| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| INST CASH MANAGEMENT MMKT | 76628T264 | 39,402,582 | $39,402,582.13 | 7.24% |
| FNMA 725027 5.00 11/01/33 | 31402CPL0 | 24,290,245 | $23,018,553.69 | 4.23% |
| G2SF 2732 5.5 11/19/38 | 21H0526B9 | 21,217,393 | $20,769,833.31 | 3.81% |
| FNCL 929408 5 05/01/38 | 31412MR59 | 21,407,997 | $20,287,199.95 | 3.72% |
| WI T-NOTE 1.375 07/15/18 | 912828JE1 | 19,274,000 | $16,745,663.53 | 3.07% |
| FNMA 889855 5.50 11/01/33 | 31410KTL8 | 14,764,885 | $14,468,818.69 | 2.65% |
| GNSF TBA 6.50% 11/19/38 | 01N0626B3 | 12,937,000 | $13,074,455.63 | 2.40% |
| GNSF 782331 6 04/15/38 | 36241KSU3 | 12,753,565 | $12,751,304.01 | 2.34% |
| UNITED STATES TREAS BDS | 912810EV6 | 10,203,000 | $12,708,316.04 | 2.33% |
| FNMA 5.50 09/01/34 | 31402DJS0 | 12,508,468 | $12,242,011.87 | 2.25% |
| FNCL 952312 6.5 10/01/37 | 31413QN53 | 10,390,324 | $10,538,127.25 | 1.93% |
| GNSF 6.5 2008 GN 10/15/38 | 36241KVG0 | 9,840,000 | $9,955,747.92 | 1.83% |
| FNCI 745392 4.50 12/01/20 | 31403DC56 | 8,525,527 | $8,118,450.96 | 1.49% |
| FGLMC 6 G04673 09/01/38 | 3128M6Q27 | 7,617,729 | $7,608,682.98 | 1.39% |
| FGLMC G11685 4.5 07/01/19 | 31283K2S6 | 7,222,205 | $6,897,673.02 | 1.26% |
| FNCL 725236 4.50 03/01/34 | 31402CV58 | 7,447,646 | $6,765,099.73 | 1.24% |
| GNSF 6.5 2008 08/15/38 | 36295QLM0 | 5,749,000 | $5,816,628.52 | 1.06% |
| RALI 02-QS18 5.5 12/25/17 | 76110G2H3 | 5,504,973 | $5,267,571.44 | 0.96% |
| FNARM 908393 VRN 12/01/36 | 31411HGA2 | 4,841,905 | $4,876,344.67 | 0.89% |
| FNCL 908580 VRN 01/01/37 | 31411HM56 | 4,424,820 | $4,492,237.62 | 0.82% |
| FREDDIE MAC 5.0% 07/15/37 | 31397K2E0 | 4,482,372 | $4,395,058.64 | 0.80% |
| BSCMS 2001 6.48 02/15/35 | 07383FFP8 | 4,516,000 | $4,385,671.40 | 0.80% |
| WAL-MART 6.50% 08/15/37 | 931142CK7 | 4,296,000 | $3,856,111.08 | 0.70% |
| FHR 3305-PA 5.50 01/15/30 | 31397GUB4 | 3,778,404 | $3,847,842.07 | 0.70% |
| FNARM 906236 VRN 01/01/37 | 31411EY92 | 3,651,238 | $3,701,785.60 | 0.68% |
| FNCL 888595 5.0 01/01/22 | 31410GGC1 | 3,737,649 | $3,657,882.07 | 0.67% |
| WBCMT 06-C21 VRN 10/15/44 | 9297667G2 | 4,392,308 | $3,585,208.67 | 0.65% |
| US T-BOND 8.125% 02/15/38 | 912810PW2 | 3,571,000 | $3,581,602.30 | 0.65% |
| FG G03879 6.50% 02/01/38 | 3128M5UC2 | 3,445,713 | $3,494,384.17 | 0.64% |
| INDIANAPOLIS BBK 07 01 33 | 4552805Q6 | 3,115,000 | $3,343,080.30 | 0.61% |
