Fixed Income Made Simple_30Apr12_FINAL [PRINT VERSIon]

FIXED INCOME MADE SIMPLE

Markets always move, but we stay fixed. Aberdeen Fixed Income.

In times of volatility, you want the predictability of Fixed Income funds that provide you regular income*. The good news is that as well as in Equities, we are equally strong in Fixed Income. Even other fund managers look to our expertise. So stay fixed with us even while markets move.

*Distribution of income is not guaranteed and subject to the manager’s discretion.

www.aberdeenfixedincome.com

1/ Fixed Income: how it can complement your portfolio

2/ Right tool for the job: how to choose your fixed income solution

3/ How fixed income products adapt to the environment

4/ Fund feature: Shorty Spicy

5/ How to invest with us

CONTENTS

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32

1/ FIXED INCOME: HOW IT CAN COMPLEMENT YOUR PORTFOLIO

Fixed income and equities are the perfect doubles partners in any match-winning investment strategy. But while it’s equities that hits winners at the net, fixed income is there simply to keep the ball in play – a defensive role that is poorly understood by many investors. Anthony Michael, Head of Fixed Income – Asia Pacific at Aberdeen Asset Management, explains the finer points of the game.

8 Fixed Income Made Simple

It seems like a basic question, but what do you actually mean

by fixed income?

The public often thinks of fixed income in terms of their

bank account or term deposits, which provide a return linked to an interest rate. This is basically correct. In return for putting your savings with the bank, you get an agreed or fixed return. The bank in turn uses your money to lend other people.

Fixed income investments works in a similar way, except that you are not putting your money away for safekeeping, as you would in a bank, but providing funds direct to a borrower. The borrower, usu-ally a government or company, agrees to repay you at a set date or maturity, typically over two to ten years. During that period it will also make regular interest payments.

In fixed income, we usually call this act of lending a bond pur-chase (in effect you are entering into a contract with the borrow-

www.aberdeenfixedincome.com 9

er). Where it starts to get com-plicated is in the variety of bonds themselves. Bonds come with all manner of promises; some have conditions that make them more risky.

Much of the job of the profes-sional fixed income manager is to judge which bonds are cred-itworthy and pay an appropriate interest rate.Another role is to assess a bond’s value. Unlike term deposits bonds are tradable in-struments. Once issued they can be bought and sold in a market until they mature. As bond prices move around, depending in part on supply and demand, there is the potential for profit and loss.

By packaging bonds into a fund, we try to enhance the value of our holdings by selling bonds for more than we paid, while also spreading risks.

Still, fixed income is considered a fairly defensive asset class compared with equities. This is because the safest bonds, known

Fixed Income: how it can complement your portfolio


as investment grade, are very unlikely not to repay (ie default).

Even lower quality credits can look relatively safe, at least com-pared with equities. Remember: as a bond investor you are just lending money whereas with eq-uities you become a shareholder and there is no fixed value or repayment date on your holding.

But if the price of bonds doesn’t stay constant won’t that mean my investment return will also vary? I thought ‘fixed income’ gave a fixed return?

This is a common misconception but one that’s easy to clear up. Let’s start first with the income part of your question. The income from a bond, that is the regu-lar payments of interest at the agreed rate, doesn’t change over its term – this is fixed and known.

If you bought a bond when it was first issued with the intention of holding it to maturity, then your overall investment return would also be fixed – you’d get your


interest plus the return of your principal when the bond matures, same as a term deposit. This return, expressed as a percentage, is your ‘yield’.

Thus a bond valued at $100 paying $10 will offer a 10% yield in interest (per year). But if that bond fluctuates in value, as it most likely will, the yield will change accordingly.

Suppose its value drops to $80. Expressed as a yield, the $10 pay-ment will now be equivalent to a 12.5%.

Then why don’t I just hold cash or term deposits for income and capital protection?

If capital protection is your only investment objective then put-ting all your money in a bank makes sense.

However, capital protection is rarely an investor’s only objec-tive; besides, the interest in the bank may not keep up with infla-tion. At the very least most want


to preserve the value of capital, in which case they should also consider the benefits of diversifi-cation offered by investments.

Diversification is usually ex-plained as ‘not putting all your eggs in one basket’. But true di-versification comes from holding not just a range of different as-sets, but a combination of assets that together outperforms across a variety of market conditions. Most investors have an allocation to shares, but many do not have

an allocation to other invest-ments that typically outperform when these shares are underper-forming.

