JPMorgan Funds statistics report: Emerging Markets Debt Fund
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- Preston Grant
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1 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Markets Debt Fund Data as of November 30, 2016 Must be preceded or accompanied by a prospectus. jpmorganfunds.com
2 Table of contents PERFORMANCE DISCLOSURE Performance at NAV 3 Disclosures 13 Calendar year returns 3 EXPENSES Annual expenses 4 CHARACTERISTICS Fund statistics 5 RATINGS AND RANKINGS Lipper rankings 6 Morningstar ratings 6 HOLDINGS Top 10 holdings (%) 7 SECTORS Class breakdown (%) 8 Industry breakdown (%) 8 Portfolio allocation (%) 9 Portfolio breakdown (%) 9 MATURITY Effective maturity (%) 10 DURATION Duration distribution (%) 11 COUNTRY EXPOSURE Regional allocation (%) 12 2 STATISTICS REPORT: EMERGING MARKETS DEBT FUND
3 Performance Data as of November 30, 2016 Share class - inception date share class # A Shares - 6/30/ with max 3.75% sales charge C Shares - 6/30/ with max 1.00% CDSC J.P. Morgan Emerging Markets Bond Index Global Diversified 1 month (%) months (%) YTD (%) AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016) Select Shares - 4/17/ R5 Shares - 5/15/ R6 Shares - 7/2/ day 12-month unsubsidized rolling SEC yield dividend yield The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call yr (%) 1 yr (%) 3 yrs (%) 5 yrs (%) 10 yrs (%) 30-day SEC yield Calendar year returns A Shares - 6/30/ C Shares - 6/30/ Select Shares - 4/17/ R5 Shares - 5/15/ R6 Shares - 7/2/ J.P. Morgan Emerging Markets Bond Index Global Diversified STATISTICS REPORT: EMERGING MARKETS DEBT FUND
4 Expenses Data as of November 30, 2016 Annual expenses Gross expense (%) Net expense (%) A Shares C Shares S Shares R5 Shares R6 Shares STATISTICS REPORT: EMERGING MARKETS DEBT FUND
5 Characteristics Data as of November 30, 2016 Fund statistics Turnover ratio FYE 2/29/2016 Number of holdings Average maturity Fund Benchmark STATISTICS REPORT: EMERGING MARKETS DEBT FUND
6 Ratings and rankings Data as of November 30, 2016 Lipper rankings Category: Emerging Mrkts Hard Currency Debt Funds A C S R5 R6 1 Year 78(207/265) 82(218/265) 77(203/265) 75(197/265) 71(188/265) 3 Years 41(82/203) 53(108/203) 37(74/203) 30(61/203) 30(60/203) 5 Years 52(58/112) 62(70/112) 43(48/112) 33(37/112) 10 Years 82(39/47) 92(44/47) 75(36/47) 71(34/47) The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings. Morningstar ratings Category: Emerging Markets Bond A C S R5 R6 Overall /212 /212 /212 /212 /212 3-Year /212 /212 /212 /212 /212 5-Year /112 /112 /112 /112 Not yet rated 10-Year /47 /47 /47 /47 Not yet rated The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Different share classes may have different ratings. 6 STATISTICS REPORT: EMERGING MARKETS DEBT FUND
7 Holdings Data as of November 30, 2016 Top 10 holdings (%) Holdings Federative Republic of Brazil Republic of Argentina Republic of Serbia Republic of Peru Caixa Economica Federal Republic of Argentina Petroleos Mexicanos United Mexican States Republic of Zambia Petrobras Global Finance B.V. Country Brazil Argentina Serbia Peru Brazil Argentina Mexico Mexico Zambia Netherlands Sector Foreign Government Securities Foreign Government Securities Foreign Government Securities Foreign Government Securities Financials Foreign Government Securities Energy Foreign Government Securities Foreign Government Securities Energy % STATISTICS REPORT: EMERGING MARKETS DEBT FUND
8 Sectors Data as of November 30, 2016 Class breakdown (%)* Industry breakdown (%)* Sovereigns: U.S. Treasuries (excluding t-bills) European Sovereigns EM Hard Currency (excluding quasi-sovereigns) EM Local Currency (excludes pure active FX exposure) Other Sovereign Debt Structured Products*: Agency MBS Agency CMOs Non-Agency RMBS Prime Alt-A ABS Subprime CMBS Corporates: Investment Grade (excluding EM) High Yield Bonds (excluding EM) Loans (includes CLOs) EM Corporates (includes quasi-sovereigns) Currency: Pure FX (Active) Hybrids (Convertibles and Preferreds): Equities: Cash: Used for collateral) Unencumbered (includes t-bills) Municipals: Other *Excludes CLOs Long Short Net Benchmark Foreign Government Securities Oil, Gas & Consumable Fuels Short-Term Investments Banks Metals & Mining Electric Utilities Road & Rail Diversified Financial Services Real Estate Management & Development Electrical Equipment Diversified Telecommunication Services Transportation Infrastructure Industrial Conglomerates Chemicals U.S. Treasury Notes * Due to rounding, values may not total 100%. Fund STATISTICS REPORT: EMERGING MARKETS DEBT FUND
9 Sectors Data as of November 30, 2016 Portfolio allocation (%)* Portfolio breakdown (%)* Foreign Government Securities Corporate Bonds Short-Term Investments Other * Due to rounding, values may not total 100%. Fund EM USD Denominated Sovereign Debt EM USD Denominated Quasi-Sovereign Debt EM USD Denominated Corporate Debt EM Local Currency Denominated Sovereign Debt Cash/Cash-Equivalent * Due to rounding, values may not total 100%. Fund STATISTICS REPORT: EMERGING MARKETS DEBT FUND
10 Maturity Data as of November 30, 2016 Effective maturity (%)* < 1 year 1-3 years 3-5 years 5-7 years 7-10 years years 20+ years * Due to rounding, values may not total 100%. Fund Benchmark STATISTICS REPORT: EMERGING MARKETS DEBT FUND
11 Duration Data as of November 30, 2016 Duration distribution (%)* < 1 year 1-3 years 3-5 years 5-7 years 7-10 years years 20+ years * Due to rounding, values may not total 100%. Fund Benchmark STATISTICS REPORT: EMERGING MARKETS DEBT FUND