| FREDDIE MAC 5.5% 07/15/36 | 31397JVF8 | 3,500,000 | $3,312,926.05 | 0.60% |
| FG G12835 5.50% 10/01/22 | 3128MBLQ8 | 3,323,781 | $3,311,398.49 | 0.60% |
| PEGTF 01-1 6.89% 12/15/17 | 69361YAH6 | 3,337,000 | $3,231,911.53 | 0.59% |
| GREENVILLE 5.5 12/01/28 | 396066AW2 | 2,835,000 | $3,116,373.75 | 0.57% |
| BNK AMRICA 7.40 01/15/11 | 060505AG9 | 3,072,000 | $3,023,041.54 | 0.55% |
| GE CORP 5.00 02/01/13 | 369604AY9 | 3,183,000 | $3,002,488.89 | 0.55% |
| UNION PAC 7.875 01/15/19 | 907818DB1 | 3,030,000 | $2,998,997.04 | 0.55% |
| IBM CORP 7.625 10/15/18 | 459200GM7 | 2,879,000 | $2,979,102.83 | 0.54% |
| MSDWC 2000 7.459 09/03/15 | 68242BAB6 | 2,783,000 | $2,970,285.32 | 0.54% |
| SANSCD 5 08/15/31 | 796269PR3 | 2,790,000 | $2,953,131.30 | 0.54% |
| JPMCC 7.371 08/15/32 | 617059JH4 | 2,910,082 | $2,902,179.95 | 0.53% |
| GECMC 00-1 6.496 01/15/33 | 36158YAB5 | 2,944,319 | $2,879,272.44 | 0.52% |
| BACM 2005 VRN 09/10/47 | 05947U4D7 | 3,500,000 | $2,810,365.95 | 0.51% |
| CNH 2007-C 5.21 12/15/11 | 12620HAD9 | 2,809,000 | $2,793,788.98 | 0.51% |
| CENTERPOINT 5.17 08/01/19 | 15200DAD9 | 3,000,000 | $2,764,020.00 | 0.50% |
| MSDWC 01-TO 6.66 02/15/33 | 61746WGB0 | 2,819,369 | $2,763,872.30 | 0.50% |
| JPMCC 05-LDP5 VR 12/15/44 | 46625YXP3 | 3,368,000 | $2,700,801.89 | 0.49% |
| BANK OF AME 5.65 05/01/18 | 06051GDX4 | 3,060,000 | $2,630,164.86 | 0.48% |
| CITIGROUP 6.125 05/15/18 | 172967ES6 | 3,023,000 | $2,589,758.76 | 0.47% |
| LA, UNIF SD 5.5 07/01/21 | 544644JC2 | 2,450,000 | $2,582,765.50 | 0.47% |
| JPMORGAN CHASE 6 01/15/18 | 46625HGY0 | 2,848,000 | $2,554,889.54 | 0.46% |
| E.ON INTL 5.8% 04/30/18 | 268789AA2 | 2,962,000 | $2,528,641.63 | 0.46% |
| TWC 5.85 05/01/17 | 88732JAH1 | 3,077,000 | $2,520,733.79 | 0.46% |
| FHLMC 5.50% 07/01/22 | 3128PGYV9 | 2,516,488 | $2,506,863.23 | 0.46% |
| FHR 3310-PA 5.50 11/15/28 | 31397GBE9 | 2,446,041 | $2,487,526.13 | 0.45% |
| FNCL 828853 6.00 10/01/35 | 31407EZS5 | 2,485,620 | $2,485,491.07 | 0.45% |
| FHR 3262 PA 5.50 05/15/29 | 31397EMK8 | 2,413,241 | $2,454,321.78 | 0.45% |
| METRO TRANS 5.25 11/15/32 | 59259RRF3 | 2,235,000 | $2,449,358.85 | 0.45% |
| FNCL 254918 4.50 09/01/33 | 31371LDX4 | 2,693,760 | $2,446,888.33 | 0.44% |
| NISSAN AUTO 4.28 06/16/14 | 65475FAF2 | 2,687,000 | $2,443,516.96 | 0.44% |
| CASPWR 5.25 05/01/20 | 13066YJN0 | 2,220,000 | $2,410,964.40 | 0.44% |
| CINCI SCH DIS 5% 12/01/31 | 172252XV5 | 2,135,000 | $2,304,561.70 | 0.42% |
