Multi-Sector Bond Fund

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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 instruments of varying maturities, which may be represented by forwards or derivatives. The objective is to seek maximum total return, consistent with prudent investment management.

Asset Class:

Bond

Style:

Domestic and International Bonds

Return of principal is not guaranteed. Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers. 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.

In contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds. High yield bonds generally have greater price swings and higher default risks than investment grade bonds.

Investors should be aware of the risks of investments in foreign securities, particularly investments in securities of companies in developing nations. These include 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.

The Portfolio may use derivative instruments as part of its 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.

Fund Facts as of 6/30/2024

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$1.3 Billion

Top 10 Portfolio Holdings % of Net Assets

Uniform Mortgage Backed Security TBA, Various

10.20%

US Treasury, Various

6.10%

BNP Paribas SA Repurchase Agreement

5.70%

Citigroup Global Markets, Inc. Repurchase Agreement

5.70%

Federal Home Loan Mortgage Corp., Various

3.50%

Canadian Imperial Bank of Commerce Repurchase Agreement

2.30%

Canadian Imperial Bank of Commerce Repurchase Agreement

1.70%

Saudi International Bond, Various

1.50%

Petroleos Mexicanos, Various

1.20%

European Union, 3%, 12/4/34

1.10%

Total % of Net Assets

39.00%

Download Publicly Disclosed Holdings

Sector Weightings % of Equities

Corporate Bonds

44.90%

Structured Products

30.60%

Governments

22.20%

Bank Loan Obligations

2.90%

Municipal Bonds

0.50%

Common Stocks

0.10%

Convertible Corporate Bonds

0.00%

Short-Term Investments & Other Net Assets

-1.20%