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
	QATARI DIAR FIN Q S C	AA	5.000 %	7/21/2020	6.12 %
	ROYAL BANK SCOTLAND GROUP PLC REV FIXED RT	A-	6.400 %	10/21/2019	5.22 %
	PETROLEOS MEXICANOS GTD NT REV	BBB	5.500 %	1/21/2021	4.87 %
	HUSKY ENERGY INC	BBB+	6.150 %	6/15/2019	4.52 %
	INDIANA MICH PWR CO REV SR NT SER I	BBB	7.000 %	3/15/2019	4.45 %
	CLEVELAND ELEC ILLUM CO REV SR NT	BBB-	5.700 %	4/1/2017	4.44 %
	GRUPO BIMBO SAB DE CV	NR	4.875 %	6/30/2020	4.41 %
	CAYMAN IS GOVT	NR	5.950 %	11/24/2019	4.37 %
	AMERICAN FINL GROUP INC OHIO SR NT REV	BBB+	9.875 %	6/15/2019	4.37 %
	TORCHMARK CORP SR NT REV	A	9.250 %	6/15/2019	4.32 %
	BANK AMER CORP	BBB+	5.490 %	3/15/2019	4.30 %
	JEFFERIES GROUP INC REV FIXED RT SR NT	BBB	6.875 %	4/15/2021	4.24 %
	KINDER MORGAN ENERGY PARTNERS LP FIXED RT REV	BBB	5.800 %	3/1/2021	4.24 %
	GOVERNMENT OF BERMUDA	AA-	5.603 %	7/20/2020	4.17 %
	WELLPOINT INC NT	A-	7.000 %	2/15/2019	4.15 %
	FISERV INC SR NT REV	BBB-	6.800 %	11/20/2017	4.10 %
	REED ELSEVIER CAP INC GTD NT REV	BBB+	8.625 %	1/15/2019	4.02 %
	TIME WARNER INC NEW GTD FIXED RT NT REV	BBB	4.700 %	1/15/2021	3.89 %
	XEROX CORP REV FIXED RT SR NT	BBB-	5.625 %	12/15/2019	3.75 %
	BOARDWALK PIPELINES LP GTD SR NT REV	BBB-	5.750 %	9/15/2019	3.71 %
	WASTE MGMT INC DEL REV GTD SR NT FIXED RT	BBB	4.750 %	6/30/2020	3.49 %
	AFLAC INC SR NT REV	A-	8.500 %	5/15/2019	3.26 %
	TIME WARNER CABLE INC GTD NTS REV	BBB	8.250 %	4/1/2019	2.98 %
	COMCAST CORP REV GTD FIXED RT NT	BBB+	5.150 %	3/1/2020	2.60 %

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.