| FNR 07-68 5.50 06/25/36 | 31396WM52 | 2,248,160 | $2,284,698.09 | 0.41% |
| UNIV TEX 4.75% 07/01/30 | 9151152S7 | 2,140,000 | $2,272,936.80 | 0.41% |
| GNR 07-41 5.5 09/20/36 | 38375KXG2 | 2,337,000 | $2,213,414.30 | 0.40% |
| ABBOTT LAB 5.60% 11/30/17 | 002819AB6 | 2,393,000 | $2,203,878.82 | 0.40% |
| FNCI 773509 5.50 09/01/19 | 31404NKW5 | 2,172,323 | $2,177,062.18 | 0.40% |
| USAA AUTO 4.16% 04/16/12 | 90327MAC2 | 2,213,000 | $2,159,703.44 | 0.39% |
| VODAFONE 5.500 06/15/11 | 92857WAM2 | 2,206,000 | $2,107,021.19 | 0.38% |
| WAMU 03-S7 4.5 08/25/18 | 92922FBK3 | 2,258,524 | $2,081,372.32 | 0.38% |
| LBUBS 05 VRN 11/15/30 | 52108MAF0 | 2,558,000 | $2,072,397.72 | 0.38% |
| GNR 07-27 5.5 04/20/36 | 38375JJ22 | 2,130,000 | $2,023,078.69 | 0.37% |
| N. CAROLINA 5.00 03/01/18 | 658256GJ5 | 1,865,000 | $1,996,034.90 | 0.36% |
| WELLS FRGO 4.375 01/31/13 | 949746NY3 | 2,145,000 | $1,980,379.83 | 0.36% |
| GOLDMAN 6.15 04/01/18 | 38141GFM1 | 2,382,000 | $1,973,232.13 | 0.36% |
| LINCOLN NEB 5.25 09/01/17 | 534272UZ0 | 1,840,000 | $1,959,618.40 | 0.36% |
| ASTRAZENECA 6.45 09/15/37 | 046353AD0 | 2,285,000 | $1,956,382.73 | 0.35% |
| HAROT 5.11% 04/15/12 | 43812RAD0 | 1,985,000 | $1,945,803.79 | 0.35% |
| FNARM VRN 04/01/36 | 31409GFE1 | 1,844,763 | $1,894,149.71 | 0.34% |
| ASC 1996-MD6 A7 11/13/29 | 045424DF2 | 1,727,753 | $1,890,244.84 | 0.34% |
| LB-UBS 05 6.51 12/15/26 | 52108HCB8 | 1,889,576 | $1,853,692.84 | 0.34% |
| SABMILLER 6.20 07/01/11 | 78572MAC9 | 1,761,000 | $1,788,240.91 | 0.32% |
| COPAR 06-2 4.94 07/15/12 | 14042CAD6 | 1,812,000 | $1,765,686.37 | 0.32% |
| FG A24989 6.0% 07/01/34 | 31297CRJ1 | 1,744,656 | $1,745,311.06 | 0.32% |
| TRIBOROUGH 5.00 01/01/32 | 89602NGZ1 | 1,640,000 | $1,742,910.00 | 0.32% |
| FNMA 07-7 5.00% 01/25/34 | 31396XBY9 | 1,865,000 | $1,698,015.36 | 0.31% |
| PRAXAIR 4.625 03/30/15 | 74005PAR5 | 1,897,000 | $1,688,716.99 | 0.31% |
| NORTHERN 5.20 11/09/12 | 665859AH7 | 1,722,000 | $1,687,780.42 | 0.31% |
| LAZARD LLC 7.125 05/15/15 | 52107QAC9 | 2,084,000 | $1,639,209.80 | 0.30% |
| GLAXOSMITH 5.65 05/15/18 | 377372AD9 | 1,824,000 | $1,616,445.22 | 0.29% |
| GMACC 6.465% 04/15/34 | 361849QE5 | 1,652,388 | $1,609,188.64 | 0.29% |
| WESFARMERS 6.998 04/10/13 | 950840AA6 | 1,634,000 | $1,603,552.04 | 0.29% |
| CISCO SYS 5.50% 02/22/16 | 17275RAC6 | 1,702,000 | $1,577,648.48 | 0.28% |
