOTAL RETURNS US SMALL CAp INDEX 1927–2010 13

S&p 500 INDEX 1926–2010 15

US SMALL CAp VALUE INDEX 1927–2010 17

US LARGE CAp VALUE INDEX 1927–2010 19

US SMALL CAp GROWTH INDEX 1927–2010 21

US LARGE CAp GROWTH INDEX 1927–2010 23

US TOTAL STOCK MARKET INDEX 1927–2010 25

US ADJUSTED MARKET 1 INDEX 1928–2010 27

US ADJUSTED MARKET 2 INDEX 1928–2010 29

US ADJUSTED MARKET VALUE INDEX 1928–2010 31

US TARGETED VALUE INDEX 1928–2010 33

NASDAq COMpOSITE INDEX 1974–2010 34

DOW JONES US SELECT REIT INDEX 1978–2010 35

DOW JONES UBS COMMODITY INDEX 1992–2010 35

LONG-TERM GOVERNMENT BONDS 1926–2010 37

LONG-TERM CORpORATE BONDS 1926–2010 39

ONE-MONTH US TREASURY BILLS 1926–2010 41

ONE-MONTH CERTIFICATES OF DEpOSIT 1966–2010 42

BARCLAYS CApITAL US GOVERNMENT/CREDIT BOND INDEX INTERMEDIATE 1973–2010 43

BARCLAYS CApITAL US TIpS INDEX 1998–2010 43

INTERNATIONAL SMALL CAp INDEX 1970–2010 44

MSCI EAFE INDEX 1970–2010 44

JApAN SMALL CAp INDEX 1970–2010 45

JApAN LARGE CAp INDEX 1970-2010 45

UNITED KINGDOM SMALL CAp INDEX 1956–2010 47

UNITED KINGDOM LARGE CAp INDEX 1956–2010 49

INTERNATIONAL VALUE INDEX 1975–2010 50

INTERNATIONAL GROWTH INDEX 1975–2010 50

INTERNATIONAL SMALL CAp VALUE INDEX 1982–2010 51

MSCI EMERGING MARKETS INDEX 1988–2010 51

REAL RETURNS (INFLATION ADJUSTED) INFLATION: CHANGES IN THE CONSUMER pRICE INDEX 1926–2010 53

US SMALL CAp INDEX 1927–2010 55

S&p 500 INDEX 1926–2010 57

LONG-TERM GOVERNMENT BONDS 1926–2010 59

ONE-MONTH US TREASURY BILLS 1926–2010 61

ONE-MONTH CERTIFICATES OF DEpOSIT 1966–2010 62

DOW JONES US SELECT REIT INDEX 1978–2010 63

BALANCED STRATEGIESBALANCED STRATEGIES: WEIGHTS AND SUMMARY STATISTICS 64

BALANCED STRATEGY: FIXED 1973–2010 66

BALANCED STRATEGY: CONSERVATIVE 1973–2010 66

BALANCED STRATEGY: MODERATE 1973–2010 67

BALANCED STRATEGY: NORMAL 1973–2010 67

BALANCED STRATEGY: AGGRESSIVE 1973–2010 68

BALANCED STRATEGY: EqUITY 1973–2010 68

GLOBAL STRATEGIES 69

WORLD MARKET CApITALIzATION 70

SOURCES AND DESCRIpTIONS OF DATA 72

9

9


ANNUALIzED

RATES OF

RETURNS (%)One Year 2010

Five Years

2006–2010

Ten Years

2001–2010

Twenty Years

1991–2010

Fifty Years

1961–2010

Eighty Years

1931–2010

US SMALL CAp INDEX 29.5 5.9 9.6 12.8 12.4 13.1

S&p 500 INDEX 15. 1 2.3 1.4 9. 1 9.8 9.9

US SMALL CAp VALUE INDEX 34.6 4.8 13.8 15.6 15.3 15.4

US LARGE CAp VALUE INDEX 20.2 -3.7 -0. 1 8.2 11.4 11.2

US SMALL CAp GROWTH INDEX 31.8 3.4 3.0 8.2 8.2 10.2

US LARGE CAp GROWTH INDEX 17.6 3.9 -0.4 8.5 8.9 9.4

US TOTAL STOCK MARKET INDEX 17.8 3.2 2.6 9.7 10.0 10. 1

US ADJUSTED MARKET 1 INDEX 20.5 3.7 4.4 11.0 11.0 11.0

US ADJUSTED MARKET 2 INDEX 22. 1 3.6 5.5 11.7 11.7 11.6

US ADJUSTED MARKET VALUE INDEX 25.6 4.2 8.0 13.5 13.2 12.8

US TARGETED VALUE INDEX 28.4 6. 1 11.5 16.3 15.2 14.3

NASDAq COMpOSITE INDEX 18.0 4. 1 1.2 10.9 — —DOW JONES US SELECT REIT INDEX 28. 1 2.3 10.4 11.5 — —DOW JONES-UBS COMMODITY INDEX TOTAL RETURN 16.8 1.2 5.8 — — —LONG-TERM GOVERNMENT BONDS 10. 1 5.6 6.6 8.5 7. 1 5.5

LONG-TERM CORpORATE BONDS 12.4 5.9 7.6 8.2 7.3 5.9

ONE-MONTH US TREASURY BILLS 0. 1 2.3 2.2 3.5 5.3 3.6

ONE-MONTH CERTIFICATES OF DEpOSIT 0.2 2.9 2.6 3.9 — —BARCLAYS CApITAL US GOVT./CREDIT BOND INDEX INTERMEDIATE 5.9 5.5 5.5 6.4 — —BARCLAYS CApITAL US TIpS INDEX 6.3 5.3 7.0 — — —INFLATION (CpI) 1.5 2.2 2.3 2.5 4. 1 3.3

INTERNATIONAL SMALL CAp INDEX 20.7 4.8 10.2 7.0 — —MSCI EAFE INDEX 7.8 2.5 3.5 5.8 — —JApAN SMALL CAp INDEX 19. 1 -4. 1 7.0 1.3 — —JApAN LARGE CAp INDEX 15.4 -2.4 1.0 0.7 — —UNITED KINGDOM SMALL CAp INDEX 28.4 4.0 7.5 9.4 13.8 —UNITED KINGDOM LARGE CAp INDEX 10.5 3.0 4. 1 8.2 10.5 —CONTINENTAL SMALL CAp INDEX 11.9 5.7 10.4 8.6 — —CONTINENTAL LARGE CAp INDEX 1.6 3.0 3.2 8.6 — —ASIA pACIFIC SMALL CAp INDEX 28.3 13.3 15.6 11.5 — —ASIA pACIFIC LARGE CAp INDEX 16.9 11.5 12.0 10.4 — —INTERNATIONAL VALUE INDEX 13.3 5.9 9.5 11.4 — —INTERNATIONAL GROWTH INDEX 13.3 1.8 2.4 4.7 — —INTERNATIONAL SMALL CAp VALUE INDEX 19.2 6.5 14. 1 9.2 — —INTERNATIONAL ADJUSTED MARKET INDEX 14.8 4.6 8.3 — — —INTERNATIONAL ADJUSTED MARKET VALUE INDEX 17.3 5.0 9.8 — — —MSCI EMERGING MARKETS INDEX 19.2 13. 1 16.2 12.2 — —EMERGING MARKETS ADJUSTED MARKET INDEX 25.5 17.6 20.3 — — —BALANCED STRATEGY: FIXED 2.0 4. 1 3.8 5.2 — —BALANCED STRATEGY: CONSERVATIVE 6.0 5. 1 5.4 6.9 — —BALANCED STRATEGY: MODERATE 9.9 5.7 6.7 8.4 — —BALANCED STRATEGY: NORMAL 13.9 5.9 7.7 9.7 — —BALANCED STRATEGY: AGGRESSIVE 17.9 5.5 8.2 10.8 — —BALANCED STRATEGY: EqUITY 21.9 4.4 8.4 11.7 — —

All returns are in US dollars. For balanced strategy weights, see page 64. For a detailed description of returns series, see page 73. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.

10


HOW TO

USE THIS

BOOK

For example, to find the annualized compound rate of return for

the US Large Cap Value Index for the interval 1996–2004:

Locate the column for the first year of the interval (1996). Years are labeled at the top and bottom of each column.

Locate the row for the last year of the interval (2004). Years are labeled at the beginning of each row.

The return can be found where the first year’s column meets the last year’s row. In this example, US Large Cap Value Index had a compound rate of return of 7.8% per year for the nine-year period.

3

2

1

19931993 24.5 19941994 11.4 -0.3 19951995 20.2 18.2 40.1 19961996 20.2 18.8 29.6 20.0 19971997 22.8 22.3 31.0 26.7 33.7 19981998 20.9 20.2 25.9 21.6 22.4 11.9 19991999 18.8 17.9 21.9 17.7 17.0 9.4 7.0 20002000 15.3 14.1 16.7 12.5 10.7 3.9 0.1 -6.4 20012001 13.2 11.8 13.7 9.8 7.8 2.2 -0.9 -4.6 -2.7 20022002 7.8 6.1 6.9 2.9 0.3 -5.3 -9.2 -14.1 -17.6 -30.3 20032003 10.1 8.8 9.9 6.6 4.8 0.6 -1.5 -3.5 -2.5 -2.5 36.4 20042004 10.8 9.6 10.6 7.8 6.3 2.9 1.5 0.4 2.2 3.8 26.7 17.7 20052005 10.7 9.6 10.5 8.0 6.7 3.7 2.6 1.9 3.6 5.3 20.8 13.6 9.7 20062006 11.4 10.5 11.4 9.2 8.1 5.6 4.8 4.5 6.5 8.4 21.1 16.3 15.6 21.9 20072007 9.7 8.7 9.4 7.2 6.1 3.7 2.8 2.3 3.6 4.7 13.5 8.4 5.5 3.4 -12.2 20082008 4.0 2.8 3.0 0.6 -0.9 -3.6 -5.0 -6.2 -6.2 -6.7 -2.0 -8.3 -13.9 -20.6 -35.9 -53.1 20092009 5.7 4.6 5.0 2.8 1.6 -0.7 -1.7 -2.6 -2.1 -2.1 2.8 -1.9 -5.4 -8.9 -17.3 -19.7 37.5 20102010 6.5 5.5 5.9 3.9 2.9 0.8 -0.1 -0.7 -0.1 0.2 4.8 1.0 -1.6 -3.7 -9.2 -8.2 28.5 20.2

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

1

2

3

11

11


19271927 28.1 19281928 32.9 37.8 19291929 3.6 -6.9 -37.1 19301930 -9.4 -19.2 -38.2 -39.2 19311931 -19.0 -27.8 -41.8 -44.1 -48.5 19321932 -16.9 -23.7 -34.2 -33.3 -30.1 -5.0 19331933 -4.2 -8.7 -15.9 -9.6 3.2 46.2 125.0 19341934 -1.6 -5.3 -11.0 -4.6 6.8 36.1 63.0 18.1 19351935 4.1 1.4 -3.0 4.3 16.2 42.4 63.0 38.8 63.1 19361936 8.3 6.3 2.9 10.4 22.0 44.9 61.0 44.1 59.1 55.3 19371937 1.1 -1.3 -4.9 0.2 7.6 21.6 27.8 10.9 8.6 -11.3 -49.4 19381938 3.7 1.7 -1.3 3.7 10.9 23.7 29.3 15.7 15.2 2.6 -16.7 37.1 19391939 3.4 1.6 -1.2 3.4 9.7 20.5 24.7 13.0 12.1 2.0 -11.3 17.4 0.5 19401940 2.8 1.1 -1.5 2.6 8.1 17.4 20.6 10.3 9.0 0.6 -9.7 9.4 -2.2 -4.8 19411941 1.8 0.2 -2.3 1.4 6.2 14.2 16.6 7.4 5.9 -1.4 -10.0 3.9 -5.2 -8.0 -11.0 19421942 3.4 1.9 -0.3 3.3 8.0 15.5 17.8 9.7 8.6 2.5 -4.3 8.6 2.5 3.2 7.4 29.7 19431943 6.4 5.1 3.2 7.0 11.7 19.2 21.6 14.4 14.0 9.0 3.6 16.7 13.1 16.4 24.5 47.3 67.4 19441944 8.1 7.0 5.3 9.0 13.7 20.8 23.3 16.7 16.6 12.3 7.8 20.1 17.5 21.2 28.8 45.7 54.5 42.6 19451945 10.6 9.7 8.2 11.9 16.6 23.6 26.1 20.2 20.4 16.8 13.1 25.1 23.4 27.7 35.5 50.5 58.1 53.7 65.7 19461946 9.4 8.5 7.1 10.5 14.7 20.9 23.0 17.5 17.4 14.0 10.5 20.5 18.5 21.4 26.4 35.6 37.1 28.3 21.7 -10.6 19471947 8.8 8.0 6.6 9.7 13.6 19.4 21.2 16.0 15.8 12.6 9.3 18.1 16.1 18.2 22.0 28.6 28.3 20.1 13.4 -6.2 -1.6 19481948 8.2 7.3 6.0 8.9 12.5 17.8 19.4 14.5 14.2 11.1 8.1 15.8 13.8 15.4 18.2 23.1 22.1 14.6 8.5 -5.8 -3.3 -5.0 19491949 8.8 7.9 6.7 9.6 13.0 18.0 19.6 14.9 14.7 11.9 9.1 16.3 14.6 16.1 18.7 23.0 22.1 15.8 11.1 0.6 4.6 7.8 22.4 19501950 9.9 9.2 8.0 10.8 14.2 19.1 20.6 16.3 16.2 13.6 11.0 18.0 16.5 18.1 20.6 24.8 24.2 19.0 15.5 7.4 12.5 17.6 30.8 39.8 19511951 10.1 9.4 8.3 11.0 14.2 18.9 20.3 16.2 16.0 13.6 11.3 17.7 16.3 17.7 20.0 23.7 23.0 18.4 15.3 8.5 12.8 16.7 25.0 26.4 14.3 19521952 10.0 9.4 8.3 10.9 14.0 18.4 19.7 15.8 15.6 13.3 11.1 17.1 15.8 17.1 19.1 22.3 21.6 17.3 14.5 8.6 12.2 15.2 20.9 20.4 11.7 9.2 19531953 9.5 8.9 7.8 10.3 13.2 17.3 18.5 14.8 14.6 12.4 10.2 15.7 14.4 15.5 17.2 19.9 19.1 15.1 12.4 7.1 9.9 11.9 15.6 14.0 6.5 2.9 -3.1 19541954 11.0 10.4 9.5 11.9 14.8 18.9 20.1 16.6 16.5 14.5 12.5 17.9 16.8 18.0 19.8 22.6 22.1 18.6 16.4 12.0 15.1 17.8 22.0 22.0 17.9 19.1 24.4 59.8 19551955 11.3 10.8 9.9 12.2 15.0 18.9 20.1 16.7 16.7 14.7 12.9 18.1 17.0 18.2 19.9 22.5 21.9 18.7 16.8 12.8 15.7 18.1 21.8 21.7 18.4 19.4 23.0 38.6 20.3 19561956 11.2 10.6 9.8 12.0 14.7 18.4 19.5 16.3 16.2 14.4 12.6 17.5 16.5 17.5 19.0 21.4 20.8 17.8 15.9 12.2 14.8 16.8 19.8 19.5 16.4 16.8 18.8 27.2 13.5 7.1 19571957 10.2 9.6 8.7 10.9 13.4 16.9 17.9 14.7 14.6 12.8 11.1 15.5 14.5 15.3 16.6 18.6 17.9 15.0 13.1 9.5 11.6 13.0 15.2 14.3 11.1 10.6 10.8 14.6 2.6 -5.2 -16.1 19581958 11.5 11.1 10.3 12.4 14.9 18.4 19.4 16.4 16.3 14.6 13.1 17.5 16.6 17.5 18.9 20.9 20.4 17.7 16.1 13.0 15.2 16.9 19.4 19.0 16.7 17.0 18.4 23.2 15.4 13.9 17.4 64.3 19591959 11.8 11.3 10.5 12.6 15.0 18.4 19.4 16.5 16.4 14.8 13.3 17.5 16.7 17.5 18.8 20.8 20.3 17.8 16.3 13.4 15.5 17.1 19.3 19.0 16.9 17.2 18.4 22.4 16.1 15.1 17.9 39.7 18.8 19601960 11.3 10.8 10.1 12.1 14.4 17.6 18.5 15.7 15.6 14.0 12.6 16.5 15.7 16.5 17.6 19.4 18.8 16.5 15.0 12.2 14.1 15.4 17.3 16.8 14.7 14.8 15.5 18.4 12.7 11.2 12.3 23.7 7.3 -3.0 19611961 11.8 11.3 10.6 12.6 14.8 17.9 18.8 16.1 16.1 14.6 13.2 17.0 16.2 17.0 18.2 19.9 19.4 17.1 15.8 13.2 15.0 16.3 18.1 17.8 16.0 16.1 16.9 19.7 14.9 14.0 15.4 25.0 14.1 11.9 29.1 19621962 10.9 10.5 9.8 11.6 13.8 16.7 17.5 14.9 14.8 13.3 12.0 15.6 14.8 15.4 16.4 18.0 17.4 15.2 13.9 11.4 12.9 14.0 15.4 14.9 13.1 13.0 13.3 15.3 10.7 9.4 9.8 15.9 6.2 2.3 5.1 -14.4 19631963 11.1 10.7 10.0 11.8 13.9 16.8 17.6 15.1 14.9 13.5 12.2 15.7 14.9 15.6 16.5 18.0 17.4 15.4 14.1 11.8 13.2 14.2 15.7 15.2 13.5 13.4 13.8 15.7 11.6 10.5 11.0 16.4 8.6 6.2 9.4 0.8 18.6 19641964 11.3 10.9 10.2 12.0 14.0 16.8 17.6 15.1 15.0 13.7 12.4 15.8 15.0 15.6 16.6 18.0 17.5 15.5 14.3 12.1 13.5 14.4 15.8 15.3 13.8 13.7 14.1 15.8 12.2 11.3 11.8 16.5 10.0 8.4 11.4 6.1 18.1 17.5 19651965 11.9 11.5 10.9 12.7 14.7 17.4 18.2 15.8 15.7 14.4 13.2 16.5 15.8 16.4 17.4 18.7 18.3 16.4 15.3 13.3 14.7 15.6 17.0 16.7 15.3 15.3 15.8 17.6 14.3 13.7 14.5 19.1 13.7 12.9 16.3 13.4 24.5 27.5 38.4 19661966 11.4 11.0 10.4 12.1 14.0 16.6 17.3 15.1 15.0 13.7 12.5 15.6 14.9 15.5 16.4 17.6 17.1 15.3 14.2 12.2 13.5 14.4 15.6 15.2 13.8 13.8 14.1 15.5 12.4 11.8 12.2 15.9 11.0 9.9 12.2 9.1 15.9 15.1 13.9 -6.3 19671967 12.7 12.3 11.7 13.4 15.4 18.0 18.7 16.5 16.5 15.2 14.1 17.3 16.6 17.3 18.2 19.5 19.1 17.4 16.4 14.6 15.9 16.9 18.1 17.9 16.7 16.9 17.4 19.1 16.4 16.1 16.9 20.9 16.8 16.6 19.7 18.2 26.1 28.0 31.7 28.4 76.11968 13.3 12.9 12.4 14.0 15.9 18.5 19.2 17.1 17.1 15.9 14.8 17.9 17.3 18.0 18.9 20.1 19.8 18.2 17.3 15.5 16.9 17.8 19.1 19.0 17.9 18.1 18.7 20.3 17.9 17.7 18.6 22.4 18.9 18.9 22.0 21.0 28.1 30.1 33.5 31.9 56.51969 12.2 11.8 11.3 12.9 14.7 17.1 17.8 15.7 15.6 14.5 13.4 16.3 15.7 16.2 17.0 18.2 17.8 16.2 15.2 13.5 14.7 15.5 16.6 16.3 15.2 15.2 15.6 16.9 14.5 14.1 14.6 17.6 14.1 13.7 15.7 14.1 18.9 18.9 19.2 14.9 22.91970 11.6 11.2 10.7 12.2 13.9 16.3 16.9 14.9 14.8 13.6 12.6 15.3 14.7 15.2 16.0 17.0 16.6 15.0 14.1 12.4 13.5 14.2 15.1 14.8 13.7 13.6 13.9 15.0 12.6 12.2 12.5 15.1 11.7 11.1 12.6 10.9 14.6 14.0 13.4 9.0 13.21971 11.8 11.5 10.9 12.4 14.1 16.4 17.0 15.0 14.9 13.8 12.8 15.5 14.9 15.4 16.1 17.1 16.7 15.2 14.3 12.7 13.8 14.5 15.4 15.1 14.0 14.0 14.3 15.3 13.1 12.7 13.1 15.5 12.4 11.9 13.4 11.9 15.3 14.9 14.5 10.9 14.71972 11.6 11.3 10.8 12.2 13.9 16.1 16.7 14.7 14.7 13.6 12.6 15.2 14.6 15.1 15.7 16.7 16.3 14.9 14.0 12.4 13.4 14.1 14.9 14.6 13.6 13.6 13.8 14.7 12.6 12.2 12.5 14.8 11.9 11.3 12.6 11.3 14.2 13.7 13.3 10.1 13.11973 10.4 10.0 9.5 10.8 12.4 14.5 15.0 13.1 13.0 11.9 10.9 13.4 12.8 13.1 13.7 14.6 14.1 12.7 11.8 10.2 11.1 11.6 12.3 11.9 10.9 10.7 10.8 11.5 9.4 8.8 9.0 10.7 7.9 7.1 8.0 6.4 8.5 7.5 6.5 3.0 4.41974 9.4 9.0 8.5 9.8 11.3 13.3 13.7 11.9 11.7 10.6 9.7 12.0 11.3 11.7 12.2 13.0 12.5 11.1 10.2 8.6 9.4 9.8 10.4 10.0 8.9 8.6 8.6 9.2 7.1 6.5 6.5 8.0 5.2 4.3 4.9 3.2 4.8 3.6 2.3 -1.0 -0.31975 10.1 9.8 9.3 10.6 12.1 14.1 14.5 12.7 12.6 11.5 10.6 12.9 12.3 12.7 13.2 14.0 13.6 12.2 11.3 9.9 10.6 11.1 11.8 11.4 10.4 10.2 10.2 10.9 9.0 8.4 8.5 10.1 7.5 6.8 7.5 6.1 7.9 7.1 6.2 3.4 4.51976 10.8 10.4 9.9 11.3 12.7 14.7 15.2 13.4 13.3 12.3 11.4 13.7 13.1 13.5 14.0 14.8 14.4 13.1 12.3 10.9 11.7 12.2 12.9 12.5 11.6 11.5 11.6 12.3 10.5 10.0 10.2 11.8 9.4 8.9 9.7 8.5 10.3 9.7 9.1 6.8 8.21977 11.0 10.6 10.1 11.4 12.9 14.8 15.3 13.6 13.5 12.5 11.6 13.8 13.3 13.7 14.2 15.0 14.6 13.3 12.5 11.2 12.0 12.5 13.1 12.8 11.9 11.8 11.9 12.6 10.9 10.5 10.7 12.2 10.0 9.5 10.3 9.2 11.0 10.5 9.9 7.8 9.21978 11.1 10.8 10.3 11.6 13.0 14.9 15.4 13.7 13.6 12.7 11.8 14.0 13.5 13.8 14.4 15.1 14.8 13.5 12.8 11.5 12.2 12.7 13.3 13.0 12.2 12.1 12.2 12.9 11.3 10.9 11.1 12.6 10.4 10.0 10.8 9.8 11.5 11.1 10.6 8.7 10.11979 11.6 11.3 10.9 12.1 13.5 15.4 15.9 14.3 14.2 13.2 12.4 14.6 14.1 14.4 15.0 15.8 15.4 14.2 13.5 12.2 13.0 13.5 14.2 13.9 13.1 13.0 13.2 13.9 12.3 12.0 12.2 13.7 11.8 11.4 12.2 11.4 13.1 12.8 12.5 10.8 12.21980 12.1 11.8 11.3 12.6 14.0 15.8 16.3 14.7 14.6 13.7 12.9 15.0 14.6 14.9 15.5 16.3 15.9 14.8 14.1 12.9 13.7 14.1 14.8 14.6 13.8 13.8 14.0 14.6 13.2 12.9 13.2 14.6 12.8 12.5 13.4 12.6 14.3 14.1 13.8 12.4 13.81981 11.9 11.6 11.1 12.4 13.7 15.5 16.0 14.4 14.3 13.5 12.7 14.7 14.3 14.6 15.1 15.9 15.6 14.4 13.8 12.6 13.3 13.8 14.4 14.2 13.4 13.4 13.5 14.2 12.8 12.5 12.7 14.1 12.3 12.0 12.8 12.1 13.7 13.4 13.1 11.7 13.01982 12.1 11.9 11.4 12.6 14.0 15.8 16.2 14.7 14.6 13.8 13.0 15.0 14.6 14.9 15.4 16.2 15.9 14.8 14.1 13.0 13.7 14.2 14.8 14.6 13.9 13.8 14.0 14.6 13.3 13.0 13.3 14.6 12.9 12.7 13.5 12.8 14.3 14.1 13.9 12.6 13.91983 12.5 12.2 11.8 13.0 14.3 16.1 16.6 15.0 15.0 14.1 13.4 15.4 15.0 15.3 15.8 16.6 16.3 15.2 14.6 13.5 14.2 14.7 15.3 15.1 14.4 14.4 14.6 15.2 13.9 13.7 14.0 15.3 13.7 13.5 14.3 13.6 15.2 15.0 14.9 13.7 15.01984 12.2 11.9 11.5 12.7 14.0 15.7 16.1 14.6 14.6 13.7 13.0 15.0 14.5 14.9 15.3 16.0 15.7 14.7 14.1 13.0 13.7 14.1 14.7 14.5 13.8 13.8 14.0 14.6 13.3 13.1 13.3 14.6 13.0 12.7 13.5 12.8 14.2 14.0 13.9 12.7 13.91985 12.5 12.2 11.8 13.0 14.3 16.0 16.4 14.9 14.9 14.1 13.4 15.3 14.9 15.2 15.7 16.4 16.1 15.1 14.5 13.4 14.1 14.6 15.1 15.0 14.3 14.3 14.5 15.1 13.9 13.6 13.9 15.1 13.6 13.4 14.1 13.6 15.0 14.8 14.7 13.6 14.81986 12.4 12.2 11.8 12.9 14.2 15.8 16.2 14.8 14.7 14.0 13.3 15.1 14.7 15.0 15.5 16.2 15.9 14.9 14.3 13.3 14.0 14.4 14.9 14.7 14.1 14.1 14.3 14.8 13.7 13.5 13.7 14.9 13.4 13.2 13.9 13.3 14.6 14.5 14.3 13.3 14.41987 12.0 11.8 11.4 12.5 13.7 15.3 15.7 14.3 14.3 13.5 12.8 14.6 14.2 14.5 14.9 15.6 15.3 14.3 13.7 12.7 13.4 13.8 14.3 14.1 13.5 13.4 13.6 14.1 12.9 12.7 12.9 14.0 12.6 12.4 13.0 12.4 13.6 13.4 13.3 12.2 13.21988 12.2 12.0 11.6 12.7 13.9 15.5 15.9 14.5 14.4 13.7 13.0 14.8 14.4 14.7 15.1 15.7 15.5 14.5 13.9 13.0 13.6 14.0 14.5 14.3 13.7 13.7 13.8 14.3 13.2 13.0 13.2 14.3 12.9 12.7 13.3 12.8 14.0 13.8 13.7 12.7 13.61989 12.3 12.0 11.7 12.7 13.9 15.5 15.9 14.5 14.5 13.7 13.1 14.8 14.4 14.7 15.2 15.8 15.5 14.6 14.0 13.0 13.7 14.1 14.6 14.4 13.8 13.8 13.9 14.4 13.3 13.1 13.3 14.4 13.1 12.9 13.5 12.9 14.1 13.9 13.8 12.9 13.81990 11.7 11.4 11.1 12.1 13.3 14.8 15.1 13.8 13.7 13.0 12.3 14.0 13.6 13.9 14.3 14.9 14.6 13.7 13.1 12.2 12.7 13.1 13.6 13.4 12.8 12.7 12.8 13.3 12.2 12.0 12.1 13.1 11.8 11.6 12.1 11.6 12.6 12.4 12.2 11.3 12.11991 12.2 11.9 11.6 12.6 13.7 15.3 15.6 14.3 14.3 13.5 12.9 14.6 14.2 14.5 14.9 15.5 15.2 14.3 13.8 12.8 13.4 13.8 14.3 14.1 13.5 13.5 13.6 14.1 13.1 12.9 13.0 14.0 12.8 12.6 13.1 12.6 13.7 13.5 13.4 12.5 13.41992 12.3 12.1 11.7 12.7 13.8 15.3 15.7 14.4 14.4 13.6 13.0 14.7 14.3 14.6 15.0 15.6 15.3 14.4 13.9 13.0 13.6 13.9 14.4 14.2 13.7 13.7 13.8 14.2 13.2 13.1 13.2 14.2 13.0 12.8 13.4 12.9 13.9 13.8 13.6 12.8 13.61993 12.4 12.2 11.8 12.8 13.9 15.4 15.8 14.5 14.5 13.8 13.1 14.8 14.4 14.7 15.1 15.6 15.4 14.5 14.0 13.1 13.7 14.1 14.5 14.4 13.8 13.8 13.9 14.4 13.4 13.2 13.4 14.4 13.2 13.0 13.6 13.1 14.1 14.0 13.8 13.1 13.81994 12.2 12.0 11.6 12.6 13.7 15.1 15.5 14.2 14.2 13.5 12.9 14.5 14.1 14.3 14.7 15.3 15.0 14.2 13.7 12.8 13.4 13.7 14.1 14.0 13.4 13.4 13.5 14.0 13.0 12.8 13.0 13.9 12.7 12.6 13.1 12.6 13.6 13.4 13.3 12.5 13.21995 12.4 12.2 11.9 12.8 13.9 15.3 15.7 14.5 14.4 13.7 13.1 14.7 14.4 14.6 15.0 15.6 15.3 14.5 14.0 13.1 13.7 14.0 14.5 14.3 13.8 13.8 13.9 14.3 13.4 13.2 13.4 14.3 13.2 13.0 13.5 13.1 14.1 13.9 13.8 13.1 13.81996 12.5 12.3 11.9 12.9 14.0 15.4 15.7 14.5 14.5 13.8 13.2 14.8 14.4 14.7 15.1 15.6 15.3 14.5 14.1 13.2 13.8 14.1 14.5 14.4 13.9 13.9 14.0 14.4 13.5 13.3 13.5 14.4 13.3 13.1 13.6 13.2 14.2 14.0 13.9 13.2 13.91997 12.7 12.5 12.1 13.1 14.1 15.5 15.9 14.7 14.6 14.0 13.4 14.9 14.6 14.9 15.2 15.8 15.5 14.7 14.3 13.5 14.0 14.3 14.8 14.6 14.1 14.1 14.2 14.6 13.8 13.6 13.8 14.6 13.6 13.5 13.9 13.6 14.5 14.4 14.3 13.6 14.31998 12.4 12.2 11.9 12.8 13.9 15.2 15.6 14.4 14.3 13.7 13.1 14.6 14.3 14.5 14.9 15.4 15.2 14.4 13.9 13.1 13.6 14.0 14.4 14.2 13.7 13.7 13.8 14.2 13.4 13.2 13.4 14.2 13.2 13.0 13.5 13.1 14.0 13.8 13.7 13.1 13.71999 12.7 12.4 12.1 13.1 14.1 15.4 15.8 14.6 14.5 13.9 13.4 14.8 14.5 14.8 15.1 15.6 15.4 14.6 14.2 13.4 13.9 14.2 14.6 14.5 14.0 14.0 14.1 14.5 13.7 13.5 13.7 14.5 13.5 13.4 13.8 13.5 14.3 14.2 14.1 13.5 14.12000 12.3 12.1 11.7 12.7 13.7 15.0 15.3 14.1 14.1 13.5 12.9 14.3 14.0 14.3 14.6 15.1 14.9 14.1 13.6 12.9 13.4 13.7 14.1 13.9 13.4 13.4 13.5 13.9 13.0 12.9 13.0 13.8 12.8 12.7 13.1 12.7 13.5 13.4 13.3 12.7 13.32001 12.3 12.1 11.8 12.7 13.7 15.0 15.3 14.2 14.1 13.5 13.0 14.4 14.1 14.3 14.7 15.1 14.9 14.2 13.7 13.0 13.4 13.7 14.1 14.0 13.5 13.5 13.6 14.0 13.2 13.0 13.1 13.9 12.9 12.8 13.2 12.9 13.7 13.5 13.4 12.8 13.42002 11.8 11.6 11.3 12.2 13.2 14.4 14.7 13.6 13.5 12.9 12.4 13.8 13.4 13.7 14.0 14.5 14.2 13.5 13.0 12.3 12.7 13.0 13.4 13.2 12.8 12.7 12.8 13.2 12.3 12.2 12.3 13.0 12.1 11.9 12.3 11.9 12.7 12.5 12.4 11.8 12.32003 12.3 12.2 11.8 12.7 13.7 14.9 15.2 14.1 14.1 13.5 13.0 14.3 14.0 14.3 14.6 15.1 14.8 14.1 13.7 12.9 13.4 13.7 14.1 13.9 13.5 13.5 13.5 13.9 13.1 13.0 13.1 13.8 12.9 12.8 13.2 12.8 13.6 13.5 13.4 12.8 13.32004 12.4 12.2 11.9 12.8 13.8 15.0 15.3 14.2 14.2 13.6 13.1 14.4 14.1 14.3 14.7 15.1 14.9 14.2 13.8 13.0 13.5 13.8 14.2 14.0 13.6 13.6 13.7 14.0 13.2 13.1 13.2 14.0 13.1 12.9 13.3 13.0 13.7 13.6 13.5 12.9 13.52005 12.3 12.2 11.9 12.7 13.6 14.9 15.2 14.1 14.0 13.5 12.9 14.3 14.0 14.2 14.5 15.0 14.7 14.0 13.6 12.9 13.4 13.6 14.0 13.9 13.4 13.4 13.5 13.8 13.1 12.9 13.1 13.8 12.9 12.8 13.1 12.8 13.5 13.4 13.3 12.7 13.32006 12.4 12.2 11.9 12.8 13.7 14.9 15.2 14.1 14.1 13.5 13.0 14.3 14.0 14.2 14.5 15.0 14.8 14.1 13.7 13.0 13.4 13.7 14.1 13.9 13.5 13.5 13.6 13.9 13.2 13.0 13.1 13.8 13.0 12.9 13.2 12.9 13.6 13.5 13.4 12.9 13.42007 12.2 12.0 11.7 12.5 13.5 14.6 14.9 13.9 13.8 13.3 12.8 14.1 13.8 14.0 14.3 14.7 14.5 13.8 13.4 12.7 13.1 13.4 13.7 13.6 13.2 13.2 13.2 13.6 12.8 12.7 12.8 13.5 12.6 12.5 12.9 12.5 13.2 13.1 13.0 12.5 13.02008 11.4 11.2 10.9 11.7 12.6 13.7 14.0 13.0 12.9 12.3 11.8 13.1 12.8 12.9 13.2 13.6 13.4 12.7 12.3 11.6 12.0 12.3 12.6 12.4 12.0 12.0 12.0 12.3 11.6 11.4 11.5 12.1 11.3 11.1 11.4 11.1 11.7 11.6 11.4 10.9 11.32009 11.8 11.6 11.3 12.1 12.9 14.1 14.4 13.3 13.3 12.7 12.2 13.5 13.2 13.4 13.7 14.1 13.9 13.2 12.8 12.1 12.5 12.8 13.1 12.9 12.5 12.5 12.5 12.8 12.1 12.0 12.1 12.7 11.9 11.7 12.1 11.7 12.4 12.2 12.1 11.6 12.12010 12.0 11.8 11.5 12.3 13.1 14.3 14.5 13.5 13.5 12.9 12.5 13.7 13.4 13.6 13.9 14.3 14.1 13.4 13.0 12.4 12.8 13.0 13.3 13.2 12.8 12.8 12.8 13.1 12.4 12.3 12.4 13.0 12.2 12.1 12.4 12.1 12.7 12.6 12.5 12.0 12.4

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

12


US SMALL CAp INDEX1927–2010: Total Returns (%)

Data provided by Fama/French.

19681968 39.1 19691969 2.7 -24.2 19701970 -2.2 -18.1 -11.5 19711971 3.1 -6.7 3.5 20.9 19721972 3.5 -3.9 4.0 12.7 5.0 19731973 -4.3 -11.2 -7.6 -6.3 -17.5 -35.1 19741974 -8.1 -14.3 -12.1 -12.3 -21.2 -31.8 -28.2 19751975 -2.1 -6.9 -3.6 -2.0 -7.0 -10.6 4.9 53.2 19761976 2.5 -1.4 2.4 4.9 2.0 1.2 17.4 50.2 47.3 19771977 4.1 0.8 4.5 7.0 4.9 4.8 18.2 39.6 33.2 20.5 19781978 5.5 2.6 6.1 8.6 6.9 7.2 18.6 34.4 28.7 20.2 20.0 19791979 8.1 5.7 9.2 11.8 10.7 11.5 22.1 35.8 31.7 26.9 30.3 41.4 19801980 10.1 8.0 11.5 14.1 13.3 14.4 24.1 35.9 32.7 29.3 32.4 39.1 36.8 19811981 9.5 7.5 10.7 13.0 12.2 13.0 21.2 30.6 27.1 23.5 24.2 25.7 18.4 2.5 19821982 10.7 8.9 12.0 14.2 13.6 14.5 21.9 30.3 27.3 24.2 25.0 26.3 21.6 14.6 28.1 19831983 12.0 10.4 13.4 15.6 15.1 16.1 23.0 30.6 28.1 25.5 26.4 27.7 24.5 20.6 30.8 33.6 19841984 11.0 9.4 12.1 14.1 13.5 14.3 20.3 26.7 24.1 21.4 21.6 21.8 18.2 14.0 18.1 13.4 -3.7 19851985 12.1 10.6 13.3 15.2 14.8 15.5 21.2 27.2 24.8 22.5 22.8 23.2 20.4 17.4 21.4 19.2 12.7 31.9 19861986 11.8 10.5 12.9 14.7 14.3 15.0 20.1 25.4 23.2 21.0 21.0 21.1 18.5 15.7 18.5 16.3 11.0 19.2 7.7 19871987 10.7 9.4 11.7 13.2 12.7 13.3 17.9 22.5 20.2 18.0 17.7 17.5 14.8 12.0 13.6 10.9 5.9 9.3 -0.5 -8.0 19881988 11.3 10.1 12.2 13.7 13.3 13.9 18.2 22.5 20.4 18.4 18.2 18.0 15.7 13.3 14.9 12.9 9.1 12.6 6.8 6.4 23.1 19891989 11.5 10.4 12.5 13.9 13.5 14.0 18.1 22.1 20.2 18.3 18.1 17.9 15.8 13.7 15.2 13.5 10.4 13.5 9.3 9.8 20.0 16.9 19901990 9.9 8.8 10.6 11.9 11.4 11.8 15.4 18.9 16.9 15.0 14.6 14.1 11.9 9.7 10.5 8.5 5.4 7.0 2.6 1.3 4.7 -3.5 -20.4 19911991 11.3 10.2 12.1 13.4 13.0 13.5 17.0 20.4 18.6 17.0 16.7 16.5 14.6 12.7 13.8 12.3 9.9 12.0 9.0 9.3 14.1 11.3 8.6 48.1 19921992 11.6 10.6 12.5 13.7 13.3 13.8 17.2 20.4 18.7 17.1 16.9 16.7 15.0 13.3 14.4 13.1 11.0 13.0 10.6 11.1 15.3 13.4 12.3 33.4 20.2 19931993 12.0 11.0 12.8 14.0 13.6 14.1 17.3 20.4 18.8 17.3 17.1 16.9 15.4 13.9 14.9 13.7 11.9 13.8 11.7 12.3 16.1 14.8 14.2 28.8 20.2 20.2 19941994 11.4 10.5 12.1 13.2 12.9 13.3 16.3 19.2 17.6 16.2 15.9 15.7 14.1 12.6 13.5 12.3 10.6 12.1 10.1 10.4 13.3 11.8 10.8 20.3 12.3 8.5 -2.0 19951995 12.0 11.1 12.8 13.9 13.6 14.0 17.0 19.7 18.2 16.9 16.7 16.5 15.1 13.8 14.6 13.6 12.1 13.7 12.0 12.5 15.4 14.3 13.9 22.3 16.6 15.4 13.1 30.6 19961996 12.2 11.4 13.0 14.0 13.8 14.1 17.0 19.6 18.2 16.9 16.7 16.5 15.2 14.0 14.8 13.9 12.5 14.0 12.5 13.0 15.6 14.7 14.4 21.5 16.8 15.9 14.5 23.9 17.4 19971997 12.6 11.8 13.4 14.4 14.2 14.6 17.3 19.9 18.5 17.3 17.2 17.0 15.8 14.7 15.5 14.7 13.4 14.9 13.5 14.1 16.6 15.9 15.7 22.1 18.2 17.8 17.3 24.5 21.5 25.8 19981998 12.1 11.3 12.8 13.8 13.5 13.9 16.5 18.8 17.5 16.3 16.1 16.0 14.8 13.6 14.3 13.5 12.3 13.5 12.2 12.6 14.7 13.9 13.6 18.7 15.0 14.2 13.0 17.2 13.0 10.8 -2.3 19991999 12.6 11.8 13.3 14.3 14.0 14.4 16.9 19.2 18.0 16.8 16.7 16.5 15.4 14.4 15.1 14.3 13.2 14.5 13.3 13.8 15.8 15.1 15.0 19.8 16.6 16.1 15.5 19.3 16.7 16.4 12.0 28.4 20002000 11.8 11.0 12.4 13.3 13.0 13.3 15.7 17.8 16.6 15.5 15.2 15.0 13.9 12.9 13.4 12.7 11.5 12.6 11.4 11.7 13.3 12.6 12.2 16.1 13.0 12.1 11.0 13.4 10.2 8.5 3.2 6.1 -12.3 20012001 11.9 11.2 12.5 13.4 13.2 13.5 15.8 17.8 16.6 15.6 15.4 15.2 14.1 13.1 13.7 12.9 11.9 12.9 11.8 12.1 13.7 13.0 12.7 16.3 13.5 12.8 11.9 14.0 11.5 10.3 6.8 10.0 1.8 18.0 20022002 10.9 10.1 11.4 12.2 11.9 12.2 14.3 16.2 15.0 13.9 13.7 13.4 12.3 11.3 11.8 11.0 9.9 10.8 9.6 9.8 11.1 10.2 9.7 12.7 10.0 9.0 7.8 9.1 6.3 4.6 0.8 1.6 -6.0 -2.7 -19.9 20032003 12.0 11.3 12.5 13.4 13.1 13.4 15.5 17.4 16.3 15.3 15.1 14.9 13.9 13.0 13.5 12.9 12.0 12.8 11.9 12.1 13.5 12.9 12.6 15.7 13.3 12.7 12.0 13.7 11.7 10.9 8.6 11.0 7.0 14.3 12.5 57.8 20042004 12.2 11.5 12.7 13.5 13.3 13.6 15.6 17.5 16.4 15.5 15.3 15.1 14.2 13.3 13.8 13.2 12.3 13.2 12.2 12.5 13.8 13.3 13.1 15.9 13.8 13.2 12.6 14.2 12.5 11.9 10.1 12.3 9.3 15.5 14.6 37.1 19.1 20052005 12.0 11.3 12.5 13.3 13.1 13.3 15.3 17.1 16.1 15.1 14.9 14.7 13.8 13.0 13.4 12.8 12.0 12.8 11.9 12.1 13.4 12.8 12.6 15.2 13.2 12.6 12.0 13.4 11.8 11.2 9.5 11.3 8.7 13.4 12.3 25.7 12.2 5.6 20062006 12.1 11.5 12.6 13.4 13.2 13.4 15.4 17.1 16.1 15.2 15.0 14.8 13.9 13.1 13.6 13.0 12.2 13.0 12.1 12.4 13.6 13.1 12.8 15.3 13.4 12.9 12.4 13.7 12.3 11.8 10.3 12.0 9.8 14.0 13.2 23.5 13.8 11.2 17.1 20072007 11.7 11.1 12.2 12.9 12.7 12.9 14.8 16.4 15.5 14.5 14.4 14.2 13.3 12.5 12.9 12.3 11.5 12.2 11.4 11.6 12.7 12.2 11.9 14.2 12.3 11.8 11.3 12.4 11.0 10.4 8.9 10.3 8.2 11.5 10.4 17.8 9.4 6.4 6.8 -2.6 20082008 10.1 9.4 10.5 11.1 10.9 11.0 12.8 14.3 13.3 12.3 12.1 11.8 10.9 10.1 10.4 9.8 8.9 9.5 8.6 8.6 9.5 8.8 8.4 10.3 8.4 7.7 6.9 7.6 6.0 5.1 3.4 4.0 1.6 3.5 1.5 5.6 -2.5 -7.3 -11.2 -22.7 -38.6 20092009 10.9 10.2 11.3 11.9 11.7 11.9 13.6 15.1 14.1 13.3 13.0 12.8 12.0 11.2 11.5 11.0 10.2 10.8 10.0 10.1 11.0 10.4 10.1 12.0 10.3 9.7 9.1 9.9 8.5 7.9 6.5 7.3 5.4 7.6 6.4 10.7 4.4 1.7 0.7 -4.2 -5.0 47.0 20102010 11.3 10.7 11.7 12.3 12.1 12.3 14.0 15.5 14.5 13.7 13.5 13.3 12.5 11.8 12.1 11.6 10.8 11.4 10.7 10.8 11.7 11.2 10.9 12.8 11.2 10.7 10.2 11.0 9.8 9.3 8.1 9.0 7.4 9.6 8.7 12.9 7.7 5.9 5.9 3.3 5.3 38.0 29.5

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$13,127

2010

13

13


19261926 11.6 19271927 23.9 37.5 19281928 30.1 40.5 43.6 19291929 19.2 21.8 14.7 -8.4 19301930 8.7 8.0 -0.4 -17.1 -24.9 19311931 -2.5 -5.1 -13.5 -27.0 -34.8 -43.3 19321932 -3.3 -5.6 -12.5 -22.7 -26.9 -27.9 -8.2 19331933 2.5 1.2 -3.8 -11.2 -11.9 -7.1 18.9 54.0 19341934 2.0 0.9 -3.5 -9.7 -9.9 -5.7 11.7 23.2 -1.4 19351935 5.9 5.2 1.8 -3.1 -2.2 3.1 19.8 30.9 20.6 47.7 19361936 8.1 7.8 4.9 0.9 2.3 7.7 22.5 31.6 24.9 40.6 33.9 19371937 3.6 3.0 0.0 -3.9 -3.3 0.2 10.2 14.3 6.1 8.7 -6.7 -35.0 19381938 5.5 5.1 2.5 -0.9 0.0 3.6 13.0 16.9 10.7 13.9 4.5 -7.7 31.1 19391939 5.1 4.6 2.3 -0.8 -0.1 3.2 11.2 14.3 8.7 10.9 3.2 -5.3 14.3 -0.4 19401940 4.0 3.5 1.3 -1.6 -1.0 1.8 8.6 11.0 5.9 7.2 0.5 -6.5 5.6 -5.2 -9.8 19411941 3.0 2.4 0.3 -2.4 -1.9 0.5 6.4 8.2 3.5 4.3 -1.6 -7.5 1.0 -7.4 -10.7 -11.6 19421942 3.9 3.5 1.5 -1.0 -0.4 2.0 7.6 9.4 5.3 6.1 1.2 -3.4 4.6 -1.1 -1.4 3.2 20.3 19431943 5.0 4.7 2.9 0.6 1.3 3.7 9.0 10.8 7.2 8.2 4.0 0.4 7.9 3.8 4.9 10.2 23.1 25.9 19441944 5.8 5.5 3.8 1.7 2.5 4.8 9.8 11.5 8.3 9.3 5.7 2.6 9.5 6.3 7.7 12.5 22.0 22.8 19.7 19451945 7.1 6.9 5.4 3.5 4.3 6.6 11.5 13.2 10.4 11.5 8.4 5.9 12.6 10.1 12.0 17.0 25.4 27.2 27.8 36.4 19461946 6.3 6.1 4.7 2.8 3.5 5.6 10.1 11.6 8.8 9.7 6.8 4.4 10.1 7.7 8.9 12.4 17.9 17.3 14.5 12.0 -8.1 19471947 6.3 6.1 4.7 3.0 3.7 5.6 9.8 11.2 8.6 9.4 6.7 4.5 9.6 7.5 8.5 11.4 15.7 14.8 12.2 9.8 -1.4 5.7 19481948 6.3 6.0 4.7 3.1 3.8 5.6 9.6 10.8 8.4 9.1 6.6 4.6 9.2 7.3 8.1 10.6 14.2 13.2 10.9 8.7 0.8 5.6 5.5 19491949 6.8 6.6 5.3 3.8 4.5 6.3 10.1 11.2 9.0 9.7 7.4 5.6 10.0 8.3 9.2 11.5 14.8 14.0 12.1 10.7 5.0 9.8 12.0 18.8 19501950 7.7 7.5 6.4 4.9 5.6 7.4 11.1 12.3 10.2 11.0 8.9 7.3 11.5 10.0 11.0 13.4 16.6 16.1 14.8 13.9 9.9 14.9 18.2 25.1 31.7 19511951 8.3 8.1 7.1 5.7 6.4 8.2 11.7 12.9 11.0 11.7 9.8 8.4 12.4 11.1 12.1 14.3 17.3 16.9 15.9 15.3 12.1 16.7 19.6 24.7 27.8 24.0 19521952 8.6 8.5 7.5 6.2 6.9 8.6 12.0 13.2 11.3 12.1 10.3 9.0 12.8 11.6 12.5 14.6 17.4 17.1 16.1 15.7 13.0 17.0 19.4 23.1 24.6 21.2 18.4 19531953 8.3 8.1 7.1 5.9 6.5 8.2 11.4 12.4 10.7 11.4 9.6 8.3 11.9 10.7 11.5 13.4 15.7 15.3 14.3 13.7 11.2 14.2 15.7 17.9 17.6 13.3 8.3 -1.0 19541954 9.6 9.5 8.6 7.4 8.1 9.7 12.9 14.0 12.4 13.1 11.6 10.4 13.9 12.9 13.9 15.8 18.2 18.0 17.4 17.1 15.1 18.4 20.4 23.1 23.9 22.0 21.4 22.9 52.6 19551955 10.2 10.2 9.3 8.2 8.9 10.5 13.7 14.7 13.2 13.9 12.5 11.4 14.8 13.9 14.9 16.8 19.1 19.0 18.5 18.4 16.7 19.8 21.7 24.2 25.2 23.9 23.9 25.7 41.7 31.5 19561956 10.1 10.1 9.2 8.2 8.8 10.4 13.4 14.4 12.9 13.6 12.2 11.2 14.4 13.5 14.4 16.1 18.2 18.1 17.5 17.3 15.7 18.4 19.9 21.9 22.3 20.8 20.2 20.6 28.8 18.4 6.6 19571957 9.4 9.3 8.5 7.4 8.0 9.5 12.3 13.2 11.8 12.4 11.0 10.0 13.0 12.1 12.8 14.3 16.2 15.9 15.2 14.9 13.2 15.4 16.4 17.7 17.6 15.7 14.4 13.6 17.5 7.7 -2.5 -10.8 19581958 10.3 10.2 9.5 8.5 9.1 10.6 13.3 14.3 12.9 13.6 12.3 11.4 14.3 13.5 14.3 15.8 17.6 17.5 16.9 16.7 15.3 17.5 18.7 20.1 20.2 18.8 18.1 18.1 22.3 15.7 10.9 13.1 43.4 19591959 10.3 10.3 9.5 8.6 9.2 10.6 13.3 14.2 12.9 13.5 12.3 11.4 14.2 13.4 14.1 15.6 17.3 17.1 16.6 16.4 15.1 17.1 18.1 19.3 19.4 18.1 17.3 17.2 20.5 15.0 11.1 12.7 26.7 12.0 19601960 10.0 10.0 9.3 8.3 8.9 10.3 12.8 13.7 12.4 13.0 11.8 10.9 13.5 12.8 13.5 14.8 16.3 16.1 15.6 15.3 14.0 15.8 16.6 17.6 17.5 16.2 15.3 14.9 17.4 12.4 8.9 9.5 17.3 6.1 0.5 19611961 10.5 10.4 9.7 8.8 9.4 10.8 13.3 14.1 12.9 13.4 12.3 11.5 14.1 13.4 14.0 15.3 16.9 16.7 16.2 16.0 14.8 16.5 17.3 18.3 18.3 17.1 16.4 16.2 18.6 14.4 11.7 12.8 19.6 12.6 12.9 26.9 19621962 9.9 9.9 9.2 8.3 8.8 10.1 12.5 13.2 12.1 12.6 11.4 10.7 13.0 12.3 12.9 14.1 15.5 15.2 14.7 14.4 13.3 14.8 15.4 16.1 15.9 14.7 13.9 13.4 15.2 11.2 8.5 8.9 13.3 6.8 5.2 7.6 -8.7 19631963 10.2 10.2 9.5 8.7 9.2 10.5 12.8 13.5 12.4 12.9 11.8 11.1 13.4 12.7 13.3 14.5 15.8 15.6 15.1 14.9 13.8 15.2 15.8 16.6 16.4 15.3 14.6 14.3 15.9 12.4 10.2 10.8 14.8 9.9 9.3 12.4 5.9 22.8 19641964 10.4 10.4 9.7 8.9 9.4 10.6 12.9 13.6 12.5 13.0 12.0 11.3 13.5 12.9 13.5 14.5 15.8 15.6 15.2 14.9 13.9 15.3 15.9 16.6 16.4 15.4 14.7 14.4 16.0 12.8 10.9 11.5 15.1 10.9 10.7 13.5 9.3 19.6 16.5 19651965 10.4 10.4 9.8 9.0 9.5 10.7 12.9 13.6 12.5 13.0 12.0 11.3 13.5 12.9 13.4 14.5 15.7 15.5 15.0 14.8 13.8 15.1 15.7 16.3 16.2 15.2 14.6 14.3 15.7 12.8 11.1 11.6 14.7 11.1 11.0 13.2 10.1 17.2 14.5 12.5 19661966 9.9 9.8 9.2 8.4 8.9 10.1 12.2 12.8 11.8 12.2 11.2 10.5 12.6 12.0 12.4 13.4 14.5 14.3 13.8 13.6 12.6 13.7 14.2 14.7 14.4 13.4 12.7 12.4 13.4 10.7 9.0 9.2 11.7 8.2 7.7 9.0 5.7 9.7 5.6 0.6 -10.0 19671967 10.2 10.2 9.6 8.8 9.3 10.4 12.5 13.1 12.1 12.5 11.6 10.9 12.9 12.4 12.8 13.8 14.9 14.7 14.2 14.0 13.1 14.2 14.6 15.1 14.9 14.0 13.4 13.1 14.2 11.7 10.1 10.5 12.9 9.9 9.6 11.0 8.6 12.4 9.9 7.8 5.6 24.01968 10.2 10.2 9.6 8.9 9.3 10.4 12.4 13.1 12.1 12.5 11.6 10.9 12.9 12.3 12.8 13.7 14.7 14.5 14.1 13.9 13.0 14.0 14.5 14.9 14.7 13.8 13.3 13.0 14.0 11.6 10.2 10.5 12.7 10.0 9.8 11.0 8.9 12.2 10.2 8.6 7.4 17.41969 9.8 9.7 9.1 8.4 8.9 9.9 11.8 12.4 11.4 11.8 10.9 10.3 12.1 11.6 12.0 12.8 13.8 13.6 13.1 12.9 12.0 13.0 13.3 13.7 13.4 12.5 11.9 11.6 12.4 10.1 8.8 8.9 10.8 8.2 7.8 8.7 6.6 9.0 6.8 5.0 3.2 8.01970 9.6 9.6 9.0 8.3 8.7 9.7 11.6 12.2 11.2 11.6 10.7 10.1 11.9 11.3 11.7 12.5 13.5 13.2 12.8 12.5 11.7 12.6 12.9 13.2 13.0 12.1 11.5 11.1 11.9 9.8 8.4 8.6 10.2 7.8 7.5 8.2 6.3 8.3 6.4 4.8 3.4 7.01971 9.7 9.7 9.1 8.4 8.9 9.9 11.7 12.2 11.3 11.7 10.8 10.2 12.0 11.4 11.8 12.6 13.5 13.3 12.8 12.6 11.8 12.6 12.9 13.3 13.0 12.2 11.6 11.3 12.0 10.0 8.8 8.9 10.5 8.3 8.0 8.7 7.1 9.0 7.4 6.1 5.1 8.41972 9.9 9.9 9.3 8.7 9.1 10.1 11.9 12.4 11.5 11.9 11.0 10.5 12.1 11.6 12.0 12.8 13.7 13.5 13.0 12.8 12.0 12.9 13.2 13.5 13.3 12.5 12.0 11.7 12.4 10.5 9.4 9.5 11.1 9.0 8.8 9.6 8.1 9.9 8.6 7.7 7.0 10.11973 9.3 9.3 8.7 8.1 8.5 9.4 11.1 11.7 10.8 11.1 10.3 9.7 11.3 10.8 11.1 11.8 12.7 12.4 12.0 11.7 10.9 11.7 12.0 12.2 12.0 11.2 10.6 10.3 10.9 9.0 7.9 7.9 9.2 7.3 7.0 7.5 6.0 7.4 6.0 4.9 4.0 6.21974 8.5 8.4 7.8 7.2 7.5 8.4 10.1 10.6 9.7 10.0 9.1 8.5 10.1 9.5 9.8 10.5 11.2 10.9 10.5 10.2 9.4 10.1 10.2 10.4 10.1 9.3 8.7 8.2 8.7 6.9 5.7 5.7 6.7 4.8 4.3 4.6 3.1 4.1 2.5 1.2 0.1 1.41975 9.0 8.9 8.4 7.7 8.1 9.0 10.6 11.1 10.3 10.6 9.8 9.2 10.7 10.2 10.5 11.1 11.9 11.7 11.2 11.0 10.2 10.9 11.1 11.3 11.0 10.3 9.7 9.4 9.9 8.2 7.1 7.1 8.2 6.5 6.1 6.5 5.2 6.3 5.1 4.1 3.3 4.91976 9.2 9.2 8.7 8.1 8.4 9.3 10.9 11.4 10.6 10.9 10.1 9.5 11.0 10.5 10.8 11.5 12.2 12.0 11.6 11.4 10.6 11.3 11.5 11.7 11.5 10.8 10.3 9.9 10.4 8.8 7.8 7.9 9.0 7.4 7.1 7.5 6.3 7.5 6.4 5.6 5.0 6.61977 8.9 8.8 8.3 7.7 8.1 8.9 10.5 10.9 10.1 10.4 9.6 9.1 10.5 10.0 10.3 10.9 11.6 11.4 11.0 10.7 10.0 10.7 10.8 11.0 10.7 10.0 9.5 9.2 9.6 8.1 7.1 7.1 8.1 6.5 6.2 6.6 5.4 6.5 5.4 4.6 3.9 5.31978 8.9 8.8 8.3 7.7 8.1 8.9 10.4 10.8 10.0 10.3 9.6 9.0 10.4 10.0 10.2 10.8 11.5 11.3 10.9 10.6 9.9 10.5 10.7 10.9 10.6 9.9 9.4 9.1 9.5 8.0 7.1 7.1 8.1 6.5 6.3 6.6 5.5 6.5 5.5 4.7 4.1 5.41979 9.0 9.0 8.5 7.9 8.2 9.1 10.6 11.0 10.2 10.5 9.8 9.2 10.6 10.2 10.4 11.0 11.7 11.4 11.1 10.8 10.2 10.8 10.9 11.1 10.9 10.2 9.7 9.4 9.8 8.4 7.5 7.6 8.5 7.1 6.8 7.2 6.2 7.1 6.2 5.6 5.1 6.41980 9.4 9.4 8.9 8.3 8.7 9.5 11.0 11.4 10.6 10.9 10.2 9.7 11.1 10.6 10.9 11.5 12.2 12.0 11.6 11.4 10.7 11.3 11.5 11.7 11.5 10.9 10.4 10.2 10.6 9.2 8.4 8.5 9.4 8.1 7.9 8.3 7.4 8.4 7.6 7.1 6.7 8.01981 9.1 9.1 8.6 8.1 8.4 9.2 10.6 11.0 10.3 10.6 9.9 9.4 10.7 10.2 10.5 11.1 11.7 11.5 11.1 10.9 10.3 10.8 11.0 11.2 10.9 10.3 9.9 9.6 10.0 8.7 7.9 7.9 8.8 7.5 7.3 7.6 6.8 7.7 6.9 6.3 6.0 7.11982 9.3 9.3 8.8 8.3 8.6 9.4 10.8 11.2 10.5 10.8 10.1 9.6 10.9 10.5 10.8 11.3 11.9 11.7 11.4 11.2 10.6 11.1 11.3 11.5 11.2 10.7 10.2 10.0 10.4 9.1 8.4 8.4 9.3 8.1 7.9 8.2 7.4 8.3 7.6 7.1 6.8 8.01983 9.6 9.5 9.1 8.5 8.9 9.6 11.0 11.5 10.7 11.0 10.3 9.9 11.1 10.7 11.0 11.5 12.2 12.0 11.6 11.4 10.9 11.4 11.6 11.8 11.6 11.0 10.6 10.4 10.8 9.6 8.8 8.9 9.8 8.6 8.5 8.8 8.1 8.9 8.3 7.9 7.6 8.81984 9.5 9.5 9.0 8.5 8.8 9.6 10.9 11.4 10.6 10.9 10.3 9.8 11.0 10.6 10.9 11.4 12.0 11.8 11.5 11.3 10.7 11.3 11.4 11.6 11.4 10.9 10.5 10.2 10.6 9.4 8.8 8.8 9.6 8.5 8.4 8.7 8.0 8.8 8.2 7.8 7.6 8.61985 9.8 9.8 9.4 8.9 9.2 9.9 11.3 11.7 11.0 11.3 10.7 10.2 11.4 11.1 11.3 11.8 12.4 12.3 12.0 11.8 11.2 11.8 11.9 12.1 11.9 11.4 11.1 10.8 11.2 10.1 9.5 9.6 10.4 9.3 9.2 9.6 8.9 9.7 9.2 8.8 8.7 9.81986 10.0 10.0 9.5 9.0 9.4 10.1 11.4 11.8 11.2 11.4 10.8 10.4 11.6 11.2 11.5 12.0 12.6 12.4 12.1 11.9 11.4 11.9 12.1 12.3 12.1 11.6 11.3 11.1 11.5 10.4 9.7 9.8 10.6 9.6 9.5 9.9 9.3 10.1 9.6 9.3 9.1 10.21987 9.9 9.9 9.5 9.0 9.3 10.0 11.3 11.7 11.0 11.3 10.7 10.3 11.5 11.1 11.3 11.8 12.4 12.2 11.9 11.8 11.2 11.8 11.9 12.1 11.9 11.4 11.1 10.9 11.3 10.2 9.6 9.7 10.5 9.5 9.4 9.7 9.1 9.9 9.4 9.1 8.9 9.91988 10.0 10.0 9.6 9.1 9.4 10.1 11.4 11.8 11.2 11.4 10.8 10.4 11.6 11.2 11.4 11.9 12.5 12.3 12.1 11.9 11.4 11.9 12.0 12.2 12.0 11.6 11.2 11.1 11.4 10.4 9.8 9.9 10.7 9.7 9.6 10.0 9.4 10.1 9.7 9.4 9.3 10.21989 10.3 10.3 9.9 9.4 9.7 10.5 11.7 12.1 11.5 11.7 11.2 10.8 11.9 11.6 11.8 12.3 12.9 12.7 12.4 12.3 11.8 12.3 12.5 12.6 12.5 12.0 11.7 11.6 11.9 10.9 10.4 10.5 11.3 10.3 10.3 10.6 10.1 10.9 10.4 10.2 10.1 11.11990 10.1 10.1 9.7 9.2 9.5 10.2 11.5 11.8 11.2 11.5 10.9 10.5 11.6 11.3 11.5 12.0 12.5 12.4 12.1 11.9 11.4 11.9 12.1 12.2 12.1 11.6 11.3 11.1 11.5 10.5 10.0 10.1 10.8 9.9 9.8 10.2 9.6 10.3 9.9 9.7 9.6 10.51991 10.4 10.4 10.0 9.5 9.8 10.5 11.8 12.1 11.5 11.8 11.2 10.8 11.9 11.6 11.8 12.3 12.9 12.7 12.4 12.3 11.8 12.3 12.5 12.6 12.5 12.1 11.8 11.6 12.0 11.0 10.5 10.6 11.3 10.5 10.4 10.8 10.3 11.0 10.6 10.4 10.3 11.21992 10.3 10.3 9.9 9.5 9.8 10.5 11.7 12.1 11.5 11.7 11.1 10.8 11.9 11.5 11.8 12.2 12.7 12.6 12.3 12.2 11.7 12.2 12.4 12.5 12.4 11.9 11.7 11.5 11.8 10.9 10.4 10.5 11.2 10.4 10.3 10.7 10.2 10.9 10.5 10.3 10.2 11.11993 10.3 10.3 9.9 9.5 9.8 10.5 11.7 12.0 11.4 11.7 11.1 10.8 11.8 11.5 11.7 12.2 12.7 12.6 12.3 12.2 11.7 12.2 12.3 12.5 12.3 11.9 11.6 11.5 11.8 10.9 10.4 10.5 11.2 10.4 10.3 10.6 10.2 10.8 10.5 10.3 10.2 11.01994 10.2 10.2 9.8 9.4 9.7 10.3 11.5 11.8 11.3 11.5 10.9 10.6 11.6 11.3 11.5 12.0 12.5 12.3 12.1 11.9 11.5 11.9 12.1 12.2 12.1 11.7 11.4 11.2 11.5 10.7 10.2 10.3 10.9 10.1 10.1 10.4 9.9 10.5 10.2 10.0 9.9 10.71995 10.5 10.5 10.2 9.7 10.0 10.7 11.9 12.2 11.6 11.9 11.3 11.0 12.0 11.7 11.9 12.4 12.9 12.8 12.5 12.4 11.9 12.4 12.5 12.7 12.6 12.2 11.9 11.8 12.1 11.3 10.8 10.9 11.5 10.8 10.7 11.1 10.6 11.3 10.9 10.8 10.7 11.51996 10.7 10.7 10.4 9.9 10.2 10.9 12.0 12.4 11.8 12.0 11.5 11.2 12.2 11.9 12.1 12.6 13.1 12.9 12.7 12.6 12.1 12.6 12.7 12.9 12.8 12.4 12.1 12.0 12.3 11.5 11.1 11.2 11.8 11.1 11.1 11.4 11.0 11.6 11.3 11.1 11.1 11.91997 11.0 11.0 10.7 10.2 10.5 11.2 12.3 12.7 12.1 12.3 11.9 11.5 12.5 12.2 12.5 12.9 13.4 13.3 13.1 12.9 12.5 13.0 13.1 13.3 13.2 12.8 12.6 12.4 12.8 12.0 11.6 11.7 12.3 11.6 11.6 11.9 11.5 12.2 11.9 11.7 11.7 12.51998 11.2 11.2 10.9 10.5 10.8 11.4 12.5 12.9 12.4 12.6 12.1 11.8 12.8 12.5 12.7 13.2 13.6 13.5 13.3 13.2 12.8 13.3 13.4 13.6 13.5 13.1 12.9 12.8 13.1 12.3 11.9 12.1 12.7 12.0 12.0 12.3 12.0 12.6 12.3 12.2 12.2 13.01999 11.3 11.3 11.0 10.6 10.9 11.5 12.7 13.0 12.5 12.7 12.2 11.9 12.9 12.6 12.9 13.3 13.8 13.7 13.5 13.3 13.0 13.4 13.5 13.7 13.6 13.3 13.1 12.9 13.3 12.5 12.1 12.3 12.9 12.2 12.2 12.5 12.2 12.8 12.5 12.4 12.4 13.22000 11.0 11.0 10.7 10.3 10.6 11.2 12.3 12.6 12.1 12.3 11.9 11.6 12.5 12.2 12.5 12.9 13.3 13.2 13.0 12.9 12.5 12.9 13.1 13.2 13.1 12.8 12.6 12.4 12.7 12.0 11.6 11.7 12.3 11.7 11.6 11.9 11.6 12.2 11.9 11.8 11.8 12.52001 10.7 10.7 10.4 10.0 10.3 10.9 11.9 12.2 11.7 11.9 11.5 11.2 12.1 11.8 12.0 12.4 12.9 12.7 12.5 12.4 12.0 12.4 12.6 12.7 12.6 12.2 12.0 11.9 12.2 11.4 11.0 11.1 11.7 11.0 11.0 11.3 10.9 11.5 11.2 11.1 11.0 11.72002 10.2 10.2 9.9 9.5 9.7 10.3 11.4 11.7 11.1 11.3 10.9 10.6 11.5 11.2 11.4 11.8 12.2 12.1 11.8 11.7 11.3 11.7 11.8 11.9 11.8 11.4 11.2 11.1 11.3 10.6 10.2 10.3 10.8 10.1 10.1 10.3 10.0 10.5 10.2 10.0 10.0 10.62003 10.4 10.4 10.1 9.7 10.0 10.5 11.6 11.9 11.4 11.6 11.1 10.8 11.7 11.4 11.6 12.0 12.4 12.3 12.1 12.0 11.6 12.0 12.1 12.2 12.1 11.7 11.5 11.4 11.7 10.9 10.6 10.6 11.2 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.02004 10.4 10.4 10.1 9.7 10.0 10.6 11.6 11.9 11.4 11.6 11.1 10.8 11.7 11.4 11.6 12.0 12.4 12.3 12.1 11.9 11.6 11.9 12.1 12.2 12.1 11.7 11.5 11.4 11.6 10.9 10.6 10.6 11.2 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.02005 10.4 10.3 10.0 9.7 9.9 10.5 11.5 11.8 11.3 11.5 11.0 10.7 11.6 11.3 11.5 11.9 12.3 12.2 12.0 11.8 11.5 11.8 11.9 12.0 11.9 11.6 11.4 11.3 11.5 10.8 10.4 10.5 11.0 10.4 10.4 10.6 10.3 10.8 10.5 10.3 10.3 10.92006 10.4 10.4 10.1 9.7 10.0 10.5 11.5 11.8 11.3 11.5 11.1 10.8 11.6 11.4 11.6 11.9 12.3 12.2 12.0 11.9 11.5 11.9 12.0 12.1 12.0 11.7 11.5 11.3 11.6 10.9 10.5 10.6 11.1 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.02007 10.4 10.3 10.0 9.7 9.9 10.5 11.5 11.7 11.3 11.4 11.0 10.7 11.6 11.3 11.5 11.8 12.2 12.1 11.9 11.8 11.4 11.8 11.9 12.0 11.9 11.6 11.4 11.2 11.5 10.8 10.4 10.5 11.0 10.4 10.4 10.6 10.3 10.7 10.5 10.3 10.3 10.82008 9.6 9.6 9.3 8.9 9.2 9.7 10.6 10.9 10.4 10.6 10.1 9.8 10.7 10.4 10.6 10.9 11.3 11.1 10.9 10.8 10.4 10.8 10.8 10.9 10.8 10.5 10.2 10.1 10.3 9.7 9.3 9.3 9.8 9.2 9.1 9.3 9.0 9.4 9.1 9.0 8.9 9.42009 9.8 9.8 9.5 9.1 9.4 9.9 10.8 11.1 10.6 10.8 10.4 10.1 10.9 10.6 10.8 11.1 11.5 11.4 11.1 11.0 10.7 11.0 11.1 11.2 11.0 10.7 10.5 10.4 10.6 9.9 9.6 9.6 10.1 9.5 9.5 9.6 9.3 9.7 9.5 9.3 9.2 9.72010 9.9 9.8 9.6 9.2 9.4 9.9 10.9 11.1 10.7 10.8 10.4 10.1 10.9 10.7 10.8 11.2 11.5 11.4 11.2 11.1 10.7 11.0 11.1 11.2 11.1 10.8 10.6 10.5 10.7 10.0 9.7 9.7 10.2 9.6 9.6 9.8 9.4 9.8 9.6 9.4 9.4 9.9

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

14


S&p 500 INDEX1926–2010: Total Returns (%)

Data provided by Standard & Poor’s Index Services Group.

19681968 11.1 19691969 0.8 -8.5 19701970 1.9 -2.4 4.0 19711971 4.9 2.9 9.1 14.3 19721972 7.5 6.7 12.3 16.6 19.0 19731973 3.5 2.0 4.8 5.1 0.8 -14.7 19741974 -1.5 -3.4 -2.3 -3.9 -9.3 -20.8 -26.5 19751975 2.7 1.6 3.3 3.2 0.6 -4.9 0.5 37.2 19761976 4.9 4.1 6.1 6.4 4.9 1.6 7.7 30.4 23.8 19771977 3.6 2.8 4.3 4.3 2.8 -0.2 3.8 16.4 7.2 -7.2 19781978 3.9 3.2 4.6 4.6 3.3 0.9 4.3 13.9 7.0 -0.5 6.6 19791979 5.0 4.5 5.9 6.1 5.1 3.2 6.6 14.8 9.8 5.4 12.3 18.4 19801980 6.9 6.6 8.0 8.4 7.8 6.5 9.9 17.5 13.9 11.6 18.7 25.2 32.4 19811981 6.0 5.6 6.9 7.2 6.5 5.2 7.9 14.0 10.6 8.1 12.3 14.2 12.2 -4.9 19821982 7.0 6.7 7.9 8.3 7.7 6.7 9.4 14.9 12.1 10.2 14.0 16.0 15.2 7.4 21.4 19831983 7.9 7.7 8.9 9.3 8.9 8.0 10.6 15.7 13.3 11.9 15.4 17.3 17.0 12.3 22.0 22.5 19841984 7.8 7.6 8.7 9.1 8.7 7.9 10.2 14.8 12.5 11.2 14.1 15.4 14.8 10.7 16.5 14.1 6.3 19851985 9.0 8.9 10.1 10.5 10.2 9.6 11.9 16.2 14.3 13.3 16.2 17.6 17.5 14.7 20.2 19.8 18.5 32.2 19861986 9.5 9.4 10.6 11.0 10.8 10.2 12.4 16.4 14.7 13.8 16.4 17.7 17.6 15.3 19.9 19.5 18.5 25.1 18.5 19871987 9.3 9.2 10.3 10.6 10.4 9.9 11.9 15.5 13.9 13.0 15.3 16.3 16.0 13.8 17.3 16.5 15.0 18.1 11.7 5.2 19881988 9.6 9.5 10.6 11.0 10.8 10.3 12.2 15.6 14.1 13.3 15.4 16.3 16.1 14.2 17.2 16.5 15.4 17.8 13.3 10.9 16.8 19891989 10.5 10.5 11.6 12.0 11.8 11.4 13.3 16.6 15.3 14.6 16.7 17.6 17.5 16.0 18.9 18.6 17.9 20.4 17.6 17.4 23.9 31.5 19901990 9.9 9.8 10.8 11.2 11.0 10.6 12.3 15.3 13.9 13.3 15.0 15.7 15.5 13.9 16.2 15.6 14.7 16.1 13.2 11.9 14.2 12.9 -3.1 19911991 10.7 10.7 11.6 12.0 11.9 11.5 13.2 16.1 14.9 14.3 16.1 16.8 16.7 15.3 17.6 17.2 16.5 18.1 15.9 15.4 18.0 18.5 12.4 30.5 19921992 10.6 10.5 11.5 11.8 11.7 11.3 12.9 15.6 14.5 13.9 15.5 16.1 16.0 14.7 16.7 16.2 15.5 16.7 14.7 14.0 15.9 15.7 10.8 18.5 7.6 19931993 10.5 10.5 11.4 11.7 11.6 11.3 12.8 15.3 14.2 13.7 15.1 15.7 15.5 14.3 16.1 15.6 14.9 16.0 14.1 13.5 14.9 14.5 10.6 15.6 8.8 10.1 19941994 10.2 10.2 11.0 11.3 11.1 10.8 12.2 14.6 13.5 13.0 14.3 14.8 14.5 13.3 14.9 14.4 13.6 14.4 12.6 11.9 12.8 12.2 8.7 11.9 6.3 5.6 1.3 19951995 11.1 11.1 11.9 12.2 12.1 11.8 13.2 15.6 14.6 14.1 15.4 16.0 15.8 14.8 16.4 16.0 15.5 16.3 14.9 14.5 15.7 15.5 13.1 16.6 13.4 15.3 18.1 37.6 19961996 11.5 11.5 12.3 12.6 12.6 12.3 13.6 15.9 15.0 14.6 15.8 16.4 16.2 15.3 16.8 16.5 16.0 16.9 15.6 15.3 16.5 16.4 14.4 17.6 15.2 17.2 19.7 30.1 23.0 19971997 12.1 12.2 13.0 13.3 13.3 13.1 14.4 16.6 15.8 15.4 16.6 17.2 17.1 16.3 17.8 17.5 17.2 18.1 17.0 16.8 18.1 18.2 16.6 19.8 18.1 20.3 23.0 31.2 28.1 33.4 19981998 12.6 12.7 13.5 13.8 13.8 13.6 14.9 17.1 16.3 16.0 17.2 17.7 17.7 16.9 18.4 18.2 17.9 18.8 17.8 17.8 19.0 19.2 17.9 20.8 19.5 21.6 24.1 30.5 28.2 30.9 28.6 19991999 12.9 12.9 13.7 14.1 14.1 13.9 15.2 17.2 16.5 16.2 17.4 17.9 17.9 17.2 18.5 18.4 18.1 18.9 18.0 18.0 19.1 19.4 18.2 20.9 19.7 21.5 23.6 28.6 26.4 27.6 24.8 21.0 20002000 12.1 12.2 12.9 13.2 13.2 13.0 14.2 16.1 15.3 15.0 16.1 16.5 16.4 15.7 16.9 16.6 16.3 17.0 16.0 15.8 16.7 16.7 15.4 17.5 16.1 17.2 18.3 21.3 18.3 17.2 12.3 4.9 -9.1 20012001 11.3 11.4 12.0 12.3 12.2 12.0 13.1 14.9 14.1 13.8 14.7 15.1 15.0 14.2 15.2 14.9 14.5 15.0 14.0 13.7 14.4 14.2 12.9 14.4 12.9 13.5 14.0 15.9 12.7 10.7 5.7 -1.0 -10.5 -11.9 20022002 10.2 10.2 10.8 11.0 10.9 10.7 11.7 13.3 12.5 12.1 13.0 13.3 13.0 12.2 13.1 12.7 12.2 12.6 11.5 11.1 11.5 11.1 9.7 10.8 9.2 9.3 9.3 10.3 6.9 4.4 -0.6 -6.8 -14.6 -17.2 -22.1 20032003 10.7 10.7 11.3 11.5 11.4 11.2 12.2 13.8 13.1 12.7 13.5 13.8 13.6 12.9 13.8 13.4 13.0 13.4 12.4 12.0 12.5 12.2 10.9 12.1 10.7 11.0 11.1 12.2 9.4 7.6 3.8 -0.6 -5.3 -4.1 0.1 28.7 20042004 10.7 10.7 11.3 11.5 11.4 11.2 12.1 13.7 13.0 12.6 13.4 13.7 13.5 12.8 13.7 13.3 12.9 13.2 12.3 12.0 12.4 12.1 10.9 12.0 10.7 11.0 11.0 12.1 9.5 8.0 4.8 1.3 -2.3 -0.5 3.6 19.5 10.9 20052005 10.5 10.5 11.1 11.3 11.2 11.0 11.9 13.4 12.7 12.4 13.1 13.4 13.2 12.5 13.3 12.9 12.5 12.8 11.9 11.6 12.0 11.7 10.5 11.5 10.3 10.5 10.5 11.4 9.1 7.6 4.8 1.8 -1.1 0.5 3.9 14.4 7.9 4.9 20062006 10.7 10.7 11.2 11.4 11.4 11.1 12.0 13.5 12.8 12.5 13.2 13.5 13.3 12.6 13.4 13.0 12.7 13.0 12.1 11.8 12.2 11.9 10.9 11.8 10.6 10.9 10.9 11.8 9.7 8.4 6.0 3.4 1.1 2.9 6.2 14.7 10.4 10.2 15.8 20072007 10.5 10.5 11.1 11.3 11.2 11.0 11.8 13.3 12.6 12.2 13.0 13.2 13.0 12.3 13.1 12.7 12.3 12.6 11.8 11.5 11.8 11.6 10.5 11.4 10.3 10.5 10.5 11.3 9.3 8.2 5.9 3.7 1.7 3.3 6.1 12.8 9.2 8.6 10.5 5.5 20082008 9.0 9.0 9.5 9.6 9.5 9.2 10.0 11.3 10.6 10.2 10.8 11.0 10.7 10.0 10.6 10.2 9.8 9.9 9.0 8.6 8.8 8.4 7.3 7.9 6.7 6.7 6.5 6.8 4.8 3.4 1.0 -1.4 -3.6 -2.9 -1.5 2.4 -2.2 -5.2 -8.4 -18.5 -37.0 20092009 9.4 9.4 9.9 10.0 9.9 9.7 10.4 11.7 11.1 10.7 11.3 11.5 11.2 10.6 11.2 10.8 10.4 10.5 9.7 9.4 9.6 9.2 8.2 8.8 7.7 7.8 7.6 8.0 6.2 5.0 2.9 0.9 -0.9 0.0 1.6 5.5 2.1 0.4 -0.7 -5.6 -10.7 26.5 20102010 9.5 9.5 10.0 10.1 10.0 9.8 10.6 11.8 11.2 10.8 11.4 11.6 11.4 10.7 11.3 11.0 10.5 10.7 9.9 9.6 9.8 9.5 8.5 9.1 8.1 8.1 8.0 8.5 6.8 5.7 3.8 2.0 0.4 1.4 3.0 6.7 3.9 2.7 2.3 -0.8 -2.9 20.6 15.1

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

1926 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$2,980

15

15


19271927 34.0 19281928 36.9 39.9 19291929 3.2 -9.5 -41.4 19301930 -12.8 -24.5 -44.5 -47.4 19311931 -23.1 -33.1 -47.7 -50.5 -53.5 19321932 -19.9 -27.7 -38.7 -37.7 -32.3 -1.4 19331933 -6.1 -11.5 -19.3 -12.5 3.6 54.6 142.5 19341934 -4.5 -9.0 -15.3 -8.8 4.7 37.2 61.9 8.1 19351935 0.5 -3.1 -8.0 -0.9 12.5 40.3 57.9 27.4 50.1 19361936 6.4 3.7 -0.1 7.8 21.4 47.1 62.6 42.3 63.3 77.7 19371937 -1.2 -4.2 -8.1 -2.8 6.1 21.8 27.0 8.1 8.1 -8.3 -52.7 19381938 1.4 -1.2 -4.5 0.8 9.3 23.5 28.2 12.9 14.1 4.2 -20.3 34.3 19391939 0.7 -1.7 -4.8 0.0 7.4 19.2 22.5 9.3 9.5 1.2 -16.1 11.7 -7.1 19401940 -0.2 -2.4 -5.3 -1.0 5.4 15.4 17.7 6.2 5.9 -1.3 -14.8 3.7 -8.9 -10.7 19411941 -0.4 -2.5 -5.1 -1.2 4.6 13.4 15.2 4.9 4.5 -1.6 -12.6 1.9 -7.1 -7.1 -3.4 19421942 1.7 -0.2 -2.5 1.3 7.0 15.5 17.3 8.2 8.2 3.3 -5.7 8.3 2.6 6.1 15.6 38.3 19431943 5.8 4.3 2.2 6.4 12.3 20.9 23.1 15.1 15.9 12.2 5.0 20.0 17.3 24.3 38.8 66.4 100.0 19441944 8.0 6.7 4.9 9.0 14.8 23.1 25.4 18.1 19.2 16.1 10.1 24.3 22.6 29.7 42.3 61.9 75.2 53.4 19451945 10.7 9.6 8.0 12.2 18.0 26.1 28.5 21.9 23.3 20.9 15.8 29.5 28.8 36.0 48.0 64.6 74.4 62.9 73.0 19461946 9.5 8.3 6.8 10.6 15.9 23.2 25.1 18.9 19.9 17.5 12.7 24.1 22.9 27.9 35.8 45.3 47.1 32.8 23.6 -11.7 19471947 9.4 8.3 6.9 10.5 15.4 22.2 23.9 18.1 18.9 16.6 12.3 22.4 21.1 25.2 31.4 38.3 38.3 26.1 18.1 -2.4 7.9 19481948 8.7 7.6 6.2 9.5 14.1 20.3 21.8 16.3 16.9 14.7 10.6 19.5 18.1 21.3 26.0 30.9 29.7 18.9 11.5 -3.6 0.7 -6.0 19491949 9.1 8.1 6.8 10.1 14.4 20.3 21.7 16.6 17.2 15.1 11.3 19.5 18.3 21.2 25.3 29.5 28.3 19.1 13.2 1.9 6.8 6.3 20.2 19501950 10.8 9.9 8.7 11.9 16.2 21.9 23.4 18.6 19.3 17.4 14.0 22.0 21.0 24.0 28.1 32.2 31.4 23.8 19.4 10.9 17.4 20.8 36.9 55.9 19511951 10.8 9.9 8.8 11.9 15.9 21.4 22.7 18.1 18.8 17.0 13.8 21.2 20.2 22.8 26.4 29.9 29.0 22.1 18.2 10.9 16.1 18.3 27.7 31.6 11.1 19521952 10.6 9.8 8.7 11.7 15.5 20.7 21.9 17.5 18.1 16.4 13.4 20.2 19.3 21.6 24.7 27.7 26.6 20.4 16.8 10.4 14.6 16.0 22.2 22.9 9.1 7.2 19531953 9.9 9.0 7.9 10.7 14.4 19.1 20.2 16.1 16.5 14.9 12.0 18.2 17.2 19.1 21.8 24.2 22.9 17.1 13.6 7.8 10.9 11.5 15.3 14.1 2.9 -1.0 -8.5 19541954 11.5 10.7 9.7 12.5 16.1 20.8 22.0 18.0 18.6 17.1 14.4 20.5 19.7 21.7 24.5 26.9 26.0 20.8 18.0 13.1 16.6 17.9 22.5 22.9 15.8 17.4 22.9 65.1 19551955 11.9 11.2 10.3 13.0 16.5 21.0 22.1 18.4 18.9 17.5 15.0 20.8 20.0 22.0 24.5 26.8 26.0 21.2 18.7 14.3 17.6 18.9 22.9 23.4 17.7 19.5 23.8 44.1 25.7 19561956 11.7 11.0 10.1 12.7 16.1 20.4 21.4 17.8 18.3 16.9 14.5 20.0 19.2 21.0 23.3 25.3 24.4 20.0 17.5 13.5 16.4 17.3 20.6 20.7 15.7 16.6 19.1 30.0 15.4 5.9 19571957 10.6 9.9 9.0 11.5 14.6 18.7 19.5 16.1 16.4 15.1 12.7 17.7 16.9 18.4 20.4 22.1 21.1 16.8 14.4 10.5 12.8 13.3 15.6 15.1 10.2 10.0 10.6 16.0 3.1 -6.6 -17.7 19581958 12.2 11.6 10.8 13.2 16.4 20.4 21.3 18.0 18.4 17.2 15.0 20.0 19.3 20.9 22.9 24.7 23.9 20.0 17.9 14.5 17.0 17.8 20.5 20.5 16.7 17.6 19.4 25.9 17.7 15.1 20.0 74.8 19591959 12.3 11.7 10.9 13.3 16.3 20.2 21.0 17.9 18.3 17.1 15.0 19.7 19.1 20.6 22.5 24.1 23.3 19.6 17.7 14.5 16.8 17.6 20.0 20.0 16.5 17.2 18.7 24.0 17.1 15.0 18.2 41.7 14.8 19601960 11.7 11.1 10.3 12.6 15.4 19.1 19.9 16.8 17.2 16.0 14.0 18.4 17.8 19.1 20.8 22.2 21.4 17.9 16.0 12.9 14.9 15.5 17.5 17.2 13.9 14.3 15.2 19.0 12.7 10.3 11.4 23.2 3.4 -6.8 19611961 12.2 11.6 10.9 13.1 15.9 19.5 20.3 17.3 17.7 16.6 14.7 19.0 18.3 19.6 21.3 22.7 21.9 18.6 16.8 14.0 16.0 16.6 18.5 18.4 15.5 15.9 16.9 20.6 15.3 13.6 15.2 25.3 12.1 10.8 31.9 19621962 11.6 11.0 10.2 12.4 15.1 18.5 19.2 16.3 16.6 15.5 13.6 17.7 17.0 18.2 19.7 21.0 20.2 17.0 15.2 12.5 14.2 14.7 16.3 16.0 13.2 13.4 14.0 16.9 11.9 10.1 10.8 17.6 6.4 3.8 9.6 -9.0 19631963 12.0 11.5 10.7 12.8 15.5 18.8 19.5 16.7 17.0 16.0 14.2 18.1 17.5 18.7 20.2 21.4 20.6 17.6 16.0 13.4 15.1 15.5 17.2 16.9 14.4 14.7 15.4 18.1 13.8 12.3 13.3 19.5 10.7 9.7 15.9 8.6 29.6 19641964 12.3 11.8 11.1 13.2 15.7 19.0 19.7 17.0 17.3 16.3 14.6 18.4 17.8 18.9 20.4 21.5 20.8 17.9 16.4 14.0 15.6 16.1 17.6 17.5 15.1 15.4 16.1 18.7 14.8 13.7 14.7 20.3 13.0 12.6 18.1 13.8 27.3 25.0 19651965 13.1 12.6 11.9 13.9 16.5 19.7 20.4 17.8 18.1 17.1 15.5 19.2 18.7 19.8 21.2 22.4 21.7 19.0 17.6 15.3 17.0 17.5 19.0 19.0 16.8 17.3 18.1 20.6 17.2 16.4 17.6 23.0 17.0 17.3 22.9 20.7 32.6 34.2 44.0 19661966 12.5 12.0 11.3 13.3 15.7 18.8 19.4 16.9 17.2 16.2 14.6 18.2 17.6 18.6 20.0 21.0 20.3 17.7 16.3 14.1 15.6 16.0 17.4 17.2 15.1 15.4 16.0 18.1 14.9 14.0 14.8 19.1 13.5 13.4 17.1 14.4 21.1 18.4 15.2 -7.8 19671967 13.7 13.2 12.6 14.6 17.0 20.0 20.7 18.2 18.6 17.7 16.1 19.7 19.2 20.3 21.6 22.7 22.1 19.6 18.3 16.3 17.8 18.3 19.8 19.8 17.9 18.4 19.1 21.4 18.6 18.0 19.2 23.6 19.0 19.5 23.8 22.6 30.1 30.2 31.9 26.3 73.01968 14.4 14.0 13.4 15.4 17.8 20.8 21.4 19.1 19.4 18.6 17.1 20.6 20.1 21.2 22.5 23.6 23.1 20.7 19.5 17.6 19.2 19.7 21.2 21.2 19.5 20.1 20.9 23.2 20.6 20.3 21.5 25.9 21.8 22.7 26.9 26.3 33.3 34.1 36.5 34.0 61.61969 13.2 12.7 12.1 14.0 16.2 19.1 19.7 17.3 17.6 16.8 15.3 18.6 18.1 19.0 20.2 21.2 20.6 18.2 17.0 15.1 16.5 16.9 18.1 18.0 16.3 16.6 17.1 19.0 16.4 15.7 16.5 20.0 15.9 16.0 18.9 17.4 21.7 20.5 19.6 14.1 22.61970 12.8 12.4 11.8 13.6 15.8 18.5 19.1 16.8 17.1 16.2 14.8 17.9 17.4 18.3 19.4 20.3 19.7 17.5 16.3 14.4 15.7 16.0 17.1 17.0 15.3 15.6 16.0 17.7 15.2 14.6 15.2 18.2 14.4 14.4 16.8 15.2 18.6 17.1 15.9 10.9 16.21971 12.9 12.4 11.9 13.6 15.8 18.4 19.0 16.8 17.0 16.2 14.8 17.9 17.4 18.3 19.3 20.2 19.6 17.4 16.3 14.5 15.7 16.0 17.1 17.0 15.4 15.6 16.0 17.6 15.3 14.6 15.2 18.0 14.5 14.5 16.7 15.3 18.3 17.0 15.9 11.8 16.11972 12.7 12.3 11.7 13.4 15.5 18.1 18.6 16.5 16.7 15.9 14.5 17.5 17.0 17.8 18.9 19.7 19.1 17.0 15.8 14.1 15.3 15.6 16.6 16.4 14.9 15.1 15.5 16.9 14.7 14.0 14.6 17.1 13.8 13.8 15.7 14.3 16.9 15.6 14.5 10.8 14.21973 11.5 11.1 10.5 12.1 14.1 16.6 17.0 14.9 15.1 14.3 12.9 15.7 15.2 15.9 16.9 17.6 16.9 14.9 13.7 12.0 13.0 13.2 14.1 13.8 12.3 12.3 12.6 13.8 11.6 10.8 11.1 13.2 10.0 9.6 11.0 9.5 11.3 9.6 8.0 4.2 6.11974 10.7 10.3 9.7 11.3 13.2 15.5 16.0 13.9 14.0 13.2 11.9 14.5 14.0 14.7 15.6 16.2 15.6 13.5 12.4 10.7 11.6 11.8 12.5 12.2 10.7 10.7 10.8 11.9 9.7 8.9 9.1 10.9 7.8 7.3 8.4 6.8 8.3 6.5 4.8 1.2 2.41975 11.7 11.2 10.7 12.2 14.1 16.5 17.0 14.9 15.1 14.4 13.1 15.7 15.2 15.9 16.8 17.4 16.8 14.9 13.8 12.3 13.2 13.4 14.2 14.0 12.5 12.6 12.8 13.9 11.9 11.3 11.6 13.5 10.6 10.4 11.6 10.3 11.9 10.6 9.3 6.4 8.11976 12.4 12.0 11.5 13.1 14.9 17.3 17.7 15.8 16.0 15.2 14.0 16.6 16.2 16.9 17.8 18.4 17.9 16.0 15.0 13.5 14.4 14.7 15.5 15.3 14.0 14.1 14.4 15.5 13.7 13.1 13.5 15.4 12.8 12.7 14.0 12.9 14.7 13.6 12.7 10.2 12.21977 12.6 12.2 11.7 13.2 15.1 17.4 17.8 15.9 16.1 15.4 14.2 16.7 16.3 17.0 17.9 18.5 18.0 16.2 15.2 13.7 14.7 14.9 15.7 15.5 14.3 14.4 14.7 15.8 14.0 13.5 13.9 15.7 13.2 13.2 14.5 13.5 15.1 14.2 13.4 11.1 13.01978 12.8 12.4 11.9 13.4 15.2 17.5 17.9 16.0 16.2 15.5 14.4 16.9 16.5 17.1 18.0 18.6 18.1 16.3 15.4 14.0 14.9 15.1 15.9 15.8 14.5 14.7 15.0 16.0 14.3 13.9 14.2 16.0 13.7 13.6 14.9 14.0 15.6 14.7 14.0 11.9 13.81979 13.1 12.8 12.3 13.8 15.6 17.8 18.2 16.4 16.6 15.9 14.8 17.2 16.8 17.5 18.3 19.0 18.5 16.8 15.9 14.5 15.4 15.7 16.5 16.3 15.2 15.3 15.6 16.7 15.1 14.6 15.0 16.8 14.6 14.6 15.8 15.0 16.6 15.8 15.2 13.4 15.21980 13.3 13.0 12.5 13.9 15.7 17.9 18.3 16.5 16.7 16.1 15.0 17.4 17.0 17.6 18.5 19.1 18.6 16.9 16.1 14.7 15.6 15.9 16.6 16.5 15.4 15.6 15.9 16.9 15.3 14.9 15.3 17.0 14.9 14.9 16.1 15.4 16.9 16.2 15.7 14.0 15.71981 13.4 13.0 12.6 14.0 15.7 17.9 18.3 16.5 16.7 16.1 15.0 17.3 17.0 17.6 18.4 19.0 18.6 16.9 16.1 14.8 15.7 15.9 16.6 16.5 15.4 15.6 15.9 16.9 15.4 15.0 15.4 17.0 15.0 15.0 16.2 15.4 16.9 16.2 15.7 14.1 15.81982 13.8 13.4 13.0 14.4 16.1 18.2 18.7 16.9 17.1 16.5 15.5 17.8 17.4 18.1 18.8 19.4 19.0 17.4 16.6 15.4 16.2 16.5 17.2 17.1 16.1 16.2 16.6 17.5 16.1 15.8 16.2 17.8 15.9 15.9 17.1 16.4 17.9 17.3 16.8 15.4 17.11983 14.3 14.0 13.6 15.0 16.7 18.8 19.2 17.5 17.7 17.1 16.1 18.4 18.0 18.7 19.5 20.1 19.7 18.1 17.3 16.2 17.0 17.3 18.0 18.0 17.0 17.2 17.5 18.5 17.1 16.8 17.3 18.9 17.0 17.1 18.3 17.7 19.2 18.7 18.4 17.1 18.71984 14.1 13.8 13.4 14.8 16.4 18.5 18.9 17.2 17.4 16.8 15.8 18.0 17.7 18.3 19.1 19.7 19.3 17.8 17.0 15.8 16.6 16.9 17.6 17.5 16.6 16.7 17.0 18.0 16.7 16.4 16.8 18.3 16.5 16.6 17.7 17.1 18.4 17.9 17.6 16.3 17.91985 14.3 14.0 13.6 15.0 16.6 18.6 19.0 17.4 17.6 17.0 16.0 18.2 17.9 18.5 19.3 19.9 19.5 18.0 17.2 16.1 16.9 17.2 17.9 17.8 16.9 17.0 17.4 18.3 17.0 16.7 17.1 18.6 16.9 17.0 18.1 17.5 18.8 18.4 18.1 16.9 18.41986 14.2 13.9 13.5 14.8 16.4 18.4 18.8 17.2 17.4 16.8 15.8 18.0 17.6 18.2 18.9 19.5 19.1 17.7 16.9 15.8 16.6 16.8 17.5 17.4 16.5 16.7 17.0 17.9 16.6 16.3 16.7 18.1 16.5 16.5 17.5 17.0 18.2 17.8 17.4 16.3 17.71987 13.8 13.5 13.1 14.4 16.0 17.9 18.3 16.7 16.9 16.3 15.4 17.4 17.1 17.7 18.4 18.9 18.5 17.1 16.4 15.3 16.0 16.2 16.9 16.8 15.9 16.0 16.3 17.1 15.9 15.6 15.9 17.3 15.7 15.7 16.6 16.1 17.2 16.7 16.4 15.2 16.51988 14.1 13.8 13.4 14.7 16.2 18.1 18.5 17.0 17.1 16.6 15.7 17.7 17.4 17.9 18.6 19.2 18.8 17.4 16.7 15.6 16.4 16.6 17.2 17.1 16.3 16.4 16.7 17.5 16.3 16.0 16.4 17.7 16.1 16.2 17.1 16.6 17.7 17.2 16.9 15.9 17.11989 14.1 13.8 13.4 14.6 16.2 18.0 18.4 16.9 17.0 16.5 15.6 17.6 17.3 17.8 18.5 19.0 18.6 17.3 16.6 15.5 16.3 16.5 17.1 17.0 16.1 16.3 16.5 17.3 16.2 15.9 16.2 17.5 16.0 16.0 16.9 16.4 17.5 17.0 16.7 15.7 16.81990 13.3 13.0 12.6 13.8 15.3 17.1 17.4 15.9 16.1 15.5 14.6 16.5 16.2 16.7 17.4 17.8 17.4 16.1 15.4 14.4 15.1 15.2 15.8 15.7 14.8 14.9 15.1 15.9 14.7 14.4 14.7 15.8 14.4 14.3 15.1 14.6 15.5 15.0 14.7 13.6 14.61991 13.7 13.4 13.0 14.2 15.7 17.5 17.8 16.4 16.5 16.0 15.1 17.0 16.7 17.2 17.8 18.3 17.9 16.6 15.9 14.9 15.6 15.8 16.4 16.3 15.4 15.6 15.8 16.5 15.4 15.1 15.4 16.6 15.1 15.1 15.9 15.4 16.4 15.9 15.6 14.6 15.61992 14.0 13.7 13.3 14.5 16.0 17.7 18.1 16.6 16.8 16.3 15.4 17.3 17.0 17.5 18.1 18.6 18.2 17.0 16.3 15.3 16.0 16.2 16.8 16.7 15.9 16.0 16.2 16.9 15.9 15.6 15.9 17.0 15.7 15.7 16.5 16.0 17.0 16.5 16.3 15.3 16.31993 14.2 13.9 13.6 14.7 16.2 17.9 18.2 16.8 17.0 16.5 15.6 17.5 17.2 17.7 18.3 18.8 18.4 17.2 16.6 15.6 16.3 16.4 17.0 16.9 16.2 16.3 16.5 17.2 16.2 16.0 16.2 17.4 16.0 16.1 16.8 16.4 17.3 16.9 16.7 15.8 16.81994 14.0 13.8 13.4 14.6 16.0 17.7 18.0 16.6 16.7 16.3 15.4 17.2 16.9 17.4 18.0 18.5 18.1 16.9 16.3 15.3 16.0 16.2 16.7 16.6 15.8 16.0 16.2 16.9 15.9 15.6 15.9 17.0 15.7 15.7 16.4 16.0 16.9 16.5 16.2 15.3 16.31995 14.2 13.9 13.6 14.7 16.1 17.8 18.1 16.8 16.9 16.4 15.6 17.4 17.1 17.6 18.2 18.6 18.3 17.1 16.5 15.5 16.2 16.4 16.9 16.8 16.1 16.2 16.4 17.1 16.1 15.9 16.1 17.2 15.9 16.0 16.7 16.3 17.1 16.8 16.5 15.7 16.61996 14.3 14.1 13.7 14.8 16.2 17.9 18.2 16.8 17.0 16.5 15.7 17.5 17.2 17.7 18.2 18.7 18.3 17.2 16.6 15.7 16.3 16.5 17.0 16.9 16.2 16.3 16.5 17.2 16.2 16.0 16.3 17.3 16.1 16.1 16.9 16.4 17.3 16.9 16.7 15.9 16.81997 14.6 14.3 14.0 15.1 16.5 18.1 18.5 17.1 17.3 16.8 16.0 17.8 17.5 18.0 18.6 19.0 18.7 17.5 16.9 16.1 16.7 16.9 17.4 17.3 16.6 16.7 17.0 17.6 16.7 16.5 16.8 17.8 16.6 16.6 17.4 17.0 17.8 17.5 17.3 16.5 17.41998 14.2 14.0 13.6 14.7 16.1 17.6 18.0 16.7 16.8 16.3 15.5 17.2 17.0 17.4 18.0 18.4 18.1 17.0 16.4 15.5 16.1 16.3 16.8 16.7 16.0 16.1 16.3 16.9 16.0 15.8 16.0 17.0 15.8 15.9 16.5 16.1 16.9 16.6 16.4 15.6 16.41999 14.1 13.8 13.5 14.6 15.9 17.4 17.7 16.5 16.6 16.1 15.4 17.0 16.8 17.2 17.7 18.1 17.8 16.7 16.1 15.3 15.9 16.0 16.5 16.4 15.7 15.8 16.0 16.6 15.7 15.5 15.7 16.7 15.5 15.6 16.2 15.8 16.6 16.2 16.0 15.3 16.02000 13.8 13.6 13.2 14.3 15.6 17.1 17.4 16.1 16.3 15.8 15.0 16.7 16.4 16.8 17.4 17.8 17.4 16.3 15.8 14.9 15.5 15.6 16.1 16.0 15.3 15.4 15.6 16.2 15.3 15.1 15.3 16.2 15.1 15.1 15.7 15.3 16.0 15.7 15.4 14.7 15.42001 14.1 13.9 13.6 14.6 15.9 17.4 17.7 16.5 16.6 16.2 15.4 17.0 16.8 17.2 17.7 18.1 17.8 16.7 16.2 15.3 15.9 16.0 16.5 16.4 15.8 15.9 16.1 16.6 15.8 15.6 15.8 16.7 15.6 15.6 16.2 15.9 16.6 16.3 16.0 15.3 16.12002 13.8 13.5 13.2 14.2 15.5 16.9 17.2 16.0 16.1 15.7 14.9 16.5 16.3 16.7 17.2 17.5 17.2 16.2 15.6 14.8 15.3 15.5 15.9 15.8 15.2 15.3 15.4 16.0 15.1 14.9 15.1 16.0 14.9 14.9 15.5 15.1 15.8 15.4 15.2 14.5 15.22003 14.4 14.2 13.9 14.9 16.1 17.6 17.9 16.7 16.8 16.4 15.6 17.2 17.0 17.4 17.9 18.3 18.0 17.0 16.4 15.6 16.2 16.3 16.8 16.7 16.1 16.2 16.4 16.9 16.1 15.9 16.1 17.0 16.0 16.0 16.6 16.2 16.9 16.6 16.4 15.8 16.52004 14.6 14.3 14.0 15.0 16.3 17.7 18.0 16.8 17.0 16.5 15.8 17.4 17.1 17.5 18.1 18.4 18.1 17.1 16.6 15.8 16.4 16.5 17.0 16.9 16.3 16.4 16.6 17.1 16.3 16.1 16.4 17.2 16.2 16.2 16.8 16.5 17.2 16.9 16.7 16.1 16.82005 14.4 14.2 13.9 14.9 16.1 17.5 17.8 16.6 16.8 16.4 15.6 17.2 16.9 17.3 17.8 18.2 17.9 16.9 16.4 15.6 16.1 16.3 16.7 16.7 16.1 16.1 16.3 16.9 16.1 15.9 16.1 16.9 15.9 16.0 16.5 16.2 16.9 16.6 16.4 15.8 16.42006 14.5 14.3 14.0 15.0 16.2 17.6 17.9 16.7 16.8 16.4 15.7 17.2 17.0 17.4 17.9 18.3 18.0 17.0 16.5 15.7 16.2 16.4 16.8 16.8 16.2 16.2 16.4 17.0 16.2 16.0 16.2 17.0 16.1 16.1 16.6 16.3 17.0 16.7 16.5 15.9 16.62007 14.0 13.8 13.5 14.5 15.6 17.0 17.3 16.1 16.3 15.9 15.2 16.6 16.4 16.8 17.2 17.6 17.3 16.3 15.8 15.1 15.6 15.7 16.1 16.0 15.4 15.5 15.7 16.2 15.4 15.2 15.4 16.2 15.2 15.2 15.8 15.4 16.0 15.7 15.5 14.9 15.62008 13.0 12.8 12.5 13.4 14.6 15.9 16.1 15.0 15.1 14.7 14.0 15.4 15.2 15.5 16.0 16.3 16.0 15.0 14.5 13.7 14.2 14.3 14.7 14.6 14.0 14.0 14.2 14.6 13.9 13.6 13.8 14.5 13.6 13.5 14.0 13.6 14.2 13.9 13.6 13.0 13.62009 13.6 13.4 13.1 14.0 15.1 16.5 16.7 15.6 15.7 15.3 14.6 16.0 15.8 16.2 16.6 16.9 16.6 15.7 15.2 14.5 14.9 15.0 15.4 15.4 14.8 14.8 15.0 15.4 14.7 14.5 14.7 15.4 14.5 14.5 14.9 14.6 15.2 14.9 14.7 14.1 14.62010 13.8 13.6 13.3 14.2 15.4 16.7 16.9 15.8 15.9 15.5 14.9 16.3 16.0 16.4 16.8 17.2 16.9 16.0 15.5 14.7 15.2 15.3 15.7 15.6 15.1 15.1 15.3 15.7 15.0 14.8 15.0 15.7 14.8 14.8 15.3 15.0 15.5 15.3 15.1 14.5 15.1

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

16


US SMALL CAp VALUE INDEX1927–2010: Total Returns (%)


