1st Quarter Investment Report - Wilfrid Laurier University

Investment Management Review
February 2009 Update
Wilfrid Laurier University Pension Plan
Sadiq Adatia, Chief Investment Officer - Canada
Brian Goguen, Senior Client Executive
March 31, 2009
V308

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3

2008: A year filled with uncertainty
20.0%
10.0%
0.0%
April
•BoC drops rate
50bps to 3.0%
June
•Oil hits $147
TSX peak
6/18/08
15,073
Nov.
• B. Obama 44 th US President
• China plans for US$586B
stimulus
DEX Univ.
Bond
6.4%
-10.0%
-20.0%
-30.0%
-40.0%
-50.0%
March
TSX 1/21/08
12,132 Sept.
•Gold hits $1000
an ounce
•Fed & JPM bail
out Bear Stearns
•US Govt. plans for $700B intervention
•Lehman Bankrupt
Oct.
•Coordinated global rate cuts: US, CAD, EUR, UK, China
& Global “rescue” packages to boost confidence
•BoC cuts rate 75bps to 2.25%
Dec.
• BoC cuts 75bps to 1.5%
•US Fed cuts rate to 0 –
25bps range
• Oil ends 08 @ $45
TSX low
11/20/08
7,725
12/31/2007
1/15/2008
1/30/2008
2/14/2008
2/29/2008
3/15/2008
3/30/2008
4/14/2008
4/29/2008
5/14/2008
5/29/2008
6/13/2008
6/28/2008
7/13/2008
7/28/2008
8/12/2008
8/27/2008
9/11/2008
9/26/2008
10/11/2008
10/26/2008
11/10/2008
11/25/2008
12/10/2008
12/25/2008
MSCI ACWI
-28.7%
S&P/TSX
-33.0%
S&P/TSX DEX Univ. Bond MSCI ACWI
Indexes are unmanaged and cannot be invested in directly. Past performance is not indicative of future results. (Jan. 1, 2008 – Dec. 31, 2008, cumulative returns $CAD)
Source: Russell Investments, Factset, MSCI
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One of Worst Years Ever For Global Equity Markets
Period Ending December 31, 2008 ($Cdn)
(%)
Source: Fact set
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5

US Fixed Income Markets Suffered As Well
Excess Return by Sector
Excess return expressed in basis points: 1 basis point = 0.01%
Source: Western Asset Management, Barclays Capital.
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Canadian Corporate Bonds Fared No Better
Corporate Bonds’ Recent Losing Streak
6.0
Corporate Bond Annual Value-Added
4.0
2.0
0.0
1.43
0.24
2.30
1.62 1.64
1.17 1.35
0.82
1.61 2.83
0.45 0.64
0.35 0.77
Percent
-2.0
-4.0
1990
(0.19)
1991
1992
1993
1994
1995
1996
1997
1998
(1.10)
1999
2000
(1.18)
2001
2002
2003
2004
2005
2006
2007
(2.83)
2008
-6.0
-8.0
-10.0
-12.0
Years
(11.28)!
DEX/Scotia Corporate Bond Index less DEX/Scotia Canadas Index
Source: PC Bond
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Spreads Widened in North America
Corporate Investment-Grade Spreads
Canadian Corporate Investment Grade - OAS
U.S. Corporate Investment Grade - OAS
Source: PC Bond
Past performance is not indicative of future results.
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Canadian economic growth set to contract
4.0
GDP Growth
3.0
2.0
1.0
0.9
2.8
0.6
1.3
Forecasted
Growth
1.6
2.0
0.0
NA
-1.0
-0.6
-0.5
-0.2
-2.0
-1.2
-1.7
-3.0
Canada GDP Growth
US GDP Growth
-2.3
-2.7
-3.0
-4.0
-5.0
-4.5
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Source: Factset, Russell Investments. Note: Estimated Growth based on average forecasts as of 1/15/09 for of BMO, RBC, CIBC, TD, Scotia.
US GDP estimates based on Moody's data.
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Unemployment Rises
14.0
12.0
Canada Unemployment Rate
Jan. 1990 - Dec. 2008
Current US Unemployment
• Dec. 08: 7.2%
• US LTA: 5.9%
10.0
8.0
LTA: 7.5%
Feb. 09:
7.7%
6.0
4.0
2.0
Canada Unemp.
LT Avg. (1960)
Dec. 08:
6.6%
0.0
Jan-90
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Source: Factset, Russell
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Nov-07
Jan-08
Mar-08
May-08
Jul-08
Sep-08
Nov-08
Sep-07
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11
Retail Sales collapse
10.0
Canada Retail Sales
Jan. 05 - Nov. 08
8.0
6.0
4.0
2.0
% Change (YoY)
0.0
Jan-05
Mar-05
May-05
Jul-05
Sep-05
Nov-05
Jan-06
Mar-06
May-06
Jul-06
Sep-06
Nov-06
Jan-07
Mar-07
May-07
Jul-07
-2.0
-4.0
Source: Factset, Organization of Economic Cooperation & Dev. (OECD), Moody's, Russell
1 st negative YoY
in about 10 years
US Retail
Sales -2.1%

