Stock markets around the world rebounded in May, with US stocks leading the rally. The S&P 500 and other US stock indexes posted a 4.8% gain, marking a strong month for the market. Developed-market stocks ex-US and US real estate investment trusts also performed well, posting strong gains. However, commodities experienced a 1.4% decline, marking the first monthly decline for the fund this year. Despite this decline, commodities have still shown a 9.4% gain year-to-date. Gold, in particular, continues to perform well, with a 12.6% rise in 2024. Foreign government bonds in developed markets ex-US have experienced a 5.9% decline, indicating a challenging period for this asset class. The Global Market Index (GMI) rose 4.1% in May, making it the benchmark's strongest month in 2024. GMI is up 6.5% year-to-date. US stocks have gained 27.6% in the one-year window, while US bonds are up 1.4% [bdfb0bb8].