Global Bond Fund (Second Prospectus Summary) | Global Bond Fund

GLOBAL BOND FUND(SM)

INVESTMENT OBJECTIVE

The fund's investment objective is to provide you, over the long term, with a
high level of total return consistent with prudent investment management.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy and
hold an interest in Class 2 shares of the fund. It does not reflect insurance
contract fees and expenses. If insurance contract fees and expenses were
reflected, expenses shown would be higher.

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)

Annual Fund Operating Expenses	Global Bond Fund Class 2
Management fee	0.53%
Distribution and/or service (12b-1) fees	0.25%
Other expenses	0.03%
Total annual fund operating expenses	0.81%

EXAMPLE

The example below is intended to help you compare the cost of investing in
Class 2 shares of the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods
indicated and then redeem your shares at the end of the periods. The example
also assumes that your investment has a 5% return each year and that the fund's
operating expenses remain the same. The example does not reflect insurance
contract expenses. If insurance contract expenses were reflected, expenses
shown would be higher.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Global Bond Fund Class 2	83	259	450	1,002

PORTFOLIO TURNOVER

The fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the fund's investment
results. During the most recent fiscal year, the fund's portfolio turnover rate
was 101% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

Under normal market circumstances, the fund invests at least 80% of its assets
in bonds. The fund invests primarily in debt securities of governmental,
supranational and corporate issuers denominated in various currencies,
including U.S. dollars. The fund may invest substantially in securities of
issuers domiciled outside the United States, including issuers in emerging
market countries. Normally, the fund's debt obligations consist substantially
of investment-grade bonds (rated Baa3 or better or BBB- or better by Nationally
Recognized Statistical Rating Organizations designated by the fund's investment
adviser, or NRSROs, or unrated but determined to be of equivalent quality by
the fund's investment adviser). The fund may also invest a portion of its
assets in lower quality, higher yielding debt securities (rated Ba1 or below
and BB+ or below by NRSROs or unrated but determined to be of equivalent
quality by the fund's investment adviser). Such securities are sometimes
referred to as "junk bonds." The total return of the fund will be the result of
interest income, changes in the market value of the fund's investments and
changes in the values of other currencies relative to the U.S. dollar.

The fund is non-diversified, which allows it to invest a greater percentage of
its assets in any one issuer than would otherwise be the case. However, the
fund intends to limit its investments in the securities of any single issuer.

The investment adviser uses a system of multiple portfolio counselors in
managing the fund's assets. Under this approach, the portfolio of the fund is
divided into segments managed by individual counselors who decide how their
respective segments will be invested.

The fund relies on the professional judgment of its investment adviser to
make decisions about the fund's portfolio investments. The basic investment
philosophy of the investment adviser is to seek to invest in attractively
valued securities that, in its opinion, represent good, long-term investment
opportunities. The investment adviser believes that an important way to
accomplish this is through fundamental analysis, which may include meeting
with government officials, central banks and company executives. Securities
may be sold when the investment adviser believes that they no longer represent
relatively attractive investment opportunities.

PRINCIPAL RISKS

THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL
INVESTMENT STRATEGIES.

YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE GREATER
IF YOU INVEST FOR A SHORTER PERIOD OF TIME.

MARKET CONDITIONS -- The prices of, and income generated by, the bonds
and other securities held by the fund may decline due to market conditions and
other factors, including those directly involving the issuers of securities
held by the fund.
  
INVESTING IN BONDS -- Rising interest rates will generally cause the prices of
bonds and other debt securities to fall. Longer maturity debt securities may be
subject to greater price fluctuations than shorter maturity debt securities. In
addition, falling interest rates may cause an issuer to redeem, call or
refinance a security before its stated maturity, which may result in the fund
having to reinvest the proceeds in lower yielding securities.
  
Bonds and other debt securities are subject to credit risk, which is the
possibility that the credit strength of an issuer will weaken and/or an issuer
of a debt security will fail to make timely payments of principal or interest
and the security will go into default.

INVESTING IN LOWER RATED BONDS -- Lower rated bonds and other lower rated
debt securities generally have higher rates of interest and involve greater
risk of default or price declines due to changes in the issuer's creditworthiness
than those of higher quality debt securities. The market prices of these securities
may fluctuate more than the prices of higher quality debt securities and may
decline significantly in periods of general economic difficulty. These risks
may be increased with respect to investments in junk bonds.
  