What a bond fund can provide, which your term deposit cannot, is the ability to rise in value when equity markets are falling (the converse also applies; they may lag behind in an equity rally). This behaviour is known as ‘inverse correlation’. It provides a good argument for investing in bonds, and not just cash or term depos-its.

What a bond fund can provide, which your

term deposit cannot, is the ability to rise in value when equity markets are falling.

“

”Anthony Michael, Head of Fixed Income – Asia Pacific



To look at some real-life ex-amples, in 2009 when Asian stockmarkets rose over 70%, the HSBC Asian Local Bond index returned only slightly higher than 6%. Fast-forward to 2011 when Asian shares plummeted 15%, the Asian fixed income market was up 5%!

But why are bonds inversely correlated with equities?

There’re a cou-ple of ways of answering this question. One way is to consider that, when the share market is falling then the demand for bonds increases as investors look for the perceived safety that bonds can offer. This increase in demand leads to higher prices for bonds. And the opposite dynamic will occur if equities are on the way up.

However, there are also some economic fundamentals that underpin this inverse relation-ship between equities and bonds over time. In a rapidly growing

economy, com-pany earnings will usually rise, boosting the val-ue of shares. At the same time, central banks tend to raise rates to keep inflation under control, which reduces the value of bonds that have locked in a lower interest

rate for a period of time.

Generally, when the economy is slowing down, companies become less profitable and so the value of their shares also drops.

In this scenario central banks usually try to boost the economy by lowering interest rates. When

True diversification comes from holding not just a range of different assets, but a combination of assets that together outper-forms across a variety of market conditions.


that happens, bonds that have already locked in a higher inter-est rate for the duration of their term become more sought after and therefore more valuable.

Then what are the similari-ties and differences between holding a company’s bonds or equity?

A company can use both shares and bonds as a way of rais-ing capital to run and grow its business – so there’s a fundamental link between the two.

Both bonds and shares can provide you income: in the case of a bond, payments are ‘fixed’ for the defined term, whereas with equities, the in-come, in the form of a dividend, varies or may not be paid at all.

Finally, in the event of a company collapse, bondholders are first in line to be paid back any recovery value (for example, from the sale of assets), while shareholders are the last to be paid back, and might actually lose their entire investment.

Are there other reasons why bonds go up and down in value?

Bonds fluctu-ate in value as market interest rates change. There are many reasons why rates can change, but one way to un-derstand this is to imagine that

you were a bank having to justify how much interest to charge a specific borrower for a loan.

As a starting point, you would look at the interest rate which is set by the central bank.

In the event of a company collapse, bondholders are first in line to be paid back any recovery value... while shareholders are the last to be paid back, and might actually lose their entire investment.



Next, you might consider the length of the loan – typically, the longer the term of the loan, the more uncertainty on the future level of the cash rate, so you’ll often need to charge a higher premium for a 10-year loan than a one-year loan.

Also consider the expected rate of inflation – if you think infla-tion will increase over the course of the loan you’d better set the interest rate accordingly. Finally, determine the creditworthiness of the borrower – who are you lending to? The government, for instance, is less likely to default on a loan than a small company.

How much can bonds go up and down in value? Bonds are known for being less ‘volatile’ than shares – that is, they typically don’t move around in price as much as equities.

The amount bonds go up and down in value is in fact propor-tional to the length of time the interest rate of the bond is locked in).

To put in perspective, in the last 25 years, bonds have lost money twice. In 1994, bonds were down 4.6% and in 1999, bonds were down 1.2%. They still however paid reasonable income in these years.

So is now a good time to invest in bonds? It’s impossible to ‘time’ entry into the bond market – and nor should you try.

Your decision to invest in bonds via a fixed income fund should be about creating an overall port-folio that meets your objectives.The significant advantage of a bond-based fixed income fund is that it provides a solid defence against a fall in the value of your shares, while also providing you income and a strong measure of capital protection over the longer term.

2/ RIGHT TOOL FOR THE JOB: HOW TO CHOOSE YOUR FIXED INCOME SOLUTION

The fixed income asset class offers a

wide choice of investment options.

Aberdeen’s head of Emerging Market Debt,

Brett Diment*, explains how to select a product

that matches your investment goals.

