June was a mixed bag of investment results. Emerging market bonds (Citigroup ESBI-C) led the pack among the major asset classes, advancing 1.1% last month. Commodities (DJ-UBS Commodity) were the big loser for the second straight month, shedding 5.0% in broad terms. Our passive market-value weighted mix of everything—the Global Market Index—suffered under the strain of the widespread selling. GMI fell 1.0% in June. GMI was off in May as well and so the index just had its first run of two straight monthly losses in a year.