Newfleet Asset Management, LLC
Institutional Investors
Enhanced Core
(as of March 28, 2013)
Philosophy
The Newfleet Enhanced Core fixed income strategy employs a robust active management approach based on top down macro-economic analysis and bottom up credit and mortgage research. A broad array of high potential fixed income instruments are employed to augment returns, including high yield bonds, bank loans, preferred stock, commercial mortgage backed securities, and convertibles. To optimize performance, the scope of the portfolio is global, facilitating broad diversification and the best possible risk adjusted returns.

Capture
- Active
- Strong risk adjusted returns
- Global

Portfolio
Characteristics
PortfolioBarclays
Agg
Weighted Average Price$105.66$108.00
Coupon*4.11%3.47%
Yield to Maturity3.03%1.87%
Yield to Worst2.98%1.86%
Option Adjusted Duration5.395.26
Weighted Average Life6.337.15
Option Adjusted Spread118.0055.67
Moody's RatingA2Aa2
S&P RatingAAA
Source: Barclays Capital
*Average coupon excludes cash equivalents

Top Ten
Credit Issuers in Portfolio
% of
Portfolio
JPMorgan Chase & Co 1.73%
Bank of America Corp 0.95%
General Electric Capital Corp 0.82%
Energy Transfer Partners LP 0.81%
Morgan Stanley 0.78%
Phillips 66 0.70%
Wells Fargo & Co 0.68%
Time Warner Cable Inc 0.62%
Goldman Sachs Group Inc/The 0.61%
Citigroup Inc 0.61%
Percentages reflect only credit issues with maturity of one year or greater

Sector
Weightings
% of
Portfolio
Barclays
Agg
Treasury21.08%36.52%
Agency0.55%4.75%
Corporate Investment Grade 24.97%21.74%
Non-Corporate Investment Grade 1.91%5.49%
High Yield19.40%0.0%
Mortgage Backed Securities (MBS) 24.51%31.14%
Asset-Backed Securities (ABS) 4.20%0.35%
Collateralized Mortgage Obligations (CMO) 0.88%0.0%
Cash2.12%0.0%
Other0.38%0.0%
Source: Barclays Capital
Totals may not add up to 100% due to rounding.

Sector Weightings
Source: Barclays Capital
Totals may not add up to 100% due to rounding.

Quality
Breakdown
% of PortfolioBarclays
Agg
Aaa44.4%73.2%
Aa5.8%4.8%
A10.1%11.3%
Baa22.5%10.6%
Ba7.1%0.0%
B8.1%0.0%
<B1.8%0.0%
NR0.0%0.0%
Source: Barclays Capital
Newfleet Composite Ratings
Totals may not add up to 100% due to rounding.

Quality Breakdown
© Newfleet Asset Management LLC 2013.