Global Strategic Income Fund/VA1 2 

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Focus: The Fund typically invests in a strategic mix of global fixed income sectors to seek high income and diversification.
Top Issuers as of 3/31/14
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  % Net Assets
1 