Advantus Series Fund re-enrolls in federal money market guarantee program
Advantus Series Fund, Inc. offered in Minnesota Life variable annuity and variable life insurance products, will continue to participate in the U.S. Department of Treasury’s temporary guarantee program for money market funds. The program was set to expire on Dec. 19, 2008, but was extended to April 30 by the Treasury Department. The Treasury Department will decide at a later date whether to extend the program through Sept. 18, 2009. The portfolio may re-enroll again at that time, but is not required to do so.
The program provides coverage to investors for the shares they held in the Advantus Series Fund Money Market portfolio at the close of business on Sept. 19, 2008. Subsequent investments by existing or new investors are not covered. The program provides coverage upon liquidation of the portfolio pursuant to the guarantee program, subject to the overall limit of $50 billion currently available under the program (if there are insufficient funds to pay all requests for payment, then available funds will be paid pro-rata among money-market funds that submit requests on the same day). The cost of participating in the program, equal to 0.01% of the net asset value of the portfolio on September 19 through December 19, 2008, and 0.015 % of the net asset value of the portfolio from period of December 20, 2008 through April 30, 2009,will be borne by the portfolio.
The Money Market portfolio’s investment objective is to seek maximum current income to the extent consistent with liquidity and the preservation of capital. The portfolio invests in highly rated, U.S. dollar-denominated money market securities that, in the judgment of the manager, present minimal credit risk. In the opinion of the portfolio’s investment manager, the decision to participate in the guarantee program is prudent in light of the portfolio’s efforts to achieve liquidity and preserve capital.
Investors with questions about their portfolio should contact their advisor. You may learn more about the program by visiting the Treasury Department’s web site.The Advantus Series Fund Money Market portfolio is a variable life and annuity account option available to eligible participants only. Variable products are offered through Securian Financial Services, Inc., Member FINRA/SIPC.
You should consider the investment objectives, risks, charges and expenses of a portfolio and the variable insurance product carefully before investing. The portfolio and variable insurance product prospectuses contain this and other information. You may obtain a copy of the prospectus from your representative. Please read the prospectuses carefully before investing.