12 Country exposure Data as of November 30, 2016 Regional allocation (%)* Africa Asia Eastern Europe Latin America Middle East Cash Other Total * Due to rounding, values may not total 100%. Fund Benchmark STATISTICS REPORT: EMERGING MARKETS DEBT FUND
13 10/31/ /30/2016 1M Summary Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CEMBI GBI-EM Reported Return (412.2) (409.1) (3.1) System Unexplained (5.5) 1.1 (6.7) Total Return (Adjusted) (406.7) (410.3) 3.6 FX Impact (0.4) (0.4) Pricing Impact (0.1) 0.9 (1.0) Total Return (406.3) (411.2) 4.9 (13.63) (7.8) Compounding (0.9) (0.9) EMFX CASH Sectors Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CASH CEMBI (31.2) (31) (0) Corporate (10) (10) (1) Quasi Corp (21) (21) 1 EMBIG (20.2) (375.0) (414.1) 39 (21.6) Quasi Sov (5.9) (71) (76) 5 (1) Sovereign (14.3) (304) (338) 34 (0) EMFX GBI-EM (22.2) (22) 8 HEDGE (3) NO VALUE Duration/Curve Currency Grand Total: (408) (414) 6 12 (22) [Check] Acct - (Total + Comp): CEMBI GBI-EM EMFX CASH
14 10/31/ /30/2016 HEDGE NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur Summary Reported Return System Unexplained Total Return (Adjusted) FX Impact Pricing Impact Total Return (3.2) 3.6 (2.1) 1.5 (3.3) (290.8) (312.1) Compounding (0.9) 1M Total Alpha Sectors HEDGE NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur Total Alpha CASH 0 7 CEMBI (0.2) (0.2) (22.7) (23) (1) Corporate 0 0 (7) (7) (1) Quasi Corp (0) (0) (16) (16) 1 EMBIG (21.6) (1.7) (23.3) (0.3) (267.0) (312.1) 45 (23) Quasi Sov (6) (0) (6) (53) (61) 8 (7) Sovereign (15) (1) (16) (0) (214) (251) 37 (17) EMFX 12 0 GBI-EM (0) (0) (15) (12) (12) 8 HEDGE (3) NO VALUE Duration/Curve 21 Currency (3) Grand Total: (22) (2) (24) (3) (291) (312) [Check] Acct - (Total + Comp): 0.9
15 10/31/ /30/2016 1M Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CEMBI GBI-EM United States (11) (11) 7 0 (0) Brazil (30) (16) (15) (1) (1) 3 6 (0) 0 Mexico (47) (37) (10) 1 (4) 1 (1) 0 Iraq (0.1) (0) (0) 0 (0) 0 Belarus (0) (0) 0 (0) (0) Ghana (2) (1) (1) 0 0 Serbia (2) (2) (1) 0 0 Turkey (0.3) 3 (24) 26 0 (1) (0) 0 Angola (2) (1) (1) 1 (0) Indonesia (0.4) (19) (16) (4) (1) (1) Paraguay (7) (4) (3) (1) (0) Guatemala 0.5 (0.5) (4) 4 1 Argentina (29) (24) (5) (9) Lebanon (5) (7) Colombia (0.2) (18) (16) (2) (1) (0) 0 0 Mongolia (4) (3) (1) (0) (0) Ukraine (13) (12) (1) (0) 0 Mozambique 0.1 (0.1) 1 (1) (2) Pakistan (0.2) (2) (2) (0) (0) (0) Ethiopia 0.2 (0.2) (1) 1 0 Jamaica (7) (6) (1) (0) 1 Zambia (2) (2) (0) 1 (0) Trinidad and Tobago (0.3) (0) (2) European Union El Salvador (0.0) (13) (13) 0 0 (0) Sri Lanka (6) (4) (1) 0 0 Gabon (1) (1) Canada Australia (0) (0) 0 Korea (Republic of) Romania (0.6) (4) (7) Singapore (0.0) (0.0) (0) (0) (0) Jordan (2) (0) (2) 0 (1) United Kingdom Japan (0.0) (0.0) (1) (1) (0) United Arab Emirates (2) (2) (1) Armenia (1) (0) (0) 0 0 Tanzania (United Republic of) Czech Republic EMFX CASH
16 10/31/ /30/2016 Country HEDGE NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 1M Total Alpha United States (0) (23) Brazil 9 (0) 9 (5) (24) (11) (13) 7.8 Mexico (3) (8) (1) (9) 0 (25) (21) (4) (7.2) Iraq 0 (0) (0) (1) (1) 0 (0.5) Belarus (0) (0) (0) (0) 0 (0.0) Ghana (2) (1) (1) 0.0 Serbia 0 (0) (0) (2) (1) (1) 0.2 Turkey (1) 0 (1) 25 (12) (13) 2 (0.8) Angola (0) (0) (0) (2) (1) (1) 0.3 Indonesia (1) 0 (1) (18) (17) (2) (2.1) Paraguay (0) (0) (0) (4) (3) (2) (0.8) Guatemala (2) Argentina 11 (0) 11 (0) (15) (11) (3) 1.7 Lebanon 0 (0) 0 (5) (7) Colombia 0 (0) 0 (0) (14) (13) (1) (0.6) Mongolia (0) (0) (1) (1) (0) (0.3) Ukraine (6) (5) (1) 0.0 Mozambique (0) 0 (1.7) Pakistan (0) (0) (0) (1) (2) 0 (0.7) Ethiopia (1) Jamaica 1 (0) 1 (5) (4) (1) 0.5 Zambia (0) 0 (0) (3) (2) (1) 0.8 Trinidad and Tobago 0 0 (0) (1) European Union El Salvador (0) (0) (0) (4) (4) 0 (0.0) Sri Lanka 0 (0) (0) (6) (4) (1) 0.3 Gabon 0 (0) (0) (1) (1) Canada Australia (0) 0.0 Korea (Republic of) Romania 0 (0) (0) (3) (5) Singapore (0) (0.0) Jordan (1) (0) (1) (2) (0) (1) (0.0) United Kingdom Japan (1) (0.0) United Arab Emirates (1) (1) (1.0) Armenia 0 (0) 0 (1) (1) (0) 0.1 Tanzania (United Republic of) Czech Republic
17 10/31/ /30/2016 1M Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CEMBI GBI-EM Uruguay (1.8) (6) (19) 13 2 (0) Namibia (0.1) (1) (1) Bolivia 0.3 (0.3) (0) 0 (1) Vietnam (0.3) (0) (2) Senegal (1) (0) (0) 0 (0) Hungary (1.1) (8) (9) 1 (0) (1) 0 Tunisia (1) (1) 0 0 (0) Georgia (1) (1) (0) (0) (0) Bermuda (2) (2) 0 Hong Kong 0.1 (0.1) (0) 0 (0) India (0.3) (3) (2) (0) (0) 0 0 (0) Slovakia 0.4 (0.4) (1) 1 (1) Cote d Ivoire (6) (5) (0) (0) (0) Kazakhstan (0.1) (13) (11) (2) (0) (2) Dominican Republic (17) (12) (5) (0) (2) Croatia (0.1) (3) (4) Latvia 0.2 (0.2) (0) 0 0 Lithuania (1.1) (2) (4) 2 (0) (0) Kenya (0.1) (2) (2) (0) (0) (0) Poland (2.1) (4) (10) 6 0 (1) 0 Nigeria 0.3 (0.3) (1) 1 (0) Honduras (1) (1) Panama (0.4) (17) (16) (1) (0) (1) Cameroon (1) (1) (0) (0) 0 Peru (0.1) (22) (21) (2) (0) (1) Morocco (0.1) (4) (4) (1) 0 (0) (1) South Africa (1.1) (8) (10) 2 (1) (1) Philippines (1.4) (11) (14) 3 (2) (1) Belize (0.0) (2) (2) 0 0 (0) Costa Rica (14) (9) (5) (0) (2) Russian Federation (0.5) (7) (5) (1) (1) (0) Azerbaijan (5) (5) (0) 0 0 Egypt (0.1) (0) (1) 0 (0) 1 Chile (1.4) (5) (10) 5 (2) 0 0 (0) Ecuador (4) (1) (3) 0 (0) Malaysia (1.7) (5) (11) 6 0 (0) China (2.6) (3) (10) 8 (3) 1 0 (0) Venezuela (2) (1) (1) (0) (1) Uganda EMFX CASH
