Our current holding there would be the Morgan Stanley Emerging Markets Debt Fund ( MSD).

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By comparison, the iShares 3-5yr UST (IEI) exchange traded fund is up 5.9% and the Goldman Sachs Emerging Markets Debt (GSDIX) fund is up 3.2%.

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Meanwhile, higher yielding and therefore riskier emerging market debt is trading lower as measured by the iShares JP Morgan USD Emerging Markets Debt (EMB) ETF, a fund holding sovereign debt priced in dollars.

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