10 SMRA surveyed share Treasuries Itarcara US Aµ >hare. Treasuries 0 2011 2012 2013 2014 2015 Source Mom McCarthy itnedeol Anonnt 15M/VV. t Wean Mem, W Damian Sant Portfolio managers under-allocation in Treasuries (6) m (e) (10) (11) (12) Percent 2012 2013 2019 2015 2011 -Allocation