Mutual Funds | Analytic Short-Term Income Fund

Product Profile

Analytic Investors, LLC Founded: 1970
555 West Fifth Street 50th Floor Los Angeles, CA 90013 Phone: (213) 688-3015 Fax: (213) 688-8856

Analytic Short-Term Income Fund

Seeks to provide a high level of income consistent with both low fluctuations in market value and low credit risk.

Asset Class / Style:	U.S. Fixed Income / Active
Fund Inception Date:	7/1/1993
Benchmark:	Merrill Lynch 1-3 Government Index
Quotron Symbol:	ANSTX
CUSIP:	00758M279
NAV / Change:	$10.11 / -0.01 as of 09/02/2010
Total Fund Assets:	$27.64 MM as of 08/31/2010
Total Expense Ratio (Gross)	1.52%

Investment Perspectives and Additional Information

Investment Process

To help reduce credit risk, the Analytic Short-Term Income Fund will normally invest at least 80% of its total assets in U.S. government securities. The fund may invest the remainder of its assets in investment-grade debt securities. In seeking to lower the fluctuations in market value, the fund expects to invest in debt securities with maturities of three years or less.

Analytic Investors constructs the fund to match its benchmark with respect to duration, maturity and quality. In addition, Analytic tries to add value over the benchmark by using a disciplined quantitative approach to forecast short-term interest rates and shifts in the yield curve of U.S. Treasury securities.

Performance

Performance
Total Returns (Institutional Class)	As of 8/31/2010	Last Quarter*
Year to Date:	1.74%	0.41%
3 Month:	1.28%	-0.43%

Annualized Returns (Institutional Class)	As of 8/31/2010	Last Quarter*
1 Year:	2.72%	2.99%
3 Year:	2.23%	1.80%
5 Year:	2.78%	2.73%
10 Year:	4.13%	4.10%
Since Inception (Fund Inception: 7/1/1993):	4.59%	4.56%

*Last quarter data as of 6/30/2010.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data quoted. Total fund return includes the reinvestment of dividends, other income and capital gains distributions. Also includes the deduction of all fund expenses. For performance data more current to the most recent month end, please call 1-866-777-7818.

Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The primary risk of derivative instruments is that changes in the market value of securities held by the Fund, and of the derivative instruments relating to those securities, may not be proportionate. Derivatives are also subject to illiquidity and counterparty risk.

Investment performance includes voluntary fee waivers. In absence of current fee waivers, total return and yield would be reduced. Fee waivers and reductions may be discontinued by the advisor at any time.

Annualized Portfolio Returns (%) As of 8/31/2010

There is no assurance that the Fund will meet its stated objectives. Holdings are subject to change and there is no guarantee that securities mentioned will remain in or out of the portfolio.

For more information pertaining to the Portfolio, including investment objectives, risks, charges and expenses, obtain a prospectus. Read the prospectus carefully before investing or sending money. For a copy of the prospectus, call 1-866-777-7818. Neither this material nor any accompanying oral presentation or remarks by a representative of the Distributor is intended to constitute a recommendation of the Fund or a determination of suitability for any investor.

Analytic Investors is an subsidiary of Old Mutual Asset Managers (US) LLC.

The Analytic Short-Term Income Fund is distributed by SEI Investments Distribution Co., which is not affiliated with Analytic Investors, LLC or any other affiliate.