Mondrian International Government Fixed Income Fund

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Fund Characteristics as of September 30th, 2019

Fund FTSE Non-US WGBI
Number of Securities 43 789
Portfolio Turnover (1 year trailing) 47.0% ---
Average Maturity 11.7 years 10.5 years
Average Duration 9.9 years 9.7 years

Credit Rating as of September 30th, 2019

AAA 29.7
AA 32.6
A 20.9
BBB 10.4
Not Rated* 5.6
Cash 0.58
Total
100.00






Country Allocations as of September 30th, 2019

Bond Exposure(%) Currency Exposure (%) FTSE Non-US WGBI
Pacific-Asia 45.7% 35.0% 34.3%
Australia 4.0% 0.0% 2.7%
Japan 31.7% 32.9% 30.7%
Malaysia 2.0% 2.0% 0.6%
New Zealand 8.0% 0.1% 0.0%
Singapore 0.0% 0.0% 0.5%
Americas 11.8% 5.7% 3.6%
Canada 2.0% 2.0% 2.5%
Mexico 3.2% 3.2% 1.1%
USA 6.6% 0.5% 0.0%
Europe 41.6% 59.3% 59.4%
Eurozone 37.5% 43.4% 50.6%
Sweden 0.0% 3.0% 0.5%
United Kingdom 4.1% 13.0% 8.4%

Top 10 Holdings as of September 30th, 2019

Fund
Japan Govt 20yr 1.6% 20-Jun-30 (120) 6.8%
Japan Govt 30yr 2.4% 20-Dec-34 (017) 5.2%
European Fin Stability 0.95% 14-Feb-28 4.7%
Republic of Austria 6.25% 15-Jul-27 4.6%
Rep of Finland 0.5% 15-Sep-27 4.5%
Asian Dev Bank 2.35% 21-Jun-27 4.4%
Japan Govt 20yr 0.2% 20-Jun-36 (157) 4.3%
KFW Intl Finance 2.05% 16-Feb-26 4.2%
Euro Inv Bank 2.15% 18-Jan-27 4.2%
Kingdom of Belgium 1% 22-Jun-26 4.0%
Total 46.9%

The credit quality breakdown depicts the credit quality ratings of the Fund’s securities. All rated securities are rated by Nationally Recognized Statistical Rating Organizations (NRSRO) Standard & Poors (S&P), Moody’s and/or Fitch. If a security is rated by more than one of these organizations, the lowest rating assigned is shown. When a security is not rated by any NRSRO, it is classified as ‘Not Rated’. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

* There are currently two Netherlands and Italian government bonds that are not rated by any NRSRO, but the issuers of these securities (the governments of the Netherlands and Italy) are rated by all three NRSROs.

The Fund was previously the Laudus Mondrian International Govenment Fixed Income Fund and was reorganized into the Mondrian International Government Fixed Income Fund effective September 24, 2018. The Fund continues to be managed in the same way.

Holdings are Subject to Change. If you would like to see all of the portfolio holdings, please click here.


 

The Portfolio Turnover rate is a measure of the Fund’s trading activity which represents the portion of the Fund’s holdings that has changed over a year.  There is no assurance that the Fund will maintain its current level of turnover.

The Weighted Average Maturity (WAM) of a fund is dollar-weighted based upon the market value of a fund’s securities at the time of the calculation.  Maturity of a bond will generally be determined using a portfolio security’s final maturity date (date on which the final principal payment of a bond is scheduled to be paid); however, for securitized products, such as mortgage-backed securities and certain other asset-backed securities, maturity will be determined on an average life basis (weighted average time to receipt of all principal payments) by the investment adviser. Because pre-payment rates of individual mortgage pools vary widely, the average life of a particular pool cannot be predicted precisely. For securities with embedded demand features, such as puts or calls, either the demand date or the final maturity date will be used depending on interest rates, yields and other market conditions.

The Average Duration is a measure of an individual bond’s sensitivity to interest rates, expressed in years. Calculations of duration generally take into account the bond’s yield, interest payments, maturity date and call features. Weighted Average Duration is a measure of the duration of all bonds in a fund’s portfolio, also expressed in years, based on the market value weighted average duration of each bond in the portfolio.

The credit quality breakdown depicts the credit quality ratings of the Fund’s portfolio securities that are rated by one or both of two major nationally recognized statistical rating organizations (“NRSRO”). The two NRSROs currently utilized are Standard & Poor’s (S&P) and Moody’s. When a bond is rated by S&P that rating is utilized. If it is not rated by S&P, the Moody’s rating is utilized. When a security is rated by neither, it is classified as “Not Rated”.  Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

FTSE non-US Dollar World Government Bond Index A market capitalization index that measures the total rate of return performance for the government bonds of 22 countries, excluding the U.S., with a remaining maturity of at least 1 year.

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