High-Income Bond Fund (First Prospectus Summary) | High-Income Bond Fund

HIGH-INCOME BOND FUND(SM)

INVESTMENT OBJECTIVE

The fund's primary investment objective is to provide you with a high level of
current income.

Its secondary investment objective is capital appreciation.

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 1 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	High-Income Bond Fund Class 1
Management fee	0.46%
Other expenses	0.01%
Total annual fund operating expenses	0.47%

EXAMPLE

The example below is intended to help you compare the cost of investing in
Class 1 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
High-Income Bond Fund Class 1	48	151	263	591

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 51% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The fund invests primarily in higher yielding and generally lower quality debt
securities (rated Ba1 or below or BB+ or below by Nationally Recognized
Statistical Rating Organizations designated by the fund's investment adviser
or unrated but determined by the fund's investment adviser to be of equivalent
quality), including corporate loan obligations. Such securities are sometimes
referred to as "junk bonds." The fund may invest a portion of its assets in
securities of issuers domiciled outside the United States.

The fund is designed for investors seeking a high level of current income and
who are able to tolerate greater credit risk and price fluctuations than those
that exist in funds investing in higher quality debt securities.

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 company executives and employees, suppliers, customers and competitors.
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.

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.

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.

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 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.

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 1
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 High Current Yield Funds Index 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 1
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   16.06% (quarter ended June 30, 2009)
LOWEST   -16.06% (quarter ended December 31, 2008)

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

Average Annual Total Returns High-Income Bond Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class 1	HIGH-INCOME BOND FUND	2.18%	4.96%	7.35%	9.44%	Feb. 08, 1984
Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index	Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for sales charges, account fees, expenses or taxes)	4.96%	7.74%	8.96%
Lipper High Current Yield Funds Index	Lipper High Current Yield Funds Index (reflects no deduction for sales charges, account fees or taxes)	2.85%	5.13%	7.08%	7.57%	Feb. 08, 1984