Investors in nearly asset class had an enjoyable three months (ending April 30). Central banks continue to be supportive and the global economy continues to muddle through. Riskiest investments were very much in vogue, as emerging market, natural resource, and small cap stocks all recorded double digit gains. Broader market stock indexes also notched healthy gains. Bonds also recorded unusually large gains during the quarter, as the Fed signaled a pullback from plans for aggressive interest rate increases. The dollar fell and this provided a significant boost to international bonds.