Fund Performance at Net Asset Value (NAV)
Month Ended 07/31/2015 | Quarter Ended 06/30/2015
Fund 1 Month Quarter Year-To-Date 1 Year 3 Year 5 Year 10 Year Since Inception
Income Portfolio - Class A 0.46 -0.23 1.67 4.14 6.81 6.50 — 6.21
Income Portfolio - Institutional Class 0.46 -0.20 1.87 4.39 7.09 6.77 — 6.45
Income Portfolio - Class C 0.37 -0.44 1.20 3.33 6.01 5.71 — 5.40
24% S&P 500 / 11% MSCI EAFE (Net) / 65% Barclays U.S. Aggregate 1.18 -0.22 2.11 4.55 6.52 7.02 5.71 6.87
Lipper Mixed-Asset Target Allocation Conservative Funds Index 0.28 -1.10 0.96 1.52 5.23 5.91 5.06 5.94
Fund Performance after Sales Charge
Fund 1 Month Quarter Year-To-Date 1 Year 3 Year 5 Year 10 Year Since Inception
Income Portfolio - Class A (Load) -4.10 -4.71 -2.90 -0.51 5.19 5.52 — 5.33
Income Portfolio - Class C (CDSC) -0.63 -1.44 0.19 2.30 — — — —

Performance data quoted represent past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Sales Charge Disclosure

A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 1-year of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund's A Class Shares of 4.50%.

NAV (net asset value) performance does not reflect the deduction of the sales load and if reflected, the sales load would reduce the performance quoted.

A 1.00% CDSC (contingent deferred sales charge) may be charged on shares sold redeemed within 1-year of purchase. NAV ( net asset value) performance does not reflect the deduction of the CDSC and if reflected, the fee would reduce the performance quoted.

Effective 5/1/2015, total Income Portfolio operating expenses, net of fee waivers, reimbursements and acquired fund fees and expenses, are 0.92%, 0.67% and 1.67% for Class A, Institutional Class and Class C, respectively. Total Income Portfolio operating expenses, gross of any fee waivers or reimbursements, are 4.66%, 4.41% and 5.41% for Class A, Institutional Class and Class C, respectively. The Adviser has agreed contractually to reimburse a portion of each Fund’s expenses until at least December 31, 2016.

Net Asset Values - 09/04/2015 N.A.V % Change
Income Portfolio - Class A $10.55 -0.57%
Income Portfolio - Institutional Class $10.57 -0.56%
Income Portfolio - Class C $10.39 -0.57%
(Conservative Allocation)
Mixed-Asset Target Allocation Conservative
Lipper Rankings
as of 07/31/2015		 1 Year 3 Year 5 Year Since Inception
Income Portfolio - Class A Share Percentile Rank 9 18 37 43
Income Portfolio - Class A Share Prime Rank 31 60 112 127
Income Portfolio - Class A Share Number In Peer Group 375 351 304 298
Income Portfolio - Institutional Class Percentile Rank 8 14 30 36
Income Portfolio - Institutional Class Prime Rank 27 48 89 105
Income Portfolio - Institutional Class Number In Peer Group 375 351 304 298
Income Portfolio - Class C Share Percentile Rank 19 35 57 64
Income Portfolio - Class C Share Prime Rank 68 120 172 189
Income Portfolio - Class C Share Number In Peer Group 375 351 304 298

Lipper Rankings are based on total returns

An investment in the Funds involves risk, including loss of principal. Yield and share price will vary with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default.

Notes About Inception Date 

Inception date is January 4, 2010.

About the Index

The Blended Index is comprised of 24% S&P 500 Index, 11% MSCI EAFE (Net) Index and 65% Barclays U.S. Aggregate Bond Index.The S&P 500 Index is an unmanaged index of large capitalization common stocks. The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Performance for the MSCI EAFE Index is shown “net”, which includes dividend reinvestments after deduction of foreign withholding tax. The Barclays U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities.

The Lipper Mixed-Asset Target Allocation Conservative Funds Index tracks the results of the 30 largest mutual funds in the Lipper Mixed-Asset Target Allocation Conservative Funds Average, which is a total return performance average of mutual funds tracked by Lipper, Inc. whose primary objective is to conserve principal by maintaining, at all times, a balanced portfolio of both stocks and bonds. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is not what is typically considered to be an “index” because it tracks the performance of other mutual funds rather than changes in the value of a group of securities, a securities index or some other traditional economic indicator.

Investors cannot invest directly in any index.

About Ratings and Rankings

Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category.