0001144204-13-031022.txt : 20130522
0001144204-13-031022.hdr.sgml : 20130522
20130522134058
ACCESSION NUMBER: 0001144204-13-031022
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 8
FILED AS OF DATE: 20130522
DATE AS OF CHANGE: 20130522
EFFECTIVENESS DATE: 20130522
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: M FUND INC
CENTRAL INDEX KEY: 0000948258
IRS NUMBER: 000000000
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-95472
FILM NUMBER: 13864395
BUSINESS ADDRESS:
STREET 1: 1125 NW COUCH STREET
STREET 2: SUITE 900
CITY: PORTLAND
STATE: OR
ZIP: 97209
BUSINESS PHONE: 5032326960
MAIL ADDRESS:
STREET 1: 1125 NW COUCH STREET
STREET 2: SUITE 900
CITY: PORTLAND
STATE: OR
ZIP: 97209
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: M FUND INC
CENTRAL INDEX KEY: 0000948258
IRS NUMBER: 000000000
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-09082
FILM NUMBER: 13864396
BUSINESS ADDRESS:
STREET 1: 1125 NW COUCH STREET
STREET 2: SUITE 900
CITY: PORTLAND
STATE: OR
ZIP: 97209
BUSINESS PHONE: 5032326960
MAIL ADDRESS:
STREET 1: 1125 NW COUCH STREET
STREET 2: SUITE 900
CITY: PORTLAND
STATE: OR
ZIP: 97209
0000948258
S000006151
M International Equity Fund
C000016958
M International Equity Fund
MBEQX
0000948258
S000006152
M Large Cap Value Fund
C000016959
M Large Cap Value Fund
MBOVX
0000948258
S000006153
M Capital Appreciation Fund
C000016960
M Capital Appreciation Fund
MFCPX
0000948258
S000006154
M Large Cap Growth Fund
C000016961
M Large Cap Growth Fund
MTCGX
485BPOS
1
v343244_485bpos.htm
AMENDED REGISTRATION STATEMENT
As filed with the Securities and Exchange
Commission on May 22, 2013
File
Nos. 033-95472 and 811-09082
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933 [X]
Post-Effective Amendment No. 26 [X]
and
REGISTRATION STATEMENT UNDER
THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 27 [X]
M FUND, INC.
(Exact Name of Registrant as Specified in
Charter)
M Financial Plaza
1125 NW Couch Street, Suite 900
Portland, Oregon 97209
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone
Number, including Area Code: (503) 232-6960
(Name and Address of
Agent for Service)
Copies to:
JoNell Hermanson, President
Frederick R. Bellamy, Esquire
M Fund, Inc.
Sutherland, Asbill & Brennan LLP
M Financial Plaza
1275 Pennsylvania Avenue, N.W.
1125 NW Couch Street, Suite 900
Washington, D.C. 20004-2404
Portland, Oregon 97209
It is proposed that this filing will become effective (check
appropriate box)
[X] immediately upon filing pursuant to paragraph (b)
[ ] on [date] pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (Date) pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (Date) pursuant to paragraph (a)(2) of rule 485.
If appropriate, check the following box:
[ ] this post-effective amendment designates a new effective
date for a
previously filed post-effective amendment.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933 and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements
for effectiveness of this registration statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective
Amendment No. 26 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of
Portland, and State of Oregon on the 22nd day of May, 2013.
M FUND, INC.
By: /s/ JoNell Hermanson
JoNell Hermanson
President (Principal Executive Officer)
Pursuant to the requirements of the Securities Act of 1933,
this amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on May
22, 2013.
Signature
Title
/s/ JoNell Hermanson
President
JoNell Hermanson
(Principal Executive Officer)
/s/ David Lees
Secretary and Treasurer
David Lees
(Principal Financial and Accounting Officer)
/s/ Peter W. Mullin*
Director
Peter W. Mullin
/s/ Neil E. Goldschmidt*
Director
Neil E. Goldschmidt
/s/ Gerald Bidwell*
Director
Gerald Bidwell
/s/ Bruce Madding*
Director
Bruce Madding
/s/ Lawton Nease*
Director
Lawton Nease
/s/ Wayne Pierson†
Director
Wayne Pierson
*By:
/s/ David Lees
David Lees
Attorney-In-Fact*
May 22, 2013
*Powers of Attorney for Peter W. Mullin, Neil E. Goldschmidt,
Gerald Bidwell, Bruce Madding and Lawton Nease are incorporated by reference to PEA No. 19 to the Registration Statement filed
on February 26, 2010.
