High Yield Bonds Portfolio
Holdings | Industries

Largest High Yield Bond Strategy Holdings
as of December 31, 2011

CAM’s portfolios are diversified, with seasoned High Yield Portfolios holding 30 or more issues. Non-cyclicals dominate. Larger portfolios may have more than 35 holdings. The bonds of over 50 different issuers were held in our High Yield Portfolios as of June 30, 2009. Our largest holdings, all of which were rated “Ba2,” “B1,” “B2,” or “B3,” by Moody’s were as follows:

Industry Diversification of Composite Portfolio -
10 largest Industries as of 12/31/11

FusionCharts.

Past or Present High Yield Issuers

Past or present high yield issuers are well known manufacturers and service providers spanning a large number of diverse industries. Many have done very well, others have fallen prey to changes in company, industry or political dynamics, such as new competitors, WTO developments and product life cycle aging. Therefore active management is important.