Why are there so many fixed income products to

choose from?

The fixed income universe is a vast and complex space. It encompasses everything from the most basic off-the-shelf bank savings accounts to sophisticated structured products.

Indeed, investors are often surprised to learn that the fixed income world is actually much larger and more diverse than the equities market.

While the stockmarket offer investors choices based on fac-tors such as region or industry, investing in equities still means one thing: you are buying a stake in a company.

By contrast, debt markets reflect the many different funding requirements of borrowers across the entire economy.

Fixed income managers must select from a wide range of debt securities that are differentiated

by interest rate, duration of the loan and credit quality.

Retail investors are often una-ware of how these many different factors affect the fixed income products they buy and whether, therefore, the product matches their investment objectives or not. The global financial crisis (GFC) highlighted this fact when many investors were surprised to dis-cover that their supposedly ‘safe’ fixed income investments were actually exposed to a high degree of credit risk.

The crisis serves as a lesson for investors in the importance of ensuring that the fixed income products in their portfolios are truly appropriate to their needs.

Given there are so many fixed in-come funds to choose from, how do I know what’s right for me?

The first point I would make is that you should consider the ob-jectives of your overall investment portfolio before making decisions on any particular asset class.

Right tool for the job: how to choose your fixed income solution


At Aberdeen we believe it’s

important for fixed income managers to do their own research of individual debt securities as well as sectors, rather than rely on ratings agencies to construct portfolios.

“

”Brett Diment*

Head of Emerging Market Debt

For example, what’s your risk tolerance? And how does that translate into the mix of assets in your portfolio? How much em-phasis do you want to place on growth, income, capital security and inflation protection? Once you’re clear on these overarching objectives you can then investi-gate what debt instruments are appropriate.

If your portfolio includes equi-ties, for instance, you may wish to consider an allocation to fixed income products that tend to rise when stockmarkets are falling.

Or if you’re interested in high-yield fixed income investments, how comfortable are you with taking on more credit risk and the greater likelihood these products will fall in value when shares do?

It’s also important to make sure you understand the implications of investing in international prod-ucts and the benefits they offer as opposed to just thinking of them as equivalent to investing in international shares.



So what instruments give me de-fence against holding equities?

Historically investment grade bonds have provided the best defence against falling stock-markets, however not all fixed income products offer a diversifi-cation benefit.

For example, higher-yielding fixed income products may carry excessive credit risk. The greater the credit risk – that is, the higher probability the underlying bor-rowers will default – in a fixed income product, the more likely it is to behave like an equity product.

It’s not always apparent to retail investors just how much credit risk there is in the fixed income products they buy. The first distinction an investor would make is usually between ‘invest-ment grade’ and ‘non-investment grade’ securities.

These categories are defined by rating agencies such as S&P, Moody’s and Fitch. The ratings

agencies have various systems to determine the probability of de-fault and they draw a line in the sand between investment grade and non-investment grade based on likelihood of default.

According to Moody’s, in the last 70 years, the average default rate of three-year investment grade credit has been less than 1%, compared to a non-investment grade default rate of over 10 per cent.

After distinguishing investment from non-investment grade, rat-ing agencies then typically split these categories into further sub categories as shown in Table A.

Can I rely on the rating agen-cies to measure the risk of bonds? I’ve read that they were to blame for the GFC because they didn’t alert investors to the risks?

You’re right - the role of rating agencies was called into ques-tion after the GFC. Some industry


observers have even argued that ratings agencies were partly to blame for the crisis because they rated various structured mort-gage products as much safer than they really were, after failing to factor in the likelihood of a 40% drop in house prices!

They argue that the ratings agencies clearly didn’t have a complete understanding of the structured products market (although, in their defence, this market hasn’t been around that long).

Table A: Categories by ratings agencies

And while the ratings agencies might have failed to fully com-prehend the credit risks hidden inside complex instruments such as collateralised debt obligations (CDOs), their track record in judging the strength of corporate bonds, it could be argued, has been more successful.

Even so, at Aberdeen we believe it’s important for fixed income managers to do their own re-search of individual debt securi-ties as well as sectors, rather than rely on ratings agencies to construct portfolios.



