PERFORMANCE



The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.



The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.
as of
  1y 3y 5y 10y Incept.
11.81 - - - 8.16
Market Price (%)   12.75 - - - 8.38
Benchmark (%)   12.32 - - - 8.74
After Tax Pre-Liq. (%)   8.93 - - - 5.81
After Tax Post-Liq. (%)   6.55 - - - 5.21
as of
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
10.26 1.36 6.42 10.26 11.81 - - - 19.26
Market Price (%)   10.78 1.24 6.62 10.78 12.75 - - - 19.79
Benchmark (%)   10.49 1.42 6.59 10.49 12.32 - - - 20.65
After Tax Pre-Liq. (%)   9.06 1.15 5.74 9.06 8.93 - - - 13.51
After Tax Post-Liq. (%)   5.77 0.77 3.62 5.77 6.55 - - - 12.07
as of
  2009 2010 2011 2012 2013
Total Return (%)   - - - - -5.47
Market Price (%)   - - - - -6.41
Benchmark (%)   - - - 24.07 -4.99


The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return on Capital
Aug 1, 2014 Aug 7, 2014 Aug 5, 2014 $0.258103 - - - -
Jul 1, 2014 Jul 8, 2014 Jul 3, 2014 $0.247333 - - - -
Jun 2, 2014 Jun 6, 2014 Jun 4, 2014 $0.249921 - - - -
May 1, 2014 May 7, 2014 May 5, 2014 $0.251512 - - - -
Apr 1, 2014 Apr 7, 2014 Apr 3, 2014 $0.253800 - - - -
Mar 3, 2014 Mar 7, 2014 Mar 5, 2014 $0.256678 - - - -
Feb 3, 2014 Feb 7, 2014 Feb 5, 2014 $0.258588 - - - -
Dec 26, 2013 Jan 2, 2014 Dec 30, 2013 $0.255906 $0.255906 $0.000000 $0.000000 $0.000000
Dec 2, 2013 Dec 6, 2013 Dec 4, 2013 $0.259999 $0.259999 $0.000000 $0.000000 $0.000000
Nov 1, 2013 Nov 7, 2013 Nov 5, 2013 $0.239937 $0.239937 $0.000000 $0.000000 $0.000000
Oct 1, 2013 Oct 7, 2013 Oct 3, 2013 $0.239535 $0.239535 $0.000000 $0.000000 $0.000000
Sep 3, 2013 Sep 9, 2013 Sep 5, 2013 $0.234940 $0.234940 $0.000000 $0.000000 $0.000000
Aug 1, 2013 Aug 7, 2013 Aug 5, 2013 $0.246007 $0.246007 $0.000000 $0.000000 $0.000000
Jul 1, 2013 Jul 8, 2013 Jul 3, 2013 $0.255360 $0.255360 $0.000000 $0.000000 $0.000000
Jun 3, 2013 Jun 7, 2013 Jun 5, 2013 $0.248593 $0.248593 $0.000000 $0.000000 $0.000000
May 1, 2013 May 7, 2013 May 3, 2013 $0.249058 $0.249058 $0.000000 $0.000000 $0.000000
Apr 1, 2013 Apr 5, 2013 Apr 3, 2013 $0.247339 $0.247339 $0.000000 $0.000000 $0.000000
Mar 1, 2013 Mar 7, 2013 Mar 5, 2013 $0.248318 $0.248318 $0.000000 $0.000000 $0.000000
Feb 1, 2013 Feb 7, 2013 Feb 5, 2013 $0.248119 $0.248119 $0.000000 $0.000000 $0.000000
Dec 26, 2012 Jan 2, 2013 Dec 28, 2012 $0.150061 $0.150061 $0.000000 $0.000000 $0.000000
Dec 3, 2012 Dec 7, 2012 Dec 5, 2012 $0.203442 $0.203442 $0.000000 $0.000000 $0.000000
Nov 1, 2012 Nov 7, 2012 Nov 5, 2012 $0.212477 $0.212477 $0.000000 $0.000000 $0.000000
Oct 1, 2012 Oct 5, 2012 Oct 3, 2012 $0.273471 $0.273471 $0.000000 $0.000000 $0.000000
Sep 4, 2012 Sep 10, 2012 Sep 6, 2012 $0.207523 $0.207523 $0.000000 $0.000000 $0.000000
Aug 1, 2012 Aug 7, 2012 Aug 3, 2012 $0.267243 $0.267243 $0.000000 $0.000000 $0.000000
Jul 2, 2012 Jul 9, 2012 Jul 5, 2012 $0.252884 $0.252884 $0.000000 $0.000000 $0.000000
Jun 1, 2012 Jun 7, 2012 Jun 5, 2012 $0.402806 $0.402806 $0.000000 $0.000000 $0.000000

Past distributions are not indicative of future distributions.



