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April 2016 Market Commentary

Domestic equity indices finished the month mixed, while international developed markets ended higher. The falling U.S. dollar continued to reverberate across markets, especially unhedged developed fixed income and local currency denominated emerging markets debt, both of which are negatively correlated to the U.S. dollar. Commodities and MLPs experienced strong gains throughout the month on continued strength in the real assets markets.

For the month, the S&P 500 Index gained 0.4%, while the Russell 2000 Index of smaller companies increased 1.6%. The materials, financials, energy and healthcare sectors were the top performers, while information technology and the consumer-related sectors were weaker. Across market capitalizations, small-cap securities generally outperformed their large- and mid-cap counterparts. Across styles, value outperformed growth across all market capitalizations.

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