rging Markets Global Diversified (Emerging Market Local Debt}; HFRI Fund of Funds Composite (Hedge Funds); SCI EM US$ Index (Emerging arket Equity); Barclays US Corporate High Yield (US High Yield); Barclays US High Yield Loans (Bank Loans); MSCI UK Local Index (UK Equities); MSCI EAFE Local Index (EAFE Equity

n of 48.1%. Meanwhile, MSCI EAFE had a price return of 52.2%, MSCI Emerging Markets a return of 81.3%, and the high yield market as measured by the Barclays US corporate high yield Index had a total return of 49.1% from its trough on December 12. It is interesting to note that, as was the case in the 2003