Portfolio Composition
as of (12/31/2014)

Name Value
AGENCY 42.74%
U.S. TREASURIES 20.02%
MORTGAGE PASS-THRU 17.29%
CORPORATE BONDS 9.42%
COLLATERALIZED MORTGAGE OBLIGATIONS 7.91%
MUNICIPAL BONDS 2.57%
Cash & Equivalents 0.05%

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

Name Value
AAA 25.2%
AA 4.2%
A 7.8%
Government 62.8%
Not Rated 0.0%

Effective Duration Breakdown
as of (12/31/2014)

Name Value
0-1 Year 11.6%
1-2 Years 7.0%
2-3 Years 45.5%
3-5 Years 15.4%
5-10 Years 11.8%
10+ Years 8.7%
Average Life 5.09 Years
Effective Duration 3.90 Years

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

Name Value Coupon Maturity Date
FFCB 10.31% 4.67% 02/27/2018
FNMA 8.66% 6.25% 05/15/2029
FHLMC, Pool #G14007 8.44% 3.50% 12/01/2025
FNMA 8.05% 7.13% 01/15/2030
FNMA, Pool #FN0000 6.19% 3.58% 09/01/2020
U.S. Treasury Notes 5.56% 1.88% 09/30/2017
FNMA, Series 2010-129, Class NA 3.76% 3.50% 03/01/2025
U.S. Treasury Notes 3.26% 3.00% 02/28/2017
U.S. Treasury Notes 3.23% 3.00% 08/31/2016
MBNA Corp. 3.17% 5.00% 06/15/2015

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.