Moody's Quality Bond Rating¹
as of (06/30/2014)

Name Value
A 19.41%
AA 11.78%
AAA 36.08%
B 3.11%
BB 7.05%
BBB 18.47%
Below B 0.23%
Government 1.59%
Not Rated 2.28%

Effective Maturity
as of (06/30/2014)

Name Value
0-1 Year 8.3%
1-2 Years 9.9%
2-3 Years 16.3%
3-5 Years 24.2%
5-10 Years 30.4%
10+ Years 10.9%
Average Life 7.37 Years
Effective Duration 5.07 Years

Portfolio Composition
as of (06/30/2014)

Composition Fund Index
Corporate 40.4% 23.5%
   Financial Institutions 19.5% 7.6%
   Industrial 17.2% 13.2%
   Utility 3.6% 2.6%
Government Related 10.2% 9.8%
   Agency 0% 5.4%
   Local Authority 8.6% 1.4%
   Sovereign 1.6% 1.5%
   Supranational 0% 1.6%
Securitized 46.3% 31.3%
   ABS 8.8% 0.5%
   ARM 0.2% 0.4%
   CMBS 18.1% 1.6%
   CMO 9.5% 0%
   Covered 0% 0%
   MBS Passthrough 9.8% 28.7%
Treasury 1.6% 35.4%
Cash & Equivalents 1.5% 0%
TOTAL 100% 100%

Top 10 Holdings
as of (06/30/2014)

Name Value Coupon Maturity Date
Avis Budget Rental Car Fund Aesop, Ser 2012-3a, Cl A 1.78% 07/17/2014
FNMA, Pool #AB9368 1.14% 07/17/2014
Citi/Deut Bank Comm Mort Trust, Ser 2007-cd4, Cl A4 1.11% 07/17/2014
Morgan Stanley Cap I Trust, Ser 2008-top29, Cl A4 1.10% 07/17/2014
Morgan Stanley Capital I Trust, Ser 2007-iq14, Cl A5 1.06% 07/17/2014
Securitized Asset Backed Recs, Ser 2005-op2, Cl A2c 1.05% 07/17/2014
BCAP Llc, Trust, Series 2013-rr4, Class A4a2 1.04% 07/17/2014
FHLMC, Series 4077, Class Pj 1.03% 07/17/2014
Ally Auto Receivables Trust 2013-2 0.99% 07/17/2014
North Carolina, Eastern Muni Power Agency, Ser C 0.98% 07/17/2014

Current and future portfolio holdings are subject to change and risk.

¹ Credit quality ratings using Moody's rating symbols reflect the credit quality of the underlying bonds in the fund portfolio and not of the Fund itself. Moody's assigns a range of ratings from Aaa being the highest quality to C being the lowest rated class of bonds. Securities not rated by Moody's may be rated by S&P, Fitch or if no agency rating is available, the Fund will assign a rating of not rated. Bond quality ratings are subject to change.