† Power of Attorney for Wayne Pierson is incorporated
by reference to PEA No. 25 to the Registration Statement filed on April 25, 2013.
Exhibit Index
Exhibit No.
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase
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EX-101.INS
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XBRL INSTANCE DOCUMENT
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xbrli:pureiso4217:USD485BPOS2013-05-01M FUND INC0000948258falseMBEQXMBOVXMFCPXMTCGX2013-04-252013-05-01<p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>M INTERNATIONAL EQUITY FUND</b></font></p><p align="left" style="margin: 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>M LARGE CAP VALUE FUND</b></font></p><p align="left" style="margin: 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>M CAPITAL APPRECIATION FUND</b></font></p><p align="left" style="margin: 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>M LARGE CAP GROWTH FUND</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Investment Goal</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Investment Goal</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Investment Goal</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Investment Goal</b></font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund seeks long-term capital appreciation.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund seeks long-term capital appreciation.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund seeks maximum capital appreciation.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund seeks long-term capital appreciation.</font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Fund Fees and Expenses</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Fund Fees and Expenses</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Fund Fees and Expenses</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Fund Fees and Expenses</b></font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities, variable life insurance, or qualified retirement plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If these fees and charges were included, the costs shown below would be higher.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities, variable life insurance, or qualified retirement plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If these fees and charges were included, the costs shown below would be higher.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities, variable life insurance, or qualified retirement plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If these fees and charges were included, the costs shown below would be higher.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities, variable life insurance, or qualified retirement plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If these fees and charges were included, the costs shown below would be higher.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p><div align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Annual Fund Operating Expenses </b></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">(expenses that you pay each year as a percentage of the value of your investments)</font></div><div align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Annual Fund Operating Expenses </b></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">(expenses that you pay each year as a percentage of the value of your investments)</font></div><div align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Annual Fund Operating Expenses </b></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">(expenses that you pay each year as a percentage of the value of your investments)</font></div><div align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Annual Fund Operating Expenses </b></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">(expenses that you pay each year as a percentage of the value of your investments)</font></div><div style='display: none;'> ~ http://www.mfin.com/role/OperatingExpensesData_S000006151Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006151Member column dei_LegalEntityAxis compact ck0000948258_S000006151Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/OperatingExpensesData_S000006152Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006152Member column dei_LegalEntityAxis compact ck0000948258_S000006152Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/OperatingExpensesData_S000006153Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006153Member column dei_LegalEntityAxis compact ck0000948258_S000006153Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/OperatingExpensesData_S000006154Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006154Member column dei_LegalEntityAxis compact ck0000948258_S000006154Member row primary compact * ~ </div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Example</b></font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Example</b></font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Example</b></font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Example</b></font></div><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company or retirement plan. If these fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company or retirement plan. If these fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company or retirement plan. If these fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company or retirement plan. If these fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:</font></p><div style='display: none;'> ~ http://www.mfin.com/role/ExpenseExample_S000006151Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006151Member column dei_LegalEntityAxis compact ck0000948258_S000006151Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/ExpenseExample_S000006152Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006152Member column dei_LegalEntityAxis compact ck0000948258_S000006152Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/ExpenseExample_S000006153Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006153Member column dei_LegalEntityAxis compact ck0000948258_S000006153Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/ExpenseExample_S000006154Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006154Member column dei_LegalEntityAxis compact ck0000948258_S000006154Member row primary compact * ~ </div><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Portfolio Turnover</b></font></p><p align="left" style="margin: 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Portfolio Turnover</b></font></p><p align="left" style="margin: 9pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Portfolio Turnover</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Portfolio Turnover</b></font></p><div style="margin: 8pt 0pt;">