Moody’s Standard & Poor’s

Highest quality Aaa AAA

Investment gradeHigh quality Aa AA

Upper medium A-1, A A

Lower medium Baa1, Baa BBB

Speculative Ba BB

Not investment gradeHighly speculative B, Caa B, CCC, CC

Default Ca, C D

By conducting our own research and actively managing our port-folios based on that knowledge, we can identify additional invest-ment opportunities and, most importantly, weed out risks that rating agencies may have missed.

So how important are the rating agencies in determining what goes into portfolios?

Some managers choose simply to follow the benchmark, or index, as closely as possible – an approach known as ‘passive’ or ‘index’

Safety checks: how credit ratings work

Bond credit ratings are essential risk management tools for fixed income fund managers. The rat-

ings, issued by major agencies such as Standard & Poor’s or Moody’s, give investors an indication of the credit strength of the bond issuer (borrower) – that is, the likelihood they will be able to pay the interest as promised and capital when the bond matures.

As the table on page 19 shows, each ratings agency uses a slightly different system for labeling the securities they rate, but essentially they all help fixed income managers distinguish what securities they will consider for their portfolios.

There is a basic sub-division between ‘investment grade’ bonds, which most managers would consider carry an acceptable risk, and ‘non invest-ment grade’ (often referred to as ‘junk bonds’) securities that are more speculative in nature.

The lower down the ratings scale bonds are, the higher the interest rate they must pay to offset the perceived risk.

Fixed income managers have to keep a constant eye on credit ratings as they are subject to change, a process that is not necessarily easy for retail investors to keep track of.


investing. This approach assumes the rating agencies have correctly rated securities when determin-ing their eligibility for inclusion in relevant benchmarks. The role of rating agencies in passive portfo-lios is thus very important.

Active managers like Aberdeen, however, choose not to build portfolios purely around the securities in the benchmark, believing that these benchmarks are not always constructed ef-ficiently. It is a fact that the big-gest borrowers tend to account for the largest share of a bench-mark; this is all very well if they also have the best credit stand-ing – but it is counter-intuitive otherwise.

So what is my ideal mix of inter-est rate, credit, domestic/inter-national and inflation exposure?

As with your broader investment portfolio, your fixed income in-vestments should guard against a diversity of risks. The exact com-position of your fixed investment

portfolio will depend on your individual situation, risk tolerance and outlook.

But now, at least, you have some-thing to talk to your financial advisor about.

Visit aberdeenfixedincome.com and click on “How To Invest” to view a list of Aberdeen’s fixed

income fund distributors.



*Brett Diment is head of the Emerging Markets Debt team, advising the Aber-deen Global - Emerging Markets Local Currency Bond Fund, the underlying fund of the Singapore-authorised Aberdeen Emerging Markets Local Currency Bond Fund.

3/ HOW FIXED INCOME PRODUCTS ADAPT TO THE ENVIRONMENT

Interest rates and inflation have a profound effect on fixed income investment re-turns. Adam McCabe, senior portfolio manager in the Aberdeen Asia Pacific fixed income team, details how different fixed income securities react as inflation and interest rates change over time.

www.aberdeenfixedincome.com 25 www.aberdeenfixedincome.com 25

How fixed income products adapt to the environment

We explained earlier why an allocation to fixed income

performs an important strategic role within a broader portfolio.

Specifically, we showed how a typical fixed income fund with exposure to the bond market acts as a useful counterweight in an environment where equities are falling, and where interest rates are typically also falling.

But as well as fulfilling this long-term strategic purpose in relation to an overall portfolio, actively managed fixed income investments can also be adapted tactically, according to economic conditions.

The two main economic indica-tors that fixed income investors pay attention to are interest rates and inflation or, to be more precise, expected levels of interest rates and inflation.

Markets are necessarily look-ing to the future, albeit they are guided to a certain extent by

historical experience. And history has shown that the performance of different fixed income securi-ties is closely associated with underlying economic conditions as defined by the mix of inflation and interest rates.

The chart below illustrates some of the main security types avail-able to fixed income investors: 1) fixed term bonds, 2) inflation-linked bonds, and 3) cash-like in-struments such as term deposits/floating rate instruments – and how they perform depending on interest rate and inflation out-comes.

Fixed Income Tactical Asset Allocation

Inflation-linked bonds

Fixed bonds

Cash, term deposits & floating rate instruments

Infl

atio

n

Interest Rates

Fixed-term bonds

The vast majority of bonds offer a payment that is fixed for the bond’s life. They tend to provide the best performance when inter-est rates and inflation are either flat or falling.

