*The 2009 update of the Dalbar Quantitative Analysis of Investor Behavior (QAIB) Study measures performance over the 20-year period extending from January 1, 1989, through December 31, 2008. Over the 20 years ending December 31, 2008, equity mutual fund investors had average annual returns of only +1.87 percent while the S&P 500 index averaged +8.35 percent over the same time period. Fixed income fund investors had average annual returns of +0.77 percent over the same 20-year period, while the benchmark Barclays Aggregate Bond Index averaged +7.43 percent.