Global Asset Class Returns

Below is a table showing how different asset classes performed in terms of different currencies. This table shows year-to-date (May 31, 2006) returns for each asset class.

*YTD 31May06*	In USD	In AUD	In CAD	In EURO	In JPY	In GBP	In CHF	In INR
Asset Held
US Bonds	-1.00%	-3.63%	-6.56%	-9.24%	-5.80%	-9.69%	-8.72%	1.70%
US Prop.	7.50%	4.87%	1.94%	-0.74%	2.70%	-1.19%	-0.22%	10.20%
US Equity	3.10%	0.47%	-2.46%	-5.14%	-1.70%	-5.59%	-4.62%	5.80%

AUS Bonds	-2.27%	-4.90%	-7.83%	-10.51%	-7.07%	-10.96%	-9.99%	0.43%
AUS Prop.	3.60%	0.97%	-1.96%	-4.64%	-1.20%	-5.09%	-4.11%	6.31%
AUS Equity	10.58%	7.95%	5.02%	2.34%	5.78%	1.89%	2.86%	13.28%

CAN Bonds	4.63%	2.00%	-0.93%	-3.61%	-0.17%	-4.06%	-3.09%	7.33%
CAN Prop.	8.34%	5.71%	2.78%	0.10%	3.54%	-0.35%	0.62%	11.04%
CAN Equity	10.96%	8.33%	5.40%	2.72%	6.16%	2.27%	3.24%	13.66%

Euro Bonds	6.49%	3.86%	0.93%	-1.75%	1.69%	-2.20%	-1.23%	9.19%
Euro Prop.	18.13%	15.49%	12.57%	9.88%	13.33%	9.44%	10.41%	20.83%
Euro Equity	13.08%	10.45%	7.53%	4.84%	8.28%	4.40%	5.37%	15.79%

Japan Bonds	3.72%	1.09%	-1.84%	-4.52%	-1.08%	-4.97%	-4.00%	6.42%
Japan Prop.	-0.08%	-2.71%	-5.64%	-8.32%	-4.88%	-8.77%	-7.80%	2.62%
Japan Equity	3.55%	0.92%	-2.01%	-4.69%	-1.25%	-5.14%	-4.17%	6.25%

UK Bonds	7.62%	4.99%	2.06%	-0.62%	2.82%	-1.07%	-0.10%	10.32%
UK Prop.	19.79%	17.16%	14.23%	11.55%	14.99%	11.10%	12.07%	22.49%
UK Equity	12.38%	9.75%	6.82%	4.14%	7.58%	3.69%	4.66%	15.08%

World Bonds	1.85%	-0.78%	-3.71%	-6.39%	-2.95%	-6.84%	-5.87%	4.55%
World Prop.	8.55%	5.92%	2.99%	0.31%	3.75%	-0.14%	0.83%	11.25%
World Equity	6.55%	3.92%	0.99%	-1.69%	1.75%	-2.14%	-1.17%	9.25%
Commodities	1.30%	-1.33%	-4.26%	-6.94%	-3.50%	-7.39%	-6.42%	4.00%
Timber	0.60%	-2.03%	-4.96%	-7.64%	-4.20%	-8.09%	-7.11%	3.30%
EqMktNeutral	2.91%	0.28%	-2.65%	-5.33%	-1.89%	-5.78%	-4.81%	5.61%
Volatility	36.21%	33.57%	30.65%	27.96%	31.41%	27.52%	28.49%	38.91%
*Currency*
AUD	2.63%	0.00%	-2.93%	-5.61%	-2.17%	-6.06%	-5.08%	5.33%
CAD	5.56%	2.93%	0.00%	-2.69%	0.76%	-3.13%	-2.16%	8.26%
EUR	8.24%	5.61%	2.69%	0.00%	3.44%	-0.45%	0.53%	10.95%
JPY	4.80%	2.17%	-0.76%	-3.44%	0.00%	-3.89%	-2.92%	7.50%
GBP	8.69%	6.06%	3.13%	0.45%	3.89%	0.00%	0.97%	11.39%
USD	0.00%	-2.63%	-5.56%	-8.24%	-4.80%	-8.69%	-7.72%	2.70%
CHF	7.72%	5.08%	2.16%	-0.53%	2.92%	-0.97%	0.00%	10.42%
INR	-2.70%	-5.33%	-8.26%	-10.95%	-7.50%	-11.39%	-10.42%	0.00%

*Results are derived from the performance of Exchange Traded Funds for each country, the Pimco Commodities Fund for commodities, published indexes for country bonds, and exchange rates, and, for world equity and bonds, the performance of a mix of different index funds held in constant proportions. This methodology reflects the pre-tax returns to retail investors in actual index funds, and therefore will differ somewhat from the results published for the underlying indexes themselves.

| 2006-2007 Benchmark Portfolios | This Month's Issue: Key Points | Retail Financial Services Trends and Opportunities | Product and Strategy Notes: Technology and Active Management; Hedge Funds Update; and Update on H5N1 | Global Asset Class Returns | Asset Class Valuation Update | What Happened to the Financial Markets in May? | This Month's Letters to the Editor: Convergent/Divergent Investment Strategy; EMN Funds vs Long/Short Equity Funds; Equity Market Neutral in Portfolios; YTD PCRDX Performance; Japan Overvalued?; Forecasting Volatility; Portfolios During Economic Downturn; Timber and Residential Property; Concentration of Swiss Equities in Swiss Portfolios; and Changing Asset Allocations |