<div style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund </font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio.</font></div>
</div><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.</font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Principal Investment Strategies</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Principal Investment Strategies</b></font></p><p align="left" style="margin: 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Principal Investment Strategies</b></font></p><p align="left" style="margin: 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Principal Investment Strategies</b></font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund will normally invest at least 80% of its total assets in equity securities of issuers located in at least three countries other than the United States. These countries may include, but are not limited to, the nations of Western Europe, North and South America, Australia, Africa and Asia. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">Securities will generally be purchased in the form of common stock, preferred stock, securities that are convertible into common stock, American Depository Receipts (ADRs), European Depository Receipts (EDRs), International Depository Receipts (IDRs) or Global Depository Receipts (GDRs). The Fund focuses on stocks with capitalizations of $1 billion or more. The Fund also may invest in emerging market securities.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund's sub-adviser, Northern Cross, LLC's ("Northern Cross") investment philosophy is to buy undervalued quality companies with improving margins and aim to hold them for five to seven years.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund invests primarily in equity securities of U.S. issuers in the large-capitalization segment of the U.S. stock market.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund's sub-adviser, AJO, LP ("AJO"), uses a systematic, disciplined, quantitative investment process. AJO is value-oriented, but believes superior results are best achieved by combining value, management (quality and growth), and momentum. Its work holds security analysis to be most productive when relative value is gauged on an industry or peer-group basis. As such, peer-group valuation and diversification constitute important aspects of its process. AJO focuses on well-managed companies with quality cash profits, relatively low market valuations, and positive price and earnings momentum. It optimizes portfolios to diversify multi-faceted risk. AJO screens every stock that trades on a major U.S. exchange for companies that have significant operating history and sufficient liquidity, while considering suitability for its investment process (no bankruptcies, ADRs, gold stocks, or funds). AJO then evaluates each company through a process that captures its philosophy. A particular strategy is built and security weights are driven by combining AJO's estimates of excess expected return and its assessment of risk for each individual security. The Fund is fully invested, sector-neutral, and well diversified in terms of industry, fundamental characteristics, and various statistical measures of risk. Individual security active weights are controlled to 1.2% above the weight in the benchmark, the Russell 1000 Value Index. The result is a portfolio with 80+ names. AJO seeks to minimize implementation shortfall, defined as the difference between valuation price and execution price, including commissions, spreads, market impact, and opportunity cost.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund invests in common stock of U.S. companies of all sizes, with emphasis on stocks of companies with capitalizations that are consistent with the capitalizations of those companies found in the Russell 2500 Index.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund's sub-adviser, Frontier Capital Management Company, LLC ("Frontier") seeks to invest in companies with unrecognized earnings potential. Earnings per share, growth and price appreciation are important factors. Wall Street analysts do not usually widely follow small to mid-sized companies like those in which the Fund invests, and institutional investors usually do not own a large percentage of them. The cornerstone of Frontier's investment process is internally generated fundamental research.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">Stocks are sold if earnings growth potential is realized, when the fundamental reasons for purchase are no longer valid, or when a more attractive situation is identified.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund's sub-adviser, DSM Capital Partners LLC, ("DSM") uses a "bottom-up," idea-driven approach and focuses on a long-term (e.g., three year minimum) investment horizon. This means that portfolio managers and research analysts identify companies, one-by-one, which exhibit certain characteristics. Correspondingly, while DSM is cognizant of "macro" trends in the U.S. and world economy, as well as business trends in the broad sectors of the economy (so-called "top-down" analysis), investment decisions are primarily based on company fundamentals.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund invests primarily in large-cap equity securities, including common stocks and preferred stocks. DSM defines "large-cap" as capitalizations of $10 billion or more.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">DSM seeks to invest in growing businesses with solid fundamentals, attractive profitability, and successful management. Candidate companies will typically have projected revenue and earnings growth in excess of 10% and will often have higher returns on equity and assets than average S&P 500 companies. Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamentals all as determined by DSM.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">By focusing on company fundamentals and using its proprietary valuation methodology, DSM tries to capture inefficiencies in the market. DSM's in-depth knowledge of fundamental analysis, the compact nature of its investment team, the quality of the information flow within the company and the speed of decision-making is designed to allow DSM to take advantage of mispriced securities.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">DSM's portfolio managers/research analysts work closely together such that there is one research effort. The research process, in addition to covering portfolio and "on-deck" holdings, involves working up new ideas in a "peeling of the onion" process among the team until an idea is rejected or accepted.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">DSM screens for growth ideas by searching databases representing thousands of companies, using various criteria, including revenue growth, earnings growth, free cash flow, profitability, use of debt, and negative earnings surprises.