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 3/31/22

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$1.2 Billion

Top 10 Portfolio Holdings % of Net Assets

US Treasury, Various

16.5%

Petroleos Mexicanos, Various

1.9%

Deutsche Bank AG, Various

1.5%

Ford Motor Credit Co. LLC, Various

1.4%

Turkey Government International Bond, Various

1.3%

Republic of Indonesia, Various

1.2%

UniCredit SpA, Various

1.2%

HSBC Holdings PLC, Various

1.2%

Saudi International Bond, Various

1.2%

Banca Monte dei Paschi di Siena SpA, Various

1.1%

Total % of Net Assets

28.5%

Download Publicly Disclosed Holdings

Sector Weightings % of Equities

Corporate Bonds

56.5%

Governments

16.0%

Short-Term Investments & Other Net Assets

14.1%

Structured Products

8.0%

Bank Loan Obligations

4.2%