A low inflation environment is good for bonds. High inflation typically erodes the value of the future interest payments that have already been locked in.

Bonds can be expected to perform well in an environment where interest rates are mov-ing lower, with capital gains resulting from more demand for investments that have previously locked in higher interest rate pay-ments.

Falling interest rates will lead to capital gains and longer duration bonds will benefit from propor-tionally larger increases in price as compared to shorter duration bonds.

However, when both inflation and interest rates are flat it is difficult for any fixed income funds to produce stellar returns. They offer a reasonable level of income, but the investments will not appreciate in capital value.

Indeed, from the late 1990s until early this decade the fixed income market was defined by these conditions.

Cash, term deposits and float-ing rate instruments

Rising interest rates have a positive effect on floating rate investments (generally thought of as cash-like investments where interest rates are not fixed). By contrast, rising interest rates hurt non-floating rate fixed income investments which have locked in lower fixed interest payments.

On the other hand, floating rate securities can lock in new inter-est payments at higher levels. They also offer some reasonable




short-term protection against in-creasing inflation, so long as the central bank responds to higher inflation by raising interest rates. Historically, some central banks have lost credibility by failing to revise interest rates enough to keep inflation under control.

Inflation-linked bonds

As the name suggests, inflation-linked bonds provide investors with the best returns in periods of rising inflation because their interest payments are linked to official inflation data. The more inflation rises, the more they must pay.

Prudent investors should ensure that their portfolios

invest in a diverse range of securities in a strategic sense.

“

”Adam McCabe, Senior Portfolio Manager Aberdeen Asia Pacific fixed income team

In extreme conditions, when inflation is rising but economic growth and interest rates po-tentially falling, inflation-linked bonds come into their own. But when interest rates follow inflation upwards, this tends to be negative for capital values of all kinds of fixed income instru-ments, including inflation-linked bonds; at such times holding cash as well is a good idea.

Interest rates and inflation have a profound effect on fixed income investment returns. Hence pru-dent investors should ensure that their portfolios invest in a diverse range of securities in a strategic sense.



FUND FEATURE

30 Fixed Income Made Simple ^As at 29 February 2012

1/ Why Asian local currency bonds?

Asia has strong economic fundamentals which will be reflected in its currency valuations over time. We believe Asian currencies are undervalued and will continue to appreciate.

2/ Why short duration?

• Asian short duration local currency sovereign bonds offer higher yields than US

Treasury bonds.

• Because they will mature soon, short duration investments may provide some

protection against the risk of inflation, compared to longer duration fixed

income funds

0

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US Generic Govt 2 Year Yield iBoxx 1-3 Yr Asian Sovereign Yield%

Short duration Asian sovereign bonds offer attractive yieldUS 2-Yr Treasury yield vs iBoxx 1-3 Yr Asian sovereign yield

Source: Bloomberg, Markit Group Limited, February 2012

SHORTYAberdeen Asian Local Currency Short Duration Bond Fund


Aberdeen Asian Local Currency Short Duration

Bond Fund

FUND

Aberdeen Global – Asian Local

Currency Short Duration Bond

Fund

UNDERLYINGFUND

Portfolio of Asian Local Currency

Government Bonds

SECURITIES

Benefits to investors

• Enables investors to take advantage of potential Asian currency appreciation with limited interest rate and credit risk and without taking equity risk

• Provides exposure to a region with strong growth fundamentals

• Short dated bond yields are often above bank deposit rates

• Setting up bank deposit and custody accounts in Asia is time-consuming and laborious

• Aberdeen is a trusted fund manager in Asia

3/ What does Shorty offer your portfolio?

The Fund offers investors the potential to benefit from long term total return, generated from both Asian currency appreciation and higher yields than bank deposits.

Asian bonds have enjoyed attractive returns. But the markets don’t all move together. This makes a powerful case for investing across the various markets rather than hoping for the best in just one country.

4/ What is Shorty invested in?

GLOBAL INVESTOR ANNUAL AWARDS

WINNER FOR 2010 AND 2011

BEST ASIA PACIFIC FIXED INCOME

MANAGER

SPICYAberdeen Emerging Markets Local Currency Bond Fund

1/ Why Emerging Markets (EM)?