18 10/31/ /30/2016 Country HEDGE NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 1M Total Alpha Uruguay (0) 0 (0) (4) (13) Namibia 0 0 (1) (1) Bolivia (1) 1 (0.8) Vietnam 0 0 (0) (1) Senegal (0) 0 (0) (1) (1) (0) 0.0 Hungary (1) (1) (0) (6) (7) 1 (1.0) Tunisia (0) 0 0 (1) (1) Georgia (0) (0) (1) (0) (0) (0.2) Bermuda (1) (1) 0.0 Hong Kong (0) 0 (0.1) India (1) (1) (2) 1 (0.0) Slovakia (1) 1 (0.7) Cote d Ivoire (0) (0) (0) (3) (3) (0) (0.3) Kazakhstan (2) 0 (2) (9) (9) 0 (2.0) Dominican Republic (2) (0) (2) (10) (8) (2) (2.4) Croatia (3) (4) Latvia (0) Lithuania (0) (0) (0) (1) (2) 1 (0.8) Kenya (0) (0) (2) (1) (0) (0.2) Poland (1) 0 (1) 1 (3) (7) 3 (0.9) Nigeria (0) 0 (0.3) Honduras 0 (0) 0 (0) (0) Panama (1) (0) (1) (12) (12) 1 (1.4) Cameroon 0 (0) (0) (0) (1) 0 (0.3) Peru (1) (18) (15) (3) 2.4 Morocco (1) 0 (1) (2) (2) (0) (0.5) South Africa (1) (0) (1) (6) (9) 3 (1.6) Philippines (1) (1) (1) (11) (16) 5 (3.2) Belize (0) (0) (0) (0) Costa Rica (2) (0) (2) (8) (5) (3) (2.3) Russian Federation (1) (1) 0 (0) (1) (10) (10) 0 (1.5) Azerbaijan 0 0 (4) (3) (0) 0.3 Egypt 1 (0) 1 (2) (2) Chile (0) (5) (11) 5 (1.4) Ecuador (0) 0 0 (4) (2) (2) 0.4 Malaysia (0) 0 (0) (3) (8) 5 (0.2) China 1 2 (0) 2 0 (4) (10) 6 (0.8) Venezuela (1) 0 (0) (4) (3) (1) (0.5) Uganda
19 10/31/ /30/2016 1M Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CEMBI GBI-EM Austria Thailand Iceland Slovenia Qatar Israel Bahrain Bulgaria NO VALUE Aruba Luxembourg Kuwait Saudi Arabia International Taiwan Oman (0.5) (2) (2) 1 (1) (0) Norway Macau Bangladesh Barbados Sweden Bahamas Cayman Islands Greece New Zealand Ireland Other Duration/Curve Currency Grand Total: (408) (414) 6 (14) (8) [Check] Acct - (Total + Comp): (1) (3) 2 EMFX CASH
20 10/31/ /30/2016 Country HEDGE NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 1M Total Alpha Austria Thailand Iceland Slovenia Qatar Israel Bahrain Bulgaria NO VALUE Aruba Luxembourg Kuwait Saudi Arabia International Taiwan Oman (0) (0) (0) (2) (4) 2 (1.4) Norway Macau Bangladesh Barbados Sweden Bahamas Cayman Islands Greece New Zealand Ireland Other Duration/Curve 21.3 Currency (3.3) Grand Total: (3) 4 (2) 1 (3) (291) (312) [Check] Acct - (Total + Comp): 0.9
21 10/31/ /30/2016 1M Region Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CEMBI GBI-EM Latin America (172) (148) (24) (10) Central America & Caribbean (0.1) (72) (66) (6) 2 (4) Eastern Europe (5.2) (23) (61) 38 (1) (3) (0) 0 0 CIS (0.6) (38) (34) (4) (2) (1) 0 0 (0) Middle East & North Africa (0.1) (17) (15) (1) (2) 0 (1) Sub Saharan Africa (1.0) (26) (26) (0) (1) (1) Asia (6.4) (50) (64) 14 (7) (1) 0 (0) Other (11) (11) 7 0 (0) Duration/Curve Currency Grand Total: (408) (414) 6 (14) (8) [Check] Acct - (Total + Comp): (1) (3) 2 EMFX CASH * Attribution results are based on Top-Down Total Return Equity Attribution model for periods since inception until 12/31/2015 and Top-Down Excess Return Attribution model for periods beginning 1/1/2016. Results from both models are combined for any reporting period that includes both before and after 1/1/2016.
22 10/31/ /30/2016 Region HEDGE NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 1M Total Alpha Latin America (3) 13 (0) 13 (7) (119) (105) (15) 2.8 Central America & Caribbean (4) (1) (5) (41) (38) (3) (3.1) Eastern Europe (3) (0) (3) 26 (31) (41) 11 (3.8) CIS (1) (2) 0 (1) (1) (29) (28) (0) (3.1) Middle East & North Africa (0) (0) (1) (15) (17) 1 (2.5) Sub Saharan Africa (1) (0) (2) (20) (22) 2 (2.9) Asia 1 0 (1) (0) 0 (46) (60) 14 (6.9) Other (0) (22) Duration/Curve 21.3 Currency (3.3) Grand Total: (3) 4 (2) 1 (3) (291) (312) [Check] Acct - (Total + Comp): 0.9
23
24 08/31/ /30/2016 3M Summary Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Reported Return (504.2) (490.0) (14.2) System Unexplained (5.0) 1.3 (6.2) Total Return (Adjusted) (499.2) (491.2) (8.0) FX Impact Pricing Impact (0.2) 1.3 (1.5) Total Return (499.1) (492.6) (6.5) 5.46 (6.6) (11.7) Compounding (1.0) (1.0) EMBIG CEMBI GBI-EM EMFX CASH HEDGE Sectors Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CASH (0.5) (0) 5 CEMBI (26.1) (26) 14 Corporate (10) (10) (2) Quasi Corp (16) (16) 2 EMBIG (16.9) (471.9) (498.7) Quasi Sov (6.1) (90) (84) (7) (1) Sovereign (10.8) (382) (415) 33 (0) EMFX GBI-EM (10.3) (10) 12 HEDGE (3.8) (4) (11) NO VALUE 0.0 (0.0) 1 (1) (1) Duration/Curve Currency Grand Total: (503) (498) (5) 18 7 [Check] Acct - (Total + Comp): CEMBI GBI-EM EMFX CASH HEDGE
25 08/31/ /30/2016 NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 3M Total Alpha Summary Reported Return System Unexplained Total Return (Adjusted) FX Impact Pricing Impact Total Return (0.3) 19.4 (35.9) (16.5) (5.4) (439.3) (450.2) 10.9 (5.5) Compounding (1.0) Sectors NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur Total Alpha CASH (1) 5 CEMBI (2.7) (2.7) (35.2) (35) 11 Corporate (1) (1) (11) (11) (3) Quasi Corp (2) (2) (24) (24) 1 EMBIG 6.6 (31.6) (24.9) (0.4) (405.7) (450.2) 44 (25) Quasi Sov (5) (8) (13) (77) (85) 8 (14) Sovereign 13 (24) (10) (0) (329) (365) 36 (11) EMFX 9 0 GBI-EM (2) (2) (13) (6) (6) 10 HEDGE (11) NO VALUE 0 (0) (1) Duration/Curve 11 Currency (5) Grand Total: 7 (36) (29) (5) (439) (450) 11 (5.4) [Check] Acct - (Total + Comp): 1.0
26 08/31/ /30/2016 3M Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation United States (0) Brazil (3) (1) Mexico (6) 6 (0) 0 0 (8) Iraq (0.1) (1) (0) Belarus (0.0) (0) (0) Ghana Serbia (0.2) 0 (0) Turkey (0.1) 1 (2) 0 (2) 0 1 Angola (0) Indonesia (0.3) (1) (1) Paraguay (1) (0) Guatemala 0.5 (0.5) 2 Argentina (7) Lebanon (0) Colombia (0.1) (1) 0 (0) 0 Mongolia (1) 1 Ukraine Mozambique 0.1 (0.1) 1 Pakistan (0.1) (0) (0) Ethiopia 0.2 (0.2) 1 Jamaica Zambia Trinidad and Tobago (0.4) 0 0 European Union El Salvador (0.1) 1 0 Sri Lanka (0) Gabon (0.0) 0 0 Canada Australia Korea (Republic of) Romania (0.5) 0 (0) Singapore (0.0) (0.0) (0) Jordan (1) United Kingdom Japan (0.0) (0.0) (0) United Arab Emirates (1) Armenia Tanzania (United Republic of) (0.0) 0 (0) Czech Republic EMBIG CEMBI GBI-EM EMFX CASH HEDGE