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">In researching existing holdings and candidate companies, DSM employs proprietary work including extensive use of "expert interviews" with knowledgeable third parties. DSM's portfolio manager/research analysts also attend a wide variety of industry-sponsored conferences. In addition, DSM contracts with survey research firms to conduct proprietary surveys on relevant issues within certain industries. Importantly, DSM believes that the research work on each holding and candidate company is a continuing process designed to keep up with evolving issues, such as markets, global competition and economic conditions that can "change the game" for companies and entire industries.</font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Principal Investment Risks</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Principal Investment Risks</b></font></p><p align="left" style="margin: 9pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Principal Investment Risks</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Principal Investment Risks</b></font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund. The Fund's investment performance could be worse than other investments:</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the stock market as a whole goes down;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the market values the stocks in the Fund's portfolio lower than Northern Cross believes they should be valued;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because investments in foreign securities may have more frequent and larger price changes than U.S. securities;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because investments in foreign securities may lose value due to changes in currency exchange rates and other factors;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because emerging market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S.;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because economic or political changes may cause larger price changes in emerging market securities than other foreign securities;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because the Fund may be more susceptible to economic, political or regulatory changes in any single country or industry than more highly diversified funds; or</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the stocks in the Fund's portfolio do not grow over the long term or grow less rapidly than expected.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">As with any mutual fund, there is no guarantee that the Fund will achieve its goals. The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund. The Fund's investment performance could be worse than other investments:</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the stock market as a whole goes down;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the stocks the Fund invests in underperform other investments;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if AJO's value, management and momentum factors do not correctly identify companies with above-market return potential; or</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if AJO's quantitative investment process otherwise fails to perform as intended.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">As with any mutual fund, there is no guarantee that the Fund will achieve its goals. The Fund's share price will fluctuate which, means you could lose money on your investment in the Fund. The Fund's investment performance could be worse than other investments:</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the stock market as a whole goes down;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the market values the stocks in the Fund's portfolio lower than Frontier believes they should be valued;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if earnings growth estimates of companies the Fund invests in are not achieved; or</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because securities of smaller-capitalization companies may be more thinly traded and may have more frequent and larger price changes than securities of larger-capitalization companies.</font></p><div style="margin: 8pt 0pt;">
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">As with any mutual fund, there is no guarantee that the Fund will achieve its goals. The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund. The Fund's investment performance could be worse than other investments:</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the stock market as a whole goes down;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the market values the stocks in the Fund's portfolio lower than the sub-adviser believes they should be valued;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  if the earnings of the growth-oriented companies in which the Fund invests do not grow or grow less rapidly than expected;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because the portfolio is typically comprised of 25 to 35 holdings, which is less diversified than the overall stock market;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because growth investing emphasizes stock price appreciation over current income from dividends;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  due to the costs and risks of relatively active trading;</font></p>
</div>
<div style="margin: 8pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, may be more prone to global economic risks, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion;</font></div>
<div style="margin: 8pt 0pt;">
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because growth-oriented investments may underperform when value investing is in favor;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because securities of Foreign Issuers involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of securities markets and less liquidity and more volatility than domestic markets, which may result in delays in settling securities transactions;</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because the Fund may hold a significant percentage of its assets in the securities of one company, and therefore it may be more sensitive to market changes than a diversified fund; or</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">•  because changes in government regulations may adversely affect the value of a security.</font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">It is not expected that the Fund will own a substantial amount of securities that pay dividends. Investors in the Fund should not expect dividend income to offset any decline in the prices of portfolio securities.</font></p>
