Sovereign
Corporate
Cash
Less than 1 yr
1-3 yrs
3-5 yrs
5-7 yrs
7-10 yrs
10-20 yrs
More than 20 yrs

Credit Quality Distribution as of 01/30/2015

A
BBB
BB
Not Rated

Portfolio Details as of 01/30/2015

Total Net Assets
$9.33 M
Number of Holdings
63
Average Coupon
6.71%
Average Maturity
7.57 Years
Modified Duration
5.05 Years

Portfolio Positioning as of 12/31/2014

  • We believe that there is an opportunity to be selective in bond markets with excessive risk premiums.
  • As the U.S. Federal Reserve moves closer to increasing interest rates, we will limit the portfolio’s exposure to bonds most highly correlated to U.S. Treasuries.
  • Within certain European economies, we continue to see limited upside due to minimal risk premiums.
  • Because the strength of the U.S. dollar has persisted, we reduced the portfolio’s currency hedges in order to capitalize on the potential for currency appreciation in emerging markets.
  • We anticipate differentiation will return to emerging market bonds if the price of oil begins to stabilize.
Currency Assets
Turkey 11.9%
Brazil 11.7%
Indonesia 11.5%
South Africa 11.0%
Mexico 10.9%
Poland 10.2%
Malaysia 9.1%
Thailand 7.6%
Colombia 6.5%
Hungary 5.0%
Russia 3.9%
Romania 2.5%
Peru 1.8%
India 1.5%
Nigeria 1.3%
Philippines 0.5%
Euro -1.0%
Israel -1.0%
South Korea -1.8%
Chile -1.9%
Singapore -2.0%
Fund Dividends & Cap Gains next tab

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