The Marriott Global Income Fund is currently yielding 1.19% from a combination of investment grade bonds and Dollar denominated cash deposits. Cash weighting in the fund is high with just over 40% being held in short term US Dollar deposit. This conservative positioning is in line with our view that offshore bond markets are expensive. The recent increase in US government bond yields, triggered by comments that quantitative easing in the US will begin to be tapered, resulted in capital loss for long dated bond investors and endorsed Marriott's defensive view and current asset allocation. 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% from a combination of investment grade bonds 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 to the prevailing Global economic uncertainty. 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% from a combination of investment grade bonds 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 to the prevailing Global economic uncertainty. The Fund remains, therefore, defensively positioned in cash and short dated bond issues at least until yield curves normalise.