19681968 51.0 19691969 3.1 -29.5 19701970 1.8 -16.5 -0.9 19711971 5.1 -6.8 7.1 15.9 19721972 5.1 -4.0 6.4 10.3 5.0 19731973 -2.2 -10.4 -4.8 -6.1 -15.5 -32.0 19741974 -5.0 -12.1 -8.1 -9.8 -17.1 -26.3 -20.2 19751975 1.9 -3.7 1.5 2.0 -1.2 -3.2 15.4 66.9 19761976 6.9 2.4 8.1 9.6 8.4 9.3 28.0 62.1 57.5 19771977 8.3 4.4 9.7 11.3 10.5 11.6 26.4 47.3 38.4 21.6 19781978 9.5 6.1 11.0 12.6 12.1 13.3 25.5 40.6 32.8 21.9 22.2 19791979 11.4 8.3 13.1 14.8 14.6 16.1 26.9 39.2 33.1 25.8 27.9 33.9 19801980 12.2 9.5 13.9 15.5 15.5 16.9 26.3 36.3 30.9 25.0 26.1 28.1 22.6 19811981 12.5 10.0 14.2 15.6 15.6 16.8 25.0 33.3 28.4 23.3 23.7 24.2 19.6 16.6 19821982 14.0 11.8 15.8 17.3 17.5 18.8 26.4 33.9 29.7 25.6 26.4 27.5 25.4 26.8 37.8 19831983 16.0 14.0 17.9 19.5 19.8 21.3 28.5 35.5 32.0 28.7 29.9 31.5 31.0 33.9 43.4 49.3 19841984 15.2 13.3 16.9 18.3 18.5 19.7 26.0 31.9 28.5 25.3 25.8 26.4 25.0 25.6 28.7 24.4 3.7 19851985 15.9 14.1 17.6 18.9 19.2 20.3 26.2 31.6 28.5 25.6 26.1 26.6 25.5 26.1 28.5 25.6 15.2 27.9 19861986 15.3 13.6 16.8 18.0 18.2 19.2 24.4 29.1 26.1 23.4 23.6 23.7 22.3 22.3 23.5 20.1 11.7 15.9 5.1 19871987 14.2 12.5 15.5 16.5 16.6 17.4 22.1 26.1 23.2 20.5 20.4 20.2 18.6 18.0 18.2 14.6 7.3 8.5 0.0 -4.9 19881988 14.9 13.4 16.2 17.3 17.4 18.2 22.6 26.4 23.8 21.3 21.3 21.2 19.9 19.5 19.9 17.2 11.7 13.7 9.4 11.6 30.8 19891989 14.8 13.3 16.0 17.0 17.0 17.8 21.9 25.4 22.9 20.5 20.4 20.3 19.0 18.6 18.8 16.4 11.6 13.3 9.9 11.5 20.8 11.5 19901990 12.6 11.1 13.5 14.3 14.2 14.8 18.4 21.3 18.8 16.4 16.0 15.5 14.0 13.1 12.7 9.9 5.2 5.5 1.5 0.6 2.5 -9.2 -26.1 19911991 13.7 12.3 14.7 15.5 15.5 16.1 19.6 22.5 20.1 18.0 17.7 17.4 16.1 15.5 15.4 13.2 9.3 10.2 7.5 7.9 11.4 5.6 2.8 43.0 19921992 14.5 13.2 15.6 16.4 16.4 17.0 20.4 23.2 21.0 19.0 18.8 18.6 17.5 17.1 17.1 15.2 11.9 13.0 11.0 12.0 15.8 12.3 12.5 38.9 35.0 19931993 15.0 13.8 16.1 16.9 16.9 17.5 20.8 23.4 21.4 19.5 19.4 19.2 18.2 17.9 18.0 16.4 13.5 14.6 13.1 14.3 17.8 15.4 16.4 35.4 31.8 28.6 19941994 14.6 13.4 15.5 16.3 16.3 16.8 19.9 22.3 20.4 18.6 18.4 18.2 17.2 16.8 16.8 15.2 12.5 13.5 12.0 12.8 15.6 13.3 13.6 26.6 21.5 15.3 3.4 19951995 15.0 13.8 15.9 16.7 16.7 17.2 20.2 22.5 20.7 19.0 18.8 18.6 17.8 17.4 17.5 16.1 13.7 14.6 13.3 14.3 17.0 15.1 15.7 26.6 22.8 19.0 14.4 26.7 19961996 15.2 14.1 16.2 16.9 16.9 17.4 20.3 22.5 20.7 19.2 19.0 18.9 18.0 17.7 17.8 16.5 14.3 15.2 14.1 15.1 17.5 16.0 16.6 25.9 22.7 19.8 17.0 24.5 22.4 19971997 15.9 14.8 16.9 17.6 17.6 18.2 20.9 23.1 21.4 19.9 19.9 19.7 19.0 18.8 18.9 17.8 15.8 16.8 15.9 16.9 19.4 18.1 19.0 27.4 25.0 23.1 21.7 28.5 29.4 36.9 19981998 14.9 13.9 15.8 16.5 16.5 16.9 19.5 21.5 19.9 18.4 18.2 18.0 17.3 17.0 17.0 15.8 13.9 14.6 13.7 14.4 16.3 15.0 15.4 22.0 19.2 16.8 14.6 17.5 14.7 11.0 -10.0 19991999 14.6 13.6 15.4 16.0 16.0 16.4 18.9 20.8 19.2 17.7 17.6 17.4 16.6 16.3 16.2 15.1 13.2 13.9 13.0 13.6 15.3 14.0 14.2 19.9 17.3 14.9 12.8 14.8 12.0 8.7 -3.1 4.4 20002000 14.0 13.0 14.8 15.3 15.3 15.7 18.0 19.8 18.2 16.8 16.6 16.3 15.6 15.2 15.1 14.0 12.2 12.8 11.8 12.3 13.8 12.4 12.5 17.4 14.8 12.5 10.4 11.6 8.8 5.7 -3.1 0.6 -3.1 20012001 14.7 13.8 15.5 16.1 16.1 16.5 18.7 20.5 19.0 17.7 17.5 17.3 16.6 16.3 16.3 15.3 13.6 14.2 13.4 14.0 15.5 14.4 14.6 19.3 17.2 15.3 13.8 15.3 13.6 11.9 6.4 12.5 16.7 40.6 20022002 13.9 12.9 14.6 15.1 15.0 15.4 17.5 19.2 17.7 16.4 16.2 15.9 15.2 14.9 14.8 13.7 12.1 12.6 11.8 12.2 13.4 12.3 12.3 16.3 14.2 12.3 10.6 11.5 9.5 7.5 2.5 5.9 6.4 11.4 -11.7 20032003 15.2 14.3 16.0 16.5 16.6 16.9 19.1 20.7 19.3 18.1 18.0 17.8 17.2 17.0 17.0 16.1 14.6 15.2 14.6 15.1 16.5 15.6 15.9 20.0 18.3 16.9 15.8 17.2 16.1 15.2 12.0 17.0 20.4 29.4 24.1 74.5 20042004 15.5 14.7 16.3 16.8 16.9 17.3 19.3 20.9 19.6 18.4 18.3 18.2 17.6 17.4 17.4 16.6 15.2 15.8 15.2 15.8 17.1 16.3 16.7 20.5 19.0 17.7 16.8 18.2 17.3 16.7 14.0 18.6 21.7 28.9 25.2 49.1 27.3 20052005 15.2 14.4 15.9 16.5 16.5 16.8 18.8 20.4 19.1 17.9 17.8 17.6 17.1 16.8 16.8 16.0 14.7 15.2 14.6 15.2 16.4 15.6 15.9 19.4 17.9 16.6 15.7 16.9 15.9 15.3 12.8 16.5 18.7 23.6 19.6 32.4 15.3 4.5 20062006 15.4 14.6 16.1 16.6 16.6 17.0 18.9 20.4 19.2 18.1 17.9 17.8 17.2 17.0 17.0 16.2 15.0 15.5 15.0 15.5 16.7 15.9 16.2 19.5 18.1 17.0 16.1 17.3 16.5 15.9 13.8 17.1 19.1 23.3 20.0 29.6 17.4 12.7 21.7 20072007 14.4 13.6 15.0 15.5 15.5 15.8 17.6 19.0 17.8 16.7 16.5 16.3 15.7 15.5 15.4 14.6 13.4 13.8 13.2 13.6 14.6 13.8 13.9 16.9 15.4 14.2 13.3 14.1 13.1 12.3 10.0 12.5 13.6 16.2 12.6 18.2 7.2 1.2 -0.3 -18.4 20082008 12.4 11.6 12.9 13.3 13.2 13.4 15.1 16.4 15.1 14.0 13.7 13.5 12.8 12.5 12.3 11.5 10.2 10.4 9.7 10.0 10.7 9.8 9.7 12.1 10.6 9.2 8.0 8.3 7.0 5.9 3.4 4.9 4.9 6.0 1.8 4.2 -6.0 -12.9 -18.0 -32.7 -44.5 20092009 13.5 12.7 14.1 14.5 14.4 14.7 16.4 17.6 16.4 15.4 15.2 15.0 14.4 14.1 14.0 13.2 12.0 12.4 11.8 12.1 12.9 12.1 12.1 14.6 13.2 12.1 11.1 11.6 10.6 9.8 7.8 9.6 10.1 11.7 8.5 11.8 3.8 -0.4 -1.6 -8.3 -2.8 70.2 20102010 14.0 13.2 14.5 14.9 14.9 15.2 16.8 18.1 16.9 15.9 15.7 15.5 15.0 14.7 14.7 13.9 12.8 13.2 12.6 12.9 13.8 13.0 13.1 15.6 14.3 13.2 12.4 13.0 12.1 11.4 9.6 11.5 12.1 13.8 11.1 14.4 7.7 4.7 4.8 0.9 8.3 51.3 34.6

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$52,892

2010

17

17


19271927 31.8 19281928 28.7 25.7 19291929 15.7 8.5 -6.4 19301930 -3.9 -13.5 -28.2 -45.0 19311931 -19.6 -28.9 -41.2 -53.4 -60.6 19321932 -17.5 -24.9 -33.9 -41.2 -39.2 -6.0 19331933 -6.9 -12.2 -18.2 -21.0 -10.8 34.1 91.5 19341934 -8.9 -13.6 -18.8 -21.1 -13.6 12.2 22.6 -21.5 19351935 -4.2 -7.9 -12.0 -12.8 -4.5 19.2 29.1 6.0 43.1 19361936 0.3 -2.7 -5.8 -5.7 3.2 25.1 34.3 19.4 47.2 51.4 19371937 -4.0 -7.0 -10.1 -10.5 -4.1 11.3 15.1 1.3 10.3 -3.1 -38.0 19381938 -1.5 -4.1 -6.7 -6.7 -0.4 13.8 17.5 6.5 15.0 6.9 -10.2 30.1 19391939 -2.6 -5.0 -7.4 -7.5 -2.1 9.8 12.2 2.7 8.3 1.0 -11.7 5.4 -14.6 19401940 -2.9 -5.2 -7.4 -7.5 -2.6 7.8 9.6 1.2 5.6 -0.6 -10.5 1.1 -10.9 -7.0 19411941 -2.8 -4.8 -6.9 -6.9 -2.3 6.9 8.5 1.1 4.8 -0.5 -8.6 0.8 -7.4 -3.6 -0.1 19421942 -0.7 -2.5 -4.3 -4.1 0.4 9.3 11.0 4.5 8.3 4.1 -2.2 7.1 2.0 8.2 16.8 36.5 19431943 1.3 -0.3 -1.8 -1.5 3.0 11.6 13.3 7.5 11.4 7.9 2.9 11.9 8.6 15.3 23.9 38.0 39.5 19441944 3.3 1.8 0.5 0.9 5.4 13.7 15.5 10.3 14.1 11.3 7.1 15.8 13.6 20.2 28.2 39.4 40.8 42.2 19451945 5.1 3.8 2.6 3.2 7.6 15.6 17.5 12.8 16.6 14.2 10.7 19.0 17.5 24.0 31.3 40.6 42.0 43.2 44.3 19461946 4.4 3.1 2.0 2.5 6.6 13.9 15.5 11.1 14.3 12.0 8.7 15.7 14.0 18.8 23.8 29.2 27.4 23.7 15.3 -7.8 19471947 4.6 3.4 2.3 2.8 6.7 13.5 15.0 10.9 13.8 11.7 8.6 14.9 13.3 17.4 21.4 25.4 23.3 19.6 12.9 -0.2 8.1 19481948 4.6 3.4 2.4 2.9 6.5 13.0 14.3 10.4 13.1 11.1 8.3 13.9 12.4 15.9 19.1 22.1 19.9 16.3 10.6 1.2 6.1 4.2 19491949 5.0 3.9 2.9 3.4 6.9 13.0 14.3 10.6 13.2 11.3 8.7 13.9 12.6 15.7 18.6 21.1 19.1 16.0 11.4 4.4 8.8 9.1 14.3 19501950 6.8 5.8 5.0 5.6 9.1 15.1 16.4 13.0 15.6 14.0 11.7 16.9 15.9 19.1 22.1 24.9 23.5 21.4 18.2 13.6 19.7 23.8 34.9 59.2 19511951 7.1 6.1 5.4 5.9 9.3 15.0 16.2 13.1 15.5 14.0 11.9 16.7 15.7 18.7 21.3 23.7 22.4 20.4 17.5 13.6 18.4 21.2 27.4 34.5 13.7 19521952 7.5 6.6 5.9 6.5 9.7 15.2 16.4 13.4 15.7 14.3 12.3 16.8 15.9 18.7 21.1 23.2 22.0 20.2 17.7 14.3 18.5 20.7 25.2 29.1 16.2 18.7 19531953 6.9 6.1 5.4 5.9 8.9 14.1 15.2 12.3 14.4 13.0 11.1 15.2 14.2 16.6 18.7 20.4 19.0 17.2 14.7 11.4 14.5 15.6 18.0 19.0 8.0 5.2 -6.7 19541954 8.9 8.1 7.5 8.1 11.2 16.3 17.4 14.7 16.9 15.7 14.0 18.1 17.4 20.0 22.2 24.1 23.1 21.7 19.8 17.4 21.0 22.9 26.4 28.9 22.3 25.3 28.8 77.7 19551955 9.3 8.5 8.0 8.6 11.5 16.5 17.6 15.0 17.1 15.9 14.3 18.3 17.6 20.0 22.1 23.8 22.9 21.6 19.9 17.7 20.9 22.7 25.5 27.5 22.0 24.1 26.0 46.5 20.7 19561956 9.0 8.3 7.7 8.3 11.2 15.9 16.9 14.4 16.4 15.2 13.7 17.4 16.7 18.9 20.7 22.2 21.3 20.0 18.3 16.2 18.9 20.2 22.3 23.5 18.4 19.4 19.5 29.8 11.0 2.1 19571957 7.8 7.1 6.5 7.0 9.7 14.1 15.0 12.6 14.3 13.2 11.6 14.9 14.2 16.1 17.6 18.8 17.7 16.3 14.5 12.3 14.3 15.0 16.3 16.5 11.4 11.0 9.6 14.1 -1.6 -11.2 -22.7 19581958 9.4 8.8 8.2 8.8 11.5 15.8 16.8 14.5 16.3 15.3 13.8 17.2 16.6 18.5 20.1 21.4 20.5 19.4 17.9 16.1 18.3 19.3 20.9 21.7 17.6 18.2 18.1 23.9 13.2 10.8 15.4 72.2 19591959 9.6 9.0 8.5 9.0 11.6 15.8 16.7 14.5 16.3 15.3 13.9 17.1 16.5 18.3 19.8 21.1 20.2 19.1 17.7 16.0 18.1 18.9 20.4 21.0 17.4 17.8 17.7 22.4 13.6 11.8 15.3 40.8 15.1 19601960 9.0 8.4 7.9 8.4 10.8 14.9 15.7 13.6 15.2 14.2 12.9 15.8 15.2 16.9 18.2 19.3 18.4 17.2 15.8 14.2 15.9 16.5 17.6 17.9 14.5 14.5 14.0 17.3 9.5 7.4 8.8 21.9 2.5 -8.7 19611961 9.5 8.9 8.4 8.9 11.3 15.3 16.1 14.0 15.6 14.7 13.4 16.3 15.7 17.3 18.7 19.7 18.9 17.8 16.5 15.0 16.7 17.3 18.4 18.7 15.6 15.8 15.5 18.6 11.9 10.5 12.3 23.3 10.3 7.9 27.6 19621962 9.2 8.6 8.1 8.6 10.9 14.7 15.5 13.5 15.0 14.0 12.8 15.5 15.0 16.5 17.7 18.6 17.8 16.7 15.4 13.9 15.4 16.0 16.8 17.0 14.1 14.1 13.7 16.2 10.2 8.8 9.9 17.9 7.3 4.8 12.2 -1.3 19631963 9.7 9.1 8.7 9.2 11.5 15.1 15.9 14.0 15.5 14.6 13.4 16.1 15.5 17.0 18.2 19.1 18.3 17.3 16.2 14.8 16.3 16.8 17.7 17.9 15.2 15.4 15.1 17.5 12.2 11.2 12.6 19.8 11.5 10.5 17.8 13.2 29.9 19641964 10.0 9.5 9.0 9.5 11.8 15.3 16.1 14.2 15.7 14.8 13.7 16.3 15.8 17.2 18.3 19.2 18.5 17.6 16.4 15.1 16.6 17.1 17.9 18.2 15.7 15.9 15.6 17.9 13.2 12.4 13.7 20.2 13.2 12.8 18.9 16.1 25.9 22.0 19651965 10.3 9.8 9.4 9.9 12.1 15.6 16.3 14.5 15.9 15.1 14.0 16.5 16.0 17.4 18.5 19.4 18.7 17.8 16.7 15.5 16.9 17.4 18.2 18.5 16.2 16.3 16.2 18.3 14.0 13.4 14.7 20.5 14.5 14.4 19.7 17.8 24.9 22.5 22.9 19661966 9.7 9.2 8.8 9.2 11.3 14.7 15.3 13.6 14.9 14.1 13.0 15.4 14.9 16.2 17.1 17.9 17.2 16.3 15.2 14.0 15.2 15.6 16.3 16.4 14.2 14.2 13.9 15.6 11.6 10.8 11.7 16.3 10.8 10.1 13.7 11.0 14.4 9.6 3.9 -12.2 19671967 10.2 9.7 9.3 9.8 11.8 15.1 15.8 14.1 15.4 14.6 13.6 15.9 15.5 16.7 17.7 18.4 17.8 16.9 15.9 14.8 16.0 16.4 17.1 17.3 15.2 15.3 15.0 16.8 13.1 12.4 13.4 17.9 13.0 12.7 16.2 14.4 17.8 15.0 12.7 8.0 32.71968 10.5 10.0 9.6 10.1 12.1 15.3 16.0 14.3 15.6 14.8 13.8 16.1 15.7 16.9 17.8 18.6 17.9 17.1 16.2 15.1 16.3 16.7 17.3 17.5 15.5 15.6 15.4 17.1 13.7 13.1 14.1 18.2 13.9 13.7 16.9 15.4 18.5 16.3 14.9 12.4 27.21969 9.7 9.2 8.9 9.3 11.2 14.3 14.9 13.3 14.5 13.7 12.7 14.9 14.4 15.5 16.4 17.0 16.4 15.6 14.6 13.5 14.6 14.9 15.4 15.4 13.5 13.5 13.2 14.6 11.3 10.6 11.3 14.8 10.6 10.2 12.5 10.7 12.5 9.9 7.6 4.1 10.21970 9.7 9.3 8.9 9.3 11.2 14.2 14.8 13.2 14.4 13.6 12.7 14.7 14.3 15.4 16.2 16.8 16.1 15.4 14.4 13.4 14.4 14.6 15.1 15.2 13.3 13.3 13.0 14.3 11.2 10.6 11.2 14.4 10.6 10.1 12.2 10.6 12.2 9.9 8.0 5.3 10.11971 9.9 9.5 9.1 9.5 11.4 14.3 14.9 13.4 14.5 13.8 12.9 14.9 14.4 15.5 16.3 16.9 16.3 15.5 14.6 13.6 14.6 14.8 15.3 15.4 13.6 13.6 13.4 14.6 11.7 11.1 11.8 14.7 11.2 10.9 12.9 11.5 13.0 11.1 9.6 7.5 11.91972 10.1 9.7 9.4 9.7 11.6 14.4 15.0 13.5 14.6 13.9 13.0 15.0 14.6 15.6 16.4 17.0 16.4 15.6 14.8 13.8 14.7 15.0 15.5 15.5 13.9 13.9 13.6 14.8 12.1 11.6 12.2 15.0 11.8 11.5 13.4 12.2 13.6 11.9 10.7 9.1 13.11973 9.8 9.4 9.0 9.4 11.2 14.0 14.5 13.0 14.1 13.4 12.5 14.4 14.0 15.0 15.7 16.2 15.6 14.9 14.1 13.1 14.0 14.2 14.6 14.7 13.0 13.0 12.7 13.8 11.2 10.7 11.2 13.7 10.6 10.3 11.9 10.7 11.9 10.2 9.0 7.4 10.51974 9.2 8.7 8.4 8.7 10.4 13.1 13.6 12.2 13.2 12.5 11.6 13.4 13.0 13.9 14.6 15.1 14.4 13.7 12.9 11.9 12.7 12.9 13.2 13.2 11.6 11.5 11.2 12.1 9.6 9.0 9.4 11.6 8.7 8.2 9.6 8.3 9.1 7.4 6.1 4.3 6.61975 9.8 9.4 9.1 9.5 11.2 13.8 14.3 12.9 13.9 13.3 12.4 14.2 13.8 14.7 15.4 15.9 15.3 14.6 13.9 13.0 13.8 14.0 14.3 14.3 12.8 12.8 12.5 13.5 11.1 10.7 11.1 13.4 10.6 10.4 11.8 10.7 11.7 10.3 9.3 8.0 10.51976 10.5 10.1 9.8 10.2 11.9 14.5 15.0 13.7 14.7 14.1 13.3 15.0 14.7 15.6 16.3 16.8 16.2 15.6 14.9 14.0 14.8 15.1 15.5 15.5 14.1 14.1 13.9 14.9 12.7 12.3 12.8 15.1 12.6 12.4 13.9 13.0 14.1 13.0 12.3 11.3 14.01977 10.2 9.8 9.5 9.9 11.5 14.0 14.5 13.2 14.2 13.6 12.8 14.5 14.1 15.0 15.6 16.1 15.5 14.9 14.2 13.3 14.1 14.3 14.7 14.7 13.3 13.3 13.1 14.0 11.8 11.4 11.9 14.0 11.5 11.3 12.6 11.7 12.7 11.5 10.8 9.8 12.11978 10.1 9.7 9.4 9.7 11.3 13.8 14.3 13.0 13.9 13.3 12.5 14.2 13.8 14.6 15.3 15.7 15.2 14.6 13.8 13.0 13.8 13.9 14.3 14.3 12.9 12.9 12.7 13.5 11.4 11.1 11.5 13.4 11.1 10.9 12.1 11.2 12.1 11.0 10.2 9.3 11.31979 10.3 9.9 9.6 10.0 11.5 14.0 14.5 13.2 14.1 13.5 12.8 14.4 14.0 14.9 15.5 15.9 15.4 14.8 14.1 13.3 14.0 14.2 14.6 14.6 13.3 13.3 13.1 13.9 11.9 11.5 12.0 13.9 11.7 11.5 12.7 11.9 12.7 11.7 11.1 10.3 12.21980 10.4 10.0 9.8 10.1 11.6 14.0 14.5 13.3 14.2 13.6 12.8 14.4 14.1 14.9 15.5 15.9 15.4 14.8 14.2 13.4 14.1 14.3 14.6 14.6 13.4 13.4 13.2 14.0 12.1 11.7 12.2 14.0 11.9 11.7 12.8 12.1 12.9 12.0 11.4 10.7 12.51981 10.5 10.2 9.9 10.2 11.7 14.1 14.5 13.3 14.2 13.7 12.9 14.5 14.1 14.9 15.5 15.9 15.5 14.9 14.2 13.5 14.2 14.4 14.7 14.7 13.5 13.5 13.3 14.1 12.2 11.9 12.3 14.1 12.1 11.9 13.0 12.3 13.1 12.2 11.7 11.0 12.81982 10.7 10.3 10.1 10.4 11.9 14.2 14.7 13.5 14.3 13.8 13.1 14.6 14.3 15.1 15.6 16.1 15.6 15.0 14.4 13.7 14.3 14.5 14.8 14.9 13.7 13.7 13.5 14.3 12.5 12.2 12.6 14.3 12.4 12.3 13.4 12.7 13.5 12.7 12.2 11.6 13.21983 11.1 10.7 10.5 10.8 12.3 14.6 15.0 13.9 14.7 14.2 13.5 15.0 14.7 15.5 16.1 16.5 16.0 15.5 14.9 14.2 14.9 15.1 15.4 15.4 14.3 14.3 14.2 14.9 13.2 13.0 13.4 15.1 13.2 13.2 14.2 13.6 14.4 13.7 13.3 12.7 14.41984 11.0 10.7 10.5 10.8 12.2 14.5 14.9 13.8 14.6 14.1 13.4 14.9 14.6 15.3 15.9 16.3 15.9 15.3 14.7 14.1 14.7 14.9 15.2 15.2 14.1 14.2 14.0 14.8 13.1 12.8 13.2 14.9 13.1 13.0 14.0 13.5 14.2 13.5 13.1 12.6 14.11985 11.4 11.0 10.8 11.1 12.6 14.8 15.2 14.1 14.9 14.4 13.8 15.2 14.9 15.7 16.2 16.6 16.2 15.7 15.1 14.5 15.1 15.3 15.6 15.6 14.6 14.6 14.5 15.2 13.6 13.4 13.8 15.4 13.7 13.6 14.6 14.1 14.9 14.2 13.9 13.4 15.01986 11.5 11.2 11.0 11.3 12.7 14.9 15.3 14.2 15.0 14.5 13.9 15.3 15.0 15.8 16.3 16.7 16.3 15.8 15.2 14.6 15.2 15.4 15.7 15.8 14.7 14.8 14.7 15.4 13.8 13.6 14.0 15.6 13.9 13.9 14.9 14.4 15.1 14.5 14.1 13.7 15.21987 11.4 11.1 10.8 11.1 12.5 14.7 15.1 14.0 14.8 14.3 13.7 15.1 14.8 15.5 16.0 16.4 16.0 15.5 15.0 14.3 14.9 15.1 15.4 15.4 14.4 14.5 14.3 15.0 13.5 13.3 13.7 15.2 13.6 13.5 14.4 14.0 14.6 14.0 13.7 13.3 14.71988 11.6 11.3 11.0 11.4 12.7 14.8 15.2 14.2 15.0 14.5 13.9 15.2 15.0 15.7 16.2 16.6 16.2 15.7 15.2 14.6 15.1 15.3 15.6 15.7 14.7 14.7 14.6 15.3 13.8 13.6 14.0 15.4 13.9 13.9 14.8 14.3 15.0 14.4 14.1 13.7 15.11989 11.8 11.5 11.3 11.6 13.0 15.0 15.4 14.4 15.2 14.7 14.1 15.5 15.2 15.9 16.4 16.8 16.4 15.9 15.4 14.8 15.4 15.6 15.9 15.9 15.0 15.0 14.9 15.6 14.2 14.0 14.4 15.8 14.3 14.3 15.2 14.8 15.4 14.9 14.6 14.3 15.61990 11.2 10.9 10.6 10.9 12.2 14.3 14.6 13.6 14.4 13.9 13.3 14.6 14.3 15.0 15.5 15.8 15.4 14.9 14.4 13.8 14.4 14.5 14.8 14.8 13.9 13.9 13.7 14.4 13.0 12.7 13.1 14.4 12.9 12.9 13.7 13.2 13.8 13.2 12.9 12.5 13.71991 11.5 11.2 11.0 11.3 12.6 14.6 15.0 13.9 14.7 14.2 13.7 14.9 14.7 15.3 15.8 16.2 15.8 15.3 14.8 14.2 14.8 15.0 15.2 15.2 14.3 14.3 14.2 14.8 13.5 13.3 13.6 14.9 13.5 13.5 14.3 13.9 14.4 13.9 13.6 13.3 14.41992 11.6 11.3 11.1 11.4 12.6 14.6 15.0 14.0 14.7 14.3 13.7 15.0 14.7 15.3 15.8 16.2 15.8 15.3 14.8 14.3 14.8 15.0 15.2 15.3 14.4 14.4 14.3 14.9 13.6 13.4 13.7 15.0 13.6 13.6 14.3 13.9 14.5 14.0 13.7 13.4 14.51993 11.7 11.5 11.3 11.6 12.8 14.7 15.1 14.2 14.9 14.4 13.9 15.1 14.9 15.5 16.0 16.3 15.9 15.5 15.0 14.5 15.0 15.2 15.4 15.5 14.6 14.6 14.5 15.1 13.8 13.7 14.0 15.2 13.9 13.9 14.6 14.3 14.8 14.3 14.1 13.8 14.91994 11.6 11.3 11.1 11.4 12.6 14.5 14.9 13.9 14.6 14.2 13.6 14.8 14.6 15.2 15.7 16.0 15.6 15.2 14.7 14.2 14.7 14.8 15.1 15.1 14.2 14.2 14.1 14.7 13.5 13.3 13.6 14.8 13.5 13.4 14.2 13.8 14.3 13.8 13.6 13.2 14.31995 11.9 11.7 11.5 11.8 13.0 14.9 15.2 14.3 15.0 14.6 14.0 15.2 15.0 15.6 16.1 16.4 16.0 15.6 15.2 14.6 15.1 15.3 15.5 15.6 14.8 14.8 14.7 15.3 14.0 13.9 14.2 15.4 14.1 14.1 14.8 14.5 15.0 14.6 14.3 14.1 15.11996 12.0 11.8 11.6 11.9 13.1 14.9 15.3 14.4 15.1 14.7 14.1 15.3 15.1 15.7 16.1 16.4 16.1 15.7 15.2 14.7 15.2 15.4 15.6 15.7 14.9 14.9 14.8 15.4 14.2 14.0 14.3 15.5 14.3 14.3 15.0 14.6 15.1 14.7 14.5 14.2 15.21997 12.3 12.1 11.9 12.2 13.4 15.2 15.6 14.6 15.3 14.9 14.4 15.6 15.4 16.0 16.4 16.7 16.4 16.0 15.6 15.1 15.6 15.7 16.0 16.0 15.2 15.3 15.2 15.7 14.6 14.5 14.8 15.9 14.7 14.7 15.5 15.1 15.6 15.2 15.0 14.8 15.81998 12.3 12.1 11.9 12.2 13.3 15.1 15.5 14.6 15.3 14.9 14.4 15.5 15.3 15.9 16.3 16.6 16.3 15.9 15.5 15.0 15.5 15.7 15.9 15.9 15.2 15.2 15.1 15.7 14.5 14.4 14.7 15.8 14.7 14.7 15.4 15.0 15.5 15.1 15.0 14.7 15.71999 12.2 12.0 11.8 12.1 13.2 15.0 15.4 14.5 15.2 14.8 14.3 15.4 15.2 15.7 16.2 16.5 16.2 15.8 15.3 14.9 15.3 15.5 15.7 15.7 15.0 15.0 14.9 15.5 14.4 14.2 14.5 15.6 14.5 14.5 15.1 14.8 15.3 14.9 14.7 14.5 15.42000 12.0 11.7 11.5 11.8 12.9 14.7 15.0 14.1 14.8 14.4 13.9 15.0 14.8 15.3 15.8 16.0 15.7 15.3 14.9 14.4 14.9 15.0 15.2 15.3 14.5 14.5 14.5 15.0 13.9 13.7 14.0 15.0 13.9 13.9 14.5 14.2 14.7 14.3 14.1 13.8 14.72001 11.8 11.5 11.3 11.6 12.7 14.4 14.7 13.9 14.5 14.1 13.6 14.7 14.5 15.0 15.4 15.7 15.4 15.0 14.6 14.1 14.5 14.7 14.9 14.9 14.2 14.2 14.1 14.6 13.5 13.3 13.6 14.6 13.5 13.5 14.1 13.8 14.2 13.8 13.6 13.3 14.22002 11.1 10.8 10.6 10.9 12.0 13.6 13.9 13.1 13.7 13.3 12.8 13.8 13.6 14.1 14.5 14.7 14.4 14.0 13.6 13.1 13.5 13.6 13.8 13.8 13.1 13.1 13.0 13.4 12.3 12.2 12.4 13.3 12.3 12.2 12.8 12.4 12.8 12.4 12.1 11.9 12.62003 11.4 11.1 10.9 11.2 12.3 13.9 14.2 13.4 14.0 13.6 13.1 14.1 13.9 14.4 14.8 15.1 14.7 14.4 14.0 13.5 13.9 14.0 14.2 14.2 13.5 13.5 13.4 13.8 12.8 12.6 12.9 13.8 12.8 12.7 13.3 12.9 13.3 12.9 12.7 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10.6 11.4 10.4 10.4 10.8 10.5 10.7 10.3 10.1 9.8 10.42009 10.3 10.1 9.9 10.1 11.1 12.6 12.9 12.1 12.6 12.3 11.8 12.7 12.5 12.9 13.2 13.5 13.1 12.8 12.4 11.9 12.3 12.4 12.5 12.5 11.8 11.8 11.7 12.0 11.1 10.9 11.1 11.9 10.9 10.8 11.3 11.0 11.2 10.9 10.6 10.4 11.02010 10.5 10.2 10.0 10.3 11.2 12.7 13.0 12.2 12.7 12.4 11.9 12.8 12.6 13.0 13.3 13.6 13.2 12.9 12.5 12.1 12.4 12.5 12.6 12.6 11.9 11.9 11.8 12.2 11.2 11.1 11.2 12.0 11.1 11.0 11.4 11.1 11.4 11.1 10.8 10.6 11.2

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

18


US LARGE CAp VALUE INDEX1927–2010: Total Returns (%)


19681968 21.9 19691969 0.4 -17.3 19701970 3.5 -4.6 10.0 19711971 7.3 2.8 14.6 19.4 19721972 9.6 6.7 16.2 19.4 19.4 19731973 7.2 4.5 10.8 11.0 7.0 -4.0 19741974 3.3 0.5 4.5 3.2 -1.7 -10.8 -17.1 19751975 8.0 6.2 10.7 10.9 8.8 5.5 10.6 47.6 19761976 12.1 11.0 15.7 16.7 16.2 15.4 22.7 49.2 50.8 19771977 10.2 9.0 12.8 13.2 12.2 10.8 14.9 28.0 19.2 -5.7 19781978 9.6 8.4 11.7 11.9 10.9 9.5 12.5 21.4 13.7 -1.2 3.5 19791979 10.6 9.7 12.8 13.1 12.4 11.4 14.2 21.8 16.1 6.4 13.0 23.3 19801980 11.1 10.2 13.2 13.5 12.8 12.0 14.5 20.9 16.1 8.8 14.1 19.8 16.4 19811981 11.5 10.7 13.4 13.7 13.2 12.5 14.8 20.2 16.2 10.3 14.7 18.7 16.5 16.5 19821982 12.0 11.4 14.0 14.3 13.8 13.3 15.4 20.3 16.8 12.0 15.9 19.2 17.8 18.5 20.6 19831983 13.4 12.8 15.4 15.8 15.5 15.1 17.2 21.8 19.0 15.0 18.9 22.2 21.9 23.8 27.6 35.0 19841984 13.1 12.6 14.9 15.3 15.0 14.6 16.5 20.5 17.8 14.3 17.5 20.0 19.3 20.0 21.2 21.5 9.4 19851985 14.1 13.6 15.9 16.3 16.1 15.8 17.6 21.4 19.1 16.0 19.1 21.5 21.2 22.1 23.6 24.6 19.7 31.0 19861986 14.4 14.0 16.1 16.5 16.3 16.1 17.8 21.4 19.2 16.4 19.2 21.3 21.0 21.8 22.9 23.5 19.9 25.5 20.3 19871987 13.8 13.4 15.4 15.7 15.5 15.3 16.8 19.9 17.8 15.2 17.6 19.3 18.8 19.1 19.5 19.3 15.7 17.9 11.8 3.9 19881988 14.3 13.9 15.9 16.2 16.0 15.8 17.3 20.2 18.3 15.9 18.1 19.7 19.3 19.7 20.2 20.1 17.3 19.4 15.7 13.5 24.1 19891989 14.9 14.5 16.4 16.8 16.6 16.5 17.9 20.7 18.9 16.8 18.9 20.4 20.1 20.5 21.0 21.1 18.9 20.9 18.6 18.0 25.7 27.5 19901990 12.9 12.5 14.2 14.4 14.1 13.8 15.0 17.4 15.6 13.4 15.0 16.1 15.4 15.3 15.2 14.5 11.9 12.3 8.9 6.2 7.0 -0.6 -22.5 19911991 13.7 13.4 15.0 15.3 15.1 14.9 16.0 18.3 16.7 14.7 16.3 17.4 16.9 17.0 17.0 16.6 14.5 15.3 12.8 11.4 13.3 10.0 2.2 34.8 19921992 13.8 13.5 15.1 15.3 15.1 14.9 16.0 18.2 16.7 14.8 16.3 17.3 16.9 16.9 16.9 16.6 14.7 15.4 13.3 12.1 13.9 11.5 6.6 25.1 16.0 19931993 14.2 13.9 15.5 15.7 15.5 15.4 16.4 18.5 17.1 15.4 16.8 17.8 17.4 17.5 17.5 17.3 15.6 16.3 14.6 13.8 15.6 14.0 10.8 24.9 20.2 24.5 19941994 13.7 13.3 14.8 15.0 14.8 14.6 15.6 17.5 16.1 14.4 15.7 16.6 16.1 16.1 16.1 15.7 14.1 14.6 12.9 12.0 13.2 11.4 8.5 18.0 12.9 11.4 -0.3 19951995 14.5 14.2 15.7 15.9 15.8 15.6 16.6 18.5 17.2 15.7 17.0 17.8 17.5 17.6 17.6 17.4 16.0 16.7 15.3 14.8 16.2 15.1 13.2 22.1 19.2 20.2 18.2 40.1 19961996 14.7 14.4 15.8 16.1 15.9 15.8 16.7 18.6 17.3 15.9 17.1 17.9 17.6 17.7 17.8 17.6 16.3 16.9 15.7 15.3 16.6 15.7 14.2 21.8 19.3 20.2 18.8 29.6 20.0 19971997 15.3 15.1 16.4 16.7 16.6 16.5 17.4 19.2 18.0 16.7 17.9 18.7 18.5 18.6 18.7 18.6 17.5 18.2 17.1 16.9 18.2 17.6 16.4 23.4 21.6 22.8 22.3 31.0 26.7 33.7 19981998 15.2 15.0 16.3 16.5 16.4 16.3 17.2 18.9 17.8 16.4 17.6 18.4 18.1 18.2 18.3 18.2 17.1 17.7 16.7 16.4 17.7 17.0 15.9 21.9 20.2 20.9 20.2 25.9 21.6 22.4 11.9 19991999 14.9 14.7 15.9 16.2 16.0 15.9 16.8 18.4 17.3 16.0 17.1 17.8 17.5 17.6 17.7 17.5 16.5 17.0 16.0 15.7 16.7 16.1 15.0 20.2 18.5 18.8 17.9 21.9 17.7 17.0 9.4 7.0 20002000 14.2 14.0 15.1 15.3 15.2 15.0 15.8 17.3 16.2 15.0 16.0 16.6 16.3 16.3 16.2 16.0 15.0 15.3 14.4 13.9 14.8 14.0 12.9 17.2 15.4 15.3 14.1 16.7 12.5 10.7 3.9 0.1 -6.4 20012001 13.7 13.4 14.5 14.7 14.5 14.4 15.1 16.5 15.4 14.2 15.1 15.7 15.3 15.3 15.2 14.9 13.9 14.2 13.2 12.8 13.4 12.6 11.5 15.2 13.4 13.2 11.8 13.7 9.8 7.8 2.2 -0.9 -4.6 -2.7 20022002 12.1 11.8 12.8 12.9 12.7 12.5 13.1 14.4 13.3 12.1 12.8 13.3 12.8 12.7 12.5 12.1 11.0 11.1 10.0 9.4 9.8 8.8 7.5 10.5 8.5 7.8 6.1 6.9 2.9 0.3 -5.3 -9.2 -14.1 -17.6 -30.3 20032003 12.7 12.4 13.5 13.6 13.4 13.2 13.8 15.1 14.1 12.9 13.7 14.1 13.7 13.6 13.5 13.2 12.2 12.3 11.4 10.8 11.3 10.5 9.4 12.3 10.6 10.1 8.8 9.9 6.6 4.8 0.6 -1.5 -3.5 -2.5 -2.5 36.4 20042004 12.8 12.6 13.6 13.7 13.5 13.3 14.0 15.2 14.2 13.1 13.8 14.2 13.9 13.8 13.7 13.4 12.4 12.6 11.7 11.2 11.7 10.9 9.9 12.7 11.2 10.8 9.6 10.6 7.8 6.3 2.9 1.5 0.4 2.2 3.8 26.7 17.7 20052005 12.7 12.5 13.5 13.6 13.4 13.2 13.8 15.0 14.0 12.9 13.7 14.1 13.7 13.6 13.5 13.2 12.3 12.4 11.6 11.1 11.6 10.9 9.9 12.5 11.1 10.7 9.6 10.5 8.0 6.7 3.7 2.6 1.9 3.6 5.3 20.8 13.6 9.7 20062006 13.0 12.7 13.7 13.8 13.6 13.5 14.1 15.2 14.3 13.2 13.9 14.3 14.0 13.9 13.8 13.5 12.7 12.8 12.0 11.7 12.1 11.4 10.6 13.1 11.7 11.4 10.5 11.4 9.2 8.1 5.6 4.8 4.5 6.5 8.4 21.1 16.3 15.6 21.9 20072007 12.3 12.0 12.9 13.0 12.8 12.6 13.2 14.2 13.3 12.3 13.0 13.3 13.0 12.8 12.7 12.4 11.5 11.6 10.8 10.4 10.7 10.1 9.2 11.4 10.1 9.7 8.7 9.4 7.2 6.1 3.7 2.8 2.3 3.6 4.7 13.5 8.4 5.5 3.4 -12.2 20082008 9.9 9.6 10.4 10.4 10.2 9.9 10.4 11.3 10.3 9.3 9.8 10.0 9.6 9.3 9.1 8.7 7.7 7.7 6.7 6.2 6.3 5.5 4.4 6.2 4.7 4.0 2.8 3.0 0.6 -0.9 -3.6 -5.0 -6.2 -6.2 -6.7 -2.0 -8.3 -13.9 -20.6 -35.9 -53.1 20092009 10.5 10.2 11.0 11.0 10.8 10.6 11.0 12.0 11.1 10.0 10.6 10.8 10.4 10.2 10.0 9.6 8.7 8.7 7.9 7.4 7.5 6.8 5.9 7.6 6.3 5.7 4.6 5.0 2.8 1.6 -0.7 -1.7 -2.6 -2.1 -2.1 2.8 -1.9 -5.4 -8.9 -17.3 -19.7 37.5 20102010 10.7 10.4 11.2 11.3 11.1 10.8 11.3 12.2 11.3 10.3 10.8 11.1 10.7 10.5 10.3 10.0 9.1 9.1 8.3 7.9 8.0 7.4 6.5 8.2 7.0 6.5 5.5 5.9 3.9 2.9 0.8 -0.1 -0.7 -0.1 0.2 4.8 1.0 -1.6 -3.7 -9.2 -8.2 28.5 20.2

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$4,228

2010

19

19


19271927 28.9 19281928 28.6 28.3 19291929 -3.4 -16.4 -45.5 19301930 -13.3 -24.0 -41.5 -37.1 19311931 -19.9 -28.9 -41.6 -39.6 -41.9 19321932 -14.9 -21.7 -30.8 -25.1 -18.2 15.2 19331933 -0.4 -4.6 -10.1 1.9 19.8 71.9 156.5 19341934 3.4 0.2 -3.9 7.7 23.2 58.2 85.5 34.1 19351935 6.8 4.4 1.3 12.4 26.2 53.3 68.6 36.6 39.2 19361936 10.6 8.7 6.5 17.2 30.0 52.7 63.9 41.1 44.7 50.5 19371937 2.5 0.2 -2.5 4.8 12.8 25.9 28.2 7.8 0.2 -14.9 -51.9 19381938 5.4 3.5 1.3 8.6 16.2 28.3 30.7 14.2 9.7 1.3 -16.9 43.7 19391939 6.5 4.8 2.9 9.7 16.7 27.3 29.1 15.2 11.7 5.7 -6.0 31.4 20.2 19401940 5.6 4.0 2.1 8.2 14.2 23.1 24.1 11.9 8.6 3.3 -6.0 17.6 6.4 -5.9 19411941 4.3 2.7 0.9 6.3 11.5 19.0 19.4 8.5 5.3 0.5 -7.3 9.2 -0.3 -9.2 -12.4 19421942 5.1 3.7 2.1 7.2 12.1 19.0 19.3 9.6 6.9 2.9 -3.4 11.1 4.2 -0.7 2.0 18.9 19431943 7.4 6.2 4.8 9.9 14.7 21.4 21.9 13.2 11.1 8.0 3.0 16.9 12.2 10.3 16.3 34.0 51.1 19441944 9.0 7.9 6.8 11.7 16.4 22.8 23.4 15.5 13.8 11.2 7.1 20.1 16.6 15.8 22.0 36.3 45.9 40.9 19451945 11.6 10.7 9.7 14.6 19.3 25.6 26.4 19.2 17.9 16.0 12.7 25.3 22.9 23.3 30.2 43.7 53.1 54.2 68.7 19461946 10.0 9.1 8.1 12.5 16.7 22.3 22.8 16.0 14.6 12.6 9.4 19.9 17.2 16.8 21.1 29.1 31.9 26.0 19.1 -15.8 19471947 8.8 7.9 6.9 11.0 14.8 19.8 20.1 13.7 12.3 10.3 7.2 16.2 13.5 12.7 15.6 21.1 21.5 15.1 7.6 -14.1 -12.4 19481948 8.0 7.1 6.1 9.9 13.4 17.9 18.1 12.2 10.7 8.8 5.9 13.8 11.2 10.2 12.4 16.5 16.1 10.1 3.5 -12.0 -10.0 -7.6 19491949 8.3 7.5 6.6 10.2 13.5 17.8 18.0 12.4 11.1 9.3 6.6 14.0 11.6 10.8 12.8 16.4 16.1 11.1 5.9 -5.7 -2.1 3.5 15.9 19501950 8.8 8.1 7.2 10.7 13.9 18.0 18.2 12.9 11.7 10.1 7.6 14.5 12.4 11.7 13.6 17.0 16.7 12.5 8.3 -0.8 3.3 9.1 18.7 21.5 19511951 9.3 8.5 7.7 11.1 14.2 18.1 18.2 13.3 12.1 10.6 8.4 14.9 12.9 12.3 14.2 17.2 17.0 13.4 9.9 2.3 6.4 11.7 19.0 20.5 19.6 19521952 9.0 8.3 7.5 10.7 13.6 17.3 17.4 12.7 11.6 10.2 8.0 14.0 12.2 11.6 13.2 15.8 15.5 12.1 9.0 2.4 5.8 9.9 14.7 14.3 10.9 2.9 19531953 8.7 8.0 7.2 10.3 13.0 16.5 16.6 12.0 11.0 9.6 7.6 13.1 11.3 10.7 12.1 14.5 14.1 10.9 8.0 2.1 5.0 8.2 11.7 10.7 7.3 1.6 0.3 19541954 9.9 9.2 8.6 11.6 14.3 17.7 17.8 13.6 12.6 11.4 9.5 15.0 13.4 12.9 14.4 16.8 16.6 13.9 11.5 6.5 9.6 13.2 17.1 17.4 16.4 15.3 22.1 48.5 19551955 10.1 9.5 8.9 11.8 14.4 17.7 17.8 13.7 12.8 11.6 9.9 15.1 13.6 13.2 14.6 16.8 16.6 14.1 12.0 7.5 10.4 13.7 17.1 17.3 16.4 15.7 20.3 31.7 16.8 19561956 10.0 9.4 8.8 11.6 14.1 17.2 17.3 13.4 12.5 11.4 9.7 14.6 13.2 12.8 14.0 16.1 15.9 13.5 11.5 7.4 10.0 12.8 15.7 15.7 14.7 13.8 16.7 22.7 11.5 6.5 19571957 8.9 8.2 7.6 10.3 12.6 15.5 15.5 11.7 10.8 9.7 8.0 12.5 11.1 10.6 11.6 13.3 13.0 10.7 8.6 4.7 6.8 8.9 11.0 10.4 8.9 7.2 8.0 10.1 -0.4 -8.0 -20.5 19581958 10.4 9.9 9.3 12.0 14.3 17.2 17.3 13.7 12.9 11.9 10.4 14.8 13.5 13.2 14.4 16.2 16.0 14.0 12.3 8.8 11.2 13.6 16.0 16.0 15.3 14.7 16.8 20.4 14.3 13.5 17.1 72.6 19591959 10.6 10.1 9.6 12.1 14.4 17.2 17.3 13.8 13.0 12.1 10.6 14.9 13.7 13.4 14.5 16.2 16.1 14.2 12.6 9.4 11.6 13.9 16.1 16.1 15.5 15.0 16.8 19.8 14.8 14.3 17.0 42.1 16.9 19601960 10.1 9.6 9.1 11.5 13.7 16.4 16.4 13.0 12.3 11.3 10.0 14.0 12.8 12.4 13.5 15.0 14.8 13.0 11.4 8.4 10.3 12.3 14.2 14.0 13.3 12.6 13.9 16.0 11.3 10.2 11.1 24.3 5.5 -4.8 19611961 10.5 10.0 9.5 12.0 14.1 16.7 16.7 13.5 12.8 11.9 10.5 14.4 13.3 13.0 14.0 15.5 15.3 13.6 12.2 9.4 11.3 13.2 15.0 14.9 14.3 13.8 15.1 17.1 13.2 12.6 13.9 24.6 11.8 9.3 25.4 19621962 9.4 8.8 8.3 10.6 12.6 15.0 15.0 11.9 11.1 10.2 8.9 12.5 11.4 11.0 11.8 13.2 12.9 11.2 9.7 7.0 8.6 10.1 11.5 11.2 10.4 9.6 10.3 11.5 7.5 6.3 6.2 12.6 1.2 -3.6 -3.0 -25.0 19631963 9.4 8.9 8.4 10.7 12.6 14.9 14.9 11.9 11.2 10.3 9.0 12.5 11.4 11.1 11.9 13.1 12.9 11.2 9.8 7.3 8.8 10.3 11.6 11.3 10.5 9.8 10.5 11.5 8.0 7.0 7.1 12.5 3.3 0.2 1.9 -8.2 12.3 19641964 9.4 9.0 8.5 10.6 12.5 14.7 14.7 11.8 11.1 10.3 9.0 12.4 11.3 11.0 11.8 13.0 12.7 11.1 9.8 7.4 8.8 10.2 11.4 11.2 10.5 9.8 10.4 11.3 8.2 7.3 7.3 12.1 4.3 1.9 3.7 -2.7 10.8 9.3 19651965 10.1 9.7 9.2 11.3 13.2 15.4 15.4 12.6 11.9 11.1 10.0 13.3 12.3 12.0 12.7 13.9 13.7 12.3 11.1 8.8 10.2 11.7 12.9 12.7 12.2 11.6 12.4 13.4 10.7 10.1 10.5 15.1 8.7 7.3 10.0 6.4 19.5 23.3 39.1 19661966 9.7 9.3 8.8 10.9 12.6 14.8 14.7 12.0 11.4 10.6 9.4 12.6 11.6 11.3 12.0 13.1 12.9 11.5 10.3 8.1 9.4 10.7 11.8 11.6 11.0 10.5 11.0 11.9 9.3 8.6 8.8 12.7 6.9 5.5 7.3 4.0 12.9 13.1 15.1 -4.8 19671967 11.2 10.8 10.4 12.5 14.3 16.4 16.5 13.8 13.2 12.5 11.5 14.6 13.7 13.5 14.3 15.5 15.3 14.1 13.0 11.0 12.4 13.8 15.1 15.1 14.7 14.4 15.2 16.4 14.2 14.0 14.7 19.0 14.2 13.8 16.8 15.4 25.7 29.3 36.8 35.7 93.31968 11.7 11.3 10.9 12.9 14.7 16.8 16.9 14.3 13.7 13.0 12.0 15.1 14.3 14.1 14.9 16.0 15.9 14.7 13.7 11.8 13.3 14.6 15.9 15.9 15.6 15.4 16.2 17.3 15.4 15.3 16.0 20.1 15.8 15.7 18.5 17.6 26.7 29.8 35.5 34.4 59.61969 10.6 10.2 9.8 11.8 13.4 15.4 15.4 12.9 12.4 11.7 10.7 13.6 12.7 12.5 13.2 14.2 14.0 12.8 11.8 9.9 11.2 12.4 13.5 13.3 12.9 12.6 13.2 14.0 12.0 11.7 12.1 15.4 11.2 10.7 12.5 11.0 17.4 18.3 20.1 15.8 23.71970 9.8 9.4 9.0 10.8 12.4 14.3 14.3 11.8 11.3 10.5 9.5 12.3 11.4 11.2 11.8 12.7 12.5 11.3 10.3 8.4 9.6 10.7 11.6 11.4 10.9 10.5 10.9 11.5 9.6 9.1 9.3 12.0 8.0 7.3 8.6 6.8 11.7 11.6 11.9 7.2 10.41971 10.1 9.7 9.3 11.1 12.7 14.6 14.5 12.1 11.6 10.9 10.0 12.7 11.8 11.6 12.2 13.1 12.9 11.8 10.8 9.0 10.2 11.2 12.1 12.0 11.5 11.1 11.6 12.2 10.4 10.0 10.3 12.9 9.3 8.6 10.0 8.5 13.1 13.1 13.7 9.9 13.21972 9.8 9.4 9.0 10.7 12.3 14.1 14.0 11.7 11.2 10.5 9.5 12.1 11.3 11.1 11.7 12.5 12.3 11.2 10.2 8.5 9.6 10.6 11.4 11.2 10.8 10.4 10.8 11.3 9.6 9.2 9.3 11.7 8.2 7.6 8.7 7.3 11.2 11.1 11.3 7.8 10.11973 8.2 7.7 7.3 9.0 10.4 12.1 12.0 9.7 9.2 8.5 7.5 9.9 9.1 8.8 9.3 10.0 9.8 8.6 7.6 5.9 6.8 7.6 8.3 8.0 7.4 6.9 7.1 7.5 5.7 5.1 5.0 6.8 3.5 2.6 3.2 1.5 4.3 3.5 2.9 -0.9 -0.31974 7.1 6.7 6.2 7.8 9.2 10.8 10.7 8.4 7.9 7.2 6.2 8.5 7.7 7.3 7.7 8.4 8.1 6.9 6.0 4.3 5.1 5.8 6.3 6.0 5.4 4.8 4.9 5.1 3.3 2.6 2.4 4.0 0.7 -0.3 0.1 -1.7 0.6 -0.4 -1.4 -5.0 -5.11975 8.1 7.7 7.3 8.9 10.2 11.9 11.8 9.6 9.1 8.4 7.5 9.8 9.0 8.7 9.1 9.9 9.6 8.5 7.6 6.0 6.8 7.6 8.2 7.9 7.4 6.9 7.1 7.4 5.8 5.3 5.2 6.8 3.9 3.1 3.7 2.3 4.7 4.1 3.6 0.6 1.31976 8.7 8.3 7.9 9.5 10.8 12.4 12.4 10.3 9.7 9.1 8.2 10.5 9.7 9.5 9.9 10.7 10.4 9.4 8.5 7.0 7.8 8.6 9.2 9.0 8.6 8.1 8.4 8.7 7.2 6.8 6.8 8.4 5.7 5.0 5.7 4.5 7.0 6.6 6.4 3.8 4.71977 8.9 8.5 8.2 9.7 11.0 12.6 12.5 10.4 9.9 9.3 8.5 10.7 10.0 9.7 10.2 10.9 10.7 9.7 8.8 7.3 8.2 8.9 9.6 9.4 8.9 8.5 8.8 9.1 7.7 7.3 7.3 8.9 6.3 5.8 6.4 5.4 7.8 7.4 7.3 5.0 6.01978 9.1 8.8 8.4 9.9 11.2 12.8 12.7 10.7 10.2 9.6 8.8 11.0 10.2 10.0 10.5 11.2 10.9 10.0 9.2 7.7 8.6 9.3 9.9 9.7 9.4 9.0 9.2 9.6 8.2 7.9 7.9 9.5 7.1 6.6 7.2 6.2 8.6 8.3 8.3 6.2 7.21979 9.8 9.4 9.1 10.6 11.9 13.5 13.4 11.4 11.0 10.4 9.6 11.8 11.1 10.9 11.3 12.0 11.9 10.9 10.2 8.8 9.7 10.4 11.1 10.9 10.6 10.3 10.5 11.0 9.7 9.4 9.5 11.1 8.8 8.4 9.2 8.3 10.7 10.6 10.7 8.9 10.01980 10.5 10.2 9.8 11.4 12.6 14.2 14.2 12.2 11.8 11.2 10.5 12.6 12.0 11.8 12.3 13.0 12.8 11.9 11.2 9.9 10.8 11.6 12.2 12.1 11.8 11.5 11.9 12.3 11.1 10.9 11.1 12.7 10.6 10.3 11.1 10.4 12.8 12.8 13.0 11.5 12.71981 10.0 9.7 9.3 10.8 12.0 13.5 13.5 11.6 11.1 10.6 9.9 11.9 11.3 11.1 11.5 12.2 12.0 11.2 10.5 9.2 10.0 10.7 11.3 11.2 10.9 10.6 10.9 11.3 10.1 9.8 10.0 11.5 9.4 9.0 9.7 9.0 11.2 11.1 11.2 9.7 10.71982 10.1 9.8 9.4 10.9 12.1 13.6 13.5 11.7 11.2 10.7 10.0 12.0 11.4 11.2 11.6 12.3 12.1 11.3 10.6 9.3 10.1 10.9 11.4 11.3 11.0 10.7 11.0 11.4 10.3 10.0 10.2 11.6 9.6 9.3 10.0 9.3 11.4 11.3 11.4 10.0 11.01983 10.3 10.0 9.7 11.1 12.3 13.7 13.7 11.9 11.4 10.9 10.2 12.2 11.6 11.4 11.9 12.5 12.4 11.5 10.9 9.6 10.4 11.1 11.7 11.6 11.3 11.1 11.3 11.7 10.6 10.4 10.6 12.0 10.1 9.8 10.5 9.8 11.9 11.8 12.0 10.6 11.61984 9.7 9.4 9.1 10.5 11.6 13.0 13.0 11.2 10.7 10.2 9.5 11.5 10.8 10.6 11.0 11.7 11.5 10.7 10.0 8.8 9.5 10.2 10.8 10.6 10.3 10.0 10.3 10.6 9.5 9.3 9.4 10.7 8.8 8.5 9.1 8.4 10.3 10.2 10.2 8.9 9.71985 10.0 9.7 9.4 10.7 11.9 13.2 13.2 11.4 11.0 10.5 9.8 11.8 11.2 11.0 11.4 12.0 11.8 11.0 10.4 9.2 10.0 10.6 11.2 11.0 10.7 10.5 10.7 11.1 10.0 9.8 9.9 11.2 9.4 9.1 9.7 9.1 10.9 10.9 10.9 9.7 10.51986 9.8 9.5 9.2 10.6 11.7 13.0 13.0 11.3 10.9 10.4 9.7 11.6 11.0 10.8 11.2 11.8 11.6 10.8 10.2 9.1 9.8 10.4 10.9 10.8 10.5 10.3 10.5 10.8 9.8 9.6 9.7 10.9 9.2 8.9 9.5 8.9 10.6 10.5 10.5 9.3 10.11987 9.4 9.1 8.8 10.1 11.2 12.5 12.5 10.8 10.4 9.9 9.2 11.0 10.4 10.2 10.6 11.2 11.0 10.2 9.6 8.5 9.1 9.7 10.2 10.1 9.8 9.5 9.7 10.0 9.0 8.8 8.9 10.0 8.3 8.0 8.5 7.9 9.5 9.4 9.4 8.2 8.91988 9.6 9.3 9.0 10.3 11.3 12.6 12.6 10.9 10.5 10.0 9.4 11.1 10.6 10.4 10.8 11.3 11.1 10.4 9.8 8.7 9.4 9.9 10.4 10.3 10.0 9.8 10.0 10.2 9.3 9.1 9.1 10.3 8.6 8.4 8.9 8.3 9.8 9.7 9.8 8.6 9.31989 9.7 9.4 9.1 10.4 11.5 12.7 12.7 11.0 10.7 10.2 9.6 11.3 10.7 10.6 10.9 11.5 11.3 10.6 10.0 8.9 9.6 10.2 10.6 10.5 10.3 10.0 10.2 10.5 9.6 9.4 9.5 10.6 9.0 8.7 9.2 8.7 10.2 10.1 10.1 9.1 9.71990 9.2 8.9 8.6 9.9 10.9 12.1 12.1 10.5 10.1 9.6 9.0 10.7 10.1 9.9 10.3 10.8 10.6 9.9 9.3 8.2 8.9 9.4 9.9 9.7 9.4 9.2 9.4 9.6 8.7 8.5 8.5 9.6 8.0 7.7 8.2 7.6 9.0 8.9 8.9 7.8 8.41991 9.8 9.5 9.2 10.5 11.5 12.7 12.7 11.1 10.7 10.3 9.6 11.3 10.8 10.6 11.0 11.5 11.3 10.6 10.1 9.1 9.7 10.2 10.7 10.6 10.3 10.1 10.3 10.6 9.7 9.5 9.6 10.6 9.2 8.9 9.4 8.9 10.3 10.2 10.3 9.3 9.91992 9.7 9.4 9.1 10.4 11.4 12.6 12.5 11.0 10.6 10.1 9.5 11.2 10.7 10.5 10.8 11.3 11.2 10.5 9.9 8.9 9.6 10.1 10.5 10.4 10.2 9.9 10.1 10.4 9.5 9.3 9.4 10.4 9.0 8.8 9.2 8.7 10.1 10.0 10.0 9.1 9.61993 9.7 9.5 9.2 10.4 11.4 12.6 12.5 11.0 10.6 10.2 9.6 11.2 10.7 10.5 10.9 11.4 11.2 10.6 10.0 9.0 9.6 10.2 10.6 10.5 10.2 10.0 10.2 10.5 9.6 9.5 9.5 10.5 9.1 8.9 9.3 8.9 10.2 10.1 10.1 9.2 9.81994 9.5 9.2 8.9 10.1 11.1 12.2 12.2 10.7 10.3 9.9 9.3 10.9 10.4 10.2 10.5 11.0 10.9 10.2 9.6 8.7 9.3 9.8 10.2 10.1 9.8 9.6 9.8 10.0 9.2 9.0 9.1 10.0 8.6 8.4 8.8 8.3 9.6 9.5 9.5 8.6 9.11995 9.8 9.6 9.3 10.5 11.4 12.6 12.5 11.0 10.7 10.3 9.7 11.3 10.8 10.6 10.9 11.4 11.3 10.6 10.1 9.2 9.7 10.3 10.7 10.6 10.3 10.1 10.3 10.6 9.8 9.6 9.7 10.6 9.3 9.1 9.5 9.1 10.3 10.2 10.3 9.4 10.01996 9.9 9.6 9.4 10.5 11.4 12.6 12.5 11.1 10.7 10.3 9.7 11.3 10.8 10.6 11.0 11.4 11.3 10.7 10.2 9.2 9.8 10.3 10.7 10.6 10.4 10.2 10.4 10.6 9.8 9.7 9.8 10.7 9.4 9.2 9.6 9.2 10.4 10.3 10.4 9.6 10.11997 9.9 9.7 9.4 10.6 11.5 12.6 12.6 11.1 10.8 10.4 9.8 11.4 10.9 10.7 11.0 11.5 11.4 10.7 10.2 9.3 9.9 10.4 10.8 10.7 10.5 10.3 10.5 10.7 10.0 9.8 9.9 10.8 9.5 9.3 9.7 9.3 10.5 10.5 10.5 9.7 10.21998 9.8 9.6 9.4 10.5 11.4 12.5 12.4 11.0 10.7 10.3 9.7 11.2 10.8 10.6 10.9 11.4 11.2 10.6 10.1 9.2 9.8 10.3 10.7 10.6 10.4 10.2 10.3 10.6 9.8 9.7 9.7 10.6 9.4 9.2 9.6 9.2 10.3 10.3 10.3 9.5 10.01999 10.4 10.1 9.9 11.0 11.9 13.0 13.0 11.6 11.3 10.9 10.3 11.8 11.4 11.2 11.5 12.0 11.9 11.3 10.8 9.9 10.5 11.0 11.4 11.3 11.1 10.9 11.1 11.4 10.6 10.5 10.6 11.5 10.3 10.1 10.6 10.2 11.3 11.3 11.4 10.6 11.12000 9.8 9.6 9.3 10.4 11.3 12.3 12.3 10.9 10.6 10.2 9.7 11.1 10.7 10.5 10.8 11.2 11.1 10.5 10.0 9.2 9.7 10.2 10.6 10.5 10.3 10.1 10.2 10.4 9.7 9.6 9.7 10.5 9.3 9.1 9.5 9.1 10.2 10.1 10.2 9.4 9.92001 9.6 9.4 9.1 10.2 11.0 12.1 12.0 10.7 10.4 10.0 9.4 10.9 10.4 10.3 10.5 11.0 10.8 10.3 9.8 8.9 9.5 9.9 10.3 10.2 9.9 9.8 9.9 10.1 9.4 9.3 9.3 10.1 9.0 8.8 9.2 8.8 9.8 9.7 9.8 9.0 9.52002 8.9 8.6 8.4 9.4 10.2 11.2 11.2 9.8 9.5 9.1 8.6 10.0 9.5 9.3 9.6 10.0 9.9 9.3 8.8 8.0 8.5 8.9 9.2 9.1 8.9 8.7 8.8 9.0 8.3 8.1 8.1 8.9 7.7 7.5 7.8 7.4 8.4 8.3 8.3 7.5 7.92003 9.4 9.1 8.9 9.9 10.7 11.7 11.7 10.4 10.1 9.7 9.2 10.5 10.1 9.9 10.2 10.6 10.5 9.9 9.5 8.6 9.1 9.6 9.9 9.8 9.6 9.4 9.5 9.7 9.0 8.9 8.9 9.7 8.6 8.4 8.7 8.4 9.3 9.3 9.3 8.6 9.02004 9.4 9.1 8.9 9.9 10.8 11.7 11.7 10.4 10.1 9.7 9.2 10.5 10.1 10.0 10.2 10.6 10.5 9.9 9.5 8.7 9.2 9.6 9.9 9.8 9.6 9.4 9.6 9.7 9.1 8.9 9.0 9.7 8.6 8.5 8.8 8.4 9.4 9.3 9.3 8.6 9.02005 9.3 9.1 8.9 9.9 10.7 11.7 11.6 10.3 10.0 9.7 9.2 10.5 10.0 9.9 10.2 10.6 10.4 9.9 9.4 8.6 9.1 9.5 9.9 9.7 9.5 9.4 9.5 9.7 9.0 8.9 8.9 9.6 8.6 8.4 8.7 8.4 9.3 9.2 9.2 8.6 8.92006 9.3 9.1 8.9 9.9 10.7 11.6 11.6 10.3 10.0 9.6 9.2 10.5 10.0 9.9 10.1 10.5 10.4 9.9 9.4 8.6 9.1 9.5 9.8 9.7 9.5 9.4 9.5 9.7 9.0 8.9 8.9 9.6 8.6 8.4 8.7 8.4 9.3 9.2 9.2 8.6 9.02007 9.3 9.1 8.8 9.8 10.6 11.5 11.5 10.2 9.9 9.6 9.1 10.4 10.0 9.8 10.1 10.4 10.3 9.8 9.3 8.6 9.0 9.4 9.8 9.7 9.5 9.3 9.4 9.6 9.0 8.8 8.9 9.5 8.5 8.4 8.7 8.3 9.2 9.1 9.1 8.5 8.92008 8.4 8.2 7.9 8.9 9.6 10.6 10.5 9.3 9.0 8.6 8.1 9.3 8.9 8.8 9.0 9.4 9.2 8.7 8.2 7.5 7.9 8.3 8.6 8.4 8.2 8.0 8.1 8.3 7.6 7.5 7.5 8.1 7.1 6.9 7.2 6.8 7.7 7.6 7.5 6.9 7.22009 8.7 8.5 8.3 9.2 10.0 10.9 10.8 9.6 9.3 8.9 8.5 9.7 9.3 9.1 9.4 9.7 9.6 9.1 8.6 7.9 8.3 8.7 9.0 8.9 8.7 8.5 8.6 8.7 8.1 8.0 8.0 8.6 7.7 7.5 7.7 7.4 8.2 8.1 8.1 7.5 7.82010 9.0 8.7 8.5 9.5 10.2 11.1 11.1 9.9 9.6 9.2 8.8 10.0 9.6 9.4 9.7 10.0 9.9 9.4 9.0 8.2 8.7 9.0 9.3 9.2 9.0 8.8 9.0 9.1 8.5 8.4 8.4 9.0 8.1 7.9 8.2 7.9 8.7 8.6 8.6 8.0 8.3

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

20


US SMALL CAp GROWTH INDEX1927–2010: Total Returns (%)


19681968 31.8 19691969 -1.1 -25.8 19701970 -8.4 -23.6 -21.4 19711971 -1.0 -10.0 -0.9 24.9 19721972 -1.6 -8.6 -2.0 9.5 -4.0 19731973 -10.7 -17.4 -15.2 -13.0 -27.4 -45.1 19741974 -14.3 -20.2 -19.0 -18.4 -29.2 -39.2 -32.7 19751975 -6.6 -11.1 -8.4 -5.5 -11.9 -14.3 7.0 70.0 19761976 -2.2 -5.8 -2.5 1.1 -3.1 -2.9 17.4 55.1 41.5 19771977 -0.2 -3.3 0.0 3.5 0.3 1.2 17.9 42.0 29.9 19.1 19781978 1.6 -1.0 2.2 5.6 3.1 4.3 18.6 36.6 27.0 20.3 21.5 19791979 5.0 2.8 6.2 9.8 8.1 9.9 23.4 39.3 32.6 29.7 35.4 50.8 19801980 8.1 6.4 9.9 13.7 12.5 14.7 27.4 41.7 36.7 35.5 41.4 52.6 54.4 19811981 6.4 4.6 7.7 10.8 9.5 11.1 21.3 32.0 26.5 23.7 24.9 26.1 15.3 -14.0 19821982 7.0 5.4 8.3 11.2 10.0 11.5 20.7 29.8 24.9 22.3 23.0 23.4 15.4 -0.3 15.6 19831983 7.8 6.4 9.2 12.0 11.0 12.4 20.8 28.9 24.5 22.2 22.8 23.0 16.9 6.6 18.6 21.7 19841984 6.1 4.6 7.1 9.5 8.4 9.5 16.5 23.1 18.8 16.2 15.8 14.9 8.8 -0.3 4.7 -0.4 -18.5 19851985 7.1 5.8 8.2 10.5 9.6 10.7 17.4 23.4 19.6 17.3 17.1 16.5 11.6 4.6 9.8 7.9 1.6 26.8 19861986 6.9 5.7 7.9 10.0 9.1 10.1 16.2 21.6 17.9 15.8 15.4 14.7 10.3 4.2 8.3 6.6 2.0 14.0 2.6 19871987 5.8 4.6 6.6 8.5 7.6 8.4 13.8 18.5 15.0 12.8 12.2 11.2 7.0 1.6 4.4 2.3 -2.0 4.2 -5.5 -13.0 19881988 6.4 5.2 7.2 9.0 8.2 9.0 14.1 18.4 15.2 13.2 12.7 11.9 8.2 3.5 6.3 4.8 1.7 7.5 1.8 1.4 18.2 19891989 6.9 5.9 7.8 9.6 8.8 9.6 14.4 18.5 15.5 13.7 13.3 12.6 9.3 5.2 7.9 6.8 4.5 9.9 6.0 7.2 19.0 19.8 19901990 5.7 4.6 6.4 8.0 7.2 7.8 12.2 15.8 12.9 11.1 10.5 9.6 6.5 2.6 4.6 3.3 1.0 4.6 0.7 0.2 5.1 -1.0 -18.1 19911991 7.3 6.4 8.1 9.8 9.1 9.8 14.1 17.7 15.1 13.5 13.1 12.5 9.8 6.4 8.7 7.9 6.3 10.5 7.9 9.0 15.4 14.5 11.9 52.9 19921992 7.2 6.3 7.9 9.5 8.8 9.5 13.6 16.9 14.4 12.8 12.4 11.8 9.3 6.2 8.2 7.5 6.0 9.6 7.3 8.1 13.0 11.7 9.1 26.0 3.8 19931993 7.4 6.6 8.2 9.7 9.0 9.7 13.6 16.7 14.3 12.9 12.5 11.9 9.6 6.7 8.7 8.1 6.8 10.0 8.1 8.9 13.1 12.1 10.2 21.7 8.6 13.6 19941994 6.8 6.0 7.5 8.9 8.3 8.9 12.5 15.4 13.1 11.7 11.2 10.6 8.4 5.7 7.3 6.7 5.4 8.2 6.3 6.7 9.9 8.6 6.5 13.7 3.0 2.7 -7.2 19951995 7.8 7.0 8.5 9.9 9.3 9.9 13.4 16.3 14.1 12.8 12.5 12.0 9.9 7.4 9.2 8.7 7.7 10.4 8.9 9.6 12.9 12.1 10.9 17.8 10.4 12.7 12.2 35.7 19961996 7.9 7.2 8.7 10.0 9.5 10.1 13.4 16.2 14.1 12.8 12.5 12.0 10.1 7.8 9.4 9.0 8.1 10.7 9.3 10.0 12.9 12.2 11.2 17.0 10.9 12.8 12.5 24.0 13.2 19971997 8.2 7.4 8.9 10.2 9.7 10.2 13.5 16.1 14.1 12.9 12.6 12.2 10.4 8.2 9.8 9.4 8.6 11.0 9.7 10.4 13.1 12.5 11.7 16.7 11.6 13.2 13.1 20.9 14.0 14.9 19981998 8.0 7.3 8.7 10.0 9.4 10.0 13.1 15.6 13.6 12.5 12.2 11.8 10.0 8.0 9.4 9.0 8.2 10.5 9.3 9.9 12.2 11.7 10.8 15.1 10.5 11.6 11.3 16.4 10.6 9.3 4.1 19991999 9.2 8.6 10.0 11.3 10.8 11.4 14.5 16.9 15.1 14.1 13.8 13.5 11.9 10.0 11.5 11.3 10.7 12.9 12.0 12.8 15.2 15.0 14.5 18.9 15.2 16.9 17.5 23.1 20.2 22.6 26.6 54.1 20002000 8.0 7.4 8.6 9.8 9.3 9.8 12.7 15.0 13.2 12.1 11.8 11.4 9.8 8.0 9.3 8.9 8.2 10.1 9.1 9.6 11.6 11.0 10.3 13.6 9.9 10.7 10.3 13.5 9.5 8.6 6.6 7.9 -24.5 20012001 7.6 7.0 8.2 9.3 8.9 9.3 12.1 14.2 12.5 11.4 11.1 10.7 9.1 7.3 8.5 8.2 7.5 9.2 8.2 8.6 10.4 9.8 9.0 11.8 8.4 8.9 8.4 10.8 7.1 5.9 3.8 3.7 -14.9 -4.1 20022002 6.1 5.4 6.6 7.6 7.1 7.5 10.0 11.9 10.2 9.2 8.8 8.3 6.7 5.0 6.0 5.5 4.7 6.2 5.1 5.2 6.6 5.8 4.8 6.9 3.5 3.5 2.4 3.7 -0.2 -2.3 -5.4 -7.6 -22.1 -20.8 -34.6 20032003 7.2 6.6 7.8 8.8 8.3 8.7 11.2 13.2 11.6 10.6 10.3 9.8 8.4 6.7 7.8 7.4 6.8 8.3 7.4 7.6 9.1 8.5 7.7 10.0 7.1 7.4 6.8 8.4 5.4 4.4 2.7 2.4 -7.5 -1.0 0.6 54.7 20042004 7.3 6.7 7.9 8.9 8.4 8.8 11.2 13.1 11.5 10.6 10.3 9.9 8.5 6.9 7.9 7.6 7.0 8.4 7.5 7.8 9.2 8.7 8.0 10.1 7.4 7.7 7.1 8.7 6.1 5.2 3.9 3.8 -4.0 1.9 4.0 31.1 11.2 20052005 7.3 6.7 7.8 8.8 8.3 8.7 11.1 12.9 11.4 10.4 10.1 9.7 8.4 6.9 7.9 7.5 6.9 8.3 7.5 7.7 9.0 8.5 7.8 9.8 7.3 7.5 7.1 8.5 6.1 5.3 4.1 4.1 -2.4 2.7 4.5 22.2 8.6 6.0 20062006 7.4 6.8 7.8 8.8 8.4 8.7 11.0 12.8 11.3 10.4 10.1 9.7 8.4 7.0 7.9 7.6 7.0 8.4 7.6 7.8 9.0 8.5 7.9 9.8 7.4 7.7 7.2 8.5 6.3 5.7 4.7 4.8 -0.8 3.8 5.4 18.8 8.8 7.6 9.3 20072007 7.3 6.7 7.8 8.7 8.3 8.6 10.8 12.5 11.1 10.2 9.9 9.6 8.3 6.9 7.8 7.5 6.9 8.2 7.4 7.7 8.8 8.4 7.8 9.5 7.2 7.5 7.1 8.2 6.2 5.6 4.7 4.8 -0.1 3.9 5.4 15.9 7.8 6.7 7.1 5.0 20082008 5.6 5.1 6.0 6.8 6.4 6.7 8.7 10.3 8.8 7.9 7.6 7.2 5.9 4.5 5.3 4.9 4.3 5.3 4.5 4.6 5.5 4.9 4.2 5.6 3.3 3.3 2.6 3.3 1.2 0.3 -1.0 -1.5 -6.2 -3.7 -3.6 2.8 -5.2 -8.9 -13.4 -22.9 -43.4 20092009 6.3 5.8 6.7 7.5 7.1 7.4 9.5 11.0 9.6 8.8 8.4 8.1 6.9 5.5 6.3 5.9 5.4 6.5 5.7 5.8 6.8 6.3 5.6 7.1 5.0 5.0 4.5 5.4 3.5 2.8 1.8 1.6 -2.5 0.3 0.8 7.3 0.9 -1.0 -2.7 -6.4 -11.6 38.1 20102010 6.8 6.3 7.3 8.1 7.7 8.0 10.0 11.5 10.2 9.4 9.1 8.7 7.6 6.3 7.1 6.8 6.3 7.4 6.6 6.8 7.8 7.3 6.8 8.2 6.2 6.4 6.0 6.8 5.2 4.6 3.9 3.8 0.2 3.0 3.9 10.1 4.8 3.8 3.4 2.0 1.0 34.9 31.8

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$1,359

2010

21

21


19271927 43.0 19281928 45.4 47.8 19291929 16.4 5.0 -25.4 19301930 3.2 -7.5 -26.8 -28.2 19311931 -6.6 -16.1 -30.5 -33.0 -37.4 19321932 -7.4 -15.2 -26.2 -26.4 -25.5 -11.4 19331933 0.5 -5.3 -13.4 -10.1 -3.1 20.6 64.2 19341934 1.8 -3.1 -9.7 -6.1 0.3 17.5 35.2 11.4 19351935 5.6 1.6 -3.7 0.5 7.5 23.1 37.3 25.6 41.7 19361936 7.6 4.2 -0.2 4.0 10.6 24.0 34.8 26.2 34.4 27.4 19371937 2.9 -0.4 -4.7 -1.8 2.7 11.6 16.8 7.3 6.0 -8.3 -34.0 19381938 5.1 2.2 -1.5 1.5 6.0 14.3 19.3 11.9 12.0 3.6 -6.6 32.1 19391939 5.1 2.4 -0.9 1.9 5.9 13.1 17.2 10.8 10.6 4.0 -2.8 18.0 5.4 19401940 3.9 1.4 -1.7 0.8 4.2 10.3 13.4 7.5 6.9 1.1 -4.6 7.8 -2.6 -9.9 19411941 2.8 0.4 -2.6 -0.4 2.6 7.8 10.2 4.8 3.9 -1.3 -6.2 2.4 -6.0 -11.1 -12.3 19421942 3.4 1.1 -1.6 0.6 3.4 8.2 10.4 5.7 5.0 0.6 -3.3 4.4 -1.6 -3.8 -0.6 12.7 19431943 4.3 2.3 -0.2 1.9 4.7 9.3 11.4 7.1 6.7 2.9 -0.1 7.0 2.6 1.9 6.2 16.9 21.2 19441944 5.0 3.1 0.8 2.9 5.5 9.9 11.9 8.0 7.7 4.5 1.9 8.4 4.9 4.8 8.9 17.1 19.3 17.5 19451945 6.3 4.6 2.5 4.5 7.2 11.4 13.3 9.9 9.7 7.0 4.9 11.2 8.5 9.0 13.3 20.7 23.6 24.8 32.5 19461946 5.5 3.8 1.8 3.7 6.1 9.9 11.6 8.4 8.1 5.5 3.5 8.8 6.2 6.3 9.3 14.3 14.7 12.6 10.2 -8.3 19471947 5.5 3.9 2.0 3.8 6.0 9.6 11.1 8.1 7.8 5.4 3.6 8.4 6.0 6.1 8.6 12.6 12.6 10.5 8.3 -2.1 4.5 19481948 5.4 3.8 2.0 3.7 5.9 9.2 10.6 7.7 7.5 5.2 3.6 7.9 5.7 5.8 7.9 11.2 10.9 9.0 6.9 -0.4 3.8 3.1 19491949 6.1 4.6 2.9 4.6 6.7 9.9 11.3 8.6 8.4 6.4 4.9 9.1 7.2 7.4 9.5 12.6 12.5 11.2 9.9 4.9 9.8 12.5 22.7 19501950 6.8 5.5 3.8 5.5 7.5 10.6 12.0 9.5 9.4 7.5 6.2 10.2 8.6 8.9 10.9 13.9 14.0 13.1 12.3 8.7 13.4 16.6 23.9 25.1 19511951 7.3 6.0 4.5 6.1 8.1 11.1 12.4 10.1 10.0 8.3 7.1 10.9 9.4 9.7 11.7 14.5 14.7 13.9 13.3 10.4 14.6 17.3 22.5 22.4 19.7 19521952 7.5 6.3 4.8 6.4 8.3 11.2 12.4 10.2 10.2 8.5 7.5 11.0 9.6 10.0 11.8 14.3 14.5 13.8 13.3 10.8 14.4 16.4 20.0 19.1 16.3 13.0 19531953 7.3 6.1 4.7 6.2 8.0 10.7 11.9 9.8 9.7 8.1 7.1 10.4 9.1 9.3 11.0 13.2 13.2 12.5 11.9 9.6 12.4 13.8 16.1 14.4 11.1 7.0 1.4 19541954 8.6 7.5 6.2 7.7 9.5 12.2 13.4 11.4 11.4 10.0 9.1 12.4 11.3 11.7 13.4 15.7 16.0 15.5 15.3 13.5 16.6 18.5 21.2 21.0 19.9 20.0 23.7 50.9 19551955 9.3 8.2 7.0 8.5 10.3 12.9 14.1 12.2 12.3 11.0 10.2 13.4 12.3 12.8 14.5 16.7 17.0 16.7 16.6 15.1 18.1 19.9 22.5 22.5 21.9 22.5 25.9 40.2 30.3 19561956 9.2 8.2 7.0 8.4 10.2 12.7 13.8 12.0 12.1 10.8 10.0 13.1 12.1 12.5 14.1 16.1 16.3 16.0 15.8 14.4 17.0 18.5 20.5 20.2 19.5 19.4 21.1 28.4 18.5 7.7 19571957 8.5 7.5 6.4 7.7 9.4 11.7 12.8 11.0 11.0 9.8 9.0 11.8 10.8 11.1 12.5 14.3 14.4 13.9 13.6 12.2 14.2 15.3 16.7 16.0 14.7 13.9 14.1 17.5 8.1 -1.5 -9.9 19581958 9.4 8.5 7.4 8.7 10.4 12.7 13.7 12.1 12.1 11.0 10.3 13.0 12.1 12.5 13.9 15.7 15.9 15.5 15.4 14.2 16.3 17.4 18.9 18.5 17.7 17.4 18.2 21.9 15.5 11.0 12.7 40.9 19591959 9.6 8.7 7.6 8.9 10.5 12.8 13.8 12.2 12.2 11.2 10.5 13.1 12.3 12.7 14.0 15.7 15.8 15.5 15.4 14.2 16.2 17.2 18.6 18.2 17.5 17.2 17.8 20.8 15.5 12.1 13.6 27.5 15.5 19601960 9.2 8.3 7.3 8.6 10.1 12.2 13.2 11.6 11.6 10.6 9.9 12.4 11.6 11.9 13.1 14.6 14.7 14.4 14.2 13.0 14.8 15.6 16.7 16.2 15.3 14.8 15.0 17.1 12.3 9.0 9.3 16.6 6.1 -2.5 19611961 9.7 8.9 7.8 9.1 10.6 12.7 13.6 12.1 12.2 11.2 10.6 13.0 12.2 12.5 13.7 15.2 15.4 15.0 14.9 13.9 15.5 16.4 17.5 17.0 16.3 16.0 16.3 18.3 14.3 11.8 12.7 19.1 12.7 11.3 27.1 19621962 9.0 8.2 7.2 8.3 9.7 11.8 12.6 11.2 11.2 10.2 9.5 11.8 11.0 11.3 12.3 13.7 13.7 13.4 13.1 12.1 13.5 14.1 15.0 14.4 13.5 13.0 13.0 14.4 10.5 7.9 7.9 11.9 5.6 2.5 5.1 -13.1 19631963 9.3 8.5 7.6 8.7 10.1 12.0 12.9 11.5 11.5 10.6 10.0 12.2 11.4 11.7 12.7 14.0 14.1 13.8 13.6 12.6 14.0 14.6 15.4 14.9 14.1 13.7 13.7 15.1 11.6 9.5 9.8 13.4 8.6 7.0 10.3 2.8 21.6 19641964 9.5 8.7 7.7 8.9 10.2 12.1 13.0 11.6 11.6 10.7 10.1 12.3 11.6 11.8 12.8 14.1 14.1 13.8 13.6 12.7 14.0 14.6 15.3 14.9 14.2 13.8 13.8 15.0 12.0 10.1 10.4 13.6 9.6 8.5 11.4 6.6 18.1 14.8 19651965 9.6 8.8 7.9 9.1 10.4 12.2 13.0 11.7 11.7 10.9 10.3 12.4 11.7 11.9 12.9 14.1 14.2 13.9 13.7 12.8 14.1 14.6 15.4 14.9 14.3 13.9 14.0 15.1 12.3 10.6 10.9 13.8 10.4 9.6 12.2 8.8 17.2 15.1 15.4 19661966 9.1 8.3 7.4 8.5 9.7 11.5 12.3 11.0 11.0 10.1 9.6 11.5 10.8 11.0 11.9 13.0 13.0 12.7 12.5 11.6 12.7 13.2 13.8 13.3 12.6 12.1 12.0 12.9 10.2 8.5 8.6 10.9 7.6 6.5 8.1 4.7 9.7 6.0 1.8 -10.1 19671967 9.6 8.9 8.0 9.1 10.3 12.1 12.8 11.6 11.6 10.8 10.3 12.2 11.5 11.8 12.7 13.8 13.8 13.5 13.3 12.5 13.6 14.1 14.7 14.3 13.7 13.3 13.3 14.2 11.8 10.4 10.7 13.0 10.2 9.6 11.4 9.0 14.0 12.2 11.4 9.4 33.31968 9.5 8.7 7.9 8.9 10.1 11.8 12.6 11.3 11.3 10.5 10.0 11.9 11.3 11.5 12.3 13.4 13.4 13.1 12.9 12.1 13.2 13.6 14.1 13.7 13.1 12.7 12.7 13.5 11.2 9.9 10.0 12.1 9.5 8.9 10.4 8.2 12.2 10.4 9.4 7.5 17.51969 9.3 8.6 7.8 8.8 9.9 11.6 12.3 11.1 11.1 10.3 9.8 11.6 11.0 11.2 12.0 13.0 13.0 12.7 12.5 11.7 12.7 13.1 13.6 13.1 12.5 12.2 12.1 12.8 10.6 9.4 9.5 11.3 8.9 8.3 9.6 7.5 10.9 9.2 8.1 6.3 12.41970 8.9 8.2 7.4 8.4 9.5 11.1 11.7 10.6 10.5 9.8 9.3 11.0 10.4 10.5 11.3 12.2 12.2 11.9 11.7 10.9 11.8 12.1 12.5 12.1 11.5 11.0 10.9 11.5 9.4 8.2 8.2 9.7 7.5 6.8 7.8 5.8 8.4 6.7 5.4 3.5 7.21971 9.2 8.5 7.7 8.7 9.8 11.3 12.0 10.9 10.9 10.1 9.6 11.3 10.7 10.9 11.6 12.5 12.5 12.2 12.0 11.3 12.2 12.5 13.0 12.5 12.0 11.6 11.5 12.1 10.2 9.0 9.1 10.6 8.6 8.0 9.0 7.4 9.9 8.6 7.7 6.5 10.11972 9.5 8.8 8.1 9.0 10.1 11.6 12.3 11.2 11.2 10.4 10.0 11.6 11.1 11.2 12.0 12.9 12.9 12.6 12.4 11.7 12.6 12.9 13.4 13.0 12.4 12.1 12.1 12.7 10.8 9.8 9.9 11.4 9.5 9.1 10.1 8.7 11.2 10.1 9.5 8.7 12.21973 8.7 8.1 7.3 8.2 9.3 10.7 11.3 10.2 10.2 9.5 9.0 10.6 10.0 10.1 10.8 11.6 11.6 11.3 11.1 10.4 11.2 11.4 11.8 11.3 10.8 10.4 10.3 10.7 8.9 7.8 7.8 9.1 7.2 6.7 7.4 5.9 7.8 6.5 5.7 4.5 6.81974 7.7 7.0 6.3 7.1 8.1 9.5 10.1 9.0 8.9 8.2 7.7 9.2 8.6 8.7 9.3 10.0 9.9 9.6 9.3 8.6 9.3 9.5 9.7 9.2 8.6 8.1 7.9 8.2 6.5 5.3 5.2 6.2 4.3 3.6 4.1 2.5 3.9 2.4 1.2 -0.2 1.11975 8.2 7.6 6.9 7.7 8.7 10.0 10.6 9.6 9.5 8.8 8.4 9.8 9.2 9.4 10.0 10.7 10.6 10.3 10.1 9.4 10.1 10.3 10.6 10.1 9.6 9.2 9.0 9.4 7.7 6.7 6.6 7.6 5.9 5.4 5.9 4.6 6.1 4.9 4.0 2.9 4.51976 8.4 7.8 7.1 7.9 8.8 10.2 10.7 9.7 9.7 9.0 8.6 10.0 9.4 9.6 10.2 10.9 10.8 10.5 10.3 9.7 10.3 10.5 10.8 10.4 9.9 9.5 9.3 9.7 8.1 7.2 7.1 8.1 6.5 6.0 6.6 5.4 6.8 5.8 5.0 4.1 5.71977 8.0 7.4 6.7 7.5 8.4 9.7 10.2 9.2 9.2 8.5 8.1 9.4 8.9 9.0 9.6 10.3 10.2 9.9 9.7 9.0 9.6 9.8 10.0 9.6 9.1 8.7 8.5 8.8 7.3 6.3 6.3 7.2 5.6 5.1 5.6 4.4 5.6 4.6 3.8 2.9 4.21978 8.0 7.4 6.7 7.5 8.4 9.7 10.2 9.2 9.2 8.5 8.1 9.4 8.9 9.0 9.5 10.2 10.1 9.8 9.6 9.0 9.6 9.7 10.0 9.5 9.0 8.7 8.5 8.8 7.3 6.4 6.3 7.2 5.7 5.2 5.7 4.6 5.8 4.8 4.1 3.3 4.51979 8.1 7.5 6.9 7.6 8.5 9.8 10.3 9.3 9.3 8.7 8.3 9.5 9.0 9.1 9.7 10.3 10.3 10.0 9.8 9.2 9.7 9.9 10.1 9.7 9.2 8.9 8.7 9.0 7.6 6.8 6.7 7.5 6.2 5.7 6.2 5.1 6.3 5.4 4.8 4.1 5.31980 8.6 8.1 7.4 8.2 9.1 10.3 10.8 9.9 9.9 9.2 8.9 10.1 9.6 9.8 10.3 11.0 10.9 10.6 10.5 9.9 10.5 10.7 10.9 10.5 10.1 9.8 9.7 10.0 8.6 7.9 7.9 8.7 7.4 7.1 7.6 6.6 7.8 7.1 6.6 6.1 7.31981 8.3 7.7 7.1 7.8 8.7 9.9 10.3 9.4 9.4 8.8 8.4 9.6 9.2 9.3 9.8 10.4 10.3 10.1 9.9 9.3 9.8 10.0 10.2 9.8 9.4 9.1 8.9 9.2 7.9 7.1 7.1 7.9 6.6 6.2 6.7 5.8 6.9 6.1 5.6 5.0 6.11982 8.6 8.0 7.4 8.1 9.0 10.2 10.7 9.8 9.7 9.1 8.8 10.0 9.5 9.6 10.1 10.8 10.7 10.5 10.3 9.7 10.3 10.5 10.7 10.3 9.9 9.6 9.5 9.8 8.5 7.8 7.8 8.6 7.4 7.1 7.5 6.7 7.8 7.1 6.7 6.2 7.31983 8.7 8.1 7.5 8.3 9.1 10.3 10.7 9.9 9.8 9.3 8.9 10.1 9.6 9.7 10.3 10.9 10.8 10.6 10.4 9.9 10.4 10.6 10.8 10.5 10.0 9.8 9.7 9.9 8.7 8.0 8.1 8.8 7.7 7.4 7.8 7.0 8.1 7.5 7.1 6.7 7.71984 8.5 7.9 7.3 8.0 8.9 10.0 10.5 9.6 9.6 9.0 8.6 9.8 9.4 9.5 9.9 10.5 10.5 10.2 10.0 9.5 10.0 10.2 10.4 10.1 9.6 9.4 9.2 9.5 8.3 7.7 7.7 8.4 7.3 7.0 7.4 6.6 7.6 7.0 6.6 6.1 7.11985 8.8 8.3 7.7 8.5 9.3 10.4 10.9 10.0 10.0 9.4 9.1 10.3 9.8 9.9 10.4 11.0 11.0 10.7 10.6 10.1 10.6 10.8 11.0 10.7 10.3 10.0 9.9 10.2 9.1 8.4 8.5 9.2 8.2 7.9 8.3 7.6 8.6 8.1 7.7 7.4 8.41986 9.0 8.5 7.9 8.6 9.4 10.5 10.9 10.1 10.1 9.6 9.2 10.4 9.9 10.0 10.5 11.1 11.1 10.8 10.7 10.2 10.7 10.9 11.1 10.8 10.4 10.2 10.1 10.4 9.3 8.7 8.7 9.4 8.4 8.2 8.6 7.9 8.9 8.4 8.1 7.7 8.71987 8.9 8.4 7.9 8.6 9.3 10.4 10.9 10.1 10.1 9.5 9.2 10.3 9.9 10.0 10.5 11.0 11.0 10.8 10.6 10.1 10.6 10.8 11.0 10.7 10.3 10.1 10.0 10.3 9.2 8.6 8.7 9.3 8.4 8.1 8.6 7.9 8.8 8.3 8.1 7.7 8.71988 9.0 8.5 7.9 8.6 9.4 10.4 10.9 10.1 10.1 9.5 9.2 10.3 9.9 10.0 10.5 11.0 11.0 10.8 10.6 10.1 10.6 10.8 11.0 10.7 10.3 10.1 10.0 10.3 9.3 8.7 8.7 9.4 8.5 8.2 8.6 8.0 8.9 8.4 8.2 7.9 8.81989 9.3 8.9 8.3 9.0 9.8 10.8 11.3 10.5 10.5 10.0 9.7 10.8 10.4 10.5 10.9 11.5 11.5 11.3 11.1 10.7 11.2 11.3 11.5 11.3 10.9 10.7 10.7 10.9 10.0 9.4 9.5 10.1 9.3 9.1 9.5 8.9 9.8 9.4 9.2 8.9 9.81990 9.2 8.8 8.2 8.9 9.6 10.7 11.1 10.3 10.3 9.8 9.5 10.6 10.2 10.3 10.7 11.3 11.3 11.0 10.9 10.5 10.9 11.1 11.3 11.0 10.7 10.5 10.4 10.7 9.7 9.2 9.2 9.9 9.0 8.8 9.2 8.6 9.5 9.1 8.9 8.6 9.51991 9.7 9.2 8.7 9.4 10.1 11.2 11.6 10.9 10.9 10.4 10.1 11.1 10.8 10.9 11.3 11.9 11.9 11.7 11.5 11.1 11.6 11.8 12.0 11.7 11.4 11.2 11.2 11.5 10.6 10.1 10.1 10.8 10.0 9.8 10.2 9.7 10.6 10.2 10.0 9.8 10.71992 9.6 9.2 8.7 9.3 10.1 11.1 11.5 10.8 10.8 10.3 10.0 11.0 10.7 10.8 11.2 11.7 11.7 11.5 11.4 11.0 11.5 11.6 11.8 11.6 11.3 11.1 11.0 11.3 10.4 9.9 10.0 10.6 9.8 9.6 10.1 9.5 10.4 10.0 9.9 9.7 10.51993 9.5 9.1 8.6 9.2 9.9 10.9 11.4 10.6 10.6 10.2 9.9 10.9 10.5 10.6 11.1 11.6 11.5 11.4 11.2 10.8 11.3 11.4 11.6 11.4 11.1 10.9 10.8 11.1 10.2 9.7 9.8 10.4 9.6 9.5 9.8 9.3 10.2 9.8 9.6 9.4 10.21994 9.4 9.0 8.5 9.1 9.8 10.8 11.2 10.5 10.5 10.0 9.7 10.7 10.4 10.5 10.9 11.4 11.3 11.2 11.0 10.6 11.1 11.2 11.4 11.2 10.9 10.7 10.6 10.8 10.0 9.5 9.6 10.1 9.4 9.2 9.6 9.1 9.9 9.5 9.4 9.2 9.91995 9.8 9.3 8.9 9.5 10.2 11.2 11.6 10.9 10.9 10.4 10.1 11.1 10.8 10.9 11.3 11.8 11.8 11.6 11.5 11.1 11.5 11.7 11.9 11.7 11.4 11.2 11.2 11.4 10.6 10.1 10.2 10.8 10.1 9.9 10.3 9.8 10.6 10.3 10.1 10.0 10.71996 9.9 9.5 9.0 9.6 10.3 11.3 11.7 11.0 11.0 10.6 10.3 11.3 11.0 11.1 11.5 12.0 12.0 11.8 11.7 11.3 11.7 11.9 12.1 11.9 11.6 11.4 11.4 11.6 10.8 10.4 10.5 11.0 10.3 10.2 10.6 10.1 10.9 10.6 10.5 10.3 11.11997 10.2 9.8 9.3 9.9 10.6 11.6 12.0 11.3 11.3 10.9 10.6 11.6 11.3 11.4 11.8 12.3 12.3 12.1 12.0 11.7 12.1 12.3 12.4 12.2 12.0 11.8 11.8 12.0 11.3 10.9 10.9 11.5 10.8 10.7 11.1 10.7 11.5 11.2 11.1 10.9 11.71998 10.5 10.1 9.7 10.3 11.0 11.9 12.3 11.7 11.7 11.3 11.0 12.0 11.7 11.8 12.2 12.7 12.7 12.5 12.4 12.1 12.5 12.7 12.9 12.7 12.5 12.3 12.3 12.5 11.8 11.4 11.5 12.1 11.4 11.3 11.7 11.3 12.1 11.8 11.7 11.6 12.41999 10.8 10.4 9.9 10.5 11.2 12.2 12.6 11.9 11.9 11.5 11.3 12.2 11.9 12.1 12.5 13.0 13.0 12.8 12.7 12.4 12.8 13.0 13.2 13.0 12.8 12.6 12.6 12.9 12.2 11.8 11.9 12.5 11.9 11.8 12.2 11.8 12.5 12.3 12.2 12.1 12.92000 10.4 10.0 9.6 10.2 10.8 11.7 12.1 11.5 11.5 11.1 10.8 11.8 11.5 11.6 12.0 12.4 12.4 12.3 12.2 11.8 12.3 12.4 12.6 12.4 12.2 12.0 12.0 12.2 11.5 11.1 11.2 11.8 11.1 11.0 11.4 11.0 11.7 11.5 11.4 11.3 12.02001 9.9 9.5 9.1 9.6 10.3 11.2 11.6 10.9 10.9 10.5 10.3 11.2 10.9 10.9 11.3 11.8 11.8 11.6 11.5 11.2 11.5 11.7 11.8 11.6 11.4 11.2 11.2 11.4 10.7 10.3 10.4 10.9 10.3 10.1 10.5 10.1 10.8 10.5 10.4 10.2 10.92002 9.4 9.0 8.6 9.1 9.8 10.6 11.0 10.4 10.3 9.9 9.7 10.6 10.2 10.3 10.7 11.1 11.1 10.9 10.8 10.5 10.8 11.0 11.1 10.9 10.6 10.5 10.4 10.6 9.9 9.5 9.5 10.0 9.4 9.3 9.6 9.2 9.8 9.5 9.4 9.2 9.82003 9.5 9.1 8.7 9.2 9.9 10.7 11.1 10.5 10.5 10.1 9.8 10.7 10.4 10.4 10.8 11.2 11.2 11.0 10.9 10.6 11.0 11.1 11.2 11.0 10.8 10.6 10.6 10.8 10.1 9.7 9.7 10.2 9.6 9.4 9.7 9.4 10.0 9.7 9.6 9.4 10.02004 9.5 9.1 8.6 9.2 9.8 10.7 11.0 10.4 10.4 10.0 9.7 10.6 10.3 10.4 10.7 11.1 11.1 10.9 10.8 10.5 10.9 11.0 11.1 10.9 10.7 10.5 10.5 10.6 10.0 9.6 9.6 10.1 9.5 9.4 9.6 9.3 9.9 9.6 9.5 9.3 9.92005 9.4 9.0 8.6 9.1 9.7 10.6 10.9 10.3 10.3 9.9 9.6 10.5 10.2 10.2 10.6 11.0 11.0 10.8 10.7 10.4 10.7 10.8 11.0 10.8 10.5 10.4 10.3 10.5 9.8 9.4 9.5 9.9 9.4 9.2 9.5 9.1 9.7 9.4 9.3 9.2 9.72006 9.3 9.0 8.5 9.1 9.7 10.5 10.8 10.2 10.2 9.8 9.6 10.4 10.1 10.2 10.5 10.9 10.9 10.7 10.6 10.3 10.6 10.7 10.9 10.7 10.4 10.3 10.2 10.4 9.7 9.4 9.4 9.8 9.3 9.2 9.4 9.1 9.6 9.4 9.2 9.1 9.62007 9.4 9.0 8.6 9.2 9.7 10.6 10.9 10.3 10.3 9.9 9.7 10.5 10.2 10.3 10.6 11.0 11.0 10.8 10.7 10.4 10.7 10.8 11.0 10.8 10.5 10.4 10.3 10.5 9.9 9.5 9.5 10.0 9.4 9.3 9.5 9.2 9.8 9.5 9.4 9.2 9.82008 8.6 8.3 7.8 8.4 8.9 9.7 10.0 9.4 9.4 9.0 8.8 9.6 9.3 9.3 9.6 10.0 10.0 9.8 9.7 9.3 9.7 9.7 9.9 9.7 9.4 9.2 9.2 9.3 8.7 8.3 8.3 8.7 8.1 8.0 8.2 7.8 8.4 8.1 7.9 7.8 8.22009 9.0 8.6 8.2 8.7 9.3 10.0 10.3 9.8 9.7 9.4 9.1 9.9 9.6 9.7 10.0 10.4 10.3 10.2 10.1 9.7 10.1 10.2 10.3 10.1 9.8 9.7 9.6 9.8 9.1 8.8 8.8 9.2 8.7 8.5 8.8 8.4 8.9 8.7 8.5 8.4 8.82010 9.0 8.7 8.3 8.8 9.4 10.1 10.4 9.9 9.8 9.5 9.3 10.0 9.7 9.8 10.1 10.5 10.4 10.3 10.2 9.9 10.2 10.3 10.4 10.2 10.0 9.8 9.8 9.9 9.3 8.9 9.0 9.3 8.8 8.7 8.9 8.6 9.1 8.8 8.7 8.6 9.0

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

22


US LARGE CAp GROWTH INDEX1927–2010: Total Returns (%)


19681968 3.6 19691969 3.3 3.0 19701970 -0.3 -2.2 -7.1 19711971 5.0 5.5 6.7 22.6 19721972 8.4 9.6 11.9 22.8 22.9 19731973 2.9 2.8 2.7 6.2 -1.2 -20.5 19741974 -2.8 -3.8 -5.2 -4.7 -12.3 -26.0 -31.0 19751975 1.4 1.0 0.7 2.4 -2.2 -9.3 -3.1 36.0 19761976 3.0 2.9 2.9 4.7 1.4 -3.3 3.2 26.2 17.1 19771977 1.7 1.4 1.3 2.5 -0.5 -4.6 -0.2 12.9 2.9 -9.6 19781978 2.2 2.1 2.0 3.2 0.7 -2.6 1.4 11.6 4.5 -1.2 7.9 19791979 3.2 3.2 3.2 4.4 2.4 -0.3 3.6 12.4 7.1 4.0 11.5 15.3 19801980 5.6 5.7 6.0 7.4 5.8 3.8 7.9 16.2 12.7 11.6 19.7 26.0 37.7 19811981 4.4 4.5 4.6 5.7 4.2 2.3 5.5 12.1 8.6 7.0 11.6 12.8 11.6 -9.6 19821982 5.8 5.9 6.2 7.3 6.1 4.5 7.7 13.9 11.1 10.1 14.5 16.2 16.5 7.2 27.0 19831983 6.3 6.5 6.8 7.9 6.8 5.4 8.4 14.0 11.5 10.7 14.5 15.9 16.1 9.6 20.7 14.8 19841984 5.8 5.9 6.1 7.1 6.0 4.7 7.4 12.2 9.8 9.0 11.9 12.6 12.0 6.4 12.3 5.7 -2.7 19851985 7.1 7.4 7.6 8.7 7.8 6.7 9.3 14.0 12.0 11.5 14.4 15.4 15.4 11.4 17.4 14.3 14.0 33.7 19861986 7.6 7.8 8.1 9.1 8.3 7.3 9.8 14.1 12.3 11.9 14.5 15.4 15.4 12.1 17.0 14.6 14.5 24.3 15.5 19871987 7.6 7.8 8.1 9.0 8.2 7.3 9.6 13.6 11.9 11.5 13.8 14.5 14.4 11.4 15.4 13.2 12.8 18.5 11.6 7.7 19881988 7.7 7.9 8.2 9.1 8.4 7.5 9.7 13.4 11.8 11.4 13.5 14.1 14.0 11.3 14.6 12.7 12.3 16.4 11.1 9.0 10.3 19891989 8.9 9.1 9.4 10.4 9.8 9.0 11.2 14.8 13.4 13.1 15.3 16.0 16.0 13.8 17.2 15.8 16.0 20.2 17.0 17.5 22.7 36.5 19901990 8.5 8.8 9.1 9.9 9.3 8.6 10.6 13.9 12.6 12.3 14.2 14.7 14.6 12.6 15.3 14.0 13.8 16.9 13.8 13.3 15.2 17.8 1.7 19911991 9.9 10.2 10.5 11.4 10.9 10.3 12.3 15.6 14.4 14.2 16.1 16.8 16.9 15.2 18.0 17.1 17.4 20.5 18.5 19.1 22.1 26.3 21.5 45.2 19921992 9.7 9.9 10.2 11.1 10.6 10.0 11.9 15.0 13.8 13.6 15.4 15.9 16.0 14.3 16.8 15.8 15.9 18.5 16.5 16.6 18.5 20.6 15.7 23.5 5.0 19931993 9.4 9.7 9.9 10.8 10.2 9.7 11.5 14.3 13.2 13.0 14.6 15.0 15.0 13.4 15.6 14.6 14.6 16.7 14.7 14.6 15.8 16.9 12.5 16.3 4.1 3.2 19941994 9.1 9.3 9.6 10.4 9.9 9.3 11.0 13.7 12.6 12.3 13.8 14.2 14.1 12.6 14.5 13.5 13.4 15.1 13.2 12.9 13.7 14.3 10.3 12.5 3.4 2.6 1.9 19951995 10.0 10.3 10.6 11.3 10.9 10.4 12.0 14.7 13.7 13.5 15.0 15.4 15.4 14.0 15.9 15.1 15.2 16.9 15.4 15.4 16.4 17.3 14.3 17.0 10.9 12.9 18.1 36.8 19961996 10.4 10.6 10.9 11.7 11.3 10.8 12.4 15.0 14.0 13.9 15.3 15.7 15.7 14.5 16.3 15.6 15.6 17.3 15.9 15.9 16.9 17.7 15.3 17.7 12.9 14.9 19.1 28.8 21.3 19971997 11.0 11.3 11.6 12.4 12.0 11.6 13.2 15.6 14.8 14.7 16.0 16.5 16.6 15.4 17.2 16.6 16.7 18.3 17.1 17.3 18.3 19.2 17.2 19.6 15.8 18.1 22.2 29.8 26.4 31.7 19981998 11.8 12.1 12.4 13.2 12.8 12.5 14.0 16.4 15.7 15.6 17.0 17.4 17.5 16.5 18.3 17.7 17.9 19.6 18.5 18.8 19.9 20.9 19.2 21.6 18.6 21.0 24.9 31.5 29.7 34.1 36.6 19991999 12.3 12.6 12.9 13.7 13.4 13.1 14.6 17.0 16.2 16.2 17.5 18.0 18.1 17.2 18.9 18.4 18.7 20.2 19.3 19.6 20.7 21.7 20.3 22.5 20.0 22.3 25.8 31.2 29.8 32.8 33.4 30.2 20002000 11.4 11.7 11.9 12.6 12.3 12.0 13.4 15.6 14.8 14.7 15.9 16.3 16.3 15.4 16.9 16.3 16.4 17.7 16.7 16.8 17.5 18.2 16.6 18.2 15.6 17.0 19.1 22.2 19.5 19.0 15.1 5.6 -14.3 20012001 10.3 10.5 10.7 11.4 11.0 10.6 11.9 14.0 13.2 13.0 14.1 14.4 14.3 13.3 14.6 14.0 13.9 15.0 13.9 13.8 14.2 14.6 12.9 14.0 11.2 12.0 13.1 14.8 11.5 9.6 4.7 -4.2 -17.8 -21.0 20022002 9.2 9.4 9.6 10.1 9.7 9.3 10.5 12.4 11.6 11.4 12.4 12.6 12.4 11.4 12.5 11.8 11.7 12.5 11.4 11.1 11.4 11.5 9.7 10.4 7.7 8.0 8.5 9.4 6.0 3.6 -1.2 -8.9 -19.2 -21.5 -21.9 20032003 9.4 9.6 9.8 10.4 10.0 9.6 10.8 12.6 11.8 11.7 12.6 12.8 12.6 11.7 12.7 12.1 12.0 12.8 11.7 11.5 11.8 11.9 10.3 11.0 8.5 8.9 9.4 10.3 7.4 5.5 1.7 -4.1 -11.2 -10.1 -4.1 17.8 20042004 9.3 9.5 9.7 10.2 9.8 9.5 10.6 12.3 11.6 11.4 12.3 12.5 12.3 11.4 12.4 11.8 11.6 12.4 11.4 11.2 11.4 11.4 10.0 10.6 8.3 8.5 9.0 9.8 7.1 5.5 2.2 -2.6 -8.1 -6.5 -1.1 11.3 5.3 20052005 9.1 9.3 9.5 10.0 9.6 9.3 10.4 12.0 11.3 11.1 12.0 12.1 12.0 11.1 12.0 11.4 11.3 12.0 11.0 10.7 10.9 11.0 9.5 10.1 7.9 8.1 8.6 9.2 6.8 5.3 2.3 -1.8 -6.3 -4.6 0.0 8.6 4.3 3.4 20062006 9.1 9.2 9.4 9.9 9.5 9.2 10.2 11.9 11.1 11.0 11.7 11.9 11.8 10.9 11.8 11.2 11.0 11.7 10.7 10.5 10.7 10.7 9.3 9.8 7.8 8.0 8.4 8.9 6.7 5.3 2.7 -0.9 -4.6 -2.9 1.2 8.0 4.9 4.7 6.0 20072007 9.2 9.4 9.5 10.0 9.7 9.4 10.4 12.0 11.3 11.1 11.9 12.0 11.9 11.0 11.9 11.4 11.2 11.9 11.0 10.7 10.9 10.9 9.7 10.1 8.3 8.5 8.9 9.4 7.4 6.2 4.0 0.9 -2.3 -0.5 3.5 9.5 7.5 8.2 10.7 15.7 20082008 7.7 7.8 7.9 8.3 8.0 7.6 8.5 10.0 9.3 9.0 9.7 9.8 9.6 8.7 9.4 8.8 8.6 9.1 8.1 7.8 7.8 7.7 6.3 6.6 4.7 4.6 4.7 4.9 2.8 1.4 -1.0 -4.1 -7.3 -6.4 -4.1 -0.7 -4.1 -6.3 -9.3 -16.1 -39.1 20092009 8.3 8.4 8.6 9.0 8.7 8.3 9.3 10.7 10.0 9.8 10.5 10.6 10.4 9.6 10.3 9.8 9.6 10.1 9.2 8.9 9.0 8.9 7.7 8.0 6.3 6.4 6.6 6.9 5.0 3.8 1.8 -0.9 -3.5 -2.3 0.4 4.1 1.9 1.3 0.8 -0.9 -8.3 38.1 20102010 8.5 8.6 8.8 9.2 8.9 8.6 9.5 10.9 10.2 10.0 10.7 10.8 10.6 9.8 10.6 10.0 9.9 10.4 9.5 9.3 9.4 9.3 8.2 8.5 6.9 7.0 7.2 7.5 5.8 4.8 3.0 0.6 -1.8 -0.4 2.2 5.7 4.0 3.8 3.9 3.4 -0.4 27.5 17.6

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$1,447

2010

23

23


19271927 34.0 19281928 36.0 38.1 19291929 17.1 9.5 -13.2 19301930 3.6 -4.9 -21.1 -28.3 19311931 -8.3 -16.6 -29.5 -36.5 -43.7 19321932 -8.3 -15.0 -24.8 -28.3 -28.2 -8.5 19331933 -1.1 -5.9 -12.9 -12.8 -7.0 19.6 56.4 19341934 -0.4 -4.5 -10.2 -9.6 -4.2 14.4 27.9 4.6 19351935 3.8 0.6 -3.9 -2.2 4.0 21.3 33.2 22.9 44.5 19361936 6.4 3.7 0.1 2.1 8.3 23.5 33.1 26.1 38.4 32.6 19371937 1.8 -1.0 -4.5 -3.4 0.8 11.1 15.5 7.0 7.8 -6.8 -34.5 19381938 3.8 1.4 -1.7 -0.4 3.8 13.3 17.4 10.9 12.5 3.6 -8.5 27.9 19391939 3.7 1.5 -1.3 0.0 3.7 12.0 15.3 9.5 10.6 3.4 -4.8 14.8 3.0 19401940 2.9 0.8 -1.8 -0.7 2.6 9.7 12.2 7.0 7.4 1.2 -5.4 7.0 -2.1 -6.9 19411941 2.0 0.0 -2.4 -1.5 1.4 7.5 9.5 4.7 4.7 -0.7 -6.3 2.4 -4.9 -8.5 -10.1 19421942 2.8 1.0 -1.2 -0.2 2.5 8.3 10.1 5.9 6.1 1.5 -2.9 5.0 0.0 -1.0 2.1 16.0 19431943 4.2 2.5 0.5 1.6 4.3 9.8 11.7 8.0 8.4 4.5 1.0 8.6 5.1 5.7 10.3 22.1 28.6 19441944 5.1 3.6 1.7 2.8 5.5 10.7 12.5 9.1 9.6 6.3 3.4 10.4 7.7 8.7 13.0 21.9 25.0 21.4 19451945 6.6 5.2 3.6 4.7 7.4 12.5 14.3 11.3 11.9 9.1 6.8 13.5 11.6 13.1 17.6 25.8 29.2 29.5 38.0 19461946 5.9 4.6 3.0 4.1 6.5 11.1 12.7 9.9 10.3 7.7 5.5 11.2 9.3 10.2 13.3 18.7 19.4 16.5 14.1 -5.7 19471947 5.8 4.6 3.1 4.0 6.3 10.7 12.1 9.4 9.8 7.3 5.3 10.4 8.6 9.4 11.9 16.1 16.1 13.2 10.5 -1.1 3.7 19481948 5.6 4.5 3.0 3.9 6.1 10.1 11.4 8.9 9.3 6.9 5.0 9.6 8.0 8.5 10.6 14.0 13.6 10.9 8.4 0.0 2.9 2.1 19491949 6.2 5.1 3.8 4.7 6.8 10.7 11.9 9.6 10.0 7.8 6.1 10.5 9.0 9.7 11.7 14.8 14.6 12.4 10.7 4.7 8.4 10.9 20.3 19501950 7.1 6.1 4.8 5.8 7.8 11.6 12.8 10.7 11.1 9.2 7.7 11.9 10.6 11.3 13.3 16.3 16.3 14.7 13.6 9.3 13.3 16.8 24.8 29.5 19511951 7.6 6.7 5.5 6.4 8.4 12.0 13.2 11.2 11.6 9.8 8.5 12.5 11.3 12.1 14.0 16.7 16.8 15.4 14.6 11.1 14.8 17.7 23.4 25.0 20.6 19521952 7.9 6.9 5.8 6.7 8.7 12.1 13.3 11.3 11.7 10.1 8.8 12.5 11.5 12.2 13.9 16.4 16.5 15.2 14.4 11.4 14.6 16.9 20.9 21.0 17.0 13.5 19531953 7.6 6.7 5.6 6.4 8.3 11.6 12.6 10.8 11.1 9.5 8.3 11.7 10.7 11.3 12.9 15.0 14.9 13.7 12.8 10.0 12.5 14.0 16.5 15.6 11.3 6.9 0.7 19541954 8.9 8.0 7.0 7.9 9.8 13.0 14.1 12.4 12.8 11.3 10.3 13.7 12.9 13.6 15.2 17.4 17.5 16.6 16.1 13.9 16.6 18.6 21.5 21.8 19.9 19.7 22.9 50.1 19551955 9.4 8.6 7.6 8.5 10.4 13.5 14.6 13.0 13.4 12.0 11.0 14.3 13.6 14.3 15.8 18.0 18.1 17.3 16.9 15.0 17.5 19.4 22.1 22.4 21.0 21.1 23.7 37.2 25.3 19561956 9.4 8.6 7.7 8.5 10.3 13.3 14.3 12.8 13.1 11.8 10.9 14.0 13.3 13.9 15.4 17.3 17.4 16.6 16.2 14.4 16.6 18.1 20.3 20.3 18.8 18.4 19.7 26.8 16.5 8.3 19571957 8.7 7.9 7.0 7.8 9.4 12.3 13.2 11.7 12.0 10.7 9.8 12.6 11.9 12.4 13.7 15.4 15.3 14.4 13.9 12.1 13.9 14.9 16.4 16.0 14.1 13.1 13.0 16.3 6.9 -1.3 -10.1 19581958 9.7 9.0 8.1 8.9 10.6 13.4 14.3 12.9 13.2 12.0 11.2 14.0 13.4 13.9 15.2 16.9 17.0 16.2 15.9 14.3 16.2 17.4 19.0 18.9 17.6 17.2 17.8 21.6 15.3 12.2 14.2 45.0 19591959 9.7 9.1 8.2 9.0 10.6 13.3 14.2 12.9 13.2 12.1 11.2 14.0 13.3 13.9 15.1 16.7 16.7 16.0 15.7 14.2 15.9 17.0 18.4 18.2 17.1 16.6 17.1 20.1 14.8 12.3 13.7 27.9 12.8 19601960 9.5 8.8 8.0 8.8 10.3 12.9 13.7 12.4 12.7 11.6 10.8 13.4 12.7 13.2 14.3 15.8 15.8 15.1 14.7 13.3 14.8 15.7 16.9 16.6 15.3 14.8 14.9 17.1 12.4 9.9 10.4 18.2 6.7 0.9 19611961 9.9 9.3 8.5 9.3 10.8 13.3 14.2 12.9 13.2 12.1 11.4 13.9 13.3 13.8 14.9 16.3 16.3 15.7 15.4 14.1 15.5 16.4 17.6 17.4 16.4 15.9 16.2 18.3 14.4 12.6 13.5 20.3 13.1 13.2 27.0 19621962 9.4 8.7 8.0 8.7 10.1 12.5 13.3 12.0 12.3 11.3 10.5 12.8 12.3 12.7 13.7 14.9 14.9 14.2 13.8 12.5 13.8 14.5 15.4 15.1 13.9 13.4 13.3 14.8 11.0 9.1 9.3 13.6 6.9 5.1 7.2 -9.6 19631963 9.7 9.0 8.3 9.0 10.4 12.8 13.5 12.3 12.6 11.6 10.9 13.2 12.6 13.0 14.0 15.2 15.2 14.5 14.2 13.0 14.2 14.9 15.8 15.5 14.5 14.0 14.0 15.4 12.1 10.6 10.9 14.8 9.6 8.8 11.6 4.6 21.0 19641964 9.8 9.2 8.5 9.2 10.6 12.9 13.6 12.4 12.7 11.7 11.1 13.3 12.7 13.1 14.1 15.3 15.2 14.6 14.3 13.2 14.3 15.0 15.8 15.5 14.6 14.1 14.2 15.5 12.5 11.2 11.5 15.0 10.7 10.3 12.7 8.3 18.6 16.2 19651965 9.9 9.4 8.7 9.4 10.7 12.9 13.6 12.5 12.8 11.8 11.2 13.3 12.8 13.2 14.1 15.2 15.2 14.6 14.3 13.2 14.3 14.9 15.7 15.5 14.6 14.2 14.2 15.4 12.7 11.5 11.9 15.0 11.2 11.0 13.1 9.9 17.2 15.3 14.5 19661966 9.4 8.9 8.2 8.8 10.1 12.2 12.9 11.8 12.0 11.1 10.5 12.5 11.9 12.3 13.1 14.2 14.1 13.5 13.1 12.1 13.0 13.6 14.2 13.9 13.0 12.5 12.4 13.4 10.7 9.5 9.6 12.0 8.5 7.9 9.1 5.8 10.1 6.7 2.2 -8.8 19671967 9.8 9.3 8.6 9.3 10.5 12.6 13.3 12.2 12.5 11.6 11.0 13.0 12.5 12.8 13.6 14.7 14.6 14.1 13.7 12.8 13.7 14.2 14.9 14.6 13.8 13.4 13.4 14.4 12.0 10.9 11.2 13.6 10.5 10.3 11.6 9.3 13.5 11.7 10.2 8.1 28.21968 9.9 9.4 8.8 9.4 10.6 12.7 13.3 12.3 12.5 11.7 11.1 13.0 12.5 12.9 13.7 14.6 14.6 14.1 13.8 12.8 13.7 14.2 14.9 14.6 13.8 13.4 13.4 14.3 12.1 11.2 11.4 13.6 10.9 10.7 12.0 10.0 13.6 12.2 11.2 10.1 21.01969 9.4 8.9 8.3 8.9 10.0 12.0 12.6 11.6 11.8 11.0 10.4 12.2 11.7 12.0 12.7 13.6 13.5 13.0 12.7 11.7 12.6 13.0 13.5 13.2 12.4 12.0 11.9 12.6 10.5 9.5 9.6 11.4 8.7 8.3 9.2 7.2 9.8 8.0 6.4 4.5 9.41970 9.2 8.7 8.1 8.7 9.8 11.7 12.3 11.3 11.5 10.7 10.1 11.8 11.3 11.6 12.3 13.2 13.1 12.5 12.2 11.3 12.0 12.4 12.9 12.6 11.8 11.3 11.2 11.9 9.8 8.9 8.9 10.5 8.1 7.6 8.3 6.4 8.6 7.0 5.5 3.8 7.21971 9.4 8.9 8.3 8.8 9.9 11.8 12.4 11.4 11.6 10.8 10.2 11.9 11.5 11.8 12.4 13.3 13.2 12.7 12.3 11.5 12.2 12.6 13.0 12.7 12.0 11.6 11.5 12.1 10.2 9.3 9.4 10.9 8.7 8.3 9.0 7.4 9.4 8.1 6.9 5.7 8.91972 9.5 9.0 8.4 9.0 10.1 11.9 12.5 11.5 11.7 11.0 10.4 12.1 11.6 11.9 12.6 13.4 13.3 12.8 12.5 11.6 12.4 12.7 13.2 12.9 12.2 11.8 11.7 12.3 10.5 9.7 9.8 11.3 9.2 8.9 9.6 8.2 10.1 9.0 8.1 7.2 10.21973 8.9 8.4 7.8 8.3 9.4 11.1 11.6 10.7 10.9 10.1 9.5 11.1 10.7 10.9 11.5 12.2 12.1 11.6 11.3 10.4 11.1 11.4 11.8 11.4 10.7 10.3 10.1 10.6 8.8 8.0 8.0 9.2 7.2 6.8 7.2 5.7 7.3 6.0 4.9 3.7 5.71974 7.9 7.4 6.9 7.3 8.3 10.0 10.5 9.6 9.7 8.9 8.3 9.8 9.4 9.6 10.1 10.8 10.6 10.1 9.7 8.8 9.4 9.6 9.9 9.5 8.7 8.3 8.0 8.4 6.6 5.7 5.6 6.6 4.6 4.0 4.3 2.7 3.8 2.4 1.1 -0.3 0.81975 8.5 8.0 7.4 7.9 8.9 10.6 11.1 10.2 10.3 9.6 9.0 10.5 10.1 10.3 10.8 11.5 11.3 10.8 10.5 9.7 10.3 10.5 10.8 10.5 9.8 9.4 9.2 9.6 8.0 7.2 7.1 8.1 6.3 5.9 6.2 4.9 6.1 4.9 4.0 3.0 4.41976 8.8 8.4 7.8 8.3 9.3 10.9 11.4 10.5 10.7 9.9 9.4 10.9 10.5 10.7 11.2 11.9 11.8 11.3 11.0 10.2 10.8 11.0 11.4 11.1 10.4 10.0 9.9 10.3 8.8 8.0 8.0 9.1 7.3 7.0 7.4 6.2 7.5 6.5 5.7 5.0 6.41977 8.6 8.1 7.6 8.1 9.0 10.6 11.1 10.2 10.3 9.6 9.1 10.5 10.1 10.3 10.8 11.4 11.3 10.8 10.5 9.8 10.3 10.5 10.8 10.5 9.9 9.5 9.3 9.7 8.2 7.5 7.5 8.4 6.8 6.5 6.8 5.6 6.7 5.8 5.0 4.3 5.51978 8.6 8.1 7.6 8.1 9.0 10.5 11.0 10.1 10.3 9.6 9.1 10.5 10.1 10.2 10.7 11.4 11.2 10.8 10.5 9.7 10.3 10.5 10.8 10.4 9.8 9.4 9.3 9.6 8.2 7.5 7.5 8.4 6.8 6.5 6.9 5.8 6.8 5.9 5.2 4.6 5.81979 8.8 8.4 7.9 8.4 9.3 10.8 11.2 10.4 10.6 9.9 9.4 10.8 10.4 10.6 11.1 11.7 11.6 11.1 10.8 10.1 10.6 10.9 11.2 10.9 10.3 9.9 9.8 10.2 8.8 8.2 8.2 9.1 7.6 7.3 7.7 6.7 7.8 7.0 6.4 5.8 7.01980 9.2 8.8 8.3 8.8 9.7 11.2 11.7 10.9 11.0 10.4 9.9 11.2 10.9 11.1 11.6 12.2 12.1 11.7 11.4 10.7 11.2 11.5 11.8 11.5 11.0 10.7 10.6 10.9 9.7 9.1 9.1 10.0 8.7 8.5 8.8 8.0 9.0 8.4 7.9 7.5 8.71981 9.0 8.6 8.1 8.6 9.4 10.9 11.3 10.6 10.7 10.0 9.6 10.9 10.5 10.7 11.2 11.8 11.7 11.2 11.0 10.3 10.8 11.0 11.3 11.0 10.5 10.2 10.0 10.4 9.1 8.6 8.6 9.4 8.1 7.9 8.2 7.4 8.3 7.7 7.2 6.8 7.91982 9.2 8.8 8.3 8.8 9.7 11.1 11.5 10.8 10.9 10.3 9.8 11.1 10.7 10.9 11.4 12.0 11.9 11.5 11.2 10.6 11.1 11.3 11.6 11.3 10.8 10.5 10.4 10.8 9.6 9.0 9.0 9.9 8.6 8.4 8.8 8.0 9.0 8.4 7.9 7.6 8.71983 9.4 9.0 8.6 9.0 9.9 11.3 11.7 11.0 11.1 10.5 10.1 11.4 11.0 11.2 11.7 12.2 12.1 11.8 11.5 10.9 11.4 11.6 11.9 11.7 11.2 10.9 10.8 11.1 10.0 9.5 9.5 10.4 9.2 9.0 9.4 8.6 9.6 9.1 8.7 8.4 9.51984 9.4 9.0 8.5 9.0 9.8 11.2 11.6 10.9 11.0 10.4 10.0 11.2 10.9 11.1 11.5 12.1 12.0 11.6 11.4 10.8 11.2 11.4 11.7 11.5 11.0 10.7 10.6 10.9 9.8 9.3 9.4 10.2 9.0 8.9 9.2 8.5 9.4 8.9 8.5 8.2 9.21985 9.7 9.3 8.9 9.3 10.2 11.6 12.0 11.3 11.4 10.8 10.4 11.6 11.3 11.5 11.9 12.5 12.4 12.1 11.8 11.2 11.7 11.9 12.2 12.0 11.5 11.3 11.2 11.6 10.5 10.0 10.1 10.9 9.8 9.7 10.0 9.4 10.3 9.8 9.5 9.3 10.31986 9.8 9.5 9.0 9.5 10.3 11.6 12.1 11.4 11.5 10.9 10.5 11.7 11.4 11.6 12.0 12.6 12.5 12.2 11.9 11.4 11.8 12.1 12.3 12.1 11.7 11.4 11.4 11.7 10.7 10.2 10.3 11.1 10.0 9.9 10.3 9.7 10.6 10.1 9.8 9.6 10.61987 9.7 9.3 8.9 9.3 10.1 11.5 11.9 11.2 11.3 10.7 10.4 11.5 11.2 11.4 11.8 12.3 12.3 11.9 11.7 11.1 11.6 11.8 12.0 11.8 11.4 11.1 11.1 11.4 10.4 10.0 10.0 10.8 9.7 9.6 10.0 9.4 10.2 9.8 9.5 9.3 10.21988 9.8 9.5 9.0 9.5 10.3 11.6 12.0 11.3 11.4 10.9 10.5 11.6 11.3 11.5 11.9 12.5 12.4 12.0 11.8 11.3 11.7 11.9 12.2 12.0 11.6 11.3 11.3 11.6 10.6 10.2 10.3 11.0 10.0 9.9 10.2 9.7 10.5 10.1 9.8 9.6 10.61989 10.1 9.8 9.3 9.8 10.6 11.9 12.2 11.6 11.7 11.2 10.8 11.9 11.7 11.8 12.3 12.8 12.7 12.4 12.2 11.7 12.1 12.3 12.6 12.4 12.0 11.8 11.7 12.0 11.1 10.7 10.8 11.5 10.6 10.5 10.8 10.3 11.1 10.7 10.5 10.4 11.31990 9.8 9.5 9.1 9.5 10.3 11.5 11.9 11.2 11.4 10.8 10.5 11.6 11.3 11.5 11.9 12.4 12.3 12.0 11.8 11.2 11.7 11.8 12.1 11.9 11.5 11.3 11.2 11.5 10.6 10.2 10.2 10.9 10.0 9.9 10.2 9.7 10.5 10.1 9.8 9.7 10.51991 10.2 9.8 9.4 9.9 10.6 11.9 12.3 11.6 11.7 11.2 10.9 12.0 11.7 11.9 12.3 12.8 12.7 12.4 12.2 11.7 12.1 12.3 12.6 12.4 12.0 11.8 11.8 12.1 11.2 10.8 10.9 11.6 10.7 10.6 10.9 10.4 11.2 10.9 10.7 10.5 11.41992 10.2 9.8 9.4 9.9 10.6 11.8 12.2 11.6 11.7 11.2 10.9 11.9 11.7 11.8 12.2 12.7 12.6 12.3 12.2 11.7 12.1 12.3 12.5 12.3 12.0 11.7 11.7 12.0 11.1 10.8 10.9 11.5 10.7 10.6 10.9 10.4 11.2 10.8 10.7 10.5 11.31993 10.2 9.9 9.5 9.9 10.6 11.8 12.2 11.6 11.7 11.2 10.9 11.9 11.6 11.8 12.2 12.7 12.6 12.3 12.1 11.7 12.1 12.2 12.5 12.3 11.9 11.7 11.7 12.0 11.1 10.8 10.9 11.5 10.7 10.6 10.9 10.5 11.2 10.9 10.7 10.5 11.31994 10.0 9.7 9.3 9.7 10.4 11.6 12.0 11.4 11.5 11.0 10.7 11.7 11.4 11.6 12.0 12.4 12.4 12.1 11.9 11.4 11.8 12.0 12.2 12.0 11.6 11.4 11.4 11.7 10.8 10.5 10.6 11.2 10.4 10.3 10.6 10.1 10.8 10.5 10.3 10.2 10.91995 10.4 10.1 9.7 10.1 10.8 12.0 12.3 11.7 11.9 11.4 11.1 12.1 11.8 12.0 12.4 12.8 12.8 12.5 12.3 11.9 12.2 12.4 12.7 12.5 12.1 12.0 11.9 12.2 11.4 11.1 11.2 11.8 11.0 10.9 11.2 10.8 11.5 11.2 11.1 10.9 11.71996 10.5 10.2 9.9 10.2 11.0 12.1 12.5 11.9 12.0 11.5 11.2 12.2 12.0 12.1 12.5 13.0 12.9 12.6 12.5 12.0 12.4 12.6 12.8 12.7 12.3 12.2 12.1 12.4 11.6 11.3 11.4 12.0 11.3 11.2 11.5 11.1 11.8 11.5 11.4 11.3 12.01997 10.8 10.5 10.1 10.5 11.2 12.4 12.7 12.2 12.3 11.8 11.5 12.5 12.3 12.5 12.8 13.3 13.2 13.0 12.8 12.4 12.8 13.0 13.2 13.0 12.7 12.5 12.5 12.8 12.1 11.8 11.9 12.5 11.7 11.7 12.0 11.6 12.3 12.1 11.9 11.8 12.61998 11.0 10.7 10.3 10.7 11.4 12.6 12.9 12.4 12.5 12.0 11.7 12.7 12.5 12.6 13.0 13.5 13.4 13.2 13.0 12.6 13.0 13.2 13.4 13.3 12.9 12.8 12.8 13.1 12.3 12.0 12.1 12.7 12.0 12.0 12.3 11.9 12.6 12.4 12.3 12.2 12.91999 11.2 10.9 10.5 10.9 11.6 12.7 13.1 12.5 12.7 12.2 11.9 12.9 12.7 12.8 13.2 13.7 13.6 13.4 13.2 12.8 13.2 13.4 13.6 13.5 13.2 13.0 13.0 13.3 12.6 12.3 12.4 13.0 12.3 12.3 12.6 12.3 12.9 12.7 12.6 12.6 13.32000 10.8 10.5 10.2 10.6 11.2 12.4 12.7 12.1 12.3 11.8 11.5 12.5 12.2 12.4 12.8 13.2 13.1 12.9 12.7 12.3 12.7 12.9 13.1 12.9 12.6 12.5 12.5 12.7 12.0 11.7 11.8 12.4 11.7 11.7 12.0 11.6 12.2 12.0 11.9 11.8 12.52001 10.5 10.2 9.9 10.2 10.9 12.0 12.3 11.8 11.9 11.4 11.1 12.1 11.8 12.0 12.3 12.7 12.7 12.4 12.3 11.9 12.2 12.4 12.6 12.4 12.1 12.0 11.9 12.2 11.5 11.2 11.3 11.8 11.1 11.1 11.3 11.0 11.6 11.3 11.2 11.1 11.72002 10.0 9.7 9.4 9.7 10.4 11.4 11.7 11.2 11.3 10.9 10.6 11.5 11.2 11.4 11.7 12.1 12.0 11.7 11.6 11.2 11.5 11.6 11.8 11.7 11.4 11.2 11.1 11.4 10.7 10.4 10.4 10.9 10.3 10.2 10.4 10.1 10.6 10.3 10.2 10.1 10.72003 10.3 10.0 9.6 10.0 10.6 11.7 12.0 11.5 11.6 11.1 10.9 11.7 11.5 11.6 12.0 12.4 12.3 12.1 11.9 11.5 11.8 12.0 12.2 12.0 11.7 11.5 11.5 11.7 11.1 10.8 10.8 11.3 10.7 10.7 10.9 10.5 11.1 10.8 10.7 10.6 11.22004 10.3 10.0 9.7 10.0 10.7 11.7 12.0 11.5 11.6 11.2 10.9 11.7 11.5 11.7 12.0 12.4 12.3 12.1 11.9 11.5 11.8 12.0 12.2 12.0 11.7 11.6 11.5 11.7 11.1 10.8 10.9 11.4 10.7 10.7 10.9 10.6 11.1 10.9 10.7 10.6 11.22005 10.2 10.0 9.6 10.0 10.6 11.6 11.9 11.4 11.5 11.1 10.8 11.7 11.4 11.6 11.9 12.3 12.2 12.0 11.8 11.4 11.7 11.9 12.1 11.9 11.6 11.5 11.4 11.6 11.0 10.7 10.8 11.2 10.6 10.6 10.8 10.5 11.0 10.7 10.6 10.5 11.12006 10.3 10.0 9.7 10.0 10.7 11.7 12.0 11.5 11.5 11.1 10.9 11.7 11.5 11.6 11.9 12.3 12.3 12.0 11.9 11.5 11.8 11.9 12.1 12.0 11.7 11.5 11.5 11.7 11.1 10.8 10.9 11.3 10.7 10.7 10.9 10.6 11.1 10.9 10.7 10.6 11.22007 10.2 10.0 9.6 10.0 10.6 11.6 11.9 11.4 11.5 11.1 10.8 11.6 11.4 11.5 11.8 12.2 12.1 11.9 11.8 11.4 11.7 11.8 12.0 11.9 11.6 11.4 11.4 11.6 11.0 10.7 10.7 11.2 10.6 10.6 10.8 10.5 10.9 10.7 10.6 10.5 11.02008 9.5 9.2 8.9 9.2 9.8 10.8 11.0 10.5 10.6 10.2 9.9 10.7 10.5 10.6 10.9 11.2 11.2 10.9 10.8 10.4 10.7 10.8 10.9 10.8 10.5 10.3 10.3 10.4 9.8 9.5 9.6 10.0 9.4 9.3 9.5 9.2 9.6 9.4 9.2 9.1 9.62009 9.7 9.4 9.1 9.4 10.0 11.0 11.3 10.8 10.8 10.4 10.2 11.0 10.7 10.9 11.1 11.5 11.4 11.2 11.0 10.7 10.9 11.1 11.2 11.1 10.8 10.6 10.6 10.7 10.1 9.9 9.9 10.3 9.7 9.7 9.9 9.5 10.0 9.8 9.6 9.5 10.02010 9.8 9.5 9.2 9.5 10.1 11.1 11.3 10.8 10.9 10.5 10.3 11.1 10.8 11.0 11.2 11.6 11.5 11.3 11.1 10.8 11.0 11.2 11.3 11.2 10.9 10.7 10.7 10.9 10.3 10.0 10.0 10.5 9.9 9.8 10.0 9.7 10.1 9.9 9.8 9.7 10.1

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

24


US TOTAL STOCK MARKET INDEX1927–2010: Total Returns (%)


19681968 14.2 19691969 1.0 -10.6 19701970 1.0 -5.1 0.9 19711971 4.6 1.5 8.2 16.0 19721972 6.9 5.1 11.0 16.4 16.8 19731973 2.3 0.1 3.0 3.7 -2.0 -17.8 19741974 -2.6 -5.2 -4.1 -5.2 -11.4 -22.9 -27.7 19751975 1.7 0.1 2.0 2.2 -1.0 -6.3 -0.1 38.1 19761976 4.3 3.1 5.2 5.9 4.0 1.1 8.2 32.4 27.0 19771977 3.5 2.4 4.1 4.6 2.8 0.2 5.3 19.4 10.9 -3.1 19781978 3.9 2.9 4.6 5.1 3.6 1.5 5.9 16.5 10.0 2.4 8.2 19791979 5.4 4.7 6.4 7.0 5.9 4.4 8.7 17.9 13.3 9.1 15.7 23.7 19801980 7.4 6.8 8.6 9.4 8.6 7.7 11.9 20.3 17.1 14.7 21.3 28.4 33.4 19811981 6.6 6.0 7.5 8.1 7.4 6.4 9.9 16.6 13.4 10.8 14.6 16.8 13.5 -3.3 19821982 7.5 7.0 8.5 9.2 8.6 7.8 11.1 17.2 14.5 12.5 15.9 17.9 16.1 8.3 21.3 19831983 8.4 8.0 9.5 10.2 9.7 9.1 12.2 17.9 15.5 14.0 17.1 19.0 17.8 13.1 22.3 23.2 19841984 8.2 7.8 9.2 9.8 9.4 8.8 11.6 16.5 14.3 12.8 15.3 16.5 15.1 11.0 16.2 13.8 5.0 19851985 9.4 9.2 10.5 11.2 10.9 10.4 13.2 17.9 16.0 14.8 17.3 18.7 17.8 15.0 20.1 19.6 17.9 32.4 19861986 9.8 9.6 10.9 11.5 11.2 10.8 13.4 17.8 16.1 15.0 17.2 18.4 17.7 15.2 19.4 18.9 17.5 24.2 16.6 19871987 9.4 9.1 10.4 10.9 10.6 10.2 12.6 16.5 14.8 13.8 15.6 16.4 15.6 13.2 16.3 15.3 13.4 16.3 9.0 2.0 19881988 9.8 9.6 10.7 11.3 11.0 10.7 12.9 16.6 15.0 14.1 15.8 16.6 15.8 13.8 16.5 15.7 14.3 16.7 11.9 9.6 17.9 19891989 10.6 10.4 11.6 12.2 12.0 11.7 13.8 17.3 16.0 15.2 16.8 17.7 17.1 15.4 18.0 17.5 16.6 19.0 15.9 15.7 23.3 28.9 19901990 9.8 9.6 10.7 11.2 10.9 10.6 12.6 15.7 14.4 13.5 14.9 15.5 14.8 13.0 15.0 14.3 13.0 14.4 11.2 9.8 12.6 10.1 -6.0 19911991 10.7 10.6 11.7 12.2 12.0 11.8 13.7 16.8 15.5 14.8 16.2 16.9 16.3 14.9 16.9 16.4 15.5 17.1 14.8 14.4 17.8 17.7 12.5 34.7 19921992 10.7 10.6 11.6 12.1 11.9 11.7 13.5 16.4 15.2 14.5 15.8 16.3 15.8 14.4 16.2 15.7 14.9 16.2 14.1 13.7 16.2 15.7 11.6 21.7 9.9 19931993 10.7 10.6 11.6 12.1 11.9 11.7 13.4 16.1 15.0 14.3 15.5 16.0 15.5 14.2 15.8 15.3 14.5 15.6 13.7 13.3 15.3 14.8 11.5 18.1 10.6 11.3 19941994 10.3 10.2 11.1 11.5 11.3 11.1 12.7 15.2 14.1 13.5 14.5 14.9 14.3 13.1 14.5 13.9 13.1 14.0 12.1 11.5 13.0 12.2 9.1 13.2 6.9 5.4 -0.2 19951995 11.1 11.0 12.0 12.4 12.3 12.1 13.7 16.2 15.2 14.6 15.6 16.1 15.6 14.5 15.9 15.5 14.9 15.9 14.3 14.1 15.7 15.4 13.3 17.6 13.6 14.9 16.8 36.6 19961996 11.5 11.4 12.3 12.8 12.6 12.5 14.0 16.4 15.5 14.9 15.9 16.4 16.0 15.0 16.3 15.9 15.4 16.3 14.9 14.8 16.3 16.1 14.4 18.2 15.2 16.5 18.3 28.8 21.4 19971997 12.1 12.0 12.9 13.4 13.3 13.2 14.7 17.0 16.1 15.6 16.7 17.1 16.8 15.9 17.2 16.9 16.5 17.4 16.2 16.2 17.7 17.7 16.4 20.0 17.7 19.3 21.4 29.6 26.3 31.3 19981998 12.5 12.4 13.3 13.8 13.7 13.6 15.1 17.3 16.5 16.0 17.0 17.5 17.2 16.3 17.6 17.4 17.0 17.9 16.8 16.9 18.3 18.4 17.2 20.5 18.6 20.1 22.0 28.3 25.6 27.7 24.3 19991999 12.8 12.8 13.7 14.1 14.1 14.0 15.4 17.6 16.8 16.4 17.4 17.8 17.5 16.7 18.0 17.8 17.5 18.3 17.4 17.5 18.8 18.9 18.0 21.0 19.4 20.8 22.5 27.6 25.4 26.8 24.6 24.9 20002000 12.0 12.0 12.8 13.2 13.1 13.0 14.3 16.4 15.6 15.1 16.0 16.3 16.0 15.2 16.3 16.0 15.6 16.3 15.3 15.2 16.2 16.1 15.0 17.4 15.6 16.3 17.0 20.2 17.2 16.1 11.4 5.5 -10.8 20012001 11.3 11.2 12.0 12.3 12.2 12.1 13.3 15.2 14.4 13.9 14.7 15.0 14.6 13.8 14.7 14.4 13.9 14.5 13.4 13.2 14.1 13.8 12.6 14.5 12.6 12.9 13.1 15.2 11.9 10.1 5.4 -0.3 -10.9 -10.9 20022002 10.2 10.1 10.8 11.1 10.9 10.8 11.9 13.7 12.8 12.3 13.0 13.2 12.8 11.9 12.7 12.3 11.7 12.1 11.0 10.7 11.3 10.8 9.5 10.9 9.0 8.9 8.7 9.8 6.4 4.1 -0.6 -6.0 -14.5 -16.3 -21.3 20032003 10.7 10.6 11.3 11.7 11.5 11.4 12.5 14.2 13.5 13.0 13.7 13.9 13.5 12.7 13.5 13.1 12.6 13.1 12.1 11.8 12.5 12.1 11.0 12.4 10.7 10.8 10.8 12.1 9.3 7.7 4.2 0.6 -4.7 -2.6 1.8 31.8 20042004 10.8 10.7 11.4 11.7 11.5 11.4 12.5 14.2 13.4 12.9 13.6 13.8 13.4 12.7 13.4 13.1 12.6 13.0 12.1 11.8 12.4 12.1 11.0 12.4 10.8 10.9 10.9 12.0 9.6 8.2 5.2 2.4 -1.6 0.8 5.1 21.4 11.9 20052005 10.6 10.6 11.2 11.5 11.4 11.2 12.3 13.9 13.2 12.7 13.3 13.5 13.1 12.4 13.1 12.8 12.3 12.7 11.8 11.5 12.1 11.7 10.7 12.0 10.5 10.5 10.5 11.5 9.3 8.0 5.4 2.9 -0.4 1.9 5.4 16.1 9.0 6.2 20062006 10.8 10.7 11.3 11.6 11.5 11.3 12.4 13.9 13.2 12.8 13.4 13.6 13.2 12.5 13.2 12.9 12.4 12.8 11.9 11.7 12.2 11.9 11.0 12.2 10.8 10.9 10.8 11.8 9.8 8.7 6.4 4.4 1.8 4.0 7.3 15.9 11.1 10.7 15.4 20072007 10.6 10.5 11.2 11.5 11.3 11.2 12.2 13.7 13.0 12.6 13.1 13.3 12.9 12.2 12.9 12.6 12.1 12.5 11.6 11.4 11.9 11.6 10.7 11.8 10.5 10.5 10.5 11.3 9.4 8.4 6.3 4.5 2.2 4.2 7.0 13.8 9.7 8.9 10.3 5.5 20082008 9.1 9.0 9.6 9.8 9.6 9.5 10.3 11.7 11.0 10.5 11.0 11.1 10.7 10.0 10.5 10.1 9.6 9.8 8.9 8.6 8.9 8.5 7.5 8.3 6.9 6.7 6.4 6.9 4.9 3.6 1.4 -0.6 -3.1 -2.1 -0.7 3.2 -1.8 -4.9 -8.3 -18.3 -36.7 20092009 9.6 9.5 10.0 10.3 10.1 9.9 10.8 12.2 11.5 11.1 11.5 11.7 11.3 10.6 11.1 10.7 10.3 10.5 9.7 9.4 9.7 9.4 8.5 9.3 8.0 7.9 7.7 8.3 6.5 5.4 3.5 1.8 -0.3 1.0 2.6 6.5 2.8 1.1 -0.1 -4.8 -9.6 29.1 20102010 9.8 9.7 10.2 10.4 10.3 10.1 11.0 12.3 11.7 11.3 11.7 11.8 11.5 10.8 11.3 11.0 10.6 10.8 10.0 9.7 10.1 9.7 8.9 9.7 8.5 8.5 8.3 8.8 7.2 6.3 4.5 3.0 1.3 2.6 4.2 7.9 4.8 3.7 3.2 0.4 -1.2 23.3 17.8

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$2,577

2010

25

25


19281928 37.3 19291929 7.9 -15.3 19301930 -7.5 -24.1 -32.1 19311931 -19.5 -32.7 -40.0 -46.9 19321932 -17.3 -27.1 -30.7 -30.0 -7.7 19331933 -6.5 -13.5 -13.0 -5.5 26.1 72.2 19341934 -4.9 -10.6 -9.6 -2.9 18.8 34.7 5.4 19351935 0.4 -4.0 -2.0 5.4 25.2 38.6 24.3 46.7 19361936 3.8 0.3 2.7 10.0 27.3 38.0 28.1 41.3 36.1 19371937 -1.2 -4.8 -3.4 1.6 13.2 17.9 7.3 7.9 -7.5 -37.1 19381938 1.2 -1.8 -0.2 4.7 15.4 19.8 11.4 13.0 3.6 -9.6 29.9 19391939 1.2 -1.6 -0.1 4.2 13.4 16.8 9.5 10.3 2.8 -6.4 14.1 0.2 19401940 0.5 -2.0 -0.7 3.1 11.0 13.6 7.0 7.3 0.8 -6.5 6.7 -3.3 -6.7 19411941 -0.1 -2.6 -1.4 2.0 8.9 10.9 4.9 4.9 -0.8 -6.9 2.7 -5.1 -7.6 -8.6 19421942 1.0 -1.2 0.0 3.3 9.7 11.6 6.4 6.5 1.8 -3.0 5.7 0.4 0.5 4.2 18.8 19431943 2.8 0.8 2.1 5.4 11.6 13.5 8.9 9.3 5.3 1.5 9.9 6.3 7.9 13.3 26.1 33.8 19441944 4.1 2.3 3.6 6.7 12.6 14.5 10.3 10.8 7.5 4.3 12.1 9.4 11.4 16.4 26.1 30.0 26.2 19451945 6.0 4.4 5.8 8.9 14.7 16.6 12.9 13.6 10.7 8.2 15.8 13.9 16.3 21.6 30.6 34.7 35.2 44.8 19461946 5.3 3.8 5.0 7.9 13.1 14.8 11.2 11.8 9.0 6.6 13.1 11.1 12.8 16.4 22.1 23.0 19.6 16.4 -6.5 19471947 5.2 3.7 4.9 7.6 12.5 14.0 10.6 11.1 8.5 6.3 12.0 10.2 11.5 14.4 18.7 18.7 15.2 11.8 -1.8 3.1 19481948 5.0 3.6 4.7 7.2 11.7 13.1 9.9 10.3 7.9 5.8 10.9 9.2 10.3 12.6 16.0 15.5 12.1 8.9 -1.0 1.9 0.7 19491949 5.6 4.3 5.4 7.9 12.2 13.5 10.6 10.9 8.7 6.9 11.7 10.2 11.2 13.4 16.5 16.2 13.5 11.1 4.0 7.7 10.1 20.4 19501950 6.7 5.5 6.6 9.0 13.2 14.5 11.8 12.2 10.2 8.6 13.2 11.9 13.1 15.3 18.3 18.2 16.1 14.5 9.3 13.6 17.4 26.7 33.3 19511951 7.2 6.0 7.1 9.5 13.5 14.8 12.2 12.6 10.8 9.3 13.7 12.5 13.6 15.6 18.4 18.3 16.5 15.2 10.9 14.7 17.8 24.2 26.1 19.3 19521952 7.4 6.3 7.4 9.6 13.5 14.7 12.2 12.6 10.9 9.5 13.6 12.5 13.5 15.4 17.9 17.8 16.1 14.9 11.2 14.4 16.8 21.2 21.5 16.0 12.9 19531953 7.1 6.0 7.0 9.2 12.8 13.9 11.6 11.9 10.2 8.9 12.7 11.6 12.5 14.1 16.2 16.0 14.3 13.1 9.6 12.1 13.7 16.5 15.6 10.2 5.9 -0.6 19541954 8.5 7.5 8.6 10.7 14.3 15.4 13.3 13.7 12.1 10.9 14.7 13.8 14.8 16.5 18.7 18.7 17.4 16.5 13.8 16.6 18.7 21.9 22.3 19.6 19.7 23.3 53.1 19551955 9.0 8.1 9.1 11.2 14.7 15.7 13.7 14.1 12.7 11.6 15.2 14.3 15.3 16.9 19.0 19.0 17.8 17.1 14.7 17.3 19.2 22.1 22.4 20.3 20.6 23.2 37.2 23.0 19561956 9.0 8.1 9.1 11.1 14.4 15.4 13.4 13.8 12.5 11.4 14.8 14.0 14.9 16.4 18.3 18.2 17.1 16.4 14.1 16.4 17.9 20.3 20.3 18.2 18.0 19.3 26.9 15.5 8.4 19571957 8.2 7.3 8.3 10.1 13.3 14.2 12.3 12.6 11.2 10.2 13.3 12.5 13.2 14.5 16.1 16.0 14.8 13.9 11.7 13.5 14.6 16.3 15.7 13.4 12.5 12.4 15.9 5.7 -2.1 -11.5 19581958 9.4 8.5 9.5 11.3 14.4 15.4 13.6 13.9 12.7 11.7 14.8 14.1 14.9 16.2 17.8 17.8 16.8 16.1 14.2 16.1 17.4 19.2 19.1 17.4 17.1 17.8 21.9 15.2 12.7 14.8 49.1 19591959 9.5 8.7 9.6 11.4 14.4 15.3 13.5 13.9 12.7 11.8 14.7 14.0 14.8 16.0 17.6 17.5 16.6 16.0 14.1 15.9 17.0 18.6 18.5 16.9 16.6 17.2 20.4 14.8 12.8 14.3 30.0 13.3 19601960 9.2 8.4 9.3 11.0 13.9 14.7 13.0 13.3 12.2 11.3 14.1 13.4 14.1 15.2 16.6 16.5 15.6 14.9 13.2 14.7 15.7 17.0 16.7 15.2 14.7 14.9 17.4 12.3 10.2 10.7 19.3 6.7 0.5 19611961 9.7 8.9 9.8 11.5 14.3 15.2 13.5 13.8 12.7 11.9 14.6 14.0 14.6 15.8 17.1 17.1 16.2 15.6 14.0 15.5 16.5 17.8 17.6 16.2 15.9 16.3 18.6 14.3 13.0 13.9 21.3 13.3 13.2 27.6 19621962 9.1 8.3 9.1 10.8 13.4 14.2 12.6 12.9 11.8 10.9 13.5 12.8 13.4 14.4 15.7 15.5 14.6 14.0 12.4 13.7 14.5 15.5 15.1 13.8 13.3 13.3 15.0 10.9 9.3 9.4 14.2 6.8 4.8 7.0 -10.3 19631963 9.4 8.7 9.5 11.1 13.6 14.4 12.9 13.1 12.1 11.3 13.8 13.2 13.7 14.7 15.9 15.8 14.9 14.4 12.9 14.1 14.8 15.9 15.5 14.3 13.9 14.0 15.5 12.0 10.7 11.0 15.3 9.5 8.5 11.4 4.1 20.7 19641964 9.6 8.9 9.7 11.2 13.7 14.5 13.0 13.3 12.3 11.5 13.9 13.3 13.9 14.8 15.9 15.8 15.0 14.5 13.1 14.3 15.0 15.9 15.6 14.5 14.1 14.2 15.7 12.5 11.3 11.7 15.5 10.7 10.2 12.8 8.2 18.9 17.0 19651965 9.8 9.2 9.9 11.4 13.9 14.6 13.2 13.4 12.5 11.7 14.1 13.5 14.1 15.0 16.1 16.0 15.2 14.7 13.4 14.5 15.2 16.1 15.9 14.8 14.5 14.6 16.0 13.1 12.1 12.5 16.0 11.9 11.7 14.0 10.9 19.0 18.1 19.3 19661966 9.3 8.7 9.4 10.9 13.2 13.9 12.5 12.7 11.8 11.0 13.2 12.7 13.2 14.0 15.0 14.9 14.1 13.6 12.3 13.3 13.9 14.6 14.3 13.2 12.8 12.8 13.9 11.2 10.1 10.3 13.0 9.2 8.6 10.0 6.8 11.6 8.7 4.8 -7.9 19671967 9.9 9.3 10.0 11.5 13.8 14.5 13.1 13.3 12.4 11.7 13.9 13.4 13.9 14.7 15.7 15.6 14.9 14.4 13.2 14.3 14.8 15.6 15.4 14.4 14.1 14.2 15.3 12.8 12.0 12.4 15.1 11.8 11.6 13.3 11.1 16.0 14.8 14.1 11.6 35.3 19681968 10.1 9.5 10.3 11.7 13.9 14.6 13.3 13.5 12.7 12.0 14.1 13.6 14.1 14.9 15.9 15.8 15.1 14.7 13.5 14.5 15.1 15.9 15.6 14.7 14.5 14.6 15.6 13.4 12.6 13.0 15.5 12.6 12.6 14.2 12.4 16.7 15.9 15.6 14.4 27.5 20.21969 9.5 8.9 9.6 10.9 13.1 13.7 12.4 12.6 11.7 11.1 13.1 12.5 13.0 13.7 14.6 14.5 13.8 13.3 12.2 13.0 13.5 14.2 13.9 12.9 12.6 12.6 13.5 11.2 10.4 10.6 12.6 9.8 9.5 10.5 8.5 11.5 10.1 8.7 6.2 11.4 1.11970 9.2 8.6 9.3 10.6 12.7 13.3 12.0 12.2 11.4 10.7 12.6 12.1 12.5 13.2 14.1 13.9 13.2 12.7 11.6 12.4 12.9 13.5 13.1 12.2 11.9 11.8 12.6 10.4 9.6 9.7 11.6 8.9 8.5 9.4 7.5 10.0 8.5 7.1 4.9 8.3 0.61971 9.4 8.8 9.5 10.7 12.8 13.4 12.1 12.3 11.5 10.9 12.7 12.2 12.6 13.3 14.1 14.0 13.3 12.9 11.8 12.6 13.0 13.6 13.3 12.4 12.1 12.1 12.8 10.8 10.1 10.2 11.9 9.5 9.2 10.0 8.4 10.7 9.5 8.4 6.7 9.9 4.41972 9.5 8.9 9.6 10.8 12.8 13.4 12.2 12.4 11.6 10.9 12.8 12.3 12.7 13.3 14.1 14.0 13.3 12.9 11.9 12.6 13.0 13.6 13.3 12.5 12.2 12.1 12.8 10.9 10.3 10.4 12.0 9.8 9.5 10.3 8.8 11.0 9.9 9.1 7.7 10.5 6.11973 8.7 8.1 8.7 9.9 11.9 12.4 11.2 11.3 10.5 9.9 11.6 11.2 11.5 12.1 12.8 12.6 12.0 11.5 10.5 11.2 11.5 11.9 11.6 10.7 10.4 10.2 10.8 9.0 8.2 8.2 9.6 7.4 6.9 7.5 5.9 7.5 6.3 5.2 3.5 5.3 1.01974 7.8 7.2 7.8 8.9 10.8 11.2 10.1 10.2 9.4 8.8 10.4 9.9 10.2 10.7 11.3 11.1 10.5 10.0 8.9 9.5 9.8 10.1 9.7 8.9 8.4 8.2 8.7 6.8 6.0 5.9 7.0 4.8 4.3 4.6 3.0 4.2 2.8 1.5 -0.4 0.6 -3.51975 8.4 7.9 8.5 9.6 11.4 11.9 10.8 10.9 10.1 9.5 11.1 10.7 11.0 11.5 12.2 12.0 11.4 10.9 9.9 10.5 10.8 11.2 10.9 10.1 9.7 9.5 10.0 8.3 7.6 7.6 8.8 6.8 6.4 6.8 5.4 6.7 5.7 4.7 3.3 4.6 1.31976 8.9 8.4 8.9 10.1 11.9 12.3 11.2 11.4 10.6 10.1 11.7 11.2 11.5 12.1 12.7 12.6 12.0 11.5 10.6 11.2 11.5 11.9 11.6 10.9 10.5 10.4 11.0 9.3 8.7 8.8 9.9 8.1 7.8 8.3 7.1 8.5 7.6 6.8 5.7 7.2 4.51977 8.7 8.2 8.8 9.9 11.6 12.1 11.0 11.1 10.4 9.8 11.4 11.0 11.2 11.8 12.4 12.2 11.6 11.2 10.3 10.9 11.2 11.6 11.3 10.5 10.2 10.1 10.6 9.0 8.4 8.4 9.5 7.7 7.4 7.9 6.7 8.0 7.1 6.4 5.4 6.7 4.21978 8.8 8.3 8.8 9.9 11.6 12.1 11.0 11.1 10.4 9.9 11.4 10.9 11.2 11.7 12.4 12.2 11.6 11.2 10.3 10.9 11.2 11.5 11.2 10.5 10.2 10.1 10.6 9.1 8.5 8.5 9.6 7.9 7.6 8.0 7.0 8.2 7.4 6.7 5.8 7.0 4.81979 9.1 8.6 9.2 10.2 11.9 12.4 11.3 11.5 10.8 10.3 11.7 11.3 11.6 12.1 12.7 12.6 12.0 11.7 10.8 11.4 11.6 12.0 11.7 11.1 10.8 10.7 11.2 9.8 9.2 9.3 10.3 8.8 8.5 9.0 8.0 9.2 8.5 8.0 7.2 8.5 6.51980 9.5 9.0 9.6 10.6 12.3 12.7 11.7 11.9 11.2 10.7 12.2 11.8 12.1 12.6 13.2 13.0 12.5 12.2 11.4 11.9 12.2 12.6 12.3 11.7 11.4 11.4 11.9 10.5 10.1 10.1 11.2 9.7 9.5 10.0 9.2 10.4 9.8 9.3 8.7 10.0 8.31981 9.3 8.9 9.4 10.4 12.0 12.5 11.5 11.6 11.0 10.5 11.9 11.5 11.8 12.3 12.9 12.7 12.2 11.8 11.0 11.6 11.8 12.2 12.0 11.3 11.1 11.0 11.4 10.1 9.7 9.7 10.7 9.3 9.1 9.5 8.7 9.8 9.2 8.8 8.2 9.3 7.71982 9.6 9.1 9.6 10.7 12.3 12.7 11.7 11.9 11.2 10.7 12.1 11.8 12.0 12.5 13.1 13.0 12.5 12.1 11.4 11.9 12.2 12.5 12.3 11.7 11.5 11.4 11.9 10.6 10.2 10.2 11.2 9.9 9.7 10.2 9.4 10.5 10.0 9.6 9.0 10.2 8.71983 9.9 9.4 9.9 10.9 12.5 13.0 12.0 12.2 11.5 11.1 12.4 12.1 12.4 12.9 13.4 13.3 12.8 12.5 11.8 12.3 12.6 12.9 12.7 12.1 11.9 11.9 12.3 11.1 10.7 10.8 11.8 10.5 10.4 10.8 10.1 11.2 10.8 10.4 10.0 11.1 9.81984 9.7 9.3 9.8 10.8 12.3 12.8 11.8 12.0 11.4 10.9 12.2 11.9 12.2 12.6 13.2 13.0 12.6 12.3 11.5 12.0 12.3 12.6 12.4 11.9 11.6 11.6 12.0 10.9 10.5 10.5 11.5 10.2 10.1 10.5 9.8 10.8 10.4 10.1 9.6 10.7 9.41985 10.1 9.7 10.2 11.1 12.7 13.1 12.2 12.3 11.7 11.3 12.6 12.3 12.6 13.0 13.6 13.4 13.0 12.7 12.0 12.5 12.8 13.1 12.9 12.4 12.2 12.2 12.6 11.5 11.1 11.2 12.1 11.0 10.9 11.3 10.7 11.7 11.3 11.0 10.6 11.7 10.51986 10.2 9.8 10.3 11.2 12.7 13.2 12.3 12.4 11.8 11.4 12.7 12.3 12.6 13.1 13.6 13.5 13.1 12.8 12.1 12.6 12.8 13.2 13.0 12.5 12.3 12.3 12.7 11.6 11.3 11.4 12.2 11.1 11.0 11.5 10.9 11.8 11.5 11.2 10.9 11.9 10.81987 10.0 9.6 10.1 11.0 12.5 12.9 12.0 12.2 11.6 11.1 12.4 12.1 12.3 12.8 13.3 13.2 12.8 12.5 11.8 12.3 12.5 12.8 12.6 12.1 11.9 11.9 12.3 11.3 10.9 11.0 11.8 10.7 10.6 11.0 10.4 11.4 11.0 10.7 10.4 11.3 10.21988 10.2 9.8 10.3 11.2 12.6 13.0 12.2 12.3 11.7 11.3 12.6 12.2 12.5 12.9 13.5 13.3 12.9 12.6 12.0 12.5 12.7 13.0 12.8 12.3 12.2 12.1 12.5 11.5 11.2 11.3 12.1 11.0 11.0 11.4 10.8 11.7 11.4 11.1 10.8 11.7 10.71989 10.4 10.0 10.5 11.4 12.9 13.3 12.4 12.5 12.0 11.6 12.8 12.5 12.8 13.2 13.7 13.6 13.2 12.9 12.3 12.8 13.0 13.3 13.2 12.7 12.5 12.5 12.9 11.9 11.6 11.7 12.5 11.5 11.4 11.8 11.3 12.2 11.9 11.7 11.4 12.3 11.41990 10.1 9.7 10.1 11.0 12.4 12.8 12.0 12.1 11.6 11.2 12.4 12.0 12.3 12.7 13.2 13.1 12.7 12.4 11.8 12.2 12.4 12.7 12.5 12.1 11.9 11.9 12.2 11.3 10.9 11.0 11.8 10.8 10.7 11.1 10.5 11.4 11.0 10.8 10.5 11.3 10.41991 10.4 10.1 10.5 11.4 12.8 13.2 12.4 12.5 12.0 11.6 12.8 12.5 12.7 13.1 13.6 13.5 13.1 12.9 12.2 12.7 12.9 13.2 13.1 12.6 12.4 12.4 12.8 11.9 11.6 11.7 12.4 11.5 11.4 11.8 11.3 12.1 11.8 11.7 11.4 12.2 11.41992 10.5 10.1 10.6 11.5 12.8 13.2 12.4 12.5 12.0 11.6 12.8 12.5 12.7 13.1 13.6 13.5 13.1 12.9 12.3 12.7 12.9 13.2 13.1 12.6 12.5 12.5 12.8 11.9 11.6 11.7 12.5 11.5 11.5 11.9 11.4 12.2 11.9 11.7 11.5 12.3 11.41993 10.5 10.2 10.6 11.5 12.8 13.2 12.4 12.5 12.0 11.6 12.8 12.5 12.7 13.2 13.6 13.5 13.1 12.9 12.3 12.7 13.0 13.3 13.1 12.7 12.5 12.5 12.9 12.0 11.7 11.8 12.5 11.6 11.6 11.9 11.5 12.2 12.0 11.8 11.5 12.3 11.51994 10.4 10.0 10.5 11.3 12.6 13.0 12.2 12.3 11.8 11.4 12.6 12.3 12.5 12.9 13.3 13.2 12.9 12.6 12.0 12.5 12.7 12.9 12.8 12.4 12.2 12.2 12.5 11.7 11.4 11.5 12.2 11.3 11.2 11.5 11.1 11.8 11.6 11.4 11.1 11.9 11.11995 10.7 10.4 10.8 11.6 12.9 13.3 12.5 12.7 12.2 11.8 12.9 12.6 12.9 13.3 13.7 13.6 13.3 13.0 12.5 12.9 13.1 13.4 13.2 12.8 12.7 12.7 13.0 12.2 11.9 12.0 12.7 11.9 11.8 12.2 11.7 12.5 12.2 12.1 11.9 12.6 11.91996 10.9 10.5 10.9 11.8 13.1 13.4 12.7 12.8 12.3 12.0 13.1 12.8 13.0 13.4 13.8 13.8 13.4 13.2 12.6 13.0 13.3 13.5 13.4 13.0 12.9 12.9 13.2 12.4 12.1 12.2 12.9 12.1 12.1 12.4 12.0 12.7 12.5 12.4 12.1 12.9 12.21997 11.1 10.8 11.2 12.0 13.3 13.7 12.9 13.1 12.6 12.2 13.3 13.1 13.3 13.7 14.1 14.1 13.7 13.5 13.0 13.4 13.6 13.9 13.7 13.4 13.2 13.2 13.6 12.8 12.6 12.7 13.3 12.6 12.5 12.9 12.5 13.2 13.0 12.9 12.7 13.4 12.81998 11.2 10.9 11.3 12.1 13.4 13.7 13.0 13.1 12.7 12.3 13.4 13.1 13.4 13.7 14.2 14.1 13.8 13.5 13.0 13.4 13.7 13.9 13.8 13.4 13.3 13.3 13.6 12.9 12.7 12.8 13.4 12.6 12.6 13.0 12.6 13.3 13.1 13.0 12.8 13.5 12.91999 11.3 11.0 11.4 12.2 13.5 13.8 13.1 13.3 12.8 12.5 13.5 13.3 13.5 13.9 14.3 14.2 13.9 13.7 13.2 13.6 13.8 14.1 14.0 13.6 13.5 13.5 13.8 13.1 12.9 13.0 13.6 12.9 12.9 13.2 12.8 13.6 13.4 13.3 13.1 13.8 13.22000 11.1 10.8 11.2 12.0 13.2 13.6 12.9 13.0 12.5 12.2 13.2 13.0 13.2 13.6 14.0 13.9 13.6 13.4 12.9 13.3 13.5 13.7 13.6 13.2 13.1 13.1 13.4 12.7 12.5 12.6 13.2 12.5 12.4 12.7 12.4 13.1 12.9 12.7 12.6 13.2 12.62001 10.9 10.6 11.0 11.7 12.9 13.3 12.6 12.7 12.2 11.9 12.9 12.7 12.9 13.2 13.6 13.5 13.2 13.0 12.5 12.9 13.1 13.3 13.2 12.8 12.7 12.7 13.0 12.3 12.0 12.1 12.7 12.0 12.0 12.3 11.9 12.5 12.3 12.2 12.0 12.7 12.12002 10.4 10.1 10.5 11.2 12.4 12.7 12.0 12.1 11.7 11.3 12.3 12.1 12.3 12.6 13.0 12.9 12.6 12.3 11.8 12.2 12.4 12.6 12.5 12.1 12.0 11.9 12.2 11.5 11.3 11.3 11.9 11.2 11.1 11.4 11.0 11.6 11.4 11.2 11.0 11.6 11.02003 10.7 10.4 10.8 11.5 12.7 13.0 12.3 12.4 12.0 11.7 12.7 12.4 12.6 12.9 13.3 13.2 12.9 12.7 12.2 12.6 12.8 13.0 12.9 12.5 12.4 12.4 12.7 11.9 11.7 11.8 12.4 11.7 11.6 11.9 11.6 12.1 11.9 11.8 11.6 12.2 11.62004 10.8 10.5 10.8 11.6 12.7 13.0 12.4 12.5 12.0 11.7 12.7 12.4 12.6 13.0 13.3 13.3 13.0 12.7 12.3 12.6 12.8 13.0 12.9 12.5 12.4 12.4 12.7 12.0 11.8 11.9 12.4 11.7 11.7 12.0 11.6 12.2 12.0 11.9 11.7 12.3 11.72005 10.7 10.4 10.8 11.5 12.7 13.0 12.3 12.4 12.0 11.7 12.6 12.4 12.6 12.9 13.3 13.2 12.9 12.7 12.2 12.5 12.7 12.9 12.8 12.5 12.3 12.3 12.6 11.9 11.7 11.8 12.3 11.6 11.6 11.9 11.5 12.1 11.9 11.8 11.6 12.1 11.62006 10.8 10.5 10.9 11.6 12.7 13.0 12.4 12.5 12.0 11.7 12.7 12.4 12.6 12.9 13.3 13.2 12.9 12.7 12.2 12.6 12.8 13.0 12.9 12.5 12.4 12.4 12.7 12.0 11.8 11.9 12.4 11.7 11.7 12.0 11.6 12.2 12.0 11.9 11.7 12.2 11.72007 10.7 10.4 10.8 11.5 12.6 12.9 12.2 12.3 11.9 11.6 12.5 12.3 12.5 12.8 13.1 13.1 12.8 12.6 12.1 12.4 12.6 12.8 12.7 12.4 12.2 12.2 12.5 11.8 11.6 11.7 12.2 11.6 11.5 11.8 11.5 12.0 11.8 11.7 11.5 12.0 11.52008 9.9 9.6 10.0 10.7 11.7 12.0 11.4 11.4 11.0 10.7 11.6 11.4 11.5 11.8 12.1 12.1 11.7 11.5 11.1 11.4 11.5 11.7 11.6 11.2 11.1 11.1 11.3 10.6 10.4 10.4 10.9 10.3 10.2 10.4 10.1 10.6 10.4 10.2 10.0 10.5 9.92009 10.2 9.9 10.2 10.9 12.0 12.2 11.6 11.7 11.3 11.0 11.9 11.6 11.8 12.1 12.4 12.3 12.0 11.8 11.4 11.7 11.8 12.0 11.9 11.6 11.4 11.4 11.6 11.0 10.8 10.8 11.3 10.7 10.6 10.8 10.5 11.0 10.8 10.7 10.5 10.9 10.42010 10.3 10.0 10.3 11.0 12.1 12.3 11.7 11.8 11.4 11.1 12.0 11.7 11.9 12.2 12.5 12.4 12.2 12.0 11.5 11.8 12.0 12.2 12.0 11.7 11.6 11.6 11.8 11.2 10.9 11.0 11.5 10.8 10.8 11.0 10.7 11.2 11.0 10.9 10.7 11.2 10.6

1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968

26


US ADJUSTED MARKET 1 INDEX1928–2010: Total Returns (%)

Index data compiled by Dimensional.

19691969 -14.9 19701970 -8.0 -0.5 19711971 -0.4 7.7 16.6 19721972 2.9 9.6 15.0 13.5 19731973 -2.5 0.9 1.4 -5.5 -21.3 19741974 -7.0 -5.3 -6.5 -13.1 -24.0 -26.7 19751975 -1.1 1.4 1.8 -1.6 -6.2 2.4 43.1 19761976 2.7 5.5 6.5 4.6 2.5 11.9 38.2 33.4 19771977 2.6 5.0 5.8 4.1 2.3 9.2 24.7 16.4 1.6 19781978 3.3 5.6 6.4 5.0 3.6 9.5 21.0 14.5 6.1 10.7 19791979 5.4 7.6 8.6 7.6 6.8 12.4 22.4 17.7 12.8 18.9 27.7 19801980 7.3 9.6 10.7 10.0 9.6 14.9 23.9 20.3 17.3 23.0 29.7 31.7 19811981 6.8 8.8 9.7 9.1 8.6 13.0 20.2 16.8 13.7 17.0 19.2 15.1 0.6 19821982 7.9 9.9 10.8 10.3 10.0 14.2 20.7 17.8 15.4 18.3 20.3 17.9 11.6 23.9 19831983 9.1 11.1 12.0 11.6 11.5 15.4 21.4 18.9 16.9 19.7 21.6 20.1 16.5 25.4 26.9 19841984 8.7 10.5 11.4 11.0 10.8 14.3 19.4 17.1 15.2 17.2 18.4 16.6 13.1 17.6 14.6 3.4 19851985 10.0 11.8 12.6 12.3 12.3 15.6 20.5 18.5 16.9 19.0 20.2 19.0 16.6 21.0 20.0 16.8 31.8 19861986 10.3 12.0 12.8 12.5 12.5 15.6 20.1 18.2 16.8 18.6 19.6 18.5 16.4 19.9 18.9 16.3 23.4 15.5 19871987 9.7 11.3 12.0 11.8 11.6 14.5 18.4 16.6 15.2 16.6 17.3 16.1 14.0 16.4 15.0 12.1 15.2 7.7 0.5 19881988 10.3 11.8 12.5 12.2 12.2 14.9 18.6 16.9 15.6 17.0 17.6 16.6 14.8 17.0 15.9 13.8 16.5 11.8 10.0 20.5 19891989 11.0 12.5 13.2 13.0 13.0 15.5 19.1 17.5 16.4 17.7 18.4 17.5 16.0 18.1 17.3 15.8 18.4 15.3 15.3 23.4 26.4 19901990 9.9 11.3 11.9 11.7 11.6 13.9 17.1 15.5 14.3 15.4 15.8 14.7 13.2 14.7 13.6 11.8 13.2 9.8 8.5 11.3 6.9 -9.6 19911991 11.0 12.3 13.0 12.8 12.8 15.0 18.1 16.7 15.7 16.8 17.2 16.4 15.1 16.7 15.9 14.6 16.3 13.9 13.6 17.1 16.0 11.1 36.6 19921992 11.1 12.4 13.0 12.8 12.8 15.0 17.9 16.5 15.6 16.5 17.0 16.2 15.0 16.4 15.7 14.5 16.0 13.8 13.6 16.4 15.4 11.9 24.5 13.5 19931993 11.2 12.5 13.1 12.9 12.9 14.9 17.7 16.4 15.5 16.4 16.8 16.0 14.9 16.2 15.5 14.4 15.7 13.9 13.6 16.0 15.1 12.4 20.9 13.8 14.0 19941994 10.7 11.9 12.5 12.3 12.2 14.1 16.7 15.5 14.5 15.3 15.6 14.9 13.8 14.8 14.1 13.0 14.0 12.2 11.8 13.5 12.4 9.8 15.3 8.9 6.7 -0.2 19951995 11.6 12.7 13.3 13.2 13.2 15.0 17.5 16.4 15.5 16.4 16.7 16.1 15.1 16.2 15.6 14.7 15.8 14.3 14.2 16.1 15.4 13.7 19.0 15.0 15.5 16.3 35.5 19961996 11.9 13.0 13.6 13.5 13.5 15.3 17.7 16.6 15.8 16.6 17.0 16.4 15.5 16.5 16.0 15.2 16.3 15.0 14.9 16.6 16.2 14.8 19.4 16.3 16.9 17.9 28.2 21.3 19971997 12.5 13.7 14.2 14.1 14.1 15.9 18.3 17.2 16.5 17.3 17.7 17.1 16.3 17.4 17.0 16.3 17.4 16.2 16.3 18.0 17.7 16.7 21.0 18.6 19.7 21.1 29.2 26.2 31.2 19981998 12.7 13.7 14.3 14.2 14.2 16.0 18.2 17.2 16.5 17.3 17.6 17.1 16.4 17.4 17.0 16.3 17.3 16.3 16.3 17.9 17.6 16.7 20.5 18.3 19.1 20.2 25.9 22.9 23.6 16.5 19991999 13.0 14.0 14.6 14.5 14.5 16.2 18.3 17.4 16.8 17.5 17.8 17.4 16.7 17.6 17.3 16.7 17.6 16.7 16.8 18.2 18.0 17.2 20.7 18.8 19.6 20.5 25.2 22.7 23.2 19.4 22.3 20002000 12.4 13.4 13.9 13.8 13.8 15.4 17.4 16.5 15.8 16.5 16.8 16.3 15.5 16.4 16.0 15.4 16.2 15.2 15.2 16.4 16.1 15.2 18.0 16.1 16.4 16.7 19.8 16.9 15.8 11.1 8.5 -3.7 20012001 11.8 12.8 13.2 13.1 13.1 14.6 16.5 15.6 14.9 15.5 15.7 15.2 14.5 15.2 14.8 14.1 14.8 13.8 13.7 14.7 14.3 13.3 15.7 13.7 13.8 13.7 15.9 12.9 11.3 6.8 3.8 -4.5 -5.2 20022002 10.7 11.6 12.0 11.9 11.8 13.2 14.9 14.0 13.3 13.8 14.0 13.4 12.6 13.2 12.7 12.0 12.5 11.5 11.2 12.0 11.4 10.3 12.2 10.2 9.9 9.4 10.7 7.5 5.4 0.8 -2.7 -9.9 -12.8 -19.9 20032003 11.4 12.3 12.7 12.6 12.5 13.9 15.6 14.7 14.1 14.6 14.8 14.3 13.6 14.2 13.8 13.1 13.7 12.7 12.6 13.4 12.9 12.0 13.9 12.2 12.0 11.9 13.3 10.8 9.3 6.1 4.1 0.0 1.2 4.6 36.5 20042004 11.5 12.3 12.7 12.6 12.6 13.9 15.6 14.7 14.1 14.6 14.8 14.3 13.6 14.2 13.8 13.2 13.7 12.8 12.7 13.5 13.0 12.2 13.9 12.4 12.3 12.1 13.4 11.2 10.0 7.3 5.8 2.8 4.4 7.9 25.1 14.7 20052005 11.4 12.2 12.6 12.5 12.4 13.7 15.3 14.5 13.9 14.4 14.5 14.0 13.4 13.9 13.5 12.9 13.4 12.6 12.4 13.1 12.7 11.9 13.5 12.0 11.9 11.7 12.9 10.8 9.7 7.3 6.0 3.5 5.0 7.8 18.9 11.0 7.4 20062006 11.5 12.3 12.7 12.6 12.6 13.8 15.3 14.5 14.0 14.4 14.6 14.1 13.5 14.0 13.6 13.1 13.5 12.7 12.6 13.3 12.9 12.1 13.7 12.3 12.2 12.0 13.1 11.3 10.3 8.2 7.2 5.2 6.8 9.4 18.2 12.7 11.7 16.2 20072007 11.3 12.1 12.4 12.3 12.3 13.5 15.0 14.2 13.6 14.0 14.2 13.7 13.1 13.6 13.2 12.7 13.1 12.3 12.2 12.8 12.4 11.7 13.0 11.7 11.6 11.4 12.4 10.6 9.7 7.8 6.8 5.0 6.4 8.4 15.2 10.4 9.0 9.8 3.7 20082008 9.7 10.4 10.7 10.6 10.5 11.5 12.9 12.1 11.5 11.9 11.9 11.4 10.7 11.1 10.7 10.0 10.3 9.5 9.2 9.7 9.1 8.3 9.4 8.0 7.6 7.2 7.8 5.9 4.7 2.6 1.3 -0.8 -0.5 0.2 4.0 -1.5 -5.2 -9.0 -19.5 -37.5 20092009 10.2 10.9 11.2 11.1 11.0 12.1 13.4 12.7 12.1 12.4 12.5 12.0 11.4 11.8 11.4 10.8 11.1 10.3 10.1 10.6 10.1 9.4 10.5 9.2 8.9 8.6 9.2 7.6 6.6 4.8 3.7 2.0 2.7 3.7 7.6 3.4 1.3 -0.1 -5.0 -9.1 32.2 20102010 10.4 11.1 11.4 11.3 11.3 12.3 13.6 12.9 12.3 12.7 12.7 12.3 11.7 12.1 11.7 11.2 11.5 10.7 10.5 11.0 10.6 9.9 11.0 9.8 9.5 9.3 9.9 8.4 7.5 5.9 5.0 3.6 4.4 5.5 9.2 5.7 4.3 3.7 0.8 -0.2 26.2 20.5

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1928

$3,387

2010

27

27


19281928 35.5 19291929 6.9 -15.7 19301930 -8.7 -25.1 -33.5 19311931 -21.4 -34.4 -42.2 -49.8 19321932 -18.8 -28.5 -32.4 -31.8 -7.4 19331933 -6.9 -13.6 -13.1 -5.0 30.6 84.3 19341934 -5.2 -10.7 -9.7 -2.5 21.6 39.4 5.4 19351935 0.1 -4.1 -2.0 5.9 27.6 42.0 24.6 47.2 19361936 3.9 0.5 3.0 10.8 29.8 41.3 29.3 43.2 39.3 19371937 -1.4 -4.8 -3.3 1.9 14.7 19.7 7.5 8.2 -7.2 -38.2 19381938 1.1 -1.8 -0.1 5.1 16.8 21.4 11.7 13.3 3.8 -10.4 30.0 19391939 0.9 -1.8 -0.2 4.4 14.3 17.8 9.4 10.2 2.5 -7.5 13.2 -1.4 19401940 0.4 -2.1 -0.8 3.3 11.9 14.6 7.1 7.3 0.8 -7.1 6.5 -3.6 -5.8 19411941 -0.2 -2.5 -1.3 2.3 9.8 11.9 5.2 5.1 -0.6 -7.1 2.9 -4.8 -6.5 -7.2 19421942 1.1 -1.0 0.2 3.7 10.7 12.7 6.7 6.9 2.1 -3.0 6.1 0.9 1.7 5.6 20.2 19431943 3.0 1.1 2.5 5.9 12.7 14.8 9.4 9.9 6.0 1.9 10.8 7.3 9.6 15.2 28.4 37.0 19441944 4.4 2.7 4.0 7.4 13.9 15.9 11.1 11.7 8.3 4.9 13.2 10.6 13.2 18.5 28.6 32.9 28.9 19451945 6.4 4.9 6.4 9.7 16.0 18.1 13.8 14.6 11.7 9.0 17.0 15.3 18.3 23.9 33.1 37.7 38.1 47.9 19461946 5.7 4.2 5.6 8.6 14.4 16.1 12.1 12.6 9.9 7.4 14.2 12.3 14.4 18.2 24.0 25.0 21.2 17.6 -6.5 19471947 5.6 4.2 5.4 8.3 13.6 15.2 11.4 11.9 9.4 7.0 13.0 11.3 13.0 15.9 20.3 20.3 16.5 12.6 -1.8 3.2 19481948 5.3 4.0 5.1 7.8 12.8 14.2 10.6 11.0 8.6 6.4 11.7 10.1 11.4 13.8 17.1 16.6 12.9 9.3 -1.2 1.5 -0.2 19491949 5.9 4.6 5.8 8.4 13.1 14.5 11.1 11.5 9.3 7.3 12.4 10.9 12.2 14.4 17.4 17.0 14.0 11.2 3.5 7.1 9.1 19.2 19501950 7.1 5.9 7.1 9.7 14.3 15.6 12.5 12.9 11.0 9.2 14.1 12.8 14.2 16.4 19.4 19.3 17.0 15.1 9.5 13.9 17.6 27.7 36.7 19511951 7.5 6.5 7.6 10.1 14.5 15.8 12.8 13.3 11.4 9.8 14.4 13.3 14.6 16.6 19.3 19.2 17.2 15.6 10.9 14.8 17.9 24.6 27.3 18.6 19521952 7.7 6.7 7.8 10.2 14.4 15.6 12.8 13.2 11.5 9.9 14.3 13.2 14.4 16.3 18.7 18.5 16.6 15.2 11.1 14.4 16.8 21.4 22.2 15.5 12.5 19531953 7.3 6.3 7.4 9.6 13.6 14.7 12.0 12.4 10.7 9.2 13.2 12.1 13.2 14.8 16.8 16.5 14.6 13.1 9.4 11.9 13.4 16.4 15.6 9.4 5.0 -1.9 19541954 8.8 7.9 9.0 11.2 15.2 16.3 13.8 14.2 12.7 11.4 15.3 14.5 15.6 17.3 19.4 19.4 17.9 16.8 13.8 16.6 18.7 22.2 22.7 19.5 19.8 23.6 55.8 19551955 9.3 8.4 9.4 11.6 15.4 16.5 14.1 14.6 13.1 11.9 15.7 14.9 16.0 17.6 19.6 19.5 18.2 17.3 14.6 17.2 19.1 22.1 22.6 19.9 20.3 23.0 37.7 21.7 19561956 9.2 8.4 9.4 11.5 15.2 16.2 13.9 14.3 12.9 11.8 15.3 14.5 15.5 17.0 18.8 18.7 17.4 16.5 14.0 16.3 17.9 20.4 20.5 18.0 17.9 19.3 27.3 15.1 8.9 19571957 8.4 7.6 8.5 10.5 13.9 14.9 12.6 12.9 11.6 10.4 13.7 12.9 13.7 15.0 16.5 16.3 15.0 13.9 11.5 13.3 14.3 16.1 15.7 13.0 12.1 12.0 15.8 4.8 -2.7 -13.0 19581958 9.6 8.8 9.8 11.8 15.1 16.1 14.0 14.4 13.1 12.0 15.3 14.6 15.5 16.8 18.4 18.3 17.1 16.3 14.2 16.1 17.4 19.3 19.3 17.3 17.1 17.8 22.3 15.1 12.9 15.0 52.2 19591959 9.7 9.0 9.9 11.8 15.1 16.0 14.0 14.3 13.1 12.1 15.2 14.5 15.4 16.6 18.1 18.0 16.9 16.1 14.1 15.9 17.0 18.7 18.7 16.8 16.6 17.2 20.7 14.7 13.0 14.5 31.3 13.3 19601960 9.4 8.7 9.6 11.4 14.5 15.4 13.4 13.7 12.6 11.6 14.5 13.8 14.6 15.7 17.1 16.9 15.8 15.0 13.1 14.7 15.6 17.0 16.8 15.0 14.6 14.9 17.5 12.1 10.3 10.6 19.9 6.4 -0.1 19611961 9.9 9.2 10.1 11.9 14.9 15.8 13.9 14.2 13.1 12.2 15.0 14.4 15.2 16.3 17.6 17.5 16.5 15.8 14.0 15.5 16.4 17.8 17.7 16.1 15.9 16.3 18.8 14.3 13.0 13.9 21.9 13.2 13.1 28.0 19621962 9.3 8.6 9.4 11.1 14.0 14.8 13.0 13.2 12.1 11.2 13.9 13.2 13.9 14.9 16.1 15.9 14.9 14.1 12.4 13.7 14.4 15.6 15.3 13.7 13.2 13.3 15.1 10.8 9.4 9.5 14.6 6.8 4.7 7.2 -10.3 19631963 9.6 8.9 9.7 11.4 14.2 15.0 13.2 13.5 12.4 11.6 14.1 13.5 14.2 15.2 16.3 16.1 15.2 14.5 12.8 14.1 14.8 15.9 15.7 14.2 13.8 13.9 15.7 11.9 10.7 11.0 15.6 9.4 8.5 11.5 4.1 20.8 19641964 9.8 9.2 10.0 11.6 14.3 15.1 13.4 13.6 12.6 11.8 14.3 13.7 14.3 15.3 16.4 16.2 15.3 14.6 13.1 14.3 15.0 16.0 15.8 14.4 14.1 14.3 15.9 12.5 11.5 11.9 15.9 10.8 10.3 13.1 8.5 19.3 17.9 19651965 10.1 9.5 10.3 11.9 14.6 15.3 13.6 13.9 12.9 12.1 14.5 14.0 14.6 15.5 16.6 16.5 15.6 15.0 13.6 14.7 15.4 16.4 16.2 15.0 14.7 14.9 16.4 13.4 12.6 13.0 16.7 12.4 12.2 14.9 11.8 20.3 20.1 22.3 19661966 9.6 9.0 9.8 11.3 13.9 14.6 12.9 13.2 12.2 11.4 13.7 13.2 13.7 14.6 15.5 15.3 14.5 13.9 12.5 13.5 14.1 14.9 14.7 13.4 13.1 13.1 14.4 11.5 10.6 10.7 13.7 9.7 9.2 10.8 7.7 12.7 10.1 6.4 -7.5 19671967 10.3 9.7 10.5 12.0 14.5 15.2 13.6 13.9 13.0 12.2 14.5 14.0 14.5 15.4 16.3 16.2 15.4 14.8 13.5 14.6 15.2 16.1 15.9 14.8 14.5 14.7 16.0 13.3 12.7 13.0 16.0 12.6 12.5 14.4 12.3 17.5 16.6 16.2 13.3 38.7 19681968 10.6 10.0 10.8 12.3 14.7 15.4 13.9 14.2 13.3 12.6 14.8 14.3 14.9 15.7 16.6 16.5 15.7 15.2 14.0 15.0 15.6 16.4 16.3 15.3 15.1 15.2 16.5 14.1 13.5 13.9 16.7 13.7 13.7 15.6 13.9 18.5 18.1 18.2 16.8 31.2 24.11969 9.8 9.3 10.0 11.4 13.7 14.4 12.9 13.1 12.2 11.5 13.6 13.1 13.6 14.3 15.2 15.0 14.2 13.7 12.4 13.3 13.8 14.5 14.3 13.2 12.9 13.0 14.0 11.6 10.9 11.1 13.4 10.4 10.1 11.3 9.4 12.5 11.2 9.9 7.0 12.3 1.01970 9.6 9.0 9.7 11.1 13.4 14.0 12.5 12.7 11.8 11.1 13.1 12.6 13.1 13.8 14.6 14.4 13.7 13.1 11.9 12.7 13.2 13.8 13.6 12.5 12.2 12.2 13.1 10.8 10.2 10.2 12.3 9.5 9.1 10.1 8.3 10.8 9.5 8.1 5.5 9.0 0.61971 9.7 9.2 9.9 11.2 13.4 14.0 12.6 12.8 12.0 11.3 13.2 12.7 13.2 13.9 14.7 14.5 13.7 13.2 12.1 12.9 13.3 13.9 13.7 12.7 12.4 12.4 13.3 11.1 10.5 10.6 12.5 10.0 9.7 10.6 9.0 11.4 10.3 9.2 7.2 10.4 4.31972 9.7 9.2 9.9 11.2 13.4 14.0 12.6 12.8 11.9 11.3 13.2 12.7 13.1 13.8 14.5 14.4 13.7 13.1 12.0 12.8 13.2 13.8 13.6 12.6 12.3 12.3 13.1 11.2 10.6 10.7 12.5 10.1 9.8 10.7 9.2 11.4 10.4 9.5 7.8 10.5 5.61973 8.9 8.4 9.0 10.3 12.4 12.9 11.5 11.7 10.9 10.2 12.0 11.5 11.9 12.5 13.2 13.0 12.2 11.7 10.6 11.3 11.6 12.1 11.8 10.8 10.5 10.4 11.1 9.1 8.4 8.4 9.9 7.5 7.1 7.7 6.2 7.8 6.6 5.4 3.5 5.2 0.41974 8.1 7.5 8.1 9.3 11.3 11.8 10.5 10.6 9.8 9.1 10.8 10.3 10.6 11.2 11.8 11.5 10.8 10.2 9.1 9.7 10.0 10.4 10.0 9.0 8.6 8.5 9.0 7.1 6.3 6.2 7.5 5.1 4.6 5.0 3.4 4.6 3.2 1.9 -0.2 0.8 -3.71975 8.8 8.3 8.8 10.0 12.0 12.5 11.2 11.3 10.6 9.9 11.6 11.1 11.5 12.0 12.7 12.4 11.8 11.2 10.2 10.8 11.1 11.5 11.2 10.3 10.0 9.9 10.5 8.7 8.1 8.0 9.3 7.2 6.9 7.3 6.0 7.4 6.3 5.3 3.7 5.1 1.51976 9.3 8.8 9.4 10.6 12.6 13.1 11.8 11.9 11.2 10.6 12.2 11.8 12.2 12.7 13.3 13.2 12.5 12.0 11.0 11.7 12.0 12.4 12.2 11.3 11.0 11.0 11.6 9.9 9.4 9.4 10.7 8.8 8.5 9.1 7.9 9.4 8.5 7.8 6.5 8.1 5.11977 9.2 8.7 9.3 10.5 12.4 12.9 11.6 11.8 11.0 10.4 12.0 11.6 12.0 12.5 13.1 12.9 12.3 11.8 10.8 11.4 11.7 12.1 11.9 11.1 10.8 10.7 11.3 9.7 9.1 9.2 10.4 8.6 8.3 8.8 7.7 9.0 8.3 7.5 6.4 7.8 5.11978 9.3 8.8 9.4 10.5 12.4 12.8 11.6 11.8 11.1 10.5 12.0 11.6 12.0 12.5 13.1 12.9 12.3 11.8 10.9 11.4 11.7 12.1 11.9 11.1 10.8 10.8 11.3 9.8 9.3 9.3 10.5 8.7 8.5 9.0 8.0 9.2 8.5 7.9 6.8 8.1 5.71979 9.6 9.2 9.7 10.9 12.7 13.2 12.0 12.2 11.5 10.9 12.4 12.0 12.4 12.9 13.5 13.3 12.7 12.3 11.4 12.0 12.3 12.7 12.5 11.7 11.5 11.4 12.0 10.5 10.1 10.1 11.3 9.7 9.5 10.0 9.1 10.4 9.8 9.2 8.4 9.7 7.61980 10.0 9.6 10.1 11.3 13.1 13.5 12.4 12.5 11.9 11.3 12.8 12.5 12.8 13.3 13.9 13.8 13.2 12.8 11.9 12.5 12.8 13.2 13.0 12.3 12.1 12.1 12.7 11.3 10.9 10.9 12.1 10.6 10.5 11.0 10.2 11.4 10.9 10.5 9.7 11.1 9.21981 9.9 9.4 10.0 11.1 12.9 13.3 12.2 12.3 11.7 11.1 12.6 12.2 12.6 13.1 13.6 13.5 12.9 12.5 11.6 12.2 12.5 12.9 12.7 12.0 11.8 11.8 12.3 10.9 10.5 10.6 11.7 10.2 10.1 10.6 9.8 11.0 10.4 10.0 9.3 10.5 8.71982 10.1 9.7 10.2 11.3 13.1 13.5 12.4 12.6 11.9 11.4 12.9 12.5 12.8 13.3 13.9 13.7 13.2 12.8 12.0 12.5 12.8 13.2 13.0 12.4 12.2 12.2 12.7 11.4 11.0 11.1 12.2 10.8 10.7 11.2 10.4 11.6 11.1 10.8 10.1 11.3 9.71983 10.4 10.0 10.6 11.6 13.4 13.8 12.7 12.9 12.3 11.7 13.2 12.8 13.2 13.7 14.2 14.1 13.6 13.2 12.4 13.0 13.2 13.7 13.5 12.9 12.7 12.7 13.2 12.0 11.6 11.7 12.8 11.5 11.4 11.9 11.3 12.4 12.0 11.7 11.1 12.3 10.91984 10.3 9.9 10.4 11.5 13.2 13.6 12.5 12.7 12.1 11.6 13.0 12.6 13.0 13.4 14.0 13.8 13.3 12.9 12.2 12.7 13.0 13.3 13.2 12.6 12.4 12.4 12.9 11.7 11.3 11.4 12.5 11.2 11.1 11.6 10.9 12.0 11.6 11.3 10.7 11.8 10.41985 10.6 10.3 10.8 11.8 13.5 13.9 12.9 13.0 12.4 11.9 13.3 13.0 13.3 13.8 14.3 14.2 13.7 13.4 12.6 13.1 13.4 13.8 13.7 13.1 12.9 12.9 13.4 12.3 12.0 12.1 13.1 11.8 11.8 12.3 11.7 12.7 12.4 12.1 11.7 12.8 11.51986 10.7 10.3 10.8 11.9 13.5 13.9 12.9 13.1 12.5 12.0 13.4 13.0 13.4 13.8 14.3 14.2 13.7 13.4 12.7 13.2 13.4 13.8 13.7 13.1 12.9 13.0 13.4 12.3 12.0 12.1 13.1 11.9 11.9 12.4 11.8 12.8 12.5 12.3 11.8 12.9 11.61987 10.5 10.1 10.6 11.6 13.2 13.7 12.6 12.8 12.2 11.7 13.1 12.7 13.1 13.5 14.0 13.9 13.4 13.0 12.3 12.8 13.1 13.4 13.3 12.7 12.6 12.6 13.0 11.9 11.6 11.7 12.7 11.5 11.4 11.9 11.3 12.3 11.9 11.7 11.2 12.2 11.01988 10.7 10.3 10.8 11.8 13.4 13.8 12.8 13.0 12.4 11.9 13.2 12.9 13.2 13.7 14.2 14.0 13.6 13.2 12.5 13.0 13.3 13.7 13.5 13.0 12.8 12.8 13.3 12.2 11.9 12.0 13.0 11.8 11.8 12.2 11.7 12.6 12.3 12.1 11.7 12.6 11.51989 10.9 10.5 11.0 12.0 13.6 14.0 13.0 13.2 12.6 12.2 13.4 13.1 13.5 13.9 14.4 14.3 13.8 13.5 12.8 13.3 13.6 13.9 13.8 13.2 13.1 13.1 13.6 12.6 12.3 12.4 13.3 12.2 12.2 12.6 12.1 13.1 12.8 12.6 12.2 13.1 12.11990 10.5 10.1 10.6 11.6 13.1 13.5 12.5 12.6 12.1 11.7 12.9 12.6 12.9 13.3 13.8 13.6 13.2 12.9 12.2 12.7 12.9 13.2 13.1 12.5 12.4 12.4 12.8 11.8 11.5 11.6 12.4 11.4 11.3 11.7 11.2 12.1 11.7 11.5 11.1 12.0 10.91991 10.9 10.5 11.0 11.9 13.4 13.8 12.9 13.0 12.5 12.0 13.3 13.0 13.3 13.7 14.2 14.0 13.6 13.3 12.6 13.1 13.4 13.7 13.6 13.0 12.9 12.9 13.3 12.4 12.1 12.2 13.1 12.0 12.0 12.4 11.9 12.8 12.5 12.3 12.0 12.8 11.81992 10.9 10.6 11.1 12.0 13.5 13.9 12.9 13.1 12.5 12.1 13.3 13.1 13.3 13.7 14.2 14.1 13.7 13.4 12.7 13.2 13.4 13.7 13.6 13.1 13.0 13.0 13.4 12.5 12.2 12.3 13.1 12.2 12.1 12.5 12.1 12.9 12.6 12.5 12.1 12.9 12.01993 11.0 10.7 11.2 12.1 13.5 13.9 13.0 13.1 12.6 12.2 13.4 13.1 13.4 13.8 14.2 14.1 13.7 13.4 12.8 13.3 13.5 13.8 13.7 13.2 13.1 13.1 13.5 12.6 12.3 12.4 13.2 12.3 12.3 12.7 12.2 13.0 12.8 12.6 12.3 13.1 12.21994 10.8 10.5 11.0 11.9 13.3 13.7 12.8 12.9 12.4 12.0 13.1 12.9 13.1 13.5 14.0 13.8 13.4 13.1 12.5 13.0 13.2 13.5 13.4 12.9 12.7 12.8 13.1 12.2 12.0 12.1 12.9 11.9 11.9 12.3 11.8 12.6 12.3 12.1 11.8 12.6 11.71995 11.2 10.8 11.3 12.2 13.6 14.0 13.1 13.2 12.7 12.3 13.5 13.2 13.5 13.9 14.3 14.2 13.8 13.5 12.9 13.4 13.6 13.9 13.8 13.3 13.2 13.2 13.6 12.7 12.5 12.6 13.4 12.5 12.5 12.9 12.4 13.2 13.0 12.8 12.5 13.3 12.51996 11.3 11.0 11.4 12.3 13.7 14.1 13.2 13.4 12.9 12.5 13.6 13.4 13.6 14.0 14.4 14.3 13.9 13.7 13.1 13.5 13.7 14.1 13.9 13.5 13.4 13.4 13.8 12.9 12.7 12.8 13.6 12.7 12.7 13.1 12.7 13.4 13.2 13.1 12.8 13.5 12.81997 11.6 11.3 11.7 12.6 14.0 14.3 13.5 13.6 13.1 12.8 13.9 13.6 13.9 14.3 14.7 14.6 14.2 14.0 13.4 13.8 14.1 14.4 14.3 13.8 13.7 13.8 14.1 13.3 13.1 13.2 14.0 13.1 13.1 13.5 13.1 13.9 13.7 13.6 13.3 14.1 13.31998 11.6 11.2 11.7 12.5 13.9 14.3 13.4 13.6 13.1 12.7 13.8 13.6 13.9 14.2 14.6 14.5 14.2 13.9 13.4 13.8 14.0 14.3 14.2 13.8 13.7 13.7 14.1 13.3 13.1 13.2 13.9 13.1 13.1 13.4 13.1 13.8 13.6 13.5 13.2 13.9 13.21999 11.7 11.4 11.8 12.7 14.0 14.4 13.5 13.7 13.2 12.8 13.9 13.7 14.0 14.3 14.7 14.6 14.3 14.0 13.5 13.9 14.1 14.4 14.3 13.9 13.8 13.8 14.2 13.4 13.2 13.3 14.1 13.3 13.3 13.6 13.3 14.0 13.8 13.7 13.4 14.1 13.42000 11.5 11.2 11.7 12.5 13.8 14.2 13.3 13.5 13.0 12.6 13.7 13.5 13.7 14.1 14.5 14.4 14.0 13.8 13.3 13.7 13.9 14.1 14.1 13.6 13.5 13.6 13.9 13.1 13.0 13.1 13.7 13.0 13.0 13.3 12.9 13.6 13.4 13.3 13.1 13.7 13.12001 11.4 11.1 11.5 12.3 13.6 13.9 13.1 13.3 12.8 12.4 13.5 13.2 13.5 13.8 14.2 14.1 13.8 13.5 13.0 13.4 13.6 13.9 13.8 13.3 13.2 13.3 13.6 12.8 12.7 12.7 13.4 12.6 12.6 12.9 12.6 13.3 13.1 12.9 12.7 13.3 12.62002 10.9 10.6 11.0 11.8 13.1 13.4 12.6 12.7 12.3 11.9 12.9 12.7 12.9 13.2 13.6 13.5 13.1 12.9 12.4 12.7 12.9 13.2 13.0 12.6 12.5 12.5 12.8 12.1 11.9 12.0 12.6 11.8 11.8 12.1 11.7 12.3 12.1 12.0 11.7 12.3 11.62003 11.2 10.9 11.4 12.1 13.4 13.7 12.9 13.1 12.6 12.3 13.3 13.0 13.3 13.6 14.0 13.9 13.5 13.3 12.8 13.2 13.3 13.6 13.5 13.1 13.0 13.0 13.3 12.6 12.4 12.5 13.1 12.4 12.4 12.7 12.3 12.9 12.7 12.6 12.4 13.0 12.32004 11.3 11.0 11.4 12.2 13.4 13.8 13.0 13.1 12.7 12.3 13.3 13.1 13.3 13.7 14.0 13.9 13.6 13.3 12.8 13.2 13.4 13.6 13.5 13.2 13.1 13.1 13.4 12.7 12.5 12.6 13.2 12.5 12.4 12.7 12.4 13.0 12.8 12.7 12.5 13.1 12.42005 11.3 11.0 11.4 12.1 13.4 13.7 12.9 13.0 12.6 12.3 13.3 13.0 13.3 13.6 13.9 13.8 13.5 13.3 12.8 13.1 13.3 13.5 13.4 13.1 13.0 13.0 13.3 12.6 12.4 12.5 13.1 12.4 12.3 12.6 12.3 12.9 12.7 12.6 12.4 12.9 12.32006 11.3 11.1 11.5 12.2 13.4 13.7 13.0 13.1 12.7 12.3 13.3 13.1 13.3 13.6 14.0 13.9 13.6 13.3 12.8 13.2 13.4 13.6 13.5 13.1 13.0 13.1 13.4 12.7 12.5 12.6 13.2 12.5 12.4 12.7 12.4 13.0 12.8 12.7 12.5 13.0 12.42007 11.2 10.9 11.3 12.1 13.3 13.6 12.8 12.9 12.5 12.2 13.1 12.9 13.1 13.4 13.8 13.7 13.4 13.1 12.6 13.0 13.2 13.4 13.3 12.9 12.8 12.8 13.1 12.4 12.3 12.3 12.9 12.2 12.2 12.5 12.2 12.7 12.6 12.4 12.2 12.7 12.22008 10.4 10.1 10.5 11.2 12.4 12.7 11.9 12.0 11.6 11.3 12.2 11.9 12.1 12.4 12.8 12.6 12.3 12.1 11.6 11.9 12.0 12.3 12.1 11.8 11.6 11.6 11.9 11.2 11.0 11.1 11.6 10.9 10.9 11.1 10.8 11.3 11.1 10.9 10.7 11.1 10.52009 10.7 10.4 10.7 11.5 12.6 12.9 12.2 12.3 11.9 11.5 12.4 12.2 12.4 12.7 13.0 12.9 12.6 12.4 11.9 12.2 12.3 12.6 12.5 12.1 12.0 12.0 12.2 11.6 11.4 11.4 12.0 11.3 11.3 11.5 11.2 11.7 11.5 11.4 11.1 11.6 11.02010 10.8 10.5 10.9 11.6 12.7 13.0 12.3 12.4 12.0 11.7 12.6 12.3 12.5 12.8 13.2 13.1 12.7 12.5 12.0 12.3 12.5 12.7 12.6 12.2 12.1 12.1 12.4 11.7 11.6 11.6 12.1 11.5 11.5 11.7 11.4 11.9 11.7 11.6 11.4 11.8 11.3

1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968

28


US ADJUSTED MARKET 2 INDEX1928–2010: Total Returns (%)


19691969 -17.8 19701970 -9.4 -0.2 19711971 -1.6 7.7 16.1 19721972 1.5 8.8 13.6 11.2 19731973 -3.8 0.1 0.2 -6.9 -22.1 19741974 -7.7 -5.5 -6.8 -13.4 -23.6 -25.1 19751975 -1.4 1.7 2.0 -1.2 -5.1 4.8 46.6 19761976 2.9 6.3 7.4 5.8 4.5 15.2 42.8 39.1 19771977 3.1 6.1 7.0 5.6 4.5 12.5 28.8 20.7 4.7 19781978 4.0 6.8 7.7 6.5 5.7 12.4 24.4 17.8 8.4 12.2 19791979 6.2 8.9 10.0 9.2 8.9 15.2 25.5 20.8 15.2 20.9 30.2 19801980 8.1 10.8 11.9 11.5 11.5 17.4 26.5 22.8 19.0 24.3 30.8 31.3 19811981 7.6 10.1 11.1 10.6 10.5 15.4 22.8 19.2 15.6 18.5 20.6 16.1 2.6 19821982 8.7 11.1 12.1 11.8 11.8 16.4 23.0 19.9 17.0 19.6 21.6 18.8 13.0 24.4 19831983 10.0 12.3 13.4 13.1 13.3 17.6 23.7 21.1 18.7 21.2 23.1 21.4 18.3 27.0 29.6 19841984 9.6 11.7 12.6 12.4 12.4 16.3 21.5 19.0 16.7 18.5 19.6 17.5 14.3 18.5 15.7 3.2 19851985 10.8 12.9 13.8 13.6 13.8 17.5 22.4 20.2 18.2 20.0 21.2 19.7 17.6 21.6 20.7 16.5 31.4 19861986 11.0 13.0 13.8 13.7 13.9 17.2 21.7 19.7 17.9 19.4 20.4 19.0 17.1 20.2 19.2 15.9 22.8 14.7 19871987 10.4 12.2 12.9 12.8 12.9 15.9 19.8 17.8 16.1 17.3 17.9 16.4 14.4 16.5 15.0 11.6 14.5 6.9 -0.4 19881988 10.9 12.7 13.5 13.3 13.4 16.3 20.0 18.2 16.6 17.7 18.3 17.0 15.4 17.3 16.2 13.7 16.4 11.8 10.4 22.3 19891989 11.5 13.3 14.0 13.9 14.1 16.8 20.3 18.6 17.2 18.3 18.9 17.8 16.4 18.2 17.3 15.4 18.0 14.9 14.9 23.4 24.6 19901990 10.3 11.9 12.5 12.4 12.4 14.9 18.0 16.3 14.8 15.6 15.9 14.7 13.2 14.4 13.2 11.0 12.4 8.9 7.5 10.3 4.7 -12.0 19911991 11.3 12.9 13.5 13.4 13.5 15.9 19.0 17.4 16.1 17.0 17.3 16.3 15.0 16.4 15.5 13.8 15.4 13.0 12.6 16.1 14.1 9.3 35.7 19921992 11.5 13.0 13.7 13.5 13.7 15.9 18.8 17.3 16.1 16.9 17.2 16.3 15.1 16.3 15.5 14.1 15.5 13.4 13.2 16.1 14.6 11.5 25.4 16.0 19931993 11.7 13.2 13.8 13.7 13.8 16.0 18.7 17.3 16.1 16.9 17.2 16.3 15.2 16.4 15.7 14.3 15.7 13.8 13.7 16.2 15.0 12.8 22.5 16.4 16.8 19941994 11.3 12.6 13.2 13.0 13.1 15.2 17.7 16.3 15.2 15.8 16.0 15.1 14.1 15.0 14.2 12.9 14.0 12.2 11.9 13.7 12.3 10.0 16.4 10.6 8.0 -0.2 19951995 12.1 13.4 14.0 13.9 14.0 16.0 18.4 17.2 16.1 16.8 17.1 16.3 15.4 16.3 15.7 14.6 15.7 14.3 14.2 16.2 15.3 13.9 19.9 16.2 16.3 16.1 35.0 19961996 12.4 13.7 14.2 14.2 14.3 16.2 18.6 17.4 16.4 17.0 17.3 16.6 15.7 16.7 16.1 15.1 16.2 14.9 14.9 16.7 16.1 14.9 20.1 17.2 17.6 17.8 28.0 21.3 19971997 13.0 14.3 14.8 14.8 14.9 16.8 19.1 18.0 17.0 17.7 18.0 17.3 16.6 17.5 17.0 16.2 17.3 16.1 16.3 18.1 17.6 16.8 21.6 19.4 20.1 20.9 28.9 26.0 30.8 19981998 12.9 14.1 14.7 14.6 14.7 16.5 18.7 17.6 16.7 17.3 17.6 17.0 16.2 17.1 16.6 15.8 16.8 15.7 15.8 17.4 16.9 16.1 20.2 18.1 18.4 18.8 24.1 20.6 20.2 10.5 19991999 13.1 14.3 14.9 14.8 15.0 16.7 18.8 17.7 16.9 17.5 17.7 17.1 16.4 17.3 16.9 16.1 17.0 16.0 16.1 17.6 17.2 16.5 20.2 18.4 18.7 19.1 23.3 20.6 20.3 15.4 20.5 20002000 12.7 13.9 14.4 14.3 14.4 16.1 18.1 17.0 16.2 16.7 16.9 16.3 15.6 16.4 15.9 15.2 16.0 15.0 15.0 16.3 15.8 15.1 18.2 16.4 16.4 16.4 19.4 16.5 15.3 10.6 10.6 1.5 20012001 12.3 13.4 13.9 13.8 13.9 15.5 17.3 16.3 15.5 16.0 16.1 15.5 14.8 15.5 15.0 14.3 14.9 14.0 13.9 15.0 14.5 13.7 16.4 14.6 14.4 14.2 16.4 13.5 12.0 7.8 6.8 0.6 -0.3 20022002 11.3 12.3 12.7 12.6 12.6 14.1 15.8 14.8 14.0 14.3 14.4 13.8 13.1 13.6 13.1 12.3 12.8 11.8 11.6 12.4 11.8 10.8 13.0 11.1 10.6 10.0 11.3 8.3 6.3 1.9 -0.1 -6.2 -9.8 -18.4 20032003 12.0 13.0 13.5 13.4 13.4 14.9 16.6 15.6 14.8 15.2 15.4 14.8 14.1 14.7 14.2 13.5 14.1 13.2 13.1 14.0 13.5 12.7 14.9 13.3 13.0 12.7 14.2 11.8 10.5 7.5 6.9 3.7 4.5 6.9 40.1 20042004 12.1 13.1 13.5 13.5 13.5 14.9 16.6 15.6 14.9 15.3 15.4 14.8 14.2 14.7 14.3 13.6 14.2 13.3 13.3 14.1 13.6 12.9 15.0 13.5 13.3 13.0 14.4 12.3 11.2 8.7 8.4 6.1 7.3 10.0 27.7 16.3 20052005 12.0 13.0 13.4 13.3 13.4 14.7 16.3 15.4 14.6 15.0 15.1 14.6 14.0 14.5 14.0 13.4 13.9 13.1 13.0 13.8 13.3 12.6 14.5 13.1 12.9 12.6 13.8 11.9 10.9 8.6 8.3 6.4 7.4 9.5 20.7 12.1 8.0 20062006 12.1 13.1 13.5 13.4 13.5 14.8 16.3 15.5 14.7 15.1 15.2 14.7 14.1 14.6 14.2 13.6 14.0 13.3 13.2 14.0 13.5 12.9 14.7 13.4 13.2 12.9 14.1 12.4 11.5 9.6 9.4 7.9 9.1 11.0 19.9 13.9 12.6 17.5 20072007 11.9 12.8 13.1 13.1 13.1 14.4 15.8 15.0 14.3 14.6 14.7 14.2 13.6 14.0 13.6 13.0 13.5 12.7 12.6 13.3 12.9 12.2 13.9 12.6 12.4 12.1 13.1 11.4 10.6 8.7 8.5 7.1 7.9 9.4 16.0 10.6 8.8 9.2 1.5 20082008 10.2 11.0 11.4 11.2 11.2 12.4 13.7 12.8 12.1 12.4 12.4 11.8 11.2 11.5 11.0 10.3 10.6 9.8 9.6 10.1 9.5 8.8 10.1 8.7 8.3 7.7 8.3 6.5 5.3 3.3 2.6 0.8 0.7 0.8 4.4 -1.5 -5.5 -9.7 -20.8 -38.2 20092009 10.7 11.5 11.9 11.7 11.8 12.9 14.2 13.4 12.7 12.9 13.0 12.4 11.8 12.2 11.7 11.1 11.4 10.7 10.5 11.0 10.5 9.9 11.1 9.9 9.6 9.1 9.8 8.2 7.2 5.5 5.0 3.6 3.8 4.3 8.1 3.5 1.1 -0.6 -5.9 -9.4 32.6 20102010 11.0 11.8 12.1 12.0 12.0 13.1 14.4 13.6 13.0 13.2 13.2 12.7 12.2 12.5 12.1 11.5 11.8 11.1 11.0 11.5 11.0 10.4 11.7 10.5 10.2 9.9 10.5 9.1 8.2 6.7 6.3 5.1 5.5 6.2 9.7 6.0 4.3 3.6 0.4 0.0 27.3 22.1

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1928

$4,918

2010

29

29


19281928 34.1 19291929 4.0 -19.3 19301930 -11.9 -28.7 -36.9 19311931 -24.6 -37.7 -45.3 -52.6 19321932 -21.6 -31.4 -35.0 -34.1 -8.5 19331933 -7.9 -14.6 -13.3 -3.6 37.3 106.0 19341934 -6.1 -11.5 -9.9 -1.5 25.7 47.2 5.2 19351935 -0.4 -4.5 -1.8 7.3 31.5 48.4 26.0 50.9 19361936 4.0 0.7 4.0 13.0 34.4 48.0 32.5 48.8 46.7 19371937 -2.0 -5.4 -3.5 2.6 16.6 22.4 7.5 8.3 -8.3 -42.6 19381938 0.7 -2.1 0.0 5.9 18.8 24.0 12.1 13.8 3.6 -12.9 32.3 19391939 0.3 -2.4 -0.5 4.7 15.6 19.5 9.1 9.9 1.6 -10.1 12.5 -4.4 19401940 -0.1 -2.6 -0.9 3.7 13.1 16.1 7.0 7.3 0.2 -8.9 6.3 -4.7 -5.0 19411941 -0.5 -2.8 -1.3 2.8 11.1 13.5 5.3 5.3 -0.8 -8.2 3.2 -5.0 -5.3 -5.6 19421942 0.9 -1.1 0.4 4.4 12.2 14.5 7.2 7.5 2.4 -3.5 7.0 1.5 3.6 8.1 23.8 19431943 3.3 1.5 3.1 7.1 14.6 17.0 10.6 11.2 7.0 2.3 12.7 9.1 12.8 19.4 34.3 45.6 19441944 5.0 3.4 5.1 9.0 16.2 18.5 12.7 13.5 9.9 6.1 15.8 13.2 17.1 23.4 35.0 40.9 36.4 19451945 7.3 5.9 7.7 11.6 18.6 21.0 15.8 16.8 13.8 10.7 20.1 18.5 22.8 29.3 39.8 45.6 45.7 55.5 19461946 6.4 5.0 6.6 10.2 16.6 18.6 13.7 14.4 11.6 8.5 16.5 14.7 17.7 22.0 28.4 29.5 24.6 19.1 -8.8 19471947 6.2 4.9 6.4 9.8 15.7 17.5 12.9 13.5 10.8 8.0 15.1 13.3 15.8 19.1 23.8 23.8 18.9 13.5 -3.0 3.2 19481948 5.8 4.6 6.0 9.1 14.6 16.2 11.8 12.3 9.8 7.2 13.5 11.7 13.7 16.3 19.8 19.1 14.4 9.5 -2.6 0.7 -1.8 19491949 6.4 5.2 6.6 9.6 14.8 16.3 12.3 12.7 10.4 8.0 13.9 12.3 14.2 16.5 19.6 19.0 15.1 11.3 2.3 6.3 7.9 18.6 19501950 7.8 6.7 8.1 11.1 16.2 17.7 13.9 14.5 12.4 10.3 15.9 14.7 16.6 19.0 22.1 21.9 18.8 16.1 9.5 14.7 18.8 30.6 43.7 19511951 8.1 7.1 8.5 11.3 16.1 17.6 14.0 14.5 12.6 10.6 15.9 14.7 16.5 18.7 21.4 21.2 18.4 16.0 10.5 14.9 18.0 25.4 28.9 15.6 19521952 8.2 7.3 8.6 11.3 15.9 17.3 13.9 14.4 12.5 10.7 15.6 14.5 16.1 18.1 20.5 20.2 17.6 15.5 10.7 14.3 16.7 21.8 22.9 13.6 11.7 19531953 7.7 6.8 8.0 10.6 14.9 16.1 12.9 13.3 11.5 9.7 14.2 13.1 14.5 16.2 18.2 17.7 15.2 13.1 8.6 11.4 12.8 16.0 15.3 7.2 3.2 -4.6 19541954 9.3 8.4 9.7 12.3 16.6 17.9 14.8 15.3 13.6 12.0 16.5 15.6 17.1 18.9 21.0 20.8 18.7 17.1 13.5 16.6 18.6 22.4 23.2 18.6 19.5 23.7 60.4 19551955 9.7 8.9 10.1 12.6 16.7 18.0 15.0 15.5 14.0 12.5 16.8 15.9 17.3 19.0 21.0 20.8 18.9 17.4 14.2 17.0 18.9 22.2 22.8 19.0 19.8 22.7 39.2 20.7 19561956 9.6 8.8 10.1 12.4 16.4 17.6 14.7 15.2 13.7 12.3 16.3 15.5 16.8 18.3 20.1 19.8 18.0 16.6 13.6 16.1 17.7 20.3 20.6 17.1 17.4 18.9 27.9 14.3 8.1 19571957 8.6 7.9 9.0 11.2 14.9 16.0 13.2 13.6 12.1 10.7 14.4 13.5 14.6 15.9 17.4 17.0 15.2 13.7 10.7 12.7 13.7 15.6 15.2 11.6 11.0 10.8 15.0 3.0 -4.9 -16.4 19581958 10.0 9.3 10.4 12.7 16.3 17.4 14.8 15.2 13.9 12.6 16.2 15.5 16.6 18.0 19.5 19.3 17.7 16.5 13.9 16.0 17.3 19.4 19.4 16.7 16.9 17.8 22.8 14.9 13.0 15.6 59.7 19591959 10.2 9.5 10.6 12.7 16.3 17.3 14.8 15.2 13.9 12.7 16.2 15.5 16.6 17.8 19.3 19.0 17.5 16.4 14.0 16.0 17.1 19.0 19.0 16.5 16.7 17.4 21.5 15.0 13.6 15.4 35.6 15.2 19601960 9.7 9.0 10.1 12.2 15.5 16.5 14.1 14.4 13.2 12.0 15.3 14.5 15.5 16.7 18.0 17.7 16.2 15.0 12.7 14.5 15.4 16.9 16.8 14.4 14.2 14.6 17.6 11.7 10.0 10.4 21.1 5.5 -3.4 19611961 10.2 9.6 10.7 12.7 16.0 16.9 14.6 14.9 13.7 12.6 15.8 15.1 16.1 17.2 18.5 18.2 16.9 15.8 13.7 15.4 16.3 17.8 17.7 15.6 15.6 16.1 19.0 14.0 12.9 13.9 23.0 12.8 11.6 28.9 19621962 9.6 8.9 9.9 11.8 15.0 15.9 13.6 13.9 12.7 11.6 14.6 13.9 14.8 15.8 16.9 16.6 15.2 14.1 12.1 13.5 14.2 15.5 15.2 13.1 12.9 13.0 15.2 10.5 9.1 9.3 15.3 6.3 3.5 7.1 -11.1 19631963 9.9 9.3 10.3 12.1 15.2 16.1 13.9 14.2 13.0 11.9 14.9 14.2 15.1 16.0 17.1 16.8 15.5 14.5 12.6 14.0 14.7 15.9 15.7 13.8 13.6 13.8 15.9 11.7 10.7 11.0 16.4 9.3 7.8 11.9 4.2 22.1 19641964 10.2 9.6 10.5 12.4 15.3 16.2 14.0 14.4 13.3 12.2 15.0 14.4 15.3 16.2 17.2 17.0 15.7 14.8 13.0 14.3 15.0 16.2 16.0 14.2 14.1 14.3 16.2 12.5 11.7 12.1 16.9 11.0 10.2 13.8 9.2 21.0 19.9 19651965 10.6 10.1 11.0 12.8 15.7 16.6 14.5 14.8 13.8 12.8 15.6 15.0 15.8 16.7 17.8 17.5 16.4 15.5 13.8 15.1 15.8 16.9 16.8 15.2 15.2 15.5 17.3 14.0 13.4 14.0 18.5 13.5 13.3 16.9 14.1 24.0 24.9 30.1 19661966 10.1 9.6 10.5 12.2 15.0 15.8 13.8 14.1 13.0 12.1 14.7 14.1 14.8 15.7 16.6 16.3 15.2 14.3 12.7 13.8 14.4 15.4 15.2 13.6 13.5 13.6 15.2 12.1 11.3 11.6 15.3 10.7 10.0 12.4 9.4 15.2 13.0 9.7 -7.6 19671967 11.0 10.5 11.4 13.1 15.9 16.7 14.8 15.1 14.1 13.2 15.8 15.2 16.0 16.9 17.8 17.6 16.6 15.8 14.2 15.4 16.1 17.1 17.0 15.6 15.6 15.9 17.5 14.7 14.3 14.8 18.5 14.7 14.6 17.4 15.6 21.8 21.8 22.4 18.7 52.5 19681968 11.5 11.0 11.9 13.6 16.3 17.1 15.2 15.5 14.6 13.7 16.3 15.8 16.5 17.4 18.3 18.1 17.2 16.4 15.0 16.2 16.8 17.9 17.8 16.5 16.6 16.9 18.5 15.9 15.6 16.2 19.8 16.4 16.5 19.2 17.9 23.6 23.9 24.9 23.2 42.2 32.71969 10.6 10.0 10.9 12.5 15.1 15.8 14.0 14.2 13.3 12.4 14.8 14.3 15.0 15.7 16.6 16.3 15.3 14.6 13.1 14.2 14.7 15.5 15.4 14.1 14.0 14.1 15.4 12.9 12.3 12.7 15.5 12.2 11.9 13.7 11.9 15.7 14.6 13.6 9.8 16.3 1.61970 10.3 9.7 10.6 12.1 14.6 15.3 13.5 13.8 12.8 12.0 14.3 13.7 14.4 15.1 15.9 15.6 14.6 13.9 12.4 13.4 13.9 14.7 14.5 13.2 13.1 13.1 14.3 11.9 11.3 11.5 14.0 10.9 10.5 12.0 10.3 13.3 12.1 10.8 7.3 11.4 0.31971 10.4 9.9 10.7 12.3 14.7 15.4 13.6 13.8 13.0 12.1 14.4 13.8 14.5 15.2 15.9 15.7 14.7 14.0 12.6 13.6 14.0 14.8 14.6 13.4 13.3 13.4 14.4 12.2 11.7 11.9 14.3 11.4 11.1 12.5 11.0 13.7 12.7 11.7 8.9 12.5 4.31972 10.4 9.9 10.7 12.2 14.5 15.2 13.5 13.7 12.8 12.0 14.2 13.7 14.3 14.9 15.7 15.4 14.5 13.8 12.5 13.4 13.8 14.5 14.3 13.2 13.0 13.1 14.1 12.0 11.5 11.7 13.9 11.2 10.9 12.1 10.7 13.2 12.2 11.3 8.8 11.9 5.11973 9.4 8.9 9.7 11.1 13.4 14.0 12.3 12.5 11.6 10.8 12.8 12.3 12.9 13.5 14.1 13.8 12.9 12.1 10.8 11.6 12.0 12.6 12.3 11.1 10.9 10.9 11.7 9.6 9.0 9.1 10.9 8.3 7.8 8.7 7.1 9.0 7.7 6.5 3.8 5.6 -0.71974 8.6 8.1 8.8 10.2 12.4 12.9 11.3 11.4 10.6 9.7 11.7 11.2 11.6 12.2 12.8 12.4 11.5 10.7 9.5 10.2 10.4 10.9 10.6 9.4 9.2 9.1 9.8 7.7 7.1 7.0 8.6 6.0 5.4 6.0 4.5 5.9 4.5 3.1 0.4 1.5 -4.21975 9.4 8.9 9.7 11.0 13.2 13.7 12.1 12.3 11.5 10.7 12.6 12.2 12.7 13.2 13.8 13.5 12.6 11.9 10.7 11.5 11.8 12.3 12.1 11.0 10.8 10.7 11.5 9.6 9.0 9.1 10.7 8.4 7.9 8.7 7.4 9.0 8.0 6.9 4.9 6.4 1.71976 10.1 9.6 10.4 11.7 13.9 14.4 12.9 13.1 12.3 11.5 13.4 13.0 13.5 14.0 14.7 14.4 13.6 12.9 11.8 12.5 12.9 13.4 13.2 12.2 12.1 12.1 12.9 11.1 10.6 10.8 12.4 10.2 9.9 10.8 9.7 11.4 10.6 9.9 8.2 9.9 6.01977 10.1 9.7 10.4 11.7 13.8 14.3 12.8 13.0 12.2 11.5 13.4 12.9 13.4 14.0 14.6 14.3 13.5 12.9 11.7 12.5 12.8 13.3 13.1 12.1 12.0 12.0 12.8 11.1 10.7 10.8 12.3 10.3 10.0 10.9 9.8 11.4 10.6 10.0 8.4 10.0 6.51978 10.2 9.8 10.5 11.8 13.8 14.4 12.9 13.1 12.3 11.6 13.4 13.0 13.5 14.0 14.6 14.3 13.6 12.9 11.9 12.6 12.9 13.4 13.2 12.3 12.2 12.2 12.9 11.3 10.9 11.0 12.5 10.5 10.3 11.1 10.2 11.6 11.0 10.4 9.0 10.5 7.31979 10.6 10.2 10.9 12.2 14.2 14.8 13.3 13.5 12.8 12.1 13.9 13.5 14.0 14.5 15.1 14.8 14.1 13.5 12.5 13.2 13.5 14.0 13.9 13.0 12.9 12.9 13.7 12.1 11.8 11.9 13.4 11.6 11.4 12.2 11.4 12.9 12.3 11.8 10.6 12.2 9.31980 11.0 10.6 11.3 12.5 14.5 15.1 13.6 13.8 13.1 12.5 14.2 13.8 14.3 14.8 15.4 15.2 14.5 13.9 12.9 13.6 14.0 14.5 14.4 13.5 13.4 13.5 14.2 12.7 12.4 12.6 14.1 12.4 12.2 13.1 12.3 13.7 13.3 12.9 11.8 13.3 10.81981 10.9 10.5 11.2 12.4 14.4 14.9 13.5 13.7 13.0 12.3 14.1 13.7 14.1 14.7 15.2 15.0 14.3 13.7 12.8 13.4 13.8 14.3 14.1 13.3 13.2 13.3 14.0 12.5 12.2 12.4 13.8 12.1 12.0 12.8 12.0 13.4 12.9 12.5 11.5 12.9 10.51982 11.2 10.8 11.5 12.7 14.6 15.1 13.8 14.0 13.3 12.6 14.3 14.0 14.4 14.9 15.5 15.3 14.6 14.1 13.1 13.8 14.1 14.6 14.5 13.7 13.6 13.7 14.4 13.0 12.8 12.9 14.3 12.7 12.6 13.4 12.7 14.0 13.6 13.3 12.4 13.8 11.61983 11.6 11.2 11.9 13.1 15.0 15.5 14.2 14.4 13.7 13.1 14.8 14.4 14.9 15.4 15.9 15.7 15.1 14.6 13.7 14.3 14.7 15.2 15.1 14.3 14.3 14.4 15.0 13.7 13.5 13.7 15.0 13.5 13.5 14.3 13.7 15.0 14.6 14.4 13.6 14.9 12.91984 11.4 11.0 11.7 12.9 14.7 15.2 13.9 14.1 13.4 12.8 14.5 14.1 14.6 15.1 15.6 15.4 14.7 14.2 13.3 14.0 14.3 14.8 14.7 13.9 13.9 13.9 14.6 13.3 13.1 13.2 14.5 13.1 13.0 13.7 13.1 14.3 14.0 13.7 12.9 14.2 12.21985 11.7 11.3 12.0 13.1 15.0 15.5 14.2 14.4 13.8 13.2 14.8 14.4 14.9 15.4 15.9 15.7 15.1 14.6 13.7 14.4 14.7 15.2 15.1 14.3 14.3 14.4 15.0 13.8 13.6 13.8 15.0 13.7 13.6 14.3 13.8 15.0 14.7 14.4 13.7 14.9 13.11986 11.7 11.3 12.0 13.1 14.9 15.4 14.2 14.3 13.7 13.1 14.7 14.4 14.8 15.3 15.8 15.6 15.0 14.5 13.7 14.3 14.6 15.1 15.0 14.3 14.2 14.3 15.0 13.8 13.5 13.7 14.9 13.6 13.5 14.2 13.7 14.9 14.6 14.3 13.6 14.8 13.11987 11.5 11.1 11.7 12.8 14.6 15.1 13.8 14.0 13.4 12.8 14.4 14.0 14.4 14.9 15.4 15.2 14.6 14.1 13.3 13.9 14.2 14.6 14.5 13.8 13.8 13.8 14.4 13.3 13.0 13.2 14.3 13.0 12.9 13.6 13.1 14.1 13.8 13.6 12.9 13.9 12.31988 11.7 11.3 11.9 13.1 14.8 15.3 14.0 14.2 13.6 13.1 14.6 14.2 14.7 15.1 15.6 15.4 14.8 14.4 13.6 14.2 14.4 14.9 14.8 14.1 14.1 14.1 14.7 13.6 13.4 13.6 14.7 13.4 13.4 14.0 13.5 14.6 14.3 14.1 13.4 14.5 12.91989 11.8 11.5 12.1 13.2 14.9 15.4 14.2 14.3 13.8 13.2 14.7 14.4 14.8 15.2 15.7 15.6 15.0 14.5 13.7 14.3 14.6 15.0 15.0 14.3 14.3 14.3 14.9 13.8 13.6 13.8 14.9 13.7 13.6 14.3 13.8 14.8 14.5 14.3 13.7 14.7 13.31990 11.3 11.0 11.5 12.6 14.3 14.7 13.5 13.7 13.1 12.6 14.0 13.7 14.0 14.5 14.9 14.7 14.2 13.7 12.9 13.5 13.7 14.1 14.0 13.4 13.3 13.3 13.9 12.8 12.6 12.7 13.7 12.5 12.5 13.0 12.5 13.5 13.2 12.9 12.3 13.2 11.71991 11.7 11.4 11.9 13.0 14.7 15.1 13.9 14.1 13.5 13.0 14.4 14.1 14.5 14.9 15.4 15.2 14.7 14.2 13.5 14.0 14.3 14.7 14.6 14.0 13.9 14.0 14.5 13.5 13.3 13.4 14.4 13.3 13.2 13.8 13.4 14.3 14.0 13.8 13.2 14.2 12.81992 11.8 11.5 12.1 13.1 14.8 15.2 14.1 14.2 13.7 13.2 14.6 14.3 14.6 15.1 15.5 15.3 14.8 14.4 13.6 14.2 14.4 14.8 14.8 14.1 14.1 14.2 14.7 13.7 13.5 13.7 14.7 13.5 13.5 14.1 13.6 14.6 14.3 14.1 13.5 14.5 13.11993 12.0 11.7 12.2 13.3 14.9 15.3 14.2 14.3 13.8 13.3 14.7 14.4 14.7 15.2 15.6 15.4 14.9 14.5 13.8 14.3 14.6 15.0 14.9 14.3 14.3 14.3 14.8 13.9 13.7 13.8 14.8 13.7 13.7 14.3 13.8 14.7 14.5 14.3 13.8 14.7 13.41994 11.8 11.5 12.0 13.0 14.6 15.0 13.9 14.1 13.5 13.0 14.4 14.1 14.5 14.9 15.3 15.1 14.6 14.2 13.5 14.0 14.2 14.6 14.5 13.9 13.9 14.0 14.5 13.5 13.3 13.5 14.4 13.3 13.3 13.8 13.4 14.3 14.0 13.8 13.3 14.1 12.91995 12.1 11.8 12.3 13.3 14.9 15.3 14.2 14.4 13.9 13.4 14.7 14.4 14.8 15.2 15.6 15.5 14.9 14.6 13.9 14.4 14.6 15.0 14.9 14.3 14.3 14.4 14.9 13.9 13.8 13.9 14.9 13.8 13.8 14.3 13.9 14.8 14.6 14.4 13.9 14.7 13.61996 12.2 11.9 12.5 13.5 15.0 15.4 14.3 14.5 14.0 13.5 14.8 14.5 14.9 15.3 15.7 15.6 15.1 14.7 14.0 14.5 14.8 15.1 15.1 14.5 14.5 14.5 15.0 14.1 14.0 14.1 15.0 14.0 14.0 14.5 14.1 15.0 14.8 14.6 14.2 15.0 13.81997 12.5 12.2 12.7 13.7 15.2 15.6 14.6 14.7 14.2 13.8 15.1 14.8 15.2 15.5 16.0 15.8 15.3 15.0 14.3 14.8 15.1 15.4 15.4 14.8 14.8 14.9 15.4 14.5 14.3 14.5 15.4 14.4 14.4 14.9 14.6 15.4 15.2 15.1 14.6 15.4 14.41998 12.3 12.0 12.6 13.5 15.0 15.4 14.4 14.5 14.0 13.6 14.9 14.6 14.9 15.3 15.7 15.6 15.1 14.7 14.1 14.6 14.8 15.2 15.1 14.6 14.5 14.6 15.1 14.2 14.1 14.2 15.1 14.1 14.1 14.6 14.2 15.0 14.8 14.7 14.3 15.0 14.01999 12.4 12.1 12.6 13.6 15.1 15.5 14.4 14.6 14.1 13.6 14.9 14.6 15.0 15.4 15.8 15.6 15.2 14.8 14.2 14.6 14.9 15.2 15.2 14.6 14.6 14.7 15.1 14.3 14.2 14.3 15.1 14.2 14.2 14.7 14.3 15.1 14.9 14.8 14.4 15.1 14.12000 12.4 12.1 12.6 13.5 15.0 15.4 14.4 14.5 14.0 13.6 14.8 14.6 14.9 15.3 15.7 15.5 15.1 14.7 14.1 14.5 14.8 15.1 15.0 14.5 14.5 14.6 15.0 14.2 14.1 14.2 15.0 14.1 14.1 14.6 14.2 15.0 14.8 14.7 14.2 15.0 14.02001 12.3 12.0 12.6 13.5 14.9 15.3 14.3 14.4 14.0 13.5 14.7 14.5 14.8 15.2 15.6 15.4 15.0 14.6 14.0 14.4 14.7 15.0 14.9 14.4 14.4 14.5 14.9 14.1 13.9 14.1 14.9 14.0 14.0 14.4 14.1 14.8 14.7 14.5 14.1 14.8 13.82002 11.9 11.6 12.1 13.0 14.4 14.7 13.8 13.9 13.4 13.0 14.2 13.9 14.2 14.6 14.9 14.8 14.3 14.0 13.4 13.8 14.0 14.3 14.2 13.7 13.7 13.7 14.1 13.3 13.2 13.3 14.1 13.2 13.2 13.6 13.2 13.9 13.7 13.6 13.1 13.8 12.82003 12.3 12.0 12.5 13.4 14.8 15.2 14.2 14.4 13.9 13.5 14.6 14.4 14.7 15.0 15.4 15.3 14.8 14.5 13.9 14.3 14.6 14.9 14.8 14.3 14.3 14.3 14.8 14.0 13.8 14.0 14.7 13.9 13.9 14.3 14.0 14.7 14.5 14.4 14.0 14.6 13.72004 12.4 12.1 12.6 13.5 14.9 15.2 14.3 14.4 14.0 13.5 14.7 14.5 14.8 15.1 15.5 15.3 14.9 14.6 14.0 14.4 14.6 15.0 14.9 14.4 14.4 14.4 14.9 14.1 14.0 14.1 14.8 14.0 14.0 14.4 14.1 14.8 14.6 14.5 14.1 14.7 13.92005 12.3 12.1 12.6 13.4 14.8 15.1 14.2 14.3 13.9 13.5 14.6 14.4 14.7 15.0 15.4 15.2 14.8 14.5 13.9 14.3 14.5 14.8 14.8 14.3 14.3 14.3 14.7 14.0 13.8 14.0 14.7 13.9 13.9 14.3 14.0 14.6 14.5 14.3 14.0 14.6 13.72006 12.4 12.2 12.6 13.5 14.8 15.2 14.3 14.4 14.0 13.5 14.7 14.4 14.7 15.1 15.4 15.3 14.9 14.5 14.0 14.4 14.6 14.9 14.8 14.4 14.4 14.4 14.8 14.1 13.9 14.1 14.8 14.0 14.0 14.4 14.1 14.7 14.6 14.4 14.1 14.7 13.82007 12.2 12.0 12.4 13.3 14.6 14.9 14.0 14.1 13.7 13.3 14.4 14.2 14.5 14.8 15.1 15.0 14.6 14.3 13.7 14.1 14.3 14.6 14.5 14.1 14.0 14.1 14.5 13.7 13.6 13.7 14.4 13.6 13.6 14.0 13.7 14.3 14.1 14.0 13.7 14.2 13.42008 11.4 11.1 11.6 12.4 13.7 14.0 13.1 13.2 12.7 12.3 13.4 13.2 13.4 13.7 14.0 13.9 13.5 13.1 12.6 13.0 13.1 13.4 13.3 12.8 12.8 12.8 13.2 12.4 12.3 12.4 13.0 12.2 12.2 12.5 12.2 12.8 12.6 12.4 12.0 12.5 11.72009 11.7 11.4 11.9 12.7 13.9 14.3 13.4 13.5 13.1 12.7 13.7 13.5 13.7 14.0 14.4 14.2 13.8 13.5 12.9 13.3 13.5 13.8 13.7 13.2 13.2 13.2 13.6 12.9 12.7 12.8 13.4 12.7 12.6 13.0 12.7 13.3 13.1 12.9 12.6 13.1 12.32010 11.8 11.6 12.0 12.8 14.1 14.4 13.5 13.6 13.2 12.8 13.9 13.6 13.9 14.2 14.5 14.4 14.0 13.7 13.1 13.5 13.7 13.9 13.9 13.4 13.4 13.4 13.8 13.1 12.9 13.0 13.7 12.9 12.9 13.2 12.9 13.5 13.3 13.2 12.8 13.3 12.6

1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968

30


US ADJUSTED MARKET VALUE INDEX1928–2010: Total Returns (%)


19691969 -22.3 19701970 -12.8 -2.2 19711971 -3.7 7.1 17.4 19721972 -0.8 7.6 12.8 8.5 19731973 -6.3 -1.8 -1.7 -10.0 -25.3 19741974 -9.3 -6.5 -7.5 -14.6 -24.2 -23.0 19751975 -2.1 1.7 2.5 -0.9 -3.8 9.1 54.7 19761976 3.0 7.3 8.9 7.3 7.0 20.7 51.1 47.6 19771977 3.9 7.7 9.2 7.9 7.8 18.2 36.4 28.1 11.1 19781978 5.0 8.6 10.0 9.0 9.1 17.7 30.9 23.8 13.4 15.8 19791979 7.4 11.0 12.5 11.9 12.4 20.4 31.6 26.4 20.0 24.8 34.4 19801980 9.1 12.5 14.1 13.8 14.5 21.7 31.3 27.1 22.4 26.4 32.1 29.7 19811981 9.0 12.1 13.5 13.1 13.6 19.7 27.5 23.5 19.2 21.3 23.2 17.9 7.1 19821982 10.2 13.2 14.6 14.3 14.9 20.6 27.5 24.0 20.5 22.5 24.2 21.0 16.8 27.4 19831983 11.7 14.6 16.1 15.9 16.7 22.0 28.4 25.4 22.5 24.5 26.4 24.4 22.7 31.4 35.4 19841984 11.1 13.7 15.0 14.8 15.3 20.0 25.4 22.5 19.7 21.0 21.9 19.5 17.1 20.6 17.4 1.7 19851985 12.1 14.7 15.9 15.8 16.4 20.8 25.8 23.3 20.8 22.1 23.0 21.2 19.6 22.9 21.4 15.0 29.9 19861986 12.1 14.5 15.7 15.6 16.1 20.1 24.6 22.2 19.9 20.9 21.6 19.9 18.3 20.7 19.0 14.0 20.7 12.2 19871987 11.3 13.6 14.6 14.4 14.8 18.4 22.4 20.0 17.7 18.4 18.7 16.9 15.2 16.6 14.5 9.8 12.6 4.9 -2.0 19881988 12.0 14.2 15.2 15.0 15.5 18.9 22.6 20.4 18.4 19.1 19.4 17.9 16.5 17.9 16.3 12.8 15.8 11.5 11.1 25.9 19891989 12.4 14.5 15.5 15.4 15.8 19.0 22.5 20.5 18.6 19.3 19.6 18.2 17.0 18.3 17.0 14.2 16.9 13.9 14.4 23.6 21.4 19901990 10.8 12.7 13.5 13.3 13.6 16.5 19.5 17.5 15.6 15.9 15.9 14.4 13.0 13.6 12.0 9.0 10.3 6.7 5.4 8.0 0.0 -17.6 19911991 12.0 13.9 14.7 14.6 14.9 17.7 20.7 18.8 17.1 17.5 17.7 16.4 15.2 16.1 14.9 12.5 14.2 11.7 11.6 15.3 12.0 7.6 40.5 19921992 12.4 14.2 15.0 14.9 15.2 17.9 20.7 19.0 17.4 17.8 18.0 16.8 15.8 16.6 15.6 13.5 15.1 13.1 13.3 16.6 14.4 12.2 30.9 22.0 19931993 12.7 14.5 15.3 15.2 15.5 18.0 20.7 19.1 17.6 18.0 18.1 17.0 16.1 16.9 16.0 14.2 15.7 14.0 14.3 17.3 15.6 14.2 27.3 21.2 20.4 19941994 12.2 13.9 14.6 14.5 14.7 17.1 19.6 18.0 16.5 16.9 16.9 15.8 14.9 15.5 14.6 12.9 14.0 12.4 12.4 14.6 12.9 11.2 19.9 13.8 9.8 0.2 19951995 12.9 14.6 15.3 15.2 15.5 17.8 20.2 18.7 17.4 17.7 17.8 16.9 16.1 16.7 15.9 14.5 15.7 14.4 14.6 16.9 15.6 14.7 22.5 18.4 17.2 15.7 33.6 19961996 13.2 14.8 15.5 15.4 15.7 18.0 20.3 18.9 17.6 17.9 18.0 17.1 16.4 17.0 16.3 15.0 16.2 15.0 15.3 17.4 16.3 15.6 22.4 19.0 18.3 17.6 27.4 21.5 19971997 13.8 15.3 16.1 16.0 16.3 18.5 20.7 19.4 18.2 18.5 18.7 17.9 17.2 17.9 17.3 16.1 17.2 16.2 16.6 18.7 17.9 17.4 23.6 20.9 20.7 20.8 28.6 26.1 30.9 19981998 13.4 14.9 15.5 15.5 15.8 17.8 19.9 18.6 17.4 17.7 17.8 17.0 16.3 16.9 16.3 15.1 16.1 15.1 15.4 17.1 16.3 15.7 20.7 18.1 17.5 16.9 21.5 17.8 15.9 2.6 19991999 13.6 15.0 15.6 15.6 15.9 17.8 19.9 18.6 17.5 17.8 17.9 17.1 16.5 17.0 16.4 15.3 16.3 15.4 15.6 17.2 16.5 16.0 20.5 18.2 17.6 17.2 20.9 17.9 16.8 10.3 18.5 20002000 13.4 14.8 15.5 15.4 15.6 17.5 19.5 18.2 17.1 17.4 17.5 16.7 16.1 16.6 16.0 15.0 15.9 15.0 15.2 16.6 15.9 15.4 19.4 17.2 16.6 16.1 19.0 16.3 15.0 10.1 14.1 9.9 20012001 13.3 14.7 15.2 15.2 15.4 17.2 19.1 17.9 16.8 17.1 17.1 16.4 15.8 16.2 15.7 14.7 15.5 14.6 14.8 16.1 15.4 14.9 18.4 16.4 15.8 15.2 17.6 15.1 13.8 9.9 12.5 9.6 9.3 20022002 12.3 13.5 14.1 14.0 14.2 15.8 17.5 16.4 15.3 15.5 15.5 14.7 14.1 14.4 13.8 12.7 13.4 12.5 12.5 13.5 12.7 12.1 15.0 12.9 12.0 11.1 12.6 9.9 8.0 4.0 4.3 0.0 -4.7 -16.8 20032003 13.2 14.5 15.0 14.9 15.2 16.8 18.5 17.4 16.4 16.6 16.7 16.0 15.4 15.8 15.3 14.3 15.0 14.3 14.4 15.5 14.8 14.4 17.3 15.6 15.0 14.5 16.2 14.2 13.2 10.4 12.1 10.5 10.7 11.5 49.4 20042004 13.4 14.6 15.1 15.1 15.3 16.9 18.6 17.5 16.5 16.7 16.8 16.1 15.6 15.9 15.5 14.6 15.3 14.5 14.7 15.7 15.1 14.7 17.5 15.9 15.4 14.9 16.5 14.7 13.9 11.7 13.3 12.3 12.9 14.1 33.6 19.5 20052005 13.2 14.4 14.9 14.9 15.1 16.6 18.2 17.2 16.2 16.4 16.4 15.8 15.3 15.6 15.1 14.3 14.9 14.2 14.3 15.3 14.7 14.3 16.8 15.3 14.8 14.4 15.7 14.1 13.3 11.3 12.6 11.6 12.0 12.6 24.6 13.8 8.4 20062006 13.4 14.5 15.0 15.0 15.2 16.7 18.2 17.2 16.3 16.5 16.5 15.9 15.4 15.7 15.3 14.5 15.1 14.4 14.5 15.5 14.9 14.6 17.0 15.5 15.1 14.7 16.0 14.5 13.8 12.1 13.3 12.6 13.1 13.8 23.1 15.4 13.5 18.7 20072007 12.9 14.1 14.5 14.5 14.6 16.1 17.5 16.5 15.7 15.8 15.8 15.2 14.7 15.0 14.5 13.7 14.3 13.6 13.7 14.5 14.0 13.6 15.7 14.3 13.8 13.4 14.5 13.0 12.3 10.5 11.5 10.6 10.7 11.0 17.5 10.7 7.9 7.7 -2.4 20082008 11.2 12.3 12.7 12.5 12.6 14.0 15.3 14.3 13.4 13.4 13.4 12.7 12.1 12.3 11.8 10.9 11.3 10.6 10.5 11.1 10.5 9.9 11.7 10.2 9.5 8.8 9.4 7.8 6.7 4.7 4.9 3.5 2.8 1.9 5.4 -1.7 -6.4 -10.9 -22.8 -38.9 20092009 11.8 12.8 13.3 13.1 13.3 14.6 15.9 14.9 14.1 14.1 14.1 13.5 12.9 13.2 12.7 11.9 12.3 11.6 11.6 12.3 11.6 11.2 12.9 11.6 11.0 10.4 11.2 9.7 8.8 7.2 7.6 6.6 6.2 5.8 9.5 4.0 1.2 -0.5 -6.2 -8.1 38.2 20102010 12.1 13.1 13.5 13.4 13.6 14.9 16.2 15.2 14.4 14.5 14.4 13.8 13.4 13.6 13.1 12.4 12.8 12.1 12.1 12.8 12.2 11.8 13.5 12.3 11.8 11.3 12.0 10.7 10.0 8.5 9.0 8.2 8.0 7.9 11.4 6.9 4.9 4.2 0.9 2.0 31.7 25.6

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1928

$10,694

2010

31

31


19281928 36.1 19291929 3.1 -21.9 19301930 -14.3 -31.9 -40.7 19311931 -26.6 -40.3 -47.8 -54.0 19321932 -23.6 -33.8 -37.4 -35.7 -10.0 19331933 -8.3 -15.2 -13.5 -1.9 43.4 128.4 19341934 -6.8 -12.5 -10.5 -0.8 28.1 52.9 2.3 19351935 -0.9 -5.2 -2.1 8.2 34.0 53.0 25.2 53.1 19361936 4.6 1.2 5.0 15.5 38.8 54.7 35.8 56.5 59.9 19371937 -2.4 -6.0 -3.8 3.1 18.0 24.5 7.0 8.6 -8.5 -47.6 19381938 0.5 -2.6 -0.1 6.6 20.2 26.1 12.0 14.6 4.0 -16.1 34.4 19391939 -0.2 -3.0 -0.8 5.0 16.4 20.8 8.6 9.9 1.1 -13.2 11.8 -7.0 19401940 -0.6 -3.2 -1.3 3.9 13.7 17.1 6.5 7.2 -0.2 -11.3 5.7 -6.3 -5.5 19411941 -0.9 -3.3 -1.5 3.1 11.8 14.5 5.0 5.4 -0.9 -10.0 3.1 -5.7 -5.0 -4.5 19421942 0.9 -1.2 0.6 5.1 13.3 15.9 7.5 8.2 2.9 -4.3 7.9 2.2 5.4 11.3 29.7 19431943 3.8 1.9 3.9 8.4 16.5 19.2 11.7 12.8 8.6 2.8 15.0 11.4 16.6 25.1 43.1 57.8 19441944 5.7 4.1 6.1 10.6 18.3 21.0 14.2 15.5 11.9 7.0 18.5 16.1 21.3 29.2 42.8 49.8 42.3 19451945 8.3 6.9 9.0 13.5 21.1 23.9 17.7 19.3 16.3 12.3 23.5 22.0 27.7 35.6 48.0 54.7 53.1 64.8 19461946 7.2 5.8 7.7 11.8 18.6 21.0 15.2 16.4 13.5 9.7 19.0 17.3 21.2 26.3 33.6 34.6 27.6 20.9 -11.3 19471947 7.0 5.7 7.5 11.3 17.6 19.7 14.3 15.3 12.6 9.1 17.4 15.6 18.8 22.7 28.0 27.6 21.0 14.7 -4.3 3.2 19481948 6.5 5.2 6.9 10.4 16.2 18.1 13.0 13.8 11.3 8.0 15.3 13.6 16.1 19.1 22.9 21.9 15.7 9.9 -4.0 -0.1 -3.3 19491949 7.0 5.8 7.4 10.8 16.4 18.2 13.4 14.2 11.8 8.8 15.6 14.0 16.4 19.1 22.5 21.4 16.3 11.7 1.3 5.9 7.3 19.1 19501950 8.6 7.5 9.2 12.6 18.0 19.8 15.3 16.2 14.1 11.4 18.0 16.7 19.2 22.0 25.3 24.8 20.7 17.4 9.7 15.7 20.2 34.1 50.9 19511951 8.8 7.8 9.4 12.6 17.7 19.4 15.2 16.0 14.0 11.5 17.6 16.4 18.7 21.1 24.0 23.4 19.7 16.8 10.3 15.2 18.4 26.7 30.6 13.0 19521952 8.9 7.9 9.5 12.6 17.5 19.0 15.0 15.8 13.9 11.5 17.2 16.1 18.1 20.3 22.9 22.2 18.8 16.1 10.5 14.6 17.0 22.7 24.0 12.4 11.7 19531953 8.3 7.3 8.7 11.6 16.2 17.6 13.8 14.4 12.6 10.3 15.5 14.4 16.1 17.9 20.0 19.1 15.8 13.2 8.0 11.1 12.5 16.0 15.2 5.3 1.6 -7.5 19541954 9.9 9.0 10.5 13.4 17.9 19.4 15.7 16.4 14.8 12.7 17.9 16.9 18.7 20.7 22.9 22.3 19.5 17.4 13.1 16.6 18.6 22.8 23.5 17.5 19.0 22.8 63.1 19551955 10.3 9.4 10.8 13.7 18.0 19.4 15.9 16.6 15.1 13.1 18.0 17.1 18.8 20.7 22.7 22.2 19.6 17.7 13.8 17.0 18.9 22.4 23.0 18.1 19.4 22.0 40.2 20.5 19561956 10.1 9.3 10.7 13.4 17.5 18.8 15.5 16.1 14.6 12.7 17.4 16.5 18.0 19.7 21.5 20.9 18.5 16.7 13.1 15.9 17.4 20.3 20.4 16.0 16.6 17.9 27.8 13.1 6.1 19571957 9.0 8.2 9.5 12.0 15.9 17.1 13.9 14.4 12.9 11.0 15.3 14.3 15.7 17.1 18.5 17.8 15.4 13.6 10.1 12.3 13.2 15.2 14.8 10.4 9.9 9.6 14.3 1.5 -6.8 -18.1 19581958 10.5 9.8 11.1 13.6 17.4 18.6 15.6 16.2 14.8 13.1 17.3 16.5 17.9 19.3 20.9 20.4 18.2 16.7 13.6 16.0 17.2 19.5 19.5 16.1 16.5 17.4 23.1 14.8 12.9 16.4 65.6 19591959 10.7 10.0 11.3 13.7 17.4 18.6 15.6 16.2 14.9 13.2 17.3 16.5 17.9 19.2 20.7 20.2 18.2 16.7 13.9 16.1 17.2 19.3 19.3 16.3 16.7 17.4 22.2 15.3 14.0 16.8 39.5 17.5 19601960 10.1 9.4 10.6 12.9 16.5 17.6 14.7 15.2 13.9 12.3 16.1 15.3 16.5 17.8 19.1 18.5 16.5 15.1 12.3 14.3 15.2 16.8 16.6 13.7 13.7 14.0 17.5 11.2 9.4 10.3 21.8 4.5 -7.1 19611961 10.7 10.0 11.1 13.4 16.9 17.9 15.2 15.7 14.5 12.9 16.6 15.9 17.1 18.3 19.5 19.0 17.2 15.8 13.3 15.2 16.1 17.7 17.6 15.0 15.2 15.6 18.8 13.6 12.5 13.8 23.5 12.0 9.4 28.9 19621962 10.0 9.3 10.4 12.6 15.9 16.9 14.2 14.7 13.4 12.0 15.4 14.7 15.7 16.8 17.9 17.4 15.6 14.2 11.8 13.4 14.1 15.5 15.2 12.7 12.6 12.7 15.2 10.3 9.0 9.4 16.0 6.1 2.6 7.8 -9.9 19631963 10.4 9.7 10.9 13.0 16.2 17.1 14.6 15.0 13.8 12.4 15.8 15.1 16.1 17.2 18.3 17.7 16.0 14.8 12.5 14.1 14.8 16.1 15.9 13.6 13.6 13.8 16.2 11.9 10.9 11.6 17.5 9.7 7.8 13.3 6.2 25.2 19641964 10.7 10.1 11.2 13.3 16.4 17.3 14.8 15.3 14.2 12.8 16.0 15.4 16.4 17.4 18.5 18.0 16.3 15.2 13.0 14.6 15.3 16.5 16.4 14.2 14.3 14.5 16.8 13.0 12.2 12.9 18.2 11.8 10.7 15.6 11.5 24.1 23.0 19651965 11.4 10.8 11.8 13.9 17.0 17.9 15.5 15.9 14.9 13.6 16.7 16.1 17.1 18.1 19.2 18.7 17.2 16.1 14.1 15.7 16.4 17.7 17.6 15.6 15.8 16.2 18.4 15.0 14.4 15.4 20.5 15.1 14.7 19.7 17.5 28.3 30.0 37.3 19661966 10.8 10.2 11.2 13.2 16.1 17.0 14.6 15.1 14.0 12.7 15.7 15.1 16.0 17.0 17.9 17.4 15.9 14.9 12.9 14.3 14.9 16.0 15.8 13.9 14.0 14.1 16.0 12.8 12.1 12.7 16.8 11.8 11.0 14.3 11.6 17.8 15.4 11.8 -9.0 19671967 11.9 11.3 12.4 14.3 17.2 18.1 15.9 16.3 15.3 14.1 17.1 16.5 17.5 18.4 19.4 19.0 17.6 16.7 14.8 16.3 17.0 18.1 18.1 16.4 16.6 16.9 18.9 16.1 15.7 16.6 20.8 16.6 16.5 20.4 19.0 25.8 26.0 27.0 22.1 64.0 19681968 12.5 12.0 13.1 15.0 17.9 18.8 16.6 17.0 16.1 14.9 17.9 17.3 18.3 19.2 20.2 19.9 18.6 17.7 16.0 17.4 18.1 19.3 19.3 17.7 18.0 18.4 20.4 17.8 17.6 18.6 22.7 19.1 19.3 23.0 22.2 28.6 29.3 30.9 28.8 53.3 43.41969 11.5 10.9 11.9 13.7 16.5 17.3 15.1 15.5 14.6 13.4 16.2 15.6 16.5 17.3 18.2 17.8 16.5 15.5 13.8 15.1 15.7 16.6 16.5 14.9 15.1 15.3 16.9 14.3 13.9 14.5 17.7 14.1 13.8 16.4 14.9 19.0 18.0 17.0 12.4 20.6 3.41970 11.1 10.6 11.5 13.3 15.9 16.7 14.6 15.0 14.0 12.9 15.6 15.0 15.8 16.6 17.4 17.0 15.7 14.8 13.1 14.3 14.8 15.7 15.5 14.0 14.0 14.2 15.6 13.1 12.7 13.1 16.0 12.6 12.2 14.3 12.8 16.0 14.8 13.4 9.2 14.3 1.31971 11.3 10.8 11.7 13.4 16.0 16.8 14.7 15.1 14.2 13.1 15.7 15.1 15.9 16.7 17.5 17.1 15.8 14.9 13.3 14.5 15.0 15.8 15.7 14.2 14.3 14.4 15.8 13.5 13.1 13.5 16.2 13.1 12.7 14.7 13.4 16.3 15.3 14.2 10.8 15.2 5.51972 11.2 10.7 11.6 13.3 15.8 16.5 14.5 14.9 14.0 12.9 15.4 14.9 15.6 16.4 17.1 16.7 15.5 14.7 13.1 14.2 14.7 15.5 15.3 13.9 14.0 14.1 15.3 13.1 12.7 13.2 15.6 12.7 12.3 14.1 12.9 15.4 14.4 13.4 10.3 13.9 5.91973 10.2 9.6 10.5 12.1 14.5 15.2 13.2 13.5 12.6 11.6 13.9 13.4 14.1 14.7 15.4 14.9 13.7 12.8 11.3 12.3 12.6 13.3 13.1 11.7 11.6 11.6 12.7 10.5 10.0 10.2 12.3 9.4 8.8 10.2 8.8 10.6 9.3 7.8 4.6 6.7 -0.61974 9.4 8.9 9.7 11.2 13.5 14.1 12.2 12.5 11.6 10.6 12.8 12.3 12.9 13.5 14.1 13.6 12.4 11.5 10.0 10.9 11.2 11.8 11.5 10.1 10.0 9.9 10.8 8.7 8.1 8.2 10.0 7.2 6.6 7.6 6.1 7.6 6.1 4.5 1.4 2.8 -3.81975 10.3 9.8 10.6 12.2 14.5 15.1 13.2 13.5 12.7 11.7 13.9 13.4 14.0 14.6 15.3 14.8 13.7 12.9 11.5 12.4 12.7 13.3 13.1 11.8 11.8 11.8 12.8 10.8 10.3 10.6 12.4 9.9 9.4 10.6 9.4 11.1 10.0 8.9 6.4 8.2 2.71976 11.1 10.6 11.4 13.0 15.2 15.9 14.1 14.4 13.5 12.6 14.8 14.3 15.0 15.6 16.2 15.9 14.8 14.0 12.7 13.6 14.0 14.6 14.5 13.2 13.3 13.3 14.3 12.5 12.1 12.4 14.3 12.0 11.7 13.0 12.0 13.7 12.9 12.1 10.1 12.2 7.51977 11.2 10.7 11.5 13.0 15.3 15.9 14.1 14.4 13.6 12.7 14.9 14.4 15.0 15.7 16.3 15.9 14.9 14.1 12.8 13.7 14.1 14.7 14.6 13.4 13.4 13.5 14.5 12.7 12.4 12.7 14.5 12.3 12.0 13.2 12.3 14.0 13.2 12.5 10.7 12.6 8.51978 11.3 10.9 11.7 13.2 15.4 16.0 14.2 14.5 13.8 12.8 15.0 14.5 15.1 15.7 16.3 16.0 15.0 14.3 13.0 13.9 14.2 14.9 14.7 13.6 13.6 13.7 14.6 13.0 12.6 13.0 14.7 12.6 12.4 13.6 12.7 14.3 13.6 13.0 11.3 13.2 9.41979 11.8 11.3 12.1 13.6 15.8 16.4 14.7 15.0 14.2 13.3 15.4 15.0 15.6 16.2 16.8 16.5 15.5 14.8 13.6 14.5 14.9 15.5 15.4 14.3 14.4 14.5 15.4 13.8 13.5 13.9 15.6 13.6 13.4 14.6 13.9 15.5 14.9 14.4 12.9 14.8 11.41980 12.0 11.6 12.4 13.8 15.9 16.6 14.9 15.2 14.5 13.6 15.7 15.3 15.9 16.4 17.0 16.7 15.8 15.1 13.9 14.8 15.2 15.8 15.7 14.7 14.7 14.8 15.8 14.2 14.0 14.3 16.0 14.1 14.0 15.2 14.5 16.0 15.5 15.0 13.7 15.5 12.41981 12.0 11.6 12.4 13.8 15.9 16.5 14.9 15.2 14.5 13.6 15.6 15.2 15.8 16.4 17.0 16.7 15.7 15.1 13.9 14.8 15.1 15.7 15.6 14.6 14.7 14.8 15.7 14.2 14.0 14.3 15.9 14.1 14.0 15.1 14.4 15.9 15.4 15.0 13.7 15.4 12.51982 12.4 12.0 12.8 14.2 16.2 16.8 15.2 15.5 14.8 14.0 16.0 15.6 16.2 16.7 17.3 17.0 16.1 15.5 14.4 15.2 15.6 16.2 16.1 15.2 15.2 15.3 16.2 14.8 14.6 15.0 16.5 14.8 14.7 15.8 15.2 16.7 16.2 15.9 14.7 16.4 13.81983 12.9 12.5 13.2 14.6 16.7 17.3 15.7 16.0 15.3 14.5 16.5 16.1 16.7 17.3 17.9 17.6 16.7 16.1 15.1 15.9 16.3 16.9 16.8 15.9 16.0 16.1 17.0 15.7 15.5 15.9 17.4 15.8 15.8 16.9 16.4 17.8 17.4 17.1 16.1 17.8 15.41984 12.6 12.2 13.0 14.3 16.3 16.9 15.4 15.6 15.0 14.2 16.1 15.7 16.3 16.8 17.4 17.1 16.3 15.7 14.6 15.4 15.8 16.3 16.3 15.4 15.5 15.6 16.4 15.1 14.9 15.2 16.7 15.2 15.1 16.1 15.6 16.9 16.5 16.2 15.2 16.7 14.41985 12.9 12.5 13.2 14.6 16.5 17.1 15.6 15.9 15.2 14.5 16.3 16.0 16.5 17.1 17.6 17.4 16.5 16.0 15.0 15.7 16.1 16.7 16.6 15.7 15.8 15.9 16.8 15.5 15.3 15.7 17.1 15.6 15.6 16.6 16.1 17.4 17.0 16.7 15.8 17.3 15.11986 12.8 12.4 13.1 14.5 16.4 16.9 15.5 15.7 15.1 14.3 16.2 15.8 16.4 16.9 17.4 17.1 16.3 15.8 14.8 15.5 15.9 16.4 16.4 15.5 15.6 15.7 16.5 15.3 15.1 15.4 16.8 15.3 15.3 16.2 15.7 17.0 16.6 16.3 15.4 16.8 14.71987 12.5 12.2 12.9 14.1 16.0 16.5 15.1 15.4 14.7 14.0 15.8 15.4 15.9 16.4 16.9 16.7 15.9 15.3 14.4 15.1 15.4 15.9 15.8 15.0 15.1 15.1 15.9 14.7 14.5 14.8 16.1 14.7 14.6 15.5 15.0 16.1 15.8 15.5 14.6 15.8 13.81988 12.8 12.4 13.1 14.4 16.2 16.8 15.4 15.6 15.0 14.3 16.0 15.7 16.2 16.7 17.2 17.0 16.2 15.7 14.7 15.4 15.7 16.2 16.2 15.4 15.4 15.5 16.3 15.1 15.0 15.3 16.5 15.2 15.1 16.0 15.5 16.7 16.3 16.1 15.2 16.4 14.61989 12.8 12.5 13.2 14.4 16.2 16.8 15.4 15.6 15.0 14.3 16.0 15.7 16.2 16.7 17.2 16.9 16.2 15.7 14.7 15.4 15.7 16.2 16.2 15.4 15.5 15.6 16.3 15.2 15.0 15.3 16.5 15.2 15.1 16.0 15.6 16.6 16.3 16.1 15.2 16.4 14.61990 12.2 11.8 12.5 13.7 15.4 15.9 14.6 14.8 14.2 13.5 15.2 14.8 15.3 15.7 16.2 15.9 15.2 14.7 13.7 14.4 14.7 15.1 15.0 14.2 14.3 14.3 15.0 13.9 13.7 13.9 15.1 13.8 13.7 14.4 14.0 14.9 14.6 14.2 13.4 14.5 12.71991 12.6 12.3 12.9 14.1 15.9 16.4 15.0 15.3 14.7 14.0 15.7 15.3 15.8 16.3 16.7 16.5 15.7 15.2 14.3 15.0 15.3 15.7 15.7 14.9 15.0 15.1 15.7 14.6 14.5 14.7 15.9 14.6 14.5 15.3 14.9 15.9 15.5 15.3 14.5 15.6 13.91992 12.9 12.6 13.2 14.4 16.1 16.6 15.3 15.5 15.0 14.3 15.9 15.6 16.1 16.5 17.0 16.8 16.0 15.6 14.7 15.3 15.6 16.1 16.0 15.3 15.3 15.4 16.1 15.1 14.9 15.2 16.3 15.1 15.0 15.8 15.4 16.4 16.1 15.8 15.1 16.1 14.51993 13.0 12.7 13.4 14.5 16.2 16.7 15.4 15.7 15.1 14.4 16.1 15.7 16.2 16.7 17.1 16.9 16.2 15.7 14.9 15.5 15.8 16.2 16.2 15.5 15.5 15.6 16.3 15.3 15.1 15.4 16.5 15.3 15.3 16.0 15.6 16.6 16.3 16.1 15.4 16.4 14.91994 12.9 12.5 13.2 14.3 16.0 16.5 15.2 15.4 14.9 14.2 15.8 15.5 15.9 16.4 16.8 16.6 15.9 15.4 14.6 15.2 15.5 15.9 15.8 15.1 15.2 15.3 15.9 14.9 14.8 15.0 16.1 14.9 14.9 15.6 15.2 16.1 15.8 15.6 14.9 15.8 14.41995 13.1 12.8 13.4 14.6 16.2 16.7 15.4 15.7 15.1 14.5 16.0 15.7 16.2 16.6 17.1 16.8 16.2 15.7 14.9 15.5 15.8 16.2 16.2 15.5 15.5 15.6 16.2 15.3 15.2 15.4 16.4 15.3 15.3 16.0 15.6 16.5 16.3 16.0 15.4 16.3 14.91996 13.3 13.0 13.6 14.7 16.3 16.8 15.6 15.8 15.3 14.6 16.2 15.9 16.3 16.8 17.2 17.0 16.3 15.9 15.1 15.7 15.9 16.4 16.3 15.7 15.7 15.8 16.4 15.5 15.4 15.6 16.6 15.6 15.5 16.2 15.9 16.7 16.5 16.3 15.7 16.6 15.21997 13.5 13.2 13.9 15.0 16.6 17.0 15.8 16.1 15.5 14.9 16.4 16.2 16.6 17.0 17.5 17.3 16.6 16.2 15.4 16.0 16.3 16.7 16.7 16.0 16.1 16.2 16.8 15.9 15.8 16.0 17.0 16.0 16.0 16.7 16.3 17.2 17.0 16.8 16.2 17.1 15.81998 13.3 13.0 13.6 14.7 16.3 16.7 15.5 15.7 15.2 14.6 16.1 15.8 16.3 16.7 17.1 16.9 16.2 15.8 15.0 15.6 15.9 16.3 16.2 15.6 15.6 15.7 16.3 15.4 15.3 15.5 16.5 15.5 15.4 16.1 15.8 16.6 16.3 16.2 15.6 16.4 15.21999 13.3 13.0 13.6 14.7 16.2 16.7 15.5 15.7 15.2 14.6 16.1 15.8 16.2 16.6 17.0 16.8 16.2 15.7 15.0 15.6 15.8 16.2 16.2 15.5 15.6 15.7 16.2 15.4 15.3 15.5 16.4 15.4 15.4 16.0 15.7 16.5 16.3 16.1 15.5 16.3 15.12000 13.4 13.1 13.7 14.8 16.3 16.7 15.6 15.8 15.3 14.7 16.1 15.9 16.3 16.7 17.1 16.9 16.3 15.8 15.1 15.6 15.9 16.3 16.2 15.6 15.7 15.8 16.3 15.5 15.4 15.6 16.5 15.6 15.5 16.1 15.8 16.6 16.4 16.2 15.6 16.5 15.32001 13.5 13.2 13.8 14.8 16.3 16.8 15.6 15.8 15.4 14.8 16.2 15.9 16.3 16.7 17.1 16.9 16.3 15.9 15.2 15.7 16.0 16.4 16.3 15.7 15.8 15.9 16.4 15.6 15.5 15.7 16.6 15.7 15.6 16.2 15.9 16.7 16.5 16.3 15.8 16.6 15.42002 13.0 12.8 13.3 14.4 15.8 16.2 15.1 15.3 14.8 14.3 15.6 15.4 15.8 16.1 16.5 16.3 15.7 15.3 14.6 15.1 15.3 15.7 15.6 15.0 15.1 15.2 15.7 14.8 14.7 14.9 15.8 14.9 14.8 15.4 15.1 15.8 15.5 15.3 14.8 15.5 14.42003 13.6 13.3 13.9 14.9 16.4 16.8 15.7 15.9 15.4 14.8 16.2 16.0 16.4 16.7 17.1 16.9 16.3 16.0 15.3 15.8 16.0 16.4 16.4 15.8 15.8 15.9 16.5 15.7 15.6 15.8 16.6 15.7 15.7 16.3 16.0 16.7 16.5 16.4 15.8 16.6 15.52004 13.7 13.4 14.0 15.0 16.5 16.9 15.8 16.0 15.5 15.0 16.3 16.1 16.5 16.9 17.2 17.0 16.5 16.1 15.4 15.9 16.1 16.5 16.5 15.9 16.0 16.1 16.6 15.8 15.7 15.9 16.8 15.9 15.9 16.4 16.2 16.9 16.7 16.5 16.0 16.8 15.72005 13.6 13.4 13.9 14.9 16.3 16.8 15.7 15.9 15.4 14.9 16.2 16.0 16.3 16.7 17.1 16.9 16.3 15.9 15.3 15.8 16.0 16.4 16.3 15.8 15.8 15.9 16.4 15.7 15.6 15.8 16.6 15.7 15.7 16.3 16.0 16.7 16.5 16.3 15.8 16.6 15.52006 13.7 13.4 14.0 15.0 16.4 16.8 15.7 15.9 15.5 14.9 16.3 16.0 16.4 16.8 17.1 16.9 16.4 16.0 15.3 15.8 16.1 16.4 16.4 15.8 15.9 16.0 16.5 15.7 15.6 15.8 16.7 15.8 15.8 16.3 16.1 16.7 16.5 16.4 15.9 16.6 15.62007 13.4 13.2 13.7 14.7 16.0 16.4 15.4 15.6 15.1 14.6 15.9 15.6 16.0 16.4 16.7 16.5 16.0 15.6 14.9 15.4 15.6 16.0 15.9 15.4 15.4 15.5 16.0 15.2 15.1 15.3 16.1 15.3 15.2 15.8 15.5 16.1 15.9 15.8 15.3 16.0 15.02008 12.6 12.4 12.9 13.8 15.2 15.5 14.5 14.7 14.2 13.7 14.9 14.7 15.0 15.3 15.7 15.5 14.9 14.5 13.9 14.3 14.5 14.9 14.8 14.2 14.3 14.3 14.8 14.0 13.9 14.0 14.8 13.9 13.9 14.4 14.1 14.7 14.4 14.2 13.8 14.4 13.42009 13.0 12.7 13.2 14.2 15.5 15.9 14.9 15.0 14.6 14.1 15.3 15.1 15.4 15.7 16.1 15.9 15.3 15.0 14.3 14.8 15.0 15.3 15.3 14.7 14.8 14.8 15.3 14.5 14.4 14.6 15.3 14.5 14.5 14.9 14.7 15.3 15.0 14.9 14.4 15.0 14.12010 13.2 12.9 13.4 14.3 15.7 16.0 15.0 15.2 14.8 14.3 15.5 15.2 15.6 15.9 16.2 16.1 15.5 15.2 14.5 15.0 15.2 15.5 15.5 14.9 15.0 15.0 15.5 14.8 14.7 14.8 15.6 14.8 14.7 15.2 14.9 15.5 15.3 15.2 14.7 15.3 14.4

1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968

32


US TARGETED VALUE INDEX1928–2010: Total Returns (%)


19691969 -25.4 19701970 -14.8 -2.7 19711971 -4.8 7.6 19.1 19721972 -1.8 7.6 13.2 7.6 19731973 -7.6 -2.6 -2.5 -11.8 -27.8 19741974 -10.0 -6.6 -7.5 -15.0 -24.4 -20.9 19751975 -2.0 2.5 3.6 0.1 -2.4 13.5 63.0 19761976 3.7 8.8 10.8 9.2 9.6 26.0 59.0 55.0 19771977 5.2 9.8 11.7 10.5 11.1 23.8 43.7 34.9 17.4 19781978 6.5 10.8 12.6 11.7 12.4 22.8 37.1 29.4 18.2 19.1 19791979 8.9 13.1 15.0 14.5 15.5 24.9 36.9 31.1 23.9 27.3 36.1 19801980 10.2 14.2 16.0 15.7 16.7 25.0 34.9 29.9 24.3 26.7 30.6 25.4 19811981 10.5 14.1 15.8 15.5 16.4 23.6 31.7 27.1 22.2 23.4 24.8 19.5 14.0 19821982 11.9 15.5 17.1 16.9 17.9 24.5 31.8 27.8 23.8 25.1 26.7 23.7 22.9 32.4 19831983 13.7 17.2 18.9 18.9 20.0 26.2 32.9 29.6 26.3 27.9 29.7 28.1 29.1 37.4 42.5 19841984 12.8 15.9 17.4 17.3 18.1 23.5 29.1 25.8 22.6 23.3 24.1 21.8 20.9 23.3 19.0 -0.7 19851985 13.6 16.7 18.1 18.0 18.9 23.9 29.1 26.1 23.2 24.0 24.7 22.9 22.4 24.6 22.1 13.0 28.4 19861986 13.3 16.1 17.4 17.3 18.1 22.6 27.2 24.3 21.6 22.1 22.5 20.6 19.9 21.1 18.4 11.3 17.8 8.1 19871987 12.5 15.0 16.2 16.0 16.6 20.6 24.6 21.9 19.2 19.4 19.5 17.5 16.4 16.9 14.0 7.8 10.7 2.8 -2.1 19881988 13.3 15.8 16.9 16.8 17.4 21.3 25.0 22.5 20.1 20.4 20.5 18.9 18.1 18.7 16.6 12.0 15.4 11.3 13.0 30.5 19891989 13.4 15.8 16.9 16.8 17.3 21.0 24.4 22.1 19.8 20.0 20.1 18.6 17.9 18.4 16.5 12.7 15.5 12.5 14.0 23.1 16.2 19901990 11.5 13.6 14.5 14.3 14.6 17.8 20.8 18.4 16.1 16.0 15.8 14.1 13.0 12.9 10.7 6.7 8.0 4.3 3.4 5.3 -5.3 -22.9 19911991 12.8 14.9 15.8 15.7 16.1 19.2 22.1 19.9 17.9 17.9 17.8 16.4 15.6 15.8 14.1 11.0 12.7 10.3 10.8 14.2 9.3 6.0 45.6 19921992 13.5 15.6 16.5 16.4 16.8 19.8 22.6 20.6 18.7 18.8 18.7 17.5 16.9 17.1 15.7 13.1 14.9 13.1 13.9 17.5 14.4 13.8 38.3 31.3 19931993 13.9 15.9 16.8 16.7 17.1 20.0 22.7 20.7 19.0 19.1 19.1 17.9 17.4 17.7 16.4 14.1 15.8 14.4 15.3 18.5 16.2 16.2 33.2 27.4 23.7 19941994 13.4 15.3 16.1 16.0 16.4 19.0 21.5 19.6 17.9 18.0 17.9 16.8 16.2 16.3 15.1 12.9 14.3 12.9 13.5 15.9 13.6 13.1 24.5 18.1 12.0 1.5 19951995 14.0 15.9 16.7 16.6 17.0 19.6 22.0 20.2 18.6 18.7 18.6 17.6 17.1 17.4 16.3 14.3 15.8 14.6 15.3 17.7 16.0 16.0 25.8 21.3 18.2 15.5 31.4 19961996 14.3 16.2 17.0 16.9 17.3 19.8 22.0 20.4 18.9 18.9 18.9 18.0 17.5 17.8 16.8 15.0 16.4 15.4 16.2 18.4 17.0 17.1 25.5 21.9 19.6 18.3 27.7 24.1 19971997 15.0 16.7 17.5 17.5 17.9 20.3 22.5 21.0 19.5 19.6 19.7 18.8 18.4 18.7 17.9 16.3 17.7 16.8 17.7 19.9 18.7 19.1 26.7 23.8 22.3 22.0 29.7 28.8 33.8 19981998 14.3 16.0 16.7 16.7 17.0 19.3 21.4 19.8 18.4 18.5 18.4 17.6 17.2 17.4 16.5 14.9 16.1 15.2 15.8 17.6 16.4 16.4 22.6 19.6 17.8 16.6 20.7 17.4 14.1 -2.6 19991999 14.3 15.9 16.6 16.5 16.9 19.1 21.0 19.5 18.2 18.2 18.2 17.4 17.0 17.1 16.3 14.8 15.9 15.1 15.6 17.3 16.1 16.1 21.5 18.8 17.1 16.1 19.2 16.3 13.9 5.0 13.3 20002000 14.5 16.1 16.8 16.7 17.0 19.1 21.0 19.6 18.3 18.3 18.3 17.5 17.1 17.3 16.5 15.1 16.2 15.4 16.0 17.5 16.5 16.5 21.4 19.0 17.5 16.7 19.4 17.2 15.5 10.0 16.8 20.5 20012001 14.6 16.2 16.9 16.8 17.1 19.2 21.0 19.6 18.4 18.4 18.4 17.6 17.3 17.4 16.7 15.4 16.4 15.7 16.3 17.7 16.8 16.8 21.3 19.1 17.8 17.1 19.5 17.6 16.4 12.4 17.9 20.3 20.1 20022002 13.6 15.1 15.7 15.6 15.9 17.8 19.5 18.1 16.9 16.8 16.8 16.0 15.6 15.6 14.9 13.6 14.4 13.6 14.0 15.2 14.1 14.0 17.8 15.5 14.0 13.0 14.5 12.3 10.5 6.3 8.7 7.2 1.0 -15.0 20032003 14.8 16.3 16.9 16.8 17.1 19.0 20.7 19.4 18.3 18.3 18.3 17.6 17.3 17.4 16.8 15.6 16.5 15.9 16.4 17.6 16.8 16.9 20.7 18.8 17.7 17.1 19.0 17.6 16.7 14.0 17.7 18.8 18.2 17.3 62.0 20042004 15.0 16.5 17.1 17.0 17.3 19.2 20.8 19.6 18.5 18.5 18.5 17.8 17.5 17.7 17.1 16.0 16.9 16.3 16.8 18.0 17.2 17.3 20.9 19.2 18.2 17.7 19.5 18.2 17.5 15.3 18.6 19.7 19.5 19.3 41.4 23.4 20052005 14.8 16.2 16.8 16.7 17.0 18.8 20.4 19.2 18.1 18.1 18.1 17.4 17.1 17.3 16.7 15.6 16.4 15.9 16.3 17.4 16.7 16.7 20.0 18.3 17.4 16.9 18.4 17.2 16.4 14.4 17.1 17.7 17.2 16.5 29.3 15.6 8.3 20062006 15.0 16.3 16.9 16.8 17.1 18.8 20.4 19.2 18.1 18.2 18.1 17.5 17.2 17.4 16.8 15.8 16.6 16.0 16.4 17.5 16.8 16.9 20.0 18.4 17.5 17.1 18.5 17.4 16.7 15.0 17.4 18.0 17.5 17.0 26.8 16.9 13.7 19.4 20072007 14.3 15.6 16.2 16.1 16.3 18.0 19.4 18.3 17.2 17.2 17.2 16.5 16.2 16.3 15.7 14.7 15.4 14.9 15.2 16.1 15.4 15.4 18.2 16.6 15.7 15.2 16.3 15.1 14.3 12.5 14.4 14.5 13.7 12.6 19.2 10.4 6.3 5.4 -7.1 20082008 12.7 13.9 14.4 14.3 14.4 16.0 17.3 16.1 15.1 15.0 14.9 14.2 13.8 13.8 13.1 12.1 12.7 12.0 12.2 12.9 12.1 11.9 14.2 12.6 11.6 10.8 11.5 10.1 9.0 7.0 8.0 7.4 5.9 4.0 7.5 -0.9 -6.2 -10.6 -22.6 -35.6 20092009 13.4 14.6 15.1 15.0 15.2 16.7 18.0 16.9 15.9 15.9 15.8 15.1 14.8 14.8 14.2 13.2 13.8 13.3 13.5 14.3 13.6 13.4 15.7 14.3 13.3 12.7 13.5 12.3 11.5 9.8 11.0 10.8 9.8 8.5 12.4 5.7 2.5 1.1 -4.3 -2.9 46.4 20102010 13.8 14.9 15.4 15.3 15.5 17.0 18.3 17.2 16.3 16.2 16.1 15.5 15.2 15.3 14.7 13.8 14.4 13.8 14.1 14.8 14.2 14.1 16.3 15.0 14.1 13.6 14.4 13.3 12.6 11.1 12.4 12.3 11.5 10.6 14.3 8.7 6.4 6.1 3.0 6.6 37.1 28.4

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1928

$28,610

2010

33

33


NASDAq COMpOSITE INDEX1974–2010: Total Returns (%)

Data provided by the Nasdaq Stock Market, Inc.

19741974 -33.1 19751975 -5.4 33.7 19761976 5.2 31.9 30.0 19771977 6.6 24.5 20.2 11.1 19781978 8.5 22.4 18.9 13.7 16.3 19791979 12.2 24.4 22.2 19.7 24.3 32.8 19801980 15.7 26.7 25.4 24.2 28.9 35.8 38.8 19811981 13.6 22.5 20.7 18.9 21.0 22.6 17.7 -0.1 19821982 14.5 22.5 20.9 19.5 21.2 22.5 19.3 10.6 22.4 19831983 15.3 22.4 21.1 19.9 21.4 22.5 20.0 14.3 22.3 22.2 19841984 13.1 19.2 17.6 16.2 16.9 17.0 14.1 8.7 11.8 6.8 -6.6 19851985 14.7 20.5 19.3 18.1 19.0 19.4 17.3 13.5 17.1 15.4 12.2 34.7 19861986 14.3 19.5 18.3 17.2 17.9 18.1 16.1 12.7 15.5 13.8 11.1 21.2 9.0 19871987 12.9 17.5 16.3 15.1 15.5 15.4 13.4 10.2 12.0 10.0 7.1 12.2 2.3 -3.9 19881988 13.2 17.5 16.4 15.3 15.7 15.6 13.9 11.1 12.8 11.2 9.2 13.5 7.2 6.4 17.7 19891989 13.7 17.8 16.7 15.8 16.2 16.2 14.6 12.2 13.9 12.7 11.2 15.1 10.7 11.3 19.7 21.8 19901990 11.7 15.3 14.2 13.1 13.3 13.1 11.4 9.0 10.1 8.6 6.8 9.2 4.7 3.7 6.3 1.1 -16.1 19911991 13.9 17.5 16.6 15.7 16.1 16.1 14.8 12.8 14.2 13.3 12.2 15.2 12.3 12.9 17.6 17.5 15.5 59.0 19921992 14.1 17.5 16.6 15.8 16.1 16.1 14.9 13.1 14.4 13.7 12.7 15.4 12.9 13.6 17.4 17.4 15.9 36.3 16.9 19931993 14.1 17.4 16.5 15.8 16.1 16.1 15.0 13.3 14.5 13.8 13.0 15.5 13.3 13.9 17.1 17.0 15.9 29.1 16.3 15.7 19941994 13.3 16.3 15.5 14.7 14.9 14.8 13.7 12.1 13.1 12.4 11.5 13.5 11.4 11.7 14.1 13.5 12.0 20.4 9.7 6.3 -2.4 19951995 14.4 17.4 16.6 15.9 16.2 16.2 15.3 13.8 14.9 14.3 13.7 15.8 14.0 14.6 17.2 17.1 16.3 24.2 16.7 16.7 17.2 40.7 19961996 14.8 17.6 16.9 16.3 16.6 16.6 15.7 14.4 15.4 15.0 14.4 16.4 14.8 15.4 17.8 17.8 17.3 24.0 18.0 18.3 19.1 31.6 23.2 19971997 15.1 17.8 17.1 16.6 16.8 16.9 16.0 14.8 15.8 15.4 14.9 16.8 15.4 16.0 18.2 18.3 17.8 23.7 18.6 19.0 19.8 28.3 22.6 22.0 19981998 16.0 18.7 18.1 17.5 17.9 17.9 17.2 16.1 17.1 16.8 16.5 18.3 17.1 17.8 20.0 20.3 20.1 25.6 21.5 22.3 23.6 31.1 28.1 30.7 40.0 19991999 18.1 20.8 20.3 19.9 20.3 20.5 19.9 19.0 20.2 20.0 19.9 21.9 21.1 22.0 24.5 25.1 25.5 31.2 28.1 29.8 32.3 40.6 40.6 46.9 61.3 85.9 20002000 15.3 17.7 17.1 16.6 16.8 16.9 16.1 15.1 16.0 15.6 15.3 16.8 15.7 16.2 17.9 17.9 17.5 21.6 18.0 18.1 18.5 22.4 19.0 18.0 16.7 6.6 -38.8 20012001 13.8 16.0 15.4 14.8 15.0 14.9 14.2 13.1 13.8 13.4 12.9 14.2 13.0 13.3 14.6 14.4 13.8 17.0 13.5 13.1 12.8 15.2 11.4 9.2 6.2 -3.2 -30.1 -20.1 20022002 11.8 13.9 13.2 12.6 12.7 12.5 11.7 10.6 11.2 10.6 10.1 11.1 9.8 9.9 10.9 10.4 9.6 12.0 8.5 7.7 6.9 8.1 4.1 1.2 -2.5 -10.9 -30.3 -25.6 -30.7 20032003 13.0 15.0 14.4 13.9 14.0 13.9 13.1 12.1 12.7 12.3 11.8 12.9 11.8 11.9 13.0 12.7 12.1 14.6 11.5 11.1 10.6 12.2 9.0 7.1 4.9 -1.0 -15.5 -5.8 2.3 50.9 20042004 12.8 14.8 14.2 13.7 13.8 13.7 13.0 12.0 12.6 12.1 11.7 12.7 11.6 11.8 12.8 12.5 11.9 14.2 11.3 10.9 10.5 11.9 9.0 7.4 5.5 0.6 -11.0 -2.3 4.5 28.4 9.2 20052005 12.5 14.4 13.8 13.2 13.3 13.2 12.5 11.6 12.1 11.7 11.2 12.1 11.1 11.2 12.1 11.8 11.2 13.3 10.6 10.2 9.7 10.9 8.3 6.8 5.0 0.8 -9.0 -1.5 3.8 18.8 5.4 1.8 20062006 12.4 14.3 13.7 13.2 13.3 13.1 12.5 11.6 12.1 11.7 11.2 12.1 11.1 11.2 12.1 11.8 11.2 13.2 10.7 10.3 9.8 10.9 8.6 7.2 5.7 2.0 -6.4 0.5 5.3 16.9 7.3 6.4 11.3 20072007 12.4 14.2 13.6 13.1 13.2 13.1 12.4 11.5 12.0 11.6 11.2 12.0 11.1 11.2 12.0 11.7 11.2 13.1 10.7 10.3 9.9 10.9 8.7 7.5 6.2 2.9 -4.4 1.9 6.1 15.6 8.1 7.8 10.9 10.6 20082008 10.3 11.9 11.3 10.7 10.7 10.6 9.9 8.9 9.3 8.8 8.3 9.0 8.0 7.9 8.5 8.1 7.4 8.9 6.5 5.9 5.3 5.9 3.6 2.1 0.4 -2.8 -9.6 -5.1 -2.7 3.0 -4.6 -7.8 -10.7 -20.1 -42.2 20092009 11.1 12.7 12.2 11.7 11.7 11.5 10.9 10.0 10.4 10.0 9.6 10.3 9.3 9.4 10.0 9.6 9.1 10.6 8.4 7.9 7.4 8.1 6.1 4.9 3.6 0.8 -5.2 -0.5 2.3 8.2 2.3 1.0 0.8 -2.4 -8.4 45.3 20102010 11.3 12.9 12.3 11.8 11.9 11.7 11.1 10.3 10.7 10.3 9.9 10.5 9.7 9.7 10.3 10.0 9.5 10.9 8.9 8.4 8.0 8.7 6.9 5.8 4.6 2.1 -3.3 1.2 3.9 9.4 4.4 3.7 4.1 2.3 -0.3 31.0 18.0

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1974

$52

1926 2010

34


DOW JONES US SELECT REIT INDEX1978–2010: Total Returns (%)

Data provided by Dow Jones Indexes.

DOW JONES-UBS COMMODITY INDEX1992–2010: Total Returns (%)

In US Dollars


19781978 11.0 19791979 28.6 49.0 19801980 30.1 40.8 33.1 19811981 26.9 32.7 25.3 17.9 19821982 25.7 29.7 23.8 19.4 20.9 19831983 26.8 30.2 25.8 23.5 26.4 32.2 19841984 26.0 28.7 25.0 23.1 24.9 26.9 21.9 19851985 23.4 25.3 21.7 19.6 20.0 19.7 13.9 6.5 19861986 23.0 24.6 21.5 19.6 20.0 19.7 15.8 12.9 19.7 19871987 19.7 20.7 17.5 15.5 15.1 13.9 9.8 6.0 5.8 -6.6 19881988 19.5 20.3 17.5 15.7 15.4 14.5 11.3 8.8 9.5 4.8 17.5 19891989 18.0 18.6 16.0 14.2 13.7 12.7 9.8 7.5 7.8 4.1 9.9 2.7 19901990 14.1 14.4 11.7 9.7 8.8 7.4 4.3 1.6 0.7 -3.6 -2.6 -11.3 -23.4 19911991 14.8 15.1 12.6 10.9 10.3 9.1 6.5 4.5 4.2 1.3 3.4 -0.9 -2.6 23.8 19921992 14.8 15.1 12.8 11.3 10.7 9.7 7.5 5.8 5.7 3.5 5.7 2.9 3.0 19.4 15.1 19931993 14.8 15.1 13.0 11.6 11.1 10.2 8.2 6.8 6.8 5.1 7.2 5.2 5.9 18.0 15.1 15.1 19941994 14.1 14.3 12.3 10.9 10.4 9.5 7.7 6.4 6.4 4.8 6.5 4.8 5.2 13.9 10.8 8.7 2.7 19951995 14.0 14.1 12.3 11.0 10.5 9.8 8.1 6.9 6.9 5.6 7.2 5.8 6.4 13.6 11.2 9.9 7.3 12.2 19961996 15.1 15.3 13.6 12.5 12.1 11.5 10.1 9.1 9.4 8.4 10.2 9.3 10.3 17.2 15.9 16.1 16.4 24.0 37.1 19971997 15.3 15.5 13.9 12.9 12.6 12.0 10.7 9.9 10.2 9.4 11.1 10.4 11.4 17.6 16.5 16.8 17.2 22.6 28.1 19.7 19981998 13.5 13.6 12.0 11.0 10.6 10.0 8.6 7.7 7.8 6.9 8.2 7.3 7.8 12.5 11.0 10.3 9.4 11.2 10.8 -0.3 -17.0 19991999 12.7 12.8 11.3 10.2 9.8 9.2 7.9 7.0 7.0 6.1 7.3 6.4 6.7 10.8 9.2 8.4 7.3 8.3 7.3 -1.1 -10.1 -2.6 20002000 13.5 13.6 12.1 11.2 10.8 10.3 9.1 8.4 8.5 7.7 8.9 8.2 8.7 12.6 11.5 11.0 10.4 11.8 11.7 6.1 1.9 13.0 31.0 20012001 13.4 13.5 12.1 11.2 10.9 10.4 9.3 8.6 8.7 8.0 9.2 8.5 9.0 12.6 11.5 11.2 10.7 11.9 11.8 7.3 4.5 12.8 21.3 12.3 20022002 13.0 13.1 11.7 10.9 10.5 10.0 9.0 8.3 8.4 7.7 8.8 8.2 8.6 11.8 10.8 10.4 9.9 10.8 10.6 6.7 4.3 10.4 15.1 7.9 3.6 20032003 13.8 13.9 12.7 11.9 11.6 11.2 10.2 9.6 9.8 9.2 10.3 9.9 10.4 13.5 12.7 12.5 12.2 13.4 13.5 10.5 9.0 15.1 20.0 16.6 18.8 36.2 20042004 14.5 14.6 13.4 12.7 12.5 12.1 11.2 10.7 10.9 10.5 11.5 11.2 11.8 14.8 14.2 14.1 14.0 15.2 15.5 13.1 12.2 18.0 22.6 20.5 23.4 34.7 33.2 20052005 14.5 14.6 13.4 12.7 12.5 12.2 11.3 10.8 11.1 10.6 11.7 11.3 11.9 14.8 14.1 14.1 14.0 15.1 15.4 13.2 12.4 17.4 21.1 19.2 20.9 27.3 23.1 13.8 20062006 15.1 15.3 14.2 13.5 13.4 13.1 12.3 11.9 12.1 11.8 12.8 12.6 13.2 16.0 15.5 15.5 15.5 16.7 17.1 15.3 14.8 19.5 23.1 21.8 23.8 29.4 27.3 24.4 36.0 20072007 13.9 14.0 12.9 12.2 12.0 11.6 10.9 10.4 10.6 10.2 11.1 10.7 11.2 13.7 13.1 12.9 12.8 13.6 13.7 11.8 11.1 14.7 17.1 15.2 15.7 18.3 14.2 8.5 5.9 -17.6 20082008 11.6 11.6 10.5 9.8 9.5 9.1 8.2 7.7 7.7 7.2 7.9 7.5 7.7 9.8 9.0 8.7 8.2 8.6 8.4 6.3 5.1 7.7 8.9 6.4 5.5 5.9 0.7 -6.1 -12.0 -29.2 -39.2 20092009 12.1 12.1 11.1 10.4 10.1 9.7 8.9 8.5 8.5 8.1 8.8 8.4 8.7 10.7 10.0 9.7 9.4 9.9 9.7 7.8 6.9 9.4 10.7 8.6 8.2 8.8 4.8 -0.1 -3.3 -13.6 -11.6 28.5 20102010 12.5 12.6 11.6 10.9 10.7 10.3 9.6 9.1 9.3 8.8 9.6 9.2 9.5 11.5 10.9 10.7 10.4 10.9 10.8 9.2 8.4 10.8 12.1 10.4 10.2 11.1 7.9 4.2 2.3 -4.7 0.0 28.3 28.1

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1978

$49

1926 2010

19921992 3.7 19931993 1.3 -1.1 19941994 6.2 7.4 16.6 19951995 8.4 9.9 15.9 15.2 19961996 11.2 13.1 18.3 19.1 23.2 19971997 8.6 9.6 12.4 11.1 9.1 -3.4 19981998 2.6 2.4 3.1 0.0 -4.6 -16.0 -27.0 19991999 5.1 5.3 6.4 4.5 1.9 -4.3 -4.7 24.3 20002000 7.8 8.3 9.7 8.6 7.3 3.7 6.2 28.0 31.8 20012001 4.7 4.8 5.5 4.0 2.3 -1.4 -0.9 9.7 3.0 -19.5 20022002 6.4 6.7 7.6 6.6 5.4 2.7 3.9 13.5 10.1 0.7 25.9 20032003 7.8 8.2 9.2 8.4 7.5 5.5 7.0 15.5 13.4 7.9 24.9 23.9 20042004 7.9 8.3 9.2 8.4 7.7 5.9 7.3 14.4 12.6 8.2 19.4 16.3 9.1 20052005 8.8 9.2 10.1 9.6 9.0 7.5 9.0 15.4 14.0 10.7 19.9 18.0 15.1 21.4 20062006 8.4 8.7 9.5 8.9 8.4 7.0 8.2 13.7 12.2 9.2 16.1 13.8 10.6 11.3 2.1 20072007 8.8 9.2 10.0 9.5 9.0 7.8 9.0 13.9 12.7 10.2 16.1 14.3 12.0 12.9 8.9 16.2 20082008 5.5 5.6 6.1 5.4 4.7 3.3 3.9 7.6 5.9 3.0 6.7 3.8 0.2 -1.9 -8.6 -13.5 -35.6 20092009 6.2 6.4 6.9 6.2 5.6 4.4 5.1 8.6 7.1 4.7 8.2 5.9 3.1 2.0 -2.4 -3.8 -12.5 18.9 20102010 6.8 6.9 7.4 6.9 6.3 5.2 5.9 9.3 8.0 5.8 9.1 7.2 5.0 4.3 1.2 1.0 -3.7 17.9 16.8

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1992

$3.46

1926 2010

35

35


19261926 7.8 19271927 8.4 8.9 19281928 5.5 4.4 0.1 19291929 5.0 4.1 1.7 3.4 19301930 4.9 4.2 2.7 4.0 4.7 19311931 3.1 2.2 0.6 0.8 -0.5 -5.3 19321932 5.0 4.5 3.7 4.6 5.0 5.2 16.8 19331933 4.4 3.9 3.1 3.7 3.7 3.4 8.1 -0.1 19341934 5.0 4.6 4.0 4.7 4.9 5.0 8.7 4.9 10.0 19351935 5.0 4.7 4.1 4.7 5.0 5.0 7.8 4.9 7.5 5.0 19361936 5.2 4.9 4.5 5.1 5.3 5.4 7.7 5.5 7.5 6.2 7.5 19371937 4.8 4.5 4.1 4.5 4.7 4.7 6.4 4.5 5.6 4.2 3.8 0.2 19381938 4.8 4.6 4.2 4.6 4.8 4.8 6.3 4.6 5.6 4.5 4.4 2.8 5.5 19391939 4.9 4.7 4.3 4.7 4.9 4.9 6.3 4.8 5.7 4.8 4.8 3.9 5.7 5.9 19401940 5.0 4.8 4.5 4.9 5.0 5.0 6.2 5.0 5.7 5.0 5.0 4.4 5.9 6.0 6.1 19411941 4.7 4.5 4.2 4.5 4.6 4.6 5.7 4.5 5.1 4.4 4.3 3.7 4.6 4.3 3.5 0.9 19421942 4.6 4.4 4.2 4.5 4.5 4.5 5.5 4.4 4.9 4.3 4.2 3.6 4.3 4.0 3.4 2.1 3.2 19431943 4.5 4.3 4.0 4.3 4.4 4.3 5.2 4.2 4.6 4.0 3.9 3.4 3.9 3.6 3.1 2.1 2.6 2.1 19441944 4.4 4.2 4.0 4.2 4.2 4.2 5.0 4.1 4.4 3.9 3.8 3.3 3.8 3.5 3.0 2.3 2.7 2.4 2.8 19451945 4.7 4.6 4.3 4.6 4.6 4.6 5.4 4.6 5.0 4.5 4.5 4.1 4.6 4.5 4.3 3.9 4.7 5.1 6.7 10.7 19461946 4.5 4.3 4.1 4.3 4.4 4.3 5.0 4.2 4.6 4.1 4.0 3.7 4.1 3.9 3.6 3.2 3.7 3.8 4.4 5.2 -0.1 19471947 4.1 4.0 3.7 3.9 4.0 3.9 4.5 3.7 4.0 3.6 3.5 3.1 3.4 3.2 2.8 2.4 2.6 2.5 2.6 2.5 -1.4 -2.6 19481948 4.1 3.9 3.7 3.9 3.9 3.9 4.5 3.7 4.0 3.6 3.5 3.1 3.4 3.2 2.9 2.5 2.7 2.6 2.7 2.7 0.2 0.3 3.4 19491949 4.2 4.1 3.8 4.0 4.1 4.0 4.6 3.9 4.1 3.8 3.7 3.4 3.6 3.5 3.2 2.9 3.2 3.2 3.4 3.5 1.7 2.3 4.9 6.4 19501950 4.0 3.9 3.7 3.8 3.9 3.8 4.3 3.7 3.9 3.5 3.4 3.1 3.4 3.2 2.9 2.6 2.8 2.8 2.9 2.9 1.4 1.8 3.3 3.2 0.1 19511951 3.7 3.6 3.3 3.5 3.5 3.4 3.9 3.3 3.4 3.1 2.9 2.6 2.8 2.6 2.3 2.0 2.1 2.0 2.0 1.9 0.5 0.6 1.4 0.8 -2.0 -3.9 19521952 3.6 3.5 3.3 3.4 3.4 3.3 3.8 3.1 3.3 3.0 2.8 2.6 2.7 2.5 2.3 1.9 2.0 1.9 1.9 1.8 0.6 0.7 1.4 0.9 -0.9 -1.4 1.2 19531953 3.6 3.5 3.3 3.4 3.4 3.3 3.8 3.2 3.3 3.0 2.9 2.6 2.8 2.6 2.4 2.1 2.2 2.1 2.1 2.0 0.9 1.1 1.7 1.4 0.2 0.2 2.4 3.6 19541954 3.7 3.6 3.4 3.5 3.5 3.5 3.9 3.3 3.5 3.2 3.1 2.9 3.0 2.9 2.7 2.4 2.5 2.5 2.5 2.5 1.6 1.8 2.5 2.3 1.5 1.9 4.0 5.4 7.2 19551955 3.6 3.4 3.2 3.4 3.4 3.3 3.7 3.1 3.3 3.0 2.9 2.6 2.8 2.6 2.4 2.2 2.3 2.2 2.2 2.1 1.3 1.5 2.0 1.8 1.1 1.3 2.6 3.1 2.9 -1.3 19561956 3.3 3.1 2.9 3.0 3.0 2.9 3.3 2.8 2.9 2.6 2.5 2.2 2.3 2.1 1.9 1.7 1.7 1.6 1.6 1.5 0.7 0.8 1.1 0.9 0.1 0.1 0.9 0.9 0.0 -3.5 -5.6 19571957 3.4 3.3 3.1 3.2 3.2 3.1 3.4 2.9 3.1 2.8 2.7 2.5 2.6 2.4 2.2 2.0 2.1 2.0 2.0 1.9 1.2 1.3 1.8 1.6 1.0 1.1 2.0 2.2 1.8 0.1 0.7 7.5 19581958 3.1 2.9 2.8 2.9 2.8 2.8 3.1 2.6 2.7 2.4 2.3 2.1 2.1 2.0 1.8 1.5 1.6 1.5 1.4 1.3 0.6 0.7 1.0 0.8 0.2 0.2 0.8 0.7 0.2 -1.5 -1.6 0.5 -6.1 19591959 2.9 2.8 2.6 2.7 2.7 2.6 2.9 2.4 2.5 2.2 2.1 1.9 1.9 1.8 1.6 1.3 1.4 1.2 1.2 1.1 0.4 0.5 0.7 0.5 -0.1 -0.1 0.4 0.3 -0.3 -1.7 -1.8 -0.5 -4.2 -2.3 19601960 3.2 3.1 2.9 3.0 3.0 2.9 3.2 2.8 2.9 2.6 2.5 2.3 2.4 2.3 2.1 1.9 2.0 1.9 1.9 1.8 1.3 1.4 1.7 1.5 1.1 1.2 1.8 1.9 1.6 0.7 1.2 2.9 1.4 5.5 13.8 19611961 3.2 3.0 2.9 2.9 2.9 2.9 3.2 2.7 2.8 2.6 2.5 2.3 2.4 2.2 2.1 1.9 1.9 1.9 1.8 1.8 1.3 1.3 1.6 1.5 1.1 1.2 1.7 1.8 1.6 0.8 1.1 2.5 1.3 3.9 7.2 1.0 19621962 3.3 3.1 3.0 3.1 3.1 3.0 3.3 2.9 3.0 2.7 2.6 2.5 2.5 2.4 2.3 2.1 2.2 2.1 2.1 2.1 1.6 1.7 2.0 1.9 1.5 1.7 2.2 2.3 2.1 1.5 1.9 3.2 2.4 4.7 7.1 3.9 6.9 19631963 3.2 3.1 2.9 3.0 3.0 2.9 3.2 2.8 2.9 2.7 2.6 2.4 2.5 2.4 2.2 2.1 2.1 2.1 2.1 2.0 1.6 1.7 1.9 1.8 1.5 1.6 2.1 2.2 2.0 1.5 1.8 2.9 2.2 4.0 5.6 3.0 4.0 1.2 19641964 3.2 3.1 2.9 3.0 3.0 3.0 3.2 2.8 2.9 2.7 2.6 2.4 2.5 2.4 2.3 2.1 2.2 2.1 2.1 2.1 1.7 1.8 2.0 1.9 1.6 1.8 2.2 2.3 2.2 1.7 2.0 3.0 2.4 3.9 5.2 3.1 3.8 2.4 3.5 19651965 3.1 3.0 2.9 3.0 2.9 2.9 3.2 2.8 2.9 2.6 2.6 2.4 2.5 2.4 2.2 2.1 2.1 2.1 2.1 2.0 1.6 1.7 1.9 1.9 1.6 1.7 2.1 2.2 2.1 1.6 1.9 2.8 2.2 3.4 4.4 2.6 3.0 1.8 2.1 0.7 19661966 3.2 3.0 2.9 3.0 3.0 2.9 3.2 2.8 2.9 2.7 2.6 2.4 2.5 2.4 2.3 2.1 2.2 2.1 2.1 2.1 1.7 1.8 2.0 2.0 1.7 1.8 2.2 2.3 2.2 1.8 2.0 2.8 2.3 3.5 4.3 2.8 3.2 2.3 2.6 2.2 3.6 19671967 2.8 2.7 2.6 2.6 2.6 2.6 2.8 2.4 2.5 2.3 2.2 2.0 2.1 2.0 1.8 1.7 1.7 1.6 1.6 1.6 1.2 1.2 1.4 1.3 1.1 1.1 1.4 1.5 1.3 0.9 1.1 1.7 1.1 2.0 2.5 1.0 1.0 -0.1 -0.5 -1.8 -3.0 -9.21968 2.8 2.7 2.5 2.6 2.6 2.5 2.7 2.3 2.4 2.2 2.1 2.0 2.0 1.9 1.8 1.6 1.6 1.6 1.6 1.5 1.1 1.2 1.4 1.3 1.0 1.0 1.3 1.4 1.2 0.8 1.0 1.5 1.0 1.7 2.2 0.8 0.8 -0.2 -0.4 -1.4 -2.1 -4.81969 2.6 2.5 2.3 2.4 2.4 2.3 2.5 2.1 2.2 2.0 1.9 1.7 1.8 1.7 1.5 1.4 1.4 1.3 1.3 1.2 0.9 0.9 1.1 0.9 0.7 0.7 1.0 1.0 0.8 0.4 0.5 1.0 0.5 1.1 1.4 0.2 0.1 -0.9 -1.2 -2.1 -2.8 -4.91970 2.8 2.7 2.5 2.6 2.6 2.5 2.7 2.4 2.5 2.3 2.2 2.0 2.1 2.0 1.9 1.7 1.7 1.7 1.7 1.6 1.3 1.3 1.5 1.4 1.2 1.3 1.5 1.6 1.4 1.1 1.3 1.8 1.3 2.0 2.4 1.3 1.3 0.7 0.6 0.1 0.0 -0.91971 3.0 2.9 2.8 2.8 2.8 2.8 3.0 2.7 2.7 2.5 2.5 2.3 2.4 2.3 2.2 2.1 2.1 2.1 2.1 2.0 1.7 1.8 2.0 1.9 1.7 1.8 2.1 2.1 2.1 1.8 2.0 2.5 2.1 2.8 3.2 2.3 2.5 2.0 2.1 1.9 2.1 1.81972 3.1 3.0 2.8 2.9 2.9 2.8 3.1 2.7 2.8 2.6 2.6 2.4 2.5 2.4 2.3 2.2 2.2 2.2 2.2 2.2 1.9 1.9 2.1 2.1 1.9 2.0 2.3 2.3 2.2 2.0 2.2 2.7 2.4 3.0 3.4 2.6 2.8 2.3 2.5 2.3 2.6 2.41973 3.0 2.9 2.7 2.8 2.8 2.8 3.0 2.6 2.7 2.5 2.5 2.3 2.4 2.3 2.2 2.1 2.1 2.1 2.1 2.1 1.8 1.8 2.0 1.9 1.8 1.8 2.1 2.2 2.1 1.8 2.0 2.5 2.1 2.7 3.1 2.3 2.4 2.0 2.1 2.0 2.1 1.91974 3.0 2.9 2.8 2.8 2.8 2.8 3.0 2.7 2.7 2.6 2.5 2.4 2.4 2.4 2.3 2.1 2.2 2.1 2.1 2.1 1.8 1.9 2.1 2.0 1.9 1.9 2.2 2.2 2.2 1.9 2.1 2.6 2.3 2.8 3.2 2.5 2.6 2.2 2.3 2.2 2.4 2.21975 3.1 3.0 2.9 3.0 3.0 2.9 3.1 2.8 2.9 2.7 2.7 2.5 2.6 2.5 2.4 2.3 2.4 2.4 2.4 2.3 2.1 2.2 2.3 2.3 2.1 2.2 2.5 2.5 2.5 2.3 2.5 2.9 2.6 3.2 3.5 2.9 3.0 2.7 2.9 2.8 3.0 3.01976 3.4 3.3 3.2 3.2 3.2 3.2 3.4 3.1 3.2 3.0 3.0 2.9 3.0 2.9 2.8 2.7 2.8 2.7 2.8 2.8 2.5 2.6 2.8 2.8 2.6 2.7 3.0 3.1 3.1 2.9 3.1 3.5 3.3 3.9 4.3 3.7 3.9 3.7 3.9 3.9 4.2 4.31977 3.3 3.2 3.1 3.2 3.2 3.1 3.3 3.0 3.1 3.0 2.9 2.8 2.9 2.8 2.7 2.6 2.7 2.7 2.7 2.7 2.4 2.5 2.7 2.7 2.5 2.6 2.9 2.9 2.9 2.7 2.9 3.3 3.1 3.7 4.0 3.4 3.6 3.4 3.5 3.5 3.8 3.81978 3.2 3.1 3.0 3.1 3.1 3.0 3.2 2.9 3.0 2.9 2.8 2.7 2.8 2.7 2.6 2.5 2.6 2.5 2.6 2.5 2.3 2.4 2.6 2.5 2.4 2.5 2.7 2.8 2.8 2.6 2.7 3.1 2.9 3.4 3.7 3.2 3.3 3.1 3.2 3.2 3.4 3.41979 3.1 3.0 2.9 3.0 3.0 2.9 3.1 2.9 2.9 2.8 2.7 2.6 2.7 2.6 2.5 2.4 2.5 2.4 2.5 2.4 2.2 2.3 2.4 2.4 2.3 2.3 2.6 2.6 2.6 2.4 2.6 2.9 2.7 3.2 3.5 2.9 3.1 2.8 2.9 2.9 3.1 3.01980 3.0 2.9 2.8 2.8 2.8 2.8 3.0 2.7 2.8 2.6 2.6 2.5 2.5 2.4 2.3 2.3 2.3 2.3 2.3 2.3 2.0 2.1 2.2 2.2 2.1 2.1 2.3 2.4 2.3 2.2 2.3 2.6 2.4 2.8 3.1 2.6 2.7 2.4 2.5 2.5 2.6 2.51981 3.0 2.9 2.8 2.8 2.8 2.8 3.0 2.7 2.7 2.6 2.5 2.4 2.5 2.4 2.3 2.2 2.3 2.3 2.3 2.2 2.0 2.1 2.2 2.2 2.1 2.1 2.3 2.4 2.3 2.2 2.3 2.6 2.4 2.8 3.0 2.6 2.6 2.4 2.5 2.4 2.5 2.51982 3.5 3.5 3.4 3.4 3.4 3.4 3.6 3.3 3.4 3.3 3.2 3.1 3.2 3.2 3.1 3.0 3.1 3.1 3.1 3.1 2.9 3.0 3.2 3.1 3.0 3.1 3.4 3.5 3.4 3.3 3.5 3.9 3.7 4.1 4.4 4.0 4.2 4.0 4.2 4.2 4.4 4.51983 3.5 3.4 3.3 3.4 3.4 3.3 3.5 3.3 3.3 3.2 3.2 3.1 3.2 3.1 3.0 3.0 3.0 3.0 3.0 3.0 2.8 2.9 3.1 3.1 3.0 3.1 3.3 3.4 3.4 3.2 3.4 3.7 3.6 4.0 4.3 3.9 4.0 3.9 4.0 4.0 4.2 4.31984 3.7 3.6 3.5 3.6 3.6 3.6 3.7 3.5 3.6 3.4 3.4 3.3 3.4 3.4 3.3 3.2 3.3 3.3 3.3 3.3 3.2 3.2 3.4 3.4 3.3 3.4 3.6 3.7 3.7 3.6 3.8 4.1 4.0 4.4 4.7 4.3 4.5 4.4 4.5 4.6 4.8 4.91985 4.1 4.0 3.9 4.0 4.0 4.0 4.2 4.0 4.0 3.9 3.9 3.8 3.9 3.9 3.8 3.8 3.8 3.9 3.9 3.9 3.8 3.9 4.0 4.1 4.0 4.1 4.4 4.5 4.5 4.4 4.6 5.0 4.9 5.3 5.6 5.3 5.5 5.4 5.6 5.7 6.0 6.11986 4.4 4.3 4.3 4.3 4.3 4.3 4.5 4.3 4.4 4.3 4.3 4.2 4.3 4.3 4.2 4.2 4.3 4.3 4.3 4.4 4.2 4.3 4.5 4.6 4.5 4.6 4.9 5.0 5.0 5.0 5.2 5.6 5.5 5.9 6.3 6.0 6.2 6.2 6.4 6.5 6.8 6.91987 4.3 4.2 4.1 4.2 4.2 4.2 4.4 4.2 4.3 4.2 4.1 4.1 4.1 4.1 4.1 4.0 4.1 4.1 4.2 4.2 4.1 4.2 4.3 4.4 4.3 4.4 4.7 4.8 4.8 4.7 4.9 5.3 5.2 5.6 5.9 5.6 5.8 5.8 6.0 6.1 6.3 6.51988 4.4 4.3 4.2 4.3 4.3 4.3 4.5 4.3 4.4 4.3 4.2 4.2 4.3 4.2 4.2 4.2 4.2 4.2 4.3 4.3 4.2 4.3 4.5 4.5 4.4 4.6 4.8 4.9 4.9 4.9 5.1 5.4 5.4 5.8 6.0 5.8 6.0 5.9 6.1 6.2 6.5 6.61989 4.6 4.5 4.4 4.5 4.5 4.5 4.7 4.5 4.6 4.5 4.5 4.4 4.5 4.5 4.5 4.4 4.5 4.5 4.6 4.6 4.5 4.6 4.8 4.8 4.8 4.9 5.1 5.2 5.3 5.2 5.4 5.8 5.7 6.1 6.4 6.2 6.4 6.4 6.6 6.7 6.9 7.11990 4.6 4.5 4.5 4.5 4.6 4.6 4.7 4.5 4.6 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.6 4.6 4.7 4.5 4.6 4.8 4.8 4.8 4.9 5.2 5.3 5.3 5.3 5.5 5.8 5.7 6.1 6.4 6.2 6.4 6.4 6.5 6.7 6.9 7.01991 4.8 4.7 4.7 4.8 4.8 4.8 5.0 4.8 4.8 4.8 4.8 4.7 4.8 4.8 4.8 4.7 4.8 4.8 4.9 4.9 4.8 4.9 5.1 5.2 5.1 5.2 5.5 5.6 5.7 5.6 5.8 6.2 6.1 6.5 6.8 6.6 6.8 6.8 7.0 7.1 7.4 7.51992 4.9 4.8 4.8 4.8 4.8 4.9 5.0 4.8 4.9 4.8 4.8 4.8 4.9 4.9 4.8 4.8 4.9 4.9 5.0 5.0 4.9 5.0 5.2 5.2 5.2 5.3 5.6 5.7 5.8 5.7 5.9 6.2 6.2 6.6 6.9 6.7 6.9 6.9 7.1 7.2 7.4 7.61993 5.0 5.0 4.9 5.0 5.0 5.1 5.2 5.0 5.1 5.1 5.1 5.0 5.1 5.1 5.1 5.1 5.1 5.2 5.2 5.3 5.2 5.3 5.5 5.5 5.5 5.6 5.9 6.0 6.0 6.0 6.2 6.6 6.5 6.9 7.2 7.0 7.2 7.2 7.4 7.6 7.8 8.01994 4.8 4.8 4.7 4.8 4.8 4.8 5.0 4.8 4.9 4.8 4.8 4.8 4.9 4.8 4.8 4.8 4.9 4.9 5.0 5.0 4.9 5.0 5.2 5.2 5.2 5.3 5.5 5.6 5.7 5.6 5.8 6.2 6.1 6.5 6.7 6.5 6.7 6.7 6.9 7.0 7.2 7.41995 5.2 5.1 5.1 5.2 5.2 5.2 5.4 5.2 5.3 5.2 5.2 5.2 5.3 5.3 5.3 5.2 5.3 5.4 5.4 5.5 5.4 5.5 5.7 5.7 5.7 5.8 6.1 6.2 6.2 6.2 6.4 6.7 6.7 7.1 7.4 7.2 7.4 7.4 7.6 7.7 8.0 8.11996 5.1 5.1 5.0 5.1 5.1 5.1 5.3 5.1 5.2 5.1 5.1 5.1 5.2 5.2 5.1 5.1 5.2 5.2 5.3 5.4 5.2 5.4 5.5 5.6 5.6 5.7 5.9 6.0 6.1 6.0 6.2 6.5 6.5 6.9 7.1 7.0 7.1 7.1 7.3 7.4 7.7 7.81997 5.2 5.2 5.2 5.2 5.3 5.3 5.4 5.3 5.4 5.3 5.3 5.2 5.3 5.3 5.3 5.3 5.4 5.4 5.5 5.5 5.4 5.6 5.7 5.8 5.8 5.9 6.1 6.2 6.3 6.3 6.4 6.8 6.7 7.1 7.4 7.2 7.4 7.4 7.6 7.7 7.9 8.11998 5.3 5.3 5.3 5.3 5.4 5.4 5.5 5.4 5.5 5.4 5.4 5.4 5.5 5.5 5.4 5.4 5.5 5.6 5.6 5.7 5.6 5.7 5.9 5.9 5.9 6.0 6.3 6.4 6.4 6.4 6.6 6.9 6.9 7.2 7.5 7.3 7.5 7.5 7.7 7.8 8.1 8.21999 5.1 5.1 5.0 5.1 5.1 5.2 5.3 5.1 5.2 5.2 5.2 5.1 5.2 5.2 5.2 5.2 5.2 5.3 5.3 5.4 5.3 5.4 5.6 5.6 5.6 5.7 5.9 6.0 6.1 6.0 6.2 6.5 6.5 6.8 7.0 6.9 7.0 7.0 7.2 7.3 7.5 7.62000 5.3 5.3 5.3 5.3 5.4 5.4 5.5 5.4 5.5 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.7 5.6 5.7 5.8 5.9 5.9 6.0 6.2 6.3 6.4 6.4 6.5 6.8 6.8 7.1 7.4 7.2 7.4 7.4 7.6 7.7 7.9 8.02001 5.3 5.3 5.2 5.3 5.3 5.3 5.5 5.3 5.4 5.4 5.4 5.3 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.6 5.5 5.6 5.8 5.8 5.8 5.9 6.2 6.3 6.3 6.3 6.5 6.8 6.7 7.1 7.3 7.1 7.3 7.3 7.5 7.6 7.8 7.92002 5.5 5.4 5.4 5.5 5.5 5.5 5.7 5.5 5.6 5.5 5.5 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.7 5.8 6.0 6.1 6.0 6.2 6.4 6.5 6.5 6.5 6.7 7.0 7.0 7.3 7.5 7.4 7.5 7.6 7.7 7.8 8.0 8.22003 5.4 5.4 5.3 5.4 5.4 5.5 5.6 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 5.9 6.0 6.0 6.1 6.3 6.4 6.4 6.4 6.6 6.9 6.8 7.2 7.4 7.2 7.4 7.4 7.6 7.7 7.9 8.02004 5.5 5.4 5.4 5.5 5.5 5.5 5.6 5.5 5.6 5.5 5.5 5.5 5.6 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.7 5.8 6.0 6.0 6.0 6.1 6.3 6.4 6.5 6.5 6.6 6.9 6.9 7.2 7.4 7.3 7.4 7.4 7.6 7.7 7.9 8.02005 5.5 5.5 5.4 5.5 5.5 5.5 5.7 5.5 5.6 5.6 5.6 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.7 5.8 6.0 6.0 6.0 6.1 6.3 6.4 6.5 6.5 6.6 6.9 6.9 7.2 7.4 7.3 7.4 7.4 7.6 7.7 7.9 8.02006 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 5.9 6.0 5.9 6.1 6.2 6.3 6.4 6.4 6.5 6.8 6.8 7.1 7.3 7.1 7.3 7.3 7.4 7.5 7.7 7.82007 5.5 5.5 5.4 5.5 5.5 5.5 5.7 5.5 5.6 5.5 5.6 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.7 5.8 6.0 6.0 6.0 6.1 6.3 6.4 6.5 6.4 6.6 6.9 6.8 7.1 7.3 7.2 7.3 7.3 7.5 7.6 7.8 7.92008 5.7 5.7 5.6 5.7 5.7 5.8 5.9 5.8 5.9 5.8 5.8 5.8 5.9 5.9 5.9 5.9 5.9 6.0 6.0 6.1 6.0 6.1 6.3 6.3 6.3 6.4 6.6 6.7 6.8 6.8 6.9 7.2 7.2 7.5 7.7 7.6 7.7 7.7 7.9 8.0 8.1 8.32009 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.5 5.6 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 5.9 5.9 5.9 6.0 6.2 6.3 6.4 6.3 6.5 6.7 6.7 7.0 7.2 7.0 7.2 7.2 7.3 7.4 7.6 7.72010 5.5 5.5 5.4 5.5 5.5 5.5 5.7 5.5 5.6 5.6 5.6 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.7 5.8 6.0 6.0 6.0 6.1 6.3 6.4 6.4 6.4 6.6 6.8 6.8 7.0 7.2 7.1 7.2 7.2 7.4 7.5 7.6 7.7

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

36


LONG-TERM GOVERNMENT BONDS1926–2010: Real Returns (%)

19681968 -0.3 19691969 -2.7 -5.1 19701970 2.0 3.2 12.1 19711971 4.7 6.4 12.7 13.2 19721972 4.9 6.2 10.3 9.4 5.7 19731973 3.9 4.7 7.3 5.8 2.2 -1.1 19741974 3.9 4.7 6.7 5.4 2.9 1.6 4.4 19751975 4.6 5.3 7.1 6.2 4.5 4.1 6.7 9.2 19761976 5.9 6.7 8.5 7.9 6.8 7.1 10.0 12.9 16.8 19771977 5.2 5.8 7.3 6.6 5.5 5.5 7.2 8.2 7.7 -0.7 19781978 4.6 5.1 6.3 5.6 4.5 4.4 5.5 5.8 4.7 -0.9 -1.2 19791979 4.1 4.5 5.5 4.8 3.8 3.5 4.3 4.3 3.2 -1.0 -1.2 -1.2 19801980 3.5 3.8 4.6 3.9 2.9 2.6 3.1 2.9 1.7 -1.8 -2.1 -2.6 -4.0 19811981 3.3 3.6 4.4 3.7 2.8 2.5 3.0 2.8 1.7 -1.0 -1.1 -1.1 -1.1 1.9 19821982 5.5 5.9 6.8 6.4 5.8 5.8 6.6 6.8 6.5 4.9 6.0 7.9 11.1 19.6 40.4 19831983 5.2 5.5 6.3 5.9 5.3 5.3 6.0 6.1 5.8 4.3 5.1 6.4 8.4 12.9 18.9 0.7 19841984 5.8 6.1 6.9 6.6 6.1 6.1 6.8 7.0 6.8 5.6 6.6 7.9 9.8 13.6 17.8 7.9 15.5 19851985 7.0 7.5 8.3 8.1 7.7 7.8 8.6 9.0 9.0 8.2 9.3 10.9 13.1 16.8 20.9 15.1 23.0 31.0 19861986 7.9 8.3 9.2 9.0 8.7 9.0 9.8 10.2 10.3 9.7 10.9 12.5 14.6 18.1 21.6 17.3 23.5 27.7 24.5 19871987 7.3 7.7 8.5 8.3 8.0 8.1 8.8 9.2 9.2 8.5 9.5 10.7 12.3 14.9 17.2 13.0 16.3 16.6 10.0 -2.7 19881988 7.4 7.8 8.6 8.4 8.1 8.2 8.9 9.2 9.2 8.6 9.5 10.6 12.0 14.2 16.1 12.5 15.0 14.8 9.9 3.3 9.7 19891989 7.9 8.3 9.0 8.9 8.6 8.8 9.4 9.8 9.8 9.3 10.2 11.3 12.6 14.6 16.3 13.3 15.5 15.5 11.9 8.0 13.8 18.1 19901990 7.8 8.2 8.9 8.7 8.5 8.6 9.2 9.6 9.6 9.1 9.9 10.9 12.0 13.8 15.2 12.3 14.1 13.9 10.7 7.6 11.2 12.0 6.2 19911991 8.3 8.7 9.3 9.2 9.0 9.2 9.8 10.1 10.2 9.7 10.5 11.5 12.6 14.2 15.6 13.1 14.7 14.6 12.1 9.8 13.2 14.4 12.5 19.3 19921992 8.3 8.7 9.3 9.2 9.0 9.2 9.8 10.1 10.1 9.7 10.4 11.3 12.4 13.8 15.0 12.7 14.1 14.0 11.7 9.7 12.4 13.1 11.5 14.2 9.4 19931993 8.7 9.1 9.7 9.6 9.4 9.6 10.2 10.5 10.6 10.2 10.9 11.8 12.8 14.2 15.3 13.2 14.5 14.4 12.5 10.9 13.4 14.1 13.1 15.6 13.7 18.2 19941994 8.0 8.4 8.9 8.8 8.6 8.7 9.2 9.5 9.5 9.1 9.7 10.4 11.3 12.4 13.3 11.3 12.3 12.0 10.1 8.4 10.1 10.1 8.6 9.2 6.1 4.4 -7.8 19951995 8.8 9.1 9.7 9.6 9.5 9.7 10.2 10.5 10.5 10.2 10.8 11.6 12.4 13.6 14.5 12.7 13.8 13.7 12.1 10.8 12.6 13.0 12.1 13.4 12.0 12.8 10.2 31.7 19961996 8.4 8.8 9.3 9.2 9.1 9.2 9.7 9.9 9.9 9.6 10.2 10.9 11.6 12.7 13.4 11.7 12.6 12.4 10.8 9.5 11.0 11.1 10.2 10.9 9.3 9.2 6.4 14.2 -0.9 19971997 8.7 9.0 9.5 9.4 9.3 9.5 9.9 10.2 10.2 9.9 10.5 11.1 11.8 12.8 13.6 12.0 12.8 12.6 11.2 10.1 11.5 11.7 10.9 11.6 10.3 10.5 8.7 14.8 7.1 15.9 19981998 8.8 9.1 9.7 9.6 9.4 9.6 10.0 10.3 10.3 10.0 10.6 11.2 11.9 12.9 13.5 12.0 12.8 12.7 11.4 10.3 11.6 11.8 11.1 11.7 10.7 10.9 9.5 14.3 9.1 14.5 13.1 19991999 8.2 8.5 9.0 8.9 8.7 8.8 9.2 9.4 9.5 9.1 9.6 10.2 10.8 11.6 12.2 10.7 11.3 11.1 9.8 8.7 9.7 9.7 8.9 9.2 8.0 7.8 6.2 9.2 4.3 6.0 1.4 -9.0 20002000 8.6 8.9 9.4 9.3 9.1 9.3 9.7 9.9 9.9 9.6 10.1 10.6 11.2 12.1 12.6 11.3 11.9 11.7 10.5 9.6 10.6 10.7 10.0 10.4 9.5 9.5 8.3 11.2 7.5 9.7 7.7 5.2 21.5 20012001 8.4 8.7 9.2 9.1 9.0 9.1 9.5 9.6 9.7 9.4 9.8 10.3 10.9 11.7 12.2 10.8 11.4 11.2 10.1 9.2 10.1 10.1 9.5 9.8 8.9 8.8 7.7 10.1 6.9 8.5 6.7 4.7 12.2 3.7 20022002 8.7 9.0 9.4 9.4 9.2 9.4 9.7 9.9 10.0 9.7 10.1 10.6 11.2 11.9 12.4 11.2 11.8 11.6 10.5 9.7 10.6 10.6 10.1 10.4 9.7 9.7 8.8 11.0 8.4 10.0 8.8 7.8 14.1 10.5 17.8 20032003 8.5 8.8 9.2 9.1 9.0 9.1 9.4 9.6 9.6 9.4 9.8 10.3 10.8 11.4 11.9 10.7 11.2 11.0 10.0 9.2 10.0 10.0 9.5 9.7 8.9 8.9 8.0 9.9 7.5 8.7 7.6 6.5 10.8 7.4 9.3 1.4 20042004 8.5 8.7 9.2 9.1 9.0 9.1 9.4 9.6 9.6 9.4 9.7 10.2 10.7 11.3 11.8 10.6 11.1 10.9 9.9 9.2 9.9 9.9 9.4 9.6 8.9 8.9 8.1 9.8 7.6 8.7 7.7 6.8 10.3 7.7 9.1 4.9 8.5 20052005 8.5 8.7 9.1 9.1 8.9 9.0 9.4 9.5 9.5 9.3 9.7 10.1 10.6 11.2 11.6 10.5 10.9 10.7 9.8 9.1 9.8 9.8 9.3 9.5 8.8 8.8 8.0 9.6 7.6 8.6 7.7 7.0 9.9 7.7 8.7 5.9 8.2 7.8 20062006 8.3 8.5 8.9 8.8 8.7 8.8 9.1 9.3 9.3 9.0 9.4 9.8 10.2 10.8 11.2 10.1 10.5 10.3 9.4 8.7 9.3 9.3 8.8 9.0 8.3 8.2 7.5 8.9 7.0 7.8 7.0 6.2 8.6 6.6 7.2 4.7 5.8 4.4 1.2 20072007 8.3 8.6 8.9 8.9 8.7 8.8 9.1 9.3 9.3 9.0 9.4 9.8 10.2 10.7 11.1 10.1 10.5 10.3 9.4 8.7 9.3 9.3 8.9 9.0 8.4 8.3 7.7 8.9 7.2 8.0 7.3 6.6 8.8 7.1 7.6 5.7 6.8 6.2 5.4 9.9 20082008 8.7 9.0 9.3 9.3 9.2 9.3 9.6 9.7 9.7 9.5 9.9 10.3 10.7 11.3 11.6 10.6 11.1 10.9 10.1 9.5 10.1 10.1 9.7 9.9 9.4 9.4 8.8 10.1 8.6 9.4 8.8 8.4 10.5 9.2 10.1 8.8 10.3 10.8 11.8 17.6 25.8 20092009 8.1 8.3 8.7 8.6 8.4 8.5 8.8 8.9 8.9 8.7 9.0 9.4 9.7 10.2 10.5 9.6 9.9 9.7 8.9 8.3 8.8 8.7 8.3 8.4 7.8 7.7 7.1 8.2 6.7 7.3 6.6 6.1 7.7 6.3 6.6 5.1 5.7 5.1 4.5 5.6 3.5 -14.9 20102010 8.1 8.3 8.7 8.6 8.5 8.6 8.8 9.0 9.0 8.7 9.0 9.4 9.7 10.2 10.5 9.6 9.9 9.7 8.9 8.3 8.9 8.8 8.4 8.5 8.0 7.9 7.3 8.3 6.9 7.5 6.9 6.4 7.9 6.6 7.0 5.7 6.3 5.9 5.6 6.7 5.6 -3.2 10.1

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$94

1926 2010

Data provided by Ibbotson Associates.

