Aberdeen Core Fixed Income Fund

Fund Holdings

Name	Ticker	Security No.	Shares	Market Value	Percent
US TREASURY N/B	T 0.25 05/31/14	912828SW1	5230000	5224569.95	5.32%
US TREASURY N/B	T 3.125 02/15/42	912810QU5	3860000	4191279.39	4.26%
US TREASURY N/B	T 1.75 05/15/22	912828SV3	2558000	2584501.02	2.63%
FNCL 5% 30YR JULY TBA	FNCL 5 07/01/42	01F050676	1455000	1575492.19	1.60%
FGLMC 3.5% 30YR JULY TBA	FGLMC 3.5 07/01/42	02R032679	1310000	1372839.13	1.40%
US TREASURY N/B	T 1.25 04/30/19	912828ST8	1039000	1052714.78	1.07%
FG A60299	FG 6.5 05/01/37	3128KQKL9	883553	1000754.28	1.02%
US TREASURY N/B	T 0.25 05/15/15	912828SU5	1000000	995944.29	1.01%
XEROX CORPORATION	XRX 7.2 04/01/16	98412JBA1	760000	899763.24	0.92%
FNR 2012-58 LC	FNR 3.5 10/25/39	3136A6JH8	749000	784516.20	0.80%
SBA TOWER TRUST	SBAC 5.101 04/17/17	78403DAB6	710000	779421.04	0.79%
FN AK6299	FN 4 03/01/42	3138EA7M3	683550	737546.11	0.75%
GECMC 2007-C1 A4	GECMC 5.543 12/10/49	36159XAE0	650000	713711.16	0.73%
FN 735676	FN 5 07/01/35	31402RJV2	650038	711669.08	0.72%
FN AO2099	FN 4 05/01/42	3138LSKM1	663153	709329.88	0.72%
JPMCC 2007-LD11 A4	JPMCC 0 06/15/49	46631BAE5	630000	694771.43	0.71%
IL CHICAGO TRANSIT AUTH	CHITRN 6.2 12/01/40	16772PAQ9	605000	676121.78	0.69%
FNR 2005-33 QD	FNR 5 01/25/34	31394CN99	624000	671877.44	0.68%
FN AD0308	FN 5 03/01/35	31418MKW1	605104	660976.31	0.67%
JPMRR 2009-7 14A1	JPMRR 0 07/27/37	46633PBA9	656403	640124.27	0.65%
FNR 2011-27 JQ	FNR 4 09/25/39	31397SGM0	599505	634802.19	0.65%
FNR 2012-11 PM	FNR 4 11/25/40	3136A17J8	595000	621313.48	0.63%
FN AD0114	FN 5 07/01/37	31418MDU3	566155	618431.55	0.63%
Cash		Cash	606064	606064.52	0.62%
CMLTI 2009-6 6A1	CMLTI 0 07/25/36	17315JAL6	645278	591724.37	0.60%
BCAP 2009-RR6 3A1	BCAP 0 12/26/37	05531YAE2	602537	590759.28	0.60%
NY NYC MUN WTR REV	NYCUTL 5.44 06/15/43	64972FT63	470000	588711.56	0.60%
FORD MOTOR CREDIT CO LLC	F 4.207 04/15/16	345397VY6	550000	575992.69	0.59%
FG A94362	FG 4 10/01/40	312942Z32	532440	575838.11	0.59%
FN AJ7686	FN 4 12/01/41	3138E0RG6	504187	545754.37	0.56%
FN 190354	FN 5.5 12/01/34	31368HMB6	489172	539722.51	0.55%
FN AK3264	FN 3 02/01/27	3138E7TW4	511558	538145.58	0.55%
FG A96374	FG 4 01/01/41	312945CK2	485132	523915.65	0.53%
GNR 2012-3 LA	GNR 3.5 03/20/38	38378CM46	479372	514613.86	0.52%
FNR 2011-34 VA	FNR 4 06/25/22	31397Q7B8	481400	514441.93	0.52%
