Portfolio Composition as of (06/30/2010)

Name Value
AGENCY 52.05%
CORPORATE BONDS 14.99%
COLLATERALIZED MORTGAGE OBLIGATIONS 11.41%
U.S. TREASURIES 10.63%
MUNICIPAL BONDS 5.67%
MORTGAGE PASS-THRU 1.72%
Cash & Equivalents 3.53%

Moody's Quality Bond Rating¹ as of (03/31/2010)

Name Value
A 8.5%
Aa 7.8%
Aaa 60.7%
Agency 13.4%
Not rated 2.5%
U.S. Treasury 7.1%

Effective Maturity as of (03/31/2010)

Name Value
0-1 Year 38.6%
1-3 Years 38.5%
3-5 Years 15.8%
5-10 Years 3.0%
10+ Years 0.0%
Cash & Equivalents 4.1%
Average Life 1.65 Years
Effective Duration 1.69

Top 10 Holdings as of (06/30/2010)

Name Value
FFCB 4.64%
FFCB 4.09%
FNMA 3.77%
FNMA 3.69%
Private Export Funding Corp. 3.64%
FNMA 3.46%
FHLB 3.42%
FHLMC 2.79%
U.S. Treasury Notes 2.78%
FHLMC 2.75%

¹ Quality ratings reflect the credit quality of the underlying bonds in the fund portfolio and not of the Fund itself. The percentages are based on a weighted average calculation. Not rated securities may be rated by S&P, Fitch or by BB&T Asset Management, Inc. The Fund invests primarily in investment grade quality bonds at the time of purchase. Please see the prospectus for more details. Bond quality ratings are subject to change.