year, we'll need to take more directional risk where we see value across global markets. The end of "easy money" Index 2012 YT Retur Global Equities (MSCI World) .P. Morgan Developed Higl ield Bond Investment Grade (JULIexEM) 8.6% Anualized 10.8% Realized Volatility* 19.1% 12.7% 22.4% 9.4% 9.9% 11.9% 4.9% Eme