G2 769101	G2 4 07/20/41	36176LGJ8	469528	512853.27	0.52%
FGCI 3% 15YR JULY TBA	FGCI 3 07/01/27	02R030475	490000	512509.38	0.52%
COMM 2007-C9 AM	COMM 0 12/10/49	20047RAG8	484000	512033.92	0.52%
FN 555424	FN 5.5 05/01/33	31385XAZ0	461977	510006.02	0.52%
FHR 3715 PC	FHR 4.5 08/15/40	3137A0TC9	450000	507895.43	0.52%
CITIGROUP INC	C 4.45 01/10/17	172967FW6	470000	502608.84	0.51%
PENSKE TRUCK LEASING/PTL	PENSKE 3.75 05/11/17	709599AE4	495000	501474.76	0.51%
WELLS FARGO & CO	WFC 1.5 07/01/15	94974BFE5	495000	495456.72	0.50%
FNR 2009-85 LC	FNR 4.5 10/25/49	31396Q7J2	445000	494240.45	0.50%
MET LIFE GLOB FUNDING I	MET 1.7 06/29/15	59217GAV1	490000	490414.76	0.50%
FNR 2012-44 GA	FNR 4 05/25/42	3136A5B54	451208	489206.49	0.50%
MDST 2010-1 M	MDST 5.25 12/15/45	59560WAC1	474698	488712.94	0.50%
FN AO1797	FN 4.5 06/01/42	3138LR7K2	450000	485158.64	0.49%
FHR 4017 MA	FHR 3 03/15/41	3137AMHK6	460188	484557.45	0.49%
GENERAL ELEC CAP CORP	GE 4.65 10/17/21	36962G5J9	425000	476035.84	0.48%
FNR 2012-16 K	FNR 4 10/25/41	3136A4QV4	447908	471451.31	0.48%
HSBC FINANCE CORP	HSBC 5.5 01/19/16	40429CFN7	425000	470771.23	0.48%
FG Q03019	FG 4 09/01/41	3132GJAU3	434699	469450.95	0.48%
FHR 4029 ML	FHR 3.5 04/15/41	3137APGD6	435315	467728.07	0.48%
SMI 2012-1A 2A1	SMI 0 01/21/55	82846GAH3	460000	466043.02	0.47%
SEAGATE TECHNOLOGY INTL	STX 10 05/01/14	81180VAA1	413000	465313.33	0.47%
FNR 2011-6 PH	FNR 4 02/25/41	31397QUK2	420000	459290.22	0.47%
CSMC 2009-3R 25A1	CSMC 0 07/27/36	22943YTK5	451473	447608.61	0.46%
FNR 2012-19 GH	FNR 3 11/25/30	3136A4PM5	429521	446416.38	0.45%
FNR 2012-32 CY	FNR 3.5 04/25/42	3136A4U72	425000	444990.71	0.45%
MLAN 2012-1 A10	MLAN 2.06 01/15/22	3134G3KS8	432947	440678.49	0.45%
FN AK6769	FN 3.5 03/01/27	3138EBQX6	412220	437307.74	0.44%
FNR 2011-124 JM	FNR 4 02/25/41	3136A2L50	397594	436542.21	0.44%
GNR 2012-14 PA	GNR 4 11/20/40	38378CGM3	411613	435601.52	0.44%
GA MEAG PROJECT J	MELPWR 6.637 04/01/57	626207YF5	370000	435413.23	0.44%
FN AB3690	FN 4 10/01/41	31417AC49	405197	433411.93	0.44%
FHR 3980 EP	FHR 5 01/15/42	3137AKL66	386844	432179.46	0.44%
FN AK4827	FN 3.5 04/01/42	3138E9LH1	398274	421205.76	0.43%
AMERICAN HONDA FINANCE	HNDA 1.45 02/27/15	02666QK69	415000	418623.85	0.43%
FNR 2012-67 KA	FNR 3.5 05/25/41	3136A7GW6	390000	417157.81	0.42%
INTL PAPER CO	IP 7.95 06/15/18	460146CA9	330000	417008.57	0.42%
FNR 2012-40 GC	FNR 4.5 12/25/40	3136A5BH8	380000	411704.73	0.42%