| FND AMRCN 5.875 05/15/13 | 36077BAA5 | 2,090,000 | $1,570,444.81 | 0.28% |
| AEP TEXAS 5.09% 07/01/17 | 00110AAC8 | 1,710,000 | $1,554,364.86 | 0.28% |
| CITIGROUP VRN 07/15/44 | 12513EAG9 | 1,910,000 | $1,553,556.76 | 0.28% |
| AUSTIN WTR 5.25 05/15/22 | 052476KB3 | 1,460,000 | $1,549,118.40 | 0.28% |
| BANK AMER. 5.00 07/25/18 | 05948XNB3 | 1,627,955 | $1,542,487.71 | 0.28% |
| ORACLE CORP 5.75 04/15/18 | 68389XAC9 | 1,755,000 | $1,535,675.90 | 0.28% |
| COMM 2005-C6 VRN 06/10/44 | 126171AF4 | 1,911,000 | $1,535,071.71 | 0.28% |
| TIAA GBL 5.125% 10/10/12 | 87244EAC6 | 1,572,000 | $1,505,843.95 | 0.27% |
| FHR 3268 AP 5.50 07/15/27 | 31397ET54 | 1,463,557 | $1,485,918.32 | 0.27% |
| NEW JERSEY 5.00 06/15/18 | 6459162C0 | 1,355,000 | $1,443,711.85 | 0.26% |
| NYSE EURONEX 4.8 06/28/13 | 629491AA9 | 1,537,000 | $1,441,234.14 | 0.26% |
| BERKSHIRE 4.60 05/15/13 | 084664BB6 | 1,490,000 | $1,441,157.80 | 0.26% |
| CCMSC 00-3 7.319 10/15/32 | 161505GM8 | 1,444,451 | $1,432,755.94 | 0.26% |
| TESCO PLC 5.5% 11/15/17 | 881575AA2 | 1,847,000 | $1,430,767.47 | 0.26% |
| BANK OF NY 4.95 11/01/12 | 06406HBE8 | 1,479,000 | $1,427,141.82 | 0.26% |
| WELLS FARG 5.625 12/11/17 | 949746NX5 | 1,529,000 | $1,348,870.04 | 0.24% |
| CTRPT ENRG 7.875 04/01/13 | 15189YAB2 | 1,390,000 | $1,309,157.60 | 0.24% |
| AT&T INC. 4.95 01/15/13 | 00206RAF9 | 1,403,000 | $1,298,994.21 | 0.23% |
| SBC COMM 5.10 09/15/14 | 78387GAP8 | 1,484,000 | $1,296,113.73 | 0.23% |
| CLARK CNTY 5.75 12/01/15 | 181144PK6 | 1,180,000 | $1,280,547.80 | 0.23% |
| WASHINGTON 5.00 06/25/18 | 9292273J3 | 1,333,268 | $1,263,271.85 | 0.23% |
| COLONIAL 6.375 08/01/37 | 195869AL6 | 1,785,000 | $1,256,891.69 | 0.23% |
| SOUTHERN 5.75% 03/15/14 | 842400FK4 | 1,268,000 | $1,252,515.18 | 0.23% |
| COVIDIEN 6.00 10/15/17 | 22303QAG5 | 1,417,000 | $1,235,594.24 | 0.22% |
| CNH 08-A A4A 08/15/14 | 12620LAF5 | 1,351,000 | $1,232,616.06 | 0.22% |
| CHICAGO BRD 5.00 12/01/31 | 167501F75 | 1,140,000 | $1,209,642.60 | 0.22% |
| CSFB 6.505 02/15/34 | 22540AJ74 | 1,232,132 | $1,203,114.63 | 0.22% |
| CME GROUP 5.4 08/01/13 | 12572QAA3 | 1,272,000 | $1,200,765.46 | 0.22% |
| CWHL 04-J1 4.50% 01/25/19 | 12669FMP5 | 1,294,673 | $1,193,123.53 | 0.21% |
| BNK AMRICA 5.375 09/11/12 | 060505DK7 | 1,230,000 | $1,162,957.62 | 0.21% |
| PEPSICO 7.9 11/01/18 | 713448BJ6 | 1,101,000 | $1,161,568.21 | 0.21% |