27 08/31/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 3M Total Alpha United States (0) (0) (22) Brazil 21 (2) 18 (7) (27) (16) (11) 15.7 Mexico (9) (3) (12) 1 (46) (33) (13) (10.8) Iraq (0) (0) (0) (1) (2) 1 (0.9) Belarus (0) (0) (0) (0) (0) (0) (0.1) Ghana 0 (0) 0 (3) (2) (1) 2.2 Serbia (0) (1) (1) (2) (2) (1) (0.3) Turkey (3) (2) (4) 25 (20) (20) 0 (3.2) Angola (0) (1) (1) (2) (1) (1) (0.3) Indonesia (1) (1) (2) (29) (26) (3) (3.0) Paraguay (0) (1) (1) (7) (4) (3) (1.5) Guatemala (2) Argentina 15 (2) 12 (0) (21) (17) (4) 5.2 Lebanon (0) (1) (2) (6) (9) 3 (1.3) Colombia (0) (0) (0) (1) (23) (20) (2) (0.8) Mongolia (0) 0 (0) (0) (1) (1) (0) (0.7) Ukraine 0 (1) (1) (7) (7) (1) (1.0) Mozambique (0) Pakistan (0) (0) (1) (2) (2) 0 (0.9) Ethiopia (1) Jamaica 0 (1) (1) (8) (7) (1) (0.1) Zambia 1 (1) 0 (4) (2) (1) 1.9 Trinidad and Tobago 0 (0) 0 (0) (2) European Union El Salvador 0 (1) (1) (6) (6) Sri Lanka (0) (1) (1) (7) (5) (2) (0.6) Gabon 0 (0) (0) (1) (1) 0 (0.0) Canada Australia (0) 0.0 Korea (Republic of) Romania (0) (0) (1) (3) (7) 4 (0.4) Singapore (1) (0.0) Jordan (1) (0) (1) (2) (1) (1) (0.0) United Kingdom Japan (2) (0.0) United Arab Emirates (0) (0) (2) (2) (0.7) Armenia 0 (0) (0) (1) (1) (0) 0.0 Tanzania (United Republic of) (0) (0) 0.0 Czech Republic
28 08/31/ /30/2016 3M Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Uruguay (1.8) 3 (0) Namibia (0.1) 0 0 Bolivia 0.3 (0.3) (1) Vietnam (0.3) 0 0 Senegal (0.0) 0 0 Hungary (0.9) (2) (0) (0) Tunisia (0) Georgia (0.0) (0) (0) Bermuda Hong Kong 0.0 (0.0) (0) India (0.2) (0) 0 (0) (0) Slovakia 0.4 (0.4) (0) Cote d Ivoire Kazakhstan (0.0) (0) (2) Dominican Republic (1) (2) Croatia (0.1) 0 (0) Latvia 0.2 (0.2) 0 Lithuania (0.7) (0) (0) Kenya (0.1) (1) 0 Poland (2.0) 1 (1) (0) Nigeria 0.3 (0.3) 0 Honduras (0) 0 Panama (0.2) (0) (2) Cameroon Peru (0.2) Morocco (0.1) 0 0 (1) South Africa (0.8) (1) 1 Philippines (1.3) 0 (1) Belize (0.0) 0 (0) Costa Rica (0) (2) Russian Federation (0.1) (1) (1) 0 0 (0) (4) Azerbaijan (0) Egypt (0.1) (0) 1 Chile (1.4) (1) 1 0 (0) Ecuador Malaysia (1.6) (2) 1 China (2.5) (1) (1) 0 (0) 1 Venezuela (0.0) (1) (1) Uganda EMBIG CEMBI GBI-EM EMFX CASH HEDGE
29 08/31/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 3M Total Alpha Uruguay (0) 0 (0) (9) (22) Namibia 0 (0) (0) (1) (1) Bolivia (1) 1 (0.8) Vietnam 0 (0) 0 (0) (1) Senegal 0 (0) (0) (1) (1) (0) 0.0 Hungary (0) (0) (1) (0) (8) (10) 2 (2.4) Tunisia (0) (0) (0) (1) (1) 0 (0.0) Georgia (0) (0) (0) (1) (1) (0) (0.6) Bermuda (0) (0) (2) (2) 0.2 Hong Kong (0) 0 (0.1) India (0) (0) (0) (1) (2) (3) 1 (0.2) Slovakia (1) 1 (0.3) Cote d Ivoire 0 (1) (1) (4) (4) (0) (0.5) Kazakhstan (2) (1) (3) (13) (14) 0 (3.6) Dominican Republic (2) (1) (3) (17) (13) (4) (4.1) Croatia (0) (0) (1) (4) (5) 1 (0.3) Latvia (0) Lithuania (0) (0) (0) (1) (2) 1 (0.6) Kenya 0 (0) (0) (2) (2) (0) (0.7) Poland (1) (0) (1) 1 (4) (8) 4 (0.5) Nigeria (1) Honduras 0 (0) (0) (0) (1) 0 (0.1) Panama (2) (1) (3) (18) (19) 1 (3.2) Cameroon 0 (1) (1) (1) (1) (0) 0.7 Peru 8 (1) 6 (1) (28) (24) (4) 6.5 Morocco (1) (0) (1) (4) (3) (1) (1.5) South Africa 1 (0) 0 (9) (12) 3 (1.0) Philippines (1) (1) (2) (16) (24) 8 (1.5) Belize (0) (0) (0) (0) (0) Costa Rica (2) (1) (2) (14) (8) (6) (2.5) Russian Federation (5) (1) (6) (2) (14) (13) (0) (7.5) Azerbaijan (0) (0) (1) (5) (4) (1) (0.5) Egypt 1 (0) 0 (2) (3) Chile 1 (1) (0) (1) (7) (15) 8 (1.3) Ecuador 3 (1) 2 (6) (3) (3) 9.7 Malaysia 1 (0) 0 (4) (11) 7 (1.6) China 1 (0) 0 0 (7) (14) 7 (0.3) Venezuela (1) (2) (3) (5) (5) (1) (3.6) Uganda
30 08/31/ /30/2016 3M Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Austria Thailand Iceland Slovenia Qatar Israel Bahrain Bulgaria NO VALUE Aruba Luxembourg Kuwait Saudi Arabia International Taiwan Oman (0.3) (1) 0 Norway Macau Bangladesh Barbados Sweden Bahamas Cayman Islands Greece New Zealand Ireland Other Duration/Curve Currency Grand Total: (0.0) 5 (7) (12) [Check] Acct - (Total + Comp): EMBIG CEMBI GBI-EM EMFX CASH HEDGE
31 08/31/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 3M Total Alpha Austria Thailand Iceland Slovenia Qatar 0 (0) (0) (0) (0) 0.1 Israel Bahrain Bulgaria NO VALUE Aruba Luxembourg Kuwait Saudi Arabia International Taiwan Oman 0 (0) (0) (3) (4) 2 (1.0) Norway Macau Bangladesh Barbados Sweden Bahamas Cayman Islands Greece New Zealand Ireland Other Duration/Curve 10.9 Currency (5.4) Grand Total: (0) 19 (36) (16) (5) (439) (450) 11 (5.5) [Check] Acct - (Total + Comp): 1.0
32 08/31/ /30/2016 3M Region Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Latin America (3) (8) Central America & Caribbean (5) Eastern Europe (5.0) 1 (5) 0 (2) 0 1 CIS (0.3) (2) (3) 0 0 (0) (4) Middle East & North Africa (1) (0) (1) Sub Saharan Africa Asia (6.1) (4) (2) 0 (0) 1 Other (0) Duration/Curve Currency Grand Total: (7) (12) [Check] Acct - (Total + Comp): EMBIG CEMBI GBI-EM EMFX CASH HEDGE * Attribution results are based on Top-Down Total Return Equity Attribution model for periods since inception until 12/31/2015 and Top-Down Excess Return Attribution model for periods beginning 1/1/2016. Results from both models are combined for any reporting period that includes both before and after 1/1/2016.