CA BAY AREA TOLL-S1 REV	BAYTRN 6.793 04/01/30	072024NT5	315000	403273.24	0.41%
FNR 2012-21 PJ	FNR 4 03/25/41	3136A35Z0	373323	402425.74	0.41%
ANGLO AMERICAN CAPITAL	AALLN 2.625 04/03/17	034863AE0	400000	401696.23	0.41%
FNR 2008-85 EB	FNR 5 09/25/28	31397MPW1	365000	399665.75	0.41%
FN AC8518	FN 5 12/01/39	31417VPC1	366975	398796.31	0.41%
WEA FINANCE/WT FIN AUST	WDCAU 6.75 09/02/19	92933WAB4	330000	396721.22	0.40%
WFNMT 2010-A M	WFNMT 5.2 04/15/19	981464CK4	360000	389466.33	0.40%
FG G01840	FG 5 07/01/35	3128LXBH2	358116	388580.08	0.40%
FN AK7900	FN 4 04/01/42	3138ECX65	358870	387714.57	0.39%
FG G12121	FG 5.5 04/01/21	3128M1G60	352312	387268.59	0.39%
WFNMT 2012-A A	WFNMT 3.14 01/17/23	981464CW8	369000	386591.73	0.39%
BLACKSTONE HOLDINGS FINA	BX 6.625 08/15/19	09256BAA5	345000	386599.33	0.39%
FNR 2011-76 PB	FNR 2.5 04/25/39	3136A0WP8	374105	382488.53	0.39%
FG Q08765	FG 3.5 06/01/42	3132GUCA0	360000	378089.21	0.38%
PERNOD-RICARD SA	RIFP 4.45 01/15/22	714264AD0	350000	369835.01	0.38%
FNCL 3.5% 30YR JULY TBA	FNCL 3.5 07/01/42	01F032674	350000	368484.38	0.37%
FN AK6866	FN 4 04/01/42	3138EBTY1	338623	366073.48	0.37%
BP CAPITAL MARKETS PLC	BPLN 1.846 05/05/17	05565QBY3	350000	354450.25	0.36%
JPMORGAN CHASE & CO	JPM 4.35 08/15/21	46625HJC5	330000	353704.34	0.36%
FG G06784	FG 3.5 10/01/41	3128M82R4	332190	349851.48	0.36%
FNR 2011-2 PL	FNR 4 02/25/41	31397QHU5	320000	349254.35	0.36%
CA SAN DIEGO REGIONAL TRANSP COMM	SDGTRN 5.911 04/01/48	797400FN3	255000	342609.71	0.35%
FHR 3659 VG	FHR 5 09/15/34	31398VVS2	300000	341796.14	0.35%
CBS CORP	CBS 8.875 05/15/19	124857AC7	255000	340100.20	0.35%
AGRIBANK FCB	AGRIBK 9.125 07/15/19	00850LAA2	250000	333713.60	0.34%
FG Q06531	FG 4 03/01/42	3132GRSU6	307862	332570.41	0.34%
CSMC 2009-12R 6A1	CSMC 6 05/27/37	12642MAU4	325810	332465.22	0.34%
ABN AMRO BANK NV	ABNANV 4.25 02/02/17	00084DAE0	320000	331436.89	0.34%
CSMC 2009-2R 2A5	CSMC 0 06/26/37	22944FBW8	329334	325358.03	0.33%
FG G06788	FG 5.5 10/01/35	3128M82V5	295032	325059.39	0.33%
TRANSATLANTIC HOLDINGS	Y 5.75 12/14/15	893521AA2	300000	325002.38	0.33%
GEORGIA-PACIFIC LLC	GP 8 01/15/24	373298CF3	235000	322558.16	0.33%
CGCMT 2007-C6 AM	CGCMT 0 12/10/49	17311QBM1	300000	318515.82	0.32%
GNR 2011-45 VE	GNR 4.5 04/20/22	38377Q2B2	300321	317747.50	0.32%
FN AI5595	FN 5 07/01/41	3138AKGD5	285836	314209.56	0.32%
