| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| INST CASH MANAGEMENT MMKT | 76628T264 | 3,002,307 | $3,002,307.63 | 4.18% |
| FNARM 889863 VRN 08/01/35 | 31410KTU8 | 2,833,928 | $2,895,689.19 | 4.04% |
| GREENWICH CAP CP 11/03/08 | 3967X0L32 | 2,800,000 | $2,799,883.24 | 3.90% |
| FEDERATED US GOVT FUND | 990060GG4 | 2,445,511 | $2,445,511.02 | 3.41% |
| SUNTRUST VRN 08/25/22 | 855541AA6 | 1,664,700 | $1,472,493.86 | 2.05% |
| WAMU 2004 3.7958 06/25/34 | 92922FPT9 | 1,400,000 | $1,355,123.98 | 1.89% |
| GNR 06-39 3.772 06/16/25 | 38373MVU1 | 1,178,841 | $1,165,000.54 | 1.62% |
| HEWLETT-PCKRD VRN 9/03/09 | 428236AR4 | 1,125,000 | $1,125,118.13 | 1.56% |
| GOLDMAN VRN 06/28/10 | 38141ELE7 | 1,125,000 | $1,054,818.00 | 1.47% |
| FHR 2617 UM 4.00 05/15/15 | 31393RC40 | 1,002,012 | $1,000,673.25 | 1.39% |
| LINCOLN NATL FRN 04/06/09 | 534187AQ2 | 1,000,000 | $994,105.00 | 1.38% |
| BANK OF NY VRN 06/29/10 | 06406HBD0 | 1,000,000 | $988,676.00 | 1.37% |
| CSFB 04-C3 4.302 07/15/36 | 22541SWH7 | 1,005,000 | $983,450.09 | 1.37% |
| FRST BSTN 4.609 02/15/38 | 225458DJ4 | 1,020,000 | $973,789.31 | 1.35% |
| FNARM VRN 11/01/37 | 31410GTK9 | 956,365 | $962,181.48 | 1.34% |
| FNMA VRN 07/01/35 | 31410GK69 | 922,138 | $950,149.67 | 1.32% |
| IBM INTL VRN 07/29/09 | 44924EAC4 | 950,000 | $946,091.70 | 1.31% |
| FNARM VRN 10/01/37 | 31410KLA0 | 916,553 | $926,493.94 | 1.29% |
| MET LIFE VRN 06/25/10 | 59217EBQ6 | 1,000,000 | $889,701.00 | 1.24% |
| FREDDIE MA 5.125 08/23/10 | 3137EAAX7 | 850,000 | $880,804.85 | 1.22% |
| JP MORGAN CHASE 01/17/11 | 46625HDC1 | 865,000 | $855,634.65 | 1.19% |
| ALLSTATE LIFE VRN 2/26/10 | 02003MBM5 | 925,000 | $844,637.85 | 1.17% |
| US BANCORP VRN 02/04/10 | 91159HGN4 | 825,000 | $816,537.15 | 1.13% |
| BANK OF AMER VRN 08/13/10 | 060505DG6 | 850,000 | $815,371.00 | 1.13% |
| FN 555573 6.789 07/01/09 | 31385XFN2 | 807,192 | $806,849.10 | 1.12% |
| WACHOVIA VRN 07/26/10 | 92976WBD7 | 850,000 | $796,863.10 | 1.11% |
| FHLMC VRN 03/01/35 | 3128JPE97 | 791,169 | $795,179.39 | 1.10% |
| CME GROUP VRN 08/06/10 | 12572QAC9 | 770,000 | $769,341.65 | 1.07% |
| VALET VRN 04/20/11 | 92867BAB0 | 775,000 | $766,394.01 | 1.06% |
| BACM 2003-F VRN 07/25/33 | 05948XKL4 | 759,820 | $760,047.39 | 1.06% |
| UBS AG VRN 07/23/09 | 90261XEA6 | 760,000 | $754,483.16 | 1.05% |
