Short Duration Bonds
Portfolio Holdings

Portfolio Structure: “CAM” Core Corporate Picks

Portfolios are comprised of a 50% /50% split between Investment Grade (IG) and High-Yield (HY) credits CAM currently has on our “core” IG and HY portfolios’ recommended lists. The issues selected may be shorter in maturity (and duration) than those held in the intermediate maturity “core” strategies.

Investment Grade Average Rating Target

Another constant feature of this strategy is the average credit quality target of BBB, which is an “investment grade” rating. Recently (12/31/08) S&P reported that 74% of U.S. rated Industrial Bonds have a rating below BBB.

Diversification is Considered Optimal

Diversification of issuers (companies) is an important element in any corporate bond portfolio, especially in light of the corporate scandals that rocked the market in 2000-2002, the financial and credit crises that began in mid-2007, and the “dynamic”nature of many industries (e.g. autos).

• 20 equally weighted positions is the targeted diversification for accounts under $300,000.
• 30 equally weighted positions are targeted for accounts over $300,000.

10 Largest Holdings of our Composite of Accounts as of 12/31/11

A 100% North American Corporate Bond Portfolio, no complex derivatives, no futures, no synthetic securities. So it is quite different and we feel more conservative then the typical mutual fund.