NORDEA BANK AB	NDASS 3.125 03/20/17	65557FAB2	310000	314041.27	0.32%
TIME WARNER CABLE INC	TWC 4 09/01/21	88732JBA5	295000	313934.67	0.32%
FN AK6972	FN 3.5 03/01/27	3138EBXA8	290428	311674.31	0.32%
IBM CORP	IBM 1.95 07/22/16	459200GX3	300000	311193.45	0.32%
GNR 2012-52 PM	GNR 3.5 12/20/39	38375CG79	288375	311022.84	0.32%
FHR 3864 AB	FHR 4 06/15/39	3137ABBK6	288800	310579.00	0.32%
AMERICAN INTL GROUP	AIG 3.8 03/22/17	026874CS4	300000	308952.00	0.31%
GOLDMAN SACHS GROUP INC	GS 5.95 01/18/18	38141GFG4	280000	307223.92	0.31%
INTL LEASE FINANCE CORP	AIG 6.5 09/01/14	459745FY6	285000	306850.00	0.31%
JPMRR 2009-7 1A1	JPMRR 0 08/27/37	46633PAA0	308801	306577.31	0.31%
MSC 2003-IQ5 C	MSC 0 04/15/38	61745MTF0	300000	306133.01	0.31%
JPMCC 2007-LD11 ASB	JPMCC 0 06/15/49	46631BAF2	279568	302706.71	0.31%
FN AK3774	FN 4 03/01/42	3138E8FQ0	278427	301003.91	0.31%
JPMCC 2007-CB19 ASB	JPMCC 5.90721 02/12/49	46630VAE2	275679	300202.58	0.31%
FN 995049	FN 5.5 02/01/38	31416BL63	272315	299945.49	0.31%
MARATHON OIL CORP	MRO 6 10/01/17	565849AD8	250000	298188.50	0.30%
FHR 3835 VC	FHR 4 06/15/22	3137A9XY7	274489	297513.65	0.30%
CMLTI 2009-5 7A1	CMLTI 0.59525 07/25/36	17315GAN8	319573	297302.34	0.30%
NEWELL RUBBERMAID INC	NWL 2 06/15/15	651229AL0	295000	296168.63	0.30%
OMNICOM GROUP INC	OMC 4.45 08/15/20	682134AC5	270000	295671.63	0.30%
GEMNT 2012-5 B	GEMNT 1.51 06/15/18	36159JDF5	290000	290075.80	0.30%
FHR 3923 PQ	FHR 4 09/15/40	3137AFM90	265000	288422.27	0.29%
WILLIS GROUP HOLDINGS LT	WSH 4.125 03/15/16	97063PAA2	270000	285540.61	0.29%
UTILITY CONTRACT FUNDING	UTICON 7.944 10/01/16	91802MAA8	260693	284656.07	0.29%
JMAC 2009-R9 1A1	JMAC 0 08/26/46	47233CAA1	287379	284031.66	0.29%
DPABS 2012-1A A2	DPABS 5.216 01/25/42	25755TAC4	268987	283062.40	0.29%
LIFE TECHNOLOGIES CORP	LIFE 6 03/01/20	53217VAC3	235000	280394.25	0.29%
NATIONAL AUSTRALIA BK-NY	NAB 2.75 03/09/17	63254AAB4	275000	279020.11	0.28%
HMI 2012-1A A2	HMI 0 10/15/54	43641NBP8	275000	278328.18	0.28%
FN 995050	FN 6 09/01/37	31416BL71	251115	277984.90	0.28%
TOTAL CAPITAL INTL SA	TOTAL 1.5 02/17/17	89153VAA7	275000	277624.42	0.28%
NOBLE HOLDING INTL LTD	NE 2.5 03/15/17	65504LAH0	270000	276822.81	0.28%
ESA 2010-ESHA B	ESA 4.2206 11/05/27	30224XAL8	270000	273539.75	0.28%
SMI 2011-1A 1A	SMI 0 01/21/55	82846GAD2	270000	272793.51	0.28%
FN 993565	FN 4 04/01/24	31415YW21	255411	272641.30	0.28%