Oct-08
Nov-08
Aug-08
Sep-08
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12
Housing Deteriorating
40
% Change in Value of Building Permits
Jan. 07 - Nov. 08
30
20
10
0
% Change
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
-10
-20
-30
Source: Factset, Moody's, Russell
Building Permits (% Change YoY) 3 Mo Avg.

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13
Business Spending Contracting
20.0
Fixed Capital Formation (non residential)
March 2000 - December 2008
15.0
10.0
5.0
0.0
-5.0
Mar-00
Jun-00
Sep-00
Dec-00
Mar-01
Jun-01
Sep-01
Dec-01
Mar-02
Jun-02
Sep-02
Dec-02
Mar-03
Jun-03
Sep-03
Dec-03
Mar-04
Jun-04
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Year-over-Year Change (%)
-10.0
Source: Factset, OECD, Russell

Inflation not a concern
4.0
3.5
Consumer Price Index (CPI)
Jan. 07 - Dec. 08
BoC expects Core CPI
to ease throughout 2009
and bottom around
1.1%
3.0
2.5
2.4
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14
2.0
1.5
1.0
0.5
0.0
CPI All items
Core CPI
BoC Target
Source: Factset, Organization of Economic Cooperation & Development (OECD), Moody's, Russell
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
1.2

6.8
6.6%
6.6
6.4
Unemployment Rate (%)
6.2
6.0
5.8
5.6
5.4
5.2
12/31/2008
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15
Bank of Canada gets aggressive
5.0
Canada Target & Unemployment Rates
Dec. 06 - Jan. 09
4.5
4.0
4.5%
3.5
3.0
2.5
2.0
1.5
1.0
0.5
BoC Target Rate (%)
Canada Overnight Target Rate
Canada Unemp. Rate
5.8%
0.0
1.0%
5.0
12/31/2006
2/28/2007
4/30/2007
6/30/2007
8/31/2007
10/31/2007
12/31/2007
2/29/2008
4/30/2008
6/30/2008
8/31/2008
10/31/2008
Source: Moody's, Factset, OECD, Russell. Note: Unemployment as of 12/31/08; Target Rate as of 1/20/09.

Bank of Canada cuts again in March
Cut rates 0.5% on March 3, to 0.5%.
• Central bank expects target rate to stay at this rate, or lower
‣ “until there are clear signs that excess supply in the economy is being taken up”
• Once central bank runs out of room to cut, if required, would use credit and
quantitative easing
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Wilfrid Laurier University Pension Plan
FEBRUARY 2009
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17

