PORTFOLIO HOLDINGS

as of 5/23/12

Ticker symbols provided for securities traded on U.S. Exchanges only.

SYMBOL	BONDS (as of deposit date)	S&P Rating	INTEREST RATE (%)	MATURITY	Portfolio Weighting
	INDIANA MICH PWR CO REV SR NT SER I	BBB	7.000 %	3/15/2019	4.57 %
	TORCHMARK CORP SR NT REV	A	9.250 %	6/15/2019	4.56 %
	REED ELSEVIER CAP INC GTD NT REV	BBB+	8.625 %	1/15/2019	4.44 %
	INTUIT SR NT REV	BBB	5.750 %	3/15/2017	4.40 %
	TIME WARNER CABLE INC GTD NTS REV	BBB	8.250 %	4/1/2019	4.34 %
	VALERO ENERGY CORP NT REV	BBB	9.375 %	3/15/2019	4.32 %
	KINDER MORGAN ENERGY PARTNERS LP FIXED RT REV	BBB	5.800 %	3/1/2021	4.29 %
	CITIGROUP INC REV	A-	6.125 %	5/15/2018	4.25 %
	MEDTRONIC INC SR NT REV	A+	5.600 %	3/15/2019	4.24 %
	DELPHI FINL GROUP INC FIXED RT SR NT	BBB	7.875 %	1/31/2020	4.24 %
	AFLAC INC SR NT REV	A-	8.500 %	5/15/2019	4.18 %
	AMGEN INC SR NT REV	A+	6.150 %	6/1/2018	4.15 %
	AMERICAN EXPRESS CO NT REV	BBB+	8.125 %	5/20/2019	4.10 %
	ENERGY TRANSFER PARTNERS LP REV SR NT	BBB-	9.000 %	4/15/2019	4.04 %
	THOMSON REUTERS CORP GTD NT REV	A-	6.500 %	7/15/2018	4.04 %
	XEROX CORP REV FIXED RT SR NT	BBB-	5.625 %	12/15/2019	4.03 %
	FEDEX CORP NT REV	BBB	8.000 %	1/15/2019	3.86 %
	WASTE MGMT INC DEL SR NT REV	BBB	6.100 %	3/15/2018	3.78 %
	DELL INC NT REV	A-	5.875 %	6/15/2019	3.76 %
	VERIZON COMMUNICATIONS INC NT REV	A-	6.350 %	4/1/2019	3.67 %
	AT&T INC GLOBAL NT REV	A-	5.800 %	2/15/2019	3.66 %
	MARATHON OIL CORP SR NT REV	BBB	7.500 %	2/15/2019	3.45 %
	NOKIA CORP NT REV	BB+	5.375 %	5/15/2019	3.38 %
	BOEING CAP CORP SR NT FIXED RT REV	A	4.700 %	10/27/2019	3.22 %
	ALTRIA GROUP INC GTD NT REV	BBB	9.250 %	8/6/2019	3.04 %

Trust holdings are provided for information purposes only and should not be deemed as a recommendation to buy or sell the individual securities shown. The holdings percentages for the Trust are based on invested assets and do not include any cash component of the portfolio.

*The S&P ratings apply to the bonds held by the trust, and not the trust itself.

Important Fund Information.
Bond credit quality allocation reflects the ratings of Standards & Poor’s Corporation. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are according to the Standards & Poor’s scale. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. For more information about securities ratings, please see the Fund’s. Additional information on ratings methodologies are available by visiting the NRSRO website: www.standardandpoors.com.