| E.I. DUPONT DE 5 07/15/13 | 263534BU2 | 1,212,000 | $1,157,247.90 | 0.21% |
| BOEING CO 5.125 02/15/13 | 097023AT2 | 1,208,000 | $1,145,842.36 | 0.21% |
| TACOMA WASH 5.75 01/01/18 | 873519HR6 | 1,055,000 | $1,132,183.80 | 0.20% |
| VERIZON 5.55 02/15/16 | 92343VAC8 | 1,284,000 | $1,120,302.84 | 0.20% |
| VEOLIA 6.00 06/01/18 | 92334NAB9 | 1,378,000 | $1,117,843.25 | 0.20% |
| MERRILL LYN 6.15 04/25/13 | 59018YN56 | 1,206,000 | $1,112,777.41 | 0.20% |
| ENERGY TRAN 7.50 07/01/38 | 29273RAJ8 | 1,440,000 | $1,093,220.64 | 0.20% |
| ARCELORM 6.125% 06/01/18 | 03938LAD6 | 1,566,000 | $1,079,055.43 | 0.19% |
| VERIZON COM 8.95 03/01/39 | 92343VAR5 | 1,085,000 | $1,051,616.72 | 0.19% |
| EXELON CORP 6.20 10/01/17 | 30161MAE3 | 1,308,000 | $1,036,736.50 | 0.19% |
| AIG SUNAMER 6.30 05/10/11 | 00138QAA5 | 1,312,000 | $1,032,764.42 | 0.18% |
| PASTRN 5.125 07/15/23 | 709222AX1 | 965,000 | $1,032,289.45 | 0.18% |
| PCFC GS&ELC 6.05 03/01/34 | 694308GE1 | 1,336,000 | $1,019,040.68 | 0.18% |
| GEN ELECT 5.45% 01/15/13 | 36962GZY3 | 1,097,000 | $1,013,866.05 | 0.18% |
| KRAFT FOOD 6.125 08/23/18 | 50075NAV6 | 1,190,000 | $1,012,390.12 | 0.18% |
| ERAC USA 5.80 10/15/12 | 26882PBD3 | 1,281,000 | $1,001,620.31 | 0.18% |
| TRANS-CANADA 6.2 10/15/37 | 89352HAD1 | 1,460,000 | $996,950.78 | 0.18% |
| CALIFORNIA 5.5 05/01/16 | 13066YEA3 | 900,000 | $984,852.00 | 0.18% |
| CFMSI VRN 01/25/33 | 17306UAQ1 | 1,100,684 | $958,653.00 | 0.17% |
| JPMCC 05 VRN 10/15/42 | 46625YUA9 | 1,207,000 | $952,755.11 | 0.17% |
| TXU 04-1 5.29% 05/15/18 | 87316YAC5 | 1,007,000 | $943,754.36 | 0.17% |
| ROCKIES EX 6.85 07/15/18 | 77340RAC1 | 1,107,000 | $940,304.62 | 0.17% |
| CREDIT SUI 6.125 11/15/11 | 22541LAB9 | 982,000 | $938,859.76 | 0.17% |
| VERIZON 5.25% 04/15/13 | 92343VAN4 | 1,018,000 | $935,672.30 | 0.17% |
| ENEL FINANCE 6.8 09/15/37 | 29268BAC5 | 1,313,000 | $930,918.31 | 0.17% |
| KELLOGG CO 4.25% 03/06/13 | 487836BA5 | 986,000 | $911,322.33 | 0.16% |
| WALGREEN 4.875 08/01/13 | 931422AD1 | 919,000 | $897,841.86 | 0.16% |
| POTASH 5.875% 12/01/36 | 73755LAD9 | 1,233,000 | $873,370.89 | 0.16% |
| INTL LEASE 6.375 03/25/13 | 45974VB72 | 1,329,000 | $869,100.88 | 0.15% |
| TRANSOCEAN 6.80 03/15/38 | 893830AT6 | 1,107,000 | $859,676.27 | 0.15% |
| INTL LEASE 5.625 09/15/10 | 45974VB56 | 1,221,000 | $859,555.92 | 0.15% |
| MIDAMER 6.125% 04/01/36 | 59562VAM9 | 1,158,000 | $852,392.22 | 0.15% |