Wilfrid Laurier University Pension Plan
Performance Summary as of February 28, 2009
Annualized
Jan
2009
Feb
2009
Year to
Date
One
Year
Two
Years
Three
Years
Four
Years
Five
Years
Since
Inception 2
Total Fund Return (Excluding Cash) -4.09 -3.73 -7.67 -22.55 -12.68 -4.92 -1.14 0.64 2.96
Policy Return 1 -3.85 -4.08 -7.77 -20.75 -11.79 -4.34 -0.80 0.79 3.16
Total Fund Value Added -0.24 0.35 0.10 -1.80 -0.89 -0.58 -0.34 -0.15 -0.20
1
Current Policy Index is 30% S&P/TSX Capped Composite Index, 40% DEX Universe Bond Index (RBC CM Canadian Bond Market Index prior to 1/1/06), 15% Russell 1000 ® Index
and 15% MSCI EAFE Index. Historical policy return reflects actual policy in effect at each point in time.
2
Transition into Russell Funds commenced in July 2003.
• At the Total Fund level, returns were negative for the months of January and
February (and year-to-date); 10 bps value added from active management so
far in 2009
• Foreign equities outperformed year-to-date; Canadian equity and fixed income
underperformed
18
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Wilfrid Laurier University Pension Plan
February 28, 2009 Asset Allocation
Actual Asset Mix
Policy Asset Mix
15.2%
30.6%
15.0%
30.0%
14.6%
Cdn. Equity
Cdn. Fixed Income
US Equity
Overseas Equity
15.0%
39.6%
40.0%
Total Fund assets managed by Russell at February 28, 2009 = $207,811,649
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Wilfrid Laurier University Pension Plan
Performance Summary as of December 31, 2007
4Q07
One
Year
Two
Years
Three
Years
Annualized
Four
Years
Feb. 28/09
Since Since
Inception 2 Inception 2
Total Fund Return (Excluding Cash) -0.4 2.7 8.0 9.5 9.6 10.9 3.0
Policy Return 1 -0.2 2.0 7.3 8.8 9.1 10.6 3.2
Total Fund Value Added -0.2 0.7 0.7 0.7 0.5 0.3 -0.2
1
Current Policy Index is 30% S&P/TSX Capped Composite Index, 40% DEX Universe Bond Index (RBC CM Canadian Bond Market Index prior to 1/1/06),
15% Russell 1000 ® Index and 15% MSCI EAFE Index. Historical policy return reflects actual policy in effect at each point in time.
2
Transition into Russell Funds commenced in July 2003.
• The perception of performance can be very end-date sensitive
• 2008 was a difficult year
• At the end of 2007 three of the four funds had strong outperformance
over one year, with only Canadian equity lagging (-0.7%)
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20

Wilfrid Laurier University Pension Plan
Performance Summary as of February 28, 2009
Annualized
January
2009
February
2009
Year to
Date
One
Year
Two
Years
Three
Years
Four
Years
Five
Years
Since
Inception 1
Russell Canadian Equity Fund -4.02 -5.48 -9.28 -40.59 -21.58 -1.65 -2.97 0.50 4.00
S&P/TSX Capped Composite Index -2.96 -6.31 -9.09 -38.20 -18.78 -8.95 -1.81 0.80 4.41
Value Added -1.06 0.83 -0.19 -2.39 -2.80 7.30 -1.16 -0.30 -0.41
Russell US Equity Fund -6.69 -7.51 -13.70 -28.04 -22.90 -12.19 -8.68 -7.40 -4.89
Russell 1000 Index -7.76 -8.24 -15.37 -26.95 -23.37 -12.10 -8.84 -7.42 -4.82
Value Added 1.07 0.73 1.67 -1.09 0.47 -0.09 0.16 0.02 -0.07
Russell Overseas Equity Fund -9.30 -7.58 -16.17 -36.82 -26.57 -12.65 -7.70 -5.09 -1.25
MSCI EAFE Index (Linked) 2 -9.42 -8.16 -16.81 -35.51 -26.30 -12.16 -7.35 -4.26 -0.30
Value Added 0.12 0.58 0.64 -1.31 -0.27 -0.49 -0.35 -0.83 -0.95
Russell Canadian Fixed Income Fund -1.16 0.38 -0.79 1.98 3.92 4.48 4.73 4.88 5.55
Fixed Income Policy 3 -0.95 0.69 -0.27 4.07 4.29 4.65 4.84 4.93 5.54
Value Added -0.21 -0.31 -0.52 -2.09 -0.37 -0.17 -0.11 -0.05 0.01
1
Transition into Russell Funds commenced in July 2003.
2
M SCI EAFE Index is calculated with net dividends invested daily as of M arch 31, 2005. Historical performance is linked to the M SCI EAFE Index calculated with gross dividends reinvested daily. Source: M SCI -
See Important Information for full disclaimer.
3
Fixed Income Policy currently consists of 100% DEX Universe Bond Index. DEX Universe Bond Index (previously known as SC Universe Bond Index), as a benchmark for the Russell Canadian Fixed Income
Fund, was adopted on December 31, 2005. Historical performance prior to the DEX Universe Bond Index inception is linked to the RBC CM Canadian Bond M arket Index. Source: PC-Bond, a business unit of
TSX Inc. Copyright (c) TSX Inc. See Important Information for full disclosure.
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21

