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) 0.98 0.98 -2.19 1.63 3.54 n/a 4.21 12/31/2008
Barclays U.S. Government Index 1.31 1.31 -1.17 3.18 2.73 n/a 2.40  
Lipper General U.S. Government Funds Average 1.83 1.83 -1.83 2.69 3.02 3.44 3.10  
Portfolio Statistics
  March 31, 2014
  Portfolio Benchmark
SEC Yield 1.07% -
12 Mth Distribution Yield 1.08% -
Duration 3.55 Yrs 4.93 Yrs
Weighted Avg Maturity 8.04 Yrs 6.05 Yrs
Weighted Avg Coupon 2.25% 2.19%
Weighted Avg Price 98.48 102.99
December 31, 2013
Portfolio Benchmark
1.11% -
1.03% -
3.34 Yrs 4.78 Yrs
7.89 Yrs 5.87 Yrs
2.22% 2.19%
97.36 102.25
December 31, 2012
Portfolio Benchmark
0.58% -
0.55% -
4.14 Yrs 5.16 Yrs
6.90 Yrs 6.33 Yrs
2.26% 2.41%
102.56 108.50
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 1.63% 3.18%
Standard Deviation 2.47% 3.23%
Beta vs. Market 0.72 1.00
Excess Return -1.55% 0.00%
R-Squared 88.70% 100.00%
Tracking Error 1.22% 0.00%
Information Ratio -1.27 0.00
Sharpe Ratio 0.63 0.97
December 31, 2013
Portfolio Benchmark
1.78% 2.70%
2.45% 3.16%
0.71 1.00
-0.92% 0.00%
83.28% 100.00%
1.37% 0.00%
-0.67 0.00
0.70 0.83
December 31, 2012
Portfolio Benchmark
5.69% 5.48%
2.08% 3.32%
0.47 1.00
0.21% 0.00%
56.55% 100.00%
2.23% 0.00%
0.09 0.00
2.69 1.62
Performance Attribution (gross returns vs. passive benchmark) 1Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
-11 -21 -1 14 -3

In the first quarter, the fund underperformed its passive benchmark, the Barclays US Government Index, by 11 basis points. Its shorter-than-benchmark duration was the primary contributor to underperformance. Positive contributors were its overweight to long maturity Agency securities and its small opportunistic to out-of-benchmark sectors.

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 1.25% -
Government 93.21% -
AAA/Aaa/AAA - 97.42%
AA/Aa/AA 1.67% 2.56%
A/A/A 2.47% 0.02%
BBB/Baa/BBB 1.38% -
BB/Ba/BB - -
B/B/B - -
CCC/Caa/CCC - -
CC/Ca/CC - -
C/C/C - -
Not Rated 0.03% -
Equities - -
December 31, 2013
Portfolio Benchmark
1.89% -
92.72% -
- 97.20%
1.56% 2.78%
2.50% 0.02%
1.33% -
- -
- -
- -
- -
- -
- -
- -
December 31, 2012
Portfolio Benchmark
-1.69% -
79.10% -
2.33% 96.27%
2.30% 3.71%
12.32% 0.02%
2.10% -
1.11% -
- -
- -
- -
- -
2.43% -
- -
Sector Exposure
  March 31, 2014
  Portfolio Benchmark
Corporate 3.76% -
Government Related 24.89% 9.73%
Securitized 1.62% -
Treasury 68.25% 90.27%
Cash and Cash Equivalents 1.46% -
Other - -
December 31, 2013
Portfolio Benchmark
3.71% -
23.76% 10.37%
0.94% -
68.18% 89.63%
2.71% -
- -
December 31, 2012
Portfolio Benchmark
11.37% -
58.80% 11.82%
22.02% -
6.86% 88.18%
0.96% -
- -
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
  % of Portf.
WI TREASURY SEC. 29.88%
US TREASURY N/B 24.67%
PRIVATE EXPORT FUNDING 7.30%
US TREASURY N/B 5.67%
PRIVATE EXPORT FUNDING 4.69%
US TREASURY N/B 4.64%
TENN VALLEY AUTHORITY 4.16%
US TREASURY N/B 3.13%
PORTMARNOCK LEASING LLC 2.91%
TENN VALLEY AUTHORITY 1.81%
Total 88.85%
December 31, 2013
  % of Portf.
US TREASURY N/B 28.99%
WI TREASURY N/B 24.53%
PRIVATE EXPORT FUNDING 6.90%
US TREASURY N/B 6.57%
US TREASURY N/B 4.73%
PRIVATE EXPORT FUNDING 4.61%
TENN VALLEY AUTHORITY 3.73%
US TREASURY N/B 3.33%
PORTMARNOCK LEASING LLC 2.88%
TENN VALLEY AUTHORITY 1.72%
Total 87.99%
December 31, 2012
  % of Portf.
FREDDIE MAC 16.61%
FREDDIE MAC 10.94%
FANNIE MAE 6.35%
FHLMC MULTIFAMILY STRUCTURED P 4.37%
PRIVATE EXPORT FUNDING 4.29%
US TREASURY N/B 3.29%
FNMA TBA 3PCT JAN 30 SINGLE FA 3.09%
PRIVATE EXPORT FUNDING 2.67%
US TREASURY N/B 2.67%
TENN VALLEY AUTHORITY 2.59%
Total 56.87%

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 may fall; individual bonds in 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. 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.