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 (April 30, 2008) returns for each asset class.

*YTD 30Apr08*	In USD	In AUD	In CAD	In EURO	In JPY	In GBP	In CHF	In INR
Asset Held
US Bonds	1.76%	-5.56%	3.75%	-4.72%	-5.13%	2.26%	-6.95%	4.48%
US Prop	8.12%	0.80%	10.11%	1.64%	1.23%	8.62%	-0.59%	10.84%
US Equity	-4.95%	-12.27%	-2.96%	-11.43%	-11.84%	-4.45%	-13.66%	-2.23%

AUS Bonds	7.79%	0.47%	9.79%	1.31%	0.90%	8.30%	-0.91%	10.51%
AUS Prop	-7.94%	-15.26%	-5.95%	-14.42%	-14.83%	-7.44%	-16.65%	-5.22%
AUS Equity	-3.61%	-10.93%	-1.61%	-10.09%	-10.50%	-3.11%	-12.32%	-0.89%

CAN Bonds	1.54%	-5.79%	3.53%	-4.95%	-5.36%	2.04%	-7.17%	4.25%
CAN Prop	-5.61%	-12.94%	-3.62%	-12.10%	-12.51%	-5.11%	-14.32%	-2.90%
CAN Equity	-1.99%	-9.32%	0.00%	-8.48%	-8.89%	-1.49%	-10.70%	0.72%

Euro Bonds	8.42%	1.10%	10.42%	1.94%	1.53%	8.92%	-0.29%	11.14%
Euro Prop.	10.56%	3.24%	12.55%	4.08%	3.67%	11.06%	1.85%	13.28%
Euro Equity	-5.18%	-12.50%	-3.19%	-11.66%	-12.07%	-4.68%	-13.89%	-2.46%

Japan Bnds	5.72%	-1.60%	7.71%	-0.77%	-1.17%	6.22%	-2.99%	8.43%
Japan Prop	0.52%	-6.80%	2.51%	-5.96%	-6.37%	1.02%	-8.19%	3.24%
Japan Eqty	-0.08%	-7.40%	1.92%	-6.56%	-6.97%	0.43%	-8.78%	2.64%

UK Bonds	-1.45%	-8.78%	0.54%	-7.94%	-8.35%	-0.95%	-10.16%	1.26%
UK Prop.	-4.80%	-12.12%	-2.80%	-11.28%	-11.69%	-4.30%	-13.51%	-2.08%
UK Equity	-5.15%	-12.47%	-3.16%	-11.63%	-12.04%	-4.65%	-13.86%	-2.43%

World Bnds	3.94%	-3.39%	5.93%	-2.55%	-2.96%	4.44%	-4.77%	6.65%
World Prop.	-0.74%	-8.06%	1.25%	-7.22%	-7.63%	-0.24%	-9.45%	1.98%
World Eqty	-4.26%	-11.58%	-2.27%	-10.74%	-11.15%	-3.76%	-12.97%	-1.54%
Commod	14.05%	6.73%	16.04%	7.57%	7.16%	14.55%	5.34%	16.77%
Timber	-10.26%	-17.58%	-8.27%	-16.74%	-17.15%	-9.76%	-18.97%	-7.54%
EqMktNtrl	-2.42%	-9.75%	-0.43%	-8.91%	-9.32%	-1.92%	-11.13%	0.29%
Volatility	-7.60%	-14.92%	-5.61%	-14.08%	-14.49%	-7.10%	-16.31%	-4.88%
*Currency*
AUD	7.32%	0.00%	9.32%	0.84%	0.43%	7.83%	-1.38%	10.04%
CAD	-1.99%	-9.32%	0.00%	-8.48%	-8.89%	-1.49%	-10.70%	0.72%
EUR	6.48%	-0.84%	8.48%	0.00%	-0.41%	6.99%	-2.22%	9.20%
JPY	6.89%	-0.43%	8.89%	0.41%	0.00%	7.40%	-1.81%	9.61%
GBP	-0.50%	-7.83%	1.49%	-6.99%	-7.40%	0.00%	-9.21%	2.21%
USD	0.00%	-7.32%	1.99%	-6.48%	-6.89%	0.50%	-8.71%	2.72%
CHF	8.71%	1.38%	10.70%	2.22%	1.81%	9.21%	0.00%	11.42%
INR	-2.72%	-10.04%	-0.72%	-9.20%	-9.61%	-2.21%	-11.42%	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.

| 2007-2008 Benchmark Portfolios - All Currencies | This Month's Issue: Key Points | Product and Strategy Notes: Interesting New Research; New ETF Products - RWO, GRI, FFR, CYB, ICN, UHN and DYY/DEE; Canadian Asset Allocation ETFs; Vanguard & Russell Retirement Products; and New Research Investing After Retirement | May 2008 Economic Update | This Month's Letters to the Editor: Nominal vs Real Calculations, Canadian Oil Trusts - Claymore's ENY and Omega Function in Optimization | Global Asset Class Returns | Asset Class Valuation Update |