The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.
Greatest Premium  

May 15, 2014

0.86%
Greatest Discount  

Apr 14, 2014

-0.05%
Days ± 0.5% of NAV 27
Percent ± 0.5% of NAV 42.86%
Select a Quarter   

Number of Days At:

Premium   61
NAV   1
Discount   1

Premium/Discount Range

# of Days

≥ 0.5 up to 1.0

37

≥ 0.0 up to 0.5

25

≥ -0.5 up to 0.0

1

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 30-Jul-2014

Issuer Weight (%)

as of 25-Aug-2014

Ticker ISIN Weight (%) Market Value Country CUSIP SEDOL Asset Class Price Currency Market Currency FX Rate Coupon (%) Maturity Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%)
holding-image

PETROLEOS DE VENEZUELA SA

Agencies

USP7807HAK16 1.45 $3,007,300 Venezuela - B5SC0L3 FI 88.45 USD USD 1.00 8.50 Nov 2, 2017 1.91 - 15.55 - 15.55
holding-image

TURKEY (REPUBLIC OF)

Sovereign

US900123AW05 1.13 $2,345,280 Turkey 900123AW0 B05LG43 FI 122.15 USD USD 1.00 7.38 Feb 5, 2025 7.60 - 4.67 - 4.67
holding-image

INDONESIA (REPUBLIC OF)

PUBLIC

USY20721AU39 0.97 $2,023,500 Indonesia - B53QG12 FI 106.50 USD USD 1.00 4.88 May 5, 2021 5.67 - 3.80 - 3.80
holding-image

VENEZUELA BOLIVARIAN REPUBLIC OF

Sovereign

USP17625AD98 0.97 $2,013,862 Venezuela - B6QHPC3 FI 87.75 USD USD 1.00 11.95 Aug 5, 2031 6.63 - 14.36 - 14.36
holding-image

TURKEY (REPUBLIC OF)

Sovereign

US900123AY60 0.93 $1,931,526 Turkey 900123AY6 B0WC9K6 FI 119.23 USD USD 1.00 6.88 Mar 17, 2036 11.59 - 5.36 - 5.36
holding-image

ARGENTINA (REPUBLIC OF)

Treasuries

US040114GL81 0.91 $1,890,620 Argentina 040114GL8 B2NTDS6 FI 78.40 USD USD 1.00 8.28 Dec 31, 2033 7.35 - 11.94 - 11.94
holding-image

PERTAMINA PERSERO PT

Industrial

USY7138AAE02 0.89 $1,847,750 Indonesia - B99BSV3 FI 97.25 USD USD 1.00 4.30 May 20, 2023 7.16 - 4.69 - 4.69
holding-image

INDONESIA (REPUBLIC OF)

Treasuries

USY20721AL30 0.88 $1,830,500 Indonesia - B2NMTZ4 FI 130.75 USD USD 1.00 7.75 Jan 17, 2038 11.97 - 5.49 - 5.49
holding-image

TURKEY (REPUBLIC OF)

Sovereign

US900123BJ84 0.83 $1,732,000 Turkey 900123BJ8 B669ZF2 FI 108.25 USD USD 1.00 6.00 Jan 14, 2041 13.29 - 5.41 - 5.41
holding-image

VENEZUELA (BOLIVARIAN REPUBLIC OF)

Sovereign

US922646AS37 0.83 $1,714,950 Venezuela 922646AS3 5331062 FI 77.25 USD USD 1.00 9.25 Sep 15, 2027 6.53 - 12.89 - 12.89
Name ISIN SEDOL Weight (%) Market Value Country Sector Coupon (%) Maturity Duration Price Asset Class Currency Market Currency FX Rate Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%)
Holdings are subject to change.

