Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Federated Investment Management Company

Objective/Focus:

Normally invests at least 80% of net assets in non-investment grade debt securities. The objective is to achieve high current income and capital appreciation.

Asset Class:

Bond

Style:

Medium/Low Credit Quality, Moderate Interest Rate Sensitivity

Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers. High yield bonds generally have greater price swings and higher default risks than investment grade bonds. Return of principal is not guaranteed. In contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds.