Product

YTD
3/31/08

One Year

Three Years

Five Years

Ten Years

Fifteen Years

Twenty Years

Since Inception

Inception Date

Global Equity Composite

-4.05%

-10.23%

9.54%

21.94%

10.27%

14.47%

12.82%

14.66%

9/30/84

International Equity Composite 

-1.31%

-4.87%

14.89%

27.29%

12.72%

13.79%

12.81%

14.56%

6/30/84

MSCI* World Index

-8.95%

-2.77%

10.19%

16.52%

5.02%

8.89%

8.16%

11.56%

9/30/84

MSCI**Europe, Australasia, Far East(EAFE) Index

-8.82%

-2.27%

13.79%

21.90%

6.56%

8.42%

6.53%

11.88%

6/30/84

Product

YTD
03/31/08

One Year

Three Years

Five Years

Ten Years

Fifteen Years

Twenty Years

Since Inception

Inception Date

Global Equity Composite

-4.17%

-10.79%

8.74%

20.96%

9.30%

13.49%

11.83%

 13.64%

9/30/84

International Equity Composite 

-1.49%

-5.50%

14.12%

26.34%

11.86%

12.88%

11.90%

 13.61%

6/30/84

* The Morgan Stanley Capital International (MSCI) World Index is an unmanaged capitalization-weighted index of publicly traded companies. The reported index results include returns of securities which U.S. residents may not invest in and also include gross dividends while PGVF results include dividends net of withholding taxes.

** The Morgan Stanley Capital International (MSCI) indexes:  World and Europe, Australasia,  Far East (EAFE), are unmanaged  capitalization-weighted indexes of publicly traded companies.  The reported index results include returns of securities which U.S. residents may not invest in and also include gross dividends while results include dividends net of withholding taxes.