Exposure Breakdowns

as of 25-Aug-2014
  Turkey 13.69%
  Venezuela 13.61%
  Indonesia 13.02%
  Russian Federation 6.68%
  China 5%
  Brazil 4.65%
  Hungary 4.42%
  Mexico 3.91%
  Ukraine 2.85%
  Lebanon 2.74%
  Slovenia 2.71%
  Croatia (Hrvatska) 2.67%
  Argentina 2.55%
  Colombia 2.01%
  Jamaica 1.97%
  India 1.86%
  Sri Lanka 1.6%
  Serbia 1.49%
  Dominican Republic 1.27%
  El Salvador 1.07%
  Other 8.48%
Show all 21 countries
as of 25-Aug-2014

% of Market Value

PUBLIC

26.16%

Industrial

20.15%

Other/Undefined

18.48%

Sovereign

17.75%

Financial

6.00%

Treasuries

4.37%

Agencies

3.81%

Utility

2.43%

Telecommunications

0.36%

Energy

0.31%

Basic Materials

0.18%

as of 25-Aug-2014

  • 49
  • 39
  • 29
  • 19
  • 10
  • 0

26.11

48.71

6.01

3.93

5.57

7.61

  • 1 - 5 Years

  • 5 - 10 Years

  • 10 - 15 Years

  • 15 - 20 Years

  • 20 - 25 Years

  • 25+ Years

as of 25-Aug-2014

% of Market Value

AAA/Aaa

-

-

AA+/Aa1

-

-

AA/Aa2

-

-

AA-/Aa3

-

-

A+/A1

-

-

A/A2

-

-

A-/A3

2.71%

-

BBB+/Baa1

-

-

BBB/Baa2

-

0.20%

BBB-/Baa3

2.17%

29.89%

BB+/Ba1

29.75%

13.47%

BB/Ba2

15.18%

6.37%

BB-/Ba3

5.65%

6.05%

B+/B1

6.85%

7.55%

B/B2

1.38%

1.84%

B-/B3

16.87%

0.25%

CCC+/Caa1

1.62%

12.46%

CCC/Caa2

2.52%

0.16%

CCC-/Caa3

-

3.75%

CC/Ca

-

-

C

0.15%

-

CI

-

-

R

-

-

SD

0.79%

-

D

-

-

NR

3.56%

7.25%

Other

10.80%

10.76%

Cash

-

-

Govt/Cash

-

-

  • S&P

  • Moody's

Ratings are measured on a scale that generally ranges from AAA (S&P highest) or Aaa (Moody's highest) to D (S&P lowest) or C (Moody's lowest). "R" applies to securities where the issuing company is under regulatory supervision due to its financial situation. "SD" applies to securities where the issuing company has selectively defaulted on some obligations. “NR” applies to securities that are not rated. "Other" includes dividends booked but not yet received and, if applicable, short-term fixed income securities.
Allocations subject to change.

KEY FACTS

Net Assets

as of 26-Aug-2014

$208,585,604
Inception Date Apr 3, 2012
Exchange BATS Exchange
Asset Class Fixed Income
Benchmark Index Morningstar Emerging Markets High Yield Bond Index
Index Ticker MSBIEHTR

Fund Credit Rating - S&P   Bf

Shares Outstanding 4,000,000
Number of Holdings

as of 25-Aug-2014

287
CUSIP 464286285
Price  

as of 26-Aug-2014

52.33
20 Day Avg. Volume   19,306
Premium/Discount  

as of 26-Aug-2014

0.64%
Options Available Yes

FEES
Expense Ratio   0.65%

For more information on S&P fund credit ratings, please click here.

NAIC Designated (Schedule D Eligible)

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 31-Jul-2014

0.60
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 25-Aug-2014

5.79%
Distribution Yield  

as of 25-Aug-2014

5.84%
30 Day SEC Yield  

as of 25-Aug-2014

5.96%

Weighted Avg Coupon  

as of 25-Aug-2014

6.92%
Weighted Average Life  

as of 25-Aug-2014

8.84 yrs
Effective Duration  

as of 25-Aug-2014

5.76 yrs
Weighted Avg YTM  

as of 25-Aug-2014

6.84%
Option Adjusted Spread  

as of 25-Aug-2014

472 bps

% Stock 0.00%
% Bond 97.93%
% Cash 0.30%
% Other  

as of 25-Aug-2014

1.76%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please click on the "Returns" tab above.

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Investing involves risk, including possible loss of principal.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities.

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Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

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