Short-Term Bond Fund
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Mason Street Advisors, LLC
T. Rowe Price Associates, Inc.
Normally invests at least 80% of net assets in a diversified portfolio of investment grade debt securities. The primary investment objective of the Portfolio is to provide as high a level of current income as is consistent with prudent investment risk.
High Credit Quality, Limited Interest Rate Sensitivity
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 drop, 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 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 12/31/2022
First Available for Variable Annuity
First Available for Variable Life
Top 10 Portfolio Holdings % of Net Assets
US Treasury, Various
Federal National Mortgage Association, Various
Government National Mortgage Association, Various
Morgan Stanley, Various
Bank of America Corp., Various
AbbVie, Inc., Various
Vistra Operations Co. LLC, Various
Energy Transfer LP, Various
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, Various
The Goldman Sachs Group, Inc., Various
Total % of Net Assets
26.40%Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Short-Term Investments & Other Net Assets