Russell Group of Funds
Performance to March 13, 2009
Week
Month to
Date
Quarter
to Date
Year to
Date
Russell Canadian Equity Fund 9.56 2.52 -6.99 -6.99
S&P/TSX Capped Composite Index 9.53 2.44 -6.87 -6.87
Value Added 0.03 0.08 -0.12 -0.12
Russell US Equity Fund 9.90 4.00 -10.25 -10.25
Russell 1000 Index 9.82 3.53 -12.38 -12.38
Value Added 0.08 0.47 2.13 2.13
Russell Overseas Equity Fund 5.19 -0.35 -16.47 -16.47
MSCI EAFE Index (Linked) 1 4.99 -1.13 -17.76 -17.76
Value Added 0.20 0.78 1.29 1.29
Russell Global Equity Fund 7.94 1.48 -14.02 -14.02
MSCI EAFE Index (Linked) 1 7.52 1.34 -14.70 -14.70
Value Added 0.42 0.14 0.68 0.68
Russell Canadian Fixed Income Fund 0.70 1.16 0.36 0.36
Fixed Income Policy 2 0.45 1.04 0.76 0.76
Value Added 0.25 0.12 -0.40 -0.40
1
MSCI EAFE Index is calculated with net dividends invested daily as of March 31, 2005. Historical performance is linked to the
MSCI EAFE Index calculated with gross dividends reinvested daily. Source: MSCI - See Important Information for full disclaimer.
2
Fixed Income Policy currently consists of 100% DEX Universe Bond Index. DEX Universe Bond Index (previously known as SC
Universe Bond Index), as a benchmark for the Russell Canadian Fixed Income Fund, was adopted on December 31, 2005.
Historical performance prior to the DEX Universe Bond Index inception is linked to the RBC CM Canadian Bond Market Index.
Source: PC-Bond, a business unit of TSX Inc. Copyright (c) TSX Inc. See Important Information for full disclosure.
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22

Appendix
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23

Russell Investments
Organizational Update
• Russell’s Board of Directors announces the appointment, effective February 2009, of
Andrew Doman as Russell’s new CEO
• Most recently, Mr. Doman was a founding director of McKinsey & Company's UK-based European
Asset Management practice
• John Schlifske will continue as President in the near term to ensure a smooth transition. Mr.
Schlifske will return to Northwestern Mutual, and will remain on the Russell Board of Directors
• Americas Institutional adds approximately $7 Billion in new assets under management
• Canadian Institutional adds $450 million - 3 new DB full outsourcing clients
• January 2009 - Barry McInerney, Managing Director, Investment Strategy & Services, left
the firm to become CEO of Harris Investment Management
• Mark Hansen, Managing Director, Americas Institutional will assume Barry’s leadership
responsibilities on an interim basis
• December 2008 - Tim Hicks, Managing Director, U.S. Equity Research left the firm
• Brian Tipple, Chief Investment Officer – Equities; and Chief Investment Officer, EMEA, has
assumed responsibility for Hicks’ direct reports on an interim basis
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24

Russell Investments
Update – News and Events
Events
• Save the Dates: Russell Regional Conferences
• May 5, 2009 – Chicago
• May 7, 2009 – New York
• May 12, 2009 - Toronto
• Russell to host Institutional Summit on October 4-6 at the Westin Mission Hills in Palm
Springs, CA
News Update
• January 2009 - Canada launches Russell Extended Duration Fund
• Provides solution to DB sponsors placing a greater emphasis on asset-liability matching
• Russell survey: 50% of managers believe equity markets will rise 10% or more in 2009
• Professional money managers expect a considerable bounce from the current market lows, and they anticipate this
swing to take place sometime next year, according to the latest Investment Manager Outlook.
• "Managers believe that the market has overshot the damage done by the ongoing recession and is now oversold
and undervalued," said Erik Ristuben, Russell’s chief investment officer, North America.
"In their opinion, this market has been driven by panic and fear as much as by economic fundamentals."
The opinions expressed in the Investment Manager Outlook are not necessarily those held by Russell Investment Group, its affiliates or subsidiaries. While all material is deemed to be
reliable, accuracy and completeness cannot be guaranteed. The information, analysis, and opinions are for general information only and are not intended to provide specific advice or
recommendations for any individual or entity.
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Russell in Action – 2008
• Russell Canadian Equity Fund
Replaced Sanford C. Bernstein (value) with Aurion Capital Management (market-oriented) in July 2008
Hired Goodman & Company (growth) in July 2008
• Russell U.S. Equity Fund
No changes to manager line up
• Russell Overseas Equity Fund
No changes to manager line up
• Russell Global Equity Fund
Hired Harris Associates (value) in January 2008 as replacement for Altrinsic Global Advisors (value)
Added McKinley Capital Management (growth) in January 2008
Replaced Alliance Bernstein (growth) with Marsico Capital Management (growth) in August 2008
• Russell Canadian Fixed Income Fund
No changes to manager line up
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26