Emerging markets have benefited from a decade or longer of sensible monetary and fiscal policies. Debts are down, trade balances are up. This has led to a virtu-ous circle of rising investment, spending and jobs growth which has sustained growth.

2/ Why EM local currency debt?

Major currencies such as the dollar and Euro face broad-based weakness, versus EM currencies which we expect to appreciate over time. This asset class has also produced higher yields than developed countries. We expect that to continue as its long-term growth prospects are supportive.

High relative and absolute yieldsEmerging Markets Local Currency Government 10-Year Bond Yields

Source: S&P, Bloomberg, February 2012

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Mal

aysi

a (A

)

Thai

land

(A

-)

Pola

nd (

A)

Peru

(BB

B+)

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nesi

a (B

B+)

Mex

ico

(A-)

Col

ombi

a (B

BB+

)

Sout

h A

fric

a (A

)

Russ

ia (

BBB+

)

Hun

gary

(BB

+)

Turk

ey (

BBB-

)

Braz

il (A

-)

US

(AA

+)

UK

(AA

A)

Japa

n (A

A-)

%



Aberdeen Emerging

Markets Local Currency Bond

Fund

FUND

Aberdeen Global – Emerging

Markets Local Currency Bond

Fund

UNDERLYINGFUND

Portfolio of Emerging

Markets Local Currency

Bonds

SECURITIES

Benefits to investors

The Fund offers exposure to currency and interest rate dynamics in the developing world.

Local currency debt can be actively managed, widening the opportunity set and offering diversification from hard currency (US dollar) emerging market debt and other major asset classes.

3/ What does Spicy offer your portfolio?

The Fund offers a potential long-term total return. This comes in two ways: first from a high real yield, which is better than that obtainable from equivalent emerging hard currency (US$) issues; and second, from potential bond price ap-preciation.

Our active management of credit and duration can enhance this return. The Fund also provides diversification from mainstream emerging markets equity and global equity strategies.

4/ What is Spicy invested in?

HOW TO INVEST

Aberdeen’s fixed income funds are available from a range of distributors including e-platforms, banks, insurance, financial advisers and brokerages.

If you would like to invest or require financial advice, please visit www.aberdeenfixedincome.com to get in touch with one of our distributors.

Contact Us

For more information on our company or products, please contact our client services team:

Aberdeen Asset Management Asia Limited Telephone: 1800 395 2702 Fax: +65 6438 0743 Email: [email protected]


Important: The information is provided on a general basis for information purposes only, and is not to be relied on as advice, as it does not take into account the investment objectives, financial situation or particular needs of any specific investor.

Investments in any of the funds mentioned herein are not deposits in, obligations of, or guaranteed or insured by Aberdeen Asset Management Asia Limited (the “Manager”), and are subject to investment risks, including the possible loss of the principal amount invested. Unit values and income therefrom may fall or rise. Past performance is not indicative of future performance. Investors should read the prospectus as well as the product highlights sheet, available from the Manager or its web-site at www.aberdeen-asia.com, or seek relevant professional advice before making any investment decision.

The fund(s) as well as their underlying fund(s) may use or invest in financial derivative instruments. Please refer to the prospectus of the fund(s) for more information.

Any research or analysis used to derive, or in relation to, the information herein has been procured by the Manager for its own use, and may have been acted on for its own purpose. The information herein, including any opinions or forecasts have been obtained from or is based on sources believed by the Manager to be reliable, but the Manager does not warrant the accuracy, adequacy or completeness of the same, and expressly disclaims liability for any errors or omissions. As such, any person acting upon or in reliance of these materials does so entirely at his or her own risk. Any projections or other forward-looking statements regarding future events or performance of countries, markets or companies are not necessarily indicative of, and may differ from, actual events or results. No warranty whatsoever is given and no liability whatsoever is accepted by the Manager or its affiliates, for any loss, arising directly or indirectly, as a result of any action or omission made in reliance of any information, opinion or projection made in this presentation.

The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others. The Manager reserves the right to make changes and corrections to the information, including any opinions or forecasts expressed herein at any time, without notice.

Aberdeen Asset Management Asia Limited, Registration Number 199105448E

Fixed Income Made Simple_30Apr12_FINAL [PRINT VERSIon]

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