BARRICK GOLD CORP	ABXCN 5.25 04/01/42	067901AH1	250000	271032.83	0.28%
FNR 2012-38 VK	FNR 4 02/25/25	3136A44N6	241327	269133.46	0.27%
BSCMS 2006-PW13 AM	BSCMS 0 09/11/41	07388LAG5	250000	268788.42	0.27%
AGILENT TECHNOLOGIES INC	A 6.5 11/01/17	00846UAC5	220000	266567.69	0.27%
BSCMS 2007-PW17 AM	BSCMS 0 06/11/50	07388QAG4	250000	265070.54	0.27%
US TREASURY N/B	T 0.625 05/31/17	912828SY7	265000	263918.90	0.27%
FORD MOTOR CREDIT CO LLC	F 3 06/12/17	345397WD1	265000	263959.70	0.27%
CMLTI 2009-6 4A1	CMLTI 0 04/25/37	17315JAG7	261061	261031.08	0.27%
RAYMOND JAMES FINANCIAL	RJF 5.625 04/01/24	754730AD1	240000	259818.42	0.26%
FN AL0302	FN 5 04/01/24	3138EGKQ6	237608	257329.55	0.26%
JPMCC 2007-CB20 AM	JPMCC 0 02/12/51	46631QAH5	240000	257203.21	0.26%
FN AJ1472	FN 4 10/01/41	3138AST69	237140	256307.61	0.26%
BRITISH TELECOM	BRITEL 2 06/22/15	111021AG6	250000	253560.25	0.26%
PERMM 2011-2A 1A3	PERMM 0 07/15/42	71419GAU4	250000	253095.98	0.26%
HMI 2011-3A A6	HMI 0 10/15/54	43641NBM5	250000	253001.90	0.26%
GECC/LJ VP HOLDINGS LLC	GE 3.8 06/18/19	369668AA6	250000	252608.56	0.26%
UDR INC REIT	UDR 4.25 06/01/18	91019PCS9	235000	251341.12	0.26%
ADT CORP	TYC 2.25 07/15/17	00101JAA4	250000	251172.50	0.26%
FG Q04017	FG 4 10/01/41	3132GKDW3	232566	250701.75	0.26%
JPMRR 2009-7 11A1	JPMRR 0 09/27/36	46633PAU6	259370	249087.12	0.25%
FNR 2010-56 BD	FNR 5 12/25/38	31398RK46	225000	246067.28	0.25%
CGCMT 2006-C5 AM	CGCMT 5.462 10/15/49	17310MAG5	225000	243766.06	0.25%
GNR 2012-16 VC	GNR 3.5 05/20/23	38378DDH5	219509	240070.27	0.24%
COMM 2007-C9 A4	COMM 0 12/10/49	20047RAE3	205000	239868.78	0.24%
BOSTON PROPERTIES LP	BXP 5.875 10/15/19	10112RAQ7	205000	238857.14	0.24%
DIRECTV HOLDINGS/FING	DTV 5.875 10/01/19	25459HAU9	205000	238189.20	0.24%
HUMANA INC	HUM 6.3 08/01/18	444859AU6	200000	237764.40	0.24%
JPMRR 2009-7 13A1	JPMRR 0 06/27/37	46633PAY8	239723	236510.54	0.24%
US TREASURY N/B	T 0.375 06/15/15	912828SZ4	230000	229840.13	0.23%
BP CAPITAL MARKETS PLC	BPLN 2.248 11/01/16	05565QBT4	220000	227395.01	0.23%
TEVA PHARM FIN IV BV	TEVA 3.65 11/10/21	88166JAA1	215000	227244.00	0.23%
WILLIAMS PARTNERS LP/WIL	WPZ 7.25 02/01/17	96950HAD2	180000	221115.12	0.22%
ENTERGY GULF STATES	ETR 6.2 07/01/33	29364LAL6	214000	221118.71	0.22%
RIO TINTO FIN USA LTD	RIOLN 6.5 07/15/18	767201AC0	175000	220938.94	0.22%
G2 783356	G2 6 06/20/41	36241LWR3	192429	217546.90	0.22%
