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Inflation Focus Equity Series   

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Investment Objective

The Inflation Focus Equity Series seeks to provide long-term growth and inflation protection primarily through investment in equity securities that are expected to benefit from an inflationary environment.

Investment Strategy

The Series invests primarily in common stocks. The Series may also invest in fixed income securities of any type.

May be Appropriate for Investors:

  • Seeking long-term capital growth and who generally have the time to withstand market volatility
  • Seeking inflation protection

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will also involve a number of other risks, including issuer-specific risk, small-cap/mid-cap risk, and interest rate risk. The Series may invest up to 100% of its portfolio in foreign securities. Funds whose investments are concentrated in foreign countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the Series may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets. The Series may invest up to 20% of its portfolio in bonds. 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.

Availability

Available in all 50 states.


Fund Facts

Ticker MNIFX
CUSIP 56382P575
Inception Date 08/23/2011
Account Minimum $2,000*
Expense Ratio Before Fee Waiver 1.24%
Expense Ratio After Fee Waiver 1.21%

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

Reflects the Advisor’s contractual and/or voluntary agreements to limit its fees and reimburse certain expenses. The voluntary waiver(s) may be changed or discontinued at any time. The contractual waiver(s) may not be amended or terminated prior to the expiration date (04/30/2014) without the approval of the Series’ Board of Directors.

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

Year-to-Date (01/01/2014 - 03/31/2014) -0.08%
One Year (04/01/2013 - 03/31/2014) 11.24%
Inception (08/23/2011 - 03/31/2014) 10.65%

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

PALL CORP 3.29%
PENTAIR LTD 3.19%
CAMERON INTERNATIONAL CORP 3.10%
XYLEM INC-W/I 2.94%
MONSANTO CO 2.92%
INGREDION INC 2.90%
UMICORE 2.87%
STILLWATER MINING COMPANY 2.60%
UNION PAC CORP 2.24%
KUKA AG 2.15%

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) -0.08%
One Year (04/01/2013 - 03/31/2014) 11.24%
Inception (08/23/2011 - 03/31/2014) 10.65%

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

Price / Share $12.15
Change ($) Up 0.05
Change (%) Up 0.41

Expense Ratio

Before Fee Waiver 1.24%
After Fee Waiver 1.21%

Reflects the Advisor’s contractual and/or voluntary agreements to limit its fees and reimburse certain expenses. The voluntary waiver(s) may be changed or discontinued at any time. The contractual waiver(s) may not be amended or terminated prior to the expiration date (04/30/2014) without the approval of the Series’ Board of Directors.

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)

PALL CORP 3.29%
PENTAIR LTD 3.19%
CAMERON INTERNATIONAL CORP 3.10%
XYLEM INC-W/I 2.94%
MONSANTO CO 2.92%
INGREDION INC 2.90%
UMICORE 2.87%
STILLWATER MINING COMPANY 2.60%
UNION PAC CORP 2.24%
KUKA AG 2.15%

Fund Holdings

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

Sector Allocation 2
(as of 03/31/2014)

Consumer Discretionary 5.20%
Consumer Staples 8.98%
Energy 16.85%
Financials 7.64%
Health Care 2.32%
Industrials 33.62%
Information Technology 6.39%
Materials 19.00%

1

Top Ten Investments list is unaudited and excludes cash.

2

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.

Investments will change over time.