Research Affiliates

Research Affiliates as of March 31, 2011

Portfolio Holdings for Research Affiliates

Research Affiliates holds 21 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
iShares IBoxx $ Invest Grade Corp Bd (LQD) 20.4 $31M 283k 108.20
PowerShares DB Com Indx Trckng Fund 14.8 $22M 726k 30.51
SPDR DJ Wilshire REIT (RWR) 8.1 $12M 187k 64.60
Templeton Emerging Markets Income Fund (TEI) 6.9 $10M 623k 16.66
SPDR DJ International Real Estate ETF (RWX) 5.6 $8.4M 216k 39.03
PowerShares Emerging Markets Sovere 5.0 $7.4M 280k 26.42
ProShares Short 20+ Year Treasury ETF (TBF) 4.8 $7.2M 163k 44.32
PIMCO Enhanced Short Mat Str Fund ETF (MINT) 4.5 $6.8M 67k 100.93
Vanguard Emerging Markets ETF (VWO) 4.3 $6.4M 131k 48.95
Powershares DB G10 Currency Harvest Fund 4.1 $6.1M 251k 24.36
iShares Russell 2000 Value Index (IWN) 4.1 $6.1M 81k 75.38
iShares Barclays TIPS Bond Fund (TIP) 3.7 $5.5M 51k 109.16
ProShares Short QQQ 2.5 $3.7M 113k 32.54
Morgan Stanley Emerging Markets Debt (MSD) 2.3 $3.5M 341k 10.17
Proshares Tr pshs sh msci emr (EUM) 2.3 $3.5M 117k 29.63
ProShares Short MSCI EAFE (EFZ) 1.8 $2.7M 57k 47.94
iShares Lehman 1-3 Year Treas.Bond (SHY) 1.5 $2.2M 27k 83.75
ProShares Short S&P500 1.1 $1.7M 42k 41.17
iShares Lehman Aggregate Bond (AGG) 1.1 $1.6M 15k 105.13
PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ) 0.8 $1.2M 21k 54.41
ProShares Short Russell2000 0.3 $409k 14k 29.48