</div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Performance</b></font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Performance</b></font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Performance</b></font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Performance</b></font></div><div style="margin: 8pt 0pt;">
<div style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for each of the last ten calendar years and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (</font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>i.e.</i></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">, the Morgan Stanley Capital International - Europe, Australasia, Far East Index (MSCI EAFE Index)). The performance prior to </font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">June 17, 2011 reflects the performance results obtained under a different sub-adviser using different investment strategies. Had the current sub-adviser and investment strategies been in place during the period shown, the performance results may have been different. The performance information shown here does not reflect fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Fund's past performance does not necessarily indicate how the Fund will perform in the future.</font></div>
</div><div style="margin: 8pt 0pt;">
<div style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year since inception and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (</font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>i.e.</i></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">, Russell 1000 Value Index). The performance prior to May 1, 2013 reflects the performance results obtained under a different sub-adviser using different investment strategies. Had the current sub-adviser and investment strategies been in place during the period shown, the performance results may have been different. The performance information shown here does not reflect </font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Fund's past performance does not necessarily indicate how the Fund will perform in the future.</font></div>
</div><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for each of the last ten calendar years and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (</font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>i.e.</i></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">, the Russell 2500 Index). The performance information shown here does not reflect fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Fund's past performance does not necessarily indicate how the Fund will perform in the future.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for each of the last ten calendar years and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (</font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>i.e.</i></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">, the Russell 1000 Growth Index). The performance prior to October 12, 2009 reflects the performance results obtained under a different sub-adviser using different investment strategies. Had the current sub-adviser and investment strategies been in place during the period shown, the performance results may have been different. The performance information shown here does not reflect fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Fund's past performance does not necessarily indicate how the Fund will perform in the future.</font></p><div style='display: none;'> ~ http://www.mfin.com/role/BarChartData_S000006151Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006151Member column dei_LegalEntityAxis compact ck0000948258_S000006151Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/BarChartData_S000006152Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006152Member column dei_LegalEntityAxis compact ck0000948258_S000006152Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/BarChartData_S000006153Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006153Member column dei_LegalEntityAxis compact ck0000948258_S000006153Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/BarChartData_S000006154Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006154Member column dei_LegalEntityAxis compact ck0000948258_S000006154Member row primary compact * ~ </div><p style="margin: 12pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>Highest quarterly return:  26.60% (for the quarter ended 6/30/03)</i></font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>Lowest quarterly return:  (22.89)% (for the quarter ended 9/30/11)</i></font></p><p style="margin: 12pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>Highest quarterly return:  15.25% (for the quarter ended 6/30/03)</i></font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>Lowest quarterly return:  (21.13)% (for the quarter ended 12/31/08)</i></font></p><p style="margin: 12pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>Highest quarterly return:  23.54% (for the quarter ended 6/30/03)</i></font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>Lowest quarterly return:  (29.48)% (for the quarter ended 12/31/08)</i></font></p><p style="margin: 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>Highest quarterly return:  17.40% (for the quarter ended 9/30/10)</i></font></p>
<p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>Lowest quarterly return:  (26.29)% (for the quarter ended 12/31/08)</i></font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The table below shows the Fund's average annual total returns for the periods indicated, and how those returns compare to those of the MSCI EAFE Index. You cannot invest directly in an index. The Index is calculated on a total return basis and reflects no deduction for fees, expenses or taxes.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The table below shows the Fund's average annual total returns for the periods indicated, and how those returns compare to those of the Russell 1000 Value Index. You cannot invest directly in an index. The Index is calculated on a total return basis and reflects no deduction for fees, expenses or taxes.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The table below shows the Fund's average annual total returns for the periods indicated, and how those returns compare to those of the Russell 2500 Index. You cannot invest directly in an index. The Index is calculated on a total return basis and reflects no deduction for fees, expenses or taxes.</font></p><p style="margin: 6pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The table below shows the Fund's average annual total returns for the periods indicated, and how those returns compare to those of the Russell 1000 Growth Index. You cannot invest directly in an index. The Index is calculated on a total return basis and reflects no deduction for fees, expenses or taxes.