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Portfolio
Overview: (As of 12/30/2011)
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Top
Twenty Five Issuers
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1.
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Banco Santander, S.A. |
4.8%
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2.
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HSBC PLC |
4.1%
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3.
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Capital One Financial |
4.1%
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4.
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Metlife |
4.0%
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5.
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Liberty Mutual Group |
3.9%
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6.
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PNC Financial Services |
3.8%
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7.
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Southern California Edison |
3.4%
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8.
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Wells Fargo |
3.0%
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9.
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Enbridge Energy Partners |
2.7%
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10.
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Interstate Power & Light |
2.7%
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11.
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Fifth Third Bancorp |
2.5%
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12.
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Goldman Sachs Group |
2.5%
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13.
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Bank of America |
2.4%
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14.
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Enterprise Products Partners |
2.3%
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15.
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Barclays Bank PLC |
2.0%
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16.
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Dominion Resources |
2.0%
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17.
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Puget Energy |
2.0%
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18.
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First Horizon |
1.9%
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19.
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Principal Financial |
1.8%
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20.
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Everest Re Group |
1.8%
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21.
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Axis Capital |
1.8%
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22.
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Nextera Energy |
1.8%
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23.
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Kinder Morgan |
1.7%
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24.
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Ocean Spray Cranberries |
1.7%
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25.
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Indianapolis Power & Light |
1.7%
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Total
Portfolio |
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Top
Twenty Five: |
66.4% |
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Other: |
33.6% |
Exposure to credit
default swaps: None |
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| Credit
Quality |
| Moody's
Ratings |
%
of Securities
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| Aaa |
0.0%
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| Aa |
0.0%
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A
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6.0%
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| Baa |
71.9%
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| Ba |
20.2%
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| Not
Rated |
0.7%
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| Below
by Both** |
17.3%
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| **Below
Investment Grade by both Moody's and S&P |
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| Industry
Concentration |
| Industry |
%
of Securities
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| Banks |
41.6%
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| Finance |
0.8%
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| Insurance |
21.5%
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| Utilities |
26.3%
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| Other |
9.8%
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Most
recent publicly disclosed fiscal quarter end portfolio holdings are available
upon request |
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