| FREDDIE M 3.125% 10/25/10 | 3137EABU2 | 750,000 | $751,690.50 | 1.04% |
| WACHOVIA 4.38 10/15/41 | 929766YV9 | 779,293 | $749,779.16 | 1.04% |
| WFMBS2005 4.108 06/25/35 | 94983CAS6 | 755,000 | $733,240.67 | 1.02% |
| CALYON NA INC CP 11/25/08 | 13170RLR6 | 725,000 | $723,685.36 | 1.00% |
| AMER EXPR VRN 04/26/10 | 02580EBS1 | 750,000 | $716,502.00 | 0.99% |
| FNARM 822302 VRN 05/01/35 | 31406WRX4 | 704,538 | $708,199.89 | 0.98% |
| FHASI-2004 VRN 08/25/34 | 32051D5A6 | 793,708 | $707,236.90 | 0.98% |
| BACCT 2007 VRN 08/15/12 | 05522RBA5 | 750,000 | $697,544.48 | 0.97% |
| SOC GEN 2.92 12/01/08 | 8336P2J58 | 675,000 | $674,634.15 | 0.94% |
| FNMA VRN 11/01/33 | 31385XRZ2 | 664,200 | $672,281.59 | 0.93% |
| WFMBS 06-AR8 VRN 04/25/36 | 94983VAJ4 | 724,037 | $668,999.84 | 0.93% |
| AT&T VRN 02/05/10 | 00206RAC6 | 675,000 | $641,624.63 | 0.89% |
| FHARM 847259 VRN 03/01/34 | 3128JRB47 | 636,987 | $639,735.36 | 0.89% |
| CATERPILLAR VRN 02/08/10 | 14912L3T6 | 650,000 | $636,616.50 | 0.88% |
| MERRILL LYNCH FRN 5/08/09 | 59018YC90 | 650,000 | $624,783.25 | 0.87% |
| CITIGROUP 6.50 01/18/11 | 172967BC4 | 625,000 | $608,383.13 | 0.84% |
| LB-UBS 2002 4.07 09/15/26 | 52108HLG7 | 626,873 | $595,349.31 | 0.83% |
| PROVIDENT 4.0383 04/25/34 | 743873AK7 | 588,306 | $574,325.27 | 0.80% |
| BOIT 2004 3.45% 10/17/11 | 06423RBG0 | 575,000 | $569,280.42 | 0.79% |
| SOUTHERN CO VRN 08/20/10 | 842587CD7 | 555,000 | $554,428.91 | 0.77% |
| WFMBS 06-AR8 VRN 04/25/36 | 94983VAN5 | 670,658 | $544,639.56 | 0.75% |
| FHARM 1G1676 VRN 04/01/37 | 3128QJ2H8 | 529,229 | $533,233.78 | 0.74% |
| DCAT 2006 4.98 02/08/11 | 233880AB9 | 513,697 | $506,872.18 | 0.70% |
| FNARM 735316 VRN 07/01/34 | 31402Q3Z2 | 495,615 | $494,935.87 | 0.69% |
| FNARM 773243 VRN 02/01/35 | 31404NBL9 | 492,380 | $492,319.56 | 0.68% |
| FNARM 772346 VRN 03/01/34 | 31404MBP2 | 493,200 | $490,459.41 | 0.68% |
| FNR 03-35 KA 4.0 04/25/17 | 31393BQ32 | 492,219 | $489,816.49 | 0.68% |
| GOLDMAN 6.875 01/15/11 | 38141GAZ7 | 500,000 | $487,491.00 | 0.68% |
| GCCFC 05 4.305 08/10/42 | 396789JR1 | 500,000 | $481,111.65 | 0.67% |
| LB-UBS 4.31 02/15/30 | 52108H2R4 | 500,000 | $475,042.25 | 0.66% |
| GCCFC 04 4.344 06/10/36 | 396789FP9 | 466,220 | $461,372.67 | 0.64% |
| FNARM VRN 12/01/34 | 31406DEM4 | 457,928 | $459,921.96 | 0.64% |
| FHARM VRN 02/01/35 | 3128JMGD3 | 445,210 | $448,021.59 | 0.62% |