37

37


19261926 7.4 19271927 7.4 7.4 19281928 5.9 5.1 2.8 19291929 5.2 4.5 3.1 3.3 19301930 5.8 5.4 4.7 5.6 8.0 19311931 4.4 3.9 3.0 3.1 2.9 -1.9 19321932 5.3 5.0 4.5 4.9 5.5 4.3 10.8 19331933 6.0 5.8 5.5 6.0 6.7 6.3 10.6 10.4 19341934 6.8 6.7 6.6 7.3 8.1 8.1 11.7 12.1 13.8 19351935 7.1 7.0 7.0 7.6 8.3 8.4 11.2 11.3 11.7 9.6 19361936 7.1 7.0 7.0 7.5 8.1 8.1 10.3 10.1 10.0 8.2 6.7 19371937 6.7 6.6 6.5 7.0 7.4 7.4 9.0 8.6 8.2 6.3 4.7 2.7 19381938 6.6 6.6 6.5 6.9 7.3 7.2 8.6 8.2 7.8 6.3 5.2 4.4 6.1 19391939 6.4 6.4 6.3 6.6 6.9 6.8 8.0 7.6 7.1 5.8 4.9 4.3 5.0 4.0 19401940 6.2 6.2 6.1 6.3 6.6 6.5 7.5 7.0 6.6 5.4 4.6 4.1 4.5 3.7 3.4 19411941 6.0 5.9 5.8 6.1 6.3 6.1 7.0 6.6 6.1 5.0 4.3 3.8 4.0 3.4 3.1 2.7 19421942 5.8 5.7 5.6 5.8 6.0 5.8 6.6 6.2 5.7 4.7 4.0 3.6 3.8 3.2 2.9 2.7 2.6 19431943 5.6 5.5 5.4 5.6 5.8 5.6 6.3 5.8 5.4 4.5 3.9 3.5 3.6 3.1 2.9 2.7 2.7 2.8 19441944 5.6 5.5 5.4 5.5 5.7 5.5 6.1 5.8 5.3 4.5 4.0 3.6 3.8 3.4 3.3 3.2 3.4 3.8 4.7 19451945 5.5 5.4 5.3 5.5 5.6 5.4 6.0 5.6 5.2 4.5 4.0 3.7 3.8 3.5 3.4 3.4 3.6 3.9 4.4 4.1 19461946 5.3 5.2 5.1 5.3 5.4 5.2 5.7 5.3 5.0 4.3 3.8 3.5 3.6 3.3 3.2 3.1 3.2 3.3 3.5 2.9 1.7 19471947 5.0 4.9 4.7 4.8 4.9 4.7 5.2 4.8 4.4 3.7 3.3 2.9 3.0 2.6 2.4 2.3 2.2 2.2 2.0 1.1 -0.3 -2.3 19481948 4.9 4.8 4.7 4.8 4.9 4.7 5.1 4.8 4.4 3.8 3.3 3.0 3.1 2.8 2.6 2.5 2.5 2.5 2.4 1.9 1.1 0.8 4.1 19491949 4.9 4.8 4.6 4.7 4.8 4.6 5.0 4.7 4.3 3.7 3.3 3.1 3.1 2.8 2.7 2.6 2.6 2.6 2.6 2.2 1.7 1.7 3.7 3.3 19501950 4.8 4.7 4.5 4.6 4.7 4.5 4.9 4.5 4.2 3.6 3.2 3.0 3.0 2.8 2.6 2.6 2.6 2.6 2.5 2.1 1.8 1.8 3.2 2.7 2.1 19511951 4.5 4.3 4.2 4.3 4.3 4.2 4.5 4.1 3.8 3.2 2.9 2.6 2.6 2.3 2.2 2.1 2.0 2.0 1.8 1.4 1.0 0.9 1.7 0.9 -0.3 -2.7 19521952 4.4 4.3 4.2 4.2 4.3 4.1 4.4 4.1 3.8 3.3 2.9 2.7 2.7 2.4 2.3 2.2 2.2 2.1 2.0 1.7 1.4 1.3 2.0 1.5 0.9 0.4 3.5 19531953 4.4 4.3 4.2 4.2 4.3 4.1 4.4 4.1 3.8 3.3 2.9 2.7 2.7 2.5 2.4 2.3 2.3 2.2 2.2 1.9 1.6 1.6 2.3 1.9 1.6 1.4 3.5 3.4 19541954 4.4 4.3 4.2 4.3 4.3 4.2 4.4 4.1 3.8 3.4 3.1 2.9 2.9 2.7 2.6 2.5 2.5 2.5 2.5 2.2 2.0 2.1 2.7 2.5 2.3 2.4 4.1 4.4 5.4 19551955 4.3 4.2 4.1 4.1 4.2 4.0 4.3 4.0 3.7 3.2 2.9 2.7 2.7 2.5 2.4 2.4 2.4 2.3 2.3 2.1 1.9 1.9 2.4 2.2 2.0 2.0 3.2 3.1 2.9 0.5 19561956 3.9 3.8 3.7 3.7 3.7 3.6 3.8 3.5 3.2 2.8 2.4 2.2 2.2 2.0 1.9 1.8 1.7 1.6 1.6 1.3 1.1 1.0 1.4 1.0 0.7 0.5 1.1 0.5 -0.4 -3.2 -6.8 19571957 4.1 4.0 3.8 3.9 3.9 3.7 4.0 3.7 3.4 3.0 2.7 2.5 2.5 2.3 2.2 2.2 2.1 2.1 2.1 1.9 1.7 1.7 2.1 1.8 1.7 1.6 2.3 2.1 1.8 0.6 0.7 8.7 19581958 3.9 3.8 3.6 3.7 3.7 3.5 3.7 3.5 3.2 2.8 2.5 2.3 2.3 2.1 2.0 1.9 1.9 1.8 1.8 1.6 1.4 1.3 1.7 1.4 1.2 1.1 1.7 1.4 1.0 -0.1 -0.3 3.1 -2.2 19591959 3.7 3.6 3.5 3.5 3.5 3.4 3.6 3.3 3.0 2.6 2.3 2.2 2.1 1.9 1.8 1.8 1.7 1.7 1.6 1.4 1.2 1.2 1.5 1.2 1.0 0.9 1.3 1.0 0.6 -0.3 -0.5 1.7 -1.6 -1.0 19601960 3.9 3.8 3.7 3.7 3.7 3.6 3.7 3.5 3.3 2.9 2.6 2.4 2.4 2.3 2.2 2.1 2.1 2.1 2.0 1.8 1.7 1.7 2.0 1.8 1.7 1.7 2.2 2.0 1.8 1.2 1.4 3.5 1.8 3.9 9.1 19611961 3.9 3.8 3.7 3.7 3.7 3.6 3.8 3.5 3.3 2.9 2.7 2.5 2.5 2.4 2.3 2.2 2.2 2.2 2.2 2.0 1.9 1.9 2.2 2.1 2.0 2.0 2.4 2.3 2.2 1.7 1.9 3.8 2.6 4.2 6.9 4.8 19621962 4.0 3.9 3.8 3.8 3.9 3.7 3.9 3.7 3.5 3.1 2.9 2.7 2.7 2.6 2.5 2.5 2.5 2.5 2.5 2.3 2.2 2.3 2.6 2.5 2.4 2.4 2.9 2.9 2.8 2.5 2.8 4.5 3.6 5.1 7.3 6.4 7.9 19631963 4.0 3.9 3.8 3.8 3.8 3.7 3.9 3.6 3.4 3.1 2.9 2.7 2.7 2.6 2.5 2.5 2.5 2.5 2.5 2.3 2.2 2.3 2.6 2.5 2.4 2.4 2.9 2.8 2.7 2.4 2.7 4.1 3.4 4.5 6.0 5.0 5.0 2.2 19641964 4.0 3.9 3.8 3.8 3.8 3.7 3.9 3.7 3.5 3.1 2.9 2.8 2.8 2.7 2.6 2.6 2.6 2.6 2.6 2.5 2.4 2.4 2.7 2.6 2.6 2.6 3.0 3.0 2.9 2.7 2.9 4.2 3.6 4.6 5.7 4.9 4.9 3.5 4.8 19651965 3.9 3.8 3.7 3.7 3.7 3.6 3.8 3.6 3.3 3.0 2.8 2.7 2.7 2.5 2.5 2.5 2.4 2.4 2.4 2.3 2.2 2.3 2.5 2.4 2.4 2.4 2.8 2.7 2.6 2.4 2.6 3.7 3.1 3.8 4.7 3.8 3.6 2.1 2.1 -0.5 19661966 3.8 3.7 3.6 3.6 3.6 3.5 3.7 3.5 3.2 2.9 2.7 2.6 2.6 2.5 2.4 2.4 2.4 2.3 2.3 2.2 2.1 2.1 2.4 2.3 2.2 2.2 2.6 2.5 2.4 2.2 2.4 3.3 2.7 3.4 4.0 3.2 2.9 1.7 1.5 -0.1 0.2 19671967 3.6 3.5 3.4 3.4 3.4 3.3 3.4 3.2 3.0 2.7 2.5 2.3 2.3 2.2 2.1 2.1 2.1 2.0 2.0 1.9 1.8 1.8 2.0 1.9 1.8 1.8 2.1 2.0 1.9 1.6 1.7 2.5 1.9 2.4 2.9 2.0 1.5 0.3 -0.2 -1.8 -2.4 -5.01968 3.5 3.4 3.3 3.4 3.4 3.2 3.4 3.2 3.0 2.7 2.5 2.3 2.3 2.2 2.2 2.1 2.1 2.1 2.0 1.9 1.8 1.8 2.0 1.9 1.9 1.8 2.1 2.0 1.9 1.7 1.8 2.5 2.0 2.4 2.8 2.1 1.7 0.7 0.4 -0.7 -0.8 -1.31969 3.3 3.2 3.1 3.1 3.1 2.9 3.1 2.9 2.7 2.4 2.2 2.0 2.0 1.9 1.8 1.7 1.7 1.7 1.6 1.5 1.4 1.4 1.6 1.4 1.3 1.3 1.5 1.4 1.3 1.0 1.1 1.7 1.1 1.4 1.7 0.9 0.4 -0.6 -1.1 -2.2 -2.7 -3.61970 3.6 3.5 3.4 3.4 3.4 3.3 3.4 3.2 3.1 2.8 2.6 2.5 2.5 2.3 2.3 2.3 2.2 2.2 2.2 2.1 2.0 2.0 2.2 2.1 2.1 2.1 2.3 2.3 2.2 2.0 2.1 2.8 2.4 2.7 3.1 2.5 2.3 1.6 1.5 0.9 1.2 1.51971 3.7 3.6 3.6 3.6 3.6 3.5 3.6 3.4 3.3 3.0 2.8 2.7 2.7 2.6 2.6 2.5 2.5 2.5 2.5 2.4 2.4 2.4 2.6 2.5 2.5 2.5 2.8 2.7 2.7 2.5 2.7 3.3 3.0 3.4 3.7 3.3 3.1 2.6 2.6 2.3 2.8 3.31972 3.8 3.7 3.6 3.7 3.7 3.6 3.7 3.5 3.4 3.1 2.9 2.8 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.6 2.5 2.6 2.8 2.7 2.7 2.7 3.0 2.9 2.9 2.8 2.9 3.6 3.2 3.6 4.0 3.6 3.5 3.0 3.1 2.9 3.4 4.01973 3.7 3.7 3.6 3.6 3.6 3.5 3.6 3.5 3.3 3.0 2.9 2.8 2.8 2.7 2.6 2.6 2.6 2.6 2.6 2.5 2.5 2.5 2.7 2.6 2.6 2.6 2.9 2.9 2.8 2.7 2.8 3.4 3.1 3.5 3.8 3.4 3.3 2.9 2.9 2.7 3.1 3.61974 3.6 3.5 3.4 3.4 3.5 3.4 3.5 3.3 3.1 2.9 2.7 2.6 2.6 2.5 2.5 2.4 2.4 2.4 2.4 2.3 2.3 2.3 2.5 2.4 2.4 2.4 2.6 2.6 2.5 2.4 2.5 3.1 2.7 3.0 3.3 2.9 2.8 2.4 2.4 2.1 2.4 2.71975 3.8 3.7 3.7 3.7 3.7 3.6 3.7 3.6 3.4 3.2 3.0 2.9 2.9 2.8 2.8 2.8 2.8 2.8 2.8 2.7 2.7 2.7 2.9 2.9 2.8 2.9 3.1 3.1 3.1 3.0 3.1 3.6 3.4 3.7 4.0 3.7 3.6 3.3 3.3 3.2 3.6 4.01976 4.1 4.0 3.9 4.0 4.0 3.9 4.0 3.9 3.7 3.5 3.4 3.3 3.3 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.4 3.4 3.4 3.4 3.7 3.7 3.7 3.6 3.8 4.3 4.1 4.5 4.8 4.5 4.5 4.3 4.4 4.4 4.9 5.41977 4.0 4.0 3.9 3.9 3.9 3.9 4.0 3.8 3.7 3.5 3.3 3.2 3.2 3.2 3.2 3.1 3.2 3.2 3.2 3.1 3.1 3.2 3.3 3.3 3.3 3.4 3.6 3.6 3.6 3.5 3.7 4.2 4.0 4.3 4.6 4.4 4.3 4.1 4.2 4.2 4.6 5.01978 4.0 3.9 3.8 3.8 3.9 3.8 3.9 3.7 3.6 3.4 3.2 3.2 3.2 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.1 3.2 3.2 3.2 3.2 3.5 3.5 3.5 3.4 3.5 4.0 3.8 4.1 4.4 4.1 4.1 3.8 4.0 3.9 4.2 4.61979 3.8 3.7 3.7 3.7 3.7 3.6 3.7 3.6 3.4 3.2 3.1 3.0 3.0 2.9 2.9 2.9 2.9 2.9 2.9 2.8 2.8 2.8 3.0 3.0 2.9 3.0 3.2 3.2 3.2 3.1 3.2 3.6 3.4 3.7 3.9 3.7 3.6 3.4 3.4 3.3 3.6 3.91980 3.7 3.6 3.5 3.6 3.6 3.5 3.6 3.4 3.3 3.1 2.9 2.8 2.9 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.6 2.7 2.8 2.8 2.8 2.8 3.0 3.0 2.9 2.8 2.9 3.4 3.1 3.4 3.6 3.3 3.3 3.0 3.1 3.0 3.2 3.41981 3.6 3.5 3.5 3.5 3.5 3.4 3.5 3.3 3.2 3.0 2.8 2.8 2.8 2.7 2.7 2.6 2.6 2.6 2.6 2.6 2.5 2.6 2.7 2.7 2.6 2.7 2.8 2.8 2.8 2.7 2.8 3.2 3.0 3.2 3.4 3.1 3.0 2.8 2.8 2.7 2.9 3.11982 4.2 4.1 4.1 4.1 4.1 4.0 4.2 4.0 3.9 3.7 3.6 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.7 3.7 3.7 3.7 4.0 4.0 4.0 3.9 4.1 4.5 4.4 4.6 4.9 4.7 4.7 4.5 4.7 4.7 5.0 5.31983 4.2 4.1 4.1 4.1 4.1 4.1 4.2 4.0 3.9 3.7 3.6 3.5 3.6 3.5 3.5 3.5 3.5 3.5 3.6 3.5 3.5 3.6 3.7 3.7 3.7 3.8 4.0 4.0 4.0 4.0 4.1 4.5 4.4 4.6 4.9 4.7 4.7 4.5 4.7 4.7 5.0 5.21984 4.4 4.3 4.3 4.3 4.3 4.3 4.4 4.3 4.2 4.0 3.9 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.9 4.0 4.0 4.1 4.1 4.3 4.4 4.4 4.4 4.5 4.9 4.8 5.1 5.3 5.2 5.2 5.1 5.2 5.2 5.5 5.81985 4.8 4.7 4.7 4.7 4.8 4.7 4.8 4.7 4.6 4.4 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.4 4.4 4.4 4.4 4.5 4.7 4.7 4.7 4.8 5.0 5.1 5.1 5.1 5.3 5.7 5.6 5.9 6.2 6.1 6.1 6.1 6.2 6.3 6.7 7.01986 5.0 5.0 4.9 5.0 5.0 5.0 5.1 5.0 4.9 4.7 4.6 4.6 4.6 4.6 4.6 4.6 4.7 4.7 4.8 4.8 4.8 4.9 5.0 5.1 5.1 5.2 5.4 5.5 5.6 5.6 5.7 6.2 6.1 6.4 6.7 6.6 6.7 6.6 6.8 6.9 7.3 7.61987 4.9 4.9 4.9 4.9 4.9 4.9 5.0 4.9 4.8 4.6 4.5 4.5 4.5 4.5 4.5 4.5 4.6 4.6 4.6 4.6 4.7 4.7 4.9 4.9 5.0 5.0 5.3 5.3 5.4 5.4 5.5 6.0 5.9 6.2 6.4 6.3 6.4 6.3 6.5 6.6 6.9 7.21988 5.0 5.0 4.9 5.0 5.0 5.0 5.1 5.0 4.9 4.7 4.6 4.6 4.6 4.6 4.6 4.6 4.7 4.7 4.8 4.8 4.8 4.9 5.0 5.1 5.1 5.2 5.4 5.5 5.5 5.5 5.7 6.1 6.0 6.3 6.6 6.5 6.5 6.5 6.7 6.7 7.1 7.41989 5.2 5.2 5.1 5.2 5.2 5.1 5.3 5.2 5.1 4.9 4.8 4.8 4.8 4.8 4.8 4.9 4.9 5.0 5.0 5.0 5.0 5.1 5.3 5.3 5.4 5.5 5.7 5.7 5.8 5.8 6.0 6.4 6.3 6.6 6.9 6.8 6.9 6.8 7.0 7.1 7.4 7.81990 5.2 5.2 5.1 5.2 5.2 5.2 5.3 5.2 5.1 5.0 4.9 4.8 4.9 4.9 4.9 4.9 4.9 5.0 5.0 5.1 5.1 5.2 5.3 5.4 5.4 5.5 5.7 5.8 5.8 5.8 6.0 6.4 6.3 6.6 6.9 6.8 6.9 6.8 7.0 7.1 7.4 7.71991 5.4 5.4 5.4 5.4 5.4 5.4 5.5 5.4 5.3 5.2 5.1 5.1 5.1 5.1 5.1 5.2 5.2 5.3 5.3 5.3 5.4 5.5 5.6 5.7 5.7 5.8 6.0 6.1 6.2 6.2 6.4 6.8 6.7 7.0 7.3 7.2 7.3 7.3 7.4 7.5 7.9 8.21992 5.5 5.4 5.4 5.5 5.5 5.5 5.6 5.5 5.4 5.3 5.2 5.2 5.2 5.2 5.2 5.3 5.3 5.4 5.4 5.4 5.5 5.5 5.7 5.8 5.8 5.9 6.1 6.2 6.3 6.3 6.5 6.8 6.8 7.1 7.3 7.3 7.3 7.3 7.5 7.6 7.9 8.21993 5.6 5.6 5.5 5.6 5.6 5.6 5.7 5.6 5.5 5.4 5.3 5.3 5.4 5.3 5.4 5.4 5.5 5.5 5.6 5.6 5.6 5.7 5.9 5.9 6.0 6.1 6.3 6.4 6.4 6.5 6.6 7.0 7.0 7.2 7.5 7.4 7.5 7.5 7.7 7.8 8.1 8.41994 5.4 5.4 5.3 5.4 5.4 5.4 5.5 5.4 5.3 5.2 5.1 5.1 5.1 5.1 5.1 5.2 5.2 5.3 5.3 5.3 5.3 5.4 5.6 5.6 5.7 5.8 6.0 6.0 6.1 6.1 6.2 6.6 6.6 6.8 7.0 7.0 7.1 7.0 7.2 7.3 7.5 7.81995 5.7 5.6 5.6 5.7 5.7 5.7 5.8 5.7 5.6 5.5 5.4 5.4 5.5 5.4 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 6.0 6.0 6.1 6.2 6.4 6.5 6.5 6.6 6.7 7.1 7.0 7.3 7.5 7.5 7.6 7.6 7.7 7.8 8.1 8.41996 5.6 5.6 5.6 5.6 5.6 5.6 5.7 5.6 5.6 5.4 5.4 5.3 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.6 5.6 5.7 5.9 5.9 6.0 6.1 6.3 6.3 6.4 6.4 6.6 6.9 6.9 7.1 7.4 7.3 7.4 7.4 7.5 7.6 7.9 8.21997 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.7 5.7 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 5.9 6.0 6.1 6.1 6.2 6.4 6.5 6.5 6.6 6.7 7.1 7.0 7.3 7.5 7.5 7.5 7.5 7.7 7.8 8.1 8.31998 5.8 5.8 5.7 5.8 5.8 5.8 5.9 5.8 5.7 5.6 5.6 5.5 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.8 5.9 5.9 6.1 6.2 6.2 6.3 6.5 6.6 6.6 6.7 6.8 7.2 7.1 7.4 7.6 7.6 7.6 7.6 7.8 7.9 8.1 8.41999 5.6 5.6 5.5 5.6 5.6 5.6 5.7 5.6 5.5 5.4 5.3 5.3 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.6 5.6 5.7 5.8 5.9 5.9 6.0 6.2 6.2 6.3 6.3 6.5 6.8 6.8 7.0 7.2 7.1 7.2 7.2 7.3 7.4 7.6 7.92000 5.7 5.7 5.6 5.7 5.7 5.7 5.8 5.7 5.6 5.5 5.5 5.4 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 6.0 6.0 6.1 6.1 6.3 6.4 6.4 6.5 6.6 6.9 6.9 7.1 7.3 7.3 7.3 7.3 7.5 7.5 7.8 8.02001 5.7 5.7 5.7 5.7 5.8 5.7 5.9 5.8 5.7 5.6 5.5 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.8 5.9 6.1 6.1 6.1 6.2 6.4 6.5 6.5 6.6 6.7 7.0 7.0 7.2 7.4 7.4 7.4 7.4 7.6 7.6 7.9 8.12002 5.9 5.9 5.8 5.9 5.9 5.9 6.0 5.9 5.9 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 6.0 6.0 6.1 6.2 6.3 6.3 6.4 6.6 6.7 6.7 6.8 6.9 7.2 7.2 7.4 7.6 7.6 7.6 7.6 7.8 7.9 8.1 8.32003 5.9 5.8 5.8 5.9 5.9 5.9 6.0 5.9 5.9 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.1 6.2 6.3 6.3 6.4 6.6 6.6 6.7 6.7 6.9 7.2 7.1 7.4 7.5 7.5 7.6 7.6 7.7 7.8 8.0 8.22004 5.9 5.9 5.9 5.9 5.9 5.9 6.0 6.0 5.9 5.8 5.7 5.7 5.8 5.8 5.8 5.8 5.9 5.9 6.0 6.0 6.0 6.1 6.3 6.3 6.3 6.4 6.6 6.7 6.7 6.8 6.9 7.2 7.2 7.4 7.6 7.5 7.6 7.6 7.7 7.8 8.0 8.22005 5.9 5.9 5.9 5.9 5.9 5.9 6.0 6.0 5.9 5.8 5.7 5.7 5.8 5.8 5.8 5.8 5.9 5.9 6.0 6.0 6.0 6.1 6.2 6.3 6.3 6.4 6.6 6.7 6.7 6.7 6.9 7.2 7.1 7.3 7.5 7.5 7.6 7.6 7.7 7.8 8.0 8.22006 5.9 5.8 5.8 5.9 5.9 5.9 6.0 5.9 5.9 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.0 6.2 6.2 6.3 6.4 6.5 6.6 6.7 6.7 6.8 7.1 7.1 7.3 7.4 7.4 7.5 7.5 7.6 7.7 7.9 8.12007 5.8 5.8 5.8 5.8 5.9 5.8 5.9 5.9 5.8 5.7 5.7 5.6 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.1 6.2 6.2 6.3 6.5 6.5 6.6 6.6 6.7 7.0 7.0 7.2 7.3 7.3 7.4 7.3 7.5 7.5 7.7 7.92008 5.9 5.8 5.8 5.9 5.9 5.9 6.0 5.9 5.8 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.0 6.2 6.2 6.3 6.3 6.5 6.6 6.6 6.6 6.8 7.0 7.0 7.2 7.4 7.3 7.4 7.4 7.5 7.6 7.8 7.92009 5.8 5.8 5.8 5.8 5.9 5.8 5.9 5.9 5.8 5.7 5.7 5.6 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.1 6.2 6.2 6.3 6.4 6.5 6.5 6.6 6.7 7.0 6.9 7.1 7.3 7.2 7.3 7.3 7.4 7.5 7.6 7.82010 5.9 5.9 5.9 5.9 5.9 5.9 6.0 6.0 5.9 5.8 5.7 5.7 5.8 5.8 5.8 5.8 5.9 5.9 6.0 6.0 6.0 6.1 6.2 6.3 6.3 6.4 6.5 6.6 6.6 6.7 6.8 7.1 7.0 7.2 7.4 7.3 7.4 7.4 7.5 7.6 7.7 7.9

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

38


LONG-TERM CORpORATE BONDS1926–2010: Total Returns (%)


19681968 2.6 19691969 -2.9 -8.1 19701970 3.7 4.3 18.4 19711971 5.5 6.5 14.6 11.0 19721972 5.8 6.7 12.1 9.1 7.3 19731973 5.0 5.6 9.3 6.4 4.2 1.1 19741974 3.9 4.1 6.7 3.9 1.7 -1.0 -3.1 19751975 5.1 5.5 8.0 6.0 4.8 4.0 5.4 14.6 19761976 6.6 7.1 9.4 8.0 7.4 7.5 9.7 16.6 18.6 19771977 6.1 6.5 8.4 7.1 6.4 6.3 7.6 11.4 9.9 1.7 19781978 5.5 5.8 7.5 6.2 5.5 5.2 6.0 8.4 6.4 0.8 -0.1 19791979 4.7 4.8 6.2 5.0 4.2 3.8 4.3 5.8 3.7 -0.9 -2.2 -4.2 19801980 4.1 4.2 5.4 4.2 3.4 3.0 3.2 4.3 2.4 -1.3 -2.3 -3.4 -2.6 19811981 3.7 3.8 4.9 3.7 3.0 2.5 2.7 3.6 1.8 -1.2 -2.0 -2.6 -1.8 -1.0 19821982 6.0 6.2 7.4 6.6 6.2 6.1 6.6 7.9 7.0 5.1 5.8 7.4 11.5 19.3 43.8 19831983 5.9 6.1 7.2 6.4 6.0 5.9 6.4 7.5 6.7 5.1 5.6 6.8 9.8 14.2 22.7 4.7 19841984 6.5 6.7 7.8 7.1 6.8 6.8 7.3 8.4 7.7 6.4 7.1 8.4 11.1 14.8 20.6 10.4 16.4 19851985 7.7 8.0 9.1 8.5 8.4 8.5 9.1 10.3 9.8 8.9 9.8 11.3 14.1 17.8 23.1 16.8 23.4 30.9 19861986 8.3 8.7 9.7 9.2 9.1 9.2 9.9 11.0 10.7 9.9 10.9 12.4 14.9 18.2 22.4 17.6 22.2 25.3 19.8 19871987 7.9 8.2 9.2 8.6 8.5 8.6 9.1 10.1 9.8 9.0 9.7 10.9 12.9 15.3 18.3 13.8 16.2 16.1 9.3 -0.3 19881988 8.0 8.3 9.2 8.8 8.6 8.7 9.2 10.2 9.8 9.1 9.8 10.9 12.7 14.7 17.2 13.3 15.1 14.7 9.8 5.1 10.7 19891989 8.4 8.7 9.6 9.1 9.0 9.1 9.7 10.6 10.3 9.7 10.3 11.3 13.0 14.9 17.1 13.7 15.2 15.0 11.4 8.7 13.4 16.2 19901990 8.3 8.6 9.4 9.0 8.9 9.0 9.5 10.3 10.0 9.4 10.1 11.0 12.4 14.1 15.9 12.8 14.0 13.6 10.4 8.2 11.2 11.4 6.8 19911991 8.8 9.0 9.9 9.5 9.4 9.5 10.0 10.9 10.6 10.1 10.7 11.6 13.0 14.6 16.3 13.6 14.7 14.5 12.0 10.4 13.3 14.2 13.1 19.9 19921992 8.8 9.1 9.9 9.5 9.4 9.5 10.0 10.8 10.6 10.1 10.6 11.5 12.8 14.1 15.6 13.1 14.1 13.8 11.6 10.3 12.5 13.0 11.9 14.5 9.4 19931993 9.0 9.2 10.0 9.7 9.6 9.7 10.2 10.9 10.7 10.2 10.8 11.6 12.8 14.1 15.4 13.1 14.0 13.8 11.8 10.7 12.6 13.0 12.2 14.1 11.3 13.2 19941994 8.3 8.5 9.3 8.9 8.8 8.9 9.3 9.9 9.7 9.2 9.7 10.3 11.3 12.4 13.5 11.3 11.9 11.5 9.5 8.3 9.6 9.4 8.1 8.4 4.8 2.6 -7.0 19951995 8.9 9.2 9.9 9.6 9.5 9.6 10.0 10.7 10.5 10.1 10.5 11.2 12.2 13.3 14.4 12.4 13.1 12.8 11.1 10.2 11.5 11.7 10.9 11.8 9.8 10.0 8.4 26.4 19961996 8.7 8.9 9.6 9.2 9.2 9.2 9.6 10.2 10.0 9.6 10.0 10.6 11.6 12.5 13.5 11.6 12.1 11.8 10.2 9.3 10.4 10.3 9.5 10.0 8.1 7.8 6.0 13.2 1.4 19971997 8.8 9.0 9.7 9.4 9.3 9.4 9.7 10.3 10.1 9.8 10.2 10.7 11.6 12.5 13.4 11.7 12.2 11.9 10.4 9.6 10.6 10.6 9.9 10.4 8.9 8.8 7.7 13.1 7.0 12.9 19981998 8.9 9.1 9.7 9.4 9.4 9.4 9.8 10.4 10.2 9.8 10.2 10.7 11.6 12.4 13.3 11.6 12.1 11.8 10.4 9.7 10.6 10.6 10.0 10.4 9.1 9.1 8.3 12.5 8.3 11.8 10.8 19991999 8.3 8.5 9.1 8.8 8.7 8.8 9.1 9.6 9.4 9.0 9.3 9.8 10.6 11.3 12.0 10.4 10.8 10.4 9.0 8.3 9.0 8.9 8.1 8.3 6.9 6.6 5.5 8.2 4.1 5.0 1.2 -7.5 20002000 8.4 8.6 9.2 8.9 8.9 8.9 9.2 9.7 9.5 9.1 9.5 9.9 10.7 11.4 12.1 10.5 10.9 10.5 9.3 8.6 9.3 9.2 8.6 8.7 7.6 7.3 6.5 9.0 5.8 6.9 5.0 2.2 12.9 20012001 8.5 8.7 9.3 9.0 8.9 9.0 9.3 9.7 9.6 9.2 9.5 10.0 10.7 11.3 12.0 10.5 10.9 10.5 9.4 8.7 9.4 9.3 8.7 8.9 7.9 7.7 7.0 9.2 6.6 7.6 6.4 4.9 11.7 10.6 20022002 8.7 8.9 9.5 9.2 9.1 9.2 9.5 10.0 9.8 9.5 9.8 10.2 10.9 11.6 12.2 10.8 11.1 10.9 9.8 9.2 9.8 9.8 9.3 9.5 8.6 8.5 8.0 10.1 7.9 9.1 8.3 7.7 13.3 13.5 16.3 20032003 8.6 8.8 9.3 9.1 9.0 9.1 9.4 9.8 9.6 9.3 9.6 10.0 10.7 11.3 11.9 10.5 10.8 10.6 9.5 8.9 9.5 9.5 9.0 9.2 8.3 8.2 7.8 9.5 7.6 8.5 7.8 7.2 11.2 10.7 10.7 5.3 20042004 8.6 8.8 9.3 9.1 9.0 9.1 9.3 9.8 9.6 9.3 9.6 10.0 10.6 11.2 11.7 10.5 10.7 10.5 9.5 8.9 9.5 9.4 9.0 9.1 8.4 8.3 7.8 9.5 7.7 8.5 7.9 7.4 10.7 10.2 10.0 7.0 8.7 20052005 8.6 8.7 9.2 9.0 8.9 9.0 9.2 9.6 9.5 9.2 9.5 9.8 10.4 11.0 11.5 10.3 10.5 10.2 9.3 8.8 9.3 9.2 8.8 8.9 8.2 8.1 7.7 9.1 7.5 8.2 7.7 7.2 9.9 9.3 9.0 6.6 7.3 5.9 20062006 8.4 8.6 9.1 8.8 8.7 8.8 9.0 9.4 9.3 9.0 9.2 9.6 10.1 10.6 11.1 10.0 10.2 9.9 9.0 8.5 9.0 8.9 8.5 8.6 7.8 7.7 7.3 8.6 7.1 7.7 7.2 6.7 8.9 8.3 7.8 5.8 5.9 4.5 3.2 20072007 8.3 8.4 8.9 8.6 8.6 8.6 8.8 9.2 9.1 8.8 9.0 9.3 9.8 10.3 10.8 9.6 9.9 9.6 8.7 8.2 8.6 8.5 8.1 8.2 7.5 7.4 7.0 8.1 6.7 7.2 6.7 6.2 8.1 7.4 6.9 5.1 5.1 3.9 2.9 2.6 20082008 8.3 8.4 8.9 8.6 8.6 8.6 8.8 9.2 9.0 8.8 9.0 9.3 9.8 10.3 10.7 9.6 9.8 9.6 8.7 8.2 8.6 8.5 8.2 8.2 7.6 7.5 7.1 8.2 6.9 7.4 6.9 6.5 8.2 7.6 7.2 5.7 5.8 5.1 4.8 5.6 8.8 20092009 8.1 8.3 8.7 8.5 8.4 8.5 8.7 9.0 8.9 8.6 8.8 9.1 9.6 10.0 10.4 9.4 9.5 9.3 8.5 8.0 8.4 8.3 7.9 8.0 7.3 7.2 6.8 7.8 6.6 7.0 6.6 6.2 7.6 7.1 6.6 5.3 5.3 4.7 4.4 4.8 5.9 3.0 20102010 8.2 8.4 8.8 8.6 8.5 8.6 8.8 9.1 9.0 8.7 8.9 9.2 9.7 10.1 10.5 9.5 9.7 9.4 8.6 8.2 8.6 8.5 8.1 8.2 7.6 7.5 7.2 8.1 7.0 7.4 7.0 6.7 8.1 7.6 7.3 6.2 6.3 5.9 5.9 6.6 8.0 7.6 12.4

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$131

1926 2010

39

39


19261926 3.3 19271927 3.2 3.1 19281928 3.2 3.2 3.2 19291929 3.6 3.7 4.0 4.7 19301930 3.4 3.4 3.5 3.6 2.4 19311931 3.0 2.9 2.9 2.7 1.8 1.1 19321932 2.7 2.6 2.5 2.3 1.5 1.0 1.0 19331933 2.4 2.3 2.1 1.9 1.2 0.8 0.6 0.3 19341934 2.1 2.0 1.8 1.6 1.0 0.6 0.5 0.2 0.2 19351935 1.9 1.8 1.6 1.4 0.8 0.5 0.4 0.2 0.2 0.1 19361936 1.8 1.6 1.5 1.2 0.8 0.5 0.4 0.2 0.2 0.2 0.2 19371937 1.6 1.5 1.3 1.1 0.7 0.4 0.3 0.2 0.2 0.2 0.2 0.3 19381938 1.5 1.4 1.2 1.0 0.6 0.4 0.3 0.2 0.2 0.1 0.1 0.1 0.0 19391939 1.4 1.3 1.1 0.9 0.6 0.3 0.3 0.2 0.1 0.1 0.1 0.1 0.0 0.0 19401940 1.3 1.2 1.0 0.8 0.5 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 19411941 1.2 1.1 1.0 0.8 0.5 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 19421942 1.2 1.0 0.9 0.7 0.4 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 19431943 1.1 1.0 0.9 0.7 0.4 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 19441944 1.1 1.0 0.8 0.7 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.3 19451945 1.1 0.9 0.8 0.7 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 19461946 1.0 0.9 0.8 0.7 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 19471947 1.0 0.9 0.8 0.6 0.4 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.5 19481948 1.0 0.9 0.8 0.7 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.5 0.6 0.7 0.8 19491949 1.0 0.9 0.8 0.7 0.5 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.7 0.8 1.0 1.1 19501950 1.0 0.9 0.8 0.7 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.9 1.0 1.2 1.2 19511951 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8 0.9 1.0 1.2 1.3 1.4 1.5 19521952 1.0 1.0 0.9 0.8 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.7 0.8 0.8 0.9 0.9 1.0 1.1 1.3 1.4 1.5 1.6 1.7 19531953 1.1 1.0 0.9 0.8 0.7 0.6 0.6 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.4 1.5 1.5 1.7 1.7 1.8 19541954 1.1 1.0 0.9 0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 1.4 1.4 1.5 1.4 1.3 0.9 19551955 1.1 1.0 0.9 0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.8 0.8 0.9 1.0 1.0 1.1 1.1 1.2 1.3 1.4 1.4 1.5 1.5 1.4 1.2 1.6 19561956 1.1 1.1 1.0 0.9 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.1 1.1 1.2 1.3 1.4 1.4 1.5 1.6 1.6 1.7 1.7 1.6 2.0 2.5 19571957 1.2 1.1 1.1 1.0 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.3 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.9 2.0 2.0 2.4 2.8 3.2 19581958 1.2 1.1 1.1 1.0 0.9 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.2 1.3 1.3 1.4 1.5 1.6 1.7 1.8 1.8 1.9 1.9 1.9 2.2 2.4 2.3 1.5 19591959 1.2 1.2 1.1 1.1 0.9 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.1 1.1 1.2 1.3 1.3 1.4 1.5 1.5 1.6 1.7 1.8 1.9 1.9 2.0 2.1 2.1 2.3 2.5 2.5 2.2 3.0 19601960 1.3 1.2 1.2 1.1 1.0 0.9 0.9 0.9 1.0 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.5 1.5 1.6 1.7 1.8 1.9 1.9 2.0 2.1 2.1 2.2 2.4 2.6 2.6 2.4 2.8 2.7 19611961 1.3 1.3 1.2 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.3 1.3 1.4 1.4 1.5 1.6 1.6 1.7 1.8 1.9 2.0 2.0 2.1 2.1 2.2 2.4 2.5 2.5 2.3 2.6 2.4 2.1 19621962 1.4 1.3 1.2 1.2 1.1 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.6 1.6 1.7 1.8 1.9 2.0 2.0 2.1 2.1 2.2 2.2 2.4 2.5 2.5 2.4 2.6 2.5 2.4 2.7 19631963 1.4 1.3 1.3 1.2 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.3 1.3 1.4 1.5 1.5 1.6 1.6 1.7 1.8 1.9 2.0 2.0 2.1 2.2 2.2 2.3 2.3 2.5 2.6 2.6 2.5 2.7 2.7 2.7 2.9 3.1 19641964 1.5 1.4 1.4 1.3 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.6 1.7 1.7 1.8 1.9 2.0 2.0 2.1 2.2 2.3 2.3 2.4 2.4 2.6 2.7 2.7 2.7 2.9 2.8 2.9 3.1 3.3 3.5 19651965 1.5 1.5 1.4 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.5 1.5 1.6 1.6 1.7 1.8 1.8 1.9 2.0 2.1 2.1 2.2 2.3 2.4 2.4 2.5 2.5 2.7 2.8 2.9 2.8 3.0 3.0 3.1 3.3 3.5 3.7 3.9 19661966 1.6 1.5 1.5 1.5 1.4 1.3 1.4 1.4 1.4 1.4 1.5 1.5 1.6 1.6 1.7 1.7 1.8 1.9 1.9 2.0 2.1 2.2 2.3 2.4 2.4 2.5 2.6 2.7 2.7 2.9 3.0 3.0 3.0 3.2 3.3 3.4 3.6 3.8 4.1 4.3 4.8 19671967 1.7 1.6 1.6 1.5 1.4 1.4 1.4 1.4 1.5 1.5 1.6 1.6 1.7 1.7 1.8 1.8 1.9 2.0 2.0 2.1 2.2 2.3 2.4 2.5 2.5 2.6 2.7 2.8 2.8 3.0 3.1 3.1 3.1 3.3 3.4 3.5 3.7 3.9 4.1 4.3 4.5 4.21968 1.7 1.7 1.7 1.6 1.5 1.5 1.5 1.5 1.6 1.6 1.7 1.7 1.8 1.8 1.9 2.0 2.0 2.1 2.2 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.8 2.9 3.0 3.1 3.3 3.3 3.3 3.5 3.6 3.7 3.9 4.1 4.3 4.5 4.7 4.71969 1.8 1.8 1.8 1.7 1.7 1.6 1.7 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.2 2.3 2.3 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.0 3.1 3.2 3.4 3.5 3.6 3.6 3.8 3.9 4.0 4.2 4.5 4.7 4.9 5.2 5.31970 1.9 1.9 1.9 1.9 1.8 1.8 1.8 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.2 2.3 2.3 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.0 3.1 3.2 3.3 3.4 3.6 3.7 3.8 3.8 4.0 4.1 4.3 4.5 4.7 5.0 5.2 5.4 5.61971 2.0 2.0 1.9 1.9 1.8 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 2.3 2.3 2.4 2.5 2.6 2.6 2.7 2.8 2.9 3.0 3.1 3.2 3.3 3.4 3.4 3.6 3.7 3.8 3.9 4.0 4.1 4.3 4.5 4.7 4.9 5.1 5.3 5.41972 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.9 2.0 2.0 2.1 2.1 2.2 2.2 2.3 2.4 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.4 4.6 4.8 4.9 5.1 5.11973 2.1 2.1 2.1 2.1 2.0 2.0 2.0 2.0 2.1 2.1 2.2 2.2 2.3 2.4 2.4 2.5 2.6 2.7 2.7 2.8 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.6 3.8 3.9 4.0 4.0 4.2 4.3 4.4 4.6 4.8 5.0 5.1 5.3 5.41974 2.2 2.2 2.2 2.2 2.1 2.1 2.1 2.2 2.2 2.3 2.3 2.4 2.4 2.5 2.6 2.7 2.7 2.8 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.8 4.0 4.1 4.2 4.3 4.5 4.6 4.7 4.9 5.1 5.3 5.4 5.6 5.71975 2.3 2.3 2.3 2.3 2.2 2.2 2.2 2.3 2.3 2.4 2.4 2.5 2.5 2.6 2.7 2.8 2.8 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.7 3.8 3.9 4.1 4.2 4.3 4.4 4.5 4.6 4.8 5.0 5.1 5.3 5.5 5.6 5.71976 2.4 2.4 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.5 2.5 2.6 2.7 2.7 2.8 2.9 3.0 3.1 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 4.6 4.7 4.8 5.0 5.1 5.3 5.4 5.6 5.61977 2.4 2.4 2.4 2.4 2.3 2.3 2.4 2.4 2.4 2.5 2.5 2.6 2.7 2.7 2.8 2.9 3.0 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.9 4.0 4.2 4.3 4.4 4.4 4.6 4.7 4.8 5.0 5.1 5.3 5.4 5.5 5.61978 2.5 2.5 2.5 2.5 2.4 2.4 2.5 2.5 2.5 2.6 2.6 2.7 2.8 2.8 2.9 3.0 3.1 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.1 5.3 5.4 5.5 5.7 5.71979 2.7 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.7 2.8 2.8 2.9 2.9 3.0 3.1 3.2 3.3 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.7 4.8 4.8 5.0 5.1 5.2 5.4 5.5 5.7 5.8 6.0 6.11980 2.8 2.8 2.8 2.8 2.7 2.7 2.8 2.8 2.9 2.9 3.0 3.1 3.1 3.2 3.3 3.4 3.5 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.8 4.9 5.0 5.1 5.3 5.4 5.5 5.7 5.9 6.0 6.2 6.3 6.41981 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.1 3.1 3.2 3.2 3.3 3.4 3.5 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.7 4.8 4.9 5.0 5.1 5.3 5.4 5.5 5.7 5.8 5.9 6.1 6.3 6.5 6.7 6.8 7.01982 3.1 3.1 3.1 3.1 3.1 3.1 3.2 3.2 3.3 3.3 3.4 3.5 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.1 5.2 5.3 5.5 5.6 5.7 5.9 6.0 6.1 6.3 6.5 6.7 6.9 7.1 7.21983 3.2 3.2 3.2 3.2 3.2 3.2 3.3 3.3 3.4 3.4 3.5 3.6 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.1 5.2 5.3 5.4 5.6 5.7 5.8 6.0 6.1 6.2 6.4 6.6 6.8 7.0 7.1 7.31984 3.3 3.3 3.3 3.3 3.3 3.3 3.4 3.4 3.5 3.6 3.6 3.7 3.8 3.9 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.6 5.7 5.8 5.9 6.1 6.2 6.4 6.6 6.8 6.9 7.1 7.3 7.41985 3.4 3.4 3.4 3.4 3.4 3.4 3.5 3.5 3.6 3.6 3.7 3.8 3.9 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.1 5.2 5.3 5.4 5.5 5.6 5.8 5.9 6.0 6.2 6.3 6.4 6.6 6.8 7.0 7.1 7.3 7.41986 3.5 3.5 3.5 3.5 3.4 3.5 3.5 3.6 3.6 3.7 3.8 3.8 3.9 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.6 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.7 5.8 5.9 6.0 6.2 6.3 6.4 6.6 6.8 6.9 7.1 7.3 7.41987 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.6 3.6 3.7 3.8 3.9 3.9 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.7 5.8 5.9 6.0 6.1 6.3 6.4 6.6 6.7 6.9 7.0 7.2 7.31988 3.5 3.5 3.5 3.5 3.5 3.5 3.6 3.6 3.7 3.8 3.8 3.9 4.0 4.1 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.7 5.8 5.9 6.0 6.2 6.3 6.4 6.6 6.7 6.9 7.0 7.1 7.21989 3.6 3.6 3.6 3.6 3.6 3.6 3.7 3.7 3.8 3.8 3.9 4.0 4.1 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.8 5.9 6.0 6.1 6.2 6.3 6.5 6.6 6.8 6.9 7.1 7.2 7.31990 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 4.0 4.1 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.1 6.3 6.4 6.5 6.7 6.8 6.9 7.1 7.2 7.31991 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.1 4.2 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.1 6.3 6.4 6.5 6.6 6.8 6.9 7.0 7.1 7.21992 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.3 4.4 4.5 4.6 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.9 6.0 6.0 6.2 6.3 6.4 6.5 6.7 6.8 6.9 7.0 7.11993 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.3 4.4 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.5 5.7 5.8 5.9 5.9 6.1 6.2 6.3 6.4 6.5 6.6 6.8 6.9 6.91994 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.3 4.4 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.1 6.2 6.3 6.4 6.6 6.7 6.8 6.81995 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.3 4.4 4.5 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.81996 3.7 3.7 3.7 3.8 3.7 3.8 3.8 3.8 3.9 4.0 4.0 4.1 4.2 4.2 4.3 4.4 4.5 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.71997 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.6 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.0 6.1 6.3 6.4 6.5 6.5 6.6 6.71998 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.6 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.8 5.9 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.61999 3.8 3.8 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.6 4.6 4.7 4.8 4.9 5.0 5.1 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.7 5.8 5.9 6.0 6.1 6.2 6.3 6.4 6.4 6.5 6.62000 3.8 3.8 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.2 4.2 4.3 4.4 4.4 4.5 4.6 4.7 4.7 4.8 4.9 5.0 5.1 5.2 5.2 5.3 5.4 5.5 5.6 5.7 5.7 5.8 5.9 6.0 6.1 6.2 6.3 6.3 6.4 6.5 6.52001 3.8 3.8 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.2 4.2 4.3 4.4 4.4 4.5 4.6 4.7 4.7 4.8 4.9 5.0 5.1 5.1 5.2 5.3 5.4 5.4 5.5 5.6 5.7 5.8 5.9 5.9 6.0 6.1 6.2 6.3 6.4 6.4 6.52002 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.2 4.3 4.4 4.5 4.5 4.6 4.7 4.8 4.8 4.9 5.0 5.1 5.1 5.2 5.3 5.4 5.5 5.5 5.6 5.7 5.8 5.8 5.9 6.0 6.1 6.2 6.2 6.3 6.32003 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.9 4.0 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.7 4.8 4.8 4.9 5.0 5.1 5.1 5.2 5.3 5.4 5.4 5.5 5.6 5.7 5.7 5.8 5.9 6.0 6.0 6.1 6.1 6.22004 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.1 4.2 4.3 4.4 4.4 4.5 4.6 4.6 4.7 4.8 4.9 4.9 5.0 5.1 5.1 5.2 5.3 5.4 5.4 5.5 5.6 5.6 5.7 5.8 5.8 5.9 6.0 6.0 6.12005 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.7 4.7 4.8 4.9 5.0 5.0 5.1 5.1 5.2 5.3 5.4 5.4 5.5 5.6 5.6 5.7 5.8 5.8 5.9 5.9 6.02006 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.7 4.7 4.8 4.9 5.0 5.0 5.1 5.1 5.2 5.3 5.4 5.4 5.5 5.5 5.6 5.7 5.7 5.8 5.9 5.9 5.92007 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.7 4.7 4.8 4.9 4.9 5.0 5.1 5.1 5.2 5.3 5.3 5.4 5.5 5.5 5.6 5.7 5.7 5.8 5.8 5.9 5.92008 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.2 4.3 4.4 4.4 4.5 4.6 4.6 4.7 4.8 4.8 4.9 5.0 5.0 5.1 5.1 5.2 5.3 5.3 5.4 5.4 5.5 5.6 5.6 5.7 5.7 5.8 5.82009 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.2 4.3 4.4 4.4 4.5 4.6 4.6 4.7 4.7 4.8 4.9 4.9 5.0 5.1 5.1 5.2 5.2 5.3 5.3 5.4 5.5 5.5 5.6 5.6 5.7 5.72010 3.6 3.6 3.6 3.6 3.6 3.6 3.7 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.2 4.3 4.4 4.4 4.5 4.5 4.6 4.7 4.7 4.8 4.8 4.9 5.0 5.0 5.1 5.1 5.2 5.2 5.3 5.3 5.4 5.4 5.5 5.5 5.5

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

40


ONE-MONTH US TREASURY BILLS1926–2010: Total Returns (%)


19681968 5.2 19691969 5.9 6.6 19701970 6.1 6.5 6.5 19711971 5.7 5.8 5.4 4.4 19721972 5.3 5.3 4.9 4.1 3.8 19731973 5.6 5.6 5.4 5.0 5.4 6.9 19741974 5.9 6.0 5.9 5.8 6.2 7.5 8.0 19751975 5.9 6.0 5.9 5.8 6.1 6.9 6.9 5.8 19761976 5.8 5.9 5.8 5.7 5.9 6.4 6.3 5.4 5.1 19771977 5.7 5.8 5.7 5.6 5.8 6.2 6.0 5.3 5.1 5.1 19781978 5.9 5.9 5.9 5.8 6.0 6.4 6.2 5.8 5.8 6.2 7.2 19791979 6.2 6.3 6.3 6.3 6.5 6.9 6.9 6.7 6.9 7.5 8.8 10.4 19801980 6.6 6.7 6.8 6.8 7.0 7.5 7.5 7.4 7.8 8.5 9.6 10.8 11.3 19811981 7.2 7.3 7.4 7.5 7.8 8.2 8.4 8.5 8.9 9.7 10.9 12.1 13.0 14.7 19821982 7.4 7.6 7.6 7.7 8.0 8.5 8.6 8.7 9.1 9.8 10.8 11.7 12.2 12.6 10.5 19831983 7.5 7.6 7.7 7.8 8.1 8.5 8.7 8.7 9.1 9.7 10.5 11.1 11.3 11.3 9.7 8.8 19841984 7.6 7.8 7.9 7.9 8.2 8.6 8.8 8.8 9.2 9.7 10.4 10.9 11.0 10.9 9.7 9.3 9.8 19851985 7.6 7.8 7.8 7.9 8.2 8.5 8.7 8.7 9.0 9.5 10.0 10.4 10.4 10.3 9.2 8.8 8.8 7.7 19861986 7.5 7.7 7.7 7.8 8.1 8.4 8.5 8.5 8.8 9.1 9.6 9.9 9.8 9.6 8.6 8.1 7.9 6.9 6.1 19871987 7.4 7.6 7.6 7.7 7.9 8.2 8.3 8.3 8.5 8.8 9.2 9.4 9.3 9.0 8.1 7.6 7.3 6.4 5.8 5.5 19881988 7.4 7.5 7.5 7.6 7.8 8.1 8.1 8.1 8.3 8.6 8.9 9.1 8.9 8.7 7.8 7.4 7.1 6.4 6.0 5.9 6.4 19891989 7.4 7.5 7.6 7.6 7.8 8.1 8.1 8.2 8.3 8.6 8.9 9.0 8.9 8.6 7.9 7.5 7.3 6.8 6.6 6.7 7.4 8.4 19901990 7.5 7.6 7.6 7.7 7.8 8.1 8.1 8.1 8.3 8.5 8.8 8.9 8.8 8.5 7.9 7.5 7.4 7.0 6.8 7.0 7.5 8.1 7.8 19911991 7.4 7.5 7.5 7.6 7.7 7.9 8.0 8.0 8.1 8.3 8.6 8.7 8.5 8.3 7.6 7.3 7.1 6.8 6.6 6.7 7.0 7.3 6.7 5.6 19921992 7.2 7.3 7.3 7.4 7.5 7.7 7.7 7.7 7.8 8.0 8.2 8.3 8.1 7.9 7.3 6.9 6.7 6.4 6.2 6.2 6.3 6.3 5.6 4.5 3.5 19931993 7.0 7.1 7.1 7.2 7.3 7.5 7.5 7.5 7.6 7.7 7.9 7.9 7.7 7.5 6.9 6.6 6.3 6.0 5.8 5.7 5.7 5.6 4.9 4.0 3.2 2.9 19941994 6.9 7.0 7.0 7.0 7.1 7.3 7.3 7.3 7.4 7.5 7.6 7.7 7.5 7.2 6.7 6.3 6.1 5.8 5.5 5.5 5.5 5.3 4.7 4.0 3.4 3.4 3.9 19951995 6.9 6.9 7.0 7.0 7.1 7.2 7.2 7.2 7.3 7.4 7.5 7.5 7.4 7.1 6.6 6.3 6.1 5.7 5.6 5.5 5.5 5.4 4.9 4.3 4.0 4.1 4.7 5.6 19961996 6.8 6.9 6.9 6.9 7.0 7.1 7.2 7.1 7.2 7.3 7.4 7.4 7.2 7.0 6.5 6.2 6.0 5.7 5.5 5.5 5.5 5.3 4.9 4.4 4.2 4.4 4.9 5.4 5.2 19971997 6.8 6.8 6.8 6.8 6.9 7.1 7.1 7.0 7.1 7.2 7.3 7.3 7.1 6.9 6.4 6.1 6.0 5.7 5.5 5.4 5.4 5.3 5.0 4.6 4.4 4.6 5.0 5.4 5.2 5.3 19981998 6.7 6.8 6.8 6.8 6.9 7.0 7.0 6.9 7.0 7.1 7.2 7.2 7.0 6.8 6.3 6.1 5.9 5.6 5.4 5.4 5.4 5.3 5.0 4.6 4.5 4.6 5.0 5.2 5.1 5.1 4.9 19991999 6.6 6.7 6.7 6.7 6.8 6.9 6.9 6.8 6.9 7.0 7.1 7.0 6.9 6.7 6.2 6.0 5.8 5.5 5.4 5.3 5.3 5.2 4.9 4.6 4.5 4.6 4.9 5.1 5.0 4.9 4.8 4.7 20002000 6.6 6.7 6.7 6.7 6.8 6.9 6.9 6.8 6.9 6.9 7.0 7.0 6.8 6.6 6.2 6.0 5.8 5.6 5.4 5.4 5.4 5.3 5.0 4.7 4.6 4.8 5.1 5.2 5.2 5.2 5.1 5.3 5.9 20012001 6.5 6.6 6.6 6.6 6.7 6.8 6.7 6.7 6.7 6.8 6.9 6.9 6.7 6.5 6.1 5.9 5.7 5.5 5.3 5.3 5.3 5.2 4.9 4.7 4.6 4.7 4.9 5.0 5.0 4.9 4.8 4.8 4.9 3.8 20022002 6.4 6.4 6.4 6.4 6.5 6.6 6.6 6.5 6.5 6.6 6.7 6.6 6.5 6.3 5.9 5.6 5.5 5.3 5.1 5.0 5.0 4.9 4.7 4.4 4.3 4.4 4.5 4.6 4.5 4.4 4.2 4.0 3.8 2.7 1.6 20032003 6.2 6.3 6.3 6.3 6.3 6.4 6.4 6.3 6.3 6.4 6.4 6.4 6.2 6.0 5.6 5.4 5.3 5.0 4.9 4.8 4.8 4.7 4.4 4.1 4.0 4.1 4.2 4.2 4.0 3.9 3.6 3.4 3.1 2.2 1.3 1.0 20042004 6.1 6.1 6.1 6.1 6.2 6.2 6.2 6.1 6.2 6.2 6.2 6.2 6.0 5.8 5.5 5.2 5.1 4.8 4.7 4.6 4.5 4.4 4.2 3.9 3.8 3.8 3.9 3.9 3.7 3.5 3.3 3.0 2.7 1.9 1.3 1.1 1.2 20052005 6.0 6.0 6.0 6.0 6.1 6.1 6.1 6.0 6.0 6.1 6.1 6.1 5.9 5.7 5.3 5.1 5.0 4.7 4.6 4.5 4.5 4.3 4.1 3.9 3.7 3.8 3.8 3.8 3.6 3.5 3.2 3.0 2.7 2.1 1.7 1.7 2.1 3.0 20062006 6.0 6.0 6.0 6.0 6.0 6.1 6.1 6.0 6.0 6.0 6.1 6.0 5.9 5.7 5.3 5.1 5.0 4.7 4.6 4.5 4.5 4.4 4.1 3.9 3.8 3.8 3.9 3.9 3.7 3.6 3.4 3.2 3.0 2.6 2.3 2.5 3.0 3.9 4.8 20072007 6.0 6.0 6.0 5.9 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 5.8 5.6 5.3 5.1 4.9 4.7 4.6 4.5 4.5 4.4 4.2 4.0 3.9 3.9 4.0 4.0 3.8 3.7 3.5 3.4 3.2 2.9 2.7 2.9 3.4 4.1 4.7 4.7 20082008 5.8 5.9 5.8 5.8 5.9 5.9 5.9 5.8 5.8 5.9 5.9 5.8 5.7 5.5 5.2 5.0 4.8 4.6 4.5 4.4 4.4 4.3 4.0 3.8 3.7 3.7 3.8 3.8 3.7 3.5 3.4 3.2 3.1 2.7 2.6 2.7 3.1 3.5 3.7 3.2 1.7 20092009 5.7 5.7 5.7 5.7 5.7 5.8 5.7 5.7 5.7 5.7 5.7 5.6 5.5 5.3 5.0 4.8 4.6 4.4 4.3 4.2 4.2 4.1 3.8 3.6 3.5 3.5 3.6 3.5 3.4 3.3 3.1 2.9 2.8 2.4 2.2 2.3 2.6 2.8 2.8 2.1 0.9 0.1 20102010 5.6 5.6 5.6 5.5 5.6 5.6 5.6 5.5 5.5 5.5 5.5 5.5 5.3 5.1 4.8 4.6 4.5 4.3 4.1 4.0 4.0 3.9 3.7 3.5 3.3 3.3 3.4 3.3 3.2 3.0 2.9 2.7 2.5 2.2 2.0 2.1 2.2 2.4 2.3 1.6 0.6 0.1 0.1

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1926 2010

$20

41

41


ONE-MONTH CERTIFICATES OF DEpOSIT1966–2010: Total Returns (%)

Data provided by the Federal Reserve Statistical Release H.15: Selected Interest Rates.

19661966 5.5 19671967 5.2 5.0 19681968 5.5 5.4 5.9 19691969 6.0 6.2 6.8 7.8 19701970 6.4 6.7 7.3 8.0 8.1 19711971 6.2 6.4 6.7 7.0 6.6 5.1 19721972 6.0 6.0 6.3 6.4 5.9 4.8 4.5 19731973 6.3 6.4 6.6 6.8 6.5 6.0 6.4 8.3 19741974 6.8 6.9 7.2 7.4 7.4 7.2 7.9 9.7 11.0 19751975 6.8 6.9 7.2 7.3 7.3 7.1 7.6 8.7 8.8 6.7 19761976 6.6 6.8 7.0 7.1 7.0 6.8 7.2 7.8 7.7 6.1 5.4 19771977 6.6 6.6 6.8 6.9 6.8 6.6 6.9 7.4 7.1 5.9 5.5 5.5 19781978 6.7 6.8 6.9 7.0 6.9 6.8 7.0 7.5 7.3 6.4 6.3 6.7 8.0 19791979 7.0 7.1 7.3 7.4 7.4 7.3 7.6 8.0 8.0 7.4 7.6 8.3 9.7 11.5 19801980 7.4 7.5 7.8 7.9 7.9 7.9 8.2 8.7 8.7 8.4 8.7 9.5 10.9 12.4 13.4 19811981 8.0 8.2 8.5 8.7 8.7 8.8 9.2 9.7 9.9 9.7 10.2 11.2 12.7 14.3 15.7 18.1 19821982 8.3 8.5 8.8 9.0 9.1 9.1 9.5 10.0 10.2 10.1 10.6 11.5 12.8 14.0 14.9 15.6 13.3 19831983 8.4 8.6 8.8 9.0 9.1 9.2 9.5 10.0 10.1 10.1 10.5 11.2 12.2 13.1 13.5 13.5 11.3 9.4 19841984 8.5 8.7 8.9 9.1 9.2 9.3 9.6 10.1 10.2 10.1 10.5 11.2 12.0 12.7 13.0 12.9 11.2 10.2 11.0 19851985 8.5 8.7 8.9 9.1 9.2 9.2 9.5 9.9 10.1 10.0 10.3 10.9 11.6 12.1 12.2 12.0 10.5 9.6 9.7 8.4 19861986 8.5 8.6 8.8 9.0 9.0 9.1 9.4 9.7 9.8 9.7 10.0 10.5 11.1 11.4 11.4 11.1 9.8 8.9 8.8 7.7 7.0 19871987 8.4 8.5 8.7 8.9 8.9 9.0 9.2 9.5 9.6 9.5 9.8 10.2 10.6 10.9 10.9 10.5 9.3 8.5 8.3 7.5 7.0 6.9 19881988 8.4 8.5 8.7 8.8 8.9 8.9 9.1 9.4 9.5 9.4 9.6 10.0 10.4 10.6 10.5 10.2 9.1 8.4 8.2 7.6 7.3 7.4 7.9 19891989 8.4 8.6 8.7 8.9 8.9 8.9 9.2 9.4 9.5 9.4 9.6 9.9 10.3 10.5 10.4 10.1 9.2 8.6 8.5 8.0 7.9 8.2 8.8 9.7 19901990 8.4 8.6 8.7 8.8 8.9 8.9 9.1 9.4 9.5 9.4 9.5 9.9 10.2 10.4 10.3 10.0 9.1 8.6 8.5 8.1 8.0 8.3 8.7 9.2 8.6 19911991 8.3 8.5 8.6 8.7 8.8 8.8 9.0 9.2 9.3 9.2 9.3 9.6 9.9 10.1 10.0 9.6 8.8 8.4 8.2 7.8 7.7 7.9 8.1 8.2 7.5 6.4 19921992 8.2 8.3 8.4 8.5 8.6 8.6 8.7 9.0 9.0 8.9 9.0 9.2 9.5 9.6 9.5 9.2 8.4 7.9 7.7 7.3 7.2 7.2 7.3 7.1 6.3 5.1 3.9 19931993 8.0 8.1 8.2 8.3 8.3 8.3 8.5 8.7 8.7 8.6 8.7 8.9 9.1 9.2 9.0 8.7 7.9 7.5 7.3 6.9 6.7 6.6 6.6 6.3 5.5 4.5 3.5 3.2 19941994 7.9 8.0 8.1 8.2 8.2 8.2 8.3 8.5 8.5 8.4 8.5 8.6 8.8 8.9 8.7 8.4 7.7 7.2 7.0 6.6 6.4 6.3 6.3 6.0 5.3 4.4 3.8 3.8 4.3 19951995 7.8 7.9 8.0 8.1 8.1 8.1 8.2 8.4 8.4 8.3 8.3 8.5 8.7 8.7 8.5 8.2 7.5 7.1 6.9 6.6 6.4 6.3 6.2 6.0 5.4 4.8 4.4 4.5 5.2 6.1 19961996 7.7 7.8 7.9 8.0 8.0 8.0 8.1 8.3 8.3 8.1 8.2 8.3 8.5 8.5 8.4 8.0 7.4 7.0 6.8 6.5 6.3 6.2 6.2 6.0 5.4 4.9 4.6 4.8 5.3 5.9 5.6 19971997 7.7 7.7 7.8 7.9 7.9 7.9 8.0 8.2 8.2 8.0 8.1 8.2 8.4 8.4 8.2 7.9 7.3 6.9 6.7 6.4 6.3 6.2 6.1 5.9 5.5 5.0 4.8 5.0 5.4 5.8 5.7 5.7 19981998 7.6 7.7 7.8 7.8 7.8 7.8 7.9 8.1 8.1 7.9 8.0 8.1 8.2 8.2 8.1 7.8 7.2 6.8 6.7 6.4 6.2 6.2 6.1 5.9 5.5 5.1 4.9 5.1 5.5 5.8 5.7 5.7 5.7 19991999 7.5 7.6 7.7 7.8 7.8 7.7 7.8 8.0 7.9 7.8 7.9 8.0 8.1 8.1 7.9 7.7 7.1 6.8 6.6 6.3 6.2 6.1 6.0 5.9 5.5 5.1 5.0 5.1 5.5 5.7 5.6 5.6 5.5 5.3 20002000 7.5 7.6 7.7 7.7 7.7 7.7 7.8 7.9 7.9 7.8 7.8 7.9 8.0 8.0 7.9 7.6 7.1 6.7 6.6 6.3 6.2 6.1 6.1 5.9 5.6 5.3 5.2 5.3 5.6 5.9 5.8 5.9 5.9 6.0 6.6 20012001 7.4 7.5 7.6 7.6 7.6 7.6 7.7 7.8 7.8 7.7 7.7 7.8 7.9 7.9 7.7 7.4 6.9 6.6 6.5 6.2 6.1 6.0 5.9 5.8 5.5 5.2 5.1 5.2 5.5 5.6 5.6 5.6 5.5 5.4 5.5 4.4 20022002 7.3 7.3 7.4 7.4 7.4 7.4 7.5 7.6 7.6 7.4 7.5 7.5 7.6 7.6 7.4 7.2 6.7 6.4 6.2 6.0 5.8 5.7 5.7 5.5 5.2 4.9 4.8 4.9 5.1 5.2 5.0 4.9 4.8 4.5 4.2 3.1 1.82003 7.1 7.2 7.2 7.3 7.2 7.2 7.3 7.4 7.3 7.2 7.2 7.3 7.4 7.3 7.2 6.9 6.4 6.1 6.0 5.7 5.6 5.5 5.4 5.2 4.9 4.6 4.5 4.5 4.7 4.7 4.5 4.4 4.2 3.8 3.5 2.4 1.52004 7.0 7.0 7.1 7.1 7.1 7.0 7.1 7.2 7.1 7.0 7.0 7.1 7.1 7.1 6.9 6.7 6.2 5.9 5.7 5.5 5.3 5.2 5.1 5.0 4.7 4.4 4.2 4.3 4.4 4.4 4.2 4.0 3.8 3.4 3.0 2.2 1.52005 6.9 6.9 7.0 7.0 7.0 6.9 7.0 7.1 7.0 6.9 6.9 7.0 7.0 7.0 6.8 6.5 6.1 5.8 5.6 5.4 5.2 5.1 5.0 4.9 4.6 4.3 4.2 4.2 4.3 4.3 4.1 3.9 3.7 3.4 3.1 2.4 1.92006 6.8 6.9 6.9 6.9 6.9 6.9 6.9 7.0 7.0 6.8 6.8 6.9 6.9 6.9 6.7 6.5 6.0 5.8 5.6 5.4 5.2 5.1 5.0 4.9 4.6 4.4 4.2 4.3 4.3 4.3 4.2 4.0 3.9 3.6 3.4 2.8 2.52007 6.8 6.8 6.9 6.9 6.9 6.8 6.9 7.0 6.9 6.8 6.8 6.8 6.9 6.9 6.7 6.4 6.0 5.7 5.6 5.4 5.2 5.2 5.1 4.9 4.7 4.4 4.3 4.3 4.4 4.4 4.3 4.2 4.0 3.8 3.6 3.2 3.02008 6.7 6.7 6.8 6.8 6.8 6.7 6.8 6.8 6.8 6.7 6.7 6.7 6.8 6.7 6.6 6.3 5.9 5.6 5.5 5.3 5.1 5.1 5.0 4.8 4.6 4.4 4.2 4.3 4.3 4.3 4.2 4.1 3.9 3.7 3.6 3.2 3.02009 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.7 6.6 6.5 6.5 6.5 6.6 6.5 6.4 6.1 5.7 5.4 5.3 5.1 4.9 4.9 4.8 4.6 4.4 4.1 4.0 4.0 4.1 4.1 3.9 3.8 3.6 3.4 3.3 2.9 2.72010 6.4 6.4 6.5 6.5 6.5 6.4 6.4 6.5 6.4 6.3 6.3 6.3 6.4 6.3 6.2 5.9 5.5 5.3 5.1 4.9 4.7 4.7 4.6 4.4 4.2 3.9 3.8 3.8 3.9 3.8 3.7 3.5 3.4 3.2 3.0 2.6 2.4

1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$16

1926 20101966

42


BARCLAYS CApITAL US GOVERNMENT/CREDIT BOND INDEX INTERMEDIATE

1973–2010: Total Returns (%)

Data provided by Barclays Bank PLC.

19731973 3.3 19741974 4.6 5.9 19751975 6.2 7.7 9.5 19761976 7.7 9.2 10.9 12.3 19771977 6.8 7.7 8.3 7.7 3.3 19781978 6.0 6.6 6.7 5.8 2.7 2.1 19791979 6.0 6.5 6.6 5.9 3.8 4.0 6.0 19801980 6.1 6.5 6.6 6.0 4.4 4.8 6.2 6.4 19811981 6.5 7.0 7.1 6.7 5.6 6.2 7.6 8.4 10.5 19821982 8.4 8.9 9.3 9.3 8.8 9.9 12.0 14.0 18.0 26.1 19831983 8.4 8.9 9.2 9.2 8.8 9.7 11.3 12.7 14.8 17.0 8.6 19841984 8.9 9.4 9.7 9.8 9.5 10.4 11.8 13.0 14.7 16.1 11.5 14.4 19851985 9.5 10.1 10.5 10.6 10.4 11.3 12.7 13.8 15.4 16.6 13.6 16.2 18.1 19861986 9.8 10.3 10.7 10.8 10.7 11.5 12.7 13.7 15.0 15.9 13.5 15.2 15.6 13.1 19871987 9.4 9.8 10.1 10.2 10.0 10.7 11.7 12.4 13.3 13.8 11.5 12.2 11.5 8.3 3.7 19881988 9.2 9.6 9.9 9.9 9.7 10.3 11.2 11.8 12.5 12.7 10.6 11.1 10.2 7.8 5.2 6.7 19891989 9.4 9.8 10.1 10.1 9.9 10.5 11.3 11.9 12.5 12.7 10.9 11.3 10.7 9.0 7.6 9.7 12.7 19901990 9.4 9.8 10.0 10.1 9.9 10.4 11.1 11.6 12.1 12.3 10.7 11.0 10.5 9.0 8.0 9.5 10.9 9.2 19911991 9.7 10.0 10.3 10.3 10.2 10.7 11.4 11.9 12.4 12.6 11.1 11.5 11.1 9.9 9.3 10.8 12.2 11.9 14.6 19921992 9.5 9.9 10.1 10.1 10.0 10.5 11.1 11.5 11.9 12.1 10.7 11.0 10.6 9.5 8.9 10.0 10.9 10.3 10.8 7.2 19931993 9.5 9.8 10.0 10.1 9.9 10.4 10.9 11.3 11.7 11.8 10.6 10.8 10.4 9.4 8.9 9.8 10.5 9.9 10.1 8.0 8.8 19941994 9.0 9.2 9.4 9.4 9.2 9.6 10.1 10.4 10.7 10.7 9.5 9.5 9.1 8.1 7.5 8.1 8.3 7.4 7.0 4.6 3.3 -1.9 19951995 9.2 9.5 9.7 9.7 9.6 9.9 10.4 10.7 11.0 11.0 9.9 10.0 9.6 8.8 8.3 8.9 9.3 8.7 8.6 7.2 7.1 6.3 15.3 19961996 9.0 9.3 9.4 9.4 9.3 9.6 10.0 10.3 10.5 10.5 9.5 9.5 9.1 8.4 7.9 8.4 8.6 8.0 7.8 6.5 6.4 5.6 9.5 4.1 19971997 9.0 9.2 9.3 9.3 9.2 9.5 9.9 10.1 10.4 10.3 9.4 9.4 9.0 8.3 7.9 8.3 8.5 8.0 7.8 6.7 6.7 6.1 9.0 5.9 7.9 19981998 8.9 9.2 9.3 9.3 9.2 9.5 9.8 10.0 10.2 10.2 9.3 9.4 9.0 8.3 7.9 8.3 8.5 8.1 7.9 7.0 7.0 6.6 8.8 6.8 8.1 8.4 19991999 8.6 8.8 8.9 8.9 8.8 9.0 9.4 9.5 9.7 9.7 8.8 8.8 8.4 7.7 7.3 7.7 7.7 7.3 7.0 6.1 6.0 5.5 7.1 5.1 5.5 4.3 0.4 20002000 8.7 8.9 9.0 9.0 8.8 9.1 9.4 9.6 9.7 9.7 8.8 8.8 8.5 7.9 7.5 7.8 7.9 7.5 7.4 6.6 6.5 6.2 7.6 6.1 6.6 6.2 5.1 10.1 20012001 8.7 8.9 9.0 9.0 8.8 9.1 9.4 9.5 9.7 9.6 8.8 8.9 8.5 8.0 7.6 7.9 8.0 7.6 7.5 6.8 6.8 6.5 7.8 6.6 7.1 6.9 6.4 9.5 9.0 20022002 8.7 8.9 9.0 9.0 8.9 9.1 9.4 9.5 9.7 9.7 8.9 8.9 8.6 8.1 7.8 8.0 8.1 7.8 7.7 7.1 7.1 6.9 8.0 7.0 7.5 7.5 7.2 9.6 9.4 9.8 20032003 8.6 8.7 8.8 8.8 8.7 8.9 9.2 9.3 9.5 9.4 8.7 8.7 8.4 7.9 7.6 7.8 7.9 7.5 7.4 6.8 6.8 6.6 7.6 6.7 7.1 6.9 6.6 8.3 7.7 7.0 4.3 20042004 8.4 8.6 8.6 8.6 8.5 8.7 8.9 9.1 9.2 9.1 8.4 8.4 8.1 7.6 7.3 7.5 7.6 7.2 7.1 6.5 6.5 6.3 7.1 6.3 6.6 6.4 6.0 7.2 6.5 5.7 3.7 3.0 20052005 8.2 8.3 8.4 8.4 8.2 8.4 8.7 8.8 8.9 8.8 8.1 8.1 7.8 7.3 7.0 7.2 7.2 6.9 6.7 6.2 6.1 5.9 6.6 5.8 6.0 5.8 5.4 6.2 5.5 4.6 3.0 2.3 1.6 20062006 8.1 8.2 8.3 8.2 8.1 8.3 8.5 8.6 8.7 8.6 7.9 7.9 7.6 7.1 6.8 7.0 7.0 6.7 6.6 6.0 6.0 5.7 6.4 5.6 5.8 5.6 5.2 5.9 5.3 4.5 3.2 2.9 2.8 4.1 20072007 8.0 8.2 8.2 8.2 8.1 8.2 8.5 8.5 8.6 8.6 7.9 7.9 7.6 7.2 6.9 7.0 7.1 6.7 6.6 6.1 6.1 5.9 6.5 5.8 5.9 5.8 5.5 6.1 5.6 5.0 4.1 4.0 4.3 5.7 7.4 20082008 8.0 8.1 8.2 8.1 8.0 8.1 8.3 8.4 8.5 8.4 7.8 7.8 7.5 7.1 6.8 6.9 7.0 6.7 6.5 6.1 6.0 5.8 6.4 5.7 5.9 5.7 5.4 6.0 5.5 5.0 4.2 4.2 4.5 5.5 6.2 5.1 20092009 7.9 8.0 8.1 8.0 7.9 8.0 8.2 8.3 8.4 8.3 7.7 7.7 7.4 7.0 6.7 6.9 6.9 6.6 6.5 6.0 6.0 5.8 6.3 5.7 5.8 5.7 5.4 5.9 5.5 5.0 4.4 4.4 4.7 5.4 5.9 5.2 5.2 20102010 7.8 7.9 8.0 8.0 7.8 8.0 8.2 8.2 8.3 8.2 7.6 7.6 7.3 6.9 6.7 6.8 6.8 6.6 6.4 6.0 5.9 5.8 6.3 5.7 5.8 5.7 5.4 5.9 5.5 5.1 4.6 4.6 4.9 5.5 5.9 5.4 5.6 5.9

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

20032003 1.2 20042004 1.3 1.4 20052005 1.9 2.3 3.3 20062006 2.7 3.3 4.2 5.1 20072007 3.3 3.8 4.6 5.3 5.5 20082008 3.2 3.7 4.2 4.6 4.3 3.1 20092009 2.8 3.1 3.5 3.5 3.0 1.8 0.4 20102010 2.5 2.7 2.9 2.9 2.3 1.3 0.3 0.2

2003 2004 2005 2006 2007 2008 2009 2010

Data provided by Barclays Bank PLC.

19981998 3.9 19991999 3.2 2.4 20002000 6.4 7.7 13.2 20012001 6.8 7.7 10.5 7.9 20022002 8.7 9.9 12.5 12.1 16.6 20032003 8.6 9.6 11.5 10.9 12.4 8.4 20042004 8.6 9.4 10.8 10.3 11.1 8.4 8.5 20052005 7.9 8.4 9.5 8.7 9.0 6.5 5.6 2.8 20062006 7.0 7.4 8.1 7.3 7.2 5.0 3.9 1.7 0.5 20072007 7.5 7.9 8.6 7.9 7.9 6.3 5.8 4.9 5.9 11.6 20082008 6.5 6.8 7.3 6.6 6.4 4.8 4.1 3.0 3.1 4.4 -2.4 20092009 6.9 7.2 7.7 7.1 7.0 5.7 5.3 4.6 5.1 6.7 4.3 11.4 20102010 6.9 7.1 7.6 7.0 6.9 5.8 5.4 4.9 5.3 6.6 5.0 8.8 6.3

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

BARCLAYS CApITAL US TIpS INDEX1998–2010: Total Returns (%)

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$16

1926 20101966

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1973

$18

1926 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1998

$2.38

1926 2010

43

43


19701970 -11.7 19711971 7.0 29.6 19721972 16.0 32.9 36.3 19731973 7.3 14.6 7.7 -14.9 19741974 0.4 3.7 -3.8 -19.1 -23.2 19751975 5.5 9.4 4.8 -4.0 2.0 35.4 19761976 5.1 8.2 4.4 -2.4 2.2 17.8 2.5 19771977 6.6 9.5 6.5 1.4 5.9 17.9 10.0 18.1 19781978 9.3 12.2 9.9 6.0 10.8 21.4 17.1 25.1 32.6 19791979 8.8 11.3 9.3 5.8 9.8 17.9 13.9 17.9 17.9 4.8 19801980 10.0 12.4 10.7 7.8 11.5 18.7 15.6 19.1 19.4 13.3 22.6 19811981 8.9 11.0 9.3 6.6 9.7 15.4 12.4 14.5 13.6 7.9 9.4 -2.3 19821982 8.0 9.9 8.2 5.8 8.3 13.1 10.2 11.6 10.3 5.3 5.5 -2.1 -1.9 19831983 9.1 10.9 9.4 7.3 9.8 14.2 11.8 13.2 12.4 8.8 9.8 5.9 10.2 23.7 19841984 9.0 10.6 9.3 7.3 9.6 13.5 11.3 12.5 11.7 8.5 9.3 6.2 9.2 15.2 7.4 19851985 11.4 13.2 12.1 10.4 12.9 16.9 15.2 16.7 16.5 14.3 16.0 14.7 19.4 27.5 29.5 56.2 19861986 14.2 16.1 15.2 13.9 16.4 20.5 19.3 21.1 21.4 20.1 22.5 22.4 28.1 36.9 41.6 62.7 69.4 19871987 14.8 16.6 15.8 14.5 17.0 20.8 19.7 21.4 21.7 20.6 22.7 22.8 27.5 34.4 37.2 48.8 45.3 24.6 19881988 15.5 17.2 16.5 15.4 17.7 21.4 20.3 22.0 22.3 21.3 23.3 23.4 27.6 33.3 35.3 43.4 39.4 26.4 28.3 19891989 15.2 16.8 16.2 15.1 17.3 20.6 19.6 21.0 21.3 20.3 22.0 21.9 25.3 29.8 30.9 36.1 31.5 20.9 19.1 10.5 19901990 13.0 14.4 13.6 12.5 14.4 17.2 16.1 17.1 17.1 15.9 16.9 16.4 18.7 21.5 21.2 23.7 18.0 7.8 2.8 -8.0 -23.4 19911991 12.9 14.3 13.6 12.5 14.2 16.9 15.9 16.8 16.7 15.6 16.5 16.0 18.0 20.4 20.0 22.0 17.0 8.7 5.0 -1.7 -7.4 12.1 19921992 11.7 12.9 12.2 11.1 12.7 15.1 14.0 14.7 14.5 13.3 14.0 13.3 14.9 16.7 15.9 17.1 12.3 4.9 1.3 -4.5 -9.0 -0.8 -12.2 19931993 12.5 13.7 13.0 12.0 13.6 15.9 14.9 15.7 15.6 14.5 15.3 14.7 16.2 18.1 17.5 18.7 14.7 8.5 6.0 2.0 0.0 9.3 7.9 32.6 19941994 12.3 13.5 12.8 11.8 13.3 15.5 14.6 15.3 15.1 14.1 14.7 14.2 15.6 17.2 16.6 17.5 13.9 8.4 6.2 2.9 1.5 8.9 7.9 19.5 7.8 19951995 12.3 13.4 12.7 11.8 13.2 15.3 14.4 15.0 14.9 13.9 14.5 14.0 15.3 16.7 16.1 17.0 13.6 8.7 6.8 4.1 3.1 9.4 8.7 16.7 9.5 11.2 19961996 12.0 13.1 12.5 11.6 12.9 14.9 14.0 14.6 14.4 13.5 14.0 13.5 14.6 15.9 15.3 16.0 12.9 8.4 6.8 4.3 3.5 8.8 8.2 13.9 8.3 8.6 6.0 19971997 11.7 12.6 12.0 11.1 12.4 14.3 13.4 13.9 13.7 12.8 13.3 12.8 13.8 14.9 14.3 14.8 11.9 7.8 6.2 4.0 3.3 7.8 7.1 11.4 6.6 6.3 3.9 1.8 19981998 11.9 12.9 12.3 11.5 12.7 14.5 13.7 14.2 14.0 13.2 13.6 13.1 14.1 15.2 14.7 15.2 12.5 8.8 7.4 5.5 5.0 9.2 8.8 12.8 9.2 9.6 9.0 10.5 20.0 19991999 12.4 13.3 12.8 12.0 13.2 15.0 14.2 14.7 14.6 13.8 14.3 13.8 14.8 15.9 15.4 16.0 13.5 10.1 8.9 7.3 7.0 11.1 10.9 14.7 12.0 12.8 13.2 15.7 23.4 27.0 20002000 11.4 12.3 11.7 11.0 12.1 13.7 12.9 13.4 13.2 12.3 12.7 12.2 13.1 14.0 13.4 13.8 11.4 8.1 7.0 5.3 4.9 8.2 7.8 10.6 7.8 7.8 7.1 7.4 9.4 4.4 -14.2 20012001 10.2 11.0 10.4 9.6 10.6 12.1 11.3 11.7 11.4 10.6 10.9 10.3 11.0 11.7 11.1 11.3 9.0 5.9 4.6 3.0 2.4 5.1 4.5 6.5 3.6 3.0 1.7 0.9 0.7 -5.0 -17.9 -21.4 20022002 9.3 10.1 9.5 8.7 9.6 11.0 10.2 10.5 10.2 9.3 9.6 9.0 9.6 10.2 9.5 9.6 7.4 4.3 3.1 1.5 0.9 3.2 2.4 4.0 1.2 0.4 -1.0 -2.1 -2.9 -7.9 -17.2 -18.7 -15.9 20032003 10.1 10.8 10.3 9.5 10.5 11.8 11.1 11.4 11.2 10.4 10.6 10.1 10.7 11.4 10.8 11.0 8.9 6.1 5.0 3.6 3.2 5.6 5.0 6.8 4.5 4.1 3.3 2.9 3.0 -0.1 -5.9 -2.9 7.9 38.6 20042004 10.4 11.1 10.6 9.9 10.8 12.1 11.4 11.7 11.5 10.8 11.0 10.5 11.1 11.8 11.2 11.4 9.5 6.8 5.9 4.6 4.2 6.5 6.1 7.8 5.8 5.6 5.0 4.9 5.3 3.1 -1.1 2.4 11.9 29.1 20.2 20052005 10.5 11.2 10.7 10.0 10.8 12.2 11.5 11.8 11.6 10.9 11.1 10.7 11.2 11.8 11.3 11.5 9.7 7.2 6.3 5.1 4.8 7.0 6.6 8.2 6.4 6.3 5.8 5.8 6.3 4.5 1.2 4.6 12.3 23.7 16.8 13.5 20062006 10.9 11.6 11.1 10.4 11.3 12.6 11.9 12.2 12.0 11.4 11.6 11.2 11.8 12.4 11.9 12.2 10.4 8.1 7.3 6.2 5.9 8.1 7.9 9.4 7.8 7.9 7.6 7.7 8.4 7.0 4.4 7.9 15.0 24.3 19.9 19.8 26.3 20072007 10.9 11.5 11.1 10.4 11.3 12.5 11.9 12.2 12.0 11.4 11.6 11.2 11.8 12.4 11.9 12.1 10.4 8.2 7.4 6.5 6.2 8.3 8.1 9.6 8.1 8.1 7.9 8.0 8.7 7.5 5.3 8.4 14.3 21.6 17.7 16.8 18.5 11.2 20082008 9.0 9.6 9.1 8.4 9.2 10.3 9.6 9.8 9.6 8.9 9.0 8.6 9.0 9.4 8.9 9.0 7.3 5.1 4.2 3.1 2.8 4.5 4.0 5.1 3.5 3.2 2.6 2.4 2.4 0.8 -1.8 -0.1 3.4 7.0 1.7 -2.5 -7.4 -20.7 -43.4 20092009 9.5 10.1 9.6 9.0 9.7 10.9 10.2 10.4 10.2 9.6 9.7 9.3 9.7 10.2 9.7 9.8 8.2 6.1 5.3 4.4 4.1 5.7 5.4 6.5 5.1 4.9 4.5 4.4 4.6 3.3 1.2 3.0 6.6 10.3 6.2 3.5 1.2 -6.0 -13.6 31.8 20102010 9.4 10.0 9.6 8.9 9.7 10.8 10.1 10.4 10.1 9.5 9.7 9.2 9.7 10.1 9.6 9.7 8.2 6.2 5.4 4.5 4.2 5.8 5.5 6.6 5.3 5.1 4.7 4.6 4.8 3.6 1.8 3.5 6.7 10.0 6.4 4.2 2.5 -2.8 -7.0 19.2 7.8

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

19701970 0.9 19711971 30.3 68.3 19721972 40.7 66.2 64.2 19731973 24.5 33.6 19.1 -13.7 19741974 11.4 14.2 0.4 -21.5 -28.6 19751975 17.1 20.6 11.0 -2.6 3.4 49.9 19761976 16.3 19.0 11.1 0.7 6.0 29.2 11.5 19771977 22.3 25.7 19.7 12.4 20.0 42.7 39.3 74.1 19781978 26.5 30.1 25.4 19.9 28.0 48.1 47.5 69.8 65.5 19791979 23.4 26.2 21.8 16.7 22.7 36.7 33.6 41.9 28.2 -0.8 19801980 24.5 27.1 23.2 18.9 24.4 36.5 34.0 40.3 30.5 15.9 35.5 19811981 22.2 24.4 20.7 16.6 21.1 30.6 27.6 31.1 22.2 10.4 16.4 0.1 19821982 20.4 22.1 18.6 14.8 18.5 26.3 23.3 25.3 17.4 7.7 10.7 0.1 0.0 19831983 21.4 23.2 20.0 16.6 20.2 27.4 24.8 26.8 20.3 12.9 16.6 10.9 16.7 36.1 19841984 20.7 22.3 19.3 16.2 19.4 25.7 23.3 24.8 19.0 12.7 15.6 11.1 15.0 23.3 11.6 19851985 23.2 24.9 22.3 19.5 22.8 29.0 27.1 29.0 24.2 19.2 22.9 20.6 26.3 36.5 36.7 67.5 19861986 25.1 26.8 24.5 22.0 25.3 31.3 29.8 31.7 27.7 23.7 27.6 26.3 32.4 42.0 43.9 63.5 59.5 19871987 25.9 27.6 25.4 23.2 26.3 32.0 30.6 32.5 29.0 25.4 29.2 28.3 33.7 41.7 43.1 55.5 49.8 40.7 19881988 25.9 27.5 25.4 23.3 26.3 31.6 30.3 32.0 28.7 25.5 28.8 28.0 32.6 38.9 39.5 47.5 41.4 33.1 25.9 19891989 26.2 27.7 25.7 23.8 26.6 31.5 30.3 31.9 28.9 26.0 29.0 28.3 32.3 37.7 38.0 44.0 38.7 32.3 28.3 30.8 19901990 23.6 24.9 22.9 21.0 23.4 27.7 26.3 27.5 24.5 21.5 23.8 22.7 25.5 29.1 28.1 31.1 24.8 17.4 10.6 3.6 -17.9 19911991 22.8 23.9 22.0 20.1 22.4 26.3 25.0 25.9 23.0 20.3 22.2 21.1 23.4 26.3 25.1 27.2 21.5 15.0 9.4 4.3 -6.8 5.8 19921992 20.4 21.4 19.6 17.7 19.6 23.1 21.7 22.3 19.5 16.7 18.2 16.9 18.5 20.6 18.9 19.9 14.3 8.1 2.6 -2.5 -11.6 -8.3 -20.6 19931993 21.0 22.0 20.2 18.4 20.3 23.7 22.3 23.0 20.4 17.8 19.3 18.1 19.8 21.8 20.4 21.4 16.6 11.5 7.3 3.9 -1.9 4.1 3.3 34.4 19941994 20.7 21.7 19.9 18.2 20.0 23.2 21.9 22.5 20.0 17.6 19.0 17.9 19.4 21.2 19.9 20.7 16.4 11.9 8.3 5.7 1.2 6.7 7.0 24.2 14.8 19951995 19.9 20.7 19.1 17.4 19.1 22.0 20.8 21.3 18.9 16.6 17.8 16.7 18.0 19.5 18.2 18.8 14.8 10.7 7.4 5.0 1.2 5.5 5.5 15.9 7.7 1.0 19961996 19.2 20.0 18.4 16.8 18.3 21.1 19.9 20.3 18.0 15.8 16.8 15.8 16.9 18.2 16.9 17.4 13.6 9.9 6.9 4.7 1.4 5.1 4.9 12.5 6.0 1.9 2.8 19971997 17.8 18.5 16.9 15.3 16.7 19.3 18.0 18.4 16.1 13.9 14.8 13.7 14.6 15.7 14.3 14.5 11.0 7.4 4.5 2.4 -0.7 2.0 1.4 6.5 0.5 -3.9 -6.3 -14.5 19981998 17.6 18.2 16.7 15.1 16.5 18.9 17.7 18.0 15.8 13.8 14.6 13.5 14.4 15.3 14.1 14.2 10.9 7.6 5.0 3.1 0.4 3.0 2.6 7.1 2.3 -0.6 -1.1 -2.9 10.2 19991999 18.0 18.6 17.1 15.7 17.0 19.3 18.2 18.5 16.4 14.5 15.3 14.3 15.2 16.1 15.0 15.2 12.2 9.2 6.9 5.3 3.1 5.7 5.7 10.1 6.5 4.9 6.0 7.0 19.8 30.2 20002000 16.8 17.4 16.0 14.5 15.7 17.9 16.8 17.0 15.0 13.1 13.8 12.8 13.5 14.4 13.2 13.3 10.4 7.5 5.3 3.7 1.6 3.8 3.5 7.0 3.6 1.9 2.0 1.8 8.0 6.9 -12.3 20012001 15.6 16.1 14.7 13.3 14.4 16.4 15.3 15.4 13.5 11.6 12.2 11.2 11.8 12.5 11.3 11.3 8.4 5.7 3.5 2.0 -0.1 1.7 1.3 4.1 0.8 -1.0 -1.4 -2.2 1.2 -1.7 -14.5 -16.7 20022002 15.0 15.5 14.1 12.7 13.7 15.6 14.5 14.7 12.8 11.0 11.5 10.5 11.1 11.6 10.5 10.4 7.7 5.1 3.1 1.6 -0.3 1.3 0.9 3.4 0.4 -1.3 -1.6 -2.3 0.4 -2.0 -10.8 -10.1 -2.9 20032003 16.1 16.6 15.3 14.0 15.0 17.0 15.9 16.1 14.3 12.6 13.2 12.3 12.9 13.6 12.6 12.6 10.1 7.8 6.0 4.8 3.1 5.0 4.9 7.6 5.2 4.2 4.6 4.9 8.5 8.2 3.3 9.0 24.8 60.2 20042004 16.6 17.0 15.8 14.5 15.6 17.4 16.4 16.6 14.9 13.3 13.9 13.1 13.7 14.4 13.4 13.5 11.2 9.0 7.4 6.3 4.8 6.7 6.8 9.4 7.4 6.7 7.4 7.9 11.6 11.8 8.5 14.4 27.2 45.5 32.1 20052005 16.7 17.2 16.0 14.7 15.8 17.6 16.6 16.8 15.2 13.6 14.2 13.5 14.1 14.7 13.8 13.9 11.7 9.7 8.2 7.2 5.9 7.7 7.8 10.4 8.6 8.1 8.8 9.5 12.9 13.3 10.7 16.0 26.0 37.4 27.3 22.6 20062006 17.0 17.4 16.2 15.1 16.1 17.9 16.9 17.1 15.5 14.1 14.7 13.9 14.5 15.2 14.3 14.5 12.4 10.5 9.1 8.2 7.0 8.8 9.0 11.5 9.9 9.5 10.3 11.1 14.3 14.9 12.8 17.7 26.1 34.6 27.0 24.5 26.3 20072007 16.7 17.2 16.0 14.9 15.8 17.5 16.7 16.8 15.3 13.9 14.4 13.7 14.3 14.9 14.1 14.2 12.2 10.3 9.0 8.2 7.0 8.7 8.9 11.2 9.7 9.4 10.1 10.8 13.7 14.1 12.2 16.2 22.9 28.8 21.9 18.7 16.8 8.0 20082008 14.4 14.8 13.6 12.4 13.3 14.8 13.9 14.0 12.4 11.0 11.4 10.6 11.1 11.5 10.6 10.6 8.6 6.7 5.3 4.4 3.1 4.5 4.4 6.2 4.5 3.8 4.1 4.2 6.0 5.6 3.2 5.3 8.9 11.0 3.2 -3.0 -10.3 -24.4 -47.1 20092009 15.1 15.4 14.3 13.2 14.0 15.6 14.7 14.8 13.3 11.9 12.4 11.7 12.1 12.6 11.8 11.8 9.9 8.1 6.8 6.0 4.9 6.3 6.3 8.1 6.7 6.2 6.5 6.8 8.8 8.7 6.8 9.1 12.9 15.3 9.2 5.1 1.1 -6.1 -12.5 44.8 20102010 15.2 15.6 14.5 13.4 14.2 15.7 14.9 15.0 13.5 12.2 12.7 12.0 12.4 12.9 12.1 12.1 10.3 8.6 7.4 6.6 5.6 7.0 7.0 8.8 7.5 7.0 7.4 7.8 9.7 9.7 8.0 10.2 13.7 16.0 10.8 7.6 4.8 0.0 -2.6 32.2 20.7

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

INTERNATIONAL SMALL CAp INDEX1970–2010: Total Returns (%)

In US Dollars

MSCI EAFE INDEX1970–2010: Total Returns (%)

In US Dollars

Index data compiled by Dimensional.Prior to 1981, data provided by Nomura Securities

and London School of Business.

Data copyright MSCI 2011, all rights reserved.

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$330

1926 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$40

1926 2010

44


JApAN SMALL CAp INDEX1970–2010: Total Returns (%)

In US Dollars

JApAN LARGE CAp INDEX1970–2010: Total Returns (%)

In US Dollars


Index data compiled by Dimensional. Prior to 1981, data provided by Nomura Securities.