</font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Average Annual Total Returns </b></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">(for the periods ended December 31, 2012)</font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Average Annual Total Returns </b></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">(for the periods ended December 31, 2012)</font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Average Annual Total Returns </b></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">(for the periods ended December 31, 2012)</font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Average Annual Total Returns </b></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">(for the periods ended December 31, 2012)</font></p><div style='display: none;'> ~ http://www.mfin.com/role/PerformanceTableData_S000006151Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006151Member column dei_LegalEntityAxis compact ck0000948258_S000006151Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/PerformanceTableData_S000006152Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006152Member column dei_LegalEntityAxis compact ck0000948258_S000006152Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/PerformanceTableData_S000006153Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006153Member column dei_LegalEntityAxis compact ck0000948258_S000006153Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mfin.com/role/PerformanceTableData_S000006154Member column dei_DocumentInformationDocumentAxis compact ck0000948258_SummaryS000006154Member column dei_LegalEntityAxis compact ck0000948258_S000006154Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div>0.00700.00450.00900.006100000.00270.00290.00200.00190.00970.00740.01100.0080-0.0002-0.00040.00950.0070977211282307233350255534408606444118891513409900.47430.29650.55890.34580.24000.22600.09330.11190.10550.07810.15130.13920.26780.13890.16300.08520.08010.05440.11960.2243-0.3984-0.3448-0.4203-0.48970.25280.24580.48610.37400.04610.09270.27000.2306-0.1356-0.0411-0.0722-0.0080MSCI EAFE IndexM International Equity FundRussell 1000 Value IndexM Large Cap Value FundRussell 2500 IndexM Capital Appreciation FundRussell 1000 Growth IndexM Large Cap Growth Fund0.17320.20680.17510.17290.17880.17430.15250.1931-0.0369-0.03840.00590.00060.04340.03580.03130.00420.08210.08570.07380.07520.10480.11780.07530.08752013-05-012014-04-302014-04-302014-04-302014-04-300.150.410.210.67<div>Restated to reflect current fees.</div><div>The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund.</div><div>The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund.</div><div>The Fund's share price will fluctuate which, means you could lose money on your investment in the Fund.</div><div>The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund.</div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for each of the last ten calendar years and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (</font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>i.e.</i></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">, the Morgan Stanley Capital International - Europe, Australasia, Far East Index (MSCI EAFE Index)).</font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year since inception and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (</font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>i.e.</i></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">, Russell 1000 Value Index).</font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for each of the last ten calendar years and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (</font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>i.e.</i></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">, the Russell 2500 Index). </font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for each of the last ten calendar years and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (</font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><i>i.e.</i></font><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">, the Russell 1000 Growth Index).</font></div><div>The Fund's past performance does not necessarily indicate how the Fund will perform in the future.</div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund's past performance does not necessarily indicate how the Fund will perform in the future.</font></div><div><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;">The Fund's past performance does not necessarily indicate how the Fund will perform in the future.</font></div><div>The Fund's past performance does not necessarily indicate how the Fund will perform in the future.</div>Highest quarterly return:Highest quarterly return:Highest quarterly return:Highest quarterly return:2003-06-302003-06-302003-06-302010-09-300.26600.15250.23540.1740Lowest quarterly return:Lowest quarterly return:Lowest quarterly return:Lowest quarterly return:2011-09-302008-12-312008-12-312008-12-31-0.2289-0.2113-0.2948-0.26290.20680.17290.17430.1931Restated to reflect current fees. Due to the change in the sub-adviser of the Fund, which was effective May 1, 2013, the advisory fee payable to the Adviser decreased from 0.65% of the first $50 million, 0.60% of the next $50 million, 0.55% of the next $100 million and 0.50% thereafter of the Fund's average daily net assets to 0.45% of the first $250 million, 0.35% of the next $250 million, 0.30% of the next $250 million and 0.275% thereafter of the Fund's average daily net assets.For the period from May 1, 2013 to April 30, 2014, the Adviser contractually agreed to reimburse the Fund for certain operating expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of the Fund's annualized average daily net assets.For the period from May 1, 2013 to April 30, 2014, the Adviser has contractually agreed to reimburse the Fund for certain operating expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of the Fund's annualized average daily net assets.For the period from May 1, 2013 to April 30, 2014, M Financial Investment Advisers, Inc. (the "Adviser") contractually agreed to reimburse the Fund for certain operating expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of the Fund's annualized average daily net assets.<p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Calendar Year Total Returns</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Calendar Year Total Returns</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Calendar Year Total Returns</b></font></p><p align="left" style="margin: 10pt 0pt 0pt;"><font style="font-size: 10pt; ; font-family: times new roman ps std, times new roman ps, times new roman, times;"><b>Calendar Year Total Returns</b></font></p>EX-101.SCH
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The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities, variable life insurance, or qualified retirement plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If these fees and charges were included, the costs shown below would be higher.