| SCHERING 6.55 09/15/37 | 806605AH4 | 1,066,000 | $850,343.94 | 0.15% |
| DAIMLER CHR 8.50 01/18/31 | 233835AQ0 | 1,082,000 | $849,830.93 | 0.15% |
| HART 07-A 5.21% 03/17/14 | 44920NAF1 | 909,000 | $844,717.79 | 0.15% |
| XEROX 6.35 05/15/18 | 984121BW2 | 1,150,000 | $842,720.00 | 0.15% |
| FG G12787 4.50% 02/01/20 | 3128MBJ81 | 862,586 | $827,060.17 | 0.15% |
| LAFARGE SA 6.15 07/15/11 | 505861AA2 | 865,000 | $819,430.94 | 0.15% |
| GECMC 4.82 01/10/38 | 36828QAD8 | 930,000 | $814,597.04 | 0.14% |
| AMERICAN EX 6.15 08/28/17 | 025816AX7 | 1,136,000 | $812,887.52 | 0.14% |
| INTL PAPER 7.95 06/15/18 | 460146CA9 | 980,999 | $794,515.82 | 0.14% |
| MERRILL LYN 6.05 08/15/12 | 59018YJ36 | 862,000 | $784,640.67 | 0.14% |
| ROGERS 7.50 03/15/15 | 77531QAM0 | 805,000 | $755,341.97 | 0.13% |
| AIR PROD. 4.15 02/01/13 | 009163AA4 | 834,000 | $754,563.17 | 0.13% |
| GE 5.25 12/06/17 | 369604BC6 | 900,000 | $753,345.00 | 0.13% |
| RIO TINTO 5.875% 07/15/13 | 767201AE6 | 877,000 | $748,352.87 | 0.13% |
| SIEMENS 6.125% 08/17/26 | 826200AD9 | 889,000 | $720,841.21 | 0.13% |
| ERAC USA 5.60 05/01/15 | 26882PAS1 | 1,017,000 | $717,560.62 | 0.13% |
| DIAGEO CAP 5.2% 01/30/13 | 25243YAL3 | 760,000 | $708,597.40 | 0.13% |
| RIO TINTO 7.125% 07/15/28 | 767201AD8 | 909,000 | $664,563.54 | 0.12% |
| NEVADA PWR 6.75 07/01/37 | 641423BU1 | 875,000 | $662,536.00 | 0.12% |
| BONY MELLON 4.5% 04/01/13 | 06406HBJ7 | 660,000 | $619,239.06 | 0.11% |
| PUBLIC SERV 6.25 09/01/37 | 744448BZ3 | 735,000 | $619,031.70 | 0.11% |
| CRD SUISSE 6.50 01/15/12 | 22541LAC7 | 633,000 | $616,664.17 | 0.11% |
| HEWLETT PACK 4.5 03/01/13 | 428236AQ6 | 654,000 | $608,367.15 | 0.11% |
| ONCOR ELEC 7.00 05/01/32 | 68233DAT4 | 812,000 | $607,025.22 | 0.11% |
| XEROX CORP 5.50 05/15/12 | 984121BS1 | 775,000 | $602,326.13 | 0.11% |
| AT & T INC 6.45 06/15/34 | 78387GAM5 | 740,000 | $588,559.00 | 0.10% |
| ABX FIN 6.35% 10/15/36 | 003876AB5 | 875,000 | $582,864.63 | 0.10% |
| WISCONSIN 6.375 08/15/37 | 976826BE6 | 752,000 | $574,116.66 | 0.10% |
| COMCAST 6.45 03/15/37 | 20030NAM3 | 735,000 | $564,457.95 | 0.10% |
| FNMA 6.00 12/01/35 | 31407YKX6 | 562,057 | $562,027.95 | 0.10% |
| JANUS CAP 5.875 09/15/11 | 47102XAD7 | 692,000 | $560,325.55 | 0.10% |
| WEATHERFORD 6.50 08/01/36 | 947075AB3 | 833,000 | $554,132.43 | 0.10% |
| ENTERPRISE 5.75% 03/01/35 | 293791AT6 | 889,000 | $550,512.36 | 0.10% |
