INFLATION PROTECTION FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

American Century Investment Management, Inc.

Objective/Focus:

The Portfolio invests substantially all of its assets in investment grade debt securities. To help protect against U.S. inflation, under normal conditions, the Portfolio will invest over 50% of its net assets in inflation-linked debt securities. The objective is to pursue total return using a strategy that seeks to protect against U.S. inflation.

Asset Class:

Bond

Style:

High Quality, Intermediate Maturity

Return of principal is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the Fund. When interest rates rise, bond prices fall. With a fixed income fund, when interest rates rise, the value of the fund's existing bonds drops, which could negatively affect overall fund performance

Investors should be aware of the risks of investments in foreign securities, particularly investments in securities of companies in developing nations. These include the risks of currency fluctuation, of political and economic instability and of less well-developed government supervision and regulation of business and industry practices, as well as differences in accounting standards.

Top 10 Portfolio Holdings % of Net Assets

US Treasury, Various

53.1%

Federal Home Loan Mortgage Corp., Various

1.9%

Federal National Mortgage Association,

4.00%, 2/1/46

1.5%

JPMorgan Chase & Co., Various

0.9%

Citigroup, Inc., Various

0.8%

Bank of America Corp., Various

0.7%

The Goldman Sachs Group, Inc., Various

0.6%

Canadian Government Real Return Bond, Various

0.6%

Sequoia Mortgage Trust, Series 2017-7,

Class A7, 3.5%, 10/25/47

0.6%

Anheuser-Busch InBev Finance, Inc., Various

0.5%

Total % of Net Assets

61.2%

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Disclosed Holdings