Multi-Manager Implementation
Russell Group of Funds - 26 Manager Products
Researched, Monitored and Strategically Implemented
Russell
Funds
Canadian Equity
US Equity
Overseas Equity
Global Equity
Canadian
Fixed Income
Investment
Styles
Growth
Market-
Oriented
Value
Growth
Market-
Oriented
Value
Growth
Market
Oriented
Value
Growth
Market
Oriented
Value
Duration
Constrained
Active
Yield
Global
Managers
Foyston, Gordon & Payne
(Value)
Turner Investment
(Lrg. Cap Growth)
Aronson + Johnson
+ Ortiz
(Value)
Sanford C. Bernstein
(Value)
ClariVest Asset Management
(Mkt-Oriented)
Beutel Goodman & Co.
(Duration Constrained)
Aurion Capital Management
(Market – Oriented)
ASB
(Market Oriented)
Suffolk Capital Mgmt.
(Market Oriented)
Mondrian Investment
Partners
(Lrg. Cap Value)
Harris Associates
(Value)
Canso Investment Counsel
(Active Yield)
Greystone Managed
Investments
(Market – Oriented)
Montag & Caldwell
(Growth)
MFS Inst. Advisors
(Value)
Arrowstreet Capital
(Market Oriented)
Marsico Capital Management
(Lrg. Cap Growth)
Pacific Investment
Management
(Global)
Picton Mahoney
Asset Management
(Growth)
Goodman & Company
Investment Counsel
(Growth)
Cornerstone Capital
Management
(Lrg. Cap Growth)
Schneider Capital
Md-Lg Market Value
Frank Russell Company 1
MFS Institutional Advisors
(Core/Growth bias)
Wellington Mgmt. Company
(Growth)
McKinley Capital Management
(Growth)
MFS Institutional Advisors.
(Core/GARP)
Extended
Duration
Duration
Constrained
Global
Beutel Goodman & Co.
(Duration Constrained)
1 Frank Russell Company is the parent company of Russell Investments Canada Limited. Frank Russell Company may use a
small fixed percentage of the pool’s assets to purchase additional securities that several managers consider to be attractive.
Pacific Investment
Management
(Global)
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27

