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) 0.29 0.29 0.82 1.09 2.47 n/a 3.00 10/31/2006
Barclays 9-12 Months Short Treasury Index 0.08 0.08 0.25 0.31 0.48 2.03 1.84  
Lipper Ultra-Short Obligations Funds Average 0.22 0.22 0.45 0.81 1.53 1.94 1.56  
Portfolio Statistics
  March 31, 2014
  Portfolio Benchmark
SEC Yield 0.61% -
12 Mth Distribution Yield 0.63% -
Duration 0.38 Yrs 0.79 Yrs
Weighted Avg Maturity 1.67 Yrs 0.80 Yrs
Weighted Avg Coupon 2.34% 1.39%
Weighted Avg Price 100.93 101.05
December 31, 2013
Portfolio Benchmark
0.39% -
0.71% -
0.28 Yrs 0.81 Yrs
1.45 Yrs 0.82 Yrs
2.23% 1.10%
100.78 100.80
December 31, 2012
Portfolio Benchmark
0.70% -
1.46% -
0.31 Yrs 0.81 Yrs
1.33 Yrs 0.82 Yrs
2.81% 1.08%
100.71 100.75
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 1.09% 0.31%
Standard Deviation 0.67% 0.11%
Beta vs. Market -1.21 1.00
Excess Return 0.77% 0.00%
R-Squared 4.12% 100.00%
Tracking Error 0.71% 0.00%
Information Ratio 1.10 0.00
Sharpe Ratio 1.52 2.23
December 31, 2013
Portfolio Benchmark
1.18% 0.33%
0.68% 0.12%
-0.91 1.00
0.85% 0.00%
2.50% 100.00%
0.71% 0.00%
1.20 0.00
1.64 2.27
December 31, 2012
Portfolio Benchmark
1.65% 0.47%
0.78% 0.16%
-0.23 1.00
1.18% 0.00%
0.22% 100.00%
0.80% 0.00%
1.46 0.00
1.99 2.39
Performance Attribution (gross returns vs. passive benchmark) 1Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
41 -2 2 41 0

In the first quarter, the fund outperformed its benchmark, the Barclays US Short Treasury 9-12 Month Index, by 41 basis points. Its overweight to spread sectors was the primary driver of outperformance. While all sectors contributed to the fund's outperformance, its opportunistic allocations to short high yield corporate and esoteric ABS sectors were key contributors. The fund increased its exposure to the securitized sector from 31.5% to 43% during the quarter.

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 3.02% -
Government 1.05% -
AAA/Aaa/AAA 14.75% 100.00%
AA/Aa/AA 13.59% -
A/A/A 32.24% -
BBB/Baa/BBB 25.70% -
BB/Ba/BB 5.31% -
B/B/B 2.71% -
CCC/Caa/CCC - -
CC/Ca/CC - -
C/C/C - -
Not Rated 1.64% -
Equities - -
December 31, 2013
Portfolio Benchmark
1.40% -
2.44% -
14.94% 100.00%
14.59% -
30.36% -
26.65% -
5.32% -
2.71% -
- -
- -
- -
1.59% -
- -
December 31, 2012
Portfolio Benchmark
2.46% -
1.07% -
5.51% 100.00%
8.85% -
39.18% -
31.92% -
2.91% -
7.18% -
- -
- -
- -
0.92% -
- -
Sector Exposure
  March 31, 2014
  Portfolio Benchmark
Corporate 48.14% -
Government Related - -
Securitized 43.09% -
Treasury 0.16% 100.00%
Cash and Cash Equivalents 8.60% -
Other - -
December 31, 2013
Portfolio Benchmark
52.59% -
0.34% -
31.58% -
0.34% 100.00%
15.17% -
- -
December 31, 2012
Portfolio Benchmark
77.82% -
- -
13.84% -
0.08% 100.00%
8.24% -
- -
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
  % of Portf.
GOLDMAN SACHS GROUP INC 1.93%
BANK OF AMERICA NA 1.77%
SABER MANAGEMENT LLC 1.69%
TRITON CONTAINER FINANCE LLC 1.48%
HLSS SERVICER ADVANCE RECEIVAB 1.46%
CREDIT SUISSE MORTGAGE TRUST 1.38%
CRICKET COMMUNICATIONS I 1.32%
CIT GROUP INC 1.29%
CITIGROUP INC 1.28%
CONNECTICUT AVENUE SECURITIES 1.23%
Total 14.82%
December 31, 2013
  % of Portf.
BANK OF AMERICA NA 1.76%
LIBERTY MUTUAL GROUP INC 1.32%
ESPLANADE THEATRES LLC 1.30%
CIT GROUP INC 1.29%
CITIGROUP INC 1.27%
ORACLE CORP 1.12%
EXETER AUTOMOBILE RECEIVABLES 1.09%
GOLDMAN SACHS GROUP INC 1.05%
JP MORGAN CHASE COMMERCIAL MOR 1.03%
MORGAN STANLEY 1.02%
Total 12.25%
December 31, 2012
  % of Portf.
HARTFORD FINL SVCS GRP 1.72%
MERRILL LYNCH + CO 1.68%
NATIONWIDE HEALTH PPTYS 1.67%
MACYS RETAIL HLDGS INC 1.52%
DUKE REALTY LP 1.50%
ABBVIE INC 1.49%
SELECT MEDICAL HOLDINGS 1.47%
AMERICAN EXPR CENTURION 1.47%
AVIS BUDGET CAR/FINANCE 1.46%
CITIGROUP INC 1.46%
Total 15.43%

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. Because a significant portion of securities held by the Fund may have variable or floating interest rates, the amount of the Fund's monthly distributions to shareholders are expected to vary. Generally when market interest rates fall, the amount of the distributions will decrease. 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.