33 08/31/ /30/2016 Region NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 3M Total Alpha Latin America 37 (13) 24 (9) (179) (160) (19) 21.0 Central America & Caribbean (5) (4) (10) (65) (57) (8) (6.0) Eastern Europe (5) (4) (10) 26 (43) (56) 13 (8.5) CIS (7) (4) (11) (2) (40) (39) (1) (12.5) Middle East & North Africa (2) (2) (4) (22) (22) 1 (5.1) Sub Saharan Africa 3 (5) (2) (29) (29) (0) 4.2 Asia (0) (1) (4) (4) (1) (69) (87) 19 (8.3) Other (0) (0) (20) Duration/Curve 10.9 Currency (5.4) Grand Total: (0) 19 (36) (16) (5) (439) (450) 11 (5.5) [Check] Acct - (Total + Comp): 1.0
34
35 09/30/ /30/2016 QTD Summary Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Reported Return (515.2) (528.2) 13.0 System Unexplained (5.4) 1.1 (6.5) Total Return (Adjusted) (509.8) (529.2) 19.5 FX Impact Pricing Impact (0.2) (1.9) 1.8 Total Return (509.9) (527.3) (6.9) (6.7) Compounding (1.7) (1.7) EMBIG CEMBI GBI-EM EMFX CASH HEDGE Sectors Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CASH (0.6) (1) 8 CEMBI (30.6) (31) 10 Corporate (9) (9) 0 Quasi Corp (21) (21) (0) EMBIG (18.3) (491.5) (535.5) 44 (7.5) Quasi Sov (5.9) (95) (95) 1 (1) Sovereign (12.3) (397) (440) 44 (0) EMFX GBI-EM (13.8) (14) 11 HEDGE (6) NO VALUE Duration/Curve Currency Grand Total: (516) (536) (8) [Check] Acct - (Total + Comp): CEMBI GBI-EM EMFX CASH HEDGE
36 09/30/ /30/2016 NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur QTD Total Alpha Summary Reported Return System Unexplained Total Return (Adjusted) FX Impact Pricing Impact Total Return 12.4 (14.8) (2.3) 2.5 (430.4) (447.3) Compounding (1.7) Sectors NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur Total Alpha CASH (1) 8 CEMBI (0.3) (0.3) (34.1) (34) 10 Corporate 0 0 (11) (11) 0 Quasi Corp (0) (0) (23) (23) (1) EMBIG (7.5) (13.5) (21.0) (0.6) (397.3) (447.3) 50 (21) Quasi Sov (6) (4) (9) (78) (86) 8 (10) Sovereign (1) (10) (11) (1) (319) (361) 42 (11) EMFX 15 0 GBI-EM (1) (1) (11) (10) (10) 9 HEDGE (6) NO VALUE Duration/Curve 17 Currency 2 Grand Total: (8) (15) (22) 2 (430) (447) [Check] Acct - (Total + Comp): 1.8
37 09/30/ /30/2016 QTD Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation United States (9) (9) (0) Brazil (19) (18) (2) (0) 0 Mexico (54) (42) (13) 3 (1) 3 (0) 0 (7) Iraq (0.1) (0) (1) 0 (0) 0 Belarus (0) (0) (0) Ghana (0) 0 (0) 2 (1) Serbia (0.1) (3) (2) (1) 0 (0) Turkey (8) (30) 22 0 (2) 0 (2) 0 1 Angola (3) (2) (2) 1 (0) Indonesia (0.3) (30) (24) (6) (1) (2) Paraguay (8) (5) (3) (0) 0 Guatemala 0.5 (0.5) (5) 5 2 Argentina (36) (31) (6) (11) Lebanon (5) (7) 2 0 (1) Colombia (0.2) (30) (27) (4) (1) (1) 1 0 Mongolia (4) (3) (1) (0) 0 Ukraine (9) (7) (2) (0) 0 Mozambique 0.1 (0.1) (2) 2 2 Pakistan (0.1) (0) (0) (0) (0) (0) Ethiopia 0.2 (0.2) (2) 2 1 Jamaica (7) (7) (0) (0) 1 Zambia (2) (2) (0) 1 0 Trinidad and Tobago (0.4) (0) (2) 2 (0) 0 European Union El Salvador (0.1) (13) (14) Sri Lanka (7) (5) (2) 0 0 Gabon (0.0) (1) (1) 0 0 (0) Canada Australia (0) (0) 0 Korea (Republic of) Romania (0.5) (6) (10) 4 0 (0) Singapore (0.0) (0.0) (1) (1) (0) Jordan (2) (1) (2) 1 (1) United Kingdom Japan (0.0) (0.0) (2) (2) (0) United Arab Emirates (3) (3) (1) Armenia (1) (0) (0) 0 0 Tanzania (United Republic of) Czech Republic EMBIG CEMBI GBI-EM EMFX CASH HEDGE
38 09/30/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur QTD Total Alpha United States (21) Brazil 14 (1) 13 0 (30) (16) (14) 14.4 Mexico (5) (2) (7) 1 (42) (31) (10) (3.4) Iraq 0 (0) (0) (1) (2) 1 (0.6) Belarus (0) (0) (0) (0) (0) 0 (0.0) Ghana (1) (0) (1) (3) (2) (1) 1.0 Serbia (0) (0) (0) (2) (2) (0) 0.0 Turkey (2) (1) (3) 24 (20) (20) (0) (2.9) Angola (0) (0) (0) (3) (1) (1) 0.1 Indonesia (2) (0) (3) (27) (25) (2) (3.8) Paraguay 0 (0) 0 (7) (4) (3) 0.0 Guatemala (2) Argentina 13 (1) 12 (0) (21) (17) (4) 1.7 Lebanon (1) (0) (1) (7) (9) 3 (0.7) Colombia (2) (21) (19) (1) (0.2) Mongolia 0 (0) (0) (1) (1) (0) (0.6) Ukraine 0 (1) (1) (8) (7) (1) (0.7) Mozambique (0) Pakistan (0) (0) (0) (2) (2) 0 (0.8) Ethiopia (1) Jamaica 1 (0) 1 (7) (7) (1) 1.0 Zambia (4) (2) (1) 1.4 Trinidad and Tobago 0 (0) 0 (0) (2) 2 (0.1) European Union El Salvador 0 (1) (1) (6) (6) Sri Lanka 0 (0) (0) (8) (6) (2) (0.0) Gabon (0) (0) (0) (1) (2) 0 (0.1) Canada Australia (0) 0.0 Korea (Republic of) Romania (0) (0) (0) (4) (7) Singapore (1) (0.0) Jordan (1) (0) (1) (2) (1) (1) (0.1) United Kingdom Japan (2) (0.0) United Arab Emirates (0) (0) (2) (2) (0.7) Armenia 0 (0) 0 (1) (1) (0) 0.1 Tanzania (United Republic of) Czech Republic
