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Exhibit 15.1 Portfolio Risk Reduction Through Diversification

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Exhibit 15.2 Portfolio Risk Reduction Through International Diversification

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Exhibit 15.3 Optimal Domestic Portfolio Construction

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Exhibit 15.4 The Internationally Diversified Portfolio Opportunity Set

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Exhibit 15.5 The Gains from International Portfolio Diversification

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Exhibit 15.6 Alternative Portfolio Profiles Under Varying Asset Weights

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Exhibit 15.7 Real Returns and Risks on the Three Major Asset Classes, Globally, 1900–2000

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Exhibit 15.8 Correlation Coefficients Between World Equity Markets, 1900–2000

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Exhibit 15.9 Summary Statistics of the Monthly Returns for 18 Major Stock Markets, 1977–1996 (all returns converted into U.S. dollars and include all dividends paid)

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Exhibit 15.10 Comparison of Selected Correlation Coefficients Between Stock Markets for Two Time Periods (dollar returns)

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Exhibit 1 Russell/Mellon Survey of 19 Active Managers, Ending June 30, 2003

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Exhibit 2 Annual Historical Excess Returns, Annual Risk, and Sharpe Ratios for Selected Equities and Currencies, January 1978 to February 2003