Long-Term U.S. Government Bond Fund

Fund Overview

Advisor

Mason Street Advisors, LLC

Subadvisor

Pacific Investment Management Company, LLC

Objective/Focus:

Normally invests at least 80% of its net assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises and derivatives designed to replicate such securities. The objective is to seek maximum total return, consistent with preservation of capital and prudent investment management.

Asset Class:

Bond

Style:

High Credit Quality, Extensive Interest Rate Sensitivity

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.

The Portfolio may use derivative instruments as part of it investment strategy. Use of these instruments may involve certain risks such as leverage risk, liquidity risk, interest rate risk, market risk, credit risks, management risk and the risk that the Portfolio could not close out a position when it would be more advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments.

The potential leverage created by use of derivatives may cause the Portfolio to be more sensitive to interest rate movements and thus more volatile than other long-term U.S. government bond funds that do not use derivatives.

Top 10 Portfolio Holdings % of Net Assets

Total % of Net Assets

130.90%