39 09/30/ /30/2016 QTD Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Uruguay (1.8) (9) (25) 16 2 (1) Namibia (0.1) (1) (1) 1 (0) 0 Bolivia 0.3 (0.3) (0) 0 (1) Vietnam (0.3) (0) (1) 1 (0) 0 Senegal (1) (0) (0) 0 (0) Hungary (1.0) (10) (11) 1 (1) (0) 0 Tunisia (1) (1) 0 0 (0) Georgia (0.0) (1) (1) (0) (0) (0) Bermuda (2) (2) 0 Hong Kong 0.0 (0.0) (0) 0 (0) India (0.3) (3) (3) (0) (0) (0) 0 (0) Slovakia 0.4 (0.4) (1) 1 (1) Cote d Ivoire (6) (5) (0) 0 0 Kazakhstan (0.1) (18) (15) (3) (0) (2) Dominican Republic (30) (22) (8) (1) (3) Croatia (0.1) (5) (6) Latvia 0.2 (0.2) (0) 0 0 Lithuania (0.8) (3) (5) 2 (0) (0) Kenya (0.1) (1) (1) (0) (1) 0 Poland (2.1) (5) (10) 6 (1) (1) 0 Nigeria 0.3 (0.3) (1) 1 (0) Honduras (1) (1) Panama (0.3) (23) (22) (1) (0) (2) Cameroon (0) (1) Peru (0.0) (27) (27) 0 (0) (1) Morocco (0.1) (5) (4) (1) (0) (0) (1) South Africa (0.9) (9) (11) 2 (1) 0 Philippines (1.3) (17) (24) 7 (1) (0) Belize (0.0) (2) (2) 0 0 (0) Costa Rica (17) (10) (7) (0) (1) Russian Federation (0.2) (15) (9) (6) (1) (2) 0 0 (0) (1) Azerbaijan (5) (4) (1) 0 (0) Egypt (0.1) (2) (2) 0 (0) 0 Chile (1.4) (7) (13) 6 (2) 1 0 (0) Ecuador Malaysia (1.6) (6) (13) 7 (1) (1) China (2.6) (5) (14) 9 (2) 0 0 (0) 1 Venezuela (0.0) (26) (23) (3) (1) (1) Uganda EMBIG CEMBI GBI-EM EMFX CASH HEDGE
40 09/30/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur QTD Total Alpha Uruguay (1) 0 (0) (7) (20) Namibia 0 (0) (0) (1) (1) 0 (0.0) Bolivia (1) 1 (1.0) Vietnam 0 0 (0) (1) 1 (0.2) Senegal (0) 0 0 (1) (1) (0) 0.0 Hungary (0) (0) (1) (0) (8) (10) 2 (1.3) Tunisia (0) 0 0 (1) (1) Georgia (0) (0) (0) (1) (1) (0) (0.4) Bermuda (0) (0) (2) (2) 0.2 Hong Kong (0) 0 (0.1) India 0 (0) 0 (1) (2) (3) Slovakia (1) 1 (0.7) Cote d Ivoire 0 (0) (0) (5) (4) (1) 0.2 Kazakhstan (2) (0) (3) (13) (13) 0 (3.0) Dominican Republic (3) (0) (3) (16) (13) (3) (4.1) Croatia 0 (0) 0 (4) (5) Latvia (0) Lithuania (0) (0) (0) (1) (3) 2 (0.5) Kenya 0 (0) 0 (2) (2) (0) (0.4) Poland (1) (0) (1) 1 (4) (9) 4 (2.0) Nigeria (1) 1 (0.2) Honduras 0 (0) 0 (1) (1) Panama (2) (0) (2) (17) (18) 1 (2.2) Cameroon 0 (0) (0) (1) (1) (1) 0.7 Peru 5 (0) 5 (0) (28) (23) (5) 5.1 Morocco (1) (0) (1) (4) (3) (0) (1.1) South Africa 0 (0) (0) (9) (12) 3 (1.6) Philippines (0) (1) (1) (16) (23) 8 (2.2) Belize (0) (0) (0) (0) Costa Rica (1) (0) (2) (13) (8) (5) (1.7) Russian Federation (3) 0 (3) (2) (15) (14) (1) (3.8) Azerbaijan (0) (0) (0) (5) (4) (1) (0.3) Egypt 0 (0) 0 (3) (3) Chile (1) (8) (15) 7 (1.7) Ecuador 1 (0) 1 (6) (3) (3) 7.5 Malaysia (1) (0) (1) (5) (11) 7 (1.3) China 2 (0) 1 0 (6) (14) 8 (1.0) Venezuela (1) (1) (1) (6) (5) (1) (2.0) Uganda
41 09/30/ /30/2016 QTD Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Austria Thailand Iceland Slovenia Qatar (0.0) (0.0) (0) (0) 0 Israel Bahrain Bulgaria NO VALUE Aruba Luxembourg Kuwait Saudi Arabia International Taiwan Oman (0.4) (1) (2) 1 (2) 0 Norway Macau Bangladesh Barbados Sweden Bahamas Cayman Islands Greece New Zealand Ireland Other Duration/Curve Currency Grand Total: (516) (536) 19 2 (7) (7) [Check] Acct - (Total + Comp): (5) (8) 4 EMBIG CEMBI GBI-EM EMFX CASH HEDGE
42 09/30/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur QTD Total Alpha Austria Thailand Iceland Slovenia Qatar (0) (0) 0.0 Israel Bahrain Bulgaria NO VALUE Aruba Luxembourg Kuwait Saudi Arabia International Taiwan Oman 0 (0) 0 (3) (5) 2 (1.5) Norway Macau Bangladesh Barbados Sweden Bahamas Cayman Islands Greece New Zealand Ireland Other Duration/Curve 16.9 Currency 2.5 Grand Total: 12 (15) (2) 3 (430) (447) [Check] Acct - (Total + Comp): 1.7
43 09/30/ /30/2016 QTD Region Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Latin America (210) (205) (5) (3) (7) Central America & Caribbean (0.1) (94) (85) (9) 2 (4) Eastern Europe (4.8) (41) (76) 35 (1) (4) 0 (2) 0 1 CIS (0.4) (47) (36) (12) (2) (4) 0 0 (0) (1) Middle East & North Africa (0.0) (20) (17) (3) (2) (1) (1) Sub Saharan Africa (0.3) (24) (29) 5 6 (0) Asia (6.2) (72) (87) 15 (7) (3) 0 (0) 1 Other (8) (8) (0) Duration/Curve Currency Grand Total: (516) (536) 19 2 (7) (7) [Check] Acct - (Total + Comp): (5) (8) 4 EMBIG CEMBI GBI-EM EMFX CASH HEDGE * Attribution results are based on Top-Down Total Return Equity Attribution model for periods since inception until 12/31/2015 and Top-Down Excess Return Attribution model for periods beginning 1/1/2016. Results from both models are combined for any reporting period that includes both before and after 1/1/2016.