| APACHE CORP 6.0% 01/15/37 | 037411AR6 | 695,000 | $530,224.54 | 0.09% |
| CLOROX CO. 5.45 10/15/12 | 189054AP4 | 569,000 | $526,043.91 | 0.09% |
| NEWS AMER 6.20 12/15/34 | 652482BJ8 | 687,000 | $518,743.40 | 0.09% |
| TIME WARNER 6.50 11/15/36 | 887317AD7 | 725,000 | $515,288.68 | 0.09% |
| FGLMC G12788 4.5 06/01/19 | 3128MBJ99 | 531,940 | $510,032.19 | 0.09% |
| HSBC HOLD 7.625 05/17/32 | 404280AF6 | 615,000 | $505,999.86 | 0.09% |
| KIMBERLY 7.50 11/01/18 | 494368BD4 | 480,000 | $487,407.84 | 0.08% |
| SURF 04-AA1 5.00 10/25/34 | 84751PDE6 | 503,379 | $480,727.16 | 0.08% |
| INT'L LEASE 5.25 01/10/13 | 45974VZX9 | 691,000 | $450,835.35 | 0.08% |
| TEVA PHARM 6.15% 02/01/36 | 88163VAD1 | 601,000 | $434,546.44 | 0.07% |
| CAMERON IN 6.375 07/15/18 | 13342BAC9 | 515,000 | $426,327.82 | 0.07% |
| MARTIN MAR 6.25% 05/01/37 | 573284AJ5 | 758,000 | $418,737.39 | 0.07% |
| TRANSOCEAN 6.00 03/15/18 | 893830AS8 | 485,000 | $414,925.26 | 0.07% |
| EL PASO NAT 5.95 04/15/17 | 283695BP8 | 476,000 | $368,138.88 | 0.06% |
| NEVADA PWR 5.875 01/15/15 | 641423BK3 | 388,000 | $335,742.22 | 0.06% |
| WAL-MART 5.25 09/01/35 | 931142CB7 | 428,000 | $320,913.97 | 0.05% |
| FANNIE MAE 5.50 01/25/36 | 31396XHJ6 | 338,000 | $316,136.71 | 0.05% |
| TRANSCONT 6.05 06/15/18 | 893570BY6 | 393,000 | $314,372.49 | 0.05% |
| SOUTHERN NA 5.90 04/01/17 | 843452BC6 | 397,000 | $306,180.69 | 0.05% |
| THOMSN REUT 5.95 07/15/13 | 884903BA2 | 320,000 | $290,301.12 | 0.05% |
| CFAB 2002 5.214 08/25/13 | 161551FT8 | 309,166 | $289,897.28 | 0.05% |
| FNMA 545759 6.50 07/01/32 | 31385JJC3 | 250,748 | $255,857.27 | 0.04% |
| INTUIT 5.75% 03/15/17 | 461202AB9 | 316,000 | $245,106.35 | 0.04% |
| INTL LEASE 5.625 09/20/13 | 45974VA81 | 379,000 | $242,550.15 | 0.04% |
| VIACOM INC 6.125 10/05/17 | 92553PAB8 | 306,000 | $237,323.20 | 0.04% |
| BRUNSWICK CDS 12/20/13 | CD1C8747H | -1,040,000 | $234,034.42 | 0.04% |
| NUCOR CORP 5.85 06/01/18 | 670346AK1 | 265,000 | $230,742.13 | 0.04% |
| SIMON PROP CDS 09/20/13 | CDX8AAG87 | -1,600,000 | $205,236.20 | 0.03% |
| BRUNSWICK CDS 03/20/17 | CD1C8747B | -560,000 | $193,037.83 | 0.03% |
| AUSTRIA CDS 11/20/13 | CDX0F77EA | 14,740,000 | $168,593.44 | 0.03% |
| GANNETT CO CDS 06/20/17 | CDX39AB97 | -560,000 | $125,061.67 | 0.02% |
| FNMA 357685 5.50 12/01/19 | 31376KJ64 | 121,978 | $121,702.95 | 0.02% |
| MARRIOTT INTL CDS 9/20/13 | CDX5C8A93 | -1,600,000 | $103,274.20 | 0.01% |
