For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
2008 2007(1)
Per-Share Data
Net Asset Value, Beginning of Period $7.21 $7.02
Income From Investment Operations
Net Investment Income (Loss) 0.52 0.48
Net Realized and Unrealized Gain (Loss) (0.73) 0.19
Total From Investment Operations (0.21) 0.67
Distributions
From Net Investment Income (0.52) (0.48)
Net Asset Value, End of Period $6.48 $7.21
Total Return(2) (3.14)% 9.95%
Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3) 0.60% 0.59%(4)
Ratio of Operating Expenses to Average Net Assets (Before Expense Waiver) 0.67% 0.67%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets(3) 7.48% 6.91%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets
(Before Expense Waiver) 7.41% 6.83%(4)
Portfolio Turnover Rate 51% 86%
Net Assets, End of Period (in thousands) $123,974 $127,865
1 April 3, 2006 (commencement of sale) through March 31, 2007.
2 Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
3 Effective April 3, 2006, the investment advisor voluntarily agreed to waive a portion of its management fee. 4 Annualized.
High-Yield Bond Fund
A Class
The fund acquired all the net assets of the Mason Street High-Yield Bond Fund on March 31, 2006, pursuant to a plan of reorganization approved by the acquired fund’s shareholders on March 23, 2006. Performance information prior to April 1, 2006 is that of the Mason Street High-Yield Bond Fund.
For a Share Outstanding Throughout the Years Ended March 31
2008 2007 2006 2005 2004
Per-Share Data
Net Asset Value, Beginning of Period $7.21 $6.99 $7.14 $7.13 $6.25
Income From Investment Operations
Net Investment Income (Loss) 0.48 0.45 0.45(1) 0.48(1) 0.50(1)
Net Realized and Unrealized Gain (Loss) (0.73) 0.22 (0.14) 0.02 0.88
Total From Investment Operations (0.25) 0.67 0.31 0.50 1.38
Distributions
From Net Investment Income (0.48) (0.45) (0.46) (0.49) (0.50)
Net Asset Value, End of Period $6.48 $7.21 $6.99 $7.14 $7.13
Total Return(2) (3.57)% 9.99% 4.55% 7.16% 22.79%
Ratios/Supplemental Data Ratio of Operating Expenses
to Average Net Assets 1.05%(3) 1.04%(3) 1.26% 1.30%(4) 1.30%(4)
Ratio of Operating Expenses to Average Net Assets
(Before Expense Waiver) 1.12% 1.12% 1.26% 1.31% 1.35%
Ratio of Net Investment
Income (Loss) to Average Net Assets 7.03%(3) 6.45%(3) 6.38% 6.70%(4) 7.29%(4)
Ratio of Net Investment
Income (Loss) to Average Net Assets
(Before Expense Waiver) 6.96% 6.37% 6.38% 6.69% 7.24%
Portfolio Turnover Rate 51% 86% 116% 141% 199%
Net Assets, End of Period (in thousands) $14,070 $21,336 $141,593 $157,118 $140,330
1
Computed using average shares outstanding throughout the period. 2
Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
3
Effective April 1, 2006, the investment advisor voluntarily agreed to waive a portion of its management fee. 4
High-Yield Bond Fund
B Class
The fund acquired all the net assets of the Mason Street High-Yield Bond Fund on March 31, 2006, pursuant to a plan of reorganization approved by the acquired fund’s shareholders on March 23, 2006. Performance information prior to April 1, 2006 is that of the Mason Street High-Yield Bond Fund.
For a Share Outstanding Throughout the Years Ended March 31
2008 2007 2006 2005 2004
Per-Share Data
Net Asset Value, Beginning of Period $7.20 $6.98 $7.13 $7.13 $6.24
Income From Investment Operations
Net Investment Income (Loss) 0.43 0.40 0.40(1) 0.43(1) 0.45(1)
Net Realized and Unrealized Gain (Loss) (0.72) 0.22 (0.14) 0.01 0.90
Total From Investment Operations (0.29) 0.62 0.26 0.44 1.35
Distributions
From Net Investment Income (0.43) (0.40) (0.41) (0.44) (0.46)
Net Asset Value, End of Period $6.48 $7.20 $6.98 $7.13 $7.13
Total Return(2) (4.16)% 9.18% 3.84% 6.32% 22.19%
Ratios/Supplemental Data Ratio of Operating Expenses
to Average Net Assets 1.80%(3) 1.79%(3) 1.95%(4) 1.95%(4) 1.95%(4)
Ratio of Operating Expenses to Average Net Assets
(Before Expense Waiver) 1.87% 1.87% 1.99% 1.99% 2.00%
Ratio of Net Investment
Income (Loss) to Average Net Assets 6.28%(3) 5.70%(3) 5.69%(4) 6.06%(4) 6.63%(4)
Ratio of Net Investment
Income (Loss) to Average Net Assets
(Before Expense Waiver) 6.21% 5.62% 5.65% 6.02% 6.58%
Portfolio Turnover Rate 51% 86% 116% 141% 199%
Net Assets, End of Period (in thousands) $2,262 $3,134 $4,231 $5,028 $5,316
1
Computed using average shares outstanding throughout the period. 2
Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
3
Effective April 1, 2006, the investment advisor voluntarily agreed to waive a portion of its management fee. 4
High-Yield Bond Fund
C Class
For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
2008 2007(1)
Per-Share Data
Net Asset Value, Beginning of Period $7.21 $7.02
Income From Investment Operations
Net Investment Income (Loss) 0.43 0.40
Net Realized and Unrealized Gain (Loss) (0.73) 0.19
Total From Investment Operations (0.30) 0.59
Distributions
From Net Investment Income (0.43) (0.40)
Net Asset Value, End of Period $6.48 $7.21
Total Return(2) (4.29)% 8.65%
Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3) 1.80% 1.79%(4)
Ratio of Operating Expenses to Average Net Assets (Before Expense Waiver) 1.87% 1.87%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets(3) 6.28% 5.71%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets
(Before Expense Waiver) 6.21% 5.63%(4)
Portfolio Turnover Rate 51% 86%
Net Assets, End of Period (in thousands) $69 $105
1 April 3, 2006 (commencement of sale) through March 31, 2007.
2 Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
3 Effective April 3, 2006, the investment advisor voluntarily agreed to waive a portion of its management fee. 4 Annualized.
High-Yield Bond Fund
R Class
For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
2008 2007(1)
Per-Share Data
Net Asset Value, Beginning of Period $7.21 $7.02
Income From Investment Operations
Net Investment Income (Loss) 0.47 0.43
Net Realized and Unrealized Gain (Loss) (0.73) 0.19
Total From Investment Operations (0.26) 0.62
Distributions
From Net Investment Income (0.47) (0.43)
Net Asset Value, End of Period $6.48 $7.21
Total Return(2) (3.81)% 9.19%
Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3) 1.30% 1.29%(4)
Ratio of Operating Expenses to Average Net Assets (Before Expense Waiver) 1.37% 1.37%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets(3) 6.78% 6.21%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets
(Before Expense Waiver) 6.71% 6.13%(4)
Portfolio Turnover Rate 51% 86%
Net Assets, End of Period (in thousands) $27 $27
1 April 3, 2006 (commencement of sale) through March 31, 2007.
2 Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
3 Effective April 3, 2006, the investment advisor voluntarily agreed to waive a portion of its management fee. 4 Annualized.