Portfolio Composition
as of (06/30/2014)

Name Value
CORPORATE BONDS 55.26%
MUNICIPAL BONDS 16.93%
COLLATERALIZED MORTGAGE OBLIGATIONS 13.29%
ASSET BACKED SECURITIES 12.50%
Cash & Equivalents 2.02%

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

Name Value
A 31.57%
AA 9.78%
AAA 24.04%
BB 2.76%
BBB 31.01%
Not Rated 0.84%

Effective Duration Breakdown
as of (06/30/2014)

Name Value
0-1 Years 69.2%
1-2 Years 29.9%
2 -3 Years 1.0%
Average Life 0.80 Years
Effective Duration 0.70 Years

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

Name Value Coupon Maturity Date
Citibank Omni Master Trust, Series 2009-a17, Class A17 1.98% 07/17/2014
Countrywide Financial Corp 1.48% 07/17/2014
Citigroup, Inc. 1.38% 07/17/2014
JPMorgan Chase & Co. 1.37% 07/17/2014
Wachovia Bank Comm Mort Trust, Ser 2005-c20, Cl Amfx 1.19% 07/17/2014
Goldman Sachs Group, Inc. 1.14% 07/17/2014
Wachovia Corp. 1.13% 07/17/2014
New Haven, CT, Series A 1.10% 07/17/2014
M&T Bank Auto Receivables Trust, Ser 2013-1a, Cl A2 1.08% 07/17/2014
Capital One Financial Corp. 1.08% 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.