Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Wells Capital Management, Inc.

Objective/Focus:

Invests primarily in investment grade corporate, U.S. Treasury and government agency bonds and mortgage- and asset-backed securities. The objective is to provide as high a level of total return as is consistent with prudent investment risk. A secondary objective is preservation of capital.

Asset Class:

Bond

Style:

High Credit Quality, Moderate Interest Rate

Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers. High yield bonds generally have greater price swings and higher default risks than investment grade bonds. Return of principal is not guaranteed. In contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds.

Fund Facts as of 06/30/21

Variable Annuity Fund Inception

12-31-1981

Variable Life Fund Inception

07-01-1984

The original Variable Annuity and Variable Life funds merged on 05-03-1994.

Net Assets

$3.4 Billion

Top 10 Portfolio Holdings % of Net Assets

US Treasury, Various

36.1%

Federal National Mortgage Association, Various

10.7%

Federal National Mortgage Association TBA,

Various

8.2%

Government National Mortgage Association,

Various

3.7%

Bank of America Corp., Various

2.0%

Federal Home Loan Mortgage Corp., Various

1.8%

JPMorgan Chase & Co., Various

1.0%

T-Mobile USA, Inc., Various

0.9%

Amazon.com, Inc., Various

0.6%

Morgan Stanley, Various

0.6%

Total % of Net Assets

65.6%

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Disclosed Holdings

Sector Weightings % of Equities

Structured Products

40.0%

Governments

37.3%

Corporate Bonds

27.8%

Municipal Bonds

0.3%

Short-Term Investments & Other Net Assets

-5.4%