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company or retirement plan. If these fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:
The Fund invests primarily in equity securities of U.S. issuers in the large-capitalization segment of the U.S. stock market.
The Fund's sub-adviser, AJO, LP ("AJO"), uses a systematic, disciplined, quantitative investment process. AJO is value-oriented, but believes superior results are best achieved by combining value, management (quality and growth), and momentum. Its work holds security analysis to be most productive when relative value is gauged on an industry or peer-group basis. As such, peer-group valuation and diversification constitute important aspects of its process. AJO focuses on well-managed companies with quality cash profits, relatively low market valuations, and positive price and earnings momentum. It optimizes portfolios to diversify multi-faceted risk. AJO screens every stock that trades on a major U.S. exchange for companies that have significant operating history and sufficient liquidity, while considering suitability for its investment process (no bankruptcies, ADRs, gold stocks, or funds). AJO then evaluates each company through a process that captures its philosophy. A particular strategy is built and security weights are driven by combining AJO's estimates of excess expected return and its assessment of risk for each individual security. The Fund is fully invested, sector-neutral, and well diversified in terms of industry, fundamental characteristics, and various statistical measures of risk. Individual security active weights are controlled to 1.2% above the weight in the benchmark, the Russell 1000 Value Index. The result is a portfolio with 80+ names. AJO seeks to minimize implementation shortfall, defined as the difference between valuation price and execution price, including commissions, spreads, market impact, and opportunity cost.
As with any mutual fund, there is no guarantee that the Fund will achieve its goals. The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund. The Fund's investment performance could be worse than other investments:
• if the stock market as a whole goes down;
• if the stocks the Fund invests in underperform other investments;
• if AJO's value, management and momentum factors do not correctly identify companies with above-market return potential; or
• if AJO's quantitative investment process otherwise fails to perform as intended.
The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year since inception and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (i.e., Russell 1000 Value Index). The performance prior to May 1, 2013 reflects the performance results obtained under a different sub-adviser using different investment strategies. Had the current sub-adviser and investment strategies been in place during the period shown, the performance results may have been different. The performance information shown here does not reflect fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Fund's past performance does not necessarily indicate how the Fund will perform in the future.
The following information may give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year since inception and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance (i.e., Russell 1000 Value Index).
The table below shows the Fund's average annual total returns for the periods indicated, and how those returns compare to those of the Russell 1000 Value Index. You cannot invest directly in an index. The Index is calculated on a total return basis and reflects no deduction for fees, expenses or taxes.
Restated to reflect current fees. Due to the change in the sub-adviser of the Fund, which was effective May 1, 2013, the advisory fee payable to the Adviser decreased from 0.65% of the first $50 million, 0.60% of the next $50 million, 0.55% of the next $100 million and 0.50% thereafter of the Fund's average daily net assets to 0.45% of the first $250 million, 0.35% of the next $250 million, 0.30% of the next $250 million and 0.275% thereafter of the Fund's average daily net assets.
[2]
For the period from May 1, 2013 to April 30, 2014, the Adviser contractually agreed to reimburse the Fund for certain operating expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of the Fund's annualized average daily net assets.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
This element represents the date of expected termination of any expense reimbursement or fee waiver arrangements that reduce any Fund operating expenses (SEC Form N-1A 2006-09-14 A.3.table.1.11 Total Annual Fund Operating Expenses A.3.instructions.3.e).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____). For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by paragraph (c)(2)(i) (e.g., by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.