Top Ten Countries in the MSCI EAFE Index

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

The Morgan Stanley Capital International ("MSCI") Europe, Australasia, and Far East Index ("EAFE") is a benchmark used to measure non-U.S. developed country stock market performance. The bar chart above shows the net performance in U.S. dollars of the top 10 countries by weighting in the index as of June 30, 2009, with Japan having the highest weighting listed first and Hong Kong having the tenth-highest weighting listed last. The net return of the MSCI Emerging Markets Index is also included. This index measures the equity stock market performance of 25 emerging market countries, which are not included in the EAFE Index.

It is clear from the chart that returns over the past year from international investing have not brought much cheer to investors. All of the stock markets in the largest ten countries in the MSCI EAFE Index declined during the 12 months ended June 30, 2009. Fortunately, 2009 has brought mostly good news so far. Year-to-date "YTD" returns through June 30, 2009 have been positive for eight out of the ten largest countries in the MSCI EAFE Index. Only Switzerland and Germany's equity market return have been modestly negative YTD (-1.60% and -0.61%, respectively). The markets in Hong Kong and Australia have done particularly well YTD, returning 35.14% and 26.32%, respectively.

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

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

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

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