44 09/30/ /30/2016 Region NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur QTD Total Alpha Latin America 29 (4) 24 (2) (175) (154) (21) 21.8 Central America & Caribbean (4) (2) (6) (61) (56) (5) (3.9) Eastern Europe (5) (2) (6) 26 (45) (58) 13 (7.5) CIS (5) (2) (6) (2) (42) (40) (2) (7.8) Middle East & North Africa (2) (1) (3) (22) (23) 1 (4.5) Sub Saharan Africa (0) (2) (2) (30) (30) (0) 3.9 Asia (1) (2) (3) (1) (66) (87) 20 (9.9) Other (19) Duration/Curve 16.9 Currency 2.5 Grand Total: 12 (15) (2) 3 (430) (447) [Check] Acct - (Total + Comp): 1.7
45
46 12/31/ /30/2016 YTD Summary Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Reported Return (88.3) System Unexplained (22.7) (3.9) (18.7) Total Return (Adjusted) (69.6) FX Impact Pricing Impact (2.9) 1.1 (4.0) Total Return (86.3) (5.4) (0.1) 7.3 (11.7) Compounding (8.8) (8.8) EMBIG CEMBI GBI-EM EMFX CASH HEDGE Sectors Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CEMBI GBI-EM CASH (11.8) (12) 3 CEMBI Corporate (10) Quasi Corp EMBIG (11.6) (77) (2) 55.5 Quasi Sov (6.8) (107) (1) Sovereign (4.8) (0) EMFX (35.3) (35) 1 GBI-EM (0) HEDGE (31.7) (32) (12) NO VALUE (1) (1) Duration/Curve Currency Grand Total: (77) (0) [Check] Acct - (Total + Comp): EMFX CASH HEDGE
47 12/31/ /30/2016 NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur YTD Total Alpha Summary Reported Return System Unexplained Total Return (Adjusted) FX Impact Pricing Impact Total Return (0.3) 58.3 (138.6) (80.4) #### (77.4) Compounding (8.8) Sectors NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur Total Alpha CASH (12) 3 CEMBI (14.3) (14.3) 0.5 (9.8) (10) 38 Corporate (4) (4) (14) Quasi Corp (10) (10) (13) (13) (0) EMBIG 55.5 (118.7) (63.2) (0.6) (65) Quasi Sov (19) (29) (48) (8) (49) Sovereign 74 (90) (16) (1) (17) EMFX (35) 1 GBI-EM (0) (6) (6) (7) (2) (2) (4) HEDGE 0 0 (21) (21) (12) NO VALUE (0) (0) 0 0 (0) (1) Duration/Curve 18 Currency (54) Grand Total: 56 (139) (83) (54) (77.0) [Check] Acct - (Total + Comp): 9.2
48 12/31/ /30/2016 YTD Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation United States (55) (55) (0) Brazil (3) 0 6 Mexico (3) 13 (8) (0) (0) (8) Iraq (0.3) 4 12 (8) (4) 0 Belarus (0) Ghana (0.1) 6 11 (5) (0) 0 Serbia (4) 0 (1) Turkey (2) 5 (4) (7) 0 (2) 0 1 Angola Indonesia Paraguay (0) 1 Guatemala (0.4) (0) 1 (1) 3 0 (0) Argentina (0) Lebanon (1) 0 2 Colombia Mongolia (0.2) (2) 3 (4) (1) 0 Ukraine (0.0) (9) 2 (4) Mozambique 0.1 (0.1) (1) 1 2 Pakistan (1) (1) Ethiopia 0.2 (0.2) 2 (2) 0 Jamaica Zambia (6) (2) 1 Trinidad and Tobago (0.3) European Union (0.0) (0.0) (3) (3) 1 El Salvador (0.2) 9 12 (3) 1 1 Sri Lanka Gabon (0.1) 5 7 (2) 1 (1) Canada (0) Australia (0) Korea (Republic of) (0.0) (0.0) (5) (5) (0) Romania (0.2) (3) Singapore (0.0) (0.0) (5) (5) (0) Jordan (0) 1 (1) 0 (1) United Kingdom (0) Japan (0.0) (0.0) (2) (2) (0) United Arab Emirates (2) (2) (1) Armenia (0.1) 1 3 (2) 0 0 Tanzania (United Republic of) (0.0) 2 2 (0) (0) 0 Czech Republic (0.0) (0.0) (0) (0) 0 EMBIG CEMBI GBI-EM EMFX CASH HEDGE
49 12/31/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur YTD Total Alpha United States (0) (0) (0) (35) (21) (21) 2.3 Brazil 43 (15) 28 (23) Mexico (5) (13) (19) (15.2) Iraq 0 (1) (1) (1) 1 (2) (4.7) Belarus (0) Ghana 0 (1) (0) (2) 0 (2) (0.7) Serbia (1) (2) (3) (2.4) Turkey (7) (4) (11) (0) (15.0) Angola 1 (2) (1) 1 1 (0) 1.1 Indonesia 8 (4) Paraguay 1 (1) (1) (1) 0 (1) (1.0) Guatemala (0) (0) (0) Argentina 15 (8) 7 (0) Lebanon 2 (3) (1) 3 4 (1) (0.4) Colombia 9 (5) 4 (3) Mongolia (0) (0) (1) (2) (0) 1 (1) (2.3) Ukraine (4) (3) (8) 4 5 (1) (5.2) Mozambique 0 (0) 2.2 Pakistan (1) (0) (1) (2.0) Ethiopia 0 (0) 0.2 Jamaica 4 (3) 1 1 (0) Zambia 1 (4) (2) (1) 1 (1) (4.5) Trinidad and Tobago 1 (0) 0 (0) (1) European Union (3) 0.8 El Salvador 1 (2) (1) 0 1 (1) (0.7) Sri Lanka 4 (2) (2) 2.9 Gabon (1) (1) (2) (0) 1 (1) (0.7) Canada 6 (0.0) Australia 0 (0.0) Korea (Republic of) (5) (0.0) Romania (3) (1) (4) (2.7) Singapore (5) (0.0) Jordan (1) (0) (1) (0) 0 (1) (0.4) United Kingdom (0.0) Japan (2) (0.0) United Arab Emirates (0) (0) (2) (2) (1.1) Armenia 0 (0) (0) (1) 0 (1) 0.2 Tanzania (United Republic of) 0 (0) (0.1) Czech Republic (0) 0.0
50 12/31/ /30/2016 YTD Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Uruguay (1.2) Namibia (0.1) 3 3 (0) 0 (0) Bolivia 0.3 (0.3) 3 (3) (1) Vietnam (0.3) 2 3 (2) 1 0 Senegal Hungary (0.2) (1) (3) (1) 0 (0) Tunisia (0) (0) Georgia (0.1) 1 3 (1) (0) (0) Bermuda (1) Hong Kong 0.0 (0.0) 0 (0) 0 India (2) (0) 0 (0) Slovakia 0.4 (0.4) 2 (2) 2 Cote d Ivoire Kazakhstan (3) 0 (4) Dominican Republic (2) Croatia (0.1) (1) 1 (1) Latvia 0.2 (0.2) 0 (0) 1 Lithuania (0.6) 4 4 (0) 4 0 Kenya (0.4) 2 9 (8) (1) 0 Poland (1.4) 7 8 (0) 8 (0) 0 Nigeria 0.4 (0.4) 4 (4) (1) Honduras (0) (0) Panama (1) (2) Cameroon (0) Peru (0.6) (6) (1) (0) Morocco (0.0) (0) 0 (1) South Africa (0.9) (10) 32 (42) (10) (1) 1 (0) Philippines (1.0) (0) Belize (10) (4) (7) (5) (0) Costa Rica Russian Federation (1) (3) (0) (4) Azerbaijan (0.1) 8 12 (5) (1) (1) Egypt (0) 1 Chile (1.4) (8) (2) 4 (1) (0) (0) Ecuador Malaysia (1.8) 2 15 (13) 6 (1) China (2.4) 8 15 (7) (0) 1 Venezuela (44) (11) (26) Uganda EMBIG CEMBI GBI-EM EMFX CASH HEDGE
