PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
I Shares 2.38 2.38 7.85 9.28 15.50 8.12 7.53 7/9/2001
BofA Merrill Lynch U.S. High Yield Master II Index 3.00 3.00 7.57 8.71 18.19 8.54 8.82  
Lipper High Yield Funds Average 2.61 2.61 6.73 7.70 15.92 7.32 7.72  
Portfolio Statistics
  March 31, 2014
  Portfolio Benchmark
SEC Yield 4.23% -
12 Mth Distribution Yield 5.33% -
Duration 3.17 Yrs 3.89 Yrs
Weighted Avg Maturity 3.55 Yrs 4.56 Yrs
Weighted Avg Coupon 7.52% 7.29%
Weighted Avg Price 105.37 105.94
December 31, 2013
Portfolio Benchmark
4.44% -
5.51% -
2.97 Yrs 4.06 Yrs
3.41 Yrs 4.86 Yrs
7.54% 7.37%
105.04 104.76
December 31, 2012
Portfolio Benchmark
4.54% -
6.20% -
3.20 Yrs 3.98 Yrs
3.67 Yrs 4.85 Yrs
7.82% 7.89%
105.22 105.90
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 9.27% 8.71%
Standard Deviation 5.32% 6.50%
Beta vs. Market 0.80 1.00
Excess Return 0.57% 0.00%
R-Squared 96.18% 100.00%
Tracking Error 1.65% 0.00%
Information Ratio 0.34 0.00
Sharpe Ratio 1.73 1.33
December 31, 2013
Portfolio Benchmark
9.89% 9.03%
5.38% 6.51%
0.81 1.00
0.87% 0.00%
96.33% 100.00%
1.61% 0.00%
0.54 0.00
1.83 1.38
December 31, 2012
Portfolio Benchmark
12.51% 11.59%
6.13% 7.13%
0.84 1.00
0.92% 0.00%
95.87% 100.00%
1.69% 0.00%
0.55 0.00
2.03 1.61
Credit Quality
  March 31, 2014
  Portfolio Benchmark
Cash -0.44% -
Government - -
AAA/Aaa/AAA - -
AA/Aa/AA - -
A/A/A - -
BBB/Baa/BBB 3.89% -
BB/Ba/BB 27.10% 40.82%
B/B/B 40.15% 40.69%
CCC/Caa/CCC 28.26% 17.77%
CC/Ca/CC - 0.42%
C/C/C - 0.14%
Not Rated 0.78% 0.17%
Equities - -
December 31, 2013
Portfolio Benchmark
4.57% -
- -
- -
- -
- -
7.56% -
21.34% 40.41%
39.33% 41.14%
26.14% 17.60%
- 0.59%
- 0.04%
1.05% 0.21%
- -
December 31, 2012
Portfolio Benchmark
5.06% -
1.13% -
- -
- -
0.39% -
2.87% -
19.15% 36.74%
55.63% 45.40%
15.13% 16.39%
- 0.85%
- 0.27%
0.65% 0.35%
- -
Sector Exposure
  March 31, 2014
  Portfolio Benchmark
Corporate 95.30% 99.99%
Government Related 2.27% -
Securitized 2.32% -
Treasury - -
Cash and Cash Equivalents 0.12% -
Other - -
December 31, 2013
Portfolio Benchmark
93.56% 99.99%
- -
1.70% -
- -
4.74% -
- -
December 31, 2012
Portfolio Benchmark
94.48% 99.99%
- -
- -
- -
5.53% -
- -
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
  % of Portf.
HILTON USA TRUST 1.55%
HERCULES OFFSHORE INC 1.24%
ACCELLENT INC 1.23%
BEVERAGES + MORE INC 1.19%
BON TON DEPT STORES 1.11%
PUERTO RICO CMWLTH GOVT DEV BA 1.09%
ARCELORMITTAL 1.05%
SPRINT CAPITAL CORP 1.05%
SANDRIDGE ENERGY INC 1.02%
EXOPACK HOLDINGS SA 1.01%
Total 11.54%
December 31, 2013
  % of Portf.
BEVERAGES + MORE INC 1.31%
ANTERO RESOURCES FINANCE 1.18%
FIRST DATA CORPORATION 1.10%
KODIAK OIL + GAS CORP 1.07%
PETCO ANIMAL SUPPLIES IN 1.02%
CHECKERS DRIVE IN RESTAU 1.01%
KINETICS CONCEPT/KCI USA 1.00%
DEL MONTE CORP 0.99%
CONTINENTAL RESOURCES 0.98%
US FOODS INC 0.95%
Total 10.61%
December 31, 2012
  % of Portf.
GETTY IMAGES INC 1.30%
SELECT MEDICAL HOLDINGS 1.30%
SPENCER SPIRIT HLDG/GIFT 1.19%
INNOVATION VENTURES/FINA 1.13%
ENTERPRISE PRODUCTS OPER 1.12%
PLAINS EXPLORATION + PRO 1.12%
KRATOS DEFENSE + SEC 1.07%
KINETICS CONCEPT/KCI USA 1.03%
HERCULES OFFSHORE INC 1.02%
HARLAND CLARKE HOLDINGS 1.02%
Total 11.31%

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment grade bonds and may be illiquid. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. The Fund is non-diversified and may be more volatile than a diversified fund.

I800ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.