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Market Facts — April 30, 2007

Equity Shrink Increased U.S.-World Convergence A statistical comparison of U.S. and non-U.S. equity returns before and after mid-2004 reveals the real consequence of the U.S. equity shrinkage has not been higher returns in the U.S. but rather a convergence of risk.

Open Equity Shrink Increased U.S.-World Convergence
A statistical comparison of U.S. and non-U.S. equity returns before and after mid-2004 reveals the real consequence of the U.S. equity shrinkage has not been higher returns in the U.S. but rather a convergence of risk.