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 02/27/2015

A
BBB
BB
Not Rated

Portfolio Details as of 02/27/2015

Total Net Assets
$9.20 M
Number of Holdings
63
Average Coupon
6.70%
Average Maturity
7.46 Years
Modified Duration
4.99 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
Mexico 12.6%
South Africa 11.4%
Indonesia 11.3%
Brazil 11.3%
Poland 10.0%
Malaysia 10.0%
Turkey 9.9%
Thailand 7.5%
Colombia 7.5%
Hungary 4.5%
Russia 4.1%
Romania 2.6%
India 1.5%
Nigeria 1.1%
Euro 1.0%
Peru 0.6%
Australia -1.0%
Israel -1.0%
Philippines -1.8%
South Korea -1.8%
Chile -1.9%
Singapore -2.1%
Fund Dividends & Cap Gains next tab

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