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High Yield Bond Series   

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Investment Objective

The High Yield Bond Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation.

Investment Strategy

Under normal circumstances, the Series will invest at least 80% of its assets in bonds that are rated below investment-grade (junk bonds) and those securities, principally Exchange-Traded Funds, that are designed to track the performance of non-investment grade securities.

May be Appropriate for Investors:

  • Seeking a long-term investment and who are willing to accept the risk of interest rate fluctuations
  • Seeking to diversify a portfolio by adding a bond component

A Word About Risk

There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal.

Availability

Available in all 50 states.


Fund Facts

Ticker MNHYX
CUSIP 56382P583
Inception Date 09/14/2009
Account Minimum $2,000*
Expense Ratio 1.11%

*May be waived for qualified retirement plans and investors who establish an automatic investment plan.

Includes a shareholder servicing fee of 0.25%.

Annualized Performance 1
(as of 03/31/2014)

Year-to-Date (01/01/2014 - 03/31/2014) 2.93%
One Year (04/01/2013 - 03/31/2014) 7.25%
Three Year (04/01/2011 - 03/31/2014) 8.64%
Inception (09/14/2009 - 03/31/2014) 10.54%

Top Ten Investments 2
(as of 03/31/2014)

SABINE PASS LIQUEFACTION 5.62500 02/01/2021 2.05%
SPDR BARCLAYS CAPITAL HIGH 2.41700 1.95%
SIRIUS XM RADIO INC 4.25000 05/15/2020 1.88%
PBF HOLDING CO LLC 8.25000 02/15/2020 1.87%
CHESAPEAKE OIL OP/FIN 6.62500 11/15/2019 1.77%
CALFRAC HLDGS 7.50000 12/01/2020 1.66%
CORRECTIONS CORP OF AMER 4.12500 04/01/2020 1.60%
JONES ENERGY HLDGS/FIN 6.75000 04/01/2022 1.56%
PHI INC 5.25000 03/15/2019 1.53%
CCO HLDGS LLC/CAP CORP 5.25000 03/15/2021 1.52%

1

Performance data quoted represents past performance and 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. Current performance may be higher or lower than that quoted.

2

Top Ten Investments list is unaudited and excludes cash.


View data:

Annualized Performance 1
(as of 03/31/2014)

Year-to-Date (01/01/2014 - 03/31/2014) 2.93%
One Year (04/01/2013 - 03/31/2014) 7.25%
Three Year (04/01/2011 - 03/31/2014) 8.64%
Inception (09/14/2009 - 03/31/2014) 10.54%

Daily Price (NAV)
(as of 04/17/2014)

Price / Share $10.92
Change ($) Down -0.01
Change (%) Down -0.09

Expense Ratio

1.11%

Includes a shareholder servicing fee of 0.25%.

1

Performance data quoted represents past performance and 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. Current performance may be higher or lower than that quoted.


View data:

Top Ten Investments 1
(as of 03/31/2014)

SABINE PASS LIQUEFACTION 5.62500 02/01/2021 2.05%
SPDR BARCLAYS CAPITAL HIGH 2.41700 1.95%
SIRIUS XM RADIO INC 4.25000 05/15/2020 1.88%
PBF HOLDING CO LLC 8.25000 02/15/2020 1.87%
CHESAPEAKE OIL OP/FIN 6.62500 11/15/2019 1.77%
CALFRAC HLDGS 7.50000 12/01/2020 1.66%
CORRECTIONS CORP OF AMER 4.12500 04/01/2020 1.60%
JONES ENERGY HLDGS/FIN 6.75000 04/01/2022 1.56%
PHI INC 5.25000 03/15/2019 1.53%
CCO HLDGS LLC/CAP CORP 5.25000 03/15/2021 1.52%

Fund Holdings

March Holdings 03/31/2014
February Holdings 02/28/2014
January Holdings 01/31/2014
December Holdings 12/31/2013

Sector Allocation
(as of 03/31/2014)

Cash 4.15%
Corporate 92.35%
Other 3.50%

Credit Quality Distribution
(as of 03/31/2014)

AAA 4.15%
BBB 1.75%
BB 40.61%
B 48.04%
CCC 3.59%
NR 1.86%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). NR is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard and Poor’s are used.

1

Top Ten Investments list is unaudited and excludes cash.

Investments will change over time.