THINLY TRADED SECURITIES -- There may be little trading in the secondary
market for particular bonds or other debt securities, which may make them more
difficult to value, acquire or sell.
  
CURRENCY -- The prices of, and the income generated by, most debt securities
held by the fund may also be affected by changes in relative currency values.
If the U.S. dollar appreciates against foreign currencies, the value in U.S.
dollars of the fund's securities denominated in such currencies would generally
fall and vice versa. U.S. dollar-denominated securities of foreign issuers may
also be affected by changes in relative currency values.
  
INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled
outside the United States, or with significant operations outside the United States,
may lose value because of political, social, economic or market developments or
instability in the countries or regions in which the issuer operates. These
securities may also lose value due to changes in foreign currency exchange
rates against the U.S. dollar and/or currencies of other countries. Securities
markets in certain countries may be more volatile and/or less liquid than those
in the United States. Investments outside the United States may also be subject
to different settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those
in the United States. The risks of investing outside the United States may be
heightened in connection with investments in emerging and developing countries.

INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries
with developing economies and/or markets may involve risks in addition to and
greater than those generally associated with investing in developed countries.
For instance, emerging and developing countries may have less developed legal
and accounting systems than those in developed countries. The governments of
these countries may be more unstable and more likely to impose capital
controls, nationalize a company or industry, place restrictions on foreign
ownership and on withdrawing sale proceeds of securities from the country,
and/or impose punitive taxes that could adversely affect the prices of
securities. In addition, the economies of these countries may be dependent on
relatively few industries that are more susceptible to local and global
changes. Securities markets in these countries can also be relatively small and
have substantially lower trading volumes. As a result, securities issued in
these countries may be more volatile and less liquid, and may be more difficult
to value, than securities issued in countries with more developed economies or
markets. Additionally, because these markets may not be as mature, there may be
increased settlement risks for transactions in local securities.
  
NON-DIVERSIFICATION -- As a non-diversified fund, the fund has the ability to
invest a larger percentage of its assets in the securities of a smaller number
of issuers than a diversified fund. Although the fund does not intend to limit
its investments to the securities of a small number of issuers, if it were to
do so, poor performance by a single large holding would adversely impact the
fund's investment results more than if the fund were invested in a larger
number of issuers.
  
MANAGEMENT -- The investment adviser to the fund actively manages the fund's
investments. Consequently, the fund is subject to the risk that the methods and
analyses employed by the investment adviser in this process may not produce the
desired results. This could cause the fund to lose value or its investment
results to lag relevant benchmarks or other funds with similar objectives.
  
Your investment in the fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person.

INVESTMENT RESULTS

The following information shows how the investment results of the Class 2
shares of the fund have varied from year to year and how the fund's average
annual total returns for various periods compare with different broad measures
of market performance. This information provides some indication of the risks
of investing in the fund. The Lipper Global Income Funds Average includes
mutual funds that disclose investment objectives and/or strategies reasonably
comparable to those of the fund. Past results are not predictive of future
results. Figures shown reflect fees and expenses associated with an investment
in the fund, but do not reflect insurance contract fees and expenses. If
insurance contract fees and expenses were included, results would have been
lower.

The following information shows how the investment results of the Class 2
shares of the fund have varied from year to year and how the fund's average
annual total returns for various periods compare with different broad measures
of market performance.

Calendar year total returns.

The fund's highest/lowest quarterly results during this time period were:

HIGHEST   7.90% (quarter ended September 30, 2010)
LOWEST   -4.20% (quarter ended September 30, 2008)

For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS

Average Annual Total Returns Global Bond Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class 2	GLOBAL BOND FUND	4.54%	6.40%	6.58%	Oct. 04, 2006	[1]
Barclays Capital Global Aggregate Index	Barclays Capital Global Aggregate Index (reflects no deduction for sales charges, account fees, expenses or taxes)	5.64%	6.46%	6.52%	Oct. 04, 2006	[1]
Lipper Global Income Funds Average	Lipper Global Income Funds Average (reflects no deduction for sales charges, account fees or taxes)	3.68%	5.54%	5.62%	Oct. 04, 2006	[1]

[1] Lifetime results are from October 4, 2006, the date the fund began investment operations. Class 2 shares were first sold on November 6, 2006. Results prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .25% annual expense that applies to Class 2 shares and is described in the "Plans of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities.