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.

Fund Facts as of 03/31/21

Fund Inception

05–03–1994

First Available for Variable Annuity

05–03–1994

First Available for Variable Life

05–03–1994

Net Assets

$833.5 Million

Top 10 Portfolio Holdings % of Net Assets

Ford Motor Credit Co. LLC, Various

2.5%

CCO Holdings LLC / CCO Holdings Capital Corp.,

Various

2.2%

CSC Holdings LLC, Various

1.7%

Occidental Petroleum Corp., Various

1.7%

HCA, Inc., Various

1.3%

Valeant Pharmaceuticals International, Inc.,

Various

1.3%

HUB International, Ltd., 7%, 5/1/26

1.2%

TransDigm, Inc., Various

1.2%

Tenet Healthcare Corp., Various

1.1%

EQM Midstream Partners, LP, Various

1.0%

Total % of Net Assets

15.2%

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Disclosed Holdings

Sector Weightings % of Equities

Consumer, Non-Cyclical

17.2%

Communications

16.7%

Consumer, Cyclical

16.1%

Energy

15.6%

Industrial

11.4%