Investment Objective:
The Portfolio seeks as high a level of a long-term total rate of return as is consistent with prudent investment risk. The Portfolio also seeks preservation of capital as a secondary objective.
This investment is suitable for:
Investors putting a greater emphasis on stable returns and preservation of principal than on capital appreciation.
Investors with an intermediate time horizon (three-five years).
Investors seeking high quality bonds.
Fund Performance as of 06/30/2010
Average Annual Total Returns expressed as percentages
YTD
1mo
6mo
1yr
3yr
5yr
10yr
Since underlying fund inception (12/03/1985)
Since available within VGUL (05/25/1995)
Advantus Series Fund, Inc. Bond Portfolio
6.39
1.56
6.39
16.22
2.11
2.14
4.64
6.05
4.57
Benchmark:
Barclays U.S. Aggregate Index
5.33
1.57
5.33
9.50
7.54
5.54
6.47
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Calendar-year Total Returns expressed as percentages
All measures are calculated over the past three years.
Lipper Rankings as of 06/30/2010
The Lipper Fund ranking is calculated quarterly or annually by Lipper Analytical Services of New York. Each fund is ranked within a universe of funds similar in investment objective. Lipper Analytical Services, Inc. is a nationally recognized organization that reports on mutual fund total return performance and calculates fund rankings.
1yr
5yr
10yr
Percentile Rank
17
90
83
Rank/Total Funds
7/41
35/38
24/28
This fund’s Lipper Class is Corporate Debt Funds A Rated.
Major Market Sectors as of 06/30/2010
Sector
Percent of fund
Pass-Throughs
28.63
Financials
11.47
Us Govt
21.45
CMBS
8.17
Industrials
14.55
Asset Backed
7.13
Utilities
3.87
CMO
2.84
International
1.50
Cash Equiv / Other
0.38
The top industries/holdings and portfolio allocation are presented to illustrate examples of the industries/securities in which the fund may invest, and may not be representative of the fund's current or future investments.
Top Holdings as of 06/30/2010
Company
Percent of fund
U.S. Treasury Bond 4.630 02/15/2040
4.03
U.S. Treasury Note 3.500 05/15/2020
2.71
U.S. Treasury Bond 5.380 02/15/2031
2.36
JPMorgan Chase & Company 2.630 12/01/2010
1.49
Province of Ontario Canada 2.700 06/15/2015
1.48
HSBC USA, Inc. 3.130 12/16/2011
1.46
U.S. Treasury Note 0.630 06/30/2012
1.31
U.S. Treasury Note 1.130 06/15/2013
1.23
Citibank NA 0.440 03/30/2011
1.08
SABMiller PLC 5.500 08/15/2013
1.05
Total
18.2
Total fund holdings: 271
Past performance is not indicative of future results. Investments will fluctuate, and when redeemed, may be worth more or less than originally invested. The performance shown does not reflect the cost of insurance, or any deferred sales charges, or fees, and if it did, it would significantly lower the performance shown.
The data quoted represents past performance. Past performance does not guarantee future results. The current performance may be higher or lower than the performance data quoted. Investments will fluctuate, and when redeemed, may be worth more or less than originally invested. The performance shown does not reflect the cost of insurance, sales charges or administration charges and if it did, it would significantly lower the performance shown. The performance does reflect the policy's maximum mortality and expense charge and this information also includes re-occurring fees (management fees, 12b-1 fees, and other expenses).
You can refer to the hypothetical illustrations in the prospectus to see the impact the cost of insurance has on performance. You may also request a personalized illustration which reflects the cost of insurance.
Variable Group Universal Life (VGUL) is a flexible premium life insurance policy which offers insurance protection and the opportunity for long-term accumulation of cash values through variable subaccounts and/or a guaranteed account. VGUL policies are issued by Minnesota Life and the Minnesota Life Variable Universal Life account. The guarantees for the guaranteed account are solely based on the financial strength and claims-paying ability of Minnesota Life, which are important; however, they do not have any bearing on the performance of the variable subaccounts. Variable products are distributed by Securian Financial Services, Inc., Securities Dealer, member FINRA/SIPC.
The total return chart above reflects a Portfolio's expenses and investment gains and losses, and reflects the policy's maximum mortality and expense risk charge of 0.50 percent. The returns quoted above do not account for any other deduction of policy charges, including cost of insurance charge, taken against a policy's premium and cash values. Such charges, if deducted, would significantly reduce the performance quote (see the prospectus for a full description of all charges).
The Funds' investment advisors may have paid some of the fees and expenses during these periods. These fee and expense subsidies may be terminated or revised at any time, in which event performance may be reduced. For a complete discussion of the fees, expense and subsidies application to a Portfolio, please refer to the prospectus for that Fund. These performance figures are historical; future performance and principal value will vary.
VGUL was first offered for sale on August 8, 1994. Therefore, performance for the variable account options that note an inception date before August 8, 1994 reflects the inception date for the underlying fund, which either precedes the initial offering of VGUL or the date the variable account option was added to the contract. It is hypothetical and actual performance might have varied based on various factors.
This must be preceded or accompanied by a current prospectus. 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. Please read the prospectuses carefully before investing.
1Non-Agency Securities Risk - is the risk that payments on a security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the U.S. Government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the U.S. Government. These securities may include but are not limited to notes payable by non-government guaranteed prime, Alt A, and sub-prime residential mortgage borrowers. Non-agency securities also may include asset-backed securities (which represent interests in auto, consumer and/or credit card loans) and commercial mortgage-backed securities (which represent interests in commercial mortgage loans). 2Risks of investment in the bond portfolio include, but are not limited to, changes in interest rates and the creditworthiness of their issuers. Also, in a low interest rate market there is the risk that bonds could be called by the issuer and prepaid prior to maturity. They could be replaced by bonds that offer lower interest rates.
