Moody's Quality Bond Rating¹
as of (12/31/2014)

Name Value
AAA 38.3%
AA 14.0%
A 16.7%
BBB 15.3%
BB 6.3%
B 2.2%
Below B 0.20%
Government 6.4%
Not Rated 0.6%

Effective Maturity
as of (12/31/2014)

Name Value
0-1 Year 8.2%
1-2 Years 14.4%
2-3 Years 14.0%
3-5 Years 20.4%
5-10 Years 29.8%
10+ Years 13.1%
Average Life 7.77 Years
Effective Duration 5.20 Years

Portfolio Composition
as of (12/31/2014)

Composition Fund Index
Corporate 35.4% 23.4%
   Financial Institutions 16.6% 7.6%
   Industrial 17.7% 14%
   Utility 1% 1.8%
Government Related 12% 9.5%
   Agency 2.4% 5%
   Local Authority 9% 1.3%
   Sovereign 0.6% 1.5%
   Supranational 0% 1.6%
Securitized 47.7% 31.5%
   ABS 10.8% 0.5%
   ARM 0.1% 0.4%
   CMBS 17.1% 2%
   CMO 9.8% 0%
   Covered 0% 0.1%
   MBS Passthrough 9.8% 28.5%
Treasury 4% 35.7%
Cash & Equivalents 1% 0%
TOTAL 100% 100%

Top 10 Holdings
as of (12/31/2014)

Name Value Coupon Maturity Date
FHLB 2.05% 0.50% 09/28/2016
U.S. Treasury Notes 1.90% 3.13% 01/18/2038
Avis Budget Rntl Car Fndg AESOP, LLC, Ser 2014-2A, Cl A 1.41% 2.50% 02/20/2021
U.S. Treasury Notes 1.12% 1.75% 05/31/2016
FirstKey Mortgage Trust, Series 2014-1, Class A12 1.03% 3.50% 01/18/2038
U.S. Treasury Notes 0.97% 0.88% 07/15/2017
Citibank Credit Card Issuance Trust, Series A1, Cl A1 0.96% 2.88% 01/23/2023
Ford Credit Auto Owner Trust, Series 2014-2, Class A 0.93% 2.31% 04/15/2026
Solano Cnty, Comm Collg Dstrct, Taxable, Ref, Series B 0.86% 2.91% 08/01/2020
Chase Issuance Trust, Series 2014-A2, Class A2 0.82% 2.77% 03/15/2023

Current and future portfolio holdings are subject to change and risk.

¹ Credit quality ratings using Moody's rating symbols reflect the credit quality of the underlying bonds in the fund portfolio and not of the Fund itself. Moody's assigns a range of ratings from Aaa being the highest quality to C being the lowest rated class of bonds. Securities not rated by Moody's may be rated by S&P, Fitch or if no agency rating is available, the Fund will assign a rating of not rated. Bond quality ratings are subject to change.