| BSCMS 2005 4.94 10/12/42 | 07387BCG6 | 452,347 | $439,645.50 | 0.61% |
| FNARM 685558 VRN 01/01/33 | 31400ETP5 | 430,137 | $432,393.06 | 0.60% |
| INGERSOLL VRN 08/13/10 | 45687AAC6 | 425,000 | $424,601.78 | 0.59% |
| FNARM 888260 VRN 07/01/35 | 31410FZZ1 | 410,680 | $415,600.81 | 0.57% |
| FNARM 555844 VRN 10/01/33 | 31385XP50 | 392,411 | $399,592.03 | 0.55% |
| BACM 2004-2 3.52 11/10/38 | 05947URB6 | 399,277 | $395,674.89 | 0.55% |
| BNK AMRICA 7.40 01/15/11 | 060505AG9 | 400,000 | $393,625.20 | 0.54% |
| FHARM 1B7142 VRN 09/01/36 | 3128QPKE1 | 384,215 | $393,264.70 | 0.54% |
| FHARM 1B1002 VRN 08/01/33 | 3128JLAC3 | 381,501 | $389,753.79 | 0.54% |
| WFMBS 06-16 5.00 11/25/36 | 94984YAM0 | 375,756 | $368,795.75 | 0.51% |
| GENERAL ELEC 5.2 02/01/11 | 36962G2C7 | 380,000 | $367,532.58 | 0.51% |
| MSC 06-HQ8 5.124 03/12/44 | 617451FF1 | 372,865 | $362,366.87 | 0.50% |
| BALTA 2006-2 VRN 03/25/36 | 07386HF71 | 592,812 | $343,630.06 | 0.47% |
| CRDT SUISE 5.25% 03/02/11 | 225434AF6 | 350,000 | $333,536.00 | 0.46% |
| BALTA 2005 VRN 11/25/35 | 07386HYF2 | 496,153 | $332,567.40 | 0.46% |
| BMW VOT 5.13 09/27/10 | 055670AC7 | 327,892 | $327,641.01 | 0.45% |
| FHAMS 05-AA7 VRN 09/25/35 | 32051GSQ9 | 484,227 | $323,533.48 | 0.45% |
| JPMORGAN 6.75% 02/01/11 | 46625HAJ9 | 325,000 | $322,738.98 | 0.45% |
| FNARM 800334 VRN 12/01/34 | 31405VEF0 | 319,356 | $319,268.24 | 0.44% |
| FHRR R001 4.375% 04/15/15 | 31395RAR9 | 317,724 | $315,248.85 | 0.43% |
| FHR 2890 AB 3.75 12/15/11 | 31395JR65 | 302,869 | $301,279.35 | 0.42% |
| EMRSN ELEC 7.125 08/15/10 | 291011AM6 | 275,000 | $285,723.08 | 0.39% |
| HOUSEHOLD 8.00 07/15/10 | 441812GM0 | 285,000 | $277,320.68 | 0.38% |
| FNARM 555817 VRN 09/01/33 | 31385XPA9 | 268,692 | $275,682.19 | 0.38% |
| ARMT 2005 VRN 08/25/35 | 007036KD7 | 320,576 | $266,802.69 | 0.37% |
| RFMS2 06-A1 VRN 02/25/36 | 76110VTC2 | 325,837 | $264,731.48 | 0.36% |
| KELLOG CO. 6.60% 04/01/11 | 487836AS7 | 250,000 | $251,951.75 | 0.35% |
| UNITED TECH 4.375 5/01/10 | 913017BG3 | 250,000 | $246,958.00 | 0.34% |
| COMCAST 6.75 01/30/11 | 20029PAL3 | 250,000 | $245,575.25 | 0.34% |
| FHR 2984 NA 5.50 04/15/26 | 31395VKF5 | 240,100 | $242,778.34 | 0.33% |
| ROGERS 9.625 05/01/11 | 77531QAB4 | 230,000 | $239,285.33 | 0.33% |
