EMERGING MARKETS EQUITY FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Aberdeen Asset Managers Limited

Objective/Focus:

Normally invests at least 80% of its net assets in equity securities of issuers that are tied economically to emerging market countries. May invest in companies of any size. The objective is capital appreciation.

Asset Class:

Emerging Market International Stocks

Style:

Blend

Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries. These securities are particularly subject to a risk of loss from political instability.

Emerging market securities are subject to currency transfer restrictions and may experience delays and disruptions in securities settlement procedures for a Fund's portfolio securities.

The volatility of emerging markets can be significantly higher than other equity asset classes.

Top 10 Portfolio Holdings % of Net Assets

Samsung Electronics Co., Ltd., Various

6.1%

Tencent Holdings, Ltd.

5.9%

Taiwan Semiconductor Manufacturing Co., Ltd.

5.3%

Housing Development Finance Corp., Ltd.

3.1%

Vale SA, ADR

2.9%

Ping An Insurance Group Co. of China, Ltd. -
Class H

2.7%

Banco Bradesco SA, ADR

2.6%

AIA Group, Ltd.

2.6%

Kweichow Moutai Co., Ltd.

2.3%

LUKOIL PJSC, ADR

2.2%

Total % of Net Assets

35.7%

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Disclosed Holdings