PUBLIC SERVICE CO OF NEW	PNM 7.95 05/15/18	744499AP9	180000	217378.68	0.22%
TOTAL CAPITAL INTL SA	TOTAL 1.55 06/28/17	89153VAC3	215000	215531.30	0.22%
BG ENERGY CAPITAL PLC	BGGRP 4 10/15/21	05541VAE6	200000	215099.89	0.22%
NEWMONT MINING CORP	NEM 4.875 03/15/42	651639AP1	215000	212936.24	0.22%
BHP BILLITON FIN USA LTD	BHP 1.625 02/24/17	055451AP3	205000	207583.75	0.21%
CF INDUSTRIES INC	CF 6.875 05/01/18	12527GAA1	170000	203610.42	0.21%
CF 2011-2A A	CF 0 04/07/24	165182AX4	200000	202085.83	0.21%
FOSSM 2011-1A A2	FOSSM 0 10/18/54	34988WAF1	200000	201864.79	0.21%
ING BANK NV	INTNED 3.75 03/07/17	449786AQ5	200000	201436.80	0.21%
FNR 2011-2 PD	FNR 4 12/25/39	31397QGZ5	185000	201279.51	0.20%
MEDCO HEALTH SOLUTIONS I	ESRX 7.125 03/15/18	58405UAD4	160000	200762.27	0.20%
GNR 2010-128 JC	GNR 4 06/20/39	38377LPU6	180000	200659.29	0.20%
ANADARKO PETROLEUM CORP	APC 6.375 09/15/17	032511BH9	170000	200668.82	0.20%
ALLEGHANY CORP	Y 4.95 06/27/22	017175AC4	195000	198822.88	0.20%
JPMCC 2007-CB20 ASB	JPMCC 5.688 02/12/51	46631QAE2	182599	198553.03	0.20%
RABOBANK NEDERLAND UTREC	RABOBK 3.375 01/19/17	21686CAD2	190000	198431.16	0.20%
COMET 2004-B3 B3	COMET 0 01/18/22	14041NBL4	205000	196931.69	0.20%
ONCOR ELECTRIC DELIVERY	ONCRTX 4.55 12/01/41	68233JAN4	205000	195970.91	0.20%
SEAGATE HDD CAYMAN	STX 6.875 05/01/20	81180WAD3	180000	195562.50	0.20%
FN 357632	FN 5.5 10/01/34	31376KHH2	175907	194085.03	0.20%
AMERICAN INTL GROUP	AIG 4.875 06/01/22	026874CU9	185000	190223.00	0.19%
CMLTI 09-6 11A1	CMLTI 0 05/25/37	17315JAW2	197423	189795.72	0.19%
BLACKROCK INC	BLK 3.375 06/01/22	09247XAJ0	185000	188349.06	0.19%
CA UNIV OF CA-TXBL-AD REV	UNVHGR 4.858 05/15/12	91412GHA6	180000	187549.80	0.19%
NOBLE ENERGY INC	NBL 6 03/01/41	655044AE5	160000	185890.88	0.19%
CVS CAREMARK CORP	CVS 5.75 05/15/41	126650BX7	155000	185652.99	0.19%
BAFC 2009-R6 3A1	BAFC 0 01/26/37	05955DAF2	187065	184131.47	0.19%
GOLDMAN SACHS GROUP INC	GS 5.75 01/24/22	38141GGS7	165000	178312.26	0.18%
FHR 3793 LV	FHR 4 11/15/23	3137A5EJ9	164285	176488.21	0.18%
WELLPOINT INC	WLP 4.625 05/15/42	94973VAY3	170000	176428.47	0.18%
NATIONWIDE MUTUAL INSURA	NATMUT 9.375 08/15/39	638671AK3	130000	175641.92	0.18%
CD 2005-CD1 AM	CD 5.399746 07/15/44	12513EAJ3	160000	173498.05	0.18%
BSCMS 2007-PW17 A4	BSCMS 5.694 06/11/50	07388QAE9	150000	173466.45	0.18%
LEGG MASON INC	LM 5.5 05/21/19	524901AQ8	170000	172956.32	0.18%
