The estimated June 2006 return for the Fimat Volatitlity Arbitrage Median is 0.83 per cent, a significant gain on the May return which was 0.20 per cent.

The following programs have been included in the calculation of the FVAM:

• April 2006: KPG Investments Asia Gamma Fund.
• May 2006: AM Investment Partners V Fund; Montrachet D3 Partners Fund. Also, as of May 2006, Titan Global Volatility Fund Class M replaced Titan Global Volatility Fund in the FVAM calculation.
• June 2006: Acorn Derivatives Management Corp - ADMC Absolute Return Strategies

This now brings the number of FVAM constituents to 11. They are as follows:

1. ABC Square - Sigma Square;
2. AM Investment Partners V Fund;
3. Estlander & Ronnlund Global Volatility;
4. KPG Investments - Asia Gamma Fund;
5. Lynx Arbitrage Fund;
6. Montrachet D3 Partners Fund;
7. SGAM Global Volatility Fund;
8. Shooter Multi Strategy Fund;
9. Titan Global Volatility Fund Class M;
10. Turtle Fund;
11. ADMC Absolute Return Strategies.