| GANNET CO CDS 09/20/13 | CD39AB97C | -1,040,000 | $94,268.23 | 0.01% |
| FHLMC E01539 5.5 12/01/18 | 31294KV85 | 77,831 | $77,944.98 | 0.01% |
| CENTEX CORP CDS 09/20/17 | CD1G7543A | -560,000 | $76,419.98 | 0.01% |
| MASCO CORP CDS 06/20/13 | CD5CB9E1A | -660,000 | $57,676.86 | 0.01% |
| FNMA 785967 5.50 07/01/19 | 31405DFG7 | 52,850 | $52,731.17 | 0.00% |
| MASCO CORP. CDS 09/20/13 | CD5CB9EIC | -940,000 | $47,095.68 | 0.00% |
| FEDEX CORP CDS 09/20/13 | CDX3E56A5 | -1,600,000 | $32,332.82 | 0.00% |
| CENTEX CORP CDS 09/20/13 | CD1G7543C | -1,040,000 | $29,718.12 | 0.00% |
| CAPITAL ONE CDS 06/20/13 | CDX1F445B | -680,000 | $19,220.98 | 0.00% |
| SWEDEN CDS 12/20/13 | CDX8F7220 | 3,215,000 | $11,115.36 | 0.00% |
| TOLL BROS CDS 06/20/13 | CD8GHDBFA | -660,000 | $7,831.54 | 0.00% |
| SVHE 01-1 A VRN 04/15/31 | 83611PAJ0 | 2,800 | $2,698.00 | 0.00% |
| DENMARK CDS 12/20/13 | CDXKPBDCX | 3,215,000 | $1,311.36 | 0.00% |
| PAYB R FIXED 2YR UK 5.16 | IRS09158G | -1,191,154 | $0.00 | 0.00% |
| PAYB R FIXED 1YR YR FWD | IRS08118 | -3,617,391 | $0.00 | 0.00% |
| PAYB R FIXED 2YR NZD 7.27 | IRS09028 | -2,220,895 | $0.00 | 0.00% |
| PAYB R FIXED 2YR NZ 7.24 | IRS0811NZ | -2,226,086 | $0.00 | 0.00% |
| PAYB R F 2YR UK (4.88%) | IRS10148A | -842,403 | $0.00 | 0.00% |
| PAYB R F 1.5YR EUR 4.306% | IRS10148 | -1,404,147 | $0.00 | 0.00% |
| PAYB R F 1.5YR EUR 4.288% | IRS10108E | -1,534,585 | $0.00 | 0.00% |
| PAYB R FIXED 2YR SEK 3.50 | IRS10278A | -256,441,088 | $0.00 | 0.00% |
| PAYB R FIXED 2 YR SE 3.50 | IRS10278B | -10,116,474 | $0.00 | 0.00% |
| TOLL BROS. CDS 09/20/13 | CD8GHDBFB | -940,000 | -$438.61 | -0.00% |
| RECV R FIXED 2YR UK 4.29 | IRS10298G | 1,800,282 | -$480.50 | -0.00% |
| RECV R FIXED 2YR SE 3.48 | IRS10278 | 10,005,634 | -$2,760.66 | -0.00% |
| UK 5 YR CDS 12/20/13 | CDX9A17DE | 3,215,000 | -$20,481.65 | -0.00% |
| CAPITAL ONE CDS 9/20/13 | CD1F445BA | -920,000 | -$29,220.44 | -0.00% |
| CDX NA HY 11 12/20/13 | CDX11108A | -7,440,000 | -$1,407,424.80 | -0.25% |
| CDX NA HY 11 12/20/13 | CDX11108B | -7,440,000 | -$1,407,424.80 | -0.25% |
| CDX NA HY 11 12/20/13 | CDX11108C | -7,440,000 | -$1,407,424.80 | -0.25% |
| CDX NA HY 11 12/20/13 | CDX111010 | -7,440,000 | -$1,407,424.80 | -0.25% |
| Total Long Positions | | | $549,562,421.08 | |
| Total Short Positions | | | -$5,683,081.06 | |
| Total Fund Assets | | | $543,879,340.02 | 100.00% |