Russell Group of Funds
FUND PERFORMANCE (%) Period Ending December 31, 2008
(Class A Units)
Annualized
Latest Latest Year One Two Three Four Five Ten Inception Inception
Month 3 Months to Date Year Years Years Years Years Years to Date Date
Russell Canadian Equity Fund 1 -1.9 -23.0 -36.8 -36.8 -17.0 -6.3 0.9 3.7 6.9 10.0 Nov./92
S&P/TSX Capped Composite Index (Linked)1 -2.6 -22.7 -33.0 -33.0 -14.2 -4.8 1.7 4.2 7.0 9.5
S&P/TSX Composite Index -2.6 -22.7 -33.0 -33.0 -14.2 -4.8 1.7 4.2 5.3 8.5
MSCI Canada Growth Index 0.3 -19.1 -31.4 -31.4 -9.7 -1.0 5.6 6.4 2.2 6.9
MSCI Canada Value Index -7.2 -25.6 -32.6 -32.6 -16.7 -6.9 -0.1 3.3 5.9 8.8
Russell Canadian Fixed Income Fund 3.5 3.7 5.6 5.6 4.9 4.7 5.2 5.6 6.2 7.6 Nov./92
DEX Universe Bond Index (Linked) 2 2.9 4.5 6.4 6.4 5.0 4.7 5.2 5.5 6.0 7.5
Russell US Equity Fund 3 2.1 -10.7 -25.4 -25.4 -16.6 -7.6 -4.7 -3.2 -4.9 4.5 Apr./94
S&P 500 Index 0.5 -9.4 -21.2 -21.2 -16.0 -6.7 -4.5 -3.1 -3.5 6.0
Russell 1000 ® Index 1.1 -10.0 -21.9 -21.9 -16.3 -7.0 -4.4 -2.9 -3.2 6.1
Russell 1000 ® Growth Index 1.3 -10.4 -23.0 -23.0 -14.6 -7.4 -5.0 -4.3 -6.3 4.4
Russell 1000 ® Value Index 0.8 -9.6 -21.0 -21.0 -18.2 -6.6 -4.0 -1.7 -0.8 7.1
Russell Overseas Equity Fund 4 5.2 -7.9 -31.3 -31.3 -19.2 -6.2 -2.3 -0.1 0.0 4.9 Dec./88
MSCI EAFE Index (linked) 4 5.4 -7.1 -29.2 -29.2 -18.3 -5.6 -1.8 0.8 -1.2 3.6
MSCI EAFE Growth Index (linked )4 5.8 -7.2 -28.3 -28.3 -15.9 -4.8 -1.2 0.6 -3.3 1.8
MSCI EAFE Value Index (linked) 4 5.1 -6.9 -30.1 -30.1 -20.7 -6.5 -2.4 1.0 0.7 5.4
Russell Global Equity Fund 5 2.9 -9.1 -27.0 -27.0 -18.1 -7.1 -- -- -- -4.2 May/05
MSCI World Ex Canada Index 5 2.9 -8.6 -25.6 -25.6 -17.3 -6.5 -- -- -- -4.2
1 Performance Benchmark Index: S&P/TSX Capped Composite Index, as a benchmark for the Russell Canadian Equity Fund, was adopted on May 31, 2000. Historical performance prior to the Capped index inception is linked
to the S&P/TSX Composite Index.
2 Performance Benchmark Index : DEX Universe Bond Index (previously known as SC Universe Bond Index), as a benchmark for the Russell Canadian Fixed Income Fund, was adopted on December 31, 2005. Source: PC-Bond,
a business unit of TSX Inc. Historical performance prior to the DEX Universe Bond Index inception is linked to the RBC CM Canadian Bond Market Index.
3 Performance Benchmark Index: Russell 1000 ® Index
4 Performance Benchmark Index: MSCI EAFE Index (linked). MSCI EAFE Index is calculated with net dividends invested daily as of March 31, 2005. Historical performance is linked to the MSCI EAFE Index calculated with
gross dividends reinvested daily. The MSCI EAFE Value and Growth Indicies are also calculated with net dividends invested daily as of the same date for comparison purposes. Source: MSCI.
5 Performance Benchmark Index: MSCI World ex-Canada Index (a custom index calculated by MSCI) calculated with net dividends invested daily as of March 31, 2005. Historical performance is linked to the MSCI World ex-
Canada Index calculated with gross dividends reinvested daily.
* For illustration purposes only
Note: Returns are for illustration only and are not indicative of future performance. The indicated rates of return are historical annual compounded total returns including
changes in unit values and reinvestment of all distributions. They exclude management fees, and any sales, redemption, distribution or optional charges payable directly by any security holder.
Use of MSCI data: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to
create indices or financial products. This report is not approved or produced by MSCI.
Frank Russell Company is the owner of the trademarks, and registered trademarks related to its respective indices.
Copyright © Russell Investments Canada Limited 2007.
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Russell Group of Funds
Performance to December 31, 2007
FUND PERFORMANCE (%) Period Ending December 31, 2007
(Class A Units)
Annualized
Latest Latest Year One Two Three Four Five Ten Inception Inception
Month 3 Months to Date Year Years Years Years Years Years to Date Date
Russell Canadian Equity Fund 1 1.13 -2.81 9.07 9.07 14.20 17.97 17.39 18.54 11.77 14.05 Nov./92
S&P/TSX Capped Composite Index (Linked) 1 1.34 -1.25 9.83 9.83 13.49 16.93 16.31 18.32 11.15 13.15
S&P/TSX Composite Index 1.34 -1.25 9.83 9.83 13.49 16.93 16.31 18.32 9.47 12.02
MSCI Canada Growth Index 4.89 3.66 18.75 18.75 18.96 21.94 18.74 19.87 6.89 10.11