ENERGY TRANSFER PARTNERS	ETP 6.125 02/15/17	29273RAE9	150000	172060.48	0.18%
JPMCC 2007-LD12 A4	JPMCC 0 02/15/51	46632HAD3	150000	171158.50	0.17%
INTERPUBLIC GROUP COS	IPG 10 07/15/17	460690BF6	145000	170536.11	0.17%
PROGRESS ENERGY INC	DUK 3.15 04/01/22	743263AS4	165000	168144.16	0.17%
HEWLETT-PACKARD CO	HPQ 6 09/15/41	428236BR3	148000	165738.64	0.17%
SEMPRA ENERGY	SRE 2.3 04/01/17	816851AS8	160000	164977.30	0.17%
COMET 2006-B1 B1	COMET 0.52175 01/15/19	14041NCT6	165000	161742.47	0.16%
SIMON PROPERTY GROUP LP	SPG 6.125 05/30/18	828807BZ9	135000	160449.57	0.16%
SCANA CORPORATION	SCG 4.75 05/15/21	80589MAD4	150000	160263.37	0.16%
MARATHON PETROLEUM CORP	MPC 5.125 03/01/21	56585AAD4	140000	159136.51	0.16%
FNR 2007-116 PB	FNR 5.5 08/25/35	31396X7A6	140000	159037.33	0.16%
EL PASO PIPELINE PART OP	EPB 6.5 04/01/20	28370TAA7	135000	158871.65	0.16%
GNR 2009-13 ND	GNR 4.5 02/16/33	38374TMP6	147313	157188.14	0.16%
APACHE CORP	APA 4.75 04/15/43	037411BA2	140000	157022.94	0.16%
DIRECTV HOLDINGS/FING	DTV 5.15 03/15/42	25459HBG9	145000	148279.08	0.15%
CF INDUSTRIES INC	CF 7.125 05/01/20	12527GAB9	120000	147525.00	0.15%
LIBERTY MUTUAL GROUP	LIBMUT 6.5 05/01/42	53079EAZ7	140000	143148.27	0.15%
FNR 2011-31 PB	FNR 4 01/25/40	31397SHM9	130000	142741.89	0.15%
FG G08028	FG 6 12/01/34	3128MJA67	126436	140696.54	0.14%
GENERAL ELEC CAP CORP	GE 1.625 07/02/15	36962G5Z3	140000	140308.00	0.14%
DISCOVERY COMMUNICATIONS	DISCA 6.35 06/01/40	25470DAD1	115000	140276.04	0.14%
SDART 2011-4 B	SDART 2.9 05/16/16	80282JAD1	134000	138119.95	0.14%
BOSTON PROPERTIES LP REIT	BXP 3.85 02/01/23	10112RAU8	135000	136556.94	0.14%
HIGHMARK INC	HIMARK 6.125 05/15/41	431116AC6	125000	134613.80	0.14%
FREMF 2012-K501 C	FREMF 0 11/25/46	30290EAS4	145000	129781.63	0.13%
JPMORGAN CHASE N CO	JPM 5.4 01/06/42	48126BAA1	115000	129532.67	0.13%
APPALACHIAN POWER CO	AEP 5.8 10/01/35	037735CE5	110000	127615.40	0.13%
CPS 2011-A A	CPS 2.82 04/16/18	126186AA3	126771	127608.97	0.13%
HMI 2010-1A A2	HMI 0 10/15/54	43641NBC7	125000	126084.59	0.13%
FG A81046	FG 6 08/01/38	312927ET9	113132	125251.98	0.13%
ROWAN COMPANIES INC	RDC 7.875 08/01/19	779382AK6	100000	123997.65	0.13%
CSMC 2009-3R 28A1	CSMC 0 08/27/37	22943YUB3	127051	122162.26	0.12%
ENERGY TRANSFER PARTNERS	ETP 5.2 02/01/22	29273RAQ2	110000	120406.10	0.12%
DEVON ENERGY CORPORATION	DVN 1.875 05/15/17	25179MAM5	120000	120314.87	0.12%