51 12/31/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur YTD Total Alpha Uruguay Namibia (0) (0) (0) (0.4) Bolivia 0 (0) (0.7) Vietnam 0 (0) (0) Senegal 1 (0) Hungary (1) (2) (2) (5.8) Tunisia (0) (0) (0) (0.1) Georgia (0) (0) (0) 0 0 (0) (0.5) Bermuda (0) (0) (0) (0) (0.7) Hong Kong (0) India 0 (0) (0) (1) 3 (0) 3 (1.6) Slovakia 1 (1) 2.3 Cote d Ivoire 0 (3) (2) (1.7) Kazakhstan (4) (1) (5) (5.0) Dominican Republic (2) (3) (5) (2.2) Croatia (1) (2) (2) (1.3) Latvia 0 (0) 0.6 Lithuania 0 (1) (1) Kenya 0 (1) (1) (2) 1 (3) (1.2) Poland (0) (1) (1) (0) Nigeria 1 (1) (0.7) Honduras (0) (1) (1) (1.4) Panama (2) (2) (4) (4.7) Cameroon (0) (2) (3) Peru 12 (5) 7 (1) (4) 3 (6) 5.5 Morocco 0 (0) (0.1) South Africa 0 (5) (4) (10) (11) 2 (13) (14.6) Philippines 2 (1) 1 (0) Belize (0) (2) (2) (7.1) Costa Rica 7 (3) (1) 4.0 Russian Federation (3) (5) (8) (1) (10.9) Azerbaijan (1) (2) (3) 0 1 (0) (3.6) Egypt 1 (1) (1) (0.8) Chile 3 (2) (2) (1.2) Ecuador 2 (1) 0 (2) 0 (2) 7.2 Malaysia (1) (2) (3) 1 4 (3) 3.5 China 2 (2) (1) 13.1 Venezuela (26) (10) (36) (46.9) Uganda
52 12/31/ /30/2016 YTD Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Austria Thailand Iceland Slovenia Qatar Israel Bahrain Bulgaria NO VALUE (0.0) (0.0) (2) (2) 0 Aruba Luxembourg Kuwait Saudi Arabia International Taiwan Oman (0.1) (2) (2) (0) (1) (0) Norway Macau Bangladesh Barbados Sweden Bahamas Cayman Islands Greece New Zealand Ireland Other Duration/Curve Currency Grand Total: (0.0) (77) (5) (0) 7 (12) [Check] Acct - (Total + Comp): (5) (23) 18 EMBIG CEMBI GBI-EM EMFX CASH HEDGE
53 12/31/ /30/2016 Country NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur YTD Total Alpha Austria Thailand Iceland Slovenia Qatar Israel Bahrain Bulgaria NO VALUE (2) 0.1 Aruba Luxembourg Kuwait Saudi Arabia International Taiwan Oman (0) (0) (1) (3) (5) 2 (1.5) Norway Macau Bangladesh Barbados Sweden Bahamas Cayman Islands Greece New Zealand Ireland Other Duration/Curve 17.9 Currency (54.4) Grand Total: (0) 58 (139) (80) (54) (77.4) [Check] Acct - (Total + Comp): 8.8
54 12/31/ /30/2016 YTD Region Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Latin America (2) 49 (4) (0) 6 (8) Central America & Caribbean Eastern Europe (2.6) (3) 9 (12) 0 (2) 0 1 CIS (0.2) (19) 2 (8) 1 0 (0) (4) Middle East & North Africa (3) (5) 3 (1) Sub Saharan Africa (0.8) (39) (0) Asia (4.9) (10) (0) 1 Other (52) (52) (0) Duration/Curve Currency Grand Total: (75) (5) (0) 7 (12) [Check] Acct - (Total + Comp): (3) (23) 20 EMBIG CEMBI GBI-EM EMFX CASH HEDGE * Attribution results are based on Top-Down Total Return Equity Attribution model for periods since inception until 12/31/2015 and Top-Down Excess Return Attribution model for periods beginning 1/1/2016. Results from both models are combined for any reporting period that includes both before and after 1/1/2016.
55 12/31/ /30/2016 Region NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur YTD Total Alpha Latin America 53 (60) (7) (17) (4.4) Central America & Caribbean 8 (16) (9) (6.4) Eastern Europe (13) (11) (24) (15.4) CIS (12) (12) (24) (1) (22.4) Middle East & North Africa 3 (6) (4) (8.9) Sub Saharan Africa 4 (19) (15) (10) (9) 10 (19) (11.4) Asia (0) 15 (14) 2 (12) Other (0) (0) (0) (31) (21) (21) 3.0 Duration/Curve 17.9 Currency (54.4) Grand Total: (0) 58 (139) (80) (52) (77.5) [Check] Acct - (Total + Comp): 8.7
56
57 11/30/ /30/2016 1Y Summary Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation Reported Return (88.3) System Unexplained (17.6) Total Return (Adjusted) (70.7) FX Impact Pricing Impact (2.9) 1.1 (4.0) Total Return (87.4) (20.2) 51.2 (5.3) (0.1) 7.3 (11.7) Compounding (7.8) (7.8) EMBIG CEMBI GBI-EM EMFX CASH HEDGE Sectors Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation EMBIG CEMBI GBI-EM CASH CEMBI Corporate 2.5 (10) Quasi Corp EMBIG 89.1 (2) 55.5 Quasi Sov 15.8 (1) Sovereign 73.4 (0) EMFX GBI-EM (0) HEDGE 0.1 (12) NO VALUE 0.0 (1) Duration/Curve Currency Grand Total: (0) [Check] Acct - (Total + Comp): EMFX CASH HEDGE
58 11/30/ /30/2016 NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur 1Y Total Alpha Summary Reported Return System Unexplained Total Return (Adjusted) FX Impact Pricing Impact Total Return (0.3) 58.3 (138.6) (105.1) #### (79.6) Compounding (7.8) Sectors NO VALUE Intraday Trading S election FX Act Dur Bmk Dur Net Dur Total Alpha CASH (12) 3 CEMBI (14.3) (14.3) 0.5 (9.8) (10) 38 Corporate (4) (4) (14) Quasi Corp (10) (10) (13) (13) (0) EMBIG 55.5 (118.7) (63.2) (0.6) (82) Quasi Sov (19) (29) (48) (8) (49) Sovereign 74 (90) (16) (1) (33) EMFX (35) 15 GBI-EM (0) (6) (6) (7) (2) (2) (4) HEDGE 0 0 (21) (21) (12) NO VALUE (0) (0) 0 0 (0) (1) Duration/Curve 18 Currency (54) Grand Total: 56 (139) (83) (54) (79.2) [Check] Acct - (Total + Comp): 8.2
59 11/30/ /30/2016 1Y Country Acct Wgt Bmk Wgt Net Wgt Act Perf Bmk Perf Net Perf Allocation United States (0) Brazil (0) (1) 27 (3) 0 6 Mexico (4) 12 (8) (0) (0) (8) Iraq (0.3) (1) 0 Belarus Ghana (0.1) 1 0 Serbia (1) Turkey (3) (8) 0 (2) 0 1 Angola Indonesia Paraguay (0) 1 Guatemala (0.3) 3 0 (0) Argentina (0) (0) Lebanon Colombia Mongolia (0.2) (1) 0 Ukraine (0) (9) Mozambique 0.1 (0.1) 2 Pakistan (0) (1) Ethiopia 0.2 (0.2) 1 Jamaica Zambia (1) 1 Trinidad and Tobago (0.3) 1 1 European Union (0.0) (0.0) 1 El Salvador (0.2) 1 1 Sri Lanka Gabon (0.1) 1 (1) Canada (0) Australia (0) Korea (Republic of) (0.0) (0.0) (0) Romania (0.1) 1 (3) 0 Singapore (0.0) (0.0) (0) Jordan (1) United Kingdom (0) Japan (0.0) (0.0) (0) United Arab Emirates (1) Armenia (0.1) 0 0 Tanzania (United Republic of) (0.0) (0) 0 Czech Republic (0.0) (0.0) 0 EMBIG CEMBI GBI-EM EMFX CASH HEDGE
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