MSCI Canada Value Index -1.88 -4.90 2.77 2.77 9.44 13.86 14.94 17.75 9.51 12.28
Russell Canadian Fixed Income Fund 0.52 2.62 4.29 4.29 4.30 5.05 5.57 5.88 6.46 7.76 Nov./92
DEX Universe Bond Index (linked 2 ) 0.62 2.74 3.68 3.68 3.87 4.74 5.32 5.58 6.24 7.59
Russell US Equity Fund 3 -0.97 -2.63 -6.72 -6.72 2.89 3.50 3.28 3.94 0.95 7.05 Apr./94
S&P 500 Index -1.95 -3.99 -10.53 -10.53 1.59 1.82 2.07 2.70 2.05 8.35
Russell 1000 ® Index -1.91 -3.89 -10.29 -10.29 1.58 2.25 2.51 3.25 2.32 8.45
Russell Overseas Equity Fund 4 -3.00 -1.87 -4.86 -4.86 9.57 9.87 9.72 9.92 6.54 7.24 Dec./88
MSCI EAFE Index (linked) 4 -3.49 -2.42 -5.72 -5.72 8.93 9.54 10.13 10.86 4.94 5.71
MSCI EAFE Growth Index (linked) 4 -3.37 -0.96 -1.23 -1.23 9.71 9.98 9.48 9.26 2.77 3.63
MSCI EAFE Value Index (linked) 4 -3.61 -3.96 -10.14 -10.14 8.03 9.02 10.67 12.37 6.91 7.71
Russell Global Equity Fund 5 -2.66 -2.44 -8.00 6.45 8.51 -- -- -- -- 6.25 May/05
MSCI World Ex Canada Index 5 -2.70 -3.18 -8.16 7.27 8.55 -- -- -- -- 5.43
1 Performance Benchmark Index: S&P/TSX Capped Composite Index, as a benchmark for the Russell Canadian Equity Fund, was adopted on May 31, 2000. Historical performance prior to the Capped index inception is linked
to the S&P/TSX Composite Index.
2 Performance Benchmark Index : DEX Universe Bond Index (previously known as SC Universe Bond Index), as a benchmark for the Russell Canadian Fixed Income Fund, was adopted on December 31, 2005. Source: PC-Bond,
a business unit of TSX Inc. Historical performance prior to the DEX Universe Bond Index inception is linked to the RBC CM Canadian Bond Market Index.
3 Performance Benchmark Index: Russell 1000 ® Index
4 Performance Benchmark Index: MSCI EAFE Index (linked). MSCI EAFE Index is calculated with net dividends invested daily as of March 31, 2005. Historical performance is linked to the MSCI EAFE Index calculated with
gross dividends reinvested daily. The MSCI EAFE Value and Growth Indicies are also calculated with net dividends invested daily as of the same date for comparison purposes. Source: MSCI.
5 Performance Benchmark Index: MSCI World ex-Canada Index (a custom index calculated by MSCI) calculated with net dividends invested daily as of March 31, 2005. Historical performance is linked to the MSCI World ex-
Canada Index calculated with gross dividends reinvested daily.
* For illustration purposes only
Note: Returns are for illustration only and are not indicative of future performance. The indicated rates of return are historical annual compounded total returns including
changes in unit values and reinvestment of all distributions. They exclude management fees, and any sales, redemption, distribution or optional charges payable directly by any security holder.
Use of MSCI data: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to
create indices or financial products. This report is not approved or produced by MSCI.
Frank Russell Company is the owner of the trademarks, and registered trademarks related to its respective indices.
Copyright © Russell Investments Canada Limited 2007.
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Important Information (cont’d)
This document and the information contained herein: (1) is provided by Russell Investments Canada Limited (“Russell”) solely to such
persons indicated in the material(s); (2) is the confidential and proprietary information of Russell; (3) may not be reproduced, provided or
disclosed to others, or used for any other purpose, without the prior written permission of Russell; and (4) must be returned promptly upon
request. The information contained herein is directed exclusively at persons who are accredited investors for purposes of Canadian
securities laws. The Funds to which this communication relates are only available to the persons referred to above and other persons
should not act or rely on the information contained herein.
This document is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or
interest, nor does it constitute an offer or solicitation in any jurisdiction in Canada, including those in which such an offer or solicitation is
not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Any decision to purchase securities or interests
with respect to the Fund must be based solely upon the information contained in the offering documents for the Fund.
Date of First Publication: October 2008
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