IN THIS ISSUE

Market Commentary
Canadian Equity Markets - The Canadian economy remained strong during fourth quarter 2007 as it had throughout the year. With growth exceeding projections and domestic demand robust, the economy is now operating further above its production potential than expected.

US Markets - The U.S. economy continued to retreat in fourth quarter as financial market conditions deteriorated. U.S. stocks fell over, concerns about the housing slump and fears of recession loomed.

International Markets - Many international economies benefited this quarter following the Fed’s late September short-term interest rate cut by half a percentage point. Markets remain nervous as they keep an eye on inflation and on their exposure amid a shaky credit environment.

Emerging Markets - The world’s emerging market economies continued to behave unpredictably throughout the fourth quarter, with most localized indices closing in positive territory.

Highlights
Performance & Risk Analytics 2008 Client Conference - We are pleased to announce the dates of the Performance & Risk Analytics 2008 Client Conference, which will be held on September 8 -10, 2008 in Coronado CA.

Report of the Quarter
Daily Performance Summary Report - With the increasing demand for positive returns, Fund Sponsors and Investment Managers are tracking the performance of their funds closer than ever.