| DOVER CORP 6.50 02/15/11 | 260003AD0 | 225,000 | $228,965.18 | 0.31% |
| HAROT 5.30 07/21/10 | 43812QAC4 | 221,458 | $221,150.57 | 0.30% |
| CVS CAREMARK VRN 09/10/10 | 126650BM1 | 215,000 | $214,730.18 | 0.29% |
| FNARM VRN 01/01/33 | 31385XAB3 | 210,413 | $212,662.00 | 0.29% |
| GREENWICH 5.117% 04/10/37 | 396789LG2 | 225,000 | $212,101.67 | 0.29% |
| FHR 2539 QB 5.00 09/15/15 | 31393FWB8 | 209,425 | $210,943.80 | 0.29% |
| CITICORP MS 5.00 08/25/20 | 1729732B4 | 211,502 | $200,398.37 | 0.27% |
| XTO ENERGY 5.00 08/01/10 | 98385XAR7 | 200,000 | $196,679.20 | 0.27% |
| CATERPILLAR 4.15 01/15/10 | 14912L2K6 | 200,000 | $195,235.00 | 0.27% |
| AEP 5.375 03/15/10 | 025537AD3 | 200,000 | $194,569.20 | 0.27% |
| UNION PACFC 6.65 01/15/11 | 907818CK2 | 200,000 | $194,550.00 | 0.27% |
| ORACLE CORP 5.00 01/15/11 | 68402LAE4 | 195,000 | $193,386.38 | 0.26% |
| ARMT 05-7 VRN 10/25/35 | 007036ND4 | 294,380 | $188,598.38 | 0.26% |
| ENTERPRISE 4.625 10/15/09 | 293791AM1 | 195,000 | $186,641.72 | 0.26% |
| JOHNSON 5.25 01/15/11 | 478366AQ0 | 200,000 | $186,375.40 | 0.26% |
| JPMCC 05 4.116 03/15/46 | 46625YGK3 | 177,074 | $175,165.74 | 0.24% |
| CISCO SYST 5.25% 02/22/11 | 17275RAB8 | 175,000 | $175,148.58 | 0.24% |
| COX COMM 7.75 11/01/10 | 224044AY3 | 175,000 | $171,865.23 | 0.23% |
| RAYTHEON 4.85 01/15/11 | 755111BQ3 | 175,000 | $169,855.00 | 0.23% |
| MARM 2007-1 VRN 11/25/36 | 576431AJ9 | 249,552 | $165,650.80 | 0.23% |
| TIME WARNER 6.75 04/15/11 | 00184AAB1 | 170,000 | $158,199.28 | 0.22% |
| INTL LEASE 5.45 03/24/11 | 45974VZY7 | 200,000 | $138,494.00 | 0.19% |
| FNARM 635082 VRN 05/01/32 | 31389TRB0 | 138,135 | $135,912.20 | 0.18% |
| DUKE 7.875 08/16/10 | 26439XAB9 | 124,000 | $125,040.36 | 0.17% |
| CENTERPOINT 7.75 02/15/11 | 75953GAC7 | 125,000 | $117,523.75 | 0.16% |
| FHARM 847276 VRN 04/01/34 | 3128JRCM6 | 116,293 | $115,483.50 | 0.16% |
| GNR 2002-26 VRN 02/16/24 | 38373MBR0 | 113,693 | $115,104.32 | 0.16% |
| DSMI 04-5 4.98 07/25/34 | 251563FX5 | 103,319 | $102,998.14 | 0.14% |
| LEHMAN BROS VRN 10/22/08 | 52517PC58 | 850,000 | $99,875.00 | 0.13% |
| MSC 04-HQ4 3.92 04/14/40 | 61745MS79 | 100,485 | $99,813.50 | 0.13% |
| LEHMAN BROS 4.25 01/27/10 | 52517PYN5 | 300,000 | $39,000.00 | 0.05% |
| HAROT 05-6 4.85 10/19/09 | 43812NAC1 | 26,254 | $26,260.88 | 0.03% |
| Total Fund Assets | | | $71,674,436.07 | 100.00% |
