PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 2.36 2.36 -0.39 3.89 5.99 4.22 6.61 8/24/1987
Barclays U.S. Credit Index 2.91 2.91 1.01 5.80 8.90 5.20 7.56  
Lipper A Rated Corporate Debt Funds Average 2.89 2.89 0.79 5.07 7.78 4.58 6.94  
Portfolio Statistics
  March 31, 2014
  Portfolio Benchmark
SEC Yield 2.12% -
12 Mth Distribution Yield 2.28% -
Duration 5.78 Yrs 6.73 Yrs
Weighted Avg Maturity 8.64 Yrs 9.96 Yrs
Weighted Avg Coupon 3.92% 4.61%
Weighted Avg Price 101.66 108.73
December 31, 2013
Portfolio Benchmark
2.13% -
2.23% -
5.57 Yrs 6.58 Yrs
8.27 Yrs 9.78 Yrs
3.80% 4.65%
99.96 106.92
December 31, 2012
Portfolio Benchmark
1.42% -
2.38% -
5.92 Yrs 6.98 Yrs
8.75 Yrs 10.25 Yrs
3.68% 4.98%
105.70 115.28
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 3.89% 5.80%
Standard Deviation 3.62% 4.36%
Beta vs. Market 0.68 1.00
Excess Return -1.91% 0.00%
R-Squared 66.27% 100.00%
Tracking Error 2.53% 0.00%
Information Ratio -0.76 0.00
Sharpe Ratio 1.06 1.32
December 31, 2013
Portfolio Benchmark
3.46% 5.11%
3.55% 4.29%
0.66 1.00
-1.65% 0.00%
64.49% 100.00%
2.56% 0.00%
-0.64 0.00
0.96 1.17
December 31, 2012
Portfolio Benchmark
6.47% 8.74%
2.89% 3.69%
0.53 1.00
-2.26% 0.00%
46.51% 100.00%
2.72% 0.00%
-0.83 0.00
2.21 2.34
Performance Attribution (gross returns vs. passive benchmark) 1Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
-26 -23 -4 -5 6

In the first quarter, the fund underperformed its passive benchmark, the Barclays US Credit Index, by 26 basis points. Its shorter-than-benchmark duration was the driver of underperformance. Positive contributors were its out-of-benchmark exposure to the securitized sector, particularly within CMBS and esoteric ABS, and strong security selection within the Banking and Finance sectors. Poor security selection in the Communications sector was a detractor.

Total effect:Aggregate or total active return, which is return relative to the passive benchmark (outperformance or underperformance).
Duration effect: Active return attributable to overall duration. (Duration measures a portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the change in value in response to a given change in interest rates.) This measures the effect of a parallel shift either up or down in the entire yield curve.
Curve effect: Active return attributable to yield curve positioning. This measures the effects of a change in the shape of the yield curve (a non-parallel shift).
Sector effect:Active return attributable to sector selection.
Selection effect:Active return attributable to security selection (includes intra-day trading).

All fixed-income attribution measures are in basis points (one basis point is 0.01 percentage points).
Credit Quality
  March 31, 2014
  Portfolio Benchmark
Cash 0.74% -
Government 6.57% -
AAA/Aaa/AAA 5.81% 9.13%
AA/Aa/AA 7.44% 12.23%
A/A/A 32.56% 38.29%
BBB/Baa/BBB 38.03% 40.35%
BB/Ba/BB 4.27% -
B/B/B 1.44% -
CCC/Caa/CCC 1.08% -
CC/Ca/CC - -
C/C/C - -
Not Rated 1.72% -
Equities - -
December 31, 2013
Portfolio Benchmark
1.21% -
6.97% -
6.71% 8.76%
7.32% 12.35%
31.53% 38.45%
39.38% 40.44%
3.06% -
1.67% -
1.07% -
- -
- -
1.10% -
- -
December 31, 2012
Portfolio Benchmark
4.14% -
13.08% -
7.07% 8.86%
10.15% 12.01%
28.45% 39.88%
31.54% 39.25%
3.05% -
1.61% -
0.19% -
- -
- -
0.74% -
- -
Sector Exposure
  March 31, 2014
  Portfolio Benchmark
Corporate 72.23% 78.67%
Government Related 4.97% 21.33%
Securitized 14.08% -
Treasury 5.90% -
Cash and Cash Equivalents 0.84% -
Other 1.98% -
December 31, 2013
Portfolio Benchmark
73.96% 78.76%
4.69% 21.24%
11.82% -
6.21% -
1.30% -
2.02% -
December 31, 2012
Portfolio Benchmark
66.20% 79.64%
6.02% 20.36%
9.99% -
7.99% -
6.53% -
3.29% -
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
  % of Portf.
US TREASURY N/B 2.76%
BANK OF AMERICA NA 1.71%
WI TREASURY SEC. 1.66%
GOLDMAN SACHS GROUP INC 1.59%
JPMORGAN CHASE + CO 1.45%
ENTERPRISE PRODUCTS OPER 1.31%
PIONEER NATURAL RESOURCE 1.14%
BANK OF AMERICA CORP 1.02%
WACHOVIA CAP TRUST III 1.01%
US TREASURY N/B 0.90%
Total 14.56%
December 31, 2013
  % of Portf.
US TREASURY N/B 2.23%
JPMORGAN CHASE + CO 1.84%
BANK OF AMERICA NA 1.81%
US TREASURY N/B 1.74%
GOLDMAN SACHS GROUP INC 1.69%
ENTERPRISE PRODUCTS OPER 1.59%
US BANK NA 1.34%
PIONEER NATURAL RESOURCE 1.21%
US TREASURY N/B 1.06%
WACHOVIA CAP TRUST III 1.02%
Total 15.54%
December 31, 2012
  % of Portf.
US TREASURY N/B 5.15%
JPMORGAN CHASE + CO 1.93%
FREDDIE MAC 1.81%
WACHOVIA CAP TRUST III 1.69%
BANK OF AMERICA NA 1.66%
GOLDMAN SACHS GROUP INC 1.55%
ENTERPRISE PRODUCTS OPER 1.48%
US TREASURY N/B 1.41%
FNMA TBA 3PCT JAN 30 SINGLE FA 1.33%
US BANK NA 1.23%
Total 19.25%

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. Investments in high-yield, high risk bonds can involve a substantial risk of loss. 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.

G200ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.