Today we are releasing our 2016 Investment Outlook and Strategy Report.  In this issue, we review the strategy moves we made in 2015 and how they played out and we also discuss our positioning for 2016.

In brief, we favor Europe and the U.S. over emerging market and favor a better balance between credit-sensitive and interest-rate sensitive debt.  We do not believe Treasury yields are going to increase much during the year and that the Fed is going to have a very difficult time increasing interest rates in the current environment.