I came up with LSBRX at 88% domestic bonds and only 12% foreign.  Do you read the M* data some other way?  Do you know if the manager has a baseline weighting in foreign bonds?

I am not sure that you can make a distinction between foreign bond fund and currency fund.  The currency is going to dominate the returns... at least as long as the US maintains its twin deficits... low Fed rates don't help, but I think that it is a mistake to assume that raising Fed rates will strengthen the USD.  The USD was weak when the Fed rate was higher... why would going back to where it was fix anything.  With my luck, my buying more foreign bonds will boost the dollar.

I have LSBRX and have added smaller positions in FNMIX and MERKX... but I am still way under the El-Erian weighting in foreign bonds.  Maybe I'll move some LSBRX to LSGLX.

erryl