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) 0.79 0.79 0.83 2.36 4.34 3.85 4.94 1/31/2002
Barclays 1-5 Year U.S. Credit Index 0.75 0.75 1.44 3.22 5.59 4.03 4.60  
Lipper Short Investment Grade Debt Funds Average 0.40 0.40 0.55 1.67 3.45 2.66 2.99  
Portfolio Statistics
  March 31, 2014
  Portfolio Benchmark
SEC Yield 1.23% -
12 Mth Distribution Yield 1.92% -
Duration 2.15 Yrs 2.72 Yrs
Weighted Avg Maturity 3.24 Yrs 2.89 Yrs
Weighted Avg Coupon 3.58% 3.65%
Weighted Avg Price 102.70 105.88
December 31, 2013
Portfolio Benchmark
1.28% -
1.90% -
2.14 Yrs 2.72 Yrs
3.36 Yrs 2.89 Yrs
3.52% 3.68%
102.44 105.80
December 31, 2012
Portfolio Benchmark
1.04% -
2.19% -
2.21 Yrs 2.73 Yrs
3.78 Yrs 2.93 Yrs
3.60% 3.89%
104.41 107.17
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 2.36% 3.22%
Standard Deviation 1.92% 1.89%
Beta vs. Market 0.86 1.00
Excess Return -0.85% 0.00%
R-Squared 71.55% 100.00%
Tracking Error 1.06% 0.00%
Information Ratio -0.81 0.00
Sharpe Ratio 1.20 1.67
December 31, 2013
Portfolio Benchmark
2.47% 3.25%
1.92% 1.88%
0.84 1.00
-0.78% 0.00%
67.70% 100.00%
1.13% 0.00%
-0.69 0.00
1.25 1.69
December 31, 2012
Portfolio Benchmark
3.50% 4.66%
1.84% 1.98%
0.72 1.00
-1.16% 0.00%
59.89% 100.00%
1.29% 0.00%
-0.90 0.00
1.85 2.30
Performance Attribution (gross returns vs. passive benchmark) 1Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
30 4 10 7 9

In the first quarter, the fund outperformed its passive benchmark, the Barclays US 1-5 Year Credit Index, by 30 basis points. Each of its core sources of alpha (duration, curve, sector, security) contributed to outperformance. Its short duration bias and underweight to the short end of the yield curve together contributed to nearly half of outperformance. While intermediate and longer benchmark Treasury yields fell in the first quarter, short yields increased, benefitting the fund’s short 2y/5y key-rate duration (KRD) underweight and also the out-of-benchmark intermediate curve (7-10yr KRD) overweight as part of the funds maturity barbell approach. The fund also benefitted from an overweight to the out-of-benchmark securitized sector as its holdings broadly outperformed benchmark corporate and government-related sectors. Strong performance was led by deleveraged subprime automobile ABS deals, single-borrower CMBS, and esoteric ABS. Strong security selection within corporate sectors such as Financials and Utilities also benefitted performance.

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 0.31% -
Government 3.65% -
AAA/Aaa/AAA 3.56% 16.10%
AA/Aa/AA 9.49% 14.99%
A/A/A 28.86% 39.26%
BBB/Baa/BBB 37.47% 29.66%
BB/Ba/BB 5.90% -
B/B/B 5.64% -
CCC/Caa/CCC 2.70% -
CC/Ca/CC - -
C/C/C - -
Not Rated 2.04% -
Equities - -
December 31, 2013
Portfolio Benchmark
1.02% -
2.55% -
4.03% 15.97%
10.42% 15.05%
29.70% 39.13%
38.11% 29.85%
5.26% -
5.26% -
2.39% -
- -
- -
1.24% -
- -
December 31, 2012
Portfolio Benchmark
6.38% -
6.17% -
4.82% 17.07%
6.69% 14.83%
30.20% 38.48%
33.89% 29.63%
5.49% -
5.57% -
0.40% -
- -
- -
0.38% -
- -
Sector Exposure
  March 31, 2014
  Portfolio Benchmark
Corporate 75.67% 75.77%
Government Related 1.60% 24.23%
Securitized 17.37% -
Treasury 3.49% -
Cash and Cash Equivalents 1.84% -
Other - -
December 31, 2013
Portfolio Benchmark
78.15% 75.03%
1.36% 24.97%
15.91% -
2.41% -
2.16% -
- -
December 31, 2012
Portfolio Benchmark
77.41% 74.41%
1.31% 25.58%
8.15% -
1.59% -
11.26% -
0.28% -
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
  % of Portf.
US TREASURY N/B 1.83%
US BANK NA 1.74%
BANK OF AMERICA NA 1.58%
ENTERPRISE PRODUCTS OPER 1.41%
CITIGROUP INC 1.31%
SABMILLER HOLDINGS INC 1.23%
JPMORGAN CHASE + CO 1.18%
ONTARIO (PROVINCE OF) 1.17%
FORD MOTOR CREDIT CO LLC 1.07%
BANK OF AMERICA NA 1.05%
Total 13.57%
December 31, 2013
  % of Portf.
US BANK NA 2.05%
CITIGROUP INC 1.70%
BANK OF AMERICA NA 1.60%
ENTERPRISE PRODUCTS OPER 1.39%
FORD MOTOR CREDIT CO LLC 1.38%
SABMILLER HOLDINGS INC 1.24%
ONTARIO (PROVINCE OF) 1.18%
US TREASURY N/B 1.16%
BANK OF AMERICA NA 1.06%
GENERAL ELEC CAP CORP 0.98%
Total 13.73%
December 31, 2012
  % of Portf.
US BANK NA 1.99%
WACHOVIA CAP TRUST III 1.69%
ENTERPRISE PRODUCTS OPER 1.36%
MORGAN STANLEY 1.32%
BANK OF AMERICA NA 1.31%
FORD MOTOR CREDIT CO LLC 1.31%
SABMILLER HOLDINGS INC 1.20%
ONTARIO (PROVINCE OF) 1.16%
FNMA TBA 3PCT JAN 30 SINGLE FA 1.15%
ROYAL BANK OF CANADA 0.96%
Total 13.45%

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; individualinvestments 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.