Portfolio Composition
as of (03/31/2014)

Name Value
CORPORATE BONDS 54.58%
MUNICIPAL BONDS 21.41%
ASSET BACKED SECURITIES 12.09%
COLLATERALIZED MORTGAGE OBLIGATIONS 11.52%
Cash & Equivalents 0.40%

Moody's Quality Bond Rating¹
as of (03/31/2014)

Name Value
A 35.70%
Aa 9.69%
Aaa 16.90%
B 0.36%
Ba 2.61%
Baa 34.74%
Caa 0%

Effective Duration Breakdown
as of (03/31/2014)

Name Value
0-1 Years 70.24%
1-2 Years 28.46%
2 -3 Years 0.95%
3+ Years 0.35%
Average Life 0.77 Years
Effective Duration 0.69 Years

Top 10 Holdings
as of (03/31/2014)

Name Value Coupon Maturity Date
Citibank Omni Master Trust, Ser 2009-A17, Cl A17 1.78% 4.90% 11/15/2018
Pennsylvania State Economic Dev Fin Auth, Ser A 1.73% 0.55% 04/01/2019
Citigroup, Inc. 1.24% 5.00% 09/15/2014
JPMorgan Chase & Co. 1.23% 5.13% 09/15/2014
Bank Of America Corp., Series MTN 1.18% 7.38% 05/15/2014
M&T Bank Auto Receivables Trust, Series 2013-1A, Cl A2 1.15% 0.66% 02/16/2016
Wachovia Bank Comm Mort Trust, Ser 2005-C20, Cl AMFX 1.07% 5.18% 01/18/2038
Goldman Sachs Group, Inc. 1.02% 3.30% 05/03/2015
Wachovia Corp. 1.01% 5.25% 08/01/2014
Rio Tinto Finance Usa, Ltd. 1.00% 8.95% 05/01/2014

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.