| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| US TREASURY 2.375 8/31/10 | 912828JJ0 | 27,480,000 | $27,909,375.00 | 27.90% |
| US TREASURY 2.00 02/28/10 | 912828HS2 | 15,750,000 | $15,853,351.50 | 15.85% |
| US T-NOTE 4.875 08/15/09 | 912828FP0 | 14,000,000 | $14,376,250.00 | 14.37% |
| US TREASRY 4.625 02/29/12 | 912828GK0 | 11,500,000 | $12,487,378.50 | 12.48% |
| US T-BILLS 3.25% 12/31/09 | 912828HL7 | 11,700,000 | $11,934,000.00 | 11.93% |
| US T NOTES 4.50 02/28/11 | 912828EX4 | 7,000,000 | $7,493,283.00 | 7.49% |
| UST NOTE 4.50% 11/15/10 | 912828EM8 | 5,500,000 | $5,842,463.00 | 5.84% |
| FEDERATED US TREAS #125 | 990060GK5 | 2,089,540 | $2,089,540.67 | 2.08% |
| US T-NOTE 4.50 02/15/09 | 912828EV8 | 2,000,000 | $2,020,938.00 | 2.02% |
| Total Fund Assets | | | $100,006,579.67 | 100.00% |
As of 10/31/2008.
Holdings subject to change.
