This year international equity markrts oscillated detween sizale gains and equally sizable losses, with the continuing appreciation of the US dollar significantly reducing the returns to US-dollar-based investors unless their positions were suitably hedged. Looking at MSCI equity market indices,All Country ex US performance year-to-date through December 19th,in US dollars, reflected a decline of -8.37%, while in local currency terms there was an increase of +2.73% For the advanced economies outside of North America, the corresponding index, EAFE, recorded a similar result, -6.97% in US dollar terms and +2.87% in local currency terms. Emerging markets were more volatile but with similar year-to-date returns. the EM index is down -5.97% in US dollar terms and up +1.10% in local currency terms.