Fixed Income

Sogen: We're very constructive on high yield. It's our largest tactical overweights with a yield the worst of eight and a half % or so downside risk of about a third of the equity markets. Another aspect i would mention is geographic exposure within equities. So we have a slight overweights of the us And underweights x us and n emerging market equities, really reflecting the significant growth issues and inflation problems that are being realized overseas. That's another way to give clients some confidence that we're positioning fora we think is going to unfold over the next 12 months.