SDART 2012-3 A3	SDART 1.08 04/15/16	80282WAC4	115000	115200.30	0.12%
AZ GLENDALE S/T REV FSA	GLEDEV 6.077 07/01/25	378294DL3	95000	112316.13	0.11%
SMAT 2011-2USA A4A	SMAT 2.31 04/14/17	78446KAF0	110000	111677.14	0.11%
JUNIPER NETWORKS INC	JNPR 5.95 03/15/41	48203RAD6	95000	111017.52	0.11%
MASTR 2003-8 3A13	MASTR 5.25 09/25/33	55265KL72	106980	108645.31	0.11%
GENERAL ELEC CAP CORP HYBRID	GE 7.125 12/15/49	369622SN6	100000	106022.04	0.11%
GEORGIA POWER COMPANY	SO 4.3 03/15/42	373334JW2	100000	105539.91	0.11%
SDART 2010-2 C	SDART 3.89 07/17/17	80282GAE5	100000	103763.39	0.11%
COMM 2011-THL B	COMM 4.5544 06/09/28	12622QAB1	100000	101983.23	0.10%
BSCMS 2007-PW17 AMFL	BSCMS 0 06/11/50	07388QBU2	125000	101617.17	0.10%
CNHMT 2011-1A B	CNHMT 0 12/15/15	12615SAP5	100000	100391.32	0.10%
OCCIDENTAL PETROLEUM COR	OXY 1.5 02/15/18	674599CD5	100000	100349.10	0.10%
PUB SVC ELEC N GAS	PEG 3.95 05/01/42	74456QAZ9	95000	98790.42	0.10%
UDR INC	UDR 4.625 01/10/22	90265EAG5	90000	97299.97	0.10%
EL PASO PIPELINE PART OP	EPB 5 10/01/21	28370TAE9	85000	93026.38	0.09%
ENTERPRISE PRODUCTS OPER	EPD 4.85 08/15/42	29379VAW3	90000	91262.99	0.09%
JPMRR 2009-7 2A1	JPMRR 6 02/27/37	46633PAC6	87143	88753.25	0.09%
TECK RESOURCES LIMITED	TCKBCN 5.2 03/01/42	878744AB7	85000	82950.37	0.08%
TIME WARNER INC	TWX 6.1 07/15/40	887317AH8	70000	82496.73	0.08%
QWEST CORP	CTL 7.5 06/15/23	912920AB1	80000	80706.67	0.08%
COMM 2006-C7 AM	COMM 0 06/10/46	20047QAG0	75000	78297.96	0.08%
BANK OF NEW YORK MELLON	BK 1.969 06/20/17	064058AA8	70000	70863.56	0.07%
AETNA INC	AET 4.5 05/15/42	00817YAJ7	65000	66556.56	0.07%
JABIL CIRCUIT INC	JBL 8.25 03/15/18	466313AD5	55000	65823.54	0.07%
WEATHERFORD INTL LTD	WFT 4.5 04/15/22	94707VAC4	60000	62146.74	0.06%
TECK RESOURCES LIMITED	TCKBCN 6.25 07/15/41	878742AW5	50000	57419.92	0.06%
SOUTHERN CAL EDISON	EIX 4.05 03/15/42	842400FV0	50000	52755.15	0.05%
WAL-MART STORES INC	WMT 5.625 04/15/41	931142DB6	40000	52533.88	0.05%
ROWAN COMPANIES INC	RDC 4.875 06/01/22	779382AP5	50000	50710.63	0.05%
US TREASURY COLLATERAL	T 0.5 05/31/13	912828QZ6	50000	50136.42	0.05%
QWEST CORP	CTL 7.25 09/15/25	912920AK1	40000	44747.89	0.05%
DEVON ENERGY CORPORATION	DVN 4.75 05/15/42	25179MAN3	40000	42222.14	0.04%
GSMS 2012-ALOH A	GSMS 3.551 04/10/34	36192HAA2	0	858.16	0.00%

Disclosure

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.