The Marriott Global Income Fund is currently yielding 1.58% from a combination of three investment grade Eurobonds and Dollar denominated cash deposits. Cash weighting in the fund is high - just over 37% is held on short term US Dollar deposit - and to a greater extent this reflects the defensive nature of our current strategy. Most major market bond yields remain compressed after a general flight to safety due primarily to Government debt issues in Europe. The Fund remains, therefore, defensively positioned in cash and short dated bond issues at least until yield curves normalise.

The Marriott Global Income Fund is currently yielding 1.58% from a combination of three investment grade Eurobonds and Dollar denominated cash deposits. Cash weighting in the fund is high - just over 37% is held on short term US Dollar deposit - and to a greater extent this reflects the defensive nature of our current strategy. Most major market bond yields remain compressed after a general flight to safety due primarily to Government debt issues in Europe. The Fund remains, therefore, defensively positioned in cash and short dated bond issues at least until yield curves normalise.

The Marriott Global Income Fund is currently yielding 1.51% from a combination of three investment grade Eurobonds and a single Dollar denominated bond fund. Cash weighting in the fund is high - just over 40% is held on short term US Dollar deposit - and to a greater extent this reflects the defensive nature of our current strategy. Most major market bond yields have been compressed by a general flight to safety as the Eurozone crisis has unfolded. Many of the countries in the Eurozone are being belatedly exposed in the wake of the credit crunch. Put simply, these countries have over borrowed and lenders have been too relaxed about the quality of the collateral which, as it turns out, is far less valuable than originally thought. The impact of this problem has naturally been felt by those banks with the greatest exposure to peripheral European debt. Oddly, the Euro has been robust despite these problems thanks to the strength of the German economy. The Fund remains, therefore, defensively positioned in cash and short dated bond issues at least until the latest crisis shows signs of abating. Long fixed interest bonds continue to be undesirable in the light of the crises facing the Eurozone and the delay in the debt ceiling being raised in the USA.

The Marriott Global Income Fund is currently yielding 2.3% from a combination of three-investment grade Eurobonds and a single Dollar denominated bond fund. Cash weighting in the fund is high - just over 40% is held on short term US Dollar deposit - and to a greater extent this reflects the defensive nature of our current strategy. Most major market bond yields have been compressed by a general flight to safety as the Euro zone crisis has unfolded. Many of the countries in the Euro zone are being belatedly exposed in the wake of the credit crunch. Put simply, these countries have over borrowed and lenders have been too relaxed about the quality of the collateral, which, as it turns out, is far less valuable than originally thought. The impact of this problem has naturally been felt by those banks with the greatest exposure to peripheral European debt. Oddly, the Euro has been robust despite these problems thanks to the strength of the German economy. The Fund remains, therefore, defensively positioned in cash and short dated bond issues at least until the latest crisis shows signs of abating. Long fixed interest bonds continue to be undesirable in the light of the crises facing the Euro zone and the delay in the debt ceiling being raised in the USA.