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
	TORCHMARK CORP SR NT REV	A	9.250 %	6/15/2019	4.92 %
	REED ELSEVIER CAP INC GTD NT REV	BBB+	8.625 %	1/15/2019	4.78 %
	XEROX CORP REV FIXED RT SR NT	BBB-	5.625 %	12/15/2019	4.64 %
	KINDER MORGAN ENERGY PARTNERS LP FIXED RT REV	BBB	5.800 %	3/1/2021	4.63 %
	VODAFONE GROUP PLC NEW NT REV	A-	5.450 %	6/10/2019	4.60 %
	WELLPOINT INC NT	A-	7.000 %	2/15/2019	4.40 %
	FEDEX CORP NT REV	BBB	8.000 %	1/15/2019	4.38 %
	MARATHON OIL CORP SR NT REV	BBB	7.500 %	2/15/2019	4.37 %
	WASTE MGMT INC DEL REV GTD SR NT FIXED RT	BBB	4.750 %	6/30/2020	4.37 %
	WESTERN UN CO SR NT	A-	5.253 %	4/1/2020	4.35 %
	INDIANA MICH PWR CO REV SR NT SER I	BBB	7.000 %	3/15/2019	4.27 %
	JEFFERIES GROUP INC REV FIXED RT SR NT	BBB	6.875 %	4/15/2021	4.19 %
	ROYAL BANK SCOTLAND GROUP PLC REV FIXED RT	A-	6.400 %	10/21/2019	4.19 %
	TIME WARNER INC NEW GTD FIXED RT NT REV	BBB	4.700 %	1/15/2021	4.18 %
	PARTNER RE FIN B LLC FIXED RT SR NT GTD REV	A-	5.500 %	6/1/2020	4.17 %
	ENERGY TRANSFER PARTNERS LP REV SR NT	BBB-	9.000 %	4/15/2019	4.17 %
	BOARDWALK PIPELINES LP SR NT REV	BBB-	5.875 %	11/15/2016	4.16 %
	ALTRIA GROUP INC GTD NT REV	BBB	9.250 %	8/6/2019	3.96 %
	FISERV INC SR NT REV	BBB-	6.800 %	11/20/2017	3.93 %
	TIME WARNER CABLE INC GTD NTS REV	BBB	8.250 %	4/1/2019	3.87 %
	COMCAST CORP REV GTD FIXED RT NT	BBB+	5.150 %	3/1/2020	3.67 %
	AMERICAN FINL GROUP INC OHIO SR NT REV	BBB+	9.875 %	6/15/2019	3.61 %
	CONSOLIDATED EDISON CO NY INC DEB SER 2008 C REV	A-	7.125 %	12/1/2018	3.57 %
	VIACOM INC NEW REV	BBB+	5.625 %	9/15/2019	2.61 %

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.