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$42

1926 2010

19701970 -12.2 19711971 16.1 53.6 19721972 44.9 86.2 125.8 19731973 24.7 40.2 34.0 -20.5 19741974 15.2 23.3 14.6 -18.3 -16.1 19751975 15.9 22.5 15.8 -7.3 0.1 19.4 19761976 17.2 23.0 17.6 -0.1 7.8 22.2 25.1 19771977 17.0 21.8 17.2 2.8 9.7 19.9 20.2 15.4 19781978 20.5 25.3 21.7 9.8 17.2 27.4 30.2 32.8 52.8 19791979 16.7 20.5 16.9 6.4 11.7 18.2 18.0 15.7 15.8 -12.2 19801980 17.8 21.4 18.2 9.1 14.1 20.1 20.2 19.0 20.3 6.7 29.7 19811981 17.6 20.8 18.0 9.7 14.3 19.4 19.4 18.3 19.1 9.6 22.4 15.5 19821982 16.1 18.8 16.1 8.6 12.5 16.7 16.3 14.9 14.8 6.9 14.1 7.0 -0.9 19831983 16.7 19.3 16.8 10.0 13.6 17.5 17.3 16.2 16.3 10.2 16.6 12.5 11.1 24.5 19841984 16.7 19.1 16.8 10.5 13.9 17.4 17.2 16.3 16.4 11.3 16.7 13.6 13.0 20.6 16.8 19851985 18.2 20.6 18.5 12.8 16.1 19.6 19.6 19.0 19.5 15.3 20.7 19.0 19.9 27.7 29.3 43.1 19861986 21.9 24.4 22.7 17.4 21.0 24.8 25.3 25.3 26.5 23.5 29.7 29.7 32.7 42.7 49.4 68.9 99.4 19871987 23.0 25.4 23.9 19.0 22.5 26.1 26.7 26.8 28.0 25.5 31.3 31.5 34.4 42.8 47.8 59.8 68.9 43.0 19881988 23.6 26.0 24.5 20.0 23.3 26.7 27.3 27.5 28.7 26.5 31.7 32.0 34.5 41.5 45.2 53.3 56.9 39.2 35.4 19891989 22.4 24.6 23.1 18.8 21.8 24.9 25.3 25.3 26.2 24.0 28.4 28.2 29.9 35.0 36.8 41.2 40.8 25.4 17.3 1.7 19901990 18.7 20.5 18.9 14.8 17.3 19.8 19.8 19.4 19.7 17.3 20.5 19.6 20.1 23.0 22.7 23.7 20.2 5.9 -4.2 -19.4 -36.1 19911991 18.2 19.9 18.4 14.5 16.8 19.1 19.1 18.7 18.9 16.7 19.5 18.6 18.9 21.3 20.9 21.5 18.2 6.5 -1.1 -10.9 -16.6 8.9 19921992 16.1 17.6 16.1 12.3 14.4 16.4 16.2 15.7 15.7 13.4 15.7 14.6 14.5 16.2 15.3 15.1 11.5 1.2 -5.5 -13.6 -18.2 -7.5 -21.5 19931993 16.5 17.9 16.5 12.9 14.9 16.8 16.7 16.2 16.3 14.2 16.3 15.4 15.4 17.0 16.2 16.2 13.2 4.4 -0.9 -6.9 -9.0 2.4 -0.7 25.5 19941994 16.7 18.1 16.7 13.3 15.2 17.1 16.9 16.5 16.6 14.6 16.7 15.8 15.8 17.3 16.7 16.7 14.1 6.4 2.0 -2.7 -3.6 6.9 6.2 23.4 21.4 19951995 16.0 17.3 16.0 12.7 14.5 16.2 16.1 15.6 15.6 13.8 15.6 14.7 14.7 16.0 15.3 15.1 12.7 5.7 1.8 -2.2 -2.9 5.6 4.8 15.3 10.6 0.7 19961996 14.7 15.9 14.6 11.4 13.0 14.6 14.3 13.8 13.7 11.9 13.5 12.6 12.4 13.4 12.6 12.2 9.8 3.4 -0.3 -4.0 -4.8 1.7 0.4 6.7 1.1 -7.8 -15.5 19971997 13.0 14.1 12.8 9.7 11.2 12.6 12.3 11.7 11.5 9.7 11.0 10.0 9.7 10.4 9.5 8.9 6.5 0.6 -2.9 -6.4 -7.4 -2.3 -4.1 -0.2 -5.8 -13.4 -19.7 -23.7 19981998 12.7 13.8 12.5 9.5 10.9 12.2 11.9 11.4 11.2 9.4 10.7 9.7 9.4 10.1 9.2 8.6 6.4 0.9 -2.2 -5.3 -6.1 -1.5 -2.9 0.6 -3.7 -9.1 -12.2 -10.5 5.1 19991999 14.1 15.1 14.0 11.1 12.5 13.9 13.7 13.2 13.1 11.5 12.8 12.0 11.8 12.6 11.9 11.6 9.6 4.7 2.0 -0.6 -0.9 4.1 3.5 7.7 5.0 2.0 2.3 9.0 30.3 61.5 20002000 12.4 13.3 12.2 9.4 10.7 11.9 11.6 11.1 10.9 9.3 10.4 9.5 9.2 9.8 9.0 8.5 6.6 1.9 -0.7 -3.3 -3.7 0.3 -0.6 2.4 -0.6 -3.8 -4.7 -1.8 6.8 7.7 -28.2 20012001 10.8 11.6 10.4 7.8 8.9 10.0 9.6 9.1 8.8 7.2 8.2 7.3 6.9 7.3 6.4 5.8 3.8 -0.6 -3.1 -5.6 -6.2 -2.8 -3.9 -1.8 -4.7 -8.0 -9.3 -8.1 -3.7 -6.4 -28.8 -29.4 20022002 10.1 10.9 9.7 7.1 8.2 9.2 8.8 8.2 8.0 6.4 7.3 6.4 6.0 6.3 5.5 4.9 3.0 -1.2 -3.6 -5.9 -6.5 -3.5 -4.5 -2.7 -5.4 -8.3 -9.5 -8.4 -5.0 -7.4 -23.1 -20.4 -10.3 20032003 10.8 11.6 10.4 7.9 9.0 10.0 9.7 9.2 8.9 7.5 8.4 7.5 7.2 7.6 6.8 6.3 4.6 0.7 -1.5 -3.6 -4.0 -0.9 -1.7 0.3 -1.9 -4.2 -4.8 -3.1 0.8 0.0 -11.3 -4.9 10.4 35.9 20042004 10.9 11.7 10.6 8.2 9.2 10.2 9.9 9.4 9.2 7.8 8.7 7.9 7.5 7.9 7.2 6.8 5.1 1.4 -0.6 -2.5 -2.8 0.2 -0.4 1.6 -0.4 -2.3 -2.7 -0.9 2.8 2.5 -6.5 -0.1 12.2 25.5 15.9 20052005 11.3 12.0 11.0 8.7 9.7 10.7 10.4 9.9 9.7 8.4 9.3 8.5 8.2 8.7 8.0 7.6 6.1 2.6 0.7 -1.0 -1.2 1.7 1.2 3.2 1.6 -0.1 -0.2 1.7 5.4 5.5 -1.8 4.6 15.4 25.5 20.6 25.5 20062006 11.2 11.9 10.9 8.6 9.6 10.5 10.3 9.8 9.6 8.3 9.2 8.4 8.2 8.6 7.9 7.5 6.1 2.8 1.0 -0.6 -0.8 2.0 1.6 3.4 1.9 0.4 0.4 2.2 5.5 5.6 -0.6 4.9 13.5 20.4 15.6 15.5 6.2 20072007 10.7 11.4 10.4 8.2 9.2 10.0 9.8 9.3 9.1 7.9 8.6 7.9 7.7 8.0 7.4 7.0 5.6 2.4 0.7 -0.8 -1.0 1.6 1.2 2.9 1.5 0.1 0.0 1.6 4.5 4.4 -1.1 3.5 10.3 15.0 10.3 8.5 0.9 -4.2 20082008 9.5 10.1 9.1 6.9 7.8 8.6 8.3 7.8 7.6 6.3 7.1 6.3 6.0 6.3 5.6 5.2 3.8 0.7 -0.9 -2.5 -2.7 -0.4 -0.9 0.5 -0.9 -2.4 -2.6 -1.5 0.9 0.5 -4.7 -1.3 3.6 6.1 0.9 -2.5 -10.4 -17.7 -29.2 20092009 9.4 10.0 9.0 6.9 7.8 8.6 8.3 7.8 7.6 6.3 7.0 6.3 6.0 6.3 5.6 5.2 3.9 1.0 -0.6 -2.1 -2.3 -0.1 -0.5 0.9 -0.5 -1.8 -2.0 -0.9 1.3 1.0 -3.7 -0.5 3.9 6.1 1.8 -0.8 -6.5 -10.4 -13.3 6.3 20102010 9.5 10.1 9.2 7.1 8.0 8.7 8.5 8.0 7.8 6.6 7.3 6.6 6.3 6.6 6.0 5.6 4.3 1.5 0.0 -1.3 -1.5 0.7 0.2 1.6 0.4 -0.8 -0.9 0.2 2.3 2.1 -2.1 1.0 5.1 7.2 3.6 1.7 -2.4 -4.5 -4.6 10.8 15.4

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

19701970 -2.3 19711971 22.8 54.5 19721972 46.7 79.8 109.4 19731973 33.4 48.1 45.0 0.4 19741974 25.4 33.5 27.1 -0.9 -2.2 19751975 23.8 29.8 24.2 4.4 6.5 15.9 19761976 25.7 31.1 26.9 12.0 16.1 26.5 38.1 19771977 26.7 31.5 28.0 16.1 20.3 29.0 36.0 34.0 19781978 33.0 38.2 36.0 26.6 32.6 43.1 53.6 61.9 95.7 19791979 26.3 30.0 27.2 18.4 21.8 27.2 30.2 27.7 24.6 -20.6 19801980 27.1 30.5 28.0 20.4 23.6 28.5 31.2 29.5 28.0 3.6 35.2 19811981 24.3 27.1 24.7 17.7 20.0 23.6 24.9 22.4 19.7 1.6 15.0 -2.2 19821982 22.3 24.6 22.2 15.8 17.6 20.4 21.0 18.4 15.5 1.3 9.8 -1.0 0.1 19831983 23.8 26.1 24.0 18.2 20.2 22.9 23.8 21.9 20.0 8.8 17.8 12.5 20.6 45.3 19841984 23.4 25.5 23.5 18.2 19.9 22.4 23.2 21.4 19.7 10.3 17.8 13.8 19.7 30.8 17.8 19851985 25.2 27.3 25.6 20.7 22.6 25.1 26.1 24.8 23.7 15.9 23.4 21.2 27.9 38.7 35.5 55.9 19861986 26.9 29.0 27.5 23.1 25.0 27.6 28.7 27.8 27.2 20.5 27.9 26.7 33.4 43.4 42.7 57.1 58.3 19871987 29.2 31.3 30.0 25.9 28.0 30.7 32.0 31.5 31.2 25.5 32.9 32.6 39.5 49.0 49.9 62.5 65.9 73.9 19881988 29.2 31.3 30.0 26.2 28.1 30.6 31.9 31.3 31.1 26.0 32.6 32.3 38.1 45.7 45.8 53.7 53.0 50.5 30.2 19891989 29.7 31.7 30.5 27.0 28.8 31.2 32.4 32.0 31.8 27.1 33.3 33.1 38.3 44.8 44.7 50.8 49.5 46.7 34.8 39.5 19901990 25.8 27.4 26.1 22.6 24.0 25.9 26.6 25.8 25.2 20.6 25.3 24.3 27.7 31.6 29.8 31.9 27.6 20.9 7.1 -2.9 -32.4 19911991 24.8 26.2 25.0 21.6 22.9 24.6 25.2 24.3 23.7 19.4 23.5 22.5 25.3 28.4 26.5 27.8 23.6 17.6 6.7 -0.2 -15.5 5.5 19921992 21.9 23.1 21.8 18.6 19.6 21.0 21.3 20.3 19.4 15.3 18.6 17.4 19.3 21.4 19.0 19.2 14.7 8.7 -1.1 -7.6 -19.5 -12.1 -26.8 19931993 21.8 23.0 21.7 18.6 19.6 20.9 21.2 20.2 19.4 15.5 18.7 17.5 19.3 21.2 19.0 19.2 15.3 10.1 2.1 -2.8 -11.2 -2.7 -6.6 19.3 19941994 22.1 23.2 22.0 19.1 20.0 21.3 21.6 20.7 20.0 16.4 19.4 18.3 20.1 21.9 19.9 20.2 16.7 12.4 5.6 2.0 -4.2 4.5 4.1 24.2 29.3 19951995 20.8 21.8 20.6 17.8 18.6 19.7 19.9 19.0 18.3 14.8 17.5 16.4 17.8 19.3 17.4 17.3 14.1 10.0 3.8 0.5 -4.8 2.0 1.1 12.6 9.4 -7.5 19961996 19.0 19.9 18.7 15.9 16.6 17.5 17.6 16.7 15.8 12.5 14.8 13.7 14.8 16.0 14.0 13.6 10.4 6.5 0.9 -2.3 -7.1 -2.1 -3.5 3.4 -1.5 -14.0 -20.0 19971997 15.4 16.1 14.8 12.1 12.6 13.3 13.2 12.1 11.1 7.8 9.7 8.4 9.0 9.7 7.5 6.7 3.4 -0.5 -5.9 -9.2 -14.0 -11.0 -13.5 -10.5 -16.7 -28.1 -36.6 -49.7 19981998 15.4 16.1 14.9 12.3 12.8 13.4 13.3 12.3 11.4 8.3 10.1 8.8 9.5 10.1 8.1 7.4 4.4 0.8 -4.0 -6.9 -11.0 -7.9 -9.7 -6.5 -10.9 -18.8 -22.3 -23.4 16.8 19991999 16.4 17.1 16.0 13.5 14.0 14.7 14.7 13.7 12.9 10.0 11.8 10.7 11.4 12.1 10.3 9.9 7.1 4.0 -0.4 -2.8 -6.2 -2.8 -3.8 0.1 -2.8 -8.2 -8.4 -4.1 32.5 50.1 20002000 15.2 15.9 14.7 12.3 12.7 13.4 13.3 12.3 11.5 8.7 10.3 9.2 9.8 10.4 8.6 8.1 5.5 2.4 -1.6 -3.9 -7.1 -4.1 -5.1 -2.0 -4.7 -9.5 -9.8 -7.1 14.0 12.6 -15.6 20012001 14.0 14.6 13.5 11.1 11.5 12.0 11.9 10.9 10.1 7.4 8.8 7.7 8.2 8.7 6.9 6.3 3.8 1.0 -2.9 -5.1 -8.1 -5.5 -6.5 -3.9 -6.5 -10.7 -11.2 -9.3 5.1 1.4 -16.6 -17.7 20022002 13.5 14.1 13.0 10.7 11.1 11.6 11.4 10.5 9.6 7.0 8.4 7.3 7.8 8.2 6.5 5.9 3.6 0.9 -2.7 -4.7 -7.5 -5.1 -6.0 -3.6 -5.8 -9.5 -9.8 -7.9 3.9 0.9 -11.6 -9.5 -0.6 20032003 14.7 15.2 14.2 12.0 12.4 12.9 12.8 12.0 11.2 8.7 10.2 9.2 9.7 10.2 8.7 8.2 6.1 3.6 0.3 -1.4 -3.9 -1.2 -1.8 0.9 -0.8 -3.6 -3.1 -0.4 11.6 10.5 2.4 9.2 25.7 59.0 20042004 15.2 15.7 14.7 12.6 13.0 13.6 13.5 12.7 12.0 9.6 11.0 10.1 10.7 11.2 9.8 9.4 7.4 5.1 2.0 0.5 -1.7 0.9 0.6 3.3 2.0 -0.4 0.4 3.3 14.5 14.1 8.0 14.8 28.3 45.7 33.5 20052005 15.8 16.4 15.4 13.3 13.8 14.3 14.3 13.5 12.9 10.6 12.0 11.2 11.8 12.3 11.0 10.7 8.8 6.7 3.8 2.4 0.5 3.2 3.0 5.7 4.7 2.7 3.8 6.8 17.4 17.4 12.7 19.4 31.1 43.7 36.6 39.8 20062006 14.8 15.4 14.4 12.4 12.8 13.3 13.2 12.4 11.8 9.5 10.9 10.0 10.5 11.0 9.7 9.3 7.5 5.4 2.7 1.4 -0.5 1.9 1.7 4.1 3.0 1.1 1.9 4.4 13.2 12.8 8.2 12.8 20.2 26.0 16.6 9.0 -15.1 20072007 14.1 14.6 13.6 11.7 12.0 12.5 12.4 11.6 11.0 8.8 10.0 9.2 9.7 10.1 8.8 8.4 6.6 4.7 2.0 0.7 -1.1 1.2 0.9 3.1 2.0 0.2 0.8 3.0 10.6 10.0 5.8 9.2 14.5 17.8 9.3 2.2 -12.6 -10.0 20082008 13.2 13.6 12.7 10.8 11.1 11.5 11.4 10.6 9.9 7.9 9.0 8.2 8.6 8.9 7.7 7.3 5.5 3.6 1.1 -0.2 -1.9 0.1 -0.2 1.7 0.7 -1.1 -0.6 1.2 7.9 7.0 3.1 5.7 9.5 11.3 3.6 -2.8 -13.9 -13.2 -16.4 20092009 13.0 13.5 12.5 10.7 11.0 11.4 11.2 10.5 9.8 7.8 8.9 8.1 8.5 8.8 7.6 7.2 5.6 3.7 1.3 0.1 -1.5 0.4 0.2 2.0 1.0 -0.6 -0.1 1.6 7.8 7.0 3.4 5.8 9.1 10.6 4.1 -0.9 -9.1 -7.0 -5.5 6.7 20102010 13.2 13.6 12.7 10.9 11.2 11.6 11.5 10.8 10.1 8.2 9.2 8.5 8.8 9.2 8.0 7.7 6.1 4.3 2.0 0.9 -0.6 1.3 1.1 2.9 2.0 0.5 1.1 2.8 8.6 7.9 4.8 7.0 10.2 11.6 6.1 2.2 -4.1 -1.1 2.1 12.7 19.1

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$160

1926 2010

45

45


19561956 -0.4 19571957 6.0 12.8 19581958 16.9 26.6 42.1 19591959 28.5 39.9 55.7 70.7 19601960 24.2 31.2 37.9 35.9 8.2 19611961 22.5 27.7 31.7 28.4 11.3 14.5 19621962 21.1 25.1 27.7 24.4 11.9 13.9 13.2 19631963 23.3 27.1 29.6 27.3 18.3 21.9 25.7 39.6 19641964 20.3 23.2 24.7 22.0 14.1 15.6 16.0 17.4 -1.2 19651965 19.2 21.7 22.8 20.3 13.5 14.5 14.5 15.0 4.4 10.3 19661966 16.5 18.3 18.9 16.3 10.1 10.4 9.6 8.8 0.1 0.7 -8.0 19671967 16.6 18.3 18.9 16.5 11.1 11.5 11.0 10.6 4.4 6.3 4.4 18.4 19681968 18.5 20.2 20.9 19.0 14.3 15.1 15.2 15.6 11.3 14.6 16.1 30.5 43.8 19691969 16.2 17.6 18.0 16.1 11.7 12.1 11.7 11.5 7.4 9.3 9.0 15.4 13.9 -9.8 19701970 15.3 16.5 16.8 14.9 10.9 11.2 10.8 10.5 6.9 8.3 7.9 12.3 10.3 -3.4 3.5 19711971 18.6 20.0 20.6 19.1 15.5 16.2 16.4 16.8 14.2 16.6 17.7 23.6 24.9 19.2 37.0 81.5 19721972 19.0 20.3 20.9 19.5 16.2 16.9 17.2 17.6 15.3 17.6 18.7 23.8 25.0 20.6 32.9 50.7 25.1 19731973 15.8 16.8 17.1 15.6 12.4 12.7 12.6 12.5 10.1 11.5 11.6 14.7 14.1 9.0 14.2 18.1 -4.7 -27.5 19741974 10.9 11.5 11.4 9.8 6.6 6.5 5.9 5.3 2.6 3.0 2.2 3.6 1.6 -4.1 -2.9 -4.4 -22.8 -39.4 -49.3 19751975 13.8 14.6 14.7 13.3 10.4 10.6 10.3 10.0 7.9 8.8 8.6 10.6 9.7 5.5 8.3 9.3 -3.7 -11.7 -2.6 87.3 19761976 12.4 13.1 13.1 11.6 8.9 8.9 8.6 8.2 6.1 6.8 6.5 8.0 6.9 3.1 5.0 5.3 -5.6 -12.0 -6.1 27.8 -12.8 19771977 15.9 16.8 17.0 15.8 13.3 13.6 13.6 13.6 11.9 13.0 13.3 15.4 15.1 12.3 15.4 17.3 9.0 6.1 16.7 54.0 39.7 123.6 19781978 16.8 17.7 17.9 16.8 14.5 14.9 14.9 15.0 13.5 14.7 15.0 17.2 17.1 14.7 17.8 19.7 12.8 10.8 20.7 49.9 39.2 75.7 38.1 19791979 17.1 17.9 18.1 17.1 14.9 15.3 15.3 15.4 14.1 15.2 15.5 17.6 17.5 15.3 18.2 20.0 13.9 12.4 20.9 43.9 34.8 55.8 30.0 22.4 19801980 17.7 18.5 18.8 17.8 15.7 16.1 16.2 16.4 15.2 16.3 16.7 18.7 18.7 16.8 19.6 21.3 16.0 14.9 22.8 42.3 34.6 50.1 31.4 28.1 34.2 19811981 17.0 17.8 18.0 17.0 15.0 15.4 15.4 15.5 14.3 15.3 15.6 17.4 17.3 15.5 17.9 19.3 14.4 13.3 19.8 35.4 28.3 38.6 23.0 18.3 16.3 0.8 19821982 16.7 17.4 17.6 16.7 14.7 15.1 15.1 15.2 14.0 14.9 15.2 16.8 16.7 15.0 17.2 18.4 13.9 12.8 18.5 31.8 25.3 33.1 20.0 15.9 13.8 4.8 9.0 19831983 16.9 17.6 17.8 16.9 15.1 15.4 15.5 15.6 14.5 15.4 15.7 17.2 17.2 15.6 17.6 18.8 14.7 13.8 19.0 30.9 25.1 31.7 20.6 17.4 16.2 10.7 16.1 23.6 19841984 16.7 17.4 17.5 16.7 14.9 15.2 15.2 15.3 14.3 15.1 15.4 16.8 16.7 15.2 17.1 18.2 14.3 13.5 18.2 28.6 23.4 28.8 19.1 16.2 15.0 10.6 14.1 16.8 10.3 19851985 18.0 18.7 18.9 18.1 16.5 16.8 16.9 17.1 16.2 17.1 17.4 18.9 19.0 17.6 19.6 20.8 17.3 16.7 21.5 31.5 26.9 32.3 23.9 22.0 22.0 19.7 24.9 30.7 34.4 63.8 19861986 18.7 19.4 19.6 18.9 17.3 17.7 17.8 18.0 17.2 18.1 18.5 20.0 20.0 18.8 20.8 22.0 18.8 18.3 22.9 32.3 28.2 33.2 25.7 24.3 24.6 23.0 28.0 33.3 36.7 52.1 41.3 19871987 19.6 20.3 20.5 19.8 18.3 18.7 18.9 19.1 18.3 19.3 19.7 21.2 21.4 20.3 22.2 23.4 20.5 20.2 24.6 33.5 29.8 34.6 27.9 26.8 27.4 26.4 31.3 36.3 39.7 51.1 45.2 49.1 19881988 19.2 19.9 20.1 19.4 18.0 18.3 18.5 18.7 17.9 18.8 19.2 20.6 20.7 19.7 21.5 22.5 19.7 19.4 23.5 31.6 28.0 32.2 26.0 24.9 25.2 24.1 27.8 31.2 32.8 39.2 31.8 27.3 8.7 19891989 18.5 19.2 19.4 18.7 17.3 17.6 17.7 17.9 17.1 17.9 18.2 19.5 19.6 18.5 20.2 21.1 18.4 18.0 21.7 29.0 25.6 29.2 23.4 22.2 22.1 20.9 23.6 25.9 26.3 29.7 22.4 16.7 3.2 -2.0 19901990 17.8 18.4 18.6 17.9 16.5 16.8 16.9 17.0 16.2 17.0 17.2 18.4 18.4 17.4 18.9 19.7 17.1 16.7 20.0 26.6 23.4 26.5 21.1 19.7 19.5 18.1 20.2 21.7 21.4 23.4 16.6 11.1 0.7 -3.0 -4.0 19911991 17.7 18.3 18.4 17.8 16.4 16.7 16.8 16.9 16.2 16.9 17.1 18.3 18.3 17.3 18.7 19.5 17.0 16.6 19.7 25.9 22.8 25.6 20.6 19.3 19.1 17.8 19.6 20.9 20.5 22.0 16.2 11.8 4.0 2.5 4.8 14.3 19921992 16.8 17.3 17.4 16.8 15.5 15.7 15.7 15.8 15.1 15.7 15.9 16.9 16.9 15.9 17.1 17.8 15.4 14.9 17.8 23.4 20.4 22.9 18.1 16.8 16.3 15.0 16.3 17.1 16.4 17.2 11.7 7.4 0.6 -1.3 -1.1 0.4 -11.9 19931993 17.3 17.8 17.9 17.3 16.0 16.3 16.3 16.4 15.7 16.4 16.6 17.6 17.6 16.6 17.9 18.6 16.3 15.9 18.6 24.1 21.3 23.6 19.1 18.0 17.6 16.5 17.9 18.7 18.2 19.2 14.5 11.1 5.8 5.3 7.2 11.1 9.6 36.3 19941994 16.8 17.3 17.4 16.8 15.5 15.8 15.8 15.9 15.2 15.8 16.0 16.9 16.9 16.0 17.1 17.7 15.6 15.1 17.7 22.8 20.1 22.2 17.9 16.8 16.4 15.2 16.4 17.1 16.5 17.2 12.9 9.7 5.0 4.5 5.8 8.4 6.5 17.0 0.51995 16.8 17.3 17.4 16.8 15.6 15.8 15.9 15.9 15.3 15.8 16.0 17.0 16.9 16.0 17.2 17.7 15.6 15.2 17.7 22.5 19.9 22.0 17.9 16.8 16.5 15.4 16.5 17.1 16.6 17.2 13.3 10.6 6.5 6.2 7.7 10.2 9.2 17.2 8.81996 17.1 17.6 17.7 17.1 16.0 16.2 16.2 16.3 15.7 16.2 16.4 17.4 17.3 16.5 17.6 18.2 16.2 15.8 18.2 22.8 20.4 22.3 18.5 17.5 17.2 16.2 17.3 18.0 17.5 18.2 14.7 12.3 8.9 8.9 10.5 13.2 12.9 20.2 15.21997 16.8 17.2 17.4 16.8 15.6 15.8 15.9 15.9 15.3 15.9 16.0 16.9 16.9 16.0 17.1 17.6 15.7 15.3 17.6 21.9 19.6 21.4 17.7 16.7 16.4 15.5 16.5 17.0 16.5 17.0 13.8 11.6 8.4 8.3 9.7 11.8 11.4 16.7 12.31998 16.3 16.7 16.8 16.2 15.1 15.3 15.3 15.4 14.7 15.2 15.4 16.2 16.1 15.3 16.3 16.8 14.9 14.5 16.6 20.7 18.5 20.1 16.6 15.6 15.3 14.3 15.2 15.6 15.1 15.4 12.3 10.2 7.2 7.1 8.1 9.8 9.1 13.1 8.91999 16.9 17.4 17.5 16.9 15.8 16.1 16.1 16.2 15.6 16.1 16.3 17.1 17.1 16.3 17.3 17.8 16.0 15.7 17.8 21.8 19.6 21.3 18.0 17.1 16.8 16.0 16.9 17.3 17.0 17.4 14.7 12.8 10.3 10.4 11.7 13.6 13.5 17.7 14.92000 16.3 16.7 16.8 16.3 15.2 15.4 15.4 15.5 14.9 15.4 15.5 16.3 16.2 15.5 16.4 16.8 15.1 14.7 16.7 20.5 18.4 19.9 16.7 15.8 15.5 14.7 15.4 15.8 15.4 15.7 13.0 11.3 8.8 8.8 9.8 11.3 11.0 14.2 11.42001 15.6 16.0 16.1 15.5 14.5 14.6 14.6 14.7 14.1 14.5 14.6 15.4 15.3 14.5 15.3 15.8 14.0 13.7 15.5 19.1 17.0 18.4 15.3 14.4 14.1 13.2 13.8 14.1 13.6 13.8 11.2 9.5 7.1 7.0 7.8 8.9 8.4 10.9 8.12002 14.8 15.1 15.2 14.7 13.6 13.7 13.7 13.7 13.1 13.5 13.6 14.3 14.2 13.4 14.2 14.5 12.9 12.5 14.2 17.5 15.5 16.8 13.8 12.9 12.5 11.6 12.1 12.3 11.7 11.8 9.3 7.6 5.3 5.0 5.6 6.4 5.7 7.7 4.92003 15.5 15.9 16.0 15.4 14.4 14.6 14.6 14.6 14.0 14.5 14.6 15.3 15.2 14.4 15.3 15.6 14.0 13.7 15.4 18.7 16.8 18.1 15.2 14.4 14.0 13.2 13.8 14.1 13.6 13.8 11.5 10.0 7.9 7.8 8.6 9.6 9.2 11.4 9.22004 15.8 16.2 16.3 15.8 14.8 14.9 14.9 15.0 14.4 14.9 15.0 15.7 15.6 14.9 15.7 16.1 14.5 14.2 15.9 19.1 17.3 18.5 15.8 15.0 14.7 14.0 14.6 14.8 14.4 14.6 12.5 11.1 9.2 9.2 10.0 11.1 10.8 13.0 11.12005 15.8 16.2 16.2 15.7 14.8 14.9 14.9 15.0 14.4 14.8 15.0 15.6 15.5 14.9 15.6 16.0 14.5 14.2 15.8 18.9 17.2 18.4 15.7 14.9 14.7 13.9 14.5 14.8 14.4 14.6 12.6 11.2 9.4 9.5 10.2 11.2 11.0 13.0 11.32006 16.3 16.6 16.7 16.2 15.3 15.4 15.5 15.5 15.0 15.4 15.6 16.2 16.2 15.5 16.3 16.7 15.2 14.9 16.5 19.6 17.9 19.1 16.5 15.8 15.6 14.9 15.5 15.8 15.5 15.7 13.8 12.6 10.9 11.1 11.9 13.0 12.9 14.9 13.42007 15.8 16.2 16.2 15.7 14.8 15.0 15.0 15.0 14.5 14.9 15.0 15.6 15.6 14.9 15.7 16.0 14.6 14.3 15.8 18.8 17.1 18.2 15.7 15.0 14.8 14.1 14.6 14.9 14.5 14.7 12.9 11.7 10.1 10.1 10.9 11.8 11.6 13.4 11.92008 13.6 13.9 13.9 13.4 12.4 12.5 12.5 12.5 11.9 12.3 12.3 12.8 12.7 12.0 12.6 12.9 11.5 11.1 12.5 15.1 13.4 14.4 11.9 11.1 10.8 10.0 10.4 10.4 9.9 9.9 8.0 6.7 5.0 4.9 5.2 5.8 5.3 6.5 4.72009 14.4 14.7 14.8 14.3 13.4 13.5 13.5 13.5 13.0 13.3 13.4 13.9 13.8 13.2 13.8 14.1 12.7 12.4 13.8 16.4 14.8 15.8 13.4 12.7 12.4 11.7 12.1 12.2 11.8 11.9 10.1 8.9 7.4 7.3 7.8 8.5 8.2 9.5 8.02010 14.7 15.0 15.0 14.6 13.7 13.8 13.8 13.8 13.3 13.6 13.7 14.2 14.1 13.5 14.2 14.4 13.1 12.8 14.1 16.7 15.2 16.1 13.8 13.2 12.9 12.2 12.6 12.8 12.4 12.5 10.8 9.7 8.2 8.2 8.7 9.4 9.1 10.4 9.1

1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

46


UNITED KINGDOM SMALL CAp INDEX 1956–2010: Total Returns (%)

In US Dollars

19951995 17.6 19961996 23.4 29.4 19971997 16.5 16.0 4.0 19981998 11.1 9.1 0.1 -3.6 19991999 18.0 18.1 14.5 20.2 49.8 20002000 13.3 12.4 8.6 10.1 17.7 -7.5 20012001 9.2 7.8 4.0 4.0 6.6 -10.0 -12.5 20022002 5.4 3.8 0.1 -0.7 0.0 -12.6 -15.0 -17.4 20032003 10.2 9.3 6.7 7.1 9.4 1.1 4.2 13.7 56.5 20042004 12.2 11.6 9.5 10.3 12.9 6.6 10.5 19.4 43.6 31.8 20052005 12.3 11.8 10.0 10.7 13.0 7.8 11.1 18.0 32.8 22.4 13.7 20062006 14.5 14.3 12.8 13.9 16.3 12.1 15.8 22.5 35.1 28.7 27.2 42.2 20072007 12.9 12.5 11.0 11.8 13.6 9.8 12.5 17.3 25.8 19.2 15.2 16.0 -5.4 20082008 5.0 4.1 2.3 2.1 2.7 -1.5 -0.8 1.0 4.5 -3.6 -10.9 -17.8 -37.5 -58.7 20092009 8.5 7.9 6.4 6.6 7.5 4.0 5.4 7.9 12.1 6.0 1.5 -1.3 -12.7 -16.1 70.8 20102010 9.6 9.1 7.8 8.1 9.1 6.0 7.5 10.0 14.0 9.0 5.6 4.0 -3.8 -3.3 48.1 28.4

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Index data compiled by Dimensional. Prior to 1981, data provided by the London School of Business.

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1956

$1,869

1926 2010

47

47


19561956 -6.0 19571957 -3.5 -0.9 19581958 10.4 19.7 44.7 19591959 20.7 31.2 50.9 57.4 19601960 14.8 20.7 28.9 21.7 -5.8 19611961 13.2 17.4 22.5 15.9 -0.5 5.2 19621962 11.0 14.2 17.5 11.5 -0.6 2.1 -0.8 19631963 11.9 14.7 17.5 12.8 3.7 7.1 8.2 17.9 19641964 9.9 12.1 14.1 9.7 2.0 4.1 3.8 6.1 -4.5 19651965 10.1 12.1 13.9 10.0 3.6 5.7 5.8 8.1 3.5 12.0 19661966 8.7 10.3 11.7 8.1 2.4 3.9 3.6 4.8 0.7 3.4 -4.5 19671967 9.4 10.9 12.2 9.0 4.1 5.6 5.7 7.1 4.5 7.7 5.6 16.8 19681968 11.9 13.5 14.9 12.3 8.2 10.1 10.8 12.9 11.9 16.4 17.9 31.0 46.8 19691969 10.1 11.4 12.5 10.0 6.1 7.5 7.8 9.1 7.7 10.3 9.8 15.1 14.2 -11.1 19701970 9.1 10.2 11.2 8.7 5.1 6.3 6.4 7.4 6.0 7.8 7.0 10.1 7.9 -7.5 -3.8 19711971 11.6 12.9 13.9 11.9 8.7 10.2 10.7 12.0 11.3 13.8 14.1 18.2 18.5 10.4 23.0 57.1 19721972 11.3 12.5 13.5 11.5 8.6 9.9 10.3 11.5 10.8 12.9 13.0 16.3 16.2 9.5 17.4 29.7 7.1 19731973 8.6 9.5 10.2 8.2 5.3 6.2 6.3 7.0 6.0 7.2 6.6 8.3 6.9 0.3 3.4 5.9 -13.0 -29.4 19741974 4.1 4.7 5.0 2.9 0.1 0.5 0.2 0.2 -1.2 -0.9 -2.3 -2.0 -4.4 -11.0 -11.0 -12.7 -28.2 -41.2 -51.1 19751975 8.0 8.8 9.4 7.6 5.0 5.8 5.9 6.4 5.5 6.4 5.9 7.1 6.0 1.1 3.3 4.8 -5.3 -9.1 3.2 117.7 19761976 6.8 7.5 8.0 6.2 3.8 4.4 4.4 4.7 3.8 4.5 3.9 4.7 3.5 -1.0 0.6 1.3 -7.2 -10.5 -3.1 36.4 -14.5 19771977 9.0 9.8 10.4 8.8 6.6 7.4 7.5 8.1 7.4 8.4 8.1 9.3 8.6 5.0 7.3 8.9 2.5 1.6 11.2 46.3 20.0 68.3 19781978 9.3 10.1 10.6 9.1 7.1 7.8 8.0 8.6 8.0 8.9 8.7 9.8 9.2 6.0 8.1 9.7 4.2 3.8 12.1 37.9 18.4 39.4 15.4 19791979 9.7 10.5 11.0 9.6 7.7 8.4 8.6 9.2 8.7 9.6 9.4 10.6 10.1 7.3 9.3 10.8 6.1 6.0 13.4 34.2 18.9 32.7 17.8 20.2 19801980 11.0 11.8 12.4 11.1 9.2 10.1 10.3 11.0 10.6 11.6 11.6 12.8 12.5 10.0 12.2 13.9 9.9 10.3 17.5 36.0 23.8 35.8 26.5 32.4 45.8 19811981 10.1 10.8 11.4 10.1 8.3 9.1 9.3 9.8 9.4 10.3 10.1 11.2 10.8 8.4 10.2 11.6 7.9 7.9 13.8 28.4 17.6 25.3 16.4 16.8 15.1 -9.1 19821982 10.1 10.8 11.3 10.1 8.4 9.1 9.3 9.8 9.4 10.2 10.1 11.1 10.7 8.5 10.2 11.4 8.0 8.1 13.3 25.8 16.4 22.5 15.0 14.8 13.1 -0.4 9.2 19831983 10.3 11.0 11.5 10.3 8.7 9.4 9.6 10.1 9.7 10.5 10.4 11.4 11.0 9.0 10.6 11.8 8.6 8.8 13.6 24.7 16.3 21.6 15.2 15.1 13.9 4.9 12.6 16.2 19841984 10.1 10.8 11.2 10.1 8.5 9.2 9.4 9.9 9.5 10.2 10.1 11.0 10.7 8.8 10.2 11.3 8.4 8.5 12.8 22.6 15.1 19.4 13.7 13.4 12.1 5.0 10.2 10.6 5.4 19851985 11.3 11.9 12.4 11.4 9.9 10.6 10.8 11.4 11.1 11.9 11.9 12.8 12.6 10.8 12.4 13.5 10.9 11.2 15.5 24.9 18.1 22.5 17.7 18.0 17.7 12.7 19.0 22.4 25.7 49.8 19861986 11.9 12.5 13.0 12.0 10.6 11.3 11.6 12.1 11.9 12.7 12.7 13.6 13.5 11.8 13.4 14.5 12.1 12.5 16.6 25.4 19.2 23.3 19.1 19.6 19.5 15.6 21.2 24.4 27.3 40.0 30.8 19871987 12.6 13.2 13.7 12.8 11.5 12.2 12.5 13.0 12.8 13.6 13.7 14.7 14.6 13.1 14.6 15.8 13.6 14.0 18.0 26.3 20.7 24.5 20.8 21.4 21.6 18.5 23.8 26.9 29.8 39.1 34.1 37.4 19881988 12.4 13.0 13.5 12.6 11.3 12.0 12.3 12.8 12.6 13.4 13.4 14.3 14.2 12.8 14.2 15.3 13.2 13.6 17.2 24.8 19.6 22.9 19.5 19.9 19.9 17.0 21.3 23.4 24.9 30.3 24.4 21.3 7.1 19891989 12.6 13.3 13.7 12.9 11.6 12.3 12.5 13.1 12.9 13.6 13.7 14.6 14.5 13.1 14.5 15.5 13.6 14.0 17.4 24.5 19.6 22.8 19.6 20.0 19.9 17.4 21.2 23.0 24.2 28.3 23.4 21.1 13.6 20.6 19901990 12.5 13.1 13.6 12.7 11.5 12.1 12.4 12.9 12.7 13.4 13.5 14.3 14.2 12.9 14.2 15.2 13.3 13.7 16.9 23.4 18.9 21.7 18.7 19.0 18.9 16.4 19.7 21.1 21.8 24.8 20.3 17.8 11.9 14.3 8.5 19911991 12.7 13.2 13.7 12.9 11.7 12.3 12.6 13.0 12.9 13.6 13.6 14.4 14.3 13.1 14.3 15.3 13.5 13.8 16.9 23.1 18.7 21.4 18.6 18.8 18.7 16.5 19.4 20.6 21.2 23.7 19.8 17.7 13.2 15.3 12.7 17.2 19921992 12.2 12.8 13.2 12.4 11.2 11.8 12.0 12.5 12.3 13.0 13.0 13.7 13.6 12.4 13.5 14.4 12.7 13.0 15.8 21.5 17.4 19.7 17.0 17.2 16.9 14.8 17.3 18.1 18.3 20.0 16.3 14.0 9.9 10.5 7.4 6.9 -2.5 19931993 12.5 13.1 13.5 12.7 11.6 12.2 12.4 12.9 12.7 13.4 13.4 14.1 14.0 12.9 14.0 14.9 13.2 13.5 16.3 21.7 17.8 20.1 17.6 17.7 17.5 15.6 17.9 18.7 19.0 20.6 17.4 15.6 12.3 13.4 11.7 12.8 10.6 25.5 19941994 12.2 12.7 13.1 12.3 11.3 11.8 12.0 12.4 12.3 12.9 12.9 13.6 13.5 12.3 13.4 14.2 12.6 12.9 15.4 20.5 16.8 18.8 16.4 16.5 16.2 14.4 16.4 17.0 17.1 18.3 15.3 13.5 10.4 11.0 9.1 9.3 6.8 11.8 -0.51995 12.4 13.0 13.3 12.6 11.6 12.1 12.3 12.7 12.6 13.2 13.2 13.9 13.8 12.7 13.7 14.5 13.0 13.3 15.7 20.6 17.1 19.0 16.7 16.8 16.6 14.9 16.8 17.4 17.5 18.7 16.0 14.5 11.9 12.6 11.3 11.9 10.6 15.3 10.51996 12.8 13.3 13.7 13.0 12.0 12.5 12.8 13.2 13.0 13.6 13.7 14.4 14.3 13.3 14.3 15.0 13.6 13.9 16.3 20.9 17.6 19.5 17.4 17.5 17.3 15.7 17.6 18.2 18.4 19.6 17.1 15.8 13.7 14.5 13.7 14.5 14.0 18.6 16.41997 13.0 13.5 13.8 13.1 12.2 12.7 12.9 13.3 13.2 13.8 13.8 14.5 14.4 13.4 14.4 15.2 13.8 14.1 16.4 20.8 17.7 19.5 17.4 17.5 17.4 15.9 17.7 18.3 18.4 19.5 17.2 16.1 14.1 14.9 14.3 15.1 14.8 18.6 16.91998 13.0 13.5 13.9 13.2 12.2 12.8 13.0 13.4 13.3 13.8 13.9 14.5 14.4 13.5 14.4 15.2 13.8 14.1 16.3 20.6 17.5 19.2 17.3 17.4 17.3 15.8 17.5 18.1 18.2 19.2 17.1 16.0 14.2 15.0 14.3 15.1 14.8 18.0 16.51999 13.2 13.7 14.0 13.4 12.4 13.0 13.2 13.6 13.5 14.0 14.1 14.7 14.6 13.7 14.6 15.3 14.1 14.3 16.5 20.6 17.7 19.3 17.5 17.6 17.4 16.1 17.7 18.2 18.3 19.2 17.3 16.3 14.7 15.5 15.0 15.7 15.5 18.4 17.22000 12.5 13.0 13.3 12.7 11.7 12.2 12.4 12.8 12.6 13.2 13.2 13.8 13.7 12.8 13.6 14.3 13.0 13.2 15.2 19.1 16.3 17.7 15.9 16.0 15.8 14.4 15.8 16.2 16.2 16.9 15.0 14.0 12.3 12.8 12.1 12.5 11.9 13.9 12.32001 11.8 12.2 12.6 11.9 11.0 11.4 11.6 11.9 11.8 12.3 12.3 12.8 12.7 11.8 12.6 13.2 11.9 12.1 14.0 17.6 14.8 16.2 14.4 14.4 14.1 12.8 14.0 14.3 14.2 14.7 12.8 11.7 10.1 10.3 9.5 9.6 8.8 10.2 8.42002 11.2 11.6 11.9 11.2 10.3 10.7 10.9 11.2 11.0 11.5 11.5 11.9 11.8 10.9 11.7 12.2 11.0 11.1 12.8 16.3 13.6 14.8 13.1 13.0 12.7 11.4 12.5 12.6 12.4 12.9 11.0 9.9 8.2 8.3 7.4 7.3 6.5 7.4 5.62003 11.6 12.0 12.3 11.7 10.8 11.2 11.4 11.7 11.6 12.0 12.0 12.5 12.4 11.5 12.3 12.8 11.6 11.8 13.5 16.8 14.3 15.5 13.8 13.8 13.5 12.3 13.4 13.6 13.5 13.9 12.2 11.2 9.7 9.9 9.2 9.2 8.6 9.6 8.22004 11.8 12.2 12.5 11.9 11.0 11.5 11.6 11.9 11.8 12.2 12.2 12.7 12.6 11.8 12.5 13.0 11.9 12.1 13.7 17.0 14.5 15.7 14.1 14.1 13.8 12.6 13.7 13.9 13.8 14.2 12.6 11.7 10.3 10.5 9.9 10.0 9.5 10.5 9.32005 11.8 12.1 12.4 11.8 11.0 11.4 11.6 11.9 11.7 12.2 12.2 12.6 12.5 11.7 12.4 12.9 11.8 12.0 13.6 16.7 14.3 15.5 13.9 13.9 13.6 12.5 13.5 13.7 13.6 14.0 12.5 11.6 10.3 10.5 9.9 10.0 9.5 10.5 9.32006 12.1 12.5 12.8 12.2 11.4 11.8 12.0 12.3 12.2 12.6 12.6 13.1 13.0 12.2 12.9 13.4 12.4 12.5 14.1 17.2 14.9 16.0 14.5 14.5 14.3 13.2 14.2 14.4 14.4 14.8 13.4 12.5 11.4 11.6 11.1 11.3 10.9 11.9 10.92007 12.0 12.4 12.7 12.1 11.3 11.7 11.9 12.2 12.1 12.5 12.5 12.9 12.8 12.1 12.8 13.3 12.2 12.4 13.9 16.9 14.6 15.7 14.3 14.2 14.0 13.0 14.0 14.1 14.1 14.5 13.1 12.3 11.2 11.4 10.9 11.0 10.6 11.6 10.72008 10.4 10.7 10.9 10.4 9.6 9.9 10.0 10.3 10.1 10.4 10.4 10.8 10.7 9.9 10.5 10.9 9.8 9.9 11.3 14.0 11.8 12.8 11.3 11.2 10.9 9.8 10.6 10.6 10.4 10.6 9.2 8.3 7.1 7.1 6.4 6.3 5.7 6.2 5.02009 10.9 11.3 11.5 11.0 10.2 10.5 10.7 10.9 10.8 11.1 11.1 11.5 11.4 10.6 11.2 11.7 10.7 10.8 12.1 14.8 12.7 13.6 12.3 12.2 11.9 10.9 11.7 11.8 11.6 11.9 10.5 9.7 8.6 8.7 8.1 8.1 7.6 8.2 7.22010 10.9 11.3 11.5 11.0 10.2 10.5 10.7 10.9 10.8 11.1 11.1 11.5 11.4 10.6 11.2 11.6 10.7 10.8 12.1 14.7 12.6 13.6 12.2 12.1 11.9 10.9 11.6 11.7 11.6 11.8 10.5 9.7 8.7 8.7 8.2 8.2 7.7 8.3 7.4

1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

48


UNITED KINGDOM LARGE CAp INDEX 1956–2010: Total Returns (%)

In US Dollars

Data published with the permission of FTSE.

19951995 22.7 19961996 25.8 29.0 19971997 23.4 23.7 18.6 19981998 21.2 20.7 16.8 15.0 19991999 21.1 20.7 18.0 17.8 20.6 20002000 14.6 13.1 9.4 6.5 2.4 -13.0 20012001 9.7 7.7 3.9 0.5 -3.9 -14.3 -15.5 20022002 6.4 4.2 0.6 -2.7 -6.7 -14.3 -15.0 -14.5 20032003 9.2 7.6 4.8 2.7 0.4 -4.1 -1.0 7.2 34.4 20042004 10.3 9.0 6.7 5.1 3.6 0.5 4.1 11.6 27.5 21.0 20052005 10.2 9.0 7.0 5.7 4.4 1.9 5.2 11.1 21.2 15.0 9.4 20062006 11.9 11.0 9.4 8.4 7.6 5.8 9.3 15.1 24.0 20.7 20.5 32.9 20072007 11.6 10.7 9.1 8.2 7.5 6.0 9.0 13.7 20.4 17.1 15.9 19.3 7.1 20082008 5.4 4.2 2.4 1.0 -0.3 -2.4 -1.0 1.3 4.2 -1.0 -5.8 -10.4 -26.4 -49.5 20092009 7.7 6.8 5.2 4.2 3.2 1.6 3.4 6.0 9.3 5.7 2.8 1.2 -7.5 -14.1 46.2 20102010 7.9 7.0 5.6 4.6 3.8 2.4 4.1 6.5 9.5 6.3 4.1 3.0 -3.3 -6.5 27.1 10.5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1956

$300

1926 2010

49

49


INTERNATIONAL VALUE INDEX1975–2010: Total Returns (%)

In US Dollars

INTERNATIONAL GROWTH INDEX1975–2010: Total Returns (%)

In US Dollars



19751975 29.7 19761976 14.4 0.9 19771977 13.9 6.8 13.1 19781978 18.1 14.5 22.0 31.5 19791979 15.3 12.0 16.0 17.4 4.8 19801980 17.3 14.9 18.7 20.7 15.6 27.5 19811981 13.3 10.8 12.9 12.9 7.3 8.5 -7.6 19821982 11.4 9.0 10.4 9.9 5.1 5.2 -4.4 -1.2 19831983 12.2 10.2 11.6 11.3 7.7 8.4 2.7 8.3 18.8 19841984 11.0 9.1 10.2 9.8 6.6 6.9 2.3 5.9 9.6 1.1 19851985 14.6 13.2 14.7 14.9 12.6 14.0 11.5 16.9 23.6 26.0 57.2 19861986 18.7 17.7 19.6 20.3 19.0 21.1 20.1 26.6 34.6 40.4 65.5 74.2 19871987 19.0 18.2 19.9 20.6 19.4 21.4 20.5 26.0 32.2 35.8 49.9 46.4 23.0 19881988 18.8 18.0 19.6 20.2 19.1 20.8 20.0 24.6 29.5 31.7 40.7 35.6 19.7 16.5 19891989 18.0 17.2 18.5 19.0 17.9 19.3 18.5 22.2 26.0 27.2 33.2 27.8 15.2 11.5 6.8 19901990 14.7 13.8 14.8 14.9 13.6 14.5 13.2 15.8 18.1 18.0 21.1 15.0 3.7 -2.1 -10.2 -24.6 19911991 14.5 13.6 14.5 14.6 13.4 14.2 13.1 15.4 17.4 17.2 19.7 14.4 5.1 1.1 -3.6 -8.4 11.3 19921992 12.8 11.8 12.6 12.5 11.3 11.8 10.6 12.4 13.9 13.3 15.0 10.0 1.8 -1.9 -6.1 -10.0 -1.7 -13.2 19931993 13.3 12.5 13.2 13.2 12.1 12.7 11.6 13.4 14.8 14.4 16.0 11.6 4.8 2.0 -0.7 -2.5 6.3 3.9 24.2 19941994 13.0 12.2 12.9 12.8 11.8 12.3 11.2 12.8 14.1 13.7 15.0 11.1 5.0 2.7 0.5 -0.7 6.4 4.8 15.2 6.8 19951995 13.0 12.2 12.9 12.9 11.9 12.3 11.4 12.9 14.0 13.6 14.8 11.3 5.9 3.9 2.2 1.5 7.7 6.8 14.5 9.9 13.1 19961996 12.6 11.9 12.4 12.4 11.4 11.8 10.9 12.3 13.3 12.9 13.9 10.6 5.7 4.0 2.5 1.9 7.2 6.3 11.9 8.0 8.7 4.4 19971997 12.2 11.5 12.0 12.0 11.0 11.4 10.5 11.8 12.7 12.3 13.2 10.1 5.6 4.0 2.7 2.2 6.8 6.0 10.4 7.2 7.3 4.5 4.5 19981998 12.7 12.0 12.5 12.5 11.6 12.0 11.2 12.4 13.4 13.0 13.9 11.1 7.0 5.7 4.7 4.4 8.8 8.4 12.5 10.3 11.2 10.5 13.7 23.7 19991999 13.3 12.7 13.2 13.2 12.4 12.8 12.1 13.3 14.2 13.9 14.8 12.3 8.6 7.4 6.6 6.6 10.8 10.8 14.7 13.2 14.5 14.8 18.5 26.2 28.7 20002000 11.7 11.0 11.5 11.4 10.6 10.8 10.1 11.1 11.8 11.4 12.1 9.6 6.0 4.8 3.9 3.6 7.0 6.5 9.3 7.3 7.4 6.3 6.7 7.5 0.2 -22.0 20012001 10.2 9.5 9.8 9.7 8.8 9.0 8.2 9.1 9.6 9.2 9.7 7.2 3.8 2.5 1.5 1.1 3.8 3.1 5.1 3.0 2.4 0.7 0.0 -1.1 -8.2 -22.5 -22.9 20022002 9.2 8.5 8.8 8.6 7.8 7.9 7.1 7.8 8.3 7.8 8.2 5.8 2.6 1.3 0.3 -0.1 2.2 1.4 3.0 0.9 0.2 -1.5 -2.5 -3.8 -9.7 -19.8 -18.6 -14.1 20032003 9.9 9.3 9.6 9.5 8.7 8.9 8.1 8.9 9.4 8.9 9.4 7.2 4.2 3.1 2.3 1.9 4.3 3.8 5.5 3.8 3.4 2.3 2.0 1.6 -2.4 -8.9 -4.0 7.1 33.4 20042004 10.1 9.5 9.8 9.7 9.0 9.1 8.4 9.2 9.7 9.3 9.7 7.6 4.8 3.8 3.1 2.8 5.1 4.7 6.3 4.8 4.6 3.7 3.6 3.5 0.5 -4.4 0.6 9.9 24.3 15.9 20052005 10.2 9.7 10.0 9.9 9.1 9.3 8.6 9.4 9.8 9.5 9.9 7.9 5.2 4.3 3.7 3.5 5.7 5.3 6.8 5.5 5.4 4.6 4.7 4.7 2.2 -1.6 3.1 10.8 20.6 14.7 13.5 20062006 10.6 10.1 10.4 10.3 9.6 9.8 9.1 9.9 10.4 10.0 10.4 8.6 6.1 5.2 4.6 4.5 6.7 6.4 7.9 6.7 6.7 6.2 6.4 6.6 4.6 1.5 6.1 13.1 21.1 17.3 18.1 22.8 20072007 10.7 10.2 10.5 10.4 9.8 9.9 9.3 10.1 10.5 10.2 10.6 8.9 6.5 5.7 5.1 5.1 7.1 6.9 8.4 7.3 7.3 6.9 7.1 7.4 5.7 3.1 7.3 13.4 19.8 16.7 17.0 18.7 14.8 20082008 8.6 8.0 8.3 8.1 7.4 7.5 6.9 7.4 7.8 7.4 7.6 5.9 3.5 2.7 2.0 1.8 3.5 3.0 4.1 2.9 2.6 1.9 1.7 1.4 -0.6 -3.4 -0.8 2.9 6.0 1.3 -2.1 -6.8 -18.8 -42.6 20092009 8.9 8.4 8.6 8.5 7.8 7.9 7.3 7.8 8.2 7.8 8.1 6.4 4.1 3.4 2.8 2.6 4.2 3.9 5.0 3.9 3.7 3.0 2.9 2.8 1.1 -1.3 1.3 4.8 7.8 4.1 1.8 -0.9 -7.7 -17.3 19.2 20102010 9.0 8.5 8.7 8.6 7.9 8.1 7.5 8.0 8.4 8.0 8.3 6.7 4.5 3.8 3.2 3.1 4.7 4.3 5.4 4.4 4.3 3.7 3.6 3.6 2.0 -0.1 2.4 5.7 8.5 5.3 3.7 1.8 -2.9 -8.1 16.2 13.3

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

19751975 39.0 19761976 19.9 3.4 19771977 23.2 15.9 30.0 19781978 27.8 24.2 36.2 42.7 19791979 23.1 19.4 25.3 23.0 6.1 19801980 22.4 19.3 23.7 21.6 12.3 18.9 19811981 20.4 17.5 20.6 18.4 11.2 13.8 9.0 19821982 17.3 14.5 16.5 13.9 7.7 8.3 3.3 -2.1 19831983 18.6 16.3 18.2 16.4 11.7 13.2 11.4 12.5 29.4 19841984 17.6 15.4 17.1 15.3 11.3 12.3 10.8 11.4 18.8 9.0 19851985 20.6 18.9 20.8 19.7 16.7 18.6 18.5 21.0 29.9 30.1 55.2 19861986 23.8 22.5 24.6 24.1 21.9 24.3 25.3 28.8 38.0 40.9 60.2 65.4 19871987 24.7 23.5 25.6 25.1 23.3 25.6 26.6 29.8 37.4 39.4 51.4 49.5 35.1 19881988 25.6 24.6 26.6 26.3 24.7 27.0 28.1 31.0 37.6 39.3 48.1 45.8 36.8 38.6 19891989 25.1 24.2 25.9 25.6 24.1 26.1 26.9 29.4 34.6 35.5 41.5 38.3 30.3 28.0 18.2 19901990 21.5 20.4 21.7 21.1 19.5 20.8 21.0 22.4 25.8 25.3 28.3 23.5 14.8 8.7 -3.7 -21.6 19911991 20.8 19.7 20.9 20.3 18.7 19.8 19.9 21.1 24.0 23.3 25.5 21.1 13.8 9.0 0.6 -7.2 9.9 19921992 18.8 17.7 18.7 18.0 16.4 17.2 17.1 17.9 20.1 19.1 20.4 16.1 9.5 4.9 -2.1 -8.1 -0.4 -9.8 19931993 20.2 19.2 20.2 19.6 18.2 19.1 19.2 20.0 22.3 21.6 23.1 19.6 14.2 11.0 6.2 3.4 13.3 15.1 46.9 19941994 20.0 19.0 20.0 19.4 18.1 18.9 18.9 19.7 21.8 21.1 22.4 19.2 14.4 11.7 7.8 5.8 14.0 15.4 30.6 16.2 19951995 19.5 18.6 19.5 18.9 17.6 18.4 18.3 19.0 20.8 20.2 21.2 18.3 13.9 11.5 8.1 6.5 13.3 14.1 23.5 13.2 10.3 19961996 19.1 18.2 19.0 18.4 17.2 17.9 17.8 18.4 20.1 19.4 20.3 17.5 13.6 11.4 8.4 7.1 12.8 13.4 20.0 12.2 10.3 10.2 19971997 18.2 17.3 18.0 17.4 16.2 16.8 16.7 17.2 18.6 17.9 18.6 16.0 12.3 10.2 7.5 6.2 10.9 11.1 15.8 9.1 6.9 5.2 0.4 19981998 18.4 17.6 18.2 17.7 16.6 17.2 17.1 17.6 18.9 18.2 18.9 16.5 13.2 11.4 8.9 8.0 12.4 12.7 17.0 11.8 10.7 10.9 11.2 23.1 19991999 18.9 18.2 18.8 18.4 17.3 17.9 17.9 18.4 19.7 19.1 19.8 17.6 14.6 13.0 10.9 10.2 14.5 15.1 19.2 15.1 14.9 16.0 18.0 28.0 33.0 20002000 18.3 17.6 18.2 17.7 16.7 17.2 17.1 17.6 18.8 18.2 18.8 16.7 13.8 12.3 10.3 9.7 13.4 13.8 17.2 13.4 13.0 13.5 14.4 19.4 17.6 4.0 20012001 16.9 16.1 16.6 16.1 15.1 15.5 15.3 15.6 16.7 16.0 16.4 14.3 11.6 10.0 8.1 7.3 10.4 10.5 13.0 9.3 8.4 8.1 7.7 9.6 5.4 -6.2 -15.4 20022002 15.6 14.8 15.3 14.7 13.7 14.0 13.8 14.0 14.9 14.2 14.5 12.5 9.8 8.3 6.4 5.5 8.2 8.0 10.0 6.5 5.3 4.6 3.7 4.4 0.2 -8.8 -14.6 -13.8 20032003 17.1 16.4 16.9 16.4 15.5 15.9 15.8 16.1 17.0 16.5 16.9 15.0 12.6 11.3 9.7 9.1 11.9 12.1 14.4 11.5 11.0 11.1 11.2 13.2 11.3 6.4 7.2 20.7 69.2 20042004 17.5 16.9 17.4 16.9 16.0 16.5 16.4 16.7 17.6 17.1 17.5 15.8 13.5 12.4 10.9 10.4 13.2 13.4 15.6 13.1 12.8 13.1 13.5 15.5 14.3 10.9 12.6 23.9 48.6 30.6 20052005 17.5 16.8 17.3 16.9 16.0 16.4 16.3 16.6 17.5 17.0 17.4 15.8 13.6 12.5 11.2 10.7 13.3 13.6 15.6 13.3 13.0 13.3 13.7 15.5 14.4 11.6 13.1 21.7 36.5 22.6 15.1 20062006 17.9 17.3 17.8 17.4 16.6 17.0 16.9 17.2 18.1 17.7 18.1 16.5 14.5 13.5 12.3 11.9 14.5 14.8 16.8 14.7 14.6 15.0 15.5 17.3 16.6 14.4 16.2 23.8 35.6 26.0 23.7 33.0 20072007 17.6 16.9 17.4 17.0 16.2 16.6 16.5 16.8 17.6 17.2 17.5 16.1 14.1 13.2 12.0 11.6 14.0 14.2 16.0 14.1 13.9 14.2 14.6 16.1 15.4 13.4 14.8 20.7 29.2 20.7 17.6 18.9 6.4 20082008 15.0 14.3 14.6 14.2 13.3 13.6 13.4 13.6 14.2 13.7 13.9 12.3 10.4 9.3 8.0 7.5 9.4 9.4 10.7 8.7 8.1 8.0 7.8 8.5 7.1 4.6 4.7 7.9 12.0 3.1 -2.8 -8.1 -23.6 -45.1 20092009 15.9 15.2 15.6 15.2 14.4 14.7 14.6 14.8 15.4 14.9 15.2 13.7 11.9 11.0 9.8 9.4 11.3 11.4 12.8 10.9 10.6 10.6 10.6 11.5 10.6 8.5 9.0 12.6 16.9 10.0 6.2 4.1 -4.0 -8.8 51.5 20102010 15.8 15.2 15.6 15.1 14.4 14.6 14.5 14.7 15.4 14.9 15.1 13.7 12.0 11.1 9.9 9.6 11.4 11.5 12.8 11.1 10.8 10.8 10.8 11.7 10.8 9.0 9.5 12.6 16.5 10.4 7.4 5.9 0.1 -2.0 31.0 13.3

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1975

$196

1926 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1975

$22

1926 2010

50


INTERNATIONAL SMALL CAp VALUE INDEX1982–2010: Total Returns (%)

In US Dollars


19821982 -2.4 19831983 15.7 37.0 19841984 14.3 23.7 11.7 19851985 26.9 38.5 39.3 73.7 19861986 32.4 42.9 44.9 65.0 56.8 19871987 35.8 45.0 47.1 61.2 55.3 53.9 19881988 35.6 43.2 44.5 54.1 48.1 43.9 34.6 19891989 35.9 42.5 43.4 50.8 45.5 41.9 36.3 38.1 19901990 28.7 33.2 32.6 36.5 30.0 24.1 15.5 7.0 -17.1 19911991 26.1 29.7 28.8 31.5 25.5 20.1 12.9 6.4 -6.6 5.2 19921992 20.8 23.4 22.0 23.3 17.4 11.9 5.0 -1.3 -11.8 -9.0 -21.4 19931993 22.7 25.3 24.1 25.6 20.6 16.2 10.9 6.7 0.0 6.4 7.0 45.6 19941994 21.6 23.8 22.7 23.9 19.3 15.3 10.6 7.1 1.8 7.1 7.7 26.1 9.2 19951995 20.2 22.2 21.0 21.9 17.7 14.0 9.8 6.6 2.1 6.5 6.8 18.2 6.5 4.0 19961996 19.0 20.7 19.6 20.3 16.3 12.9 9.1 6.2 2.3 6.0 6.1 14.4 5.5 3.7 3.5 19971997 16.6 17.9 16.7 17.1 13.3 10.0 6.4 3.6 0.0 2.7 2.2 7.8 -0.1 -3.0 -6.3 -15.1 19981998 16.1 17.4 16.2 16.5 13.0 10.0 6.7 4.2 1.0 3.5 3.3 8.1 1.8 0.0 -1.2 -3.5 9.7 19991999 16.4 17.6 16.5 16.9 13.6 10.8 7.8 5.7 2.9 5.4 5.4 9.9 4.9 4.0 4.0 4.2 15.5 21.5 20002000 15.4 16.5 15.3 15.6 12.5 9.8 7.0 5.0 2.4 4.6 4.5 8.3 3.8 3.0 2.8 2.6 9.3 9.1 -2.0 20012001 14.2 15.1 14.0 14.1 11.2 8.7 6.0 4.1 1.7 3.6 3.4 6.6 2.5 1.6 1.2 0.7 5.1 3.6 -4.3 -6.5 20022002 13.7 14.5 13.4 13.5 10.7 8.4 5.9 4.1 1.8 3.6 3.4 6.3 2.6 1.9 1.6 1.2 4.9 3.7 -1.7 -1.5 3.8 20032003 15.7 16.6 15.7 15.9 13.3 11.1 8.9 7.4 5.5 7.4 7.6 10.7 7.7 7.6 8.0 8.7 13.3 14.0 12.2 17.4 31.6 66.8 20042004 16.4 17.4 16.5 16.8 14.3 12.4 10.3 8.9 7.2 9.2 9.5 12.6 10.0 10.1 10.8 11.7 16.2 17.3 16.5 21.6 32.8 50.1 35.1 20052005 16.8 17.7 16.9 17.1 14.8 13.0 11.0 9.8 8.2 10.2 10.5 13.4 11.1 11.3 12.0 13.0 17.2 18.3 17.7 22.1 30.5 40.9 29.5 24.1 20062006 17.2 18.1 17.3 17.6 15.4 13.6 11.8 10.7 9.3 11.2 11.6 14.4 12.3 12.6 13.4 14.4 18.3 19.4 19.1 23.0 29.9 37.4 28.9 25.8 27.5 20072007 16.7 17.6 16.8 17.0 15.0 13.3 11.6 10.5 9.1 10.9 11.2 13.8 11.8 12.1 12.8 13.6 17.0 17.8 17.4 20.5 25.7 30.5 22.8 18.9 16.4 6.2 20082008 13.7 14.4 13.5 13.6 11.5 9.8 8.1 6.9 5.5 6.9 7.0 9.1 7.0 6.8 7.1 7.4 9.7 9.7 8.4 9.8 12.4 13.9 5.5 -0.8 -8.0 -21.9 -42.5 20092009 14.8 15.5 14.7 14.8 12.9 11.3 9.6 8.6 7.3 8.7 8.9 11.0 9.2 9.2 9.6 10.0 12.4 12.7 11.8 13.5 16.3 18.2 11.6 7.4 3.6 -3.4 -7.8 47.8 20102010 14.9 15.6 14.9 15.0 13.1 11.6 10.0 9.0 7.8 9.2 9.4 11.5 9.7 9.8 10.2 10.7 12.9 13.2 12.5 14.1 16.6 18.3 12.6 9.3 6.5 1.8 0.4 32.8 19.2

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

MSCI EMERGING MARKETS INDEX1988–2010: Total Returns (%)

In US Dollars


19881988 40.4 19891989 52.2 65.0 19901990 27.5 21.5 -10.6 19911991 34.9 33.1 19.6 59.9 19921992 29.8 27.3 16.8 33.5 11.4 19931993 36.4 35.7 29.2 46.0 39.6 74.8 19941994 29.1 27.3 20.9 30.3 21.8 27.3 -7.3 19951995 24.2 22.1 16.1 22.3 14.4 15.4 -6.3 -5.2 19961996 22.1 19.9 14.6 19.4 12.7 13.0 -2.3 0.3 6.0 19971997 18.2 15.9 10.9 14.4 8.2 7.6 -4.7 -3.9 -3.2 -11.6 19981998 13.4 10.9 6.2 8.5 2.6 1.2 -9.3 -9.7 -11.2 -18.8 -25.3 19991999 17.0 15.1 11.0 13.7 9.0 8.7 0.4 2.0 3.9 3.2 11.5 66.4 20002000 12.4 10.4 6.4 8.3 3.7 2.7 -4.8 -4.3 -4.2 -6.6 -4.8 7.5 -30.6 20012001 11.3 9.3 5.6 7.2 3.0 2.2 -4.5 -4.1 -3.9 -5.7 -4.2 4.1 -17.7 -2.4 20022002 10.0 8.1 4.7 6.1 2.2 1.3 -4.6 -4.3 -4.2 -5.8 -4.6 1.5 -14.0 -4.2 -6.0 20032003 12.5 10.8 7.7 9.3 5.9 5.4 0.2 1.1 1.9 1.3 3.6 10.6 -0.1 12.8 21.2 56.3 20042004 13.2 11.7 8.9 10.4 7.3 7.0 2.3 3.3 4.3 4.1 6.5 13.0 4.6 15.9 22.8 40.3 26.0 20052005 14.3 13.0 10.3 11.9 9.0 8.9 4.7 5.8 7.0 7.1 9.7 15.9 9.1 19.4 25.6 38.4 30.2 34.5 20062006 15.2 14.0 11.5 13.1 10.5 10.4 6.6 7.8 9.1 9.4 12.0 17.8 12.2 21.5 27.0 36.9 31.0 33.6 32.6 20072007 16.3 15.2 12.9 14.5 12.1 12.2 8.7 10.0 11.4 11.9 14.5 20.1 15.3 24.0 29.0 37.5 33.1 35.6 36.1 39.8 20082008 11.4 10.1 7.8 8.9 6.5 6.2 2.7 3.5 4.2 4.0 5.6 9.3 4.3 9.8 11.6 14.9 8.0 3.9 -4.6 -19.1 -53.2 20092009 13.8 12.7 10.6 11.8 9.6 9.5 6.4 7.3 8.3 8.5 10.3 14.3 10.1 15.9 18.4 22.4 17.5 15.9 11.6 5.4 -8.4 79.0 20102010 14.1 13.0 11.0 12.2 10.1 10.0 7.1 8.0 9.0 9.2 11.0 14.7 10.9 16.2 18.5 22.0 17.7 16.4 13.1 8.7 0.0 46.1 19.2

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1988

$21

1926 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1982

$56

1926 2010

51

51


19261926 -1.5 19271927 -1.8 -2.1 19281928 -1.5 -1.5 -1.0 19291929 -1.1 -1.0 -0.4 0.2 19301930 -2.1 -2.2 -2.3 -3.0 -6.0 19311931 -3.4 -3.7 -4.2 -5.2 -7.8 -9.5 19321932 -4.4 -4.9 -5.4 -6.5 -8.6 -9.9 -10.3 19331933 -3.8 -4.1 -4.5 -5.1 -6.4 -6.6 -5.0 0.5 19341934 -3.2 -3.4 -3.6 -4.0 -4.8 -4.5 -2.7 1.3 2.0 19351935 -2.6 -2.7 -2.8 -3.0 -3.5 -3.0 -1.3 1.8 2.5 3.0 19361936 -2.2 -2.3 -2.3 -2.5 -2.9 -2.3 -0.8 1.7 2.1 2.1 1.2 19371937 -1.8 -1.8 -1.8 -1.9 -2.1 -1.6 -0.2 2.0 2.3 2.4 2.1 3.1 19381938 -1.9 -1.9 -1.9 -2.0 -2.2 -1.7 -0.6 1.2 1.3 1.1 0.5 0.1 -2.8 19391939 -1.8 -1.8 -1.8 -1.8 -2.0 -1.6 -0.6 0.9 1.0 0.8 0.2 -0.1 -1.6 -0.5 19401940 -1.6 -1.6 -1.6 -1.6 -1.8 -1.3 -0.4 0.9 1.0 0.8 0.4 0.2 -0.8 0.2 1.0 19411941 -0.9 -0.9 -0.8 -0.8 -0.9 -0.4 0.6 1.9 2.0 2.0 1.9 2.0 1.7 3.3 5.2 9.7 19421942 -0.3 -0.3 -0.2 -0.1 -0.1 0.4 1.3 2.6 2.8 2.9 2.9 3.2 3.2 4.8 6.6 9.5 9.3 19431943 -0.2 -0.1 0.1 0.1 0.1 0.6 1.5 2.6 2.9 2.9 2.9 3.2 3.2 4.4 5.7 7.4 6.2 3.2 19441944 0.0 0.0 0.2 0.2 0.2 0.7 1.5 2.6 2.8 2.9 2.9 3.1 3.1 4.1 5.0 6.0 4.8 2.6 2.1 19451945 0.1 0.2 0.3 0.4 0.4 0.8 1.6 2.6 2.7 2.8 2.8 3.0 3.0 3.8 4.5 5.3 4.2 2.5 2.2 2.2 19461946 0.9 1.0 1.2 1.3 1.3 1.8 2.6 3.6 3.9 4.0 4.1 4.4 4.5 5.5 6.4 7.3 6.8 6.2 7.3 9.9 18.2 19471947 1.2 1.4 1.5 1.7 1.7 2.2 3.0 4.0 4.2 4.4 4.5 4.8 5.0 5.9 6.7 7.5 7.2 6.8 7.7 9.6 13.5 9.0 19481948 1.3 1.4 1.6 1.7 1.8 2.3 3.0 3.9 4.1 4.3 4.4 4.6 4.8 5.6 6.2 6.9 6.5 6.1 6.7 7.8 9.8 5.8 2.7 19491949 1.2 1.3 1.4 1.5 1.6 2.0 2.7 3.5 3.7 3.8 3.9 4.1 4.2 4.9 5.4 5.9 5.5 4.9 5.2 5.8 6.8 3.2 0.4 -1.8 19501950 1.3 1.5 1.6 1.7 1.8 2.2 2.9 3.7 3.9 4.0 4.0 4.2 4.3 4.9 5.4 5.9 5.5 5.0 5.3 5.8 6.6 3.8 2.2 1.9 5.8 19511951 1.5 1.6 1.8 1.9 2.0 2.4 3.0 3.8 4.0 4.1 4.1 4.3 4.4 5.0 5.5 5.9 5.5 5.1 5.4 5.8 6.4 4.2 3.1 3.2 5.8 5.9 19521952 1.5 1.6 1.8 1.9 1.9 2.3 2.9 3.6 3.8 3.9 4.0 4.1 4.2 4.7 5.1 5.5 5.1 4.7 4.9 5.2 5.6 3.7 2.6 2.6 4.2 3.3 0.9 19531953 1.5 1.6 1.7 1.8 1.9 2.2 2.8 3.5 3.6 3.7 3.8 3.9 4.0 4.4 4.8 5.1 4.7 4.3 4.4 4.7 5.0 3.2 2.3 2.2 3.3 2.4 0.8 0.6 19541954 1.4 1.5 1.6 1.7 1.8 2.1 2.7 3.3 3.4 3.5 3.5 3.7 3.7 4.1 4.4 4.7 4.3 3.9 4.0 4.2 4.4 2.8 1.9 1.8 2.5 1.7 0.3 0.1 -0.5 19551955 1.4 1.5 1.6 1.7 1.7 2.1 2.6 3.2 3.3 3.4 3.4 3.5 3.5 3.9 4.2 4.4 4.0 3.6 3.7 3.8 4.0 2.5 1.7 1.6 2.1 1.4 0.3 0.2 -0.1 0.4 19561956 1.4 1.5 1.6 1.7 1.8 2.1 2.6 3.2 3.3 3.3 3.4 3.5 3.5 3.8 4.1 4.3 3.9 3.6 3.6 3.7 3.9 2.5 1.8 1.7 2.2 1.7 0.8 0.8 0.9 1.6 2.9 19571957 1.5 1.6 1.7 1.8 1.8 2.1 2.6 3.2 3.3 3.3 3.3 3.4 3.5 3.8 4.0 4.2 3.9 3.5 3.6 3.7 3.8 2.6 2.0 1.9 2.3 1.9 1.2 1.3 1.4 2.1 2.9 3.0 19581958 1.5 1.6 1.7 1.8 1.8 2.1 2.6 3.1 3.2 3.3 3.3 3.4 3.4 3.7 3.9 4.1 3.8 3.4 3.4 3.5 3.6 2.5 1.9 1.9 2.3 1.8 1.3 1.3 1.5 2.0 2.5 2.4 1.8 19591959 1.5 1.6 1.7 1.8 1.8 2.1 2.5 3.0 3.1 3.2 3.2 3.3 3.3 3.6 3.8 3.9 3.6 3.3 3.3 3.4 3.5 2.4 1.9 1.8 2.2 1.8 1.3 1.4 1.5 1.9 2.3 2.1 1.6 1.5 19601960 1.5 1.6 1.7 1.7 1.8 2.1 2.5 3.0 3.1 3.1 3.1 3.2 3.2 3.5 3.7 3.8 3.5 3.2 3.2 3.3 3.3 2.4 1.9 1.8 2.1 1.8 1.3 1.4 1.5 1.8 2.1 1.9 1.6 1.5 1.5 19611961 1.4 1.5 1.6 1.7 1.8 2.0 2.4 2.9 3.0 3.0 3.0 3.1 3.1 3.4 3.5 3.7 3.4 3.1 3.1 3.1 3.2 2.2 1.8 1.7 2.0 1.7 1.3 1.3 1.4 1.7 1.9 1.7 1.4 1.2 1.1 0.7 19621962 1.4 1.5 1.6 1.7 1.7 2.0 2.4 2.8 2.9 3.0 3.0 3.0 3.0 3.3 3.4 3.6 3.3 3.0 3.0 3.0 3.1 2.2 1.7 1.7 1.9 1.6 1.3 1.3 1.4 1.6 1.8 1.6 1.3 1.2 1.1 0.9 1.2 19631963 1.4 1.5 1.6 1.7 1.7 2.0 2.4 2.8 2.9 2.9 2.9 3.0 3.0 3.2 3.4 3.5 3.2 2.9 2.9 2.9 3.0 2.2 1.7 1.7 1.9 1.6 1.3 1.3 1.4 1.6 1.8 1.6 1.4 1.3 1.3 1.2 1.4 1.7 19641964 1.4 1.5 1.6 1.7 1.7 2.0 2.3 2.8 2.8 2.9 2.9 2.9 2.9 3.1 3.3 3.4 3.1 2.8 2.8 2.9 2.9 2.1 1.7 1.6 1.9 1.6 1.3 1.3 1.4 1.6 1.7 1.6 1.4 1.3 1.2 1.2 1.4 1.4 1.2 19651965 1.4 1.5 1.6 1.7 1.7 2.0 2.3 2.7 2.8 2.8 2.8 2.9 2.9 3.1 3.2 3.3 3.1 2.8 2.8 2.8 2.8 2.1 1.7 1.7 1.9 1.6 1.3 1.4 1.4 1.6 1.7 1.6 1.4 1.4 1.4 1.3 1.5 1.6 1.6 1.9 19661966 1.5 1.6 1.7 1.7 1.8 2.0 2.4 2.8 2.8 2.8 2.8 2.9 2.9 3.1 3.2 3.3 3.1 2.8 2.8 2.8 2.9 2.2 1.8 1.8 2.0 1.7 1.5 1.5 1.6 1.7 1.9 1.8 1.6 1.6 1.6 1.7 1.9 2.0 2.2 2.6 3.3 19671967 1.5 1.6 1.7 1.8 1.8 2.0 2.4 2.8 2.8 2.9 2.8 2.9 2.9 3.1 3.2 3.3 3.1 2.8 2.8 2.8 2.9 2.2 1.9 1.8 2.0 1.8 1.6 1.6 1.7 1.8 2.0 1.9 1.8 1.8 1.8 1.9 2.1 2.2 2.4 2.8 3.2 3.01968 1.6 1.7 1.8 1.8 1.9 2.1 2.4 2.8 2.9 2.9 2.9 3.0 3.0 3.1 3.3 3.4 3.1 2.9 2.9 2.9 3.0 2.3 2.0 2.0 2.2 2.0 1.7 1.8 1.9 2.1 2.2 2.1 2.0 2.1 2.1 2.2 2.4 2.6 2.8 3.3 3.7 3.91969 1.7 1.8 1.9 1.9 2.0 2.2 2.5 2.9 3.0 3.0 3.0 3.1 3.0 3.2 3.4 3.5 3.2 3.0 3.0 3.0 3.1 2.5 2.2 2.2 2.4 2.2 2.0 2.0 2.1 2.3 2.5 2.4 2.4 2.4 2.5 2.6 2.9 3.1 3.4 3.8 4.3 4.61970 1.8 1.9 2.0 2.0 2.1 2.3 2.6 3.0 3.0 3.1 3.1 3.1 3.1 3.3 3.4 3.5 3.3 3.1 3.1 3.1 3.2 2.6 2.3 2.3 2.5 2.3 2.2 2.2 2.3 2.5 2.7 2.6 2.6 2.7 2.8 2.9 3.2 3.4 3.7 4.1 4.5 4.81971 1.8 1.9 2.0 2.1 2.1 2.3 2.6 3.0 3.0 3.1 3.1 3.1 3.1 3.3 3.4 3.5 3.3 3.1 3.1 3.1 3.2 2.6 2.4 2.4 2.5 2.4 2.2 2.3 2.4 2.6 2.7 2.7 2.7 2.7 2.8 3.0 3.2 3.4 3.6 4.0 4.3 4.51972 1.9 1.9 2.0 2.1 2.1 2.3 2.6 3.0 3.1 3.1 3.1 3.1 3.1 3.3 3.4 3.5 3.3 3.1 3.1 3.2 3.2 2.7 2.4 2.4 2.6 2.4 2.3 2.4 2.4 2.6 2.7 2.7 2.7 2.8 2.9 3.0 3.2 3.4 3.6 3.9 4.2 4.31973 2.0 2.1 2.2 2.2 2.3 2.5 2.8 3.1 3.2 3.2 3.2 3.3 3.3 3.5 3.6 3.7 3.5 3.3 3.3 3.3 3.4 2.9 2.6 2.6 2.8 2.7 2.6 2.6 2.7 2.9 3.1 3.1 3.1 3.2 3.3 3.4 3.7 3.9 4.1 4.4 4.8 5.01974 2.2 2.3 2.4 2.4 2.5 2.7 3.0 3.3 3.4 3.4 3.5 3.5 3.5 3.7 3.8 3.9 3.7 3.6 3.6 3.6 3.7 3.2 3.0 3.0 3.2 3.1 3.0 3.1 3.2 3.4 3.5 3.6 3.6 3.7 3.9 4.0 4.3 4.6 4.8 5.2 5.6 5.81975 2.3 2.4 2.5 2.5 2.6 2.8 3.1 3.4 3.5 3.5 3.5 3.6 3.6 3.8 3.9 4.0 3.8 3.7 3.7 3.7 3.8 3.3 3.1 3.1 3.3 3.2 3.1 3.2 3.4 3.5 3.7 3.7 3.8 3.9 4.1 4.2 4.5 4.7 5.0 5.4 5.7 6.01976 2.3 2.4 2.5 2.6 2.6 2.8 3.1 3.5 3.5 3.6 3.6 3.6 3.6 3.8 3.9 4.0 3.9 3.7 3.7 3.8 3.8 3.4 3.2 3.2 3.4 3.3 3.2 3.3 3.4 3.6 3.8 3.8 3.8 4.0 4.1 4.3 4.5 4.8 5.0 5.3 5.6 5.91977 2.4 2.5 2.6 2.7 2.7 2.9 3.2 3.5 3.6 3.6 3.6 3.7 3.7 3.9 4.0 4.1 3.9 3.8 3.8 3.9 3.9 3.5 3.3 3.3 3.5 3.4 3.3 3.4 3.6 3.7 3.9 3.9 4.0 4.1 4.2 4.4 4.7 4.9 5.1 5.4 5.7 5.91978 2.5 2.6 2.7 2.8 2.8 3.0 3.3 3.6 3.7 3.7 3.8 3.8 3.8 4.0 4.1 4.2 4.1 3.9 4.0 4.0 4.1 3.7 3.5 3.5 3.7 3.6 3.5 3.6 3.8 3.9 4.1 4.2 4.2 4.3 4.5 4.7 4.9 5.1 5.4 5.7 6.0 6.21979 2.7 2.8 2.9 3.0 3.0 3.2 3.5 3.8 3.9 4.0 4.0 4.0 4.1 4.2 4.4 4.4 4.3 4.2 4.2 4.3 4.3 3.9 3.8 3.8 4.0 3.9 3.9 4.0 4.1 4.3 4.5 4.5 4.6 4.8 4.9 5.1 5.4 5.6 5.9 6.2 6.5 6.71980 2.9 3.0 3.1 3.2 3.2 3.4 3.7 4.0 4.1 4.1 4.2 4.2 4.2 4.4 4.5 4.6 4.5 4.4 4.4 4.5 4.5 4.2 4.0 4.1 4.3 4.2 4.2 4.3 4.4 4.6 4.8 4.9 4.9 5.1 5.3 5.5 5.7 6.0 6.2 6.6 6.9 7.11981 3.0 3.1 3.2 3.3 3.3 3.5 3.8 4.1 4.2 4.2 4.3 4.3 4.4 4.5 4.6 4.7 4.6 4.5 4.5 4.6 4.7 4.3 4.2 4.2 4.4 4.4 4.3 4.4 4.6 4.8 4.9 5.0 5.1 5.3 5.4 5.6 5.9 6.1 6.4 6.7 7.0 7.21982 3.0 3.1 3.2 3.3 3.3 3.5 3.8 4.1 4.2 4.2 4.2 4.3 4.3 4.5 4.6 4.7 4.6 4.5 4.5 4.6 4.6 4.3 4.2 4.2 4.4 4.3 4.3 4.4 4.5 4.7 4.9 5.0 5.1 5.2 5.4 5.5 5.8 6.0 6.2 6.5 6.8 7.01983 3.0 3.1 3.2 3.3 3.3 3.5 3.8 4.1 4.2 4.2 4.2 4.3 4.3 4.5 4.6 4.7 4.6 4.5 4.5 4.6 4.6 4.3 4.2 4.2 4.4 4.3 4.3 4.4 4.5 4.7 4.9 4.9 5.0 5.1 5.3 5.5 5.7 5.9 6.1 6.4 6.6 6.81984 3.0 3.1 3.2 3.3 3.4 3.5 3.8 4.1 4.2 4.2 4.2 4.3 4.3 4.5 4.6 4.7 4.6 4.5 4.5 4.5 4.6 4.3 4.1 4.2 4.4 4.3 4.3 4.4 4.5 4.7 4.8 4.9 5.0 5.1 5.2 5.4 5.6 5.8 6.0 6.3 6.5 6.71985 3.1 3.1 3.2 3.3 3.4 3.5 3.8 4.1 4.2 4.2 4.2 4.3 4.3 4.5 4.6 4.7 4.5 4.4 4.5 4.5 4.6 4.3 4.1 4.2 4.3 4.3 4.3 4.4 4.5 4.6 4.8 4.9 4.9 5.0 5.2 5.3 5.5 5.7 5.9 6.1 6.4 6.51986 3.0 3.1 3.2 3.3 3.3 3.5 3.8 4.0 4.1 4.1 4.2 4.2 4.2 4.4 4.5 4.6 4.5 4.4 4.4 4.4 4.5 4.2 4.1 4.1 4.3 4.2 4.2 4.3 4.4 4.5 4.7 4.7 4.8 4.9 5.0 5.2 5.4 5.5 5.7 5.9 6.1 6.21987 3.1 3.1 3.2 3.3 3.3 3.5 3.8 4.0 4.1 4.1 4.2 4.2 4.3 4.4 4.5 4.6 4.5 4.4 4.4 4.4 4.5 4.2 4.1 4.1 4.3 4.2 4.2 4.3 4.4 4.5 4.7 4.7 4.8 4.9 5.0 5.1 5.3 5.5 5.7 5.8 6.0 6.21988 3.1 3.1 3.2 3.3 3.4 3.5 3.8 4.0 4.1 4.2 4.2 4.2 4.3 4.4 4.5 4.6 4.5 4.4 4.4 4.4 4.5 4.2 4.1 4.1 4.3 4.2 4.2 4.3 4.4 4.5 4.7 4.7 4.8 4.9 5.0 5.1 5.3 5.4 5.6 5.8 6.0 6.11989 3.1 3.2 3.3 3.3 3.4 3.6 3.8 4.1 4.1 4.2 4.2 4.2 4.3 4.4 4.5 4.6 4.5 4.4 4.4 4.5 4.5 4.2 4.1 4.1 4.3 4.2 4.2 4.3 4.4 4.5 4.7 4.7 4.8 4.9 5.0 5.1 5.3 5.4 5.6 5.7 5.9 6.01990 3.1 3.2 3.3 3.4 3.4 3.6 3.8 4.1 4.2 4.2 4.2 4.3 4.3 4.4 4.5 4.6 4.5 4.4 4.4 4.5 4.5 4.2 4.1 4.2 4.3 4.3 4.2 4.3 4.4 4.6 4.7 4.8 4.8 4.9 5.0 5.1 5.3 5.4 5.6 5.8 5.9 6.01991 3.1 3.2 3.3 3.4 3.4 3.6 3.8 4.1 4.1 4.2 4.2 4.3 4.3 4.4 4.5 4.6 4.5 4.4 4.4 4.5 4.5 4.2 4.1 4.1 4.3 4.3 4.2 4.3 4.4 4.5 4.7 4.7 4.8 4.8 5.0 5.1 5.2 5.4 5.5 5.7 5.8 5.91992 3.1 3.2 3.3 3.4 3.4 3.6 3.8 4.1 4.1 4.2 4.2 4.2 4.2 4.4 4.5 4.5 4.4 4.4 4.4 4.4 4.5 4.2 4.1 4.1 4.3 4.2 4.2 4.3 4.4 4.5 4.6 4.7 4.7 4.8 4.9 5.0 5.1 5.3 5.4 5.6 5.7 5.81993 3.1 3.2 3.3 3.4 3.4 3.6 3.8 4.0 4.1 4.1 4.2 4.2 4.2 4.4 4.4 4.5 4.4 4.3 4.3 4.4 4.4 4.2 4.1 4.1 4.2 4.2 4.2 4.2 4.3 4.5 4.6 4.6 4.7 4.7 4.8 4.9 5.1 5.2 5.3 5.5 5.6 5.71994 3.1 3.2 3.3 3.3 3.4 3.5 3.8 4.0 4.1 4.1 4.1 4.2 4.2 4.3 4.4 4.5 4.4 4.3 4.3 4.4 4.4 4.1 4.0 4.1 4.2 4.2 4.1 4.2 4.3 4.4 4.5 4.6 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.4 5.5 5.61995 3.1 3.2 3.3 3.3 3.4 3.5 3.8 4.0 4.0 4.1 4.1 4.2 4.2 4.3 4.4 4.4 4.4 4.3 4.3 4.3 4.4 4.1 4.0 4.0 4.2 4.1 4.1 4.2 4.2 4.4 4.5 4.5 4.5 4.6 4.7 4.8 4.9 5.0 5.2 5.3 5.4 5.51996 3.1 3.2 3.3 3.3 3.4 3.5 3.7 4.0 4.0 4.1 4.1 4.1 4.2 4.3 4.4 4.4 4.3 4.2 4.3 4.3 4.3 4.1 4.0 4.0 4.1 4.1 4.1 4.1 4.2 4.3 4.4 4.5 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.41997 3.1 3.2 3.2 3.3 3.4 3.5 3.7 3.9 4.0 4.0 4.0 4.1 4.1 4.2 4.3 4.4 4.3 4.2 4.2 4.3 4.3 4.0 3.9 4.0 4.1 4.1 4.0 4.1 4.2 4.3 4.4 4.4 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.31998 3.1 3.1 3.2 3.3 3.3 3.5 3.7 3.9 4.0 4.0 4.0 4.1 4.1 4.2 4.3 4.3 4.2 4.1 4.2 4.2 4.2 4.0 3.9 3.9 4.0 4.0 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.21999 3.1 3.1 3.2 3.3 3.3 3.5 3.7 3.9 3.9 4.0 4.0 4.0 4.0 4.2 4.2 4.3 4.2 4.1 4.1 4.2 4.2 4.0 3.9 3.9 4.0 4.0 3.9 4.0 4.1 4.2 4.3 4.3 4.3 4.4 4.5 4.5 4.7 4.7 4.8 4.9 5.0 5.12000 3.1 3.1 3.2 3.3 3.3 3.5 3.7 3.9 3.9 4.0 4.0 4.0 4.0 4.2 4.2 4.3 4.2 4.1 4.1 4.2 4.2 4.0 3.9 3.9 4.0 4.0 3.9 4.0 4.1 4.2 4.2 4.3 4.3 4.4 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.02001 3.1 3.1 3.2 3.3 3.3 3.4 3.6 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.2 4.2 4.1 4.1 4.1 4.1 3.9 3.8 3.8 4.0 3.9 3.9 3.9 4.0 4.1 4.2 4.2 4.2 4.3 4.4 4.4 4.5 4.6 4.7 4.8 4.9 4.92002 3.1 3.1 3.2 3.2 3.3 3.4 3.6 3.8 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.2 4.1 4.0 4.1 4.1 4.1 3.9 3.8 3.8 3.9 3.9 3.8 3.9 4.0 4.1 4.2 4.2 4.2 4.3 4.3 4.4 4.5 4.6 4.6 4.7 4.8 4.92003 3.0 3.1 3.2 3.2 3.3 3.4 3.6 3.8 3.8 3.9 3.9 3.9 3.9 4.0 4.1 4.2 4.1 4.0 4.0 4.0 4.1 3.8 3.8 3.8 3.9 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.2 4.3 4.3 4.4 4.5 4.6 4.7 4.7 4.82004 3.0 3.1 3.2 3.2 3.3 3.4 3.6 3.8 3.8 3.9 3.9 3.9 3.9 4.0 4.1 4.2 4.1 4.0 4.0 4.0 4.1 3.8 3.7 3.8 3.9 3.8 3.8 3.9 3.9 4.0 4.1 4.1 4.1 4.2 4.2 4.3 4.4 4.5 4.5 4.6 4.7 4.72005 3.0 3.1 3.2 3.2 3.3 3.4 3.6 3.8 3.8 3.9 3.9 3.9 3.9 4.0 4.1 4.1 4.1 4.0 4.0 4.0 4.1 3.8 3.7 3.8 3.9 3.8 3.8 3.8 3.9 4.0 4.1 4.1 4.1 4.2 4.2 4.3 4.4 4.4 4.5 4.6 4.7 4.72006 3.0 3.1 3.2 3.2 3.3 3.4 3.6 3.8 3.8 3.8 3.9 3.9 3.9 4.0 4.1 4.1 4.0 4.0 4.0 4.0 4.0 3.8 3.7 3.7 3.8 3.8 3.8 3.8 3.9 4.0 4.0 4.1 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.62007 3.1 3.1 3.2 3.2 3.3 3.4 3.6 3.8 3.8 3.8 3.9 3.9 3.9 4.0 4.1 4.1 4.0 4.0 4.0 4.0 4.0 3.8 3.7 3.7 3.8 3.8 3.8 3.8 3.9 4.0 4.0 4.1 4.1 4.1 4.2 4.2 4.3 4.4 4.5 4.5 4.6 4.62008 3.0 3.1 3.1 3.2 3.2 3.4 3.5 3.7 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.1 4.0 3.9 3.9 3.9 4.0 3.8 3.7 3.7 3.8 3.7 3.7 3.8 3.8 3.9 4.0 4.0 4.0 4.1 4.1 4.2 4.2 4.3 4.4 4.4 4.5 4.52009 3.0 3.1 3.1 3.2 3.2 3.3 3.5 3.7 3.8 3.8 3.8 3.8 3.8 3.9 4.0 4.0 4.0 3.9 3.9 3.9 3.9 3.7 3.7 3.7 3.8 3.7 3.7 3.7 3.8 3.9 3.9 4.0 4.0 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.52010 3.0 3.0 3.1 3.2 3.2 3.3 3.5 3.7 3.7 3.7 3.8 3.8 3.8 3.9 4.0 4.0 3.9 3.8 3.9 3.9 3.9 3.7 3.6 3.6 3.7 3.7 3.7 3.7 3.8 3.8 3.9 3.9 3.9 4.0 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.4

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

52


INFLATION: CHANGES IN THE CONSUMER pRICE INDEX

1926–2010: Real Returns (%)


19681968 4.7 19691969 5.4 6.1 19701970 5.4 5.8 5.5 19711971 4.9 5.0 4.4 3.4 19721972 4.6 4.6 4.1 3.4 3.4 19731973 5.3 5.4 5.2 5.2 6.1 8.8 19741974 6.3 6.5 6.6 6.9 8.1 10.5 12.2 19751975 6.3 6.6 6.7 6.9 7.8 9.3 9.6 7.0 19761976 6.2 6.4 6.4 6.6 7.2 8.2 8.0 5.9 4.8 19771977 6.2 6.4 6.4 6.6 7.1 7.9 7.7 6.2 5.8 6.8 19781978 6.5 6.7 6.7 6.9 7.4 8.1 7.9 6.9 6.9 7.9 9.0 19791979 7.0 7.3 7.4 7.6 8.1 8.8 8.8 8.2 8.4 9.7 11.2 13.3 19801980 7.4 7.7 7.8 8.1 8.6 9.3 9.3 8.9 9.2 10.4 11.6 12.9 12.4 19811981 7.6 7.8 7.9 8.1 8.6 9.2 9.3 8.9 9.2 10.1 10.9 11.5 10.7 8.9 19821982 7.3 7.5 7.6 7.8 8.2 8.7 8.7 8.2 8.4 9.0 9.5 9.6 8.3 6.4 3.9 19831983 7.1 7.2 7.3 7.5 7.8 8.2 8.2 7.7 7.8 8.2 8.5 8.4 7.2 5.5 3.8 3.8 19841984 6.9 7.0 7.1 7.2 7.5 7.9 7.8 7.3 7.4 7.7 7.8 7.7 6.6 5.1 3.9 3.9 4.0 19851985 6.7 6.8 6.9 7.0 7.2 7.5 7.4 7.0 7.0 7.3 7.3 7.1 6.1 4.9 3.9 3.9 3.9 3.8 19861986 6.4 6.5 6.5 6.6 6.8 7.1 6.9 6.5 6.5 6.6 6.6 6.3 5.4 4.2 3.3 3.2 3.0 2.4 1.1 19871987 6.3 6.4 6.4 6.5 6.7 6.9 6.8 6.4 6.3 6.4 6.4 6.1 5.2 4.3 3.5 3.4 3.3 3.1 2.8 4.4 19881988 6.2 6.3 6.3 6.4 6.5 6.7 6.6 6.2 6.2 6.3 6.2 5.9 5.2 4.3 3.6 3.6 3.5 3.4 3.3 4.4 4.4 19891989 6.2 6.2 6.2 6.3 6.4 6.6 6.5 6.1 6.0 6.1 6.1 5.8 5.1 4.3 3.8 3.7 3.7 3.7 3.6 4.5 4.5 4.6 19901990 6.2 6.2 6.2 6.3 6.4 6.6 6.5 6.1 6.0 6.1 6.1 5.8 5.2 4.5 4.0 4.0 4.1 4.1 4.1 4.9 5.1 5.4 6.1 19911991 6.0 6.1 6.1 6.1 6.2 6.4 6.3 5.9 5.9 5.9 5.9 5.6 5.0 4.4 3.9 3.9 3.9 3.9 4.0 4.5 4.6 4.6 4.6 3.1 19921992 5.9 6.0 5.9 6.0 6.1 6.2 6.1 5.8 5.7 5.7 5.7 5.4 4.9 4.3 3.8 3.8 3.8 3.8 3.8 4.3 4.2 4.2 4.1 3.1 3.0 19931993 5.8 5.8 5.8 5.8 5.9 6.1 5.9 5.6 5.5 5.6 5.5 5.3 4.7 4.1 3.7 3.7 3.7 3.7 3.7 4.1 4.0 3.9 3.7 3.0 2.9 2.8 19941994 5.7 5.7 5.7 5.7 5.8 5.9 5.8 5.5 5.4 5.4 5.3 5.1 4.6 4.0 3.7 3.6 3.6 3.6 3.6 3.9 3.8 3.7 3.5 2.9 2.8 2.7 2.7 19951995 5.6 5.6 5.6 5.6 5.7 5.8 5.6 5.3 5.2 5.3 5.2 5.0 4.5 3.9 3.6 3.6 3.6 3.5 3.5 3.7 3.7 3.6 3.4 2.8 2.8 2.7 2.7 2.7 19961996 5.5 5.5 5.5 5.5 5.6 5.7 5.5 5.2 5.1 5.2 5.1 4.9 4.4 3.9 3.6 3.6 3.5 3.5 3.5 3.7 3.6 3.5 3.4 2.9 2.9 2.9 2.9 3.0 3.3 19971997 5.3 5.4 5.3 5.3 5.4 5.5 5.4 5.1 5.0 5.0 4.9 4.7 4.2 3.8 3.5 3.4 3.4 3.4 3.3 3.5 3.4 3.3 3.2 2.7 2.7 2.6 2.6 2.6 2.5 1.7 19981998 5.2 5.2 5.2 5.2 5.3 5.3 5.2 4.9 4.8 4.8 4.7 4.5 4.1 3.6 3.3 3.3 3.3 3.2 3.2 3.4 3.3 3.1 3.0 2.6 2.5 2.5 2.4 2.3 2.2 1.7 1.6 19991999 5.1 5.2 5.1 5.1 5.2 5.2 5.1 4.8 4.7 4.7 4.7 4.4 4.0 3.6 3.3 3.3 3.2 3.2 3.2 3.3 3.2 3.1 3.0 2.6 2.6 2.5 2.4 2.4 2.3 2.0 2.1 2.7 20002000 5.1 5.1 5.1 5.1 5.1 5.2 5.0 4.8 4.7 4.7 4.6 4.4 4.0 3.6 3.3 3.3 3.3 3.2 3.2 3.3 3.2 3.1 3.0 2.7 2.6 2.6 2.6 2.6 2.5 2.3 2.6 3.0 3.4 20012001 5.0 5.0 5.0 4.9 5.0 5.0 4.9 4.7 4.6 4.6 4.5 4.3 3.9 3.5 3.2 3.2 3.2 3.1 3.1 3.2 3.1 3.0 2.9 2.6 2.5 2.5 2.4 2.4 2.4 2.2 2.3 2.5 2.5 1.6 20022002 4.9 4.9 4.9 4.9 4.9 5.0 4.8 4.6 4.5 4.5 4.4 4.2 3.8 3.4 3.2 3.2 3.1 3.1 3.0 3.1 3.1 3.0 2.8 2.6 2.5 2.5 2.4 2.4 2.4 2.2 2.3 2.5 2.4 2.0 2.4 20032003 4.8 4.8 4.8 4.8 4.8 4.9 4.7 4.5 4.4 4.4 4.3 4.1 3.7 3.4 3.1 3.1 3.1 3.0 3.0 3.1 3.0 2.9 2.8 2.5 2.5 2.4 2.4 2.4 2.3 2.2 2.2 2.4 2.3 1.9 2.1 1.9 20042004 4.8 4.8 4.7 4.7 4.8 4.8 4.7 4.4 4.4 4.3 4.2 4.1 3.7 3.4 3.1 3.1 3.1 3.0 3.0 3.1 3.0 2.9 2.8 2.6 2.5 2.5 2.5 2.4 2.4 2.3 2.4 2.5 2.5 2.3 2.5 2.6 3.3 20052005 4.7 4.7 4.7 4.7 4.7 4.8 4.6 4.4 4.3 4.3 4.2 4.0 3.7 3.4 3.1 3.1 3.1 3.0 3.0 3.1 3.0 2.9 2.8 2.6 2.6 2.6 2.5 2.5 2.5 2.4 2.5 2.6 2.6 2.5 2.7 2.8 3.3 3.4 20062006 4.7 4.7 4.6 4.6 4.7 4.7 4.6 4.3 4.3 4.2 4.2 4.0 3.7 3.3 3.1 3.1 3.1 3.0 3.0 3.1 3.0 2.9 2.8 2.6 2.6 2.6 2.5 2.5 2.5 2.4 2.5 2.6 2.6 2.5 2.7 2.8 3.1 3.0 2.5 20072007 4.7 4.7 4.6 4.6 4.6 4.7 4.6 4.3 4.3 4.2 4.2 4.0 3.7 3.4 3.2 3.1 3.1 3.1 3.0 3.1 3.1 3.0 2.9 2.7 2.7 2.7 2.7 2.6 2.6 2.6 2.7 2.8 2.8 2.7 2.9 3.0 3.3 3.3 3.3 4.1 20082008 4.6 4.6 4.5 4.5 4.5 4.6 4.4 4.2 4.1 4.1 4.0 3.9 3.5 3.2 3.0 3.0 3.0 2.9 2.9 3.0 2.9 2.8 2.7 2.6 2.5 2.5 2.5 2.5 2.4 2.4 2.4 2.5 2.5 2.4 2.5 2.5 2.7 2.5 2.2 2.1 0.1 20092009 4.5 4.5 4.5 4.4 4.5 4.5 4.4 4.2 4.1 4.1 4.0 3.8 3.5 3.2 3.0 3.0 3.0 2.9 2.9 3.0 2.9 2.8 2.7 2.6 2.5 2.5 2.5 2.5 2.5 2.4 2.5 2.5 2.5 2.4 2.5 2.6 2.7 2.6 2.4 2.3 1.4 2.7 20102010 4.4 4.4 4.4 4.4 4.4 4.4 4.3 4.1 4.0 4.0 3.9 3.7 3.5 3.2 3.0 2.9 2.9 2.9 2.8 2.9 2.8 2.8 2.7 2.5 2.5 2.5 2.4 2.4 2.4 2.3 2.4 2.5 2.4 2.3 2.4 2.4 2.5 2.4 2.2 2.1 1.4 2.1 1.5

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$12

1926 2010

53

53


19271927 30.8 19281928 34.9 39.2 19291929 4.6 -6.5 -37.2 19301930 -7.3 -17.3 -36.3 -35.3 19311931 -15.9 -24.7 -38.6 -39.3 -43.1 19321932 -12.6 -19.4 -29.7 -27.0 -22.4 5.9 19331933 0.0 -4.4 -11.3 -3.4 10.5 53.9 123.8 19341934 1.8 -1.8 -7.3 0.2 11.8 40.0 60.9 15.7 19351935 6.9 4.3 0.1 8.1 19.8 44.4 60.1 35.4 58.3 19361936 10.9 8.8 5.5 13.7 24.9 46.1 58.4 41.1 55.9 53.4 19371937 3.0 0.5 -3.1 2.4 9.3 21.8 25.3 8.4 6.1 -13.2 -50.9 19381938 5.7 3.7 0.7 6.1 12.8 24.4 27.8 14.3 13.9 2.1 -16.8 41.1 19391939 5.3 3.4 0.7 5.5 11.4 21.2 23.6 11.9 11.2 1.8 -11.2 19.3 1.0 19401940 4.5 2.7 0.1 4.5 9.6 17.9 19.5 9.2 8.2 0.2 -9.9 10.3 -2.5 -5.8 19411941 2.7 1.0 -1.5 2.3 6.6 13.5 14.4 5.2 3.8 -3.2 -11.8 2.1 -8.3 -12.6 -18.9 19421942 3.7 2.1 -0.2 3.5 7.6 14.0 14.8 6.6 5.6 -0.4 -7.3 5.3 -2.2 -3.2 -1.9 18.7 19431943 6.4 5.1 3.1 6.8 11.0 17.4 18.5 11.2 10.7 5.9 0.4 13.1 8.2 10.1 16.0 38.7 62.2 19441944 8.0 6.8 5.1 8.8 12.9 19.0 20.1 13.5 13.3 9.2 4.6 16.6 12.9 15.5 21.5 39.0 50.5 39.6 19451945 10.4 9.3 7.8 11.5 15.6 21.6 22.9 17.0 17.1 13.6 9.9 21.5 18.9 22.2 28.7 44.5 54.3 50.4 62.1 19461946 8.3 7.2 5.7 9.0 12.6 17.8 18.8 13.1 12.9 9.5 5.8 15.3 12.4 14.1 17.8 26.9 29.1 19.6 10.8 -24.3 19471947 7.4 6.3 4.8 7.9 11.2 15.9 16.6 11.3 11.0 7.7 4.3 12.5 9.7 10.8 13.4 19.9 20.2 11.5 3.5 -17.3 -9.7 19481948 6.7 5.6 4.2 7.0 10.0 14.4 14.9 9.9 9.5 6.5 3.3 10.5 7.8 8.6 10.6 15.6 15.1 7.4 0.6 -14.2 -8.6 -7.5 19491949 7.4 6.4 5.1 7.8 10.7 14.9 15.5 10.8 10.5 7.7 4.8 11.6 9.3 10.1 12.0 16.7 16.4 10.1 5.0 -5.8 1.3 7.4 24.6 19501950 8.3 7.4 6.2 8.9 11.7 15.8 16.3 12.0 11.7 9.2 6.5 13.1 11.0 12.0 13.9 18.3 18.2 13.0 9.1 0.8 8.3 15.1 28.3 32.2 19511951 8.3 7.4 6.2 8.8 11.5 15.4 15.9 11.7 11.5 9.1 6.6 12.7 10.8 11.6 13.3 17.2 17.0 12.4 8.9 2.0 8.2 13.2 21.1 19.4 7.9 19521952 8.3 7.5 6.3 8.8 11.4 15.0 15.5 11.5 11.3 9.0 6.7 12.4 10.6 11.4 12.9 16.4 16.1 11.9 8.9 2.8 8.2 12.2 17.8 15.6 8.1 8.3 19531953 7.8 7.0 5.9 8.2 10.7 14.1 14.5 10.7 10.5 8.3 6.1 11.3 9.6 10.2 11.5 14.5 14.2 10.2 7.4 2.0 6.4 9.4 13.1 10.4 4.0 2.1 -3.7 19541954 9.4 8.6 7.6 10.0 12.4 15.8 16.3 12.7 12.5 10.5 8.5 13.7 12.2 13.0 14.5 17.6 17.5 14.1 11.8 7.3 12.0 15.6 19.9 19.0 15.9 18.7 24.3 60.6 19551955 9.7 9.0 8.0 10.3 12.7 16.0 16.4 13.0 12.9 11.0 9.1 14.1 12.6 13.4 14.8 17.7 17.6 14.5 12.5 8.5 12.9 16.1 19.9 19.2 16.7 19.0 22.8 38.7 19.9 19561956 9.5 8.9 7.9 10.1 12.4 15.5 15.9 12.6 12.5 10.7 8.9 13.5 12.2 12.9 14.1 16.8 16.6 13.7 11.8 8.1 12.0 14.7 17.8 16.9 14.5 15.9 17.8 26.1 11.7 4.1 19571957 8.5 7.8 6.9 8.9 11.0 13.9 14.3 11.1 10.9 9.1 7.4 11.6 10.3 10.8 11.9 14.2 13.9 11.0 9.1 5.5 8.8 10.8 13.1 11.7 9.1 9.3 9.5 13.0 0.5 -7.9 -18.5 19581958 9.8 9.2 8.3 10.4 12.5 15.4 15.8 12.8 12.7 11.0 9.4 13.6 12.4 13.0 14.2 16.5 16.4 13.8 12.2 9.1 12.4 14.7 17.2 16.4 14.5 15.5 16.8 21.4 13.2 11.0 14.7 61.4 19591959 10.0 9.5 8.6 10.6 12.7 15.5 15.8 12.9 12.8 11.2 9.7 13.8 12.6 13.2 14.3 16.5 16.4 14.0 12.5 9.6 12.8 14.9 17.2 16.4 14.8 15.7 16.8 20.6 13.9 12.5 15.5 37.4 17.0 19601960 9.6 9.0 8.2 10.1 12.1 14.7 15.0 12.2 12.1 10.6 9.1 12.9 11.8 12.3 13.3 15.3 15.1 12.8 11.4 8.6 11.4 13.3 15.2 14.4 12.7 13.3 13.9 16.7 10.6 8.9 10.1 21.8 5.8 -4.4 19611961 10.1 9.5 8.7 10.6 12.6 15.1 15.5 12.8 12.7 11.2 9.8 13.5 12.5 13.0 14.0 15.9 15.8 13.7 12.3 9.7 12.5 14.3 16.1 15.5 14.1 14.7 15.4 18.1 13.0 11.9 13.5 23.3 12.8 10.7 28.2 19621962 9.3 8.7 7.9 9.7 11.6 14.0 14.3 11.7 11.5 10.1 8.7 12.2 11.1 11.6 12.5 14.2 14.0 11.9 10.5 8.1 10.5 12.0 13.5 12.7 11.3 11.6 11.9 13.8 9.0 7.5 8.1 14.4 4.9 1.2 4.1 -15.4 19631963 9.5 8.9 8.2 9.9 11.7 14.1 14.4 11.8 11.7 10.3 9.0 12.4 11.3 11.8 12.6 14.3 14.1 12.1 10.8 8.5 10.9 12.3 13.8 13.0 11.7 12.0 12.3 14.1 9.8 8.6 9.3 14.8 7.2 4.9 8.2 -0.6 16.7 19641964 9.6 9.1 8.4 10.1 11.8 14.1 14.4 12.0 11.8 10.5 9.2 12.5 11.5 12.0 12.8 14.4 14.2 12.3 11.1 8.9 11.1 12.5 13.9 13.2 12.0 12.3 12.6 14.3 10.4 9.4 10.1 15.0 8.6 7.0 10.1 4.7 16.4 16.1 19651965 10.2 9.8 9.1 10.7 12.5 14.7 15.0 12.6 12.5 11.3 10.0 13.3 12.3 12.8 13.6 15.2 15.1 13.3 12.2 10.1 12.3 13.7 15.1 14.5 13.4 13.8 14.3 15.9 12.5 11.8 12.7 17.4 12.1 11.4 14.8 11.7 22.5 25.6 35.7 19661966 9.7 9.2 8.5 10.1 11.8 14.0 14.2 11.9 11.8 10.5 9.3 12.4 11.5 11.9 12.6 14.1 13.9 12.2 11.1 9.1 11.1 12.3 13.6 12.9 11.8 12.1 12.4 13.7 10.5 9.7 10.3 14.0 9.2 8.1 10.4 7.1 13.6 12.6 10.9 -9.4 19671967 10.9 10.4 9.8 11.4 13.1 15.2 15.5 13.3 13.2 12.0 10.9 14.0 13.1 13.6 14.4 15.9 15.8 14.2 13.2 11.4 13.4 14.7 16.0 15.6 14.7 15.1 15.6 17.1 14.3 13.8 14.8 18.8 14.8 14.5 17.5 15.8 23.3 25.0 28.1 24.5 70.91968 11.4 10.9 10.3 11.9 13.6 15.7 16.0 13.8 13.8 12.6 11.5 14.5 13.7 14.2 15.0 16.5 16.4 14.9 13.9 12.2 14.2 15.5 16.8 16.4 15.6 16.1 16.6 18.1 15.5 15.2 16.2 20.0 16.5 16.4 19.3 18.1 24.8 26.5 29.3 27.2 50.71969 10.2 9.8 9.2 10.7 12.2 14.2 14.5 12.4 12.3 11.1 10.0 12.9 12.0 12.4 13.1 14.5 14.3 12.8 11.8 10.1 11.9 13.0 14.1 13.6 12.7 13.0 13.3 14.4 11.9 11.3 11.9 14.9 11.4 10.9 12.7 10.9 15.3 15.0 14.8 10.1 17.51970 9.6 9.1 8.5 9.9 11.4 13.3 13.5 11.5 11.4 10.2 9.2 11.9 11.0 11.4 12.0 13.3 13.1 11.6 10.6 8.9 10.6 11.6 12.5 12.0 11.1 11.2 11.4 12.4 9.9 9.3 9.6 12.2 8.8 8.1 9.4 7.5 10.8 10.0 9.0 4.3 8.01971 9.7 9.3 8.7 10.1 11.5 13.4 13.6 11.6 11.5 10.4 9.4 12.0 11.2 11.6 12.2 13.4 13.2 11.8 10.8 9.2 10.9 11.8 12.7 12.2 11.3 11.5 11.7 12.6 10.3 9.7 10.1 12.5 9.4 8.8 10.1 8.4 11.5 10.8 10.1 6.3 9.81972 9.5 9.1 8.5 9.9 11.3 13.1 13.3 11.3 11.2 10.2 9.2 11.7 10.9 11.2 11.8 13.0 12.8 11.4 10.5 8.9 10.5 11.4 12.2 11.7 10.9 11.0 11.2 12.0 9.8 9.2 9.5 11.7 8.8 8.2 9.4 7.8 10.4 9.8 9.0 5.6 8.31973 8.1 7.7 7.1 8.4 9.7 11.4 11.5 9.6 9.5 8.4 7.4 9.8 9.0 9.2 9.7 10.7 10.5 9.1 8.2 6.6 8.0 8.7 9.4 8.8 7.9 7.9 7.9 8.5 6.3 5.6 5.7 7.4 4.6 3.7 4.4 2.6 4.4 3.3 1.9 -1.7 -0.51974 6.9 6.5 5.9 7.1 8.3 10.0 10.1 8.2 8.0 7.0 5.9 8.2 7.4 7.6 8.0 8.9 8.6 7.2 6.3 4.8 6.0 6.6 7.2 6.6 5.6 5.5 5.4 5.8 3.6 2.9 2.8 4.2 1.4 0.4 0.8 -1.1 0.2 -1.1 -2.7 -6.2 -5.91975 7.6 7.1 6.6 7.8 9.0 10.6 10.8 8.9 8.8 7.7 6.8 9.0 8.2 8.4 8.9 9.8 9.5 8.2 7.3 5.9 7.1 7.7 8.4 7.8 6.9 6.9 6.8 7.3 5.3 4.6 4.6 6.1 3.5 2.7 3.2 1.6 3.0 2.0 0.8 -2.2 -1.41976 8.2 7.7 7.2 8.4 9.6 11.2 11.4 9.6 9.4 8.4 7.5 9.7 9.0 9.2 9.6 10.6 10.3 9.1 8.2 6.8 8.1 8.7 9.4 8.8 8.0 8.0 8.0 8.6 6.6 6.1 6.2 7.6 5.2 4.6 5.2 3.8 5.3 4.5 3.6 1.1 2.21977 8.3 7.8 7.3 8.5 9.7 11.3 11.4 9.6 9.5 8.5 7.6 9.8 9.1 9.3 9.7 10.6 10.4 9.2 8.4 7.0 8.2 8.9 9.5 9.0 8.2 8.2 8.2 8.7 6.9 6.4 6.5 7.9 5.6 5.0 5.6 4.3 5.8 5.1 4.3 2.0 3.11978 8.3 7.9 7.3 8.5 9.7 11.2 11.4 9.6 9.5 8.6 7.7 9.8 9.1 9.3 9.7 10.6 10.4 9.2 8.4 7.1 8.3 8.9 9.5 9.0 8.3 8.3 8.3 8.8 7.0 6.5 6.6 8.0 5.9 5.3 5.9 4.7 6.1 5.4 4.7 2.6 3.71979 8.6 8.2 7.7 8.8 10.0 11.5 11.6 10.0 9.8 8.9 8.1 10.1 9.4 9.7 10.1 11.0 10.8 9.6 8.9 7.6 8.7 9.4 10.0 9.5 8.8 8.8 8.9 9.4 7.7 7.2 7.4 8.7 6.7 6.2 6.8 5.7 7.1 6.5 5.9 4.1 5.21980 8.8 8.4 7.9 9.1 10.2 11.7 11.8 10.2 10.1 9.2 8.3 10.4 9.7 9.9 10.4 11.2 11.0 9.9 9.2 8.0 9.1 9.7 10.3 9.9 9.2 9.3 9.3 9.8 8.2 7.8 7.9 9.2 7.3 6.9 7.5 6.5 7.9 7.4 6.8 5.1 6.31981 8.5 8.1 7.6 8.8 9.9 11.3 11.4 9.8 9.7 8.8 8.0 10.0 9.3 9.5 9.9 10.8 10.6 9.5 8.8 7.6 8.6 9.2 9.8 9.3 8.7 8.7 8.7 9.2 7.6 7.2 7.3 8.6 6.7 6.3 6.8 5.8 7.1 6.6 6.0 4.4 5.41982 8.8 8.4 7.9 9.0 10.1 11.5 11.7 10.1 10.0 9.1 8.3 10.2 9.6 9.8 10.2 11.1 10.9 9.8 9.1 8.0 9.0 9.6 10.2 9.7 9.1 9.2 9.2 9.7 8.2 7.8 7.9 9.1 7.4 7.0 7.5 6.6 7.8 7.4 6.9 5.4 6.41983 9.1 8.7 8.3 9.3 10.4 11.9 12.0 10.4 10.3 9.5 8.7 10.6 10.0 10.2 10.6 11.5 11.3 10.2 9.6 8.5 9.5 10.1 10.6 10.3 9.7 9.7 9.8 10.2 8.8 8.4 8.6 9.8 8.1 7.8 8.4 7.5 8.8 8.4 8.0 6.6 7.61984 8.8 8.4 7.9 9.0 10.1 11.5 11.6 10.1 9.9 9.1 8.4 10.2 9.6 9.8 10.2 11.0 10.8 9.8 9.1 8.0 9.0 9.6 10.1 9.7 9.1 9.2 9.2 9.6 8.2 7.9 8.0 9.1 7.5 7.1 7.6 6.8 8.0 7.6 7.2 5.8 6.71985 9.1 8.7 8.3 9.3 10.4 11.7 11.8 10.4 10.3 9.5 8.7 10.5 9.9 10.2 10.5 11.3 11.1 10.2 9.5 8.5 9.5 10.0 10.5 10.2 9.6 9.6 9.7 10.1 8.8 8.4 8.6 9.7 8.2 7.8 8.4 7.6 8.7 8.4 8.0 6.8 7.71986 9.0 8.7 8.2 9.3 10.3 11.6 11.7 10.3 10.2 9.4 8.7 10.4 9.9 10.1 10.4 11.2 11.0 10.1 9.4 8.4 9.4 9.9 10.4 10.1 9.5 9.5 9.6 10.0 8.7 8.4 8.5 9.6 8.1 7.8 8.3 7.6 8.6 8.3 8.0 6.8 7.71987 8.6 8.3 7.8 8.9 9.9 11.2 11.3 9.8 9.7 8.9 8.2 9.9 9.4 9.6 9.9 10.6 10.5 9.5 8.9 7.9 8.8 9.3 9.8 9.4 8.9 8.9 8.9 9.3 8.0 7.7 7.8 8.8 7.3 7.0 7.5 6.7 7.7 7.4 7.0 5.9 6.61988 8.8 8.5 8.0 9.0 10.0 11.3 11.4 10.0 9.9 9.1 8.4 10.1 9.5 9.7 10.1 10.8 10.6 9.7 9.1 8.1 9.0 9.5 10.0 9.6 9.1 9.1 9.1 9.5 8.3 8.0 8.1 9.1 7.7 7.4 7.8 7.1 8.1 7.8 7.4 6.4 7.11989 8.8 8.5 8.1 9.1 10.0 11.3 11.4 10.0 9.9 9.2 8.5 10.1 9.6 9.8 10.1 10.8 10.7 9.7 9.2 8.2 9.1 9.6 10.0 9.7 9.2 9.2 9.2 9.6 8.4 8.1 8.2 9.2 7.8 7.5 8.0 7.3 8.2 7.9 7.6 6.6 7.31990 8.2 7.9 7.4 8.4 9.3 10.5 10.6 9.3 9.1 8.4 7.7 9.3 8.8 9.0 9.3 9.9 9.8 8.9 8.3 7.3 8.2 8.6 9.0 8.7 8.1 8.1 8.1 8.5 7.3 7.0 7.1 7.9 6.6 6.3 6.6 6.0 6.8 6.5 6.1 5.1 5.71991 8.7 8.4 7.9 8.9 9.8 11.0 11.1 9.8 9.7 9.0 8.3 9.9 9.4 9.5 9.9 10.5 10.4 9.5 8.9 8.0 8.8 9.3 9.7 9.4 8.9 8.9 8.9 9.3 8.2 7.8 8.0 8.9 7.6 7.3 7.7 7.1 7.9 7.6 7.3 6.4 7.01992 8.8 8.5 8.1 9.0 9.9 11.1 11.2 9.9 9.8 9.1 8.4 10.0 9.5 9.7 10.0 10.6 10.5 9.6 9.1 8.2 9.0 9.5 9.9 9.6 9.1 9.1 9.1 9.5 8.4 8.1 8.2 9.1 7.8 7.6 7.9 7.4 8.2 7.9 7.6 6.7 7.41993 8.9 8.6 8.2 9.1 10.0 11.2 11.3 10.0 9.9 9.2 8.6 10.1 9.6 9.8 10.1 10.8 10.6 9.8 9.2 8.3 9.2 9.6 10.0 9.7 9.2 9.3 9.3 9.6 8.6 8.3 8.4 9.3 8.1 7.8 8.2 7.6 8.5 8.2 8.0 7.1 7.71994 8.7 8.4 8.0 8.9 9.8 10.9 11.0 9.7 9.7 9.0 8.3 9.8 9.4 9.5 9.8 10.4 10.3 9.5 8.9 8.1 8.9 9.3 9.7 9.4 8.9 8.9 8.9 9.3 8.2 7.9 8.1 8.9 7.7 7.4 7.8 7.2 8.0 7.8 7.5 6.6 7.31995 8.9 8.7 8.3 9.2 10.0 11.2 11.3 10.0 9.9 9.3 8.6 10.1 9.6 9.8 10.1 10.7 10.6 9.8 9.3 8.4 9.2 9.6 10.0 9.7 9.3 9.3 9.3 9.7 8.7 8.4 8.5 9.3 8.2 7.9 8.3 7.8 8.6 8.3 8.1 7.3 7.91996 9.0 8.7 8.3 9.2 10.1 11.2 11.3 10.1 10.0 9.3 8.7 10.2 9.7 9.9 10.2 10.8 10.6 9.9 9.3 8.5 9.3 9.7 10.1 9.8 9.4 9.4 9.4 9.8 8.8 8.5 8.6 9.4 8.3 8.1 8.5 8.0 8.7 8.5 8.3 7.5 8.11997 9.2 8.9 8.5 9.4 10.3 11.4 11.5 10.3 10.2 9.5 8.9 10.4 9.9 10.1 10.4 11.0 10.9 10.1 9.6 8.8 9.6 10.0 10.4 10.1 9.7 9.7 9.7 10.1 9.1 8.9 9.0 9.8 8.7 8.5 8.9 8.4 9.1 8.9 8.7 7.9 8.61998 9.0 8.7 8.4 9.2 10.1 11.1 11.2 10.0 9.9 9.3 8.7 10.1 9.7 9.8 10.1 10.7 10.6 9.8 9.3 8.5 9.3 9.7 10.1 9.8 9.4 9.4 9.4 9.7 8.8 8.5 8.7 9.4 8.4 8.1 8.5 8.0 8.7 8.5 8.3 7.6 8.11999 9.2 8.9 8.6 9.4 10.3 11.3 11.4 10.2 10.2 9.5 9.0 10.4 9.9 10.1 10.4 11.0 10.8 10.1 9.6 8.8 9.6 10.0 10.3 10.1 9.7 9.7 9.7 10.0 9.1 8.9 9.0 9.8 8.7 8.5 8.9 8.4 9.2 9.0 8.8 8.0 8.62000 8.8 8.6 8.2 9.0 9.8 10.9 11.0 9.8 9.7 9.1 8.5 9.9 9.5 9.6 9.9 10.5 10.3 9.6 9.1 8.3 9.0 9.4 9.8 9.5 9.1 9.1 9.1 9.4 8.5 8.3 8.4 9.1 8.1 7.9 8.2 7.7 8.4 8.2 8.0 7.3 7.82001 8.9 8.7 8.3 9.1 9.9 11.0 11.1 9.9 9.8 9.2 8.7 10.0 9.6 9.7 10.0 10.6 10.4 9.7 9.2 8.5 9.2 9.6 9.9 9.6 9.2 9.3 9.3 9.6 8.7 8.5 8.6 9.3 8.3 8.1 8.4 8.0 8.6 8.4 8.2 7.5 8.12002 8.5 8.2 7.8 8.6 9.4 10.4 10.5 9.4 9.3 8.7 8.1 9.4 9.0 9.1 9.4 9.9 9.8 9.1 8.6 7.8 8.5 8.9 9.2 8.9 8.5 8.6 8.6 8.8 7.9 7.7 7.8 8.5 7.5 7.3 7.6 7.1 7.7 7.5 7.3 6.6 7.12003 9.0 8.7 8.4 9.2 9.9 11.0 11.0 9.9 9.8 9.2 8.7 10.0 9.6 9.7 10.0 10.5 10.4 9.7 9.3 8.5 9.2 9.6 9.9 9.7 9.3 9.3 9.3 9.6 8.7 8.5 8.6 9.3 8.4 8.2 8.5 8.1 8.7 8.5 8.3 7.7 8.22004 9.1 8.8 8.4 9.2 10.0 11.0 11.1 10.0 9.9 9.3 8.8 10.1 9.7 9.8 10.1 10.6 10.5 9.8 9.4 8.6 9.3 9.7 10.0 9.8 9.4 9.4 9.4 9.7 8.9 8.7 8.8 9.4 8.5 8.3 8.6 8.2 8.9 8.7 8.5 7.9 8.42005 9.0 8.7 8.4 9.1 9.9 10.9 11.0 9.9 9.8 9.2 8.7 10.0 9.6 9.7 10.0 10.5 10.3 9.7 9.2 8.5 9.2 9.5 9.9 9.6 9.2 9.3 9.3 9.6 8.7 8.5 8.6 9.3 8.4 8.2 8.5 8.1 8.7 8.5 8.3 7.7 8.22006 9.0 8.8 8.4 9.2 10.0 10.9 11.0 9.9 9.9 9.3 8.8 10.0 9.6 9.8 10.0 10.5 10.4 9.7 9.3 8.6 9.3 9.6 9.9 9.7 9.3 9.4 9.4 9.6 8.8 8.6 8.7 9.4 8.5 8.3 8.6 8.2 8.8 8.6 8.5 7.9 8.32007 8.8 8.6 8.2 9.0 9.7 10.7 10.7 9.7 9.6 9.1 8.5 9.8 9.4 9.5 9.7 10.3 10.1 9.5 9.0 8.3 9.0 9.3 9.6 9.4 9.0 9.1 9.1 9.3 8.5 8.3 8.4 9.0 8.2 8.0 8.3 7.9 8.5 8.3 8.1 7.5 8.02008 8.1 7.8 7.5 8.2 8.9 9.8 9.9 8.8 8.8 8.2 7.7 8.9 8.5 8.6 8.8 9.3 9.2 8.5 8.1 7.4 8.0 8.3 8.6 8.3 8.0 8.0 8.0 8.2 7.4 7.2 7.2 7.8 6.9 6.7 7.0 6.6 7.1 6.9 6.7 6.1 6.52009 8.4 8.2 7.8 8.6 9.3 10.2 10.3 9.2 9.2 8.6 8.1 9.3 8.9 9.0 9.2 9.7 9.6 8.9 8.5 7.9 8.5 8.8 9.1 8.8 8.5 8.5 8.5 8.7 8.0 7.7 7.8 8.4 7.6 7.4 7.6 7.2 7.8 7.6 7.4 6.8 7.22010 8.6 8.4 8.1 8.8 9.5 10.4 10.5 9.5 9.4 8.8 8.3 9.5 9.1 9.3 9.5 10.0 9.8 9.2 8.8 8.1 8.7 9.1 9.4 9.1 8.8 8.8 8.8 9.0 8.3 8.1 8.1 8.7 7.9 7.7 8.0 7.6 8.2 8.0 7.8 7.3 7.7

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

54


US SMALL CAp INDEX1927–2010: Real Returns (%)

Inflation Adjusted


19681968 32.8 19691969 -2.6 -28.5 19701970 -7.3 -22.5 -16.1 19711971 -1.7 -11.1 -0.9 17.0 19721972 -1.1 -8.1 -0.1 9.0 1.5 19731973 -9.1 -15.7 -12.2 -10.9 -22.2 -40.4 19741974 -13.5 -19.5 -17.6 -18.0 -27.1 -38.2 -36.0 19751975 -7.9 -12.6 -9.6 -8.3 -13.7 -18.3 -4.3 43.1 19761976 -3.5 -7.3 -3.8 -1.5 -4.9 -6.4 8.8 41.8 40.5 19771977 -2.0 -5.2 -1.8 0.4 -2.1 -2.8 9.8 31.4 25.9 12.8 19781978 -0.9 -3.8 -0.6 1.6 -0.5 -0.8 9.8 25.7 20.4 11.4 10.1 19791979 1.0 -1.5 1.7 3.9 2.4 2.5 12.2 25.5 21.5 15.7 17.2 24.8 19801980 2.5 0.3 3.4 5.6 4.4 4.7 13.5 24.9 21.5 17.2 18.7 23.3 21.7 19811981 1.8 -0.2 2.6 4.5 3.3 3.5 10.9 19.9 16.5 12.2 12.0 12.7 7.0 -5.9 19821982 3.1 1.3 4.0 5.9 5.0 5.3 12.2 20.4 17.4 14.0 14.2 15.2 12.2 7.7 23.3 19831983 4.6 2.9 5.6 7.5 6.8 7.3 13.7 21.3 18.8 16.0 16.5 17.8 16.1 14.3 26.0 28.7 19841984 3.8 2.2 4.7 6.4 5.6 6.0 11.6 18.0 15.5 12.7 12.7 13.2 11.0 8.4 13.7 9.1 -7.5 19851985 5.0 3.6 6.0 7.6 7.0 7.4 12.8 18.8 16.6 14.2 14.4 15.0 13.5 11.9 16.9 14.8 8.4 27.1 19861986 5.1 3.7 6.0 7.6 7.0 7.4 12.3 17.7 15.7 13.4 13.5 13.9 12.5 11.0 14.7 12.7 7.8 16.3 6.5 19871987 4.2 2.8 4.9 6.3 5.7 6.0 10.4 15.1 13.1 10.9 10.7 10.7 9.1 7.4 9.8 7.3 2.5 6.0 -3.2 -11.9 19881988 4.8 3.5 5.6 6.9 6.4 6.7 10.9 15.3 13.4 11.4 11.3 11.4 10.0 8.7 10.9 9.0 5.4 8.9 3.4 1.9 17.9 19891989 5.1 3.9 5.9 7.2 6.7 7.0 10.9 15.1 13.3 11.5 11.3 11.5 10.2 9.0 11.0 9.4 6.4 9.5 5.4 5.1 14.8 11.8 19901990 3.6 2.4 4.2 5.3 4.7 4.9 8.4 12.1 10.2 8.4 8.0 7.8 6.4 5.0 6.3 4.3 1.2 2.8 -1.5 -3.4 -0.4 -8.4 -25.0 19911991 5.0 3.9 5.7 6.9 6.4 6.6 10.1 13.7 12.1 10.4 10.2 10.2 9.1 8.0 9.5 8.1 5.8 7.8 4.9 4.6 9.2 6.4 3.8 43.6 19921992 5.4 4.4 6.1 7.3 6.8 7.1 10.5 13.9 12.3 10.8 10.6 10.7 9.7 8.7 10.2 8.9 6.9 8.9 6.5 6.5 10.6 8.9 7.9 29.4 16.6 19931993 5.8 4.9 6.6 7.7 7.3 7.6 10.8 14.0 12.6 11.1 11.0 11.1 10.2 9.3 10.7 9.6 7.9 9.7 7.8 7.9 11.7 10.4 10.1 25.1 16.8 16.9 19941994 5.4 4.5 6.1 7.1 6.7 7.0 10.0 13.0 11.6 10.2 10.0 10.0 9.1 8.3 9.5 8.4 6.7 8.2 6.3 6.3 9.2 7.8 7.0 16.9 9.2 5.6 -4.6 19951995 6.1 5.3 6.8 7.9 7.5 7.8 10.7 13.7 12.4 11.0 10.9 11.0 10.2 9.4 10.6 9.7 8.3 9.8 8.2 8.4 11.3 10.4 10.1 18.9 13.4 12.4 10.2 27.2 19961996 6.4 5.6 7.1 8.1 7.8 8.0 10.9 13.7 12.4 11.2 11.1 11.1 10.4 9.7 10.8 10.0 8.7 10.1 8.7 8.9 11.5 10.8 10.6 18.0 13.5 12.7 11.3 20.3 13.7 19971997 6.9 6.1 7.6 8.6 8.3 8.6 11.4 14.1 12.9 11.7 11.7 11.8 11.1 10.5 11.6 10.9 9.7 11.1 9.9 10.2 12.7 12.1 12.2 18.8 15.1 14.8 14.3 21.4 18.6 23.7 19981998 6.6 5.8 7.2 8.2 7.9 8.1 10.7 13.3 12.1 11.0 10.9 10.9 10.2 9.6 10.6 9.9 8.7 10.0 8.8 9.0 11.1 10.4 10.3 15.7 12.2 11.5 10.4 14.5 10.6 9.0 -3.9 19991999 7.1 6.4 7.8 8.7 8.4 8.7 11.2 13.7 12.6 11.5 11.5 11.6 10.9 10.4 11.4 10.7 9.7 10.9 9.9 10.1 12.2 11.7 11.7 16.7 13.7 13.3 12.7 16.5 14.0 14.1 9.6 25.1 20002000 6.3 5.6 6.9 7.8 7.5 7.7 10.1 12.4 11.4 10.3 10.2 10.2 9.5 9.0 9.8 9.1 8.0 9.1 8.0 8.1 9.8 9.2 8.9 13.1 10.1 9.3 8.2 10.5 7.5 6.0 0.7 3.0 -15.1 20012001 6.6 5.9 7.2 8.1 7.8 8.0 10.3 12.6 11.5 10.5 10.4 10.4 9.8 9.3 10.1 9.5 8.5 9.5 8.5 8.6 10.3 9.7 9.5 13.3 10.7 10.0 9.2 11.3 8.9 8.0 4.4 7.3 -0.7 16.2 20022002 5.7 5.0 6.2 7.0 6.7 6.9 9.0 11.1 10.1 9.1 8.9 8.9 8.2 7.6 8.3 7.6 6.6 7.5 6.4 6.4 7.8 7.1 6.7 9.9 7.3 6.4 5.2 6.5 3.9 2.3 -1.5 -0.9 -8.3 -4.6 -21.7 20032003 6.8 6.2 7.4 8.2 7.9 8.1 10.3 12.4 11.4 10.5 10.4 10.4 9.8 9.4 10.1 9.5 8.6 9.6 8.7 8.8 10.2 9.7 9.6 12.8 10.6 10.1 9.4 11.1 9.2 8.6 6.2 8.4 4.6 12.1 10.1 54.9 20042004 7.0 6.4 7.6 8.4 8.2 8.4 10.5 12.5 11.6 10.7 10.6 10.6 10.1 9.6 10.3 9.8 8.9 9.8 9.0 9.1 10.5 10.1 10.0 13.0 11.0 10.5 9.9 11.5 9.9 9.4 7.5 9.5 6.7 12.9 11.8 33.7 15.4 20052005 6.9 6.3 7.5 8.2 8.0 8.2 10.2 12.2 11.2 10.4 10.3 10.3 9.7 9.3 10.0 9.4 8.6 9.5 8.6 8.8 10.0 9.6 9.5 12.3 10.3 9.8 9.3 10.6 9.1 8.6 6.8 8.4 5.9 10.7 9.3 22.2 8.6 2.1 20062006 7.1 6.5 7.6 8.4 8.1 8.3 10.3 12.2 11.3 10.5 10.4 10.4 9.9 9.5 10.1 9.6 8.9 9.7 8.9 9.0 10.3 9.8 9.7 12.4 10.6 10.1 9.6 10.9 9.5 9.1 7.6 9.1 7.0 11.2 10.3 20.1 10.4 8.0 14.2 20072007 6.7 6.1 7.2 7.9 7.7 7.9 9.8 11.6 10.7 9.9 9.8 9.8 9.3 8.8 9.5 8.9 8.2 8.9 8.2 8.2 9.4 8.9 8.8 11.2 9.4 8.9 8.4 9.5 8.1 7.6 6.1 7.3 5.2 8.5 7.3 14.3 5.9 2.9 3.4 -6.4 20082008 5.3 4.7 5.7 6.4 6.1 6.2 8.0 9.7 8.8 7.9 7.7 7.7 7.1 6.6 7.1 6.6 5.7 6.3 5.5 5.5 6.4 5.8 5.5 7.6 5.7 5.1 4.3 5.0 3.5 2.7 0.9 1.4 -0.9 1.1 -1.0 3.0 -5.1 -9.6 -13.2 -24.3 -38.7 20092009 6.1 5.5 6.5 7.2 6.9 7.1 8.8 10.5 9.7 8.8 8.7 8.7 8.2 7.7 8.2 7.7 7.0 7.6 6.9 6.9 7.8 7.4 7.2 9.2 7.5 7.0 6.4 7.2 5.9 5.3 3.9 4.7 2.8 5.0 3.7 8.0 1.7 -0.9 -1.6 -6.4 -6.3 43.1 20102010 6.5 6.0 7.0 7.6 7.4 7.6 9.3 10.9 10.1 9.3 9.2 9.2 8.7 8.3 8.9 8.4 7.7 8.3 7.6 7.7 8.6 8.2 8.1 10.0 8.5 8.1 7.6 8.4 7.2 6.8 5.6 6.4 4.9 7.1 6.1 10.3 5.0 3.4 3.6 1.2 3.8 35.2 27.6

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$1,053

2010

55

55


19261926 13.3 19271927 26.1 40.4 19281928 32.1 42.7 45.0 19291929 20.5 23.0 15.1 -8.6 19301930 11.0 10.4 1.9 -14.5 -20.1 19311931 0.9 -1.4 -9.8 -23.0 -29.3 -37.4 19321932 1.1 -0.8 -7.5 -17.3 -20.0 -20.0 2.3 19331933 6.5 5.6 0.7 -6.4 -5.9 -0.6 25.2 53.2 19341934 5.3 4.4 0.1 -5.9 -5.4 -1.3 14.8 21.7 -3.4 19351935 8.6 8.1 4.7 -0.1 1.4 6.3 21.4 28.5 17.7 43.4 19361936 10.6 10.3 7.4 3.5 5.3 10.3 23.5 29.4 22.4 37.7 32.3 19371937 5.5 4.9 1.8 -2.1 -1.2 1.8 10.4 12.1 3.7 6.1 -8.7 -37.0 19381938 7.6 7.1 4.5 1.1 2.3 5.5 13.6 15.6 9.3 12.7 4.0 -7.8 34.9 19391939 7.0 6.5 4.1 1.0 2.0 4.8 11.8 13.2 7.7 10.0 3.0 -5.3 16.2 0.1 19401940 5.7 5.2 2.9 0.0 0.8 3.2 9.1 9.9 4.8 6.3 0.1 -6.6 6.4 -5.4 -10.6 19411941 3.9 3.3 1.1 -1.7 -1.1 0.9 5.8 6.2 1.5 2.2 -3.4 -9.3 -0.7 -10.3 -15.1 -19.4 19421942 4.3 3.8 1.7 -0.9 -0.2 1.6 6.2 6.6 2.4 3.1 -1.6 -6.4 1.4 -5.6 -7.4 -5.8 10.1 19431943 5.2 4.8 2.9 0.5 1.2 3.1 7.4 7.9 4.2 5.1 1.1 -2.7 4.5 -0.6 -0.8 2.7 15.9 22.0 19441944 5.8 5.4 3.6 1.5 2.2 4.0 8.2 8.7 5.3 6.2 2.8 -0.4 6.3 2.1 2.6 6.1 16.4 19.6 17.2 19451945 7.0 6.7 5.1 3.1 3.9 5.8 9.8 10.4 7.4 8.5 5.5 2.8 9.3 6.1 7.2 11.1 20.4 24.0 25.1 33.4 19461946 5.4 5.1 3.5 1.5 2.2 3.7 7.3 7.7 4.8 5.5 2.6 0.0 5.3 2.1 2.4 4.7 10.3 10.4 6.8 1.9 -22.2 19471947 5.0 4.7 3.1 1.3 1.9 3.3 6.6 6.9 4.2 4.8 2.1 -0.3 4.4 1.5 1.7 3.6 8.0 7.6 4.2 0.2 -13.1 -3.0 19481948 4.9 4.6 3.1 1.4 1.9 3.3 6.4 6.6 4.1 4.7 2.2 0.0 4.3 1.6 1.8 3.5 7.2 6.7 3.9 0.8 -8.1 -0.2 2.7 19491949 5.6 5.2 3.9 2.2 2.8 4.2 7.2 7.4 5.1 5.7 3.4 1.5 5.6 3.2 3.6 5.3 8.8 8.7 6.6 4.6 -1.6 6.4 11.5 21.0 19501950 6.3 6.0 4.7 3.1 3.7 5.1 8.0 8.3 6.1 6.8 4.7 3.0 6.9 4.9 5.3 7.1 10.5 10.5 9.0 7.7 3.1 10.7 15.7 22.7 24.5 19511951 6.7 6.4 5.2 3.7 4.3 5.6 8.4 8.8 6.7 7.4 5.4 3.8 7.6 5.8 6.2 7.9 11.1 11.2 10.0 9.0 5.4 11.9 16.0 20.8 20.8 17.1 19521952 7.0 6.8 5.6 4.2 4.8 6.1 8.8 9.2 7.3 7.9 6.1 4.6 8.2 6.5 7.1 8.7 11.7 11.8 10.8 10.0 7.0 12.8 16.3 19.9 19.6 17.2 17.3 19531953 6.7 6.5 5.3 4.0 4.6 5.8 8.4 8.6 6.8 7.4 5.6 4.3 7.6 6.0 6.4 7.9 10.5 10.5 9.5 8.6 5.9 10.6 13.1 15.3 13.9 10.6 7.4 -1.6 19541954 8.1 7.9 6.8 5.6 6.2 7.4 10.0 10.4 8.7 9.3 7.7 6.5 9.9 8.5 9.0 10.6 13.3 13.6 12.9 12.4 10.3 15.2 18.1 20.9 20.9 20.0 21.0 22.9 53.4 19551955 8.7 8.6 7.6 6.4 7.0 8.3 10.8 11.2 9.6 10.2 8.8 7.7 10.9 9.7 10.3 11.9 14.5 14.9 14.3 14.0 12.2 16.9 19.7 22.3 22.5 22.1 23.4 25.5 41.8 31.1 19561956 8.6 8.4 7.5 6.3 6.9 8.1 10.5 10.9 9.3 9.9 8.6 7.5 10.5 9.3 9.9 11.3 13.8 14.0 13.4 13.1 11.4 15.5 17.8 19.8 19.6 18.8 19.2 19.6 27.7 16.5 3.6 19571957 7.8 7.6 6.7 5.6 6.1 7.2 9.5 9.8 8.3 8.8 7.4 6.4 9.2 8.0 8.5 9.7 11.8 11.9 11.3 10.8 9.1 12.5 14.2 15.6 14.9 13.6 13.0 12.2 15.9 5.5 -5.3 -13.4 19581958 8.7 8.6 7.7 6.6 7.2 8.3 10.5 10.8 9.4 10.0 8.7 7.7 10.5 9.4 10.0 11.2 13.4 13.6 13.0 12.7 11.3 14.6 16.4 17.9 17.5 16.7 16.6 16.5 20.5 13.4 8.1 10.4 40.9 19591959 8.7 8.6 7.7 6.7 7.3 8.4 10.5 10.8 9.4 10.0 8.8 7.9 10.5 9.5 10.0 11.2 13.2 13.4 12.9 12.6 11.2 14.3 15.9 17.2 16.8 16.0 15.8 15.6 18.7 12.8 8.7 10.4 24.7 10.3 19601960 8.4 8.3 7.5 6.5 7.0 8.0 10.1 10.4 9.0 9.5 8.4 7.5 10.0 9.0 9.4 10.5 12.4 12.5 12.0 11.7 10.3 13.1 14.5 15.5 15.0 14.1 13.8 13.4 15.7 10.4 6.7 7.4 15.4 4.5 -1.0 19611961 8.9 8.8 8.0 7.0 7.5 8.6 10.6 10.9 9.6 10.1 9.0 8.2 10.6 9.7 10.1 11.2 13.0 13.2 12.7 12.5 11.3 14.0 15.3 16.3 15.9 15.2 15.0 14.7 16.9 12.5 9.7 10.9 18.0 11.2 11.7 26.0 19621962 8.3 8.2 7.4 6.5 7.0 7.9 9.9 10.1 8.9 9.3 8.2 7.4 9.7 8.8 9.2 10.2 11.8 11.9 11.4 11.1 9.9 12.3 13.4 14.2 13.7 12.8 12.5 12.0 13.6 9.4 6.6 7.2 11.8 5.6 4.0 6.6 -9.8 19631963 8.7 8.5 7.8 6.9 7.3 8.3 10.2 10.4 9.2 9.7 8.7 7.9 10.1 9.2 9.6 10.6 12.2 12.3 11.9 11.6 10.5 12.8 13.9 14.6 14.2 13.4 13.1 12.8 14.3 10.6 8.3 9.0 13.3 8.4 8.0 11.1 4.4 20.8 19641964 8.8 8.7 8.0 7.1 7.6 8.5 10.3 10.6 9.4 9.9 8.9 8.1 10.3 9.5 9.9 10.8 12.3 12.4 12.0 11.8 10.7 12.9 13.9 14.7 14.3 13.6 13.3 13.0 14.4 11.1 9.0 9.8 13.5 9.5 9.4 12.1 7.8 17.9 15.1 19651965 8.9 8.7 8.0 7.2 7.6 8.6 10.3 10.6 9.5 9.9 8.9 8.2 10.3 9.5 9.9 10.8 12.3 12.4 11.9 11.7 10.7 12.8 13.7 14.4 14.0 13.3 13.1 12.8 14.0 11.0 9.2 9.8 13.1 9.6 9.5 11.8 8.4 15.3 12.7 10.3 19661966 8.3 8.1 7.4 6.6 7.0 7.9 9.6 9.8 8.7 9.1 8.1 7.4 9.4 8.6 8.9 9.8 11.1 11.2 10.7 10.4 9.4 11.3 12.1 12.7 12.2 11.5 11.1 10.7 11.7 8.8 6.9 7.3 9.9 6.5 6.0 7.2 3.8 7.5 3.4 -2.0 -13.0 19671967 8.5 8.4 7.7 6.9 7.3 8.2 9.9 10.1 9.0 9.4 8.5 7.8 9.8 9.0 9.3 10.1 11.5 11.5 11.1 10.8 9.9 11.7 12.5 13.1 12.6 12.0 11.7 11.3 12.3 9.6 8.0 8.4 10.9 8.0 7.7 9.0 6.4 9.9 7.4 4.9 2.3 20.31968 8.5 8.4 7.7 6.9 7.3 8.2 9.8 10.0 8.9 9.3 8.4 7.8 9.6 8.9 9.2 10.0 11.3 11.3 10.9 10.6 9.7 11.5 12.2 12.7 12.3 11.6 11.3 11.0 11.9 9.4 7.9 8.2 10.4 7.8 7.5 8.6 6.3 9.3 7.1 5.2 3.6 13.01969 7.9 7.8 7.1 6.3 6.7 7.5 9.1 9.3 8.2 8.6 7.7 7.0 8.8 8.1 8.3 9.1 10.3 10.3 9.8 9.5 8.6 10.2 10.9 11.3 10.8 10.1 9.8 9.3 10.1 7.7 6.1 6.3 8.2 5.6 5.2 5.9 3.6 5.7 3.3 1.1 -1.1 3.31970 7.7 7.6 6.9 6.1 6.5 7.3 8.8 9.0 8.0 8.3 7.4 6.8 8.5 7.8 8.0 8.7 9.8 9.8 9.4 9.1 8.2 9.7 10.3 10.7 10.2 9.5 9.1 8.7 9.4 7.1 5.6 5.8 7.4 5.0 4.5 5.1 3.0 4.7 2.6 0.7 -1.1 2.11971 7.8 7.6 7.0 6.2 6.6 7.4 8.8 9.0 8.0 8.4 7.5 6.9 8.6 7.8 8.1 8.8 9.9 9.8 9.4 9.2 8.3 9.8 10.3 10.7 10.2 9.6 9.2 8.8 9.4 7.3 5.9 6.1 7.6 5.4 5.0 5.6 3.8 5.4 3.6 2.1 0.7 3.71972 7.9 7.8 7.2 6.4 6.8 7.5 9.0 9.1 8.2 8.5 7.7 7.1 8.7 8.0 8.3 9.0 10.0 10.0 9.6 9.4 8.6 10.0 10.5 10.8 10.4 9.8 9.5 9.1 9.7 7.7 6.4 6.6 8.1 6.1 5.8 6.4 4.7 6.3 4.8 3.6 2.7 5.51973 7.2 7.1 6.4 5.7 6.1 6.8 8.1 8.3 7.3 7.6 6.8 6.2 7.8 7.1 7.3 7.9 8.9 8.8 8.4 8.1 7.3 8.6 9.1 9.3 8.9 8.2 7.8 7.4 7.9 5.9 4.7 4.7 6.0 4.0 3.5 3.9 2.2 3.4 1.8 0.4 -0.7 1.21974 6.1 6.0 5.3 4.6 4.9 5.6 6.9 7.0 6.1 6.3 5.5 4.9 6.3 5.6 5.8 6.3 7.2 7.1 6.7 6.3 5.5 6.7 7.0 7.2 6.7 6.0 5.5 5.0 5.4 3.4 2.1 2.0 3.0 1.0 0.4 0.5 -1.2 -0.4 -2.2 -3.8 -5.2 -4.21975 6.5 6.4 5.8 5.1 5.4 6.0 7.3 7.4 6.5 6.8 6.0 5.4 6.8 6.2 6.3 6.9 7.8 7.7 7.3 7.0 6.2 7.3 7.7 7.9 7.4 6.8 6.4 5.9 6.3 4.5 3.3 3.3 4.3 2.5 2.0 2.2 0.7 1.5 0.1 -1.2 -2.3 -1.01976 6.7 6.6 6.0 5.3 5.6 6.3 7.5 7.7 6.8 7.0 6.3 5.7 7.1 6.5 6.6 7.2 8.1 8.0 7.6 7.3 6.6 7.7 8.1 8.3 7.8 7.2 6.8 6.4 6.8 5.0 3.9 4.0 5.0 3.3 2.9 3.1 1.7 2.6 1.3 0.3 -0.6 0.71977 6.3 6.2 5.6 4.9 5.2 5.8 7.1 7.2 6.3 6.5 5.8 5.2 6.6 5.9 6.1 6.6 7.4 7.3 6.9 6.6 5.9 6.9 7.3 7.4 7.0 6.4 6.0 5.6 5.9 4.2 3.1 3.1 4.0 2.3 1.9 2.1 0.7 1.5 0.2 -0.8 -1.7 -0.61978 6.2 6.0 5.4 4.8 5.1 5.7 6.8 6.9 6.1 6.3 5.6 5.0 6.3 5.7 5.9 6.3 7.1 7.0 6.6 6.3 5.6 6.6 7.0 7.1 6.7 6.1 5.7 5.3 5.5 3.9 2.9 2.8 3.7 2.1 1.7 1.8 0.6 1.3 0.1 -0.9 -1.7 -0.71979 6.1 6.0 5.4 4.8 5.1 5.6 6.8 6.9 6.1 6.3 5.6 5.0 6.3 5.7 5.8 6.3 7.1 7.0 6.6 6.3 5.6 6.6 6.9 7.0 6.6 6.0 5.6 5.2 5.5 3.9 2.9 2.9 3.7 2.2 1.8 2.0 0.8 1.4 0.3 -0.6 -1.3 -0.31980 6.3 6.2 5.6 5.0 5.3 5.9 7.0 7.1 6.3 6.5 5.8 5.3 6.5 5.9 6.1 6.6 7.3 7.2 6.9 6.6 5.9 6.9 7.2 7.3 6.9 6.4 6.0 5.7 5.9 4.4 3.5 3.5 4.3 2.9 2.5 2.7 1.6 2.3 1.3 0.5 -0.1 0.81981 6.0 5.8 5.3 4.6 4.9 5.5 6.6 6.7 5.9 6.1 5.4 4.8 6.1 5.5 5.6 6.0 6.8 6.7 6.3 6.0 5.4 6.3 6.6 6.7 6.3 5.7 5.3 5.0 5.2 3.7 2.8 2.8 3.5 2.1 1.8 1.9 0.8 1.4 0.5 -0.3 -1.0 -0.11982 6.1 6.0 5.5 4.9 5.1 5.7 6.8 6.9 6.1 6.3 5.6 5.1 6.3 5.7 5.9 6.3 7.0 6.9 6.6 6.3 5.6 6.5 6.8 7.0 6.6 6.0 5.7 5.3 5.6 4.2 3.3 3.3 4.0 2.7 2.4 2.6 1.6 2.2 1.3 0.5 0.0 0.91983 6.3 6.2 5.7 5.1 5.3 5.9 7.0 7.1 6.3 6.5 5.9 5.4 6.5 6.0 6.1 6.5 7.3 7.2 6.8 6.6 6.0 6.8 7.1 7.3 6.9 6.4 6.1 5.7 6.0 4.6 3.8 3.8 4.5 3.3 3.0 3.2 2.3 2.9 2.0 1.4 0.9 1.81984 6.3 6.1 5.6 5.0 5.3 5.8 6.9 7.0 6.2 6.4 5.8 5.3 6.4 5.9 6.0 6.4 7.1 7.1 6.7 6.5 5.9 6.7 7.0 7.1 6.7 6.3 5.9 5.6 5.9 4.6 3.7 3.7 4.4 3.2 3.0 3.1 2.2 2.8 2.0 1.4 1.0 1.81985 6.6 6.5 6.0 5.4 5.6 6.2 7.2 7.3 6.6 6.8 6.2 5.7 6.8 6.3 6.5 6.9 7.6 7.5 7.2 6.9 6.3 7.2 7.5 7.6 7.3 6.8 6.5 6.2 6.5 5.2 4.5 4.5 5.2 4.1 3.8 4.0 3.2 3.8 3.1 2.5 2.2 3.01986 6.7 6.6 6.1 5.6 5.8 6.4 7.4 7.5 6.8 7.0 6.4 5.9 7.0 6.5 6.7 7.1 7.8 7.7 7.4 7.2 6.6 7.4 7.7 7.9 7.5 7.1 6.8 6.5 6.8 5.6 4.8 4.9 5.6 4.5 4.3 4.5 3.7 4.3 3.7 3.2 2.8 3.71987 6.6 6.5 6.1 5.5 5.8 6.3 7.3 7.4 6.7 6.9 6.3 5.8 6.9 6.4 6.5 6.9 7.6 7.5 7.2 7.0 6.5 7.3 7.5 7.7 7.3 6.9 6.6 6.3 6.6 5.4 4.7 4.7 5.4 4.4 4.2 4.4 3.6 4.2 3.5 3.1 2.7 3.61988 6.7 6.6 6.1 5.6 5.9 6.4 7.4 7.5 6.8 7.0 6.4 5.9 7.0 6.5 6.6 7.0 7.7 7.6 7.3 7.1 6.6 7.4 7.6 7.8 7.5 7.0 6.8 6.5 6.7 5.6 4.9 5.0 5.6 4.6 4.4 4.6 3.9 4.5 3.9 3.4 3.1 3.91989 7.0 6.9 6.4 5.9 6.2 6.7 7.7 7.7 7.1 7.3 6.7 6.3 7.3 6.9 7.0 7.4 8.0 8.0 7.7 7.5 7.0 7.8 8.0 8.2 7.9 7.5 7.2 7.0 7.2 6.1 5.5 5.5 6.2 5.2 5.1 5.3 4.6 5.2 4.6 4.2 4.0 4.81990 6.7 6.6 6.2 5.6 5.9 6.4 7.4 7.4 6.8 7.0 6.4 6.0 7.0 6.5 6.7 7.0 7.7 7.6 7.3 7.1 6.6 7.4 7.6 7.7 7.4 7.0 6.8 6.5 6.8 5.7 5.0 5.1 5.7 4.8 4.6 4.8 4.1 4.6 4.1 3.7 3.4 4.21991 7.0 6.9 6.5 5.9 6.2 6.7 7.6 7.7 7.1 7.3 6.7 6.3 7.3 6.9 7.0 7.4 8.0 8.0 7.7 7.5 7.0 7.8 8.0 8.1 7.9 7.5 7.3 7.0 7.2 6.2 5.6 5.6 6.3 5.4 5.2 5.4 4.8 5.3 4.8 4.5 4.2 5.01992 7.0 6.9 6.4 5.9 6.2 6.7 7.6 7.7 7.0 7.2 6.7 6.3 7.3 6.8 7.0 7.3 7.9 7.9 7.6 7.4 6.9 7.7 7.9 8.1 7.8 7.4 7.2 6.9 7.2 6.2 5.6 5.6 6.2 5.3 5.2 5.4 4.8 5.3 4.8 4.5 4.2 5.01993 7.0 6.9 6.4 5.9 6.2 6.7 7.6 7.7 7.0 7.2 6.7 6.3 7.3 6.8 7.0 7.3 7.9 7.9 7.6 7.4 7.0 7.7 7.9 8.0 7.8 7.4 7.2 6.9 7.2 6.2 5.6 5.7 6.2 5.4 5.2 5.4 4.9 5.4 4.9 4.6 4.4 5.11994 6.9 6.8 6.3 5.8 6.1 6.5 7.4 7.5 6.9 7.1 6.6 6.2 7.1 6.7 6.8 7.2 7.7 7.7 7.4 7.3 6.8 7.5 7.7 7.8 7.6 7.2 7.0 6.7 7.0 6.0 5.4 5.5 6.0 5.2 5.1 5.2 4.7 5.1 4.7 4.4 4.2 4.81995 7.2 7.1 6.7 6.2 6.4 6.9 7.8 7.9 7.3 7.5 7.0 6.6 7.5 7.1 7.2 7.6 8.2 8.1 7.9 7.7 7.3 8.0 8.2 8.3 8.1 7.7 7.5 7.3 7.5 6.6 6.1 6.1 6.7 5.9 5.8 6.0 5.4 5.9 5.5 5.2 5.0 5.71996 7.4 7.3 6.9 6.4 6.6 7.1 8.0 8.1 7.5 7.7 7.1 6.8 7.7 7.3 7.4 7.8 8.4 8.3 8.1 7.9 7.5 8.2 8.4 8.5 8.3 8.0 7.8 7.6 7.8 6.9 6.3 6.4 7.0 6.2 6.1 6.3 5.8 6.3 5.9 5.6 5.5 6.11997 7.7 7.6 7.2 6.7 6.9 7.4 8.3 8.4 7.8 8.0 7.5 7.1 8.1 7.7 7.8 8.2 8.7 8.7 8.5 8.3 7.9 8.6 8.8 9.0 8.7 8.4 8.2 8.0 8.3 7.4 6.9 7.0 7.5 6.8 6.7 6.9 6.4 6.9 6.5 6.3 6.2 6.91998 7.9 7.8 7.4 7.0 7.2 7.7 8.5 8.6 8.1 8.3 7.8 7.4 8.4 8.0 8.1 8.5 9.0 9.0 8.8 8.6 8.2 8.9 9.2 9.3 9.1 8.8 8.6 8.4 8.6 7.8 7.3 7.4 8.0 7.2 7.2 7.4 6.9 7.4 7.1 6.8 6.7 7.41999 8.0 8.0 7.6 7.1 7.4 7.8 8.7 8.8 8.2 8.4 7.9 7.6 8.5 8.1 8.3 8.6 9.2 9.2 8.9 8.8 8.4 9.1 9.3 9.4 9.2 8.9 8.8 8.6 8.8 8.0 7.5 7.6 8.2 7.5 7.4 7.6 7.2 7.7 7.4 7.1 7.1 7.72000 7.7 7.7 7.3 6.8 7.0 7.5 8.3 8.4 7.9 8.1 7.6 7.2 8.1 7.8 7.9 8.2 8.8 8.8 8.5 8.4 8.0 8.6 8.9 9.0 8.8 8.5 8.3 8.1 8.3 7.5 7.1 7.1 7.7 7.0 6.9 7.1 6.7 7.1 6.8 6.6 6.5 7.12001 7.4 7.3 7.0 6.5 6.7 7.2 8.0 8.1 7.5 7.7 7.2 6.9 7.8 7.4 7.5 7.8 8.4 8.3 8.1 8.0 7.6 8.2 8.4 8.5 8.3 8.0 7.8 7.6 7.8 7.0 6.6 6.6 7.1 6.5 6.4 6.6 6.1 6.5 6.2 6.0 5.8 6.42002 6.9 6.9 6.5 6.0 6.2 6.7 7.5 7.5 7.0 7.2 6.7 6.3 7.2 6.8 6.9 7.2 7.7 7.7 7.5 7.3 6.9 7.5 7.7 7.8 7.6 7.3 7.1 6.9 7.1 6.3 5.8 5.9 6.3 5.6 5.5 5.7 5.2 5.7 5.3 5.0 4.9 5.52003 7.2 7.1 6.7 6.3 6.5 6.9 7.7 7.8 7.2 7.4 7.0 6.6 7.5 7.1 7.2 7.5 8.0 8.0 7.8 7.6 7.2 7.8 8.0 8.1 7.9 7.6 7.4 7.2 7.4 6.7 6.2 6.2 6.7 6.1 6.0 6.1 5.7 6.1 5.8 5.5 5.4 6.02004 7.2 7.1 6.7 6.3 6.5 6.9 7.7 7.8 7.2 7.4 7.0 6.6 7.5 7.1 7.2 7.5 8.0 8.0 7.8 7.6 7.2 7.8 8.0 8.1 7.9 7.6 7.4 7.2 7.4 6.7 6.2 6.3 6.7 6.1 6.0 6.2 5.7 6.1 5.8 5.6 5.5 6.02005 7.1 7.0 6.7 6.2 6.4 6.8 7.6 7.7 7.2 7.3 6.9 6.5 7.4 7.0 7.1 7.4 7.9 7.9 7.7 7.5 7.1 7.7 7.9 8.0 7.8 7.5 7.3 7.1 7.3 6.6 6.1 6.2 6.6 6.0 5.9 6.1 5.6 6.0 5.7 5.5 5.4 5.92006 7.2 7.1 6.7 6.3 6.5 6.9 7.7 7.8 7.2 7.4 7.0 6.6 7.5 7.1 7.2 7.5 8.0 7.9 7.7 7.6 7.2 7.8 8.0 8.1 7.9 7.6 7.4 7.2 7.4 6.7 6.2 6.3 6.7 6.1 6.0 6.2 5.8 6.2 5.9 5.7 5.5 6.12007 7.1 7.0 6.7 6.2 6.5 6.8 7.6 7.7 7.2 7.3 6.9 6.6 7.4 7.0 7.1 7.4 7.9 7.8 7.6 7.5 7.1 7.7 7.9 8.0 7.7 7.5 7.3 7.1 7.3 6.6 6.2 6.2 6.6 6.0 5.9 6.1 5.7 6.1 5.8 5.6 5.4 5.92008 6.4 6.3 6.0 5.6 5.7 6.1 6.9 6.9 6.4 6.5 6.1 5.8 6.6 6.2 6.3 6.6 7.0 7.0 6.7 6.6 6.2 6.7 6.9 7.0 6.8 6.5 6.3 6.1 6.3 5.5 5.1 5.1 5.5 4.9 4.8 5.0 4.5 4.9 4.6 4.3 4.2 4.62009 6.6 6.5 6.2 5.8 5.9 6.3 7.0 7.1 6.6 6.7 6.3 6.0 6.8 6.4 6.5 6.8 7.2 7.2 7.0 6.8 6.5 7.0 7.2 7.2 7.0 6.7 6.6 6.4 6.5 5.8 5.4 5.5 5.9 5.3 5.2 5.3 4.9 5.2 4.9 4.7 4.6 5.02010 6.7 6.6 6.2 5.8 6.0 6.4 7.1 7.2 6.7 6.8 6.4 6.1 6.9 6.5 6.6 6.9 7.3 7.3 7.1 6.9 6.6 7.1 7.3 7.3 7.1 6.9 6.7 6.5 6.7 6.0 5.6 5.6 6.0 5.4 5.3 5.4 5.1 5.4 5.1 4.9 4.8 5.2

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

56


Data provided by Standard & Poor’s Index Services Group.

S&p 500 INDEX1926–2010: Real Returns (%)

Inflation Adjusted

19681968 6.1 19691969 -4.3 -13.7 19701970 -3.4 -7.8 -1.4 19711971 -0.1 -2.0 4.4 10.6 19721972 2.8 2.0 7.9 12.8 15.0 19731973 -1.7 -3.2 -0.4 -0.1 -5.0 -21.6 19741974 -7.3 -9.3 -8.4 -10.1 -16.1 -28.3 -34.5 19751975 -3.4 -4.7 -3.1 -3.5 -6.7 -13.0 -8.3 28.2 19761976 -1.2 -2.1 -0.3 -0.1 -2.2 -6.1 -0.2 23.1 18.2 19771977 -2.5 -3.4 -2.0 -2.1 -4.1 -7.5 -3.6 9.6 1.3 -13.1 19781978 -2.5 -3.3 -2.0 -2.1 -3.8 -6.6 -3.3 6.5 0.1 -7.8 -2.3 19791979 -1.9 -2.6 -1.4 -1.4 -2.8 -5.1 -2.1 6.1 1.2 -3.9 1.1 4.5 19801980 -0.5 -1.0 0.2 0.4 -0.7 -2.5 0.5 8.0 4.3 1.1 6.4 11.0 17.8 19811981 -1.4 -2.0 -0.9 -0.9 -2.0 -3.7 -1.2 4.7 1.3 -1.8 1.2 2.4 1.4 -12.7 19821982 -0.3 -0.8 0.3 0.5 -0.4 -1.8 0.6 6.2 3.4 1.1 4.2 5.9 6.3 1.0 16.9 19831983 0.7 0.4 1.5 1.7 1.0 -0.2 2.3 7.4 5.1 3.4 6.4 8.2 9.1 6.4 17.5 18.0 19841984 0.8 0.5 1.5 1.8 1.1 0.0 2.3 6.9 4.8 3.2 5.8 7.2 7.7 5.3 12.1 9.8 2.2 19851985 2.1 1.9 3.0 3.3 2.8 1.9 4.1 8.6 6.8 5.6 8.2 9.8 10.8 9.4 15.8 15.4 14.1 27.4 19861986 2.9 2.7 3.8 4.1 3.7 2.9 5.1 9.3 7.7 6.7 9.2 10.7 11.6 10.7 16.0 15.8 15.1 22.1 17.1 19871987 2.8 2.6 3.6 3.9 3.5 2.8 4.8 8.6 7.1 6.2 8.3 9.6 10.2 9.2 13.3 12.6 11.3 14.6 8.7 0.8 19881988 3.2 3.1 4.0 4.3 4.0 3.3 5.2 8.9 7.5 6.6 8.6 9.8 10.4 9.5 13.1 12.5 11.4 13.9 9.7 6.2 11.9 19891989 4.1 4.0 5.0 5.4 5.1 4.5 6.4 9.9 8.7 8.0 10.0 11.2 11.8 11.2 14.6 14.3 13.7 16.1 13.5 12.3 18.6 25.7 19901990 3.5 3.4 4.3 4.6 4.3 3.7 5.5 8.6 7.4 6.7 8.4 9.4 9.8 9.0 11.8 11.1 10.2 11.6 8.7 6.7 8.7 7.1 -8.7 19911991 4.4 4.3 5.2 5.6 5.3 4.8 6.5 9.6 8.5 7.9 9.6 10.6 11.1 10.5 13.2 12.8 12.1 13.6 11.5 10.4 12.9 13.3 7.5 26.6 19921992 4.4 4.3 5.2 5.5 5.3 4.8 6.4 9.3 8.3 7.7 9.3 10.1 10.6 10.0 12.3 11.9 11.2 12.4 10.4 9.4 11.2 11.0 6.5 15.0 4.5 19931993 4.5 4.4 5.3 5.6 5.4 4.9 6.5 9.2 8.2 7.7 9.1 9.9 10.3 9.8 11.9 11.5 10.8 11.8 10.0 9.0 10.5 10.2 6.6 12.3 5.8 7.1 19941994 4.3 4.2 5.0 5.3 5.1 4.6 6.1 8.7 7.7 7.2 8.5 9.2 9.5 8.9 10.8 10.3 9.7 10.4 8.7 7.7 8.7 8.2 5.0 8.7 3.4 2.8 -1.3 19951995 5.2 5.2 6.0 6.3 6.1 5.8 7.2 9.7 8.9 8.4 9.8 10.5 10.9 10.5 12.3 12.0 11.5 12.4 11.0 10.3 11.6 11.6 9.4 13.4 10.3 12.3 15.0 34.0 19961996 5.7 5.7 6.5 6.8 6.6 6.3 7.7 10.1 9.4 8.9 10.2 11.0 11.4 11.0 12.8 12.5 12.1 12.9 11.7 11.2 12.4 12.5 10.7 14.3 12.0 13.9 16.3 26.3 19.0 19971997 6.4 6.4 7.2 7.6 7.5 7.2 8.6 11.0 10.3 9.9 11.2 12.0 12.4 12.1 13.8 13.6 13.3 14.2 13.2 12.9 14.1 14.4 13.1 16.6 15.0 17.2 19.9 27.9 24.9 31.1 19981998 7.0 7.1 7.9 8.2 8.1 7.9 9.2 11.6 10.9 10.6 11.9 12.6 13.1 12.8 14.5 14.4 14.2 15.1 14.2 13.9 15.2 15.6 14.5 17.8 16.6 18.7 21.2 27.5 25.5 28.8 26.6 19991999 7.4 7.4 8.2 8.5 8.5 8.2 9.6 11.8 11.2 10.9 12.1 12.9 13.3 13.1 14.7 14.6 14.4 15.3 14.4 14.2 15.4 15.8 14.8 17.8 16.7 18.6 20.6 25.5 23.5 25.1 22.1 17.9 20002000 6.7 6.7 7.5 7.8 7.7 7.4 8.7 10.8 10.2 9.8 11.0 11.6 12.0 11.7 13.1 12.9 12.6 13.3 12.4 12.1 13.0 13.1 12.1 14.4 13.1 14.2 15.3 18.3 15.4 14.5 9.5 1.8 -12.1 20012001 6.1 6.1 6.7 7.0 6.9 6.6 7.8 9.8 9.2 8.8 9.8 10.4 10.7 10.3 11.6 11.4 11.0 11.6 10.6 10.2 10.9 10.9 9.7 11.5 10.1 10.8 11.3 13.2 10.0 8.3 3.3 -3.5 -12.7 -13.2 20022002 5.1 5.0 5.7 5.9 5.7 5.4 6.5 8.4 7.7 7.3 8.2 8.7 8.9 8.5 9.6 9.3 8.8 9.2 8.2 7.7 8.2 7.9 6.7 8.0 6.5 6.7 6.7 7.7 4.4 2.1 -2.8 -9.1 -16.6 -18.8 -23.9 20032003 5.6 5.6 6.2 6.5 6.3 6.1 7.1 9.0 8.3 8.0 8.9 9.4 9.6 9.2 10.3 10.0 9.6 10.1 9.2 8.7 9.2 9.1 8.0 9.4 8.0 8.4 8.5 9.6 6.9 5.3 1.5 -2.9 -7.5 -5.9 -2.0 26.3 20042004 5.6 5.6 6.2 6.5 6.4 6.1 7.1 8.9 8.3 8.0 8.8 9.3 9.5 9.1 10.2 9.9 9.5 9.9 9.1 8.6 9.1 8.9 7.9 9.2 8.0 8.3 8.4 9.4 7.0 5.5 2.3 -1.2 -4.7 -2.7 1.1 16.5 7.4 20052005 5.5 5.5 6.1 6.3 6.2 6.0 7.0 8.7 8.1 7.7 8.6 9.0 9.1 8.8 9.8 9.5 9.2 9.5 8.7 8.2 8.7 8.5 7.5 8.7 7.5 7.7 7.8 8.7 6.4 5.1 2.2 -0.9 -3.7 -1.9 1.2 11.2 4.4 1.4 20062006 5.7 5.7 6.3 6.5 6.4 6.2 7.1 8.8 8.2 7.9 8.7 9.1 9.3 9.0 9.9 9.7 9.3 9.7 8.9 8.5 8.9 8.7 7.8 8.9 7.8 8.1 8.2 9.0 7.0 5.8 3.4 0.8 -1.5 0.4 3.4 11.6 7.1 7.0 12.9 20072007 5.6 5.6 6.2 6.4 6.3 6.0 7.0 8.6 8.0 7.7 8.4 8.8 9.0 8.7 9.6 9.3 9.0 9.3 8.5 8.1 8.5 8.3 7.4 8.5 7.4 7.6 7.7 8.4 6.5 5.4 3.2 0.8 -1.1 0.6 3.1 9.5 5.7 5.1 7.0 1.4 20082008 4.3 4.2 4.7 4.9 4.8 4.5 5.3 6.8 6.2 5.9 6.6 6.9 6.9 6.6 7.4 7.0 6.6 6.8 6.0 5.5 5.7 5.4 4.5 5.2 4.1 4.1 3.9 4.3 2.3 1.0 -1.4 -3.8 -6.0 -5.2 -4.0 -0.1 -4.7 -7.5 -10.4 -20.1 -37.1 20092009 4.7 4.7 5.2 5.3 5.2 5.0 5.8 7.3 6.7 6.4 7.0 7.4 7.5 7.1 7.9 7.6 7.2 7.4 6.6 6.2 6.5 6.2 5.3 6.1 5.1 5.1 5.0 5.4 3.6 2.5 0.5 -1.6 -3.4 -2.4 -0.9 2.9 -0.6 -2.1 -3.0 -7.7 -12.0 23.1 20102010 4.9 4.9 5.4 5.5 5.4 5.2 6.0 7.4 6.9 6.6 7.2 7.5 7.6 7.3 8.1 7.8 7.4 7.6 6.9 6.5 6.8 6.5 5.7 6.5 5.5 5.6 5.5 5.9 4.3 3.3 1.4 -0.5 -2.0 -0.9 0.6 4.1 1.3 0.3 0.1 -2.9 -4.2 18.1 13.4

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$243

1926 2010

57

57


19261926 9.4 19271927 10.3 11.3 19281928 7.1 6.0 1.1 19291929 6.1 5.1 2.1 3.2 19301930 7.2 6.6 5.1 7.2 11.4 19311931 6.7 6.2 5.0 6.3 8.0 4.6 19321932 9.8 9.9 9.6 11.9 14.9 16.7 30.3 19331933 8.5 8.3 7.9 9.3 10.8 10.7 13.8 -0.6 19341934 8.4 8.3 7.8 9.0 10.2 9.9 11.8 3.5 7.8 19351935 7.7 7.5 7.1 8.0 8.8 8.3 9.2 3.0 4.8 1.9 19361936 7.6 7.4 7.0 7.8 8.4 7.9 8.6 3.8 5.3 4.1 6.2 19371937 6.7 6.4 6.0 6.5 7.0 6.3 6.6 2.4 3.2 1.7 1.6 -2.8 19381938 6.8 6.6 6.2 6.7 7.1 6.6 6.9 3.4 4.3 3.4 3.9 2.7 8.5 19391939 6.8 6.6 6.2 6.7 7.1 6.6 6.8 3.9 4.6 4.0 4.5 3.9 7.5 6.5 19401940 6.7 6.5 6.1 6.6 6.9 6.4 6.6 4.0 4.7 4.2 4.6 4.2 6.7 5.8 5.1 19411941 5.7 5.5 5.1 5.4 5.6 5.0 5.1 2.6 3.0 2.3 2.4 1.7 2.8 1.0 -1.7 -8.0 19421942 5.0 4.7 4.3 4.6 4.7 4.1 4.1 1.8 2.0 1.3 1.2 0.4 1.1 -0.7 -3.0 -6.8 -5.6 19431943 4.7 4.4 4.0 4.2 4.2 3.7 3.6 1.5 1.7 1.0 0.9 0.2 0.7 -0.8 -2.5 -4.9 -3.3 -1.1 19441944 4.4 4.2 3.8 3.9 4.0 3.5 3.4 1.4 1.6 1.0 0.9 0.3 0.7 -0.5 -1.9 -3.6 -2.0 -0.2 0.7 19451945 4.6 4.4 4.0 4.2 4.3 3.8 3.7 1.9 2.2 1.7 1.6 1.1 1.6 0.7 -0.3 -1.3 0.5 2.6 4.4 8.3 19461946 3.6 3.3 2.9 3.0 3.0 2.5 2.3 0.6 0.7 0.1 -0.1 -0.7 -0.4 -1.5 -2.6 -3.8 -2.9 -2.3 -2.7 -4.3 -15.5 19471947 2.9 2.6 2.2 2.2 2.2 1.7 1.5 -0.2 -0.2 -0.8 -1.0 -1.6 -1.5 -2.6 -3.6 -4.8 -4.3 -4.0 -4.7 -6.5 -13.1 -10.7 19481948 2.8 2.5 2.1 2.1 2.1 1.6 1.4 -0.2 -0.1 -0.7 -0.9 -1.4 -1.3 -2.2 -3.2 -4.2 -3.6 -3.3 -3.7 -4.7 -8.7 -5.2 0.7 19491949 3.0 2.7 2.4 2.4 2.4 1.9 1.8 0.3 0.4 -0.1 -0.2 -0.7 -0.5 -1.3 -2.1 -2.8 -2.2 -1.7 -1.8 -2.2 -4.7 -0.9 4.5 8.4 19501950 2.7 2.4 2.0 2.1 2.0 1.6 1.4 0.0 0.0 -0.4 -0.6 -1.1 -0.9 -1.7 -2.4 -3.1 -2.5 -2.1 -2.3 -2.8 -4.9 -2.0 1.1 1.2 -5.4 19511951 2.2 1.9 1.5 1.5 1.5 1.0 0.8 -0.5 -0.5 -1.0 -1.2 -1.6 -1.5 -2.3 -3.0 -3.7 -3.2 -3.0 -3.2 -3.7 -5.6 -3.5 -1.6 -2.4 -7.4 -9.3 19521952 2.1 1.8 1.5 1.5 1.4 1.0 0.8 -0.5 -0.5 -0.9 -1.1 -1.5 -1.4 -2.1 -2.7 -3.3 -2.9 -2.6 -2.8 -3.2 -4.8 -2.9 -1.3 -1.7 -4.9 -4.6 0.3 19531953 2.1 1.9 1.5 1.5 1.5 1.1 0.9 -0.3 -0.3 -0.7 -0.8 -1.3 -1.2 -1.8 -2.3 -2.9 -2.4 -2.1 -2.3 -2.6 -3.9 -2.1 -0.6 -0.8 -3.0 -2.2 1.6 3.0 19541954 2.3 2.1 1.8 1.8 1.7 1.3 1.2 0.0 0.1 -0.3 -0.4 -0.8 -0.7 -1.2 -1.7 -2.2 -1.7 -1.4 -1.4 -1.6 -2.6 -0.9 0.6 0.6 -0.9 0.2 3.6 5.3 7.7 19551955 2.2 1.9 1.6 1.7 1.6 1.2 1.1 0.0 0.0 -0.4 -0.5 -0.8 -0.7 -1.2 -1.7 -2.1 -1.7 -1.4 -1.4 -1.6 -2.5 -1.0 0.3 0.2 -1.0 -0.1 2.3 2.9 2.9 -1.6 19561956 1.8 1.6 1.3 1.3 1.2 0.8 0.7 -0.4 -0.4 -0.7 -0.9 -1.2 -1.1 -1.6 -2.1 -2.5 -2.1 -1.9 -1.9 -2.2 -3.1 -1.7 -0.7 -0.9 -2.1 -1.5 0.1 0.0 -0.9 -5.0 -8.2 19571957 1.9 1.7 1.4 1.4 1.3 1.0 0.8 -0.2 -0.2 -0.5 -0.6 -0.9 -0.9 -1.3 -1.7 -2.1 -1.7 -1.5 -1.5 -1.7 -2.5 -1.2 -0.2 -0.3 -1.3 -0.7 0.8 0.9 0.4 -2.0 -2.1 4.3 19581958 1.6 1.4 1.1 1.1 1.0 0.6 0.5 -0.5 -0.5 -0.8 -1.0 -1.3 -1.2 -1.7 -2.1 -2.4 -2.1 -1.9 -1.9 -2.1 -2.9 -1.8 -0.9 -1.1 -2.1 -1.6 -0.5 -0.6 -1.3 -3.5 -4.0 -1.9 -7.7 19591959 1.4 1.2 0.9 0.9 0.8 0.5 0.3 -0.6 -0.6 -0.9 -1.1 -1.4 -1.3 -1.8 -2.1 -2.5 -2.2 -2.0 -2.1 -2.2 -2.9 -1.9 -1.1 -1.3 -2.2 -1.9 -0.9 -1.1 -1.7 -3.5 -4.0 -2.5 -5.8 -3.7 19601960 1.7 1.5 1.2 1.2 1.2 0.9 0.7 -0.2 -0.2 -0.5 -0.6 -0.8 -0.8 -1.2 -1.5 -1.8 -1.5 -1.3 -1.3 -1.4 -2.0 -1.0 -0.2 -0.3 -1.0 -0.5 0.5 0.5 0.1 -1.1 -0.9 1.0 -0.1 3.9 12.1 19611961 1.7 1.5 1.2 1.2 1.1 0.8 0.7 -0.2 -0.2 -0.4 -0.5 -0.8 -0.7 -1.1 -1.4 -1.7 -1.4 -1.2 -1.2 -1.3 -1.9 -0.9 -0.1 -0.2 -0.9 -0.5 0.5 0.5 0.2 -0.9 -0.7 0.8 0.0 2.7 6.0 0.3 19621962 1.8 1.6 1.3 1.3 1.3 1.0 0.9 0.0 0.0 -0.2 -0.3 -0.6 -0.5 -0.8 -1.1 -1.4 -1.1 -0.9 -0.8 -0.9 -1.4 -0.5 0.2 0.2 -0.4 0.0 0.9 1.0 0.8 -0.1 0.1 1.6 1.1 3.4 5.9 2.9 5.6 19631963 1.7 1.5 1.3 1.3 1.2 0.9 0.8 0.0 0.0 -0.2 -0.3 -0.6 -0.5 -0.8 -1.1 -1.4 -1.1 -0.8 -0.8 -0.9 -1.4 -0.5 0.2 0.2 -0.4 0.0 0.8 0.8 0.6 -0.1 0.1 1.3 0.8 2.6 4.3 1.8 2.5 -0.4 19641964 1.8 1.6 1.3 1.3 1.3 1.0 0.9 0.1 0.1 -0.2 -0.2 -0.5 -0.4 -0.7 -1.0 -1.2 -0.9 -0.7 -0.7 -0.7 -1.2 -0.3 0.3 0.3 -0.2 0.1 0.9 1.0 0.8 0.1 0.3 1.4 1.0 2.6 3.9 1.9 2.4 0.9 2.3 19651965 1.7 1.5 1.2 1.2 1.2 0.9 0.8 0.0 0.0 -0.2 -0.3 -0.5 -0.4 -0.7 -1.0 -1.2 -0.9 -0.7 -0.7 -0.8 -1.2 -0.4 0.2 0.2 -0.3 0.1 0.8 0.8 0.6 0.0 0.2 1.1 0.7 2.0 3.0 1.3 1.5 0.2 0.5 -1.2 19661966 1.6 1.5 1.2 1.2 1.2 0.9 0.8 0.0 0.1 -0.2 -0.2 -0.5 -0.4 -0.7 -0.9 -1.2 -0.9 -0.7 -0.7 -0.7 -1.1 -0.4 0.2 0.2 -0.3 0.1 0.7 0.8 0.6 0.0 0.2 1.0 0.7 1.8 2.6 1.1 1.3 0.2 0.4 -0.5 0.3 19671967 1.3 1.1 0.9 0.9 0.8 0.5 0.4 -0.3 -0.3 -0.6 -0.6 -0.8 -0.8 -1.1 -1.3 -1.6 -1.3 -1.1 -1.2 -1.2 -1.6 -0.9 -0.4 -0.5 -0.9 -0.7 -0.1 -0.1 -0.4 -1.0 -0.9 -0.2 -0.6 0.2 0.7 -0.9 -1.0 -2.3 -2.8 -4.4 -6.0 -11.91968 1.2 1.0 0.7 0.7 0.7 0.4 0.3 -0.5 -0.4 -0.7 -0.8 -1.0 -0.9 -1.2 -1.5 -1.7 -1.5 -1.3 -1.3 -1.4 -1.8 -1.1 -0.6 -0.7 -1.1 -0.9 -0.4 -0.4 -0.7 -1.2 -1.2 -0.6 -1.0 -0.3 0.1 -1.4 -1.6 -2.7 -3.2 -4.5 -5.6 -8.41969 0.9 0.7 0.4 0.4 0.4 0.1 0.0 -0.7 -0.7 -1.0 -1.1 -1.3 -1.2 -1.5 -1.8 -2.0 -1.8 -1.6 -1.7 -1.8 -2.2 -1.5 -1.1 -1.2 -1.6 -1.4 -1.0 -1.1 -1.3 -1.9 -1.9 -1.4 -1.9 -1.3 -1.1 -2.4 -2.8 -3.9 -4.5 -5.7 -6.8 -9.11970 1.0 0.8 0.6 0.6 0.5 0.2 0.1 -0.6 -0.6 -0.8 -0.9 -1.1 -1.0 -1.3 -1.5 -1.7 -1.5 -1.4 -1.4 -1.5 -1.8 -1.2 -0.8 -0.9 -1.3 -1.1 -0.6 -0.7 -0.9 -1.4 -1.4 -0.9 -1.2 -0.7 -0.4 -1.6 -1.8 -2.7 -3.0 -3.8 -4.4 -5.51971 1.2 1.0 0.8 0.8 0.7 0.5 0.4 -0.3 -0.3 -0.5 -0.6 -0.8 -0.7 -1.0 -1.2 -1.4 -1.2 -1.0 -1.0 -1.1 -1.4 -0.8 -0.4 -0.4 -0.8 -0.6 -0.1 -0.1 -0.3 -0.8 -0.7 -0.2 -0.5 0.1 0.4 -0.6 -0.7 -1.4 -1.5 -2.0 -2.2 -2.61972 1.2 1.0 0.8 0.8 0.7 0.5 0.4 -0.3 -0.2 -0.4 -0.5 -0.7 -0.6 -0.9 -1.1 -1.3 -1.1 -0.9 -0.9 -1.0 -1.3 -0.7 -0.3 -0.3 -0.7 -0.5 0.0 0.0 -0.2 -0.6 -0.6 -0.1 -0.3 0.2 0.5 -0.4 -0.4 -1.0 -1.1 -1.5 -1.6 -1.91973 1.0 0.8 0.6 0.6 0.5 0.3 0.2 -0.5 -0.5 -0.7 -0.7 -0.9 -0.9 -1.1 -1.3 -1.5 -1.3 -1.2 -1.2 -1.3 -1.6 -1.0 -0.6 -0.7 -1.0 -0.9 -0.5 -0.5 -0.7 -1.1 -1.0 -0.6 -0.9 -0.4 -0.2 -1.1 -1.2 -1.8 -1.9 -2.4 -2.5 -2.91974 0.8 0.6 0.4 0.4 0.3 0.1 0.0 -0.6 -0.6 -0.8 -0.9 -1.1 -1.0 -1.3 -1.5 -1.7 -1.5 -1.4 -1.4 -1.5 -1.8 -1.2 -0.9 -0.9 -1.3 -1.1 -0.7 -0.8 -1.0 -1.4 -1.4 -1.0 -1.3 -0.9 -0.7 -1.5 -1.7 -2.2 -2.4 -2.9 -3.0 -3.41975 0.8 0.7 0.4 0.4 0.4 0.1 0.0 -0.6 -0.6 -0.8 -0.8 -1.0 -1.0 -1.2 -1.4 -1.6 -1.4 -1.3 -1.3 -1.3 -1.6 -1.1 -0.8 -0.8 -1.2 -1.0 -0.6 -0.7 -0.8 -1.2 -1.2 -0.8 -1.1 -0.7 -0.5 -1.3 -1.4 -1.9 -2.0 -2.4 -2.5 -2.91976 1.0 0.9 0.7 0.6 0.6 0.4 0.3 -0.3 -0.3 -0.5 -0.6 -0.7 -0.7 -0.9 -1.1 -1.3 -1.1 -0.9 -0.9 -1.0 -1.3 -0.7 -0.4 -0.4 -0.7 -0.5 -0.2 -0.2 -0.3 -0.7 -0.6 -0.2 -0.5 -0.1 0.2 -0.5 -0.6 -1.0 -1.1 -1.3 -1.4 -1.51977 0.9 0.7 0.5 0.5 0.4 0.2 0.1 -0.5 -0.5 -0.7 -0.7 -0.9 -0.8 -1.1 -1.2 -1.4 -1.2 -1.1 -1.1 -1.2 -1.4 -0.9 -0.6 -0.6 -1.0 -0.8 -0.4 -0.5 -0.6 -1.0 -0.9 -0.6 -0.8 -0.4 -0.2 -0.9 -1.0 -1.4 -1.5 -1.8 -1.8 -2.01978 0.7 0.5 0.3 0.3 0.2 0.0 -0.1 -0.7 -0.7 -0.9 -0.9 -1.1 -1.0 -1.3 -1.5 -1.6 -1.5 -1.3 -1.3 -1.4 -1.7 -1.2 -0.9 -1.0 -1.3 -1.1 -0.8 -0.8 -1.0 -1.3 -1.3 -1.0 -1.2 -0.9 -0.7 -1.4 -1.5 -1.9 -2.0 -2.3 -2.4 -2.71979 0.4 0.2 0.0 0.0 -0.1 -0.3 -0.4 -0.9 -1.0 -1.1 -1.2 -1.4 -1.3 -1.6 -1.8 -1.9 -1.8 -1.7 -1.7 -1.8 -2.0 -1.6 -1.3 -1.4 -1.7 -1.5 -1.2 -1.3 -1.5 -1.8 -1.8 -1.5 -1.8 -1.5 -1.4 -2.1 -2.2 -2.6 -2.8 -3.1 -3.2 -3.51980 0.1 -0.1 -0.3 -0.3 -0.4 -0.6 -0.7 -1.3 -1.3 -1.5 -1.5 -1.7 -1.7 -1.9 -2.1 -2.3 -2.1 -2.0 -2.1 -2.1 -2.4 -2.0 -1.7 -1.8 -2.1 -2.0 -1.7 -1.8 -2.0 -2.3 -2.4 -2.1 -2.4 -2.1 -2.1 -2.7 -2.9 -3.3 -3.5 -3.8 -4.0 -4.31981 0.0 -0.2 -0.4 -0.4 -0.5 -0.7 -0.8 -1.4 -1.4 -1.6 -1.6 -1.8 -1.8 -2.0 -2.2 -2.4 -2.2 -2.1 -2.2 -2.3 -2.5 -2.1 -1.9 -1.9 -2.3 -2.1 -1.9 -2.0 -2.1 -2.5 -2.5 -2.3 -2.6 -2.3 -2.3 -2.9 -3.1 -3.5 -3.7 -4.0 -4.2 -4.51982 0.5 0.3 0.2 0.1 0.1 -0.1 -0.2 -0.7 -0.7 -0.9 -1.0 -1.1 -1.1 -1.3 -1.5 -1.6 -1.5 -1.4 -1.4 -1.4 -1.7 -1.3 -1.0 -1.0 -1.3 -1.2 -0.9 -0.9 -1.1 -1.4 -1.3 -1.1 -1.3 -1.0 -0.9 -1.4 -1.5 -1.9 -1.9 -2.2 -2.2 -2.41983 0.4 0.3 0.1 0.1 0.0 -0.2 -0.3 -0.8 -0.8 -1.0 -1.0 -1.2 -1.1 -1.3 -1.5 -1.7 -1.5 -1.4 -1.4 -1.5 -1.7 -1.3 -1.0 -1.1 -1.3 -1.2 -0.9 -1.0 -1.1 -1.4 -1.4 -1.1 -1.3 -1.1 -1.0 -1.5 -1.6 -1.9 -2.0 -2.2 -2.3 -2.41984 0.6 0.5 0.3 0.3 0.2 0.0 -0.1 -0.6 -0.6 -0.7 -0.8 -0.9 -0.9 -1.1 -1.2 -1.4 -1.2 -1.1 -1.1 -1.2 -1.4 -1.0 -0.7 -0.8 -1.0 -0.9 -0.6 -0.6 -0.7 -1.0 -1.0 -0.7 -0.9 -0.6 -0.5 -1.0 -1.1 -1.4 -1.4 -1.6 -1.6 -1.71985 1.0 0.9 0.7 0.7 0.6 0.4 0.4 -0.1 -0.1 -0.3 -0.3 -0.4 -0.4 -0.6 -0.7 -0.8 -0.7 -0.6 -0.5 -0.6 -0.8 -0.4 -0.1 -0.1 -0.3 -0.2 0.1 0.1 0.0 -0.2 -0.2 0.1 -0.1 0.2 0.4 0.0 -0.1 -0.3 -0.3 -0.4 -0.4 -0.41986 1.3 1.2 1.0 1.0 1.0 0.8 0.7 0.3 0.3 0.1 0.1 0.0 0.0 -0.1 -0.3 -0.4 -0.2 -0.1 0.0 -0.1 -0.3 0.2 0.4 0.4 0.2 0.4 0.7 0.7 0.6 0.4 0.5 0.8 0.7 1.0 1.2 0.8 0.8 0.6 0.6 0.6 0.6 0.71987 1.2 1.1 0.9 0.9 0.8 0.7 0.6 0.1 0.1 0.0 0.0 -0.2 -0.1 -0.3 -0.4 -0.5 -0.3 -0.2 -0.2 -0.2 -0.4 0.0 0.3 0.2 0.0 0.2 0.5 0.5 0.4 0.2 0.2 0.5 0.4 0.7 0.9 0.5 0.5 0.3 0.3 0.2 0.3 0.31988 1.2 1.1 1.0 1.0 0.9 0.7 0.7 0.2 0.2 0.1 0.1 -0.1 0.0 -0.2 -0.3 -0.4 -0.2 -0.1 -0.1 -0.1 -0.3 0.1 0.4 0.4 0.2 0.3 0.6 0.6 0.5 0.3 0.4 0.7 0.6 0.8 1.0 0.6 0.6 0.5 0.5 0.4 0.5 0.51989 1.4 1.3 1.1 1.1 1.1 0.9 0.9 0.4 0.4 0.3 0.3 0.2 0.2 0.1 0.0 -0.1 0.0 0.1 0.2 0.2 0.0 0.4 0.7 0.7 0.5 0.6 0.9 0.9 0.9 0.7 0.7 1.0 0.9 1.2 1.4 1.0 1.1 0.9 0.9 0.9 1.0 1.01990 1.4 1.3 1.1 1.1 1.1 0.9 0.9 0.4 0.4 0.3 0.3 0.2 0.2 0.1 0.0 -0.1 0.0 0.1 0.2 0.2 0.0 0.4 0.6 0.6 0.5 0.6 0.9 0.9 0.8 0.7 0.7 1.0 0.9 1.2 1.3 1.0 1.0 0.9 0.9 0.9 0.9 1.01991 1.6 1.5 1.3 1.3 1.3 1.2 1.1 0.7 0.7 0.6 0.5 0.4 0.5 0.4 0.2 0.1 0.3 0.4 0.5 0.5 0.3 0.7 1.0 1.0 0.8 1.0 1.2 1.2 1.2 1.0 1.1 1.4 1.3 1.6 1.8 1.4 1.5 1.3 1.4 1.4 1.5 1.51992 1.7 1.6 1.4 1.4 1.4 1.2 1.2 0.8 0.8 0.7 0.6 0.5 0.6 0.5 0.3 0.3 0.4 0.6 0.6 0.6 0.4 0.8 1.1 1.1 0.9 1.1 1.3 1.4 1.3 1.2 1.2 1.5 1.4 1.7 1.9 1.6 1.6 1.5 1.6 1.5 1.6 1.71993 1.8 1.7 1.6 1.6 1.6 1.4 1.4 1.0 1.0 0.9 0.9 0.8 0.8 0.7 0.6 0.5 0.7 0.8 0.9 0.9 0.7 1.1 1.4 1.4 1.2 1.4 1.6 1.7 1.7 1.5 1.6 1.9 1.8 2.1 2.3 2.0 2.0 1.9 2.0 2.0 2.1 2.21994 1.7 1.6 1.4 1.4 1.4 1.2 1.2 0.8 0.8 0.7 0.7 0.6 0.6 0.5 0.4 0.3 0.5 0.6 0.6 0.6 0.5 0.8 1.1 1.1 1.0 1.1 1.4 1.4 1.3 1.2 1.3 1.5 1.5 1.7 1.9 1.6 1.6 1.5 1.6 1.6 1.6 1.71995 2.0 1.9 1.8 1.8 1.8 1.6 1.6 1.2 1.2 1.1 1.1 1.0 1.1 0.9 0.8 0.8 0.9 1.1 1.1 1.1 1.0 1.3 1.6 1.6 1.5 1.6 1.9 1.9 1.9 1.8 1.9 2.1 2.1 2.4 2.5 2.3 2.3 2.2 2.3 2.3 2.4 2.51996 1.9 1.8 1.7 1.7 1.7 1.5 1.5 1.1 1.1 1.0 1.0 0.9 1.0 0.8 0.7 0.7 0.8 1.0 1.0 1.0 0.9 1.2 1.5 1.5 1.4 1.5 1.8 1.8 1.8 1.6 1.7 2.0 1.9 2.2 2.3 2.1 2.1 2.0 2.1 2.1 2.2 2.31997 2.1 2.0 1.8 1.9 1.8 1.7 1.7 1.3 1.3 1.2 1.2 1.1 1.2 1.1 1.0 0.9 1.1 1.2 1.2 1.2 1.1 1.5 1.7 1.7 1.6 1.8 2.0 2.1 2.0 1.9 2.0 2.3 2.2 2.5 2.6 2.4 2.4 2.4 2.4 2.4 2.6 2.61998 2.2 2.1 2.0 2.0 2.0 1.8 1.8 1.4 1.4 1.3 1.3 1.3 1.3 1.2 1.1 1.1 1.2 1.4 1.4 1.4 1.3 1.6 1.9 1.9 1.8 1.9 2.2 2.2 2.2 2.1 2.2 2.5 2.4 2.7 2.8 2.6 2.7 2.6 2.7 2.7 2.8 2.91999 2.0 1.9 1.8 1.8 1.8 1.6 1.6 1.2 1.2 1.1 1.1 1.0 1.1 1.0 0.9 0.8 1.0 1.1 1.2 1.2 1.0 1.4 1.6 1.6 1.5 1.7 1.9 1.9 1.9 1.8 1.9 2.1 2.1 2.3 2.5 2.2 2.3 2.2 2.3 2.3 2.4 2.42000 2.2 2.1 2.0 2.0 2.0 1.8 1.8 1.4 1.5 1.4 1.4 1.3 1.4 1.2 1.2 1.1 1.3 1.4 1.4 1.4 1.3 1.7 1.9 1.9 1.8 2.0 2.2 2.2 2.2 2.1 2.2 2.4 2.4 2.6 2.8 2.6 2.6 2.6 2.7 2.7 2.8 2.92001 2.2 2.1 2.0 2.0 2.0 1.8 1.8 1.4 1.5 1.4 1.4 1.3 1.4 1.3 1.2 1.1 1.3 1.4 1.4 1.4 1.3 1.7 1.9 1.9 1.8 2.0 2.2 2.2 2.2 2.1 2.2 2.4 2.4 2.6 2.8 2.6 2.6 2.6 2.6 2.6 2.8 2.82002 2.3 2.3 2.1 2.2 2.1 2.0 2.0 1.6 1.7 1.6 1.6 1.5 1.6 1.5 1.4 1.3 1.5 1.6 1.7 1.7 1.6 1.9 2.1 2.2 2.0 2.2 2.4 2.5 2.5 2.4 2.4 2.7 2.7 2.9 3.1 2.9 2.9 2.9 2.9 3.0 3.1 3.22003 2.3 2.2 2.1 2.1 2.1 2.0 1.9 1.6 1.6 1.5 1.5 1.5 1.5 1.4 1.4 1.3 1.5 1.6 1.6 1.6 1.5 1.8 2.1 2.1 2.0 2.1 2.4 2.4 2.4 2.3 2.4 2.6 2.6 2.8 3.0 2.8 2.8 2.8 2.9 2.9 3.0 3.12004 2.3 2.3 2.1 2.2 2.1 2.0 2.0 1.6 1.7 1.6 1.6 1.5 1.6 1.5 1.4 1.4 1.5 1.6 1.7 1.7 1.6 1.9 2.1 2.2 2.1 2.2 2.4 2.5 2.5 2.4 2.4 2.7 2.6 2.9 3.0 2.8 2.9 2.8 2.9 2.9 3.0 3.12005 2.4 2.3 2.2 2.2 2.2 2.1 2.0 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.4 1.6 1.7 1.7 1.7 1.6 1.9 2.2 2.2 2.1 2.2 2.5 2.5 2.5 2.4 2.5 2.7 2.7 2.9 3.1 2.9 2.9 2.9 2.9 3.0 3.1 3.12006 2.3 2.2 2.1 2.1 2.1 2.0 2.0 1.6 1.7 1.6 1.6 1.5 1.6 1.5 1.4 1.4 1.5 1.6 1.7 1.7 1.6 1.9 2.1 2.1 2.0 2.2 2.4 2.4 2.4 2.3 2.4 2.6 2.6 2.8 3.0 2.8 2.8 2.8 2.8 2.9 3.0 3.02007 2.4 2.3 2.2 2.2 2.2 2.1 2.0 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.4 1.6 1.7 1.7 1.7 1.6 1.9 2.2 2.2 2.1 2.2 2.4 2.5 2.5 2.4 2.5 2.7 2.6 2.9 3.0 2.8 2.9 2.8 2.9 2.9 3.0 3.12008 2.6 2.5 2.4 2.4 2.4 2.3 2.3 2.0 2.0 1.9 1.9 1.9 1.9 1.8 1.8 1.7 1.9 2.0 2.1 2.1 2.0 2.3 2.5 2.5 2.5 2.6 2.8 2.9 2.9 2.8 2.9 3.1 3.1 3.3 3.4 3.3 3.3 3.3 3.4 3.4 3.5 3.62009 2.4 2.3 2.2 2.2 2.2 2.1 2.0 1.7 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.4 1.6 1.7 1.7 1.7 1.6 1.9 2.2 2.2 2.1 2.2 2.4 2.5 2.5 2.4 2.4 2.7 2.6 2.8 3.0 2.8 2.8 2.8 2.9 2.9 3.0 3.02010 2.4 2.3 2.2 2.3 2.2 2.1 2.1 1.8 1.8 1.7 1.7 1.7 1.7 1.6 1.6 1.5 1.7 1.8 1.8 1.8 1.8 2.0 2.3 2.3 2.2 2.3 2.5 2.6 2.6 2.5 2.6 2.8 2.7 2.9 3.1 2.9 3.0 2.9 3.0 3.0 3.1 3.2

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

58


19681968 -4.8 19691969 -7.7 -10.5 19701970 -3.3 -2.5 6.3 19711971 -0.2 1.4 7.9 9.6 19721972 0.3 1.6 6.0 5.8 2.2 19731973 -1.3 -0.7 2.0 0.6 -3.6 -9.1 19741974 -2.2 -1.7 0.1 -1.4 -4.8 -8.0 -7.0 19751975 -1.7 -1.2 0.4 -0.7 -3.1 -4.8 -2.6 2.0 19761976 -0.3 0.3 1.9 1.2 -0.4 -1.0 1.9 6.6 11.4 19771977 -1.0 -0.5 0.8 0.0 -1.5 -2.2 -0.4 1.9 1.8 -6.9 19781978 -1.8 -1.5 -0.4 -1.2 -2.7 -3.4 -2.3 -1.1 -2.1 -8.2 -9.4 19791979 -2.7 -2.6 -1.7 -2.6 -4.0 -4.8 -4.1 -3.5 -4.9 -9.7 -11.1 -12.8 19801980 -3.7 -3.6 -3.0 -3.8 -5.2 -6.1 -5.7 -5.5 -6.9 -11.0 -12.3 -13.7 -14.6 19811981 -3.9 -3.8 -3.3 -4.1 -5.4 -6.2 -5.8 -5.6 -6.8 -10.1 -10.9 -11.4 -10.6 -6.5 19821982 -1.7 -1.5 -0.7 -1.3 -2.2 -2.7 -1.9 -1.3 -1.7 -3.8 -3.1 -1.5 2.6 12.4 35.1 19831983 -1.8 -1.6 -0.9 -1.4 -2.3 -2.7 -2.0 -1.5 -1.9 -3.7 -3.1 -1.8 1.2 7.0 14.5 -3.0 19841984 -1.1 -0.8 -0.1 -0.6 -1.3 -1.6 -0.9 -0.3 -0.5 -1.9 -1.2 0.2 3.1 8.0 13.3 3.8 11.1 19851985 0.3 0.6 1.3 1.0 0.4 0.3 1.1 1.9 1.9 0.9 1.9 3.6 6.6 11.4 16.4 10.8 18.4 26.2 19861986 1.4 1.7 2.5 2.3 1.8 1.8 2.6 3.5 3.6 2.9 4.0 5.8 8.8 13.3 17.7 13.7 19.9 24.6 23.0 19871987 0.9 1.2 1.9 1.7 1.2 1.2 1.9 2.7 2.7 2.0 2.9 4.4 6.7 10.2 13.2 9.3 12.6 13.1 7.1 -6.8 19881988 1.1 1.4 2.1 1.9 1.4 1.4 2.1 2.8 2.9 2.2 3.1 4.4 6.5 9.5 12.0 8.6 11.0 11.0 6.4 -1.1 5.0 19891989 1.6 2.0 2.6 2.4 2.0 2.0 2.8 3.5 3.6 3.0 3.9 5.2 7.2 9.9 12.1 9.2 11.3 11.4 8.0 3.4 8.9 12.9 19901990 1.6 1.9 2.5 2.3 1.9 1.9 2.6 3.3 3.3 2.8 3.6 4.7 6.5 8.9 10.7 8.0 9.7 9.4 6.4 2.5 5.9 6.3 0.1 19911991 2.1 2.4 3.1 2.9 2.6 2.6 3.3 3.9 4.1 3.6 4.4 5.5 7.2 9.5 11.2 8.8 10.4 10.3 7.9 5.1 8.2 9.3 7.6 15.7 19921992 2.3 2.6 3.2 3.1 2.8 2.8 3.5 4.1 4.2 3.8 4.5 5.6 7.1 9.2 10.7 8.6 9.9 9.8 7.6 5.2 7.8 8.5 7.1 10.9 6.2 19931993 2.7 3.1 3.7 3.6 3.3 3.3 4.0 4.6 4.8 4.4 5.1 6.2 7.7 9.6 11.1 9.1 10.4 10.4 8.5 6.6 9.0 9.8 9.1 12.2 10.5 15.1 19941994 2.2 2.5 3.1 2.9 2.7 2.7 3.3 3.8 3.9 3.5 4.2 5.1 6.4 8.1 9.3 7.4 8.4 8.1 6.3 4.3 6.0 6.2 4.9 6.2 3.2 1.7 -10.2 19951995 3.1 3.4 3.9 3.9 3.6 3.7 4.3 4.9 5.0 4.7 5.4 6.3 7.7 9.3 10.5 8.9 9.9 9.8 8.3 6.8 8.6 9.1 8.5 10.2 8.9 9.8 7.3 28.2 19961996 2.8 3.1 3.6 3.5 3.3 3.3 3.9 4.5 4.6 4.2 4.9 5.7 6.9 8.4 9.5 7.9 8.8 8.6 7.1 5.6 7.1 7.4 6.6 7.7 6.2 6.2 3.4 10.9 -4.1 19971997 3.2 3.4 4.0 3.9 3.7 3.8 4.3 4.8 5.0 4.7 5.3 6.1 7.3 8.7 9.8 8.3 9.1 9.0 7.6 6.3 7.8 8.1 7.5 8.6 7.4 7.7 5.9 11.9 4.5 13.9 19981998 3.4 3.7 4.2 4.2 4.0 4.0 4.6 5.1 5.2 5.0 5.6 6.4 7.5 8.9 9.9 8.5 9.3 9.1 7.9 6.7 8.1 8.4 7.9 8.9 8.0 8.3 7.0 11.7 6.7 12.6 11.3 19991999 2.9 3.2 3.7 3.6 3.4 3.4 3.9 4.4 4.5 4.2 4.7 5.5 6.5 7.7 8.6 7.2 7.8 7.6 6.4 5.2 6.3 6.4 5.8 6.5 5.3 5.2 3.7 6.7 1.9 4.0 -0.7 -11.4 20002000 3.3 3.6 4.1 4.0 3.8 3.9 4.4 4.9 5.0 4.7 5.3 6.0 7.0 8.2 9.0 7.7 8.4 8.2 7.1 6.1 7.1 7.3 6.8 7.5 6.6 6.7 5.5 8.4 4.8 7.2 5.0 2.1 17.5 20012001 3.3 3.6 4.0 4.0 3.8 3.8 4.3 4.8 4.9 4.6 5.1 5.8 6.7 7.9 8.7 7.4 8.0 7.9 6.8 5.8 6.8 6.9 6.4 7.0 6.2 6.2 5.1 7.5 4.4 6.2 4.3 2.1 9.5 2.1 20022002 3.6 3.9 4.3 4.3 4.1 4.2 4.7 5.1 5.2 5.0 5.5 6.2 7.1 8.2 9.0 7.8 8.4 8.2 7.3 6.4 7.3 7.5 7.1 7.7 7.0 7.0 6.2 8.4 5.8 7.6 6.4 5.2 11.4 8.4 15.1 20032003 3.5 3.7 4.2 4.1 4.0 4.0 4.5 4.9 5.0 4.8 5.3 5.9 6.8 7.8 8.5 7.4 7.9 7.8 6.8 5.9 6.8 6.9 6.5 7.0 6.3 6.3 5.5 7.4 5.0 6.4 5.2 4.0 8.3 5.4 7.0 -0.4 20042004 3.5 3.8 4.2 4.2 4.0 4.1 4.5 4.9 5.0 4.8 5.3 5.9 6.7 7.7 8.4 7.3 7.8 7.6 6.7 5.9 6.7 6.8 6.4 6.9 6.2 6.2 5.5 7.2 5.0 6.2 5.2 4.2 7.6 5.3 6.4 2.3 5.1 20052005 3.6 3.8 4.2 4.2 4.0 4.1 4.5 4.9 5.0 4.8 5.2 5.8 6.6 7.6 8.2 7.1 7.6 7.5 6.6 5.8 6.6 6.6 6.3 6.7 6.1 6.1 5.4 6.9 5.0 6.0 5.1 4.2 7.1 5.1 5.8 2.9 4.7 4.2 20062006 3.4 3.7 4.1 4.0 3.9 3.9 4.3 4.7 4.8 4.6 5.0 5.6 6.3 7.2 7.8 6.8 7.2 7.1 6.2 5.4 6.1 6.2 5.8 6.2 5.6 5.5 4.8 6.2 4.4 5.3 4.3 3.5 5.8 4.0 4.4 1.9 2.6 1.4 -1.3 20072007 3.5 3.7 4.1 4.1 3.9 4.0 4.4 4.7 4.8 4.6 5.0 5.6 6.3 7.1 7.7 6.7 7.2 7.0 6.2 5.4 6.1 6.2 5.8 6.1 5.6 5.5 4.9 6.1 4.5 5.3 4.5 3.7 5.8 4.2 4.6 2.6 3.4 2.8 2.1 5.6 20082008 4.0 4.2 4.6 4.6 4.4 4.5 4.9 5.3 5.4 5.2 5.6 6.2 6.9 7.8 8.3 7.4 7.8 7.7 7.0 6.3 7.0 7.1 6.8 7.1 6.7 6.7 6.2 7.4 6.0 6.9 6.2 5.7 7.8 6.7 7.4 6.1 7.5 8.1 9.4 15.2 25.7 20092009 3.4 3.6 4.0 4.0 3.8 3.9 4.2 4.6 4.7 4.5 4.8 5.3 6.0 6.8 7.3 6.4 6.8 6.6 5.8 5.1 5.7 5.8 5.4 5.7 5.2 5.1 4.5 5.6 4.1 4.8 4.1 3.4 5.0 3.7 3.9 2.4 2.9 2.5 2.1 3.2 2.0 -17.2 20102010 3.5 3.7 4.1 4.1 3.9 4.0 4.3 4.7 4.8 4.6 4.9 5.4 6.1 6.8 7.3 6.5 6.8 6.7 5.9 5.3 5.8 5.9 5.6 5.8 5.3 5.3 4.8 5.8 4.4 5.0 4.4 3.8 5.3 4.2 4.4 3.2 3.7 3.5 3.3 4.5 4.2 -5.2 8.5

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


LONG-TERM GOVERNMENT BONDS1926–2010: Real Returns (%)

Inflation Adjusted

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$7.65

1926 2010

59

59


19261926 4.8 19271927 5.1 5.3 19281928 4.8 4.8 4.2 19291929 4.7 4.7 4.4 4.5 19301930 5.6 5.8 5.9 6.7 9.0 19311931 6.6 6.9 7.3 8.4 10.3 11.7 19321932 7.4 7.8 8.3 9.4 11.1 12.1 12.5 19331933 6.4 6.6 6.9 7.4 8.1 7.9 6.0 -0.2 19341934 5.5 5.6 5.6 5.8 6.1 5.4 3.3 -1.0 -1.8 19351935 4.6 4.6 4.5 4.5 4.5 3.7 1.8 -1.6 -2.3 -2.8 19361936 4.1 4.0 3.9 3.8 3.7 2.9 1.2 -1.5 -1.9 -1.9 -1.0 19371937 3.5 3.4 3.2 3.1 2.9 2.1 0.5 -1.7 -2.1 -2.2 -1.9 -2.7 19381938 3.5 3.3 3.2 3.1 2.9 2.2 0.9 -1.0 -1.1 -0.9 -0.3 0.0 2.8 19391939 3.2 3.1 2.9 2.8 2.7 2.0 0.8 -0.8 -0.9 -0.7 -0.1 0.2 1.6 0.5 19401940 3.0 2.8 2.6 2.5 2.3 1.7 0.6 -0.8 -0.9 -0.7 -0.3 -0.1 0.8 -0.2 -1.0 19411941 2.2 2.0 1.8 1.6 1.3 0.7 -0.4 -1.7 -1.9 -1.9 -1.8 -1.9 -1.7 -3.2 -5.0 -8.8 19421942 1.5 1.3 1.1 0.8 0.6 -0.1 -1.1 -2.4 -2.6 -2.7 -2.7 -3.0 -3.1 -4.5 -6.1 -8.5 -8.2 19431943 1.3 1.1 0.8 0.6 0.3 -0.3 -1.3 -2.4 -2.6 -2.7 -2.7 -3.0 -3.0 -4.1 -5.3 -6.6 -5.5 -2.7 19441944 1.1 0.9 0.7 0.5 0.2 -0.4 -1.3 -2.4 -2.6 -2.6 -2.6 -2.8 -2.8 -3.7 -4.6 -5.4 -4.3 -2.2 -1.7 19451945 1.0 0.8 0.5 0.3 0.1 -0.5 -1.3 -2.3 -2.5 -2.6 -2.5 -2.7 -2.7 -3.5 -4.1 -4.7 -3.7 -2.1 -1.8 -1.9 19461946 0.1 -0.1 -0.4 -0.6 -0.9 -1.5 -2.3 -3.3 -3.5 -3.7 -3.8 -4.0 -4.2 -5.0 -5.8 -6.5 -6.1 -5.5 -6.4 -8.7 -15.1 19471947 -0.2 -0.5 -0.7 -1.0 -1.3 -1.9 -2.7 -3.6 -3.8 -4.0 -4.1 -4.4 -4.5 -5.3 -6.0 -6.7 -6.4 -6.0 -6.8 -8.4 -11.5 -7.8 19481948 -0.3 -0.5 -0.8 -1.0 -1.3 -1.9 -2.6 -3.5 -3.7 -3.8 -3.9 -4.2 -4.3 -5.0 -5.6 -6.1 -5.7 -5.3 -5.8 -6.8 -8.4 -4.9 -1.8 19491949 -0.2 -0.4 -0.6 -0.9 -1.1 -1.6 -2.3 -3.1 -3.3 -3.4 -3.4 -3.6 -3.7 -4.3 -4.7 -5.2 -4.7 -4.2 -4.4 -4.9 -5.7 -2.3 0.5 3.0 19501950 -0.3 -0.5 -0.8 -1.0 -1.3 -1.8 -2.4 -3.2 -3.4 -3.5 -3.5 -3.7 -3.8 -4.3 -4.7 -5.1 -4.7 -4.2 -4.4 -4.8 -5.4 -2.8 -1.1 -0.7 -4.3 19511951 -0.5 -0.7 -0.9 -1.2 -1.4 -1.9 -2.5 -3.2 -3.4 -3.5 -3.5 -3.7 -3.8 -4.3 -4.7 -5.0 -4.6 -4.2 -4.4 -4.7 -5.2 -3.1 -1.9 -1.9 -4.2 -4.1 19521952 -0.4 -0.6 -0.9 -1.1 -1.3 -1.8 -2.4 -3.0 -3.2 -3.3 -3.3 -3.4 -3.5 -3.9 -4.3 -4.5 -4.1 -3.7 -3.8 -4.1 -4.4 -2.5 -1.4 -1.2 -2.6 -1.7 0.8 19531953 -0.4 -0.6 -0.8 -1.0 -1.2 -1.6 -2.2 -2.9 -3.0 -3.0 -3.1 -3.2 -3.2 -3.6 -3.9 -4.1 -3.7 -3.3 -3.3 -3.5 -3.7 -1.9 -0.9 -0.8 -1.7 -0.8 1.0 1.2 19541954 -0.3 -0.5 -0.7 -0.9 -1.1 -1.5 -2.0 -2.7 -2.8 -2.8 -2.8 -2.9 -2.9 -3.3 -3.5 -3.7 -3.3 -2.9 -2.9 -3.0 -3.1 -1.5 -0.6 -0.4 -1.1 -0.2 1.1 1.3 1.4 19551955 -0.3 -0.4 -0.6 -0.8 -1.0 -1.4 -1.9 -2.5 -2.6 -2.6 -2.6 -2.7 -2.7 -3.0 -3.2 -3.4 -3.0 -2.6 -2.6 -2.6 -2.7 -1.2 -0.4 -0.2 -0.7 0.1 1.1 1.3 1.3 1.2 19561956 -0.3 -0.4 -0.6 -0.8 -1.0 -1.4 -1.9 -2.4 -2.5 -2.5 -2.5 -2.6 -2.6 -2.9 -3.1 -3.2 -2.8 -2.4 -2.4 -2.5 -2.5 -1.2 -0.4 -0.2 -0.6 0.0 0.8 0.8 0.7 0.4 -0.4 19571957 -0.3 -0.4 -0.6 -0.8 -1.0 -1.3 -1.8 -2.3 -2.4 -2.4 -2.4 -2.5 -2.5 -2.7 -2.9 -3.0 -2.6 -2.3 -2.2 -2.3 -2.3 -1.0 -0.3 -0.2 -0.5 0.0 0.7 0.7 0.6 0.3 -0.1 0.1 19581958 -0.3 -0.4 -0.6 -0.8 -0.9 -1.3 -1.7 -2.2 -2.3 -2.3 -2.3 -2.4 -2.4 -2.6 -2.8 -2.9 -2.5 -2.1 -2.1 -2.1 -2.1 -1.0 -0.3 -0.2 -0.5 0.0 0.6 0.5 0.4 0.2 -0.2 -0.1 -0.2 19591959 -0.2 -0.4 -0.5 -0.7 -0.9 -1.2 -1.6 -2.1 -2.2 -2.2 -2.2 -2.2 -2.2 -2.4 -2.6 -2.6 -2.3 -1.9 -1.9 -1.9 -1.9 -0.8 -0.2 0.0 -0.3 0.1 0.7 0.7 0.6 0.4 0.2 0.4 0.6 1.4 19601960 -0.2 -0.3 -0.5 -0.6 -0.8 -1.1 -1.5 -2.0 -2.0 -2.1 -2.0 -2.1 -2.0 -2.3 -2.4 -2.5 -2.1 -1.8 -1.7 -1.7 -1.7 -0.6 -0.1 0.1 -0.2 0.2 0.7 0.7 0.7 0.6 0.4 0.6 0.8 1.3 1.2 19611961 -0.1 -0.3 -0.4 -0.6 -0.7 -1.0 -1.4 -1.9 -1.9 -1.9 -1.9 -1.9 -1.9 -2.1 -2.2 -2.3 -1.9 -1.6 -1.5 -1.5 -1.5 -0.5 0.0 0.2 -0.1 0.3 0.8 0.8 0.8 0.7 0.6 0.8 1.0 1.4 1.3 1.4 19621962 -0.1 -0.2 -0.4 -0.5 -0.7 -0.9 -1.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -2.0 -2.1 -2.1 -1.8 -1.4 -1.4 -1.3 -1.3 -0.4 0.1 0.3 0.1 0.4 0.9 0.9 0.8 0.8 0.7 0.9 1.1 1.4 1.4 1.5 1.5 19631963 0.0 -0.2 -0.3 -0.5 -0.6 -0.9 -1.2 -1.7 -1.7 -1.7 -1.7 -1.7 -1.6 -1.8 -1.9 -2.0 -1.6 -1.3 -1.2 -1.2 -1.2 -0.3 0.2 0.3 0.2 0.5 0.9 0.9 0.9 0.9 0.8 1.0 1.1 1.4 1.4 1.5 1.5 1.4 19641964 0.0 -0.1 -0.3 -0.4 -0.5 -0.8 -1.1 -1.5 -1.6 -1.6 -1.5 -1.5 -1.5 -1.7 -1.7 -1.8 -1.5 -1.1 -1.1 -1.0 -1.0 -0.1 0.3 0.5 0.3 0.6 1.0 1.0 1.0 1.0 1.0 1.1 1.3 1.5 1.6 1.7 1.7 1.9 2.3 19651965 0.1 -0.1 -0.2 -0.3 -0.4 -0.7 -1.0 -1.4 -1.5 -1.5 -1.4 -1.4 -1.4 -1.5 -1.6 -1.6 -1.3 -1.0 -0.9 -0.9 -0.8 0.0 0.4 0.6 0.4 0.7 1.1 1.1 1.1 1.1 1.1 1.2 1.4 1.6 1.6 1.7 1.8 1.9 2.1 1.9 19661966 0.1 0.0 -0.2 -0.3 -0.4 -0.6 -1.0 -1.3 -1.4 -1.4 -1.3 -1.3 -1.3 -1.4 -1.5 -1.5 -1.2 -0.9 -0.8 -0.8 -0.7 0.0 0.5 0.6 0.5 0.8 1.1 1.1 1.1 1.1 1.1 1.2 1.4 1.6 1.6 1.7 1.7 1.8 1.9 1.7 1.4 19671967 0.1 0.0 -0.1 -0.2 -0.4 -0.6 -0.9 -1.3 -1.3 -1.3 -1.2 -1.3 -1.2 -1.3 -1.4 -1.4 -1.1 -0.8 -0.8 -0.7 -0.7 0.1 0.5 0.6 0.5 0.8 1.1 1.1 1.1 1.1 1.1 1.2 1.3 1.5 1.5 1.6 1.6 1.6 1.7 1.5 1.2 1.11968 0.1 0.0 -0.1 -0.2 -0.3 -0.6 -0.9 -1.2 -1.3 -1.2 -1.2 -1.2 -1.2 -1.3 -1.3 -1.4 -1.1 -0.8 -0.7 -0.7 -0.6 0.1 0.5 0.6 0.5 0.8 1.1 1.1 1.1 1.1 1.0 1.2 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.2 1.0 0.81969 0.1 0.0 -0.1 -0.2 -0.3 -0.5 -0.8 -1.2 -1.2 -1.2 -1.1 -1.2 -1.1 -1.2 -1.3 -1.3 -1.0 -0.7 -0.7 -0.6 -0.6 0.1 0.5 0.6 0.5 0.8 1.0 1.0 1.0 1.0 1.0 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.1 0.8 0.71970 0.2 0.0 -0.1 -0.2 -0.3 -0.5 -0.8 -1.1 -1.2 -1.1 -1.1 -1.1 -1.0 -1.2 -1.2 -1.2 -0.9 -0.7 -0.6 -0.6 -0.5 0.2 0.5 0.6 0.5 0.8 1.0 1.0 1.0 1.0 1.0 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.2 1.1 0.9 0.81971 0.2 0.1 0.0 -0.1 -0.3 -0.5 -0.8 -1.1 -1.1 -1.1 -1.0 -1.0 -1.0 -1.1 -1.1 -1.1 -0.9 -0.6 -0.5 -0.5 -0.4 0.2 0.5 0.6 0.5 0.8 1.0 1.0 1.0 1.0 1.0 1.1 1.2 1.3 1.3 1.3 1.3 1.2 1.2 1.0 0.9 0.81972 0.2 0.1 0.0 -0.1 -0.2 -0.4 -0.7 -1.0 -1.1 -1.0 -1.0 -1.0 -0.9 -1.1 -1.1 -1.1 -0.8 -0.6 -0.5 -0.5 -0.4 0.2 0.5 0.6 0.5 0.8 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.2 1.2 1.2 1.2 1.1 1.1 1.0 0.8 0.71973 0.1 0.0 -0.1 -0.2 -0.3 -0.5 -0.8 -1.1 -1.1 -1.1 -1.0 -1.0 -1.0 -1.1 -1.1 -1.1 -0.9 -0.6 -0.5 -0.5 -0.5 0.1 0.4 0.5 0.4 0.7 0.9 0.9 0.9 0.8 0.8 0.9 0.9 1.0 1.0 1.0 0.9 0.9 0.8 0.7 0.5 0.41974 0.1 0.0 -0.2 -0.2 -0.4 -0.6 -0.8 -1.1 -1.1 -1.1 -1.1 -1.1 -1.0 -1.1 -1.2 -1.2 -1.0 -0.7 -0.7 -0.6 -0.6 0.0 0.3 0.4 0.3 0.5 0.7 0.7 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.6 0.6 0.5 0.4 0.2 0.0 -0.11975 0.0 -0.1 -0.2 -0.3 -0.4 -0.6 -0.8 -1.1 -1.1 -1.1 -1.1 -1.1 -1.0 -1.1 -1.2 -1.2 -1.0 -0.7 -0.7 -0.6 -0.6 -0.1 0.2 0.3 0.2 0.4 0.6 0.6 0.6 0.5 0.5 0.5 0.6 0.6 0.6 0.5 0.4 0.4 0.3 0.1 -0.1 -0.31976 0.0 -0.1 -0.2 -0.3 -0.4 -0.5 -0.8 -1.1 -1.1 -1.1 -1.1 -1.1 -1.0 -1.1 -1.2 -1.2 -0.9 -0.7 -0.6 -0.6 -0.6 0.0 0.2 0.3 0.2 0.4 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.6 0.5 0.5 0.4 0.4 0.3 0.1 -0.1 -0.21977 0.0 -0.1 -0.2 -0.3 -0.4 -0.6 -0.8 -1.1 -1.1 -1.1 -1.1 -1.1 -1.0 -1.1 -1.2 -1.2 -0.9 -0.7 -0.7 -0.6 -0.6 -0.1 0.2 0.2 0.2 0.3 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.3 0.2 0.1 0.0 -0.2 -0.31978 0.0 -0.1 -0.2 -0.3 -0.4 -0.6 -0.8 -1.1 -1.1 -1.1 -1.1 -1.1 -1.0 -1.1 -1.2 -1.2 -1.0 -0.8 -0.7 -0.7 -0.6 -0.1 0.1 0.2 0.1 0.2 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.2 0.1 0.0 -0.1 -0.3 -0.41979 -0.1 -0.2 -0.3 -0.4 -0.5 -0.6 -0.9 -1.1 -1.2 -1.1 -1.1 -1.1 -1.1 -1.2 -1.2 -1.2 -1.0 -0.8 -0.8 -0.7 -0.7 -0.2 0.0 0.1 0.0 0.2 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.0 -0.1 -0.1 -0.3 -0.5 -0.61980 -0.1 -0.2 -0.3 -0.4 -0.5 -0.6 -0.9 -1.1 -1.2 -1.1 -1.1 -1.1 -1.1 -1.2 -1.2 -1.2 -1.0 -0.8 -0.8 -0.7 -0.7 -0.2 0.0 0.1 0.0 0.1 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.2 0.1 0.0 0.0 -0.1 -0.2 -0.4 -0.5 -0.61981 0.0 -0.1 -0.2 -0.3 -0.4 -0.5 -0.8 -1.0 -1.0 -1.0 -1.0 -1.0 -0.9 -1.0 -1.1 -1.1 -0.9 -0.7 -0.6 -0.6 -0.5 -0.1 0.2 0.2 0.1 0.3 0.4 0.4 0.4 0.4 0.3 0.3 0.4 0.4 0.3 0.3 0.2 0.2 0.1 0.0 -0.1 -0.21982 0.1 0.0 -0.1 -0.1 -0.2 -0.4 -0.6 -0.9 -0.9 -0.9 -0.8 -0.8 -0.8 -0.9 -0.9 -0.9 -0.7 -0.5 -0.4 -0.4 -0.4 0.1 0.3 0.4 0.3 0.5 0.6 0.6 0.6 0.6 0.5 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.4 0.3 0.2 0.21983 0.2 0.1 0.0 -0.1 -0.1 -0.3 -0.5 -0.8 -0.8 -0.8 -0.7 -0.7 -0.7 -0.7 -0.8 -0.8 -0.6 -0.4 -0.3 -0.3 -0.2 0.2 0.4 0.5 0.4 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.7 0.7 0.7 0.6 0.6 0.5 0.41984 0.3 0.2 0.1 0.0 0.0 -0.2 -0.4 -0.6 -0.7 -0.6 -0.6 -0.6 -0.5 -0.6 -0.6 -0.6 -0.4 -0.2 -0.2 -0.1 -0.1 0.4 0.6 0.7 0.6 0.7 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 0.9 0.9 0.9 0.9 0.9 0.8 0.7 0.71985 0.3 0.3 0.2 0.1 0.0 -0.1 -0.3 -0.6 -0.6 -0.5 -0.5 -0.5 -0.4 -0.5 -0.5 -0.5 -0.3 -0.1 -0.1 0.0 0.0 0.4 0.7 0.7 0.7 0.8 1.0 1.0 1.0 1.0 0.9 1.0 1.0 1.1 1.1 1.1 1.0 1.0 1.0 0.9 0.9 0.91986 0.4 0.3 0.3 0.2 0.1 0.0 -0.2 -0.5 -0.5 -0.4 -0.4 -0.4 -0.3 -0.4 -0.4 -0.4 -0.2 0.0 0.0 0.1 0.1 0.5 0.8 0.8 0.8 0.9 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.11987 0.4 0.3 0.3 0.2 0.1 0.0 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 -0.3 -0.4 -0.4 -0.4 -0.2 0.0 0.1 0.1 0.2 0.6 0.8 0.8 0.8 0.9 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.11988 0.4 0.4 0.3 0.2 0.2 0.0 -0.2 -0.4 -0.4 -0.4 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.1 0.0 0.1 0.1 0.2 0.6 0.8 0.9 0.8 1.0 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.11989 0.5 0.4 0.3 0.3 0.2 0.1 -0.1 -0.3 -0.3 -0.3 -0.3 -0.2 -0.2 -0.3 -0.3 -0.3 -0.1 0.1 0.2 0.2 0.3 0.7 0.9 0.9 0.9 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.21990 0.5 0.4 0.4 0.3 0.2 0.1 -0.1 -0.3 -0.3 -0.3 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 0.0 0.1 0.2 0.3 0.3 0.7 0.9 1.0 0.9 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.21991 0.5 0.5 0.4 0.3 0.3 0.1 0.0 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 -0.2 -0.2 -0.2 0.0 0.2 0.3 0.3 0.3 0.7 0.9 1.0 0.9 1.1 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.31992 0.5 0.5 0.4 0.3 0.3 0.1 0.0 -0.2 -0.2 -0.2 -0.2 -0.1 -0.1 -0.2 -0.2 -0.2 0.0 0.2 0.3 0.3 0.3 0.7 0.9 1.0 0.9 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.21993 0.5 0.5 0.4 0.3 0.3 0.1 0.0 -0.2 -0.2 -0.2 -0.2 -0.1 -0.1 -0.1 -0.2 -0.1 0.0 0.2 0.3 0.3 0.3 0.7 0.9 1.0 0.9 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.21994 0.5 0.5 0.4 0.4 0.3 0.2 0.0 -0.2 -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 0.1 0.2 0.3 0.3 0.4 0.7 0.9 1.0 0.9 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.21995 0.6 0.5 0.4 0.4 0.3 0.2 0.0 -0.2 -0.2 -0.1 -0.1 -0.1 0.0 -0.1 -0.1 -0.1 0.1 0.3 0.3 0.4 0.4 0.8 0.9 1.0 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.31996 0.6 0.5 0.5 0.4 0.3 0.2 0.1 -0.1 -0.1 -0.1 -0.1 0.0 0.0 0.0 -0.1 0.0 0.1 0.3 0.4 0.4 0.4 0.8 1.0 1.0 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.31997 0.6 0.6 0.5 0.5 0.4 0.3 0.1 -0.1 -0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.2 0.4 0.4 0.5 0.5 0.8 1.0 1.1 1.0 1.1 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.31998 0.7 0.6 0.5 0.5 0.4 0.3 0.2 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.4 0.5 0.5 0.5 0.9 1.1 1.1 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.41999 0.7 0.6 0.6 0.5 0.5 0.3 0.2 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.4 0.5 0.5 0.6 0.9 1.1 1.1 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.4 1.4 1.42000 0.7 0.6 0.6 0.5 0.5 0.4 0.2 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.3 0.5 0.5 0.6 0.6 0.9 1.1 1.2 1.1 1.2 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.42001 0.7 0.7 0.6 0.6 0.5 0.4 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.5 0.6 0.6 0.6 0.9 1.1 1.2 1.1 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.52002 0.7 0.7 0.6 0.5 0.5 0.4 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.5 0.5 0.6 0.6 0.9 1.1 1.1 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.42003 0.7 0.6 0.6 0.5 0.5 0.4 0.2 0.0 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.3 0.5 0.5 0.5 0.6 0.9 1.0 1.1 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.32004 0.7 0.6 0.5 0.5 0.4 0.3 0.2 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.4 0.5 0.5 0.5 0.8 1.0 1.0 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.32005 0.6 0.6 0.5 0.5 0.4 0.3 0.2 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.4 0.4 0.5 0.5 0.8 1.0 1.0 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.22006 0.7 0.6 0.5 0.5 0.4 0.3 0.2 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.3 0.4 0.5 0.5 0.6 0.8 1.0 1.0 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.22007 0.7 0.6 0.5 0.5 0.5 0.3 0.2 0.0 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.3 0.4 0.5 0.5 0.6 0.8 1.0 1.0 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.22008 0.7 0.6 0.6 0.5 0.5 0.4 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.5 0.5 0.6 0.8 1.0 1.0 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.22009 0.6 0.6 0.5 0.5 0.4 0.3 0.2 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.3 0.4 0.4 0.5 0.5 0.8 0.9 1.0 0.9 1.0 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.12010 0.6 0.6 0.5 0.5 0.4 0.3 0.2 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.4 0.4 0.5 0.5 0.8 0.9 0.9 0.9 1.0 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967

60



ONE-MONTH US TREASURY BILLS1926–2010: Real Returns (%)

Inflation Adjusted

19681968 0.5 19691969 0.5 0.4 19701970 0.6 0.7 1.0 19711971 0.7 0.8 1.0 1.0 19721972 0.7 0.7 0.8 0.7 0.4 19731973 0.3 0.2 0.2 -0.1 -0.7 -1.7 19741974 -0.3 -0.5 -0.6 -1.0 -1.7 -2.7 -3.7 19751975 -0.4 -0.5 -0.7 -1.0 -1.6 -2.2 -2.4 -1.1 19761976 -0.3 -0.4 -0.6 -0.8 -1.2 -1.6 -1.6 -0.4 0.3 19771977 -0.5 -0.6 -0.7 -0.9 -1.3 -1.6 -1.6 -0.8 -0.6 -1.5 19781978 -0.6 -0.7 -0.8 -1.0 -1.3 -1.6 -1.6 -1.0 -1.0 -1.6 -1.7 19791979 -0.7 -0.9 -1.0 -1.2 -1.5 -1.7 -1.7 -1.3 -1.4 -1.9 -2.1 -2.6 19801980 -0.8 -0.9 -1.0 -1.2 -1.4 -1.6 -1.6 -1.3 -1.3 -1.7 -1.8 -1.8 -1.0 19811981 -0.3 -0.4 -0.5 -0.6 -0.8 -0.9 -0.8 -0.4 -0.2 -0.3 0.0 0.5 2.1 5.3 19821982 0.1 0.1 0.0 0.0 -0.1 -0.2 0.0 0.5 0.7 0.8 1.2 2.0 3.5 5.9 6.4 19831983 0.4 0.4 0.4 0.3 0.3 0.3 0.4 0.9 1.2 1.3 1.8 2.5 3.8 5.5 5.6 4.8 19841984 0.7 0.7 0.7 0.7 0.7 0.7 0.9 1.4 1.7 1.8 2.3 3.0 4.2 5.5 5.6 5.2 5.5 19851985 0.8 0.9 0.9 0.9 0.9 0.9 1.1 1.6 1.9 2.1 2.5 3.1 4.1 5.2 5.1 4.7 4.7 3.8 19861986 1.1 1.1 1.1 1.1 1.1 1.2 1.4 1.9 2.2 2.3 2.8 3.4 4.2 5.1 5.1 4.8 4.8 4.4 4.9 19871987 1.1 1.1 1.1 1.1 1.1 1.2 1.4 1.8 2.1 2.2 2.6 3.1 3.8 4.5 4.4 4.0 3.8 3.2 3.0 1.0 19881988 1.1 1.1 1.2 1.2 1.2 1.2 1.4 1.8 2.0 2.2 2.5 3.0 3.6 4.2 4.0 3.6 3.4 2.9 2.6 1.4 1.9 19891989 1.2 1.2 1.3 1.3 1.3 1.4 1.6 1.9 2.1 2.3 2.6 3.0 3.6 4.1 4.0 3.6 3.4 3.0 2.8 2.1 2.7 3.6 19901990 1.2 1.3 1.3 1.3 1.3 1.4 1.6 1.9 2.1 2.2 2.5 2.9 3.4 3.9 3.7 3.4 3.2 2.8 2.6 2.0 2.3 2.6 1.6 19911991 1.3 1.3 1.3 1.4 1.4 1.4 1.6 1.9 2.1 2.3 2.5 2.9 3.3 3.7 3.6 3.3 3.1 2.7 2.6 2.1 2.4 2.5 2.0 2.5 19921992 1.2 1.3 1.3 1.3 1.3 1.4 1.6 1.9 2.0 2.1 2.4 2.7 3.1 3.5 3.3 3.0 2.8 2.5 2.3 1.8 2.0 2.0 1.5 1.5 0.5 19931993 1.2 1.2 1.3 1.3 1.3 1.3 1.5 1.8 1.9 2.0 2.3 2.5 2.9 3.2 3.0 2.7 2.5 2.2 2.0 1.6 1.7 1.6 1.2 1.0 0.3 0.1 19941994 1.2 1.2 1.3 1.3 1.3 1.3 1.5 1.7 1.9 2.0 2.2 2.4 2.8 3.1 2.9 2.6 2.4 2.1 1.9 1.5 1.6 1.6 1.2 1.1 0.6 0.7 1.2 19951995 1.3 1.3 1.3 1.3 1.3 1.4 1.5 1.8 1.9 2.0 2.2 2.5 2.8 3.0 2.9 2.6 2.4 2.2 2.0 1.7 1.8 1.7 1.5 1.4 1.2 1.4 2.0 2.9 19961996 1.3 1.3 1.3 1.4 1.4 1.4 1.5 1.8 1.9 2.0 2.2 2.4 2.7 3.0 2.8 2.6 2.4 2.1 2.0 1.7 1.8 1.8 1.5 1.5 1.3 1.5 2.0 2.3 1.8 19971997 1.4 1.4 1.4 1.4 1.4 1.5 1.6 1.9 2.0 2.1 2.3 2.5 2.8 3.0 2.9 2.6 2.5 2.2 2.1 1.9 1.9 1.9 1.7 1.8 1.7 1.9 2.3 2.7 2.6 3.5 19981998 1.4 1.4 1.5 1.5 1.5 1.6 1.7 1.9 2.1 2.1 2.3 2.5 2.8 3.0 2.9 2.7 2.5 2.3 2.2 2.0 2.1 2.1 1.9 1.9 1.9 2.1 2.5 2.8 2.8 3.3 3.2 19991999 1.4 1.5 1.5 1.5 1.5 1.6 1.7 1.9 2.0 2.1 2.3 2.5 2.8 3.0 2.8 2.6 2.5 2.3 2.2 2.0 2.0 2.1 1.9 1.9 1.9 2.1 2.4 2.7 2.6 2.9 2.6 2.0 20002000 1.5 1.5 1.5 1.5 1.6 1.6 1.7 1.9 2.1 2.1 2.3 2.5 2.7 2.9 2.8 2.6 2.5 2.3 2.2 2.0 2.1 2.1 2.0 2.0 1.9 2.1 2.4 2.6 2.6 2.8 2.5 2.2 2.4 20012001 1.5 1.5 1.5 1.6 1.6 1.6 1.7 2.0 2.1 2.1 2.3 2.5 2.7 2.9 2.8 2.6 2.5 2.3 2.2 2.0 2.1 2.1 2.0 2.0 2.0 2.1 2.4 2.6 2.5 2.7 2.5 2.2 2.3 2.3 20022002 1.4 1.4 1.5 1.5 1.5 1.5 1.7 1.9 2.0 2.0 2.2 2.3 2.6 2.7 2.6 2.4 2.3 2.1 2.0 1.8 1.9 1.9 1.8 1.8 1.7 1.9 2.0 2.1 2.0 2.1 1.8 1.5 1.3 0.7 -0.7 20032003 1.4 1.4 1.4 1.4 1.4 1.5 1.6 1.8 1.9 1.9 2.1 2.2 2.4 2.6 2.4 2.3 2.1 2.0 1.9 1.7 1.7 1.7 1.6 1.6 1.5 1.6 1.8 1.8 1.7 1.7 1.4 1.0 0.8 0.2 -0.8 -0.8 20042004 1.3 1.3 1.3 1.3 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.2 2.4 2.3 2.1 1.9 1.8 1.7 1.5 1.5 1.5 1.3 1.3 1.2 1.3 1.4 1.4 1.3 1.2 0.9 0.5 0.2 -0.3 -1.2 -1.4 -2.0 20052005 1.2 1.2 1.3 1.3 1.3 1.3 1.4 1.6 1.7 1.7 1.8 2.0 2.1 2.3 2.1 2.0 1.8 1.7 1.5 1.4 1.4 1.4 1.2 1.2 1.1 1.2 1.3 1.3 1.1 1.0 0.7 0.4 0.1 -0.4 -1.0 -1.1 -1.2 -0.4 20062006 1.2 1.3 1.3 1.3 1.3 1.3 1.4 1.6 1.7 1.7 1.8 2.0 2.1 2.3 2.1 2.0 1.8 1.7 1.6 1.4 1.4 1.4 1.3 1.3 1.2 1.2 1.3 1.3 1.2 1.1 0.9 0.6 0.4 0.1 -0.4 -0.3 -0.1 0.9 2.2 20072007 1.2 1.2 1.3 1.3 1.3 1.3 1.4 1.6 1.6 1.7 1.8 1.9 2.1 2.2 2.1 1.9 1.8 1.6 1.5 1.4 1.4 1.4 1.2 1.2 1.1 1.2 1.3 1.3 1.1 1.1 0.8 0.6 0.4 0.1 -0.2 -0.1 0.1 0.8 1.4 0.6 20082008 1.2 1.3 1.3 1.3 1.3 1.3 1.4 1.6 1.6 1.7 1.8 1.9 2.1 2.2 2.1 1.9 1.8 1.6 1.5 1.4 1.4 1.4 1.3 1.2 1.2 1.2 1.3 1.3 1.2 1.1 0.9 0.7 0.5 0.3 0.0 0.2 0.4 1.0 1.5 1.1 1.6 20092009 1.1 1.2 1.2 1.2 1.2 1.2 1.3 1.4 1.5 1.6 1.6 1.8 1.9 2.0 1.9 1.7 1.6 1.5 1.4 1.2 1.2 1.2 1.1 1.0 1.0 1.0 1.0 1.0 0.9 0.8 0.6 0.4 0.2 0.0 -0.3 -0.2 -0.1 0.3 0.4 -0.1 -0.5 -2.6 20102010 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.4 1.4 1.5 1.6 1.7 1.8 1.9 1.8 1.6 1.5 1.3 1.3 1.1 1.1 1.1 1.0 0.9 0.8 0.9 0.9 0.9 0.8 0.7 0.5 0.2 0.1 -0.1 -0.4 -0.4 -0.3 0.0 0.1 -0.5 -0.8 -2.0 -1.4

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$1.67

1926 2010

61

61


ONE-MONTH CERTIFICATES OF DEpOSIT1966–2010: Real Returns (%)

Inflation Adjusted

Data provided by the Federal Reserve Statistical Release H.15: Selected Interest Rates.

19661966 2.1 19671967 2.0 1.9 19681968 1.7 1.5 1.1 19691969 1.7 1.5 1.4 1.6 19701970 1.8 1.8 1.7 2.0 2.5 19711971 1.8 1.7 1.7 1.9 2.1 1.7 19721972 1.7 1.6 1.6 1.7 1.7 1.3 1.0 19731973 1.4 1.3 1.2 1.3 1.2 0.8 0.3 -0.4 19741974 1.1 1.0 0.9 0.9 0.7 0.3 -0.1 -0.7 -1.1 19751975 1.0 0.9 0.8 0.7 0.6 0.2 -0.2 -0.6 -0.7 -0.3 19761976 1.0 0.9 0.7 0.7 0.6 0.2 0.0 -0.3 -0.3 0.1 0.5 19771977 0.8 0.7 0.5 0.5 0.3 0.0 -0.2 -0.5 -0.5 -0.3 -0.3 -1.2 19781978 0.6 0.5 0.4 0.3 0.2 -0.1 -0.3 -0.6 -0.6 -0.5 -0.5 -1.1 -1.0 19791979 0.5 0.4 0.2 0.2 0.0 -0.3 -0.5 -0.7 -0.8 -0.7 -0.8 -1.3 -1.3 -1.6 19801980 0.5 0.4 0.3 0.2 0.1 -0.1 -0.3 -0.5 -0.5 -0.4 -0.5 -0.7 -0.6 -0.4 0.9 19811981 1.0 0.9 0.8 0.8 0.8 0.6 0.5 0.4 0.5 0.8 0.9 1.0 1.6 2.4 4.5 8.4 19821982 1.4 1.4 1.4 1.4 1.4 1.3 1.2 1.3 1.4 1.8 2.1 2.3 3.0 4.1 6.0 8.7 9.0 19831983 1.7 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.8 2.2 2.5 2.8 3.4 4.3 5.9 7.6 7.2 5.4 19841984 1.9 1.9 1.9 2.0 2.0 1.9 2.0 2.0 2.3 2.6 2.9 3.2 3.9 4.7 6.0 7.4 7.0 6.0 6.7 19851985 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.2 2.4 2.8 3.1 3.4 4.0 4.7 5.8 6.8 6.4 5.5 5.6 4.5 19861986 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.5 2.7 3.0 3.3 3.6 4.2 4.8 5.8 6.6 6.3 5.6 5.7 5.1 5.8 19871987 2.2 2.2 2.3 2.3 2.3 2.3 2.4 2.5 2.7 3.0 3.3 3.5 4.0 4.5 5.3 6.0 5.6 4.9 4.8 4.2 4.1 2.4 19881988 2.3 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.7 3.0 3.3 3.5 3.9 4.4 5.1 5.7 5.3 4.7 4.5 4.0 3.8 2.9 3.3 19891989 2.4 2.4 2.4 2.5 2.5 2.5 2.6 2.7 2.9 3.1 3.4 3.6 4.0 4.5 5.1 5.6 5.2 4.7 4.6 4.2 4.1 3.5 4.1 4.8 19901990 2.4 2.4 2.4 2.5 2.5 2.5 2.6 2.6 2.8 3.1 3.3 3.5 3.9 4.3 4.8 5.2 4.9 4.4 4.3 3.9 3.7 3.2 3.5 3.6 2.4 19911991 2.4 2.4 2.4 2.5 2.5 2.5 2.6 2.7 2.8 3.1 3.3 3.5 3.8 4.2 4.7 5.1 4.7 4.3 4.1 3.8 3.6 3.2 3.4 3.5 2.8 3.2 19921992 2.3 2.4 2.4 2.4 2.5 2.5 2.5 2.6 2.7 3.0 3.1 3.3 3.6 4.0 4.4 4.7 4.4 3.9 3.8 3.4 3.2 2.8 2.9 2.8 2.1 2.0 0.8 19931993 2.3 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.6 2.8 3.0 3.1 3.4 3.7 4.1 4.4 4.0 3.6 3.4 3.1 2.9 2.5 2.5 2.3 1.7 1.5 0.6 0.5 19941994 2.3 2.3 2.3 2.3 2.4 2.3 2.4 2.4 2.6 2.8 2.9 3.1 3.3 3.6 3.9 4.2 3.8 3.4 3.3 2.9 2.7 2.4 2.4 2.2 1.7 1.5 1.0 1.0 1.6 19951995 2.3 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.6 2.8 2.9 3.1 3.3 3.6 3.9 4.1 3.8 3.4 3.3 3.0 2.8 2.5 2.5 2.4 2.0 1.9 1.6 1.8 2.5 3.4 19961996 2.3 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.6 2.8 2.9 3.0 3.3 3.5 3.8 4.0 3.7 3.3 3.2 2.9 2.7 2.4 2.5 2.3 2.0 1.9 1.7 1.9 2.4 2.8 2.2 19971997 2.3 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.6 2.8 3.0 3.1 3.3 3.5 3.8 4.0 3.7 3.4 3.2 3.0 2.8 2.6 2.6 2.5 2.2 2.2 2.1 2.3 2.8 3.2 3.1 4.0 19981998 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.7 2.9 3.0 3.1 3.3 3.5 3.8 4.0 3.7 3.4 3.3 3.1 2.9 2.7 2.7 2.7 2.4 2.4 2.3 2.6 3.0 3.4 3.4 4.0 4.1 19991999 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.7 2.9 3.0 3.1 3.3 3.5 3.8 3.9 3.7 3.4 3.2 3.0 2.9 2.7 2.7 2.7 2.5 2.5 2.4 2.6 3.0 3.2 3.2 3.5 3.3 2.6 20002000 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.7 2.9 3.0 3.1 3.3 3.5 3.7 3.9 3.6 3.4 3.2 3.0 2.9 2.7 2.8 2.7 2.5 2.5 2.5 2.7 3.0 3.2 3.2 3.4 3.3 2.9 3.1 20012001 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.6 2.7 2.9 3.0 3.1 3.3 3.5 3.7 3.8 3.6 3.3 3.2 3.0 2.9 2.7 2.8 2.7 2.5 2.6 2.5 2.7 3.0 3.2 3.1 3.3 3.1 2.8 2.9 2.8 20022002 2.3 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.6 2.7 2.8 2.9 3.1 3.3 3.5 3.6 3.4 3.1 3.0 2.8 2.7 2.5 2.5 2.5 2.3 2.3 2.2 2.3 2.6 2.7 2.6 2.6 2.4 2.0 1.8 1.1 -0.62003 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.5 2.6 2.7 2.8 3.0 3.1 3.3 3.4 3.2 2.9 2.8 2.6 2.5 2.3 2.3 2.3 2.1 2.1 2.0 2.1 2.2 2.3 2.2 2.2 1.9 1.4 1.1 0.5 -0.62004 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.5 2.6 2.6 2.8 2.9 3.1 3.2 3.0 2.7 2.6 2.4 2.3 2.1 2.1 2.0 1.8 1.8 1.7 1.7 1.9 1.9 1.7 1.7 1.3 0.9 0.5 -0.1 -1.02005 2.1 2.1 2.1 2.1 2.2 2.1 2.2 2.2 2.3 2.4 2.5 2.5 2.7 2.8 3.0 3.1 2.9 2.6 2.5 2.3 2.2 2.0 2.0 1.9 1.7 1.6 1.5 1.6 1.7 1.7 1.5 1.5 1.1 0.7 0.4 -0.1 -0.82006 2.1 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.3 2.4 2.5 2.5 2.7 2.8 3.0 3.0 2.8 2.6 2.5 2.3 2.2 2.0 2.0 1.9 1.7 1.7 1.6 1.7 1.8 1.8 1.6 1.6 1.3 1.0 0.7 0.3 -0.12007 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.2 2.3 2.4 2.4 2.5 2.6 2.7 2.9 3.0 2.8 2.5 2.4 2.2 2.1 2.0 1.9 1.9 1.7 1.7 1.6 1.6 1.7 1.7 1.6 1.5 1.3 1.0 0.8 0.5 0.12008 2.1 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.3 2.4 2.5 2.5 2.6 2.8 2.9 3.0 2.8 2.6 2.4 2.3 2.2 2.0 2.0 1.9 1.8 1.8 1.7 1.7 1.8 1.8 1.7 1.7 1.5 1.2 1.0 0.8 0.52009 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.1 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.6 2.4 2.3 2.1 2.0 1.8 1.8 1.7 1.6 1.5 1.4 1.5 1.5 1.5 1.4 1.4 1.1 0.9 0.7 0.4 0.22010 1.9 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.1 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.5 2.2 2.1 2.0 1.9 1.7 1.7 1.6 1.4 1.4 1.3 1.3 1.4 1.4 1.2 1.2 1.0 0.7 0.5 0.3 0.0

1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

19661926 2010

$2.38

62



20032003 -0.7 20042004 -1.2 -1.8 20052005 -0.9 -1.0 -0.1 20062006 0.0 0.2 1.2 2.5 20072007 0.2 0.5 1.2 1.9 1.3 20082008 0.7 1.0 1.7 2.3 2.2 3.0 20092009 0.3 0.4 0.9 1.1 0.7 0.4 -2.2 20102010 0.1 0.2 0.5 0.7 0.2 -0.2 -1.7 -1.2

2003 2004 2005 2006 2007 2008 2009 2010

DOW JONES US SELECT REIT INDEX1978–2010: Real Returns (%)

Inflation Adjusted1978

1978 1.8 19791979 15.7 31.5 19801980 16.6 24.8 18.4 19811981 14.4 19.0 13.2 8.2 19821982 14.8 18.3 14.3 12.2 16.4 19831983 16.8 20.1 17.4 17.1 21.7 27.3 19841984 16.9 19.6 17.4 17.1 20.2 22.1 17.2 19851985 15.0 17.0 14.8 14.0 15.5 15.3 9.7 2.6 19861986 15.4 17.2 15.3 14.8 16.1 16.0 12.5 10.2 18.4 19871987 12.5 13.7 11.7 10.7 11.2 10.2 6.2 2.8 2.9 -10.5 19881988 12.5 13.6 11.8 11.0 11.4 10.5 7.5 5.2 6.0 0.3 12.5 19891989 11.2 12.1 10.3 9.5 9.6 8.7 5.9 3.7 4.0 -0.4 5.1 -1.8 19901990 7.6 8.1 6.1 5.0 4.6 3.3 0.2 -2.4 -3.3 -8.1 -7.3 -15.8 -27.8 19911991 8.4 8.9 7.3 6.3 6.1 5.0 2.5 0.6 0.2 -3.1 -1.1 -5.2 -6.9 20.1 19921992 8.6 9.1 7.6 6.7 6.6 5.7 3.5 1.9 1.8 -0.7 1.4 -1.2 -1.1 15.9 11.7 19931993 8.8 9.3 7.9 7.1 7.0 6.2 4.3 3.0 3.0 1.0 3.1 1.3 2.1 14.6 11.9 12.1 19941994 8.3 8.7 7.4 6.6 6.5 5.7 3.9 2.7 2.7 0.9 2.6 1.1 1.7 10.7 7.8 5.8 0.0 19951995 8.4 8.8 7.5 6.8 6.7 6.0 4.4 3.3 3.3 1.8 3.4 2.2 2.9 10.5 8.2 7.0 4.5 9.3 19961996 9.5 10.0 8.8 8.2 8.2 7.7 6.3 5.4 5.7 4.5 6.3 5.6 6.7 13.9 12.7 12.9 13.2 20.4 32.6 19971997 9.9 10.4 9.3 8.8 8.8 8.3 7.1 6.3 6.7 5.6 7.4 6.9 8.0 14.4 13.5 13.8 14.3 19.5 24.9 17.7 19981998 8.4 8.7 7.6 7.1 7.0 6.4 5.2 4.4 4.5 3.4 4.8 4.0 4.7 9.7 8.3 7.7 6.9 8.6 8.4 -2.0 -18.3 19991999 7.7 8.0 7.0 6.4 6.3 5.7 4.5 3.7 3.8 2.7 3.9 3.2 3.7 7.9 6.5 5.8 4.8 5.7 4.9 -3.0 -12.0 -5.1 20002000 8.5 8.8 7.8 7.3 7.3 6.8 5.7 5.0 5.2 4.3 5.5 4.9 5.6 9.7 8.6 8.2 7.7 9.0 8.9 3.7 -0.6 9.7 26.8 20012001 8.6 8.9 7.9 7.5 7.4 7.0 6.0 5.3 5.5 4.7 5.9 5.4 6.0 9.8 8.8 8.5 8.0 9.2 9.2 5.0 2.1 10.0 18.4 10.6 20022002 8.3 8.5 7.6 7.2 7.1 6.7 5.7 5.1 5.2 4.5 5.5 5.1 5.6 9.0 8.1 7.7 7.2 8.2 8.0 4.4 1.9 7.7 12.4 5.8 1.2 20032003 9.1 9.5 8.6 8.2 8.2 7.8 6.9 6.4 6.6 6.0 7.1 6.8 7.4 10.8 10.0 9.8 9.6 10.8 10.9 8.1 6.6 12.5 17.3 14.4 16.3 33.7 20042004 9.8 10.1 9.4 9.0 9.0 8.7 7.9 7.5 7.7 7.2 8.3 8.0 8.7 12.0 11.4 11.3 11.3 12.5 12.8 10.5 9.6 15.1 19.6 17.9 20.4 31.3 29.0 20052005 9.8 10.1 9.4 9.0 9.1 8.8 8.0 7.6 7.8 7.3 8.4 8.2 8.8 11.8 11.3 11.2 11.2 12.2 12.5 10.5 9.6 14.3 17.9 16.3 17.7 23.8 19.1 10.1 20062006 10.5 10.9 10.2 9.9 9.9 9.7 9.0 8.6 8.9 8.4 9.5 9.4 10.1 13.0 12.6 12.6 12.7 13.8 14.2 12.5 12.0 16.5 19.9 18.8 20.5 25.9 23.5 20.8 32.6 20072007 9.3 9.6 8.9 8.5 8.6 8.3 7.5 7.1 7.3 6.8 7.8 7.5 8.1 10.7 10.1 10.0 9.9 10.7 10.8 9.0 8.2 11.6 13.9 12.1 12.4 14.8 10.5 4.9 2.5 -20.8 20082008 7.3 7.5 6.7 6.3 6.2 5.9 5.1 4.6 4.7 4.1 4.9 4.5 4.9 7.1 6.3 6.0 5.6 6.0 5.8 3.8 2.6 5.0 6.2 3.9 2.9 3.2 -2.0 -8.5 -13.9 -30.6 -39.3 20092009 7.8 8.0 7.3 6.9 6.9 6.5 5.8 5.4 5.5 5.0 5.7 5.4 5.8 7.9 7.3 7.0 6.7 7.2 7.1 5.3 4.3 6.7 7.9 6.0 5.5 6.1 2.1 -2.6 -5.5 -15.6 -12.8 25.1 20102010 8.3 8.5 7.8 7.5 7.5 7.2 6.5 6.1 6.2 5.8 6.5 6.3 6.7 8.8 8.2 8.0 7.8 8.3 8.2 6.7 5.9 8.2 9.5 7.9 7.6 8.4 5.2 1.7 0.1 -6.7 -1.4 25.6 26.2

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1978

$14

1926 2010

63

63


BALANCED

STRATEGIES:

WEIGHTS

FIXED CONSERVATIVE MODERATE NORMAL AGGRESSIVE EqUITY

EqUITY 0% 20% 40% 60% 80% 100%

US STOCKS 0% 14% 28% 42% 56% 70%

LARGE CAp S&P 500 INDEx

0.0 4.0 8.0 12.0 16.0 20.0

LARGE CAp VALUE FAMA/FRENCH US LARGE CAP VALUE INDEx

0.0 4.0 8.0 12.0 16.0 20.0

SMALL CAp FAMA/FRENCH US SMALL CAP INDEx

0.0 2.0 4.0 6.0 8.0 10.0

SMALL CAp VALUE FAMA/FRENCH US SMALL CAP VALUE INDEx

0.0 2.0 4.0 6.0 8.0 10.0

REAL ESTATE STRATEGY DOW JONES US SELECT REIT INDEx

0.0 2.0 4.0 6.0 8.0 10.0

NON-US STOCKS 0% 6% 12% 18% 24% 30%

VALUE FAMA/FRENCH INTERNATIONAL VALUE INDEx

0.0 2.0 4.0 6.0 8.0 10.0

SMALL CAp INTERNATIONAL SMALL CAP INDEx

0.0 1.0 2.0 3.0 4.0 5.0

SMALL CAp VALUEINTERNATIONAL SMALL CAP VALUE INDEx

0.0 1.0 2.0 3.0 4.0 5.0

EMERGING MARKETS MSCI EMERGING MARKETS INDEx

0.0 0.6 1.2 1.8 2.4 3.0

EMERGING MARKETS VALUEFAMA/FRENCH EMERGING MARKETS VALUE INDEx

0.0 0.6 1.2 1.8 2.4 3.0

EMERGING MARKETS SMALL CApFAMA/FRENCH EMERGING MARKETS SMALL CAP INDEx

0.0 0.8 1.6 2.4 3.2 4.0

FIXED INCOME 100% 80% 60% 40% 20% 0% ONE-YEAR MERRILL LYNCH ONE-YEAR US TREASURY NOTE INDEx

25.0 20.0 15.0 10.0 5.0 0.0

TWO-YEAR GLOBALCITIGROUP WORLD GOVERNMENT BOND INDEx 1-3 YEARS (HEDGED)

25.0 20.0 15.0 10.0 5.0 0.0

FIVE-YEAR GOVERNMENTBARCLAYS CAPITAL TREASURY BOND INDEx 1-5 YEARS

25.0 20.0 15.0 10.0 5.0 0.0

FIVE-YEAR GLOBALCITIGROUP WORLD GOVERNMENT BOND INDEx 1-5 YEARS (HEDGED)

25.0 20.0 15.0 10.0 5.0 0.0

Real Estate Stocks weighting allocated evenly between US Small Cap and US Small Cap Value prior to January 1978 data inception. International Value weighting allocated evenly between International Small Cap and MSCI EAFE Index (net dividends) prior to January 1975 data inception. International Small Cap Value weighting allocated to International Small Cap prior to July 1981 data inception. Emerging Markets weighting allocated evenly between International Small Cap and International Value prior to January 1988 data inception. Emerging Markets Value and Small Cap weighting allocated evenly between International Small Cap and International Value prior to January 1989 data inception. Two-Year Global weighting allocated to One-Year prior to January 1990 data inception. Five-Year Government weighting allocated to Barclays Capital US Government Bond Index Intermediate prior to January 1976 data inception. Five-Year Global weighting allocated to Five-Year Government prior to January 1990 data inception.

For illustrative purposes only. The balanced strategies are not recommendations for an actual allocation.

Indices are not available for direct investment; their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is no guarantee of future results.

64


BALANCED

STRATEGIES:

SUMMARY STATISTICS

As of December 31, 2010

FIXED CONSERVATIVE MODERATE NORMAL AGGRESSIVE EqUITY

EqUITY 0% 20% 40% 60% 80% 100%

FIXED INCOME 100% 80% 60% 40% 20% 0%

ONE-YEAR TOTAL RETURN (%) 2.0 6.0 9.9 13.9 17.9 21.9

THREE-YEAR ANNUALIzED RETURN (%) 3.2 4.0 4.2 3.6 2.1 -0.3

FIVE-YEAR ANNUALIzED RETURN (%) 4.1 5.1 5.7 5.9 5.5 4.4

TEN-YEAR ANNUALIzED RETURN (%) 3.8 5.4 6.7 7.7 8.2 8.4

TWENTY-YEAR ANNUALIzED RETURN (%) 5.2 6.9 8.4 9.7 10.8 11.7

ANNUALIzED RETURN (%)1973–2010 7.0 8.7 10.2 11.6 12.7 13.5

ANNUALIzED STANDARD DEVIATION (%)1973–2010 2.5 3.9 6.7 9.8 13.0 16.3

LOWEST ONE-YEAR RETURN (%) 0.5 -8.5 -20.5 -32.1 -43.1 -53.6 (1/94–12/94) (3/08–2/09) (3/08–2/09) (3/08–2/09) (3/08–2/09) (3/08–2/09)

LOWEST ANNUALIzED THREE-YEAR RETURN (%) 1.8 1.0 -3.8 -9.0 -14.5 -20.5 (6/03–5/06) (3/06–2/09) (3/06–2/09) (3/06–2/09) (3/06–2/09) (3/06–2/09)

HIGHEST ONE-YEAR RETURN (%) 22.6 26.4 35.1 49.7 69.0 90.5 (10/81–9/82) (7/82–6/83) (7/82–6/83) (3/09–2/10) (3/09–2/10) (3/09–2/10)

HIGHEST ANNUALIzEDTHREE-YEAR RETURN (%) 15.7 17.6 22.4 28.0 33.7 39.4

(3/80–2/83) (7/82–6/85) (8/84–7/87) (8/84–7/87) (8/84–7/87) (8/84–7/87)

GROWTH OF $11973–2010 $13.25 $24.08 $40.63 $63.74 $92.81 $124.88

Assumes all strategies have been rebalanced annually. Highest and lowest one-year and three-year returns are calculated from periods overlapping monthly. Annualized standard deviation is calculated from monthly data.

All performance results of the balanced strategies are based on performance of indices with model/back-tested asset allocations; the performance was achieved with the benefit of hindsight; it does not represent actual investment strategies. The model’s performance does not reflect advisory fees or other expenses associated with the management of an actual portfolio. There are limitations inherent in model allocations. In particular, model performance may not reflect the impact that economic and market factors may have had on the advisor’s decision making if the advisor were actually managing client money.

Past performance is no guarantee of future results.

65

65


BALANCED STRATEGY: CONSERVATIVE20% EqUITY, 80% FIXED INCOME


BALANCED STRATEGY: FIXED100% FIXED INCOME


19731973 0.5 19741974 1.0 1.5 19751975 5.8 8.5 16.0 19761976 7.6 10.0 14.6 13.2 19771977 7.5 9.3 12.1 10.2 7.2 19781978 7.7 9.2 11.2 9.6 7.9 8.5 19791979 8.1 9.5 11.1 10.0 8.9 9.8 11.1 19801980 8.7 9.9 11.4 10.5 9.9 10.7 11.9 12.7 19811981 9.1 10.2 11.5 10.8 10.3 11.1 12.0 12.4 12.2 19821982 10.1 11.2 12.5 12.1 11.9 12.8 13.9 14.9 16.0 19.9 19831983 10.5 11.5 12.7 12.3 12.2 13.0 14.0 14.7 15.4 17.0 14.3 19841984 10.7 11.6 12.7 12.3 12.2 13.0 13.7 14.3 14.7 15.5 13.3 12.4 19851985 11.2 12.1 13.1 12.9 12.8 13.5 14.3 14.8 15.3 16.0 14.8 15.0 17.7 19861986 11.4 12.3 13.2 13.0 13.0 13.6 14.3 14.8 15.1 15.7 14.7 14.8 16.0 14.4 19871987 11.1 11.9 12.8 12.5 12.4 13.0 13.5 13.8 13.9 14.2 13.1 12.9 13.0 10.7 7.2 19881988 11.0 11.8 12.6 12.3 12.2 12.7 13.1 13.4 13.4 13.6 12.6 12.3 12.2 10.5 8.6 10.0 19891989 11.2 11.9 12.7 12.4 12.4 12.8 13.2 13.4 13.5 13.7 12.8 12.6 12.6 11.4 10.4 12.0 14.0 19901990 10.8 11.4 12.1 11.8 11.7 12.1 12.4 12.5 12.5 12.5 11.6 11.3 11.1 9.8 8.7 9.2 8.8 3.8 19911991 11.0 11.6 12.2 12.0 11.9 12.3 12.6 12.7 12.7 12.7 12.0 11.7 11.6 10.6 9.8 10.5 10.7 9.1 14.6 19921992 10.8 11.3 11.9 11.7 11.6 11.9 12.1 12.2 12.2 12.2 11.4 11.1 11.0 10.0 9.3 9.8 9.7 8.3 10.6 6.8 19931993 10.8 11.3 11.9 11.7 11.6 11.8 12.1 12.1 12.1 12.1 11.4 11.1 11.0 10.2 9.6 10.0 10.0 9.0 10.8 9.0 11.2 19941994 10.3 10.8 11.3 11.1 11.0 11.2 11.4 11.4 11.3 11.2 10.5 10.2 10.0 9.1 8.5 8.7 8.5 7.4 8.3 6.3 6.1 1.2 19951995 10.5 11.0 11.4 11.2 11.1 11.3 11.5 11.5 11.4 11.4 10.8 10.5 10.3 9.6 9.1 9.3 9.2 8.4 9.4 8.1 8.5 7.2 13.6 19961996 10.4 10.9 11.3 11.1 11.0 11.2 11.3 11.3 11.3 11.2 10.6 10.3 10.2 9.5 9.0 9.2 9.1 8.4 9.2 8.2 8.6 7.7 11.1 8.6 19971997 10.4 10.8 11.2 11.0 10.9 11.1 11.2 11.2 11.1 11.1 10.5 10.2 10.1 9.5 9.0 9.2 9.1 8.5 9.2 8.3 8.7 8.0 10.4 8.9 9.1 19981998 10.2 10.6 11.0 10.8 10.7 10.9 11.0 11.0 10.9 10.8 10.3 10.0 9.9 9.3 8.9 9.0 8.9 8.4 9.0 8.2 8.4 7.9 9.6 8.3 8.1 7.2 19991999 10.1 10.5 10.9 10.7 10.6 10.7 10.8 10.8 10.7 10.6 10.1 9.8 9.7 9.1 8.7 8.8 8.7 8.2 8.7 8.0 8.2 7.7 9.1 8.0 7.7 7.1 7.0 20002000 9.9 10.3 10.7 10.4 10.3 10.5 10.6 10.5 10.4 10.3 9.8 9.6 9.4 8.9 8.5 8.6 8.5 8.0 8.4 7.7 7.9 7.4 8.5 7.4 7.1 6.5 6.2 5.4 20012001 9.8 10.1 10.5 10.3 10.2 10.3 10.4 10.3 10.2 10.1 9.6 9.4 9.2 8.7 8.3 8.4 8.3 7.8 8.2 7.6 7.6 7.2 8.1 7.2 6.9 6.4 6.1 5.7 6.0 20022002 9.5 9.8 10.1 9.9 9.8 9.9 10.0 9.9 9.8 9.7 9.2 8.9 8.7 8.2 7.8 7.9 7.7 7.3 7.6 7.0 7.0 6.5 7.2 6.3 5.9 5.3 4.9 4.2 3.5 1.1 20032003 9.6 9.9 10.2 10.0 9.9 10.0 10.0 10.0 9.9 9.8 9.3 9.0 8.9 8.4 8.1 8.1 8.0 7.6 7.9 7.3 7.4 7.0 7.7 6.9 6.7 6.3 6.1 5.9 6.1 6.2 11.5 20042004 9.4 9.7 10.0 9.8 9.7 9.8 9.9 9.8 9.7 9.6 9.1 8.9 8.7 8.3 7.9 8.0 7.9 7.5 7.7 7.2 7.3 6.9 7.5 6.9 6.6 6.3 6.1 6.0 6.1 6.1 8.7 6.1 20052005 9.3 9.6 9.8 9.7 9.5 9.6 9.7 9.6 9.5 9.4 8.9 8.7 8.5 8.1 7.8 7.8 7.7 7.3 7.5 7.0 7.0 6.7 7.2 6.6 6.4 6.0 5.9 5.7 5.8 5.7 7.3 5.2 4.4 20062006 9.3 9.5 9.8 9.6 9.5 9.6 9.6 9.5 9.4 9.3 8.9 8.7 8.5 8.1 7.8 7.8 7.7 7.3 7.6 7.1 7.1 6.8 7.3 6.7 6.6 6.3 6.2 6.1 6.2 6.2 7.5 6.2 6.3 8.2 20072007 9.1 9.4 9.7 9.5 9.4 9.4 9.5 9.4 9.3 9.2 8.8 8.5 8.4 8.0 7.7 7.7 7.6 7.2 7.4 7.0 7.0 6.7 7.2 6.6 6.4 6.2 6.1 6.0 6.0 6.1 7.1 6.0 6.0 6.8 5.3 20082008 8.8 9.0 9.2 9.0 8.9 9.0 9.0 8.9 8.8 8.7 8.2 8.0 7.8 7.4 7.1 7.1 7.0 6.6 6.8 6.3 6.3 6.0 6.3 5.8 5.6 5.2 5.1 4.8 4.8 4.6 5.2 4.0 3.4 3.1 0.7 -3.8 20092009 8.8 9.0 9.3 9.1 9.0 9.0 9.0 9.0 8.8 8.7 8.3 8.1 7.9 7.5 7.3 7.3 7.1 6.8 7.0 6.6 6.5 6.3 6.6 6.1 5.9 5.7 5.5 5.4 5.4 5.3 5.9 5.0 4.8 4.9 3.8 3.1 10.4 20102010 8.7 9.0 9.2 9.0 8.9 8.9 8.9 8.9 8.7 8.6 8.2 8.0 7.9 7.5 7.2 7.2 7.1 6.8 6.9 6.5 6.5 6.2 6.6 6.1 5.9 5.7 5.6 5.4 5.4 5.4 5.9 5.2 5.0 5.1 4.4 4.0 8.2 6.0

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

19731973 5.1 19741974 6.5 7.9 19751975 7.0 7.9 7.9 19761976 7.3 8.0 8.1 8.3 19771977 6.7 7.0 6.8 6.2 4.2 19781978 6.3 6.6 6.2 5.7 4.5 4.7 19791979 6.6 6.9 6.7 6.4 5.8 6.6 8.5 19801980 6.9 7.2 7.1 6.9 6.6 7.4 8.8 9.1 19811981 7.6 7.9 7.9 8.0 7.9 8.8 10.2 11.1 13.2 19821982 8.8 9.2 9.4 9.6 9.8 11.0 12.6 14.0 16.6 20.1 19831983 8.8 9.2 9.3 9.5 9.7 10.6 11.8 12.7 13.9 14.3 8.8 19841984 9.2 9.6 9.7 9.9 10.1 11.0 12.1 12.8 13.8 14.0 11.1 13.4 19851985 9.5 9.8 10.0 10.2 10.4 11.3 12.2 12.9 13.6 13.7 11.7 13.2 13.0 19861986 9.5 9.8 10.0 10.2 10.4 11.1 11.9 12.4 13.0 12.9 11.2 12.0 11.3 9.7 19871987 9.2 9.5 9.6 9.8 9.9 10.5 11.2 11.5 11.9 11.6 10.0 10.3 9.3 7.5 5.4 19881988 9.0 9.3 9.4 9.5 9.6 10.1 10.6 10.9 11.1 10.8 9.3 9.4 8.5 7.0 5.7 6.1 19891989 9.1 9.4 9.5 9.6 9.7 10.1 10.6 10.9 11.1 10.8 9.5 9.7 8.9 8.0 7.4 8.4 10.8 19901990 9.1 9.3 9.4 9.5 9.6 10.0 10.5 10.7 10.8 10.6 9.5 9.5 8.9 8.1 7.7 8.5 9.8 8.8 19911991 9.2 9.4 9.5 9.6 9.7 10.1 10.5 10.7 10.8 10.6 9.6 9.7 9.2 8.6 8.3 9.1 10.1 9.8 10.7 19921992 9.0 9.2 9.3 9.4 9.5 9.8 10.2 10.3 10.4 10.2 9.2 9.3 8.8 8.2 8.0 8.5 9.1 8.5 8.4 6.1 19931993 8.9 9.1 9.1 9.2 9.3 9.6 9.9 10.0 10.1 9.8 9.0 9.0 8.5 8.0 7.7 8.1 8.5 8.0 7.7 6.2 6.2 19941994 8.5 8.7 8.7 8.7 8.8 9.0 9.3 9.4 9.4 9.1 8.2 8.2 7.7 7.1 6.8 7.0 7.1 6.4 5.8 4.3 3.3 0.5 19951995 8.6 8.8 8.8 8.9 8.9 9.2 9.4 9.5 9.5 9.3 8.5 8.4 8.0 7.5 7.3 7.5 7.7 7.2 6.9 6.0 5.9 5.8 11.3 19961996 8.5 8.7 8.7 8.7 8.8 9.0 9.2 9.3 9.3 9.0 8.3 8.3 7.8 7.4 7.2 7.4 7.5 7.1 6.8 6.0 6.0 5.9 8.7 6.2 19971997 8.4 8.6 8.6 8.6 8.7 8.9 9.1 9.1 9.2 8.9 8.2 8.2 7.8 7.3 7.1 7.3 7.4 7.0 6.8 6.1 6.1 6.1 8.0 6.5 6.7 19981998 8.4 8.5 8.6 8.6 8.6 8.8 9.0 9.1 9.1 8.8 8.1 8.1 7.7 7.3 7.1 7.3 7.4 7.1 6.9 6.3 6.3 6.4 7.9 6.8 7.0 7.3 19991999 8.2 8.3 8.3 8.4 8.4 8.6 8.7 8.8 8.7 8.5 7.9 7.8 7.4 7.1 6.9 7.0 7.1 6.7 6.5 5.9 5.9 5.9 7.0 5.9 5.8 5.4 3.4 20002000 8.2 8.3 8.3 8.4 8.4 8.5 8.7 8.7 8.7 8.5 7.9 7.8 7.5 7.1 6.9 7.1 7.1 6.8 6.6 6.2 6.2 6.2 7.1 6.3 6.4 6.3 5.7 8.0 20012001 8.2 8.3 8.3 8.3 8.3 8.5 8.6 8.7 8.6 8.4 7.8 7.8 7.5 7.1 6.9 7.1 7.1 6.8 6.7 6.3 6.3 6.3 7.1 6.5 6.5 6.5 6.2 7.6 7.1 20022002 8.1 8.2 8.2 8.2 8.2 8.3 8.5 8.5 8.5 8.2 7.7 7.6 7.3 7.0 6.8 6.9 7.0 6.7 6.5 6.2 6.2 6.2 6.9 6.3 6.3 6.2 5.9 6.7 6.1 5.1 20032003 7.9 7.9 7.9 8.0 7.9 8.1 8.2 8.2 8.2 7.9 7.4 7.3 7.0 6.7 6.5 6.6 6.6 6.4 6.2 5.8 5.8 5.7 6.3 5.7 5.6 5.4 5.1 5.5 4.7 3.4 1.8 20042004 7.7 7.7 7.7 7.7 7.7 7.8 8.0 7.9 7.9 7.7 7.1 7.1 6.8 6.4 6.3 6.3 6.3 6.0 5.8 5.5 5.4 5.3 5.8 5.2 5.1 4.9 4.5 4.7 3.9 2.9 1.8 1.7 20052005 7.5 7.6 7.6 7.5 7.5 7.6 7.8 7.7 7.7 7.4 6.9 6.8 6.5 6.2 6.1 6.1 6.1 5.8 5.6 5.3 5.2 5.1 5.5 5.0 4.8 4.6 4.2 4.3 3.6 2.7 2.0 2.1 2.4 20062006 7.4 7.5 7.4 7.4 7.4 7.5 7.6 7.6 7.5 7.3 6.8 6.7 6.4 6.1 6.0 6.0 6.0 5.7 5.5 5.2 5.1 5.0 5.4 4.9 4.8 4.5 4.2 4.3 3.7 3.0 2.5 2.7 3.3 4.1 20072007 7.4 7.4 7.4 7.4 7.4 7.5 7.6 7.6 7.5 7.3 6.8 6.7 6.4 6.2 6.0 6.0 6.0 5.8 5.6 5.3 5.2 5.1 5.5 5.0 4.9 4.7 4.5 4.6 4.1 3.6 3.3 3.7 4.4 5.4 6.6 20082008 7.3 7.4 7.4 7.4 7.4 7.5 7.5 7.5 7.5 7.3 6.8 6.7 6.4 6.2 6.0 6.0 6.0 5.8 5.6 5.3 5.3 5.2 5.6 5.1 5.0 4.9 4.7 4.8 4.4 4.0 3.8 4.2 4.9 5.7 6.5 6.4 20092009 7.2 7.2 7.2 7.2 7.2 7.3 7.3 7.3 7.2 7.0 6.6 6.5 6.2 6.0 5.8 5.8 5.8 5.6 5.4 5.1 5.0 5.0 5.3 4.9 4.8 4.6 4.3 4.4 4.0 3.7 3.5 3.7 4.2 4.6 4.8 3.9 1.3 20102010 7.0 7.1 7.1 7.0 7.0 7.1 7.2 7.1 7.1 6.9 6.4 6.3 6.1 5.8 5.6 5.6 5.6 5.4 5.2 4.9 4.9 4.8 5.1 4.7 4.6 4.4 4.1 4.2 3.8 3.5 3.3 3.5 3.8 4.1 4.1 3.2 1.7 2.0

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1973

$13

1926 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1973

$24

1926 2010

66


BALANCED STRATEGY: NORMAL60% EqUITY, 40% FIXED INCOME


BALANCED STRATEGY: MODERATE40% EqUITY, 60% FIXED INCOME


19731973 -8.7 19741974 -10.1 -11.3 19751975 2.3 8.2 32.1 19761976 7.1 13.0 27.5 23.0 19771977 8.3 13.0 22.6 18.1 13.3 19781978 9.6 13.6 20.9 17.4 14.6 16.0 19791979 10.5 14.1 20.0 17.1 15.2 16.2 16.3 19801980 11.6 14.9 20.0 17.7 16.4 17.4 18.1 19.9 19811981 11.5 14.3 18.5 16.4 15.1 15.5 15.4 14.9 10.0 19821982 12.2 14.8 18.5 16.7 15.7 16.2 16.2 16.1 14.3 18.7 19831983 13.2 15.7 19.2 17.6 16.9 17.5 17.8 18.2 17.6 21.6 24.5 19841984 13.0 15.2 18.3 16.8 16.1 16.5 16.6 16.6 15.8 17.8 17.3 10.5 19851985 14.1 16.2 19.1 17.9 17.3 17.8 18.1 18.4 18.0 20.1 20.6 18.7 27.5 19861986 14.7 16.7 19.4 18.3 17.8 18.4 18.7 19.0 18.8 20.7 21.2 20.1 25.2 22.9 19871987 14.3 16.2 18.6 17.6 17.1 17.5 17.7 17.8 17.5 18.8 18.8 17.5 19.9 16.2 9.9 19881988 14.6 16.3 18.6 17.6 17.2 17.5 17.7 17.8 17.6 18.7 18.7 17.5 19.4 16.8 13.8 17.8 19891989 14.9 16.6 18.7 17.8 17.4 17.8 17.9 18.1 17.9 18.9 18.9 18.0 19.6 17.7 16.0 19.2 20.6 19901990 13.6 15.1 17.0 16.0 15.6 15.7 15.7 15.6 15.2 15.8 15.5 14.2 14.9 12.5 10.0 10.0 6.4 -6.2 19911991 14.1 15.5 17.3 16.4 16.0 16.2 16.2 16.2 15.9 16.5 16.2 15.2 15.9 14.1 12.4 13.0 11.4 7.1 22.3 19921992 13.8 15.1 16.8 15.9 15.5 15.6 15.6 15.5 15.2 15.7 15.4 14.4 14.9 13.2 11.6 12.0 10.6 7.4 15.0 8.0 19931993 14.1 15.4 17.0 16.2 15.8 16.0 16.0 15.9 15.6 16.1 15.9 15.1 15.6 14.2 13.0 13.5 12.6 10.7 17.0 14.4 21.2 19941994 13.5 14.7 16.2 15.4 15.0 15.1 15.1 15.0 14.6 15.0 14.7 13.8 14.2 12.8 11.6 11.8 10.9 9.0 13.2 10.3 11.4 2.5 19951995 13.7 14.9 16.3 15.6 15.2 15.3 15.3 15.2 14.9 15.2 15.0 14.2 14.6 13.3 12.3 12.6 11.9 10.5 14.2 12.2 13.7 10.1 18.3 19961996 13.7 14.8 16.2 15.5 15.1 15.2 15.2 15.1 14.8 15.1 14.9 14.2 14.5 13.4 12.4 12.7 12.1 10.9 14.1 12.5 13.6 11.2 15.9 13.5 19971997 13.7 14.8 16.1 15.4 15.0 15.1 15.1 15.0 14.7 15.0 14.8 14.1 14.4 13.4 12.6 12.8 12.3 11.3 14.0 12.7 13.7 11.9 15.2 13.7 13.8 19981998 13.5 14.5 15.7 15.0 14.7 14.7 14.7 14.6 14.3 14.5 14.3 13.6 13.9 12.9 12.1 12.3 11.7 10.8 13.1 11.9 12.5 10.8 13.0 11.3 10.3 6.8 19991999 13.5 14.4 15.6 15.0 14.6 14.7 14.6 14.5 14.3 14.5 14.3 13.7 13.9 13.0 12.2 12.4 11.9 11.1 13.2 12.1 12.7 11.4 13.2 12.0 11.5 10.4 14.0 20002000 13.0 13.9 15.0 14.3 14.0 14.0 13.9 13.8 13.5 13.7 13.4 12.8 13.0 12.1 11.3 11.4 10.9 10.1 11.8 10.7 11.1 9.7 10.9 9.5 8.5 6.8 6.9 0.2 20012001 12.6 13.5 14.5 13.9 13.6 13.6 13.5 13.3 13.0 13.2 12.9 12.3 12.4 11.5 10.8 10.9 10.3 9.5 11.1 10.0 10.2 8.9 9.9 8.5 7.6 6.1 5.8 2.0 3.8 20022002 11.9 12.7 13.7 13.1 12.7 12.7 12.5 12.4 12.1 12.1 11.8 11.2 11.2 10.3 9.6 9.6 9.0 8.2 9.5 8.4 8.4 7.1 7.7 6.2 5.0 3.4 2.5 -1.0 -1.6 -6.8 20032003 12.5 13.3 14.2 13.7 13.3 13.3 13.2 13.1 12.8 12.9 12.7 12.1 12.2 11.4 10.7 10.8 10.3 9.6 11.0 10.1 10.3 9.2 10.0 9.0 8.4 7.5 7.6 6.1 8.2 10.4 30.7 20042004 12.6 13.3 14.3 13.7 13.4 13.4 13.3 13.2 12.9 13.0 12.8 12.2 12.3 11.6 11.0 11.0 10.6 10.0 11.3 10.4 10.6 9.7 10.5 9.6 9.2 8.5 8.8 7.8 9.8 11.9 22.6 14.9 20052005 12.4 13.2 14.1 13.5 13.2 13.2 13.1 13.0 12.7 12.8 12.6 12.1 12.1 11.4 10.8 10.9 10.5 9.9 11.0 10.3 10.5 9.6 10.3 9.5 9.1 8.5 8.7 7.9 9.5 11.0 17.6 11.5 8.2 20062006 12.6 13.3 14.1 13.6 13.3 13.3 13.2 13.1 12.8 13.0 12.7 12.2 12.3 11.6 11.1 11.2 10.8 10.3 11.4 10.7 10.9 10.1 10.8 10.1 9.8 9.3 9.7 9.1 10.6 12.0 17.3 13.1 12.3 16.5 20072007 12.3 13.0 13.8 13.3 13.0 12.9 12.8 12.7 12.5 12.5 12.3 11.8 11.9 11.2 10.7 10.7 10.4 9.8 10.9 10.2 10.3 9.6 10.1 9.5 9.1 8.7 8.9 8.3 9.5 10.4 14.2 10.5 9.0 9.4 2.8 20082008 11.0 11.7 12.4 11.9 11.6 11.5 11.4 11.2 10.9 10.9 10.6 10.1 10.1 9.4 8.8 8.8 8.3 7.7 8.5 7.8 7.8 6.9 7.3 6.4 5.9 5.2 5.0 4.1 4.6 4.7 6.7 2.5 -0.4 -3.2 -11.7 -24.1 20092009 11.5 12.1 12.9 12.3 12.0 12.0 11.9 11.7 11.5 11.5 11.2 10.8 10.8 10.1 9.6 9.6 9.2 8.7 9.5 8.8 8.9 8.2 8.6 7.9 7.5 7.0 7.0 6.3 7.0 7.4 9.6 6.4 4.8 3.9 0.1 -1.2 28.6 20102010 11.6 12.2 12.9 12.4 12.1 12.1 11.9 11.8 11.5 11.6 11.3 10.9 10.9 10.3 9.8 9.8 9.4 8.9 9.7 9.1 9.2 8.5 8.9 8.3 7.9 7.5 7.5 7.0 7.7 8.1 10.1 7.5 6.3 5.9 3.4 3.6 21.0 13.9

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

19731973 -4.1 19741974 -4.5 -4.9 19751975 4.2 8.6 24.0 19761976 7.5 11.7 21.0 18.1 19771977 8.0 11.3 17.3 14.1 10.3 19781978 8.7 11.5 16.0 13.5 11.3 12.2 19791979 9.4 11.9 15.6 13.5 12.1 13.0 13.7 19801980 10.3 12.5 15.7 14.1 13.1 14.1 15.0 16.3 19811981 10.4 12.3 15.0 13.6 12.7 13.3 13.7 13.7 11.1 19821982 11.2 13.1 15.6 14.4 13.8 14.5 15.1 15.6 15.2 19.5 19831983 12.0 13.7 16.0 15.0 14.6 15.3 16.0 16.5 16.6 19.5 19.5 19841984 11.9 13.5 15.5 14.6 14.2 14.8 15.2 15.5 15.3 16.7 15.4 11.5 19851985 12.7 14.2 16.2 15.4 15.1 15.7 16.2 16.7 16.7 18.2 17.7 16.9 22.6 19861986 13.1 14.6 16.4 15.7 15.5 16.1 16.5 17.0 17.1 18.3 18.0 17.5 20.7 18.8 19871987 12.8 14.2 15.8 15.1 14.8 15.3 15.6 15.9 15.8 16.6 16.1 15.2 16.5 13.6 8.7 19881988 12.9 14.1 15.6 15.0 14.8 15.2 15.5 15.7 15.6 16.2 15.7 15.0 15.9 13.7 11.3 13.9 19891989 13.2 14.3 15.7 15.2 15.0 15.3 15.6 15.8 15.8 16.4 15.9 15.4 16.2 14.6 13.2 15.6 17.3 19901990 12.3 13.4 14.6 14.0 13.7 14.0 14.1 14.2 14.0 14.3 13.6 12.8 13.1 11.3 9.4 9.7 7.7 -1.2 19911991 12.6 13.6 14.8 14.3 14.0 14.3 14.5 14.5 14.4 14.7 14.2 13.5 13.8 12.4 11.2 11.8 11.1 8.2 18.5 19921992 12.4 13.3 14.4 13.9 13.6 13.8 13.9 14.0 13.8 14.0 13.5 12.8 13.0 11.7 10.6 10.9 10.2 7.9 12.8 7.4 19931993 12.5 13.4 14.5 14.0 13.8 14.0 14.1 14.1 13.9 14.2 13.7 13.2 13.3 12.2 11.3 11.8 11.4 9.9 13.9 11.7 16.2 19941994 12.0 12.9 13.8 13.3 13.1 13.2 13.3 13.3 13.0 13.2 12.7 12.1 12.1 11.0 10.1 10.3 9.7 8.3 10.8 8.3 8.8 1.8 19951995 12.2 13.0 13.9 13.4 13.2 13.4 13.4 13.4 13.2 13.4 12.9 12.4 12.5 11.5 10.7 11.0 10.6 9.5 11.8 10.2 11.1 8.7 16.0 19961996 12.1 12.9 13.8 13.3 13.1 13.2 13.3 13.3 13.1 13.2 12.8 12.3 12.4 11.5 10.8 11.0 10.7 9.7 11.7 10.4 11.1 9.5 13.5 11.1 19971997 12.1 12.9 13.7 13.2 13.0 13.2 13.2 13.2 13.0 13.1 12.7 12.2 12.3 11.5 10.8 11.1 10.7 9.9 11.6 10.5 11.2 10.0 12.8 11.3 11.4 19981998 11.9 12.6 13.4 13.0 12.7 12.9 12.9 12.8 12.7 12.7 12.3 11.9 11.9 11.1 10.5 10.7 10.4 9.6 11.0 10.0 10.5 9.4 11.3 9.8 9.2 7.0 19991999 11.9 12.5 13.3 12.9 12.6 12.7 12.8 12.7 12.5 12.6 12.2 11.8 11.8 11.1 10.5 10.7 10.4 9.7 11.0 10.1 10.5 9.5 11.2 10.0 9.6 8.7 10.5 20002000 11.5 12.2 12.9 12.4 12.2 12.3 12.3 12.2 12.0 12.1 11.7 11.2 11.2 10.5 9.9 10.0 9.7 9.1 10.1 9.2 9.5 8.6 9.7 8.5 7.9 6.7 6.6 2.8 20012001 11.3 11.9 12.6 12.1 11.9 12.0 12.0 11.9 11.7 11.7 11.3 10.9 10.8 10.1 9.6 9.7 9.3 8.7 9.6 8.8 9.0 8.1 9.0 7.9 7.3 6.3 6.0 3.8 4.9 20022002 10.8 11.3 12.0 11.5 11.3 11.3 11.3 11.2 11.0 11.0 10.6 10.1 10.0 9.3 8.8 8.8 8.4 7.8 8.6 7.7 7.7 6.8 7.5 6.3 5.5 4.4 3.7 1.6 1.0 -2.8 20032003 11.1 11.7 12.3 11.9 11.7 11.7 11.7 11.6 11.4 11.4 11.0 10.6 10.6 10.0 9.5 9.5 9.2 8.7 9.5 8.7 8.9 8.2 8.9 8.0 7.6 7.0 7.0 6.1 7.3 8.5 21.1 20042004 11.1 11.6 12.2 11.8 11.6 11.7 11.6 11.6 11.4 11.4 11.0 10.6 10.6 10.0 9.5 9.6 9.3 8.8 9.5 8.9 9.0 8.4 9.1 8.3 8.0 7.5 7.6 7.0 8.1 9.2 15.7 10.5 20052005 10.9 11.4 12.0 11.6 11.4 11.5 11.4 11.3 11.2 11.2 10.8 10.4 10.4 9.8 9.3 9.4 9.1 8.6 9.3 8.7 8.8 8.2 8.8 8.1 7.8 7.3 7.4 6.9 7.7 8.4 12.5 8.4 6.3 20062006 11.0 11.5 12.0 11.7 11.5 11.5 11.5 11.4 11.2 11.2 10.9 10.5 10.5 9.9 9.5 9.5 9.3 8.8 9.5 8.9 9.0 8.5 9.1 8.5 8.2 7.9 8.0 7.6 8.5 9.2 12.4 9.7 9.3 12.3 20072007 10.8 11.2 11.8 11.4 11.2 11.2 11.2 11.1 10.9 10.9 10.6 10.2 10.2 9.6 9.2 9.3 9.0 8.6 9.2 8.6 8.7 8.2 8.7 8.1 7.8 7.5 7.6 7.2 7.8 8.3 10.7 8.3 7.5 8.1 4.1 20082008 10.0 10.4 10.9 10.5 10.3 10.3 10.3 10.1 9.9 9.9 9.5 9.1 9.1 8.5 8.1 8.0 7.7 7.3 7.7 7.1 7.1 6.6 6.9 6.2 5.8 5.3 5.2 4.6 4.8 4.8 6.2 3.4 1.7 0.2 -5.4 -13.9 20092009 10.2 10.7 11.2 10.8 10.6 10.6 10.5 10.4 10.2 10.2 9.9 9.5 9.5 8.9 8.5 8.5 8.3 7.8 8.3 7.8 7.8 7.3 7.7 7.1 6.8 6.5 6.4 6.0 6.4 6.6 8.0 5.9 5.0 4.7 2.3 1.4 19.5 20102010 10.2 10.7 11.1 10.8 10.6 10.6 10.5 10.4 10.2 10.2 9.9 9.5 9.5 9.0 8.6 8.6 8.3 7.9 8.4 7.9 7.9 7.5 7.8 7.3 7.0 6.7 6.7 6.4 6.7 6.9 8.2 6.5 5.8 5.7 4.1 4.2 14.6 9.9

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1973

$41

1926 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1973

$64

1926 2010

67

67


BALANCED STRATEGY: EqUITY100% EqUITY


BALANCED STRATEGY: AGGRESSIVE80% EqUITY, 20% FIXED INCOME


19731973 -13.4 19741974 -15.6 -17.7 19751975 0.0 7.4 40.2 19761976 6.3 13.9 33.9 27.9 19771977 8.3 14.5 27.8 22.0 16.3 19781978 10.1 15.5 25.7 21.3 18.0 19.8 19791979 11.3 16.1 24.4 20.7 18.3 19.4 18.9 19801980 12.8 17.1 24.2 21.2 19.6 20.7 21.2 23.5 19811981 12.3 16.1 21.9 19.1 17.4 17.7 17.0 16.0 8.9 19821982 12.9 16.2 21.4 18.9 17.4 17.7 17.1 16.5 13.2 17.7 19831983 14.3 17.5 22.2 20.1 19.1 19.5 19.5 19.6 18.3 23.4 29.3 19841984 13.9 16.7 20.9 18.9 17.8 18.1 17.8 17.5 16.1 18.6 19.0 9.6 19851985 15.2 18.0 21.9 20.2 19.4 19.8 19.8 19.9 19.2 21.9 23.4 20.5 32.6 19861986 16.0 18.6 22.3 20.8 20.1 20.5 20.6 20.9 20.4 22.9 24.2 22.6 29.7 26.8 19871987 15.7 18.1 21.4 19.9 19.2 19.5 19.5 19.6 19.0 20.8 21.4 19.6 23.1 18.6 10.9 19881988 16.0 18.3 21.4 20.1 19.4 19.7 19.7 19.8 19.4 20.9 21.5 20.0 22.7 19.6 16.2 21.7 19891989 16.5 18.6 21.6 20.3 19.8 20.1 20.1 20.2 19.9 21.3 21.8 20.6 23.0 20.7 18.7 22.8 23.8 19901990 14.7 16.6 19.2 17.9 17.2 17.3 17.1 17.0 16.3 17.2 17.1 15.5 16.5 13.5 10.4 10.2 4.9 -11.2 19911991 15.3 17.2 19.6 18.4 17.8 17.9 17.8 17.7 17.2 18.0 18.1 16.8 17.8 15.5 13.4 14.0 11.6 5.9 26.2 19921992 15.0 16.7 19.0 17.8 17.2 17.3 17.1 17.0 16.4 17.2 17.1 15.8 16.6 14.5 12.6 12.9 10.8 6.8 17.1 8.7 19931993 15.5 17.1 19.3 18.3 17.7 17.8 17.7 17.6 17.2 17.9 17.9 16.8 17.7 15.9 14.4 15.0 13.7 11.3 20.0 17.1 26.1 19941994 14.9 16.4 18.5 17.4 16.9 16.9 16.7 16.6 16.1 16.7 16.6 15.5 16.1 14.4 13.0 13.2 11.9 9.6 15.6 12.2 14.0 3.1 19951995 15.1 16.6 18.6 17.6 17.1 17.1 17.0 16.8 16.4 17.0 16.9 15.9 16.5 15.0 13.8 14.1 13.1 11.4 16.6 14.3 16.2 11.6 20.7 19961996 15.2 16.6 18.5 17.5 17.0 17.1 16.9 16.8 16.4 16.9 16.8 15.9 16.5 15.1 14.0 14.3 13.5 12.0 16.5 14.6 16.1 13.0 18.3 16.0 19971997 15.2 16.6 18.4 17.5 17.0 17.0 16.9 16.7 16.4 16.8 16.8 15.9 16.4 15.2 14.2 14.5 13.8 12.6 16.4 14.9 16.2 13.8 17.6 16.1 16.2 19981998 14.9 16.2 17.8 17.0 16.5 16.5 16.3 16.2 15.8 16.2 16.1 15.3 15.7 14.5 13.5 13.8 13.0 11.9 15.2 13.7 14.5 12.3 14.7 12.8 11.3 6.6 19991999 15.0 16.2 17.8 17.0 16.5 16.5 16.4 16.3 15.9 16.3 16.2 15.4 15.8 14.7 13.8 14.1 13.4 12.4 15.4 14.1 14.9 13.2 15.3 14.0 13.4 12.0 17.6 20002000 14.3 15.5 17.0 16.1 15.7 15.6 15.5 15.3 14.9 15.2 15.1 14.3 14.6 13.5 12.6 12.7 12.0 11.0 13.5 12.2 12.6 10.8 12.1 10.5 9.2 6.9 7.1 -2.5 20012001 13.9 15.0 16.4 15.6 15.1 15.1 14.9 14.7 14.3 14.6 14.4 13.6 13.9 12.8 11.9 12.0 11.3 10.3 12.5 11.2 11.5 9.7 10.7 9.2 7.8 5.9 5.6 0.1 2.7 20022002 12.9 14.0 15.3 14.5 14.0 13.9 13.7 13.4 13.0 13.2 13.0 12.2 12.3 11.2 10.3 10.3 9.5 8.5 10.3 9.0 9.0 7.3 7.8 6.1 4.5 2.3 1.3 -3.7 -4.2 -10.7 20032003 13.7 14.8 16.1 15.3 14.9 14.8 14.6 14.5 14.1 14.3 14.2 13.5 13.7 12.7 11.9 12.0 11.4 10.5 12.4 11.3 11.5 10.2 11.0 9.8 9.0 7.8 8.1 5.8 8.8 11.9 40.3 20042004 13.9 14.9 16.2 15.5 15.0 15.0 14.8 14.6 14.3 14.5 14.4 13.7 13.9 13.0 12.3 12.4 11.8 11.1 12.9 11.9 12.2 11.0 11.8 10.9 10.2 9.4 9.9 8.4 11.3 14.3 29.4 19.3 20052005 13.8 14.8 16.0 15.3 14.9 14.8 14.6 14.5 14.1 14.3 14.2 13.6 13.8 12.9 12.2 12.3 11.7 11.0 12.7 11.8 12.0 10.9 11.7 10.8 10.2 9.5 9.9 8.7 11.1 13.3 22.6 14.7 10.2 20062006 14.0 14.9 16.1 15.4 15.1 15.0 14.8 14.7 14.4 14.6 14.5 13.9 14.1 13.2 12.6 12.7 12.2 11.6 13.2 12.3 12.6 11.6 12.4 11.6 11.2 10.7 11.2 10.3 12.6 14.7 22.1 16.6 15.2 20.6 20072007 13.6 14.5 15.7 15.0 14.6 14.5 14.4 14.2 13.9 14.1 13.9 13.3 13.5 12.7 12.0 12.1 11.6 11.0 12.4 11.6 11.8 10.9 11.5 10.8 10.3 9.7 10.1 9.2 11.0 12.4 17.7 12.6 10.5 10.6 1.5 20082008 11.9 12.7 13.8 13.0 12.6 12.5 12.3 12.0 11.6 11.7 11.5 10.9 10.9 10.1 9.4 9.3 8.7 8.0 9.1 8.2 8.2 7.1 7.4 6.4 5.6 4.7 4.5 3.2 3.9 4.1 6.8 1.1 -3.0 -7.0 -18.4 -34.3 20092009 12.5 13.3 14.4 13.7 13.3 13.2 13.0 12.8 12.5 12.6 12.4 11.8 11.9 11.1 10.5 10.4 9.9 9.3 10.5 9.7 9.7 8.8 9.2 8.4 7.8 7.1 7.2 6.2 7.2 7.8 10.7 6.4 4.0 2.6 -2.8 -4.9 37.7 20102010 12.7 13.5 14.5 13.8 13.4 13.3 13.1 13.0 12.6 12.8 12.6 12.0 12.1 11.4 10.8 10.8 10.3 9.7 10.8 10.1 10.2 9.3 9.7 9.0 8.5 7.9 8.0 7.2 8.2 8.9 11.6 8.0 6.2 5.5 2.0 2.1 27.4 17.9

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

19731973 -18.0 19741974 -21.1 -24.1 19751975 -2.7 6.1 48.3 19761976 5.2 14.3 40.4 32.9 19771977 7.9 15.6 33.0 25.9 19.3 19781978 10.4 17.1 30.6 25.1 21.4 23.6 19791979 11.9 17.9 28.7 24.2 21.5 22.6 21.6 19801980 13.7 19.1 28.5 24.8 22.9 24.1 24.3 27.2 19811981 13.0 17.6 25.3 21.8 19.7 19.8 18.5 17.0 7.7 19821982 13.3 17.5 24.1 21.0 19.1 19.1 18.0 16.8 11.9 16.3 19831983 15.1 19.0 25.2 22.5 21.1 21.4 21.0 20.8 18.8 24.8 33.9 19841984 14.5 18.1 23.4 20.9 19.5 19.5 18.8 18.3 16.2 19.2 20.6 8.6 19851985 16.2 19.6 24.6 22.5 21.4 21.6 21.4 21.3 20.2 23.6 26.1 22.3 37.7 19861986 17.1 20.4 25.1 23.2 22.3 22.6 22.5 22.6 21.9 24.9 27.2 25.0 34.1 30.5 19871987 16.8 19.7 24.0 22.2 21.3 21.4 21.2 21.2 20.3 22.6 23.9 21.5 26.1 20.7 11.6 19881988 17.3 20.1 24.1 22.4 21.6 21.8 21.7 21.7 21.0 23.0 24.2 22.3 26.0 22.3 18.4 25.7 19891989 17.8 20.5 24.3 22.8 22.0 22.3 22.1 22.2 21.7 23.5 24.6 23.1 26.2 23.5 21.3 26.4 27.1 19901990 15.6 18.0 21.3 19.7 18.8 18.8 18.4 18.1 17.2 18.3 18.6 16.5 17.9 14.3 10.6 10.2 3.2 -16.2 19911991 16.4 18.6 21.8 20.3 19.5 19.5 19.2 19.0 18.3 19.4 19.8 18.1 19.6 16.8 14.2 14.9 11.5 4.4 30.1 19921992 16.0 18.1 21.1 19.6 18.9 18.8 18.5 18.3 17.5 18.5 18.7 17.1 18.2 15.7 13.4 13.7 10.9 6.0 19.2 9.3 19931993 16.7 18.7 21.6 20.2 19.5 19.6 19.3 19.1 18.5 19.5 19.8 18.5 19.6 17.5 15.8 16.5 14.7 11.8 23.1 19.7 31.1 19941994 16.1 18.0 20.6 19.3 18.6 18.6 18.3 18.0 17.4 18.2 18.4 17.0 17.9 15.9 14.2 14.6 12.8 10.1 17.9 14.1 16.6 3.8 19951995 16.3 18.2 20.7 19.5 18.8 18.8 18.5 18.3 17.8 18.5 18.7 17.5 18.4 16.6 15.1 15.6 14.2 12.2 18.9 16.3 18.7 13.0 23.0 19961996 16.4 18.2 20.6 19.4 18.8 18.8 18.5 18.3 17.8 18.5 18.7 17.6 18.4 16.7 15.5 15.9 14.7 13.1 18.8 16.7 18.6 14.8 20.7 18.4 19971997 16.5 18.2 20.5 19.4 18.8 18.8 18.5 18.4 17.9 18.5 18.7 17.7 18.4 16.9 15.7 16.2 15.1 13.7 18.8 17.0 18.6 15.7 20.0 18.5 18.5 19981998 16.1 17.7 19.9 18.8 18.2 18.2 17.9 17.7 17.2 17.8 17.9 16.9 17.5 16.1 14.9 15.2 14.2 12.9 17.2 15.4 16.5 13.8 16.4 14.3 12.3 6.5 19991999 16.3 17.9 20.0 18.9 18.3 18.3 18.0 17.9 17.4 18.0 18.1 17.1 17.7 16.4 15.4 15.7 14.9 13.7 17.6 16.1 17.1 15.0 17.4 16.0 15.2 13.5 21.1 20002000 15.4 16.9 18.9 17.8 17.2 17.2 16.9 16.7 16.2 16.6 16.6 15.7 16.1 14.8 13.8 14.0 13.0 11.8 15.1 13.6 14.1 11.9 13.3 11.4 9.7 7.0 7.2 -5.1 20012001 14.9 16.3 18.2 17.2 16.6 16.5 16.2 15.9 15.4 15.8 15.8 14.9 15.2 14.0 12.9 13.0 12.1 10.9 13.8 12.3 12.6 10.5 11.5 9.7 8.1 5.6 5.3 -1.8 1.6 20022002 13.8 15.1 16.8 15.8 15.2 15.0 14.7 14.4 13.8 14.1 14.0 13.1 13.3 12.0 11.0 10.9 10.0 8.7 11.1 9.5 9.6 7.4 7.9 5.8 3.9 1.2 -0.1 -6.3 -6.9 -14.7 20032003 14.8 16.1 17.8 16.9 16.3 16.2 15.9 15.7 15.2 15.6 15.5 14.7 15.0 13.9 13.0 13.0 12.2 11.3 13.7 12.4 12.7 11.0 11.9 10.6 9.5 8.0 8.4 5.4 9.1 13.1 49.9 20042004 15.1 16.4 18.0 17.1 16.6 16.5 16.2 16.0 15.6 15.9 15.9 15.1 15.4 14.4 13.5 13.6 12.9 12.0 14.4 13.3 13.6 12.1 13.0 12.0 11.2 10.2 10.8 8.8 12.6 16.6 36.2 23.7 20052005 15.0 16.2 17.8 16.9 16.4 16.3 16.1 15.8 15.4 15.8 15.7 15.0 15.3 14.3 13.5 13.6 12.9 12.1 14.2 13.2 13.5 12.1 12.9 12.0 11.3 10.4 11.0 9.4 12.5 15.4 27.6 17.8 12.1 20062006 15.3 16.5 18.0 17.2 16.7 16.6 16.4 16.2 15.8 16.1 16.1 15.4 15.7 14.7 14.0 14.1 13.5 12.8 14.9 13.9 14.3 13.1 13.9 13.1 12.5 11.9 12.6 11.4 14.5 17.2 26.9 20.0 18.2 24.7 20072007 14.8 16.0 17.5 16.6 16.1 16.0 15.8 15.6 15.1 15.4 15.4 14.7 15.0 14.0 13.3 13.4 12.8 12.0 14.0 13.0 13.3 12.1 12.8 11.9 11.4 10.7 11.2 10.0 12.3 14.2 21.1 14.7 11.9 11.8 0.2 20082008 12.5 13.5 14.9 14.0 13.5 13.3 13.0 12.7 12.2 12.4 12.2 11.4 11.5 10.5 9.7 9.6 8.8 8.0 9.5 8.4 8.3 7.0 7.2 6.1 5.1 3.9 3.7 1.9 2.8 3.0 6.3 -0.8 -6.1 -11.5 -25.4 -44.5 20092009 13.3 14.4 15.7 14.9 14.4 14.2 13.9 13.7 13.2 13.4 13.3 12.6 12.8 11.8 11.1 11.1 10.4 9.6 11.2 10.2 10.3 9.1 9.5 8.5 7.8 7.0 7.0 5.7 7.0 7.7 11.3 5.9 2.7 0.4 -6.6 -9.8 46.7 20102010 13.5 14.5 15.9 15.1 14.6 14.4 14.2 13.9 13.5 13.7 13.6 12.9 13.1 12.2 11.5 11.5 10.9 10.2 11.7 10.8 10.9 9.8 10.2 9.4 8.8 8.0 8.2 7.1 8.4 9.2 12.6 8.1 5.6 4.4 -0.1 -0.3 33.7 21.9

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1973

$93

1926 2010

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1973

$125

1926 2010

68


STRATEGY WEIGHTS GLOBAL EqUITY GLOBAL 60/40 GLOBAL 25/75

EqUITY 100% 60% 25%

US STOCKS 63% 36% 15%

CORE EqUITY 1 STRATEGY 14.59% 8.80% 3.73%

CORE EqUITY 2 STRATEGY 44.32% 26.73% 11.55%

REAL ESTATE STRATEGY 0.95% 0.58% 0.27%

INTERNATIONAL STOCKS 30% 19% 8%

INTERNATIONAL CORE STRATEGY 31.00% 18.62% 8.36%

EMERGING MARKETS STOCKS 7% 5% 2%

EMERGING MARKETS CORE STRATEGY 9.04% 5.20% 2.10%

FIXED INCOME 0% 40% 75%

TWO-YEAR GLOBAL STRATEGY 0.00% 0.00% 29.58%

FIVE-YEAR GLOBAL STRATEGY 0.00% 4.97% 0.00%

INFLATION-pROTECTED SECURITIES STRATEGY 0.00% 4.97% 14.65%

SELECTIVELY HEDGED GLOBAL STRATEGY 0.00% 15.07% 0.00%

SHORT-TERM EXTENDED qUALITY STRATEGY 0.00% 9.95% 29.60%

INTERMEDIATE-TERM EXTENDED qUALITY STRATEGY 0.00% 4.97% 0.00%

Totals may not add to 100% due to rounding.Diversification neither guarantees a profit nor prevents a loss.

Dimensional’s global strategies are designed to focus the world’s multifactor investing opportunities into a set of cost-aware options for investors. Consistent and efficient exposure to markets and broad diversification are its hallmarks.

The strategies use core equity strategies in the US, non-US, and emerging markets allocations. These strategies combine marketwide stock coverage with targeted exposure to compensated risk factors, rendering a powerful and cost-efficient alternative to a component-based approach. Benefits may include improved market coverage, less frequent rebalancing and trading, lower operating costs, and reduced tax impact.

As of December 31, 2010

GLOBAL

STRATEGIES

69

69


cAPItALIZAtIon BY nAtIon ($ BILLIonS)cAPItALIZAtIon BY ASSet cLASS ($ trILLIonS)

US $14

40%

Developed ex US $15

43%

Emerging $6

16%

Not Invested $0.5

1%

In US dollars. Market cap data is free-float adjusted from Bloomberg Securities Data. Many small nations not displayed. Totals may not equal 100% due to rounding. For educational purposes; should not be used as investment advice. Dimensional makes case-by-case determinations about the suitability of investing in each emerging market, making considerations that include local market accessibility, government stability, and property rights, before making investments. 1. An example large cap stock provided for comparison.

Where Dimensional Invests: Developed Markets Emerging Markets Not Invested

$35.6 Trillion as of December 31, 2010

70

MSFT1

$235B

BRAZIL$776B

2%

IRELAND$45B

NORWAY$136B

BELGIUM$142B

DENMARK$161B

AUSTRIA$69B

POLAND$83B

CZECH REPUBLIC$15B

HUNGARY$18B

TURKEY$111B

ISRAEL$142B

SAUDI ARABIA

$143B

UNITED STATES$14,341B

40%

CANADA$1,705B 5%

MEXICO$215B

CHILE$142B

UNITED KINGDOM$2,644B

7%

JAPAN$2,979B

8%

AUSTRALIA$1,237B

3%NEW ZEALAND$25B

SWEDEN$434B

1%

FINLAND$172B

RUSSIA$381B

1%

PORTUGAL$36B

SPAIN$431B

1%

FRANCE$1,166B

3%

NETHERLANDS$382B

1%

GERMANY$1,071B

3%

SWITZERLAND$1,115B

3%

ITALY$359B

1%

GREECE$46B

TAIWAN$711B

2%

SOUTHKOREA$785B

2%

CHINA$859B

2%

HONG KONG$444B

1%INDIA$526B

1%

THAILAND$100B

MALAYSIA$162B

SINGAPORE$251B

PHILIPPINES$51B

INDONESIA$148B

SOUTHAFRICA

$371B

1%

COLOMBIA$65B

PERU$63B

ARGENTINA

MOROCCOEGYPT$39B

OTHERAFRICAN NATIONS

PAKISTAN

LEBANON

JORDAN

KUWAIT

BAHRAIN

QATAR

UAEOMANSRI LANKA

VIETNAM

OTHEREUROPEANNATIONS

2007$41.1 Trillion

2008$22.8 Trillion

-44%

2009$31.0 Trillion

+36%

2010$35.6 Trillion

+14%

Norway 136

Turkey 1 1 1

Thailand 100

Poland 83

Austria 69

Colombia 65

Peru 63

Kuwait 60

Philippines 5 1

Greece 46

United States 14,341

Japan 2,979

United Kingdom 2,644

Canada 1,705

Australia 1,237

France 1,166

Switzerland 1,1 15

Germany 1,071

China 859

South Korea 785

Brazil 776

Taiwan 7 1 1

India 526

Hong Kong 444

Sweden 434

Spain 43 1

Netherlands 382

Russia 381

South Africa 371

Italy 359

Singapore 251

Mexico 215

Finland 172

Malaysia 162

Denmark 161

Indonesia 148

Saudi Arabia 143

Chile 142

Belgium 142

Israel 142


cAPItALIZAtIon over tIMe

This cartogram illustrates the balance of equity investment opportunities around the world, with each country sized according to its relative market capitalization. Of course, this is just a snapshot in time. The world is in motion, and markets are continually adjusting to changing expectations that ride on bits and waves of new information. The change can be gradual or sudden. But this dynamic landscape also offers a testament to the increased flow of data and quickened response of market participants. As global competition intensifies, securities prices hasten toward equilibrium. This view of the world has profound implications. Rather than trying to predict the future direction of markets, Dimensional builds strategies that seek diversified access to the risk and return dimensions around the world. Capital flows to markets offering the best expected returns. Dimensional will be there to help investors pursue opportunity.

WORLD

MARKET

CApITALIzATION

71

71

MSFT1

$235B

BRAZIL$776B

2%

IRELAND$45B

NORWAY$136B

BELGIUM$142B

DENMARK$161B

AUSTRIA$69B

POLAND$83B

CZECH REPUBLIC$15B

HUNGARY$18B

TURKEY$111B

ISRAEL$142B

SAUDI ARABIA

$143B

UNITED STATES$14,341B

40%

CANADA$1,705B 5%

MEXICO$215B

CHILE$142B

UNITED KINGDOM$2,644B

7%

JAPAN$2,979B

8%

AUSTRALIA$1,237B

3%NEW ZEALAND$25B

SWEDEN$434B

1%

FINLAND$172B

RUSSIA$381B

1%

PORTUGAL$36B

SPAIN$431B

1%

FRANCE$1,166B

3%

NETHERLANDS$382B

1%

GERMANY$1,071B

3%

SWITZERLAND$1,115B

3%

ITALY$359B

1%

GREECE$46B

TAIWAN$711B

2%

SOUTHKOREA$785B

2%

CHINA$859B

2%

HONG KONG$444B

1%INDIA$526B

1%

THAILAND$100B

MALAYSIA$162B

SINGAPORE$251B

PHILIPPINES$51B

INDONESIA$148B

SOUTHAFRICA

$371B

1%

COLOMBIA$65B

PERU$63B

ARGENTINA

MOROCCOEGYPT$39B

OTHERAFRICAN NATIONS

PAKISTAN

LEBANON

JORDAN

KUWAIT

BAHRAIN

QATAR

UAEOMANSRI LANKA

VIETNAM

OTHEREUROPEANNATIONS

2007$41.1 Trillion

2008$22.8 Trillion

-44%

2009$31.0 Trillion

+36%

2010$35.6 Trillion

+14%

Ireland 45

Egypt 39

Portugal 36

UAE 33

Qatar 33

Nigeria 28

New Zealand 25

Morocco 20

Argentina 18

Hungary 18

Czech Republic 15

Mauritius 14

Vietnam 13

Pakistan 13

Jordan 13

Sri Lanka 13

Lebanon 9

Oman 8

Croatia 8

Kazakhstan 8

Bahrain 6

Slovenia 6

Kenya 6

Ukraine 5

Romania 5

Tunisia 3

Bulgaria 2

Lithuania 1

Estonia 1


US EqUITIES

US SMALL CAp INDEX

Fama/French US Small Cap Index provided by Fama/French from CRSP securities data.1 Includes the lower-half range in market cap of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973).

S&p 500 INDEX

Provided by Standard & Poor’s Index Services Group. “Standard & Poor’s®,” “S&P®,” “S&P 500®,” Standard & Poor’s 500®,” and “500” are trademarks of the McGraw-Hill Companies, Inc. and have been licensed for use by Dimensional Fund Advisors.

US SMALL CAp VALUE INDEX

Fama/French US Small Value Index provided by Fama/French from CRSP securities data.1 Includes the lower-half range in market cap and the upper 30% in book-to-market of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), excluding utilities.

US LARGE CAp VALUE INDEX

Fama/French US Large Value Index provided by Fama/French from CRSP securities data.1 Includes the upper-half range in market cap and the upper 30% in book-to-market of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), excluding utilities.

US SMALL CAp GROWTH INDEX

Fama/French US Small Growth Index provided by Fama/French from CRSP securities data.1 Includes the lower-half range in market cap and the lower 30% in book-to-market of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), excluding utilities.

US LARGE CAp GROWTH INDEX

Fama/French US Large Growth Index provided by Fama/French from CRSP securities data.1 Includes the upper-half range in market cap and the lower 30% in book-to-market of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), excluding utilities.

US TOTAL STOCK MARKET INDEX

Fama/French Total US Market Index provided by Fama/French from CRSP securities data.1 Includes all NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), including utilities.

US ADJUSTED MARKET 1 INDEX

Dimensional US Adjusted Market 1 Index compiles all the securities of US companies traded on the NYSE, NYSE Amex, Nasdaq NMS, Nasdaq Global, and Nasdaq Global Select Market. Rather than weighting by market capitalization, the index overweights securities of small and value companies.

US ADJUSTED MARKET 2 INDEX

Dimensional US Adjusted Market 2 Index compiles all the securities of US companies traded on the NYSE, NYSE Amex, Nasdaq NMS, Nasdaq Global, and Nasdaq Global Select Market. Rather than weighting by market capitalization, the index overweights securities of small and value companies to a greater degree than does the Dimensional US Adjusted Market 1 Index.

US ADJUSTED MARKET VALUE INDEX

Dimensional US Adjusted Market Value Index compiles all the securities of US companies traded on the NYSE, NYSE Amex, Nasdaq NMS, Nasdaq Global, and Nasdaq Global Select Market. Rather than weighting by market capitalization, the index overweights securities of small and value companies, to a greater degree than does the Dimensional US Adjusted Market 2 Index.

1. CRSP is the Center for Research in Security Prices, University of Chicago.

US TARGETED VALUE INDEX

Dimensional US Targeted Value Index is a market-capitalization-weighted index of securities of small and mid cap value companies. These are defined as companies whose market capitalization falls below that of the 500th (for mid) or 1,000th (for small) largest company in the Eligible Market, and whose book-to-market ratio falls in the top 25% (for mid) or 50% (for small) of the market capitalization of the size range after the exclusion of utilities, companies lacking financial data, and companies with negative book-to-market ratio. The Eligible Market is composed of securities of US companies traded on the NYSE, AMEx, and Nasdaq Global Market, excluding non-US companies, REITs, UITs, and investment companies.

NASDAq COMpOSITE INDEXProvided by the Nasdaq Stock Market, Inc.

DOW JONES US SELECT REIT INDEX

Provided by Dow Jones Indexes.

DOW JONES UBS COMMODITY INDEX

Provided by Dow Jones Indexes.

INTERNATIONAL EqUITIES

INTERNATIONAL SMALL CAp INDEX

1994–present: Dimensional International Small Cap Index compiled by Dimensional from Bloomberg securities data. Includes securities of MSCI World ex US countries in the bottom 10% range of market capitalization; market-capitalization weighted; each company is capped at 5%; rebalanced annually.

July 1981–1993: Compiled by Dimensional from StyleResearch securities data. Includes securities in the bottom 10% range of market capitalization, excluding the bottom 1%; market-capitalization weighted; each country is capped at 50%; rebalanced semiannually.

1970–June 1981: 50% UK Small Cap Index and 50% Japan Small Cap Index (see below).

MSCI EAFE INDEX

MSCI EAFE Index (net dividends) copyright MSCI 2011, all rights reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form, and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations, or guarantees concerning the MSCI index-related data, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) relating to any use of this information.

JApAN SMALL CAp INDEX

1994–present: Dimensional Japan Small Cap Index compiled by Dimensional from Bloomberg securities data. Includes Japanese securities in the bottom 10% range of market capitalization; market-capitalization weighted; each company is capped at 10%; excludes REITs; rebalanced annually.

July 1981–1993: Compiled by Dimensional from StyleResearch securities data. Includes Japanese securities in the bottom 10% range of market capitalization, excluding the bottom 1%; market-capitalization weighted; rebalanced semiannually.

1970–June 1981: Nomura Japanese Small Companies Index provided by Nomura Securities Investment Trust Management Company, Ltd., Tokyo. Includes securities of Tokyo Stock Exchange in the smaller half of the first section; market-capitalization weighted; rebalanced semiannually.

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SOURCES AND

DESCRIpTIONS

OF DATA

JApAN LARGE CAp INDEX

MSCI Japan Index (net dividends) copyright MSCI 2011, all rights reserved.

UNITED KINGDOM SMALL CAp INDEX

1994–present: Dimensional UK Small Cap Index compiled from Bloomberg securities data. Includes UK securities in the bottom 10% range of market capitalization; market-capitalization weighted; each company is capped at 10%; excludes REITs; rebalanced annually.

July 1981–1993: Compiled by Dimensional from StyleResearch securities data. Includes UK securities in the bottom 10% range of market capitalization, excluding the bottom 1%; market-capitalization weighted; rebalanced semiannually.

1956–June 1981: Hoare Govett Smaller Companies Index provided by the London Business School and ABN AMRO. Includes securities of London Stock Exchange in the bottom 10% of market capitalization of fully listed UK stocks; market-capitalization weighted; rebalanced annually.

UNITED KINGDOM LARGE CAp INDEX

FTSE All-Share Index published with the permission of FTSE. Includes 98%–99% of the UK market capitalization and is an aggregation of the FTSE 100, FTSE 250, and FTSE Small Cap indices. FTSE™ is a trademark of the London Stock Exchange plc and the Financial Times Limited and is used by FTSE International Limited under license.

CONTINENTAL SMALL CAp INDEX

1994–present: Dimensional Europe ex UK Small Cap Index compiled by Dimensional from Bloomberg securities data. Includes securities of MSCI Europe ex UK countries in the bottom 10% range of market capitalization, market-capitalization weighted; each company is capped at 5%; excludes REITs; rebalanced annually.

1981–1993: Compiled by Dimensional from StyleResearch securities data. Includes securities in the bottom 10% range of market capitalization, excluding the bottom 1%; market-capitalization weighted; each country is capped at 50%; rebalanced semiannually.

CONTINENTAL LARGE CAp INDEX

MSCI Europe ex UK Index (net dividends) copyright MSCI 2011, all rights reserved.

ASIA pACIFIC SMALL CAp INDEX

1994–present: Dimensional Asia Pacific ex Japan Small Cap Index compiled by Dimensional from Bloomberg securities data. Includes securities of MSCI Pacific ex Japan countries in the bottom 10% range of market capitalization; market-capitalization weighted; each company is capped at 5%; excludes REITS; rebalanced annually.

1981–1993: Compiled by Dimensional from StyleResearch securities data. Includes securities of MSCI Pacific ex Japan countries in the bottom 10% range of market capitalization, excluding the bottom 1%; market-capitalization weighted; each country is capped at 50%; rebalanced semiannually.

ASIA pACIFIC LARGE CAp INDEX

MSCI Pacific ex Japan Index (net dividends) copyright MSCI 2011, all rights reserved.

INTERNATIONAL VALUE INDEX

2008–present: Fama/French International Value Index provided by Fama/French from Bloomberg securities data. Simulated strategy of MSCI EAFE countries in the upper 30% book-to-market range.

1975–2007: Provided by Fama/French from MSCI securities data.

INTERNATIONAL GROWTH INDEX

2008–present: Fama/French International Growth Index provided by Fama/French from Bloomberg securities data. Simulated strategy of MSCI EAFE countries in the lower 30% book-to-market range.

1975–2007: Provided by Fama/French from MSCI securities data.

INTERNATIONAL SMALL CAp VALUE INDEX

1994–present: Dimensional International Small Cap Value Index compiled by Dimensional from StyleResearch securities data. Includes securities of MSCI World ex US countries in the bottom 10% range of market capitalization and in the upper 30% book-to-market range; market-capitalization weighted; each company is capped at 5%; excludes REITs and utilities; rebalanced annually.

1982–1993: Compiled by Dimensional from StyleResearch securities data. Includes securities in the bottom 10% range of market capitalization, excluding the bottom 1%, and in the upper 30% book-to-market range; market-capitalization weighted; each country is capped at 50%; rebalanced semiannually.

INTERNATIONAL ADJUSTED MARKET INDEX

Dimensional International Adjusted Market Index compiled by Dimensional from Bloomberg securities data. Includes securities of MSCI World ex USA countries. Rather than weighting by market capitalization, the index overweights securities of small and value companies. Utilities are treated as having no value tilt, and REITs are excluded. Maximum index weight of any one company is capped at 5%.

INTERNATIONAL ADJUSTED MARKET VALUE INDEX

Dimensional International Adjusted Market Value Index compiled by Dimensional from Bloomberg securities data. Includes securities of MSCI World ex USA countries. Rather than weighting by market capitalization, the index overweights securities of small and value companies to a greater degree than does the Dimensional International Adjusted Market Index. Utilities are treated as having no value tilt, and REITs are excluded. Maximum index weight of any one company is capped at 5%.

MSCI EMERGING MARKETS INDEX

MSCI Emerging Markets Index (gross dividends) copyright MSCI 2011, all rights reserved.

EMERGING MARKETS ADJUSTED MARKET INDEX

Dimensional Emerging Markets Adjusted Market Index compiled by Dimensional from Bloomberg securities data. Countries included are Brazil, Chile, China, Czech Republic, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Philippines, Poland, South Africa, Taiwan, Thailand, and Turkey. Maximum index weight of any one company is capped at 5%. Country weight capped at 12.5%. Rather than weighting by market capitalization, the index overweights securities of small and value companies. Utilities are treated as having no value tilt and REITs are excluded.

FAMA/FRENCH EMERGING MARKETS VALUE INDEX (BALANCED STRATEGIES)

2009: Provided by Fama/French from Bloomberg securities data. Simulated strategy using IFC investable universe countries. Companies in the upper 30% of aggregate market cap; companies weighted by float-adjusted market cap; countries weighted by country float-adjusted market cap; rebalanced monthly.

1989–2008: Provided by Fama/French from IFC securities data. IFC data provided by International Finance Corporation.

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FAMA/FRENCH EMERGING MARKETS SMALL CAp INDEX (BALANCED STRATEGIES)

2009: Provided by Fama/French from Bloomberg securities data. Simulated strategy using IFC investable universe countries. Companies in the bottom 30% of aggregate market cap; companies weighted by float-adjusted market cap; countries weighted by country float-adjusted market cap; rebalanced monthly.

1989–2008: Provided by Fama/French from IFC securities data. IFC data provided by International Finance Corporation.

FIXED INCOME

LONG-TERM GOVERNMENT BONDS

© Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). Includes US government bonds with an average maturity of twenty years. Used with permission. All rights reserved.

LONG-TERM CORpORATE BONDS

© Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). Includes US corporate bonds with an average maturity of twenty years. Used with permission. All rights reserved.

BARCLAYS CApITAL US GOVERNMENT/CREDIT BOND INDEX INTERMEDIATE

Provided by Barclays Bank PLC.

BARCLAYS CApITAL US TIpS INDEX


ONE-MONTH US TREASURY BILLS

© Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). Used with permission. All rights reserved.

ONE-MONTH CERTIFICATES OF DEpOSIT

Provided by the Federal Reserve Statistical Release H.15: Selected Interest Rates. The Statistical Release H.15 contains daily interest rates for selected US Treasury and private money market and capital market instruments. Monthly return calculated by Dimensional using actual/360 methodology.

BofA MERRILL LYNCH ONE-YEAR US TREASURY NOTE INDEX (BALANCED STRATEGIES)

Used with permission; copyright 2011 Merrill Lynch, Pierce, Fenner & Smith Incorporated; all rights reserved. The Merrill Lynch Indices may not be copied, used, or distributed without Merrill Lynch’s prior written approval.

CITIGROUp WORLD GOVERNMENT BOND INDEX 1-3 YEARS (HEDGED) (BALANCED STRATEGIES)

Copyright 2011 by Citigroup.

CITIGROUp WORLD GOVERNMENT BOND INDEX 1-5 YEARS (HEDGED) (BALANCED STRATEGIES)

Copyright 2011 by Citigroup.

BARCLAYS CApITAL TREASURY BOND INDEX 1-5 YEARS (BALANCED STRATEGIES)


BARCLAYS CApITAL US GOVERNMENT BOND INDEX INTERMEDIATE (BALANCED STRATEGIES)


INFLATION

INFLATION: CHANGES IN THE CONSUMER pRICE INDEX

© Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). Used with permission. All rights reserved.

SOURCES AND

DESCRIpTIONS

OF DATA

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The Dimensional Matrix Book 2011 contains copyrighted data owned by Dimensional Fund Advisors and/or licensed for use by Dimensional Fund Advisors pursuant to agreements with index data providers. This book and the data contained herein may not be reproduced, copied, modified, transferred, disclosed, or used in any way not expressly permitted by Dimensional Fund Advisors. Any such reproduction, copying, modification, transfer, disclosure, or use may constitute a violation of the rights of Dimensional Fund Advisors or its licensors under the copyright laws of the United States (17 U.S.C. 101 et seq) and/or the Trade Secret Laws of several states and may subject the user to civil and criminal penalties as provided under these laws.

Copyright © 2011 by Dimensional Fund Advisors.

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ANNIVERSARYTHIRTIETH SLX 500: 02/11 US