Inflation Protection Fund

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Fund Overview

Advisor

Mason Street Advisors, LLC

Subadvisor

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.

Fund Facts as of 12/31/2023

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$417.3 Million

Top 10 Portfolio Holdings % of Net Assets

US Treasury Inflation Index Bond, Various

53.90%

Federal National Mortgage Association, Various

8.60%

Federal Home Loan Mortgage Corp., Various

5.90%

Canadian Government Real Return Bond, 3.5%, 3/1/28

4.90%

Caterpillar Financial Services Corp., Various

3.30%

Chariot Funding LLC, 0.00%, 1/3/24

2.00%

Tennessee Valley Authority, Various

1.60%

Thunder Bay Funding LLC, 0.00%, 1/5/24

1.40%

Bank of America Corp., Various

0.60%

JPMorgan Chase & Co., Various

0.60%

Total % of Net Assets

82.80%

Download Publicly Disclosed Holdings

Sector Weightings % of Equities

Governments

68.70%

Structured Products

17.50%

Short-Term Investments & Other Net Assets

7.80%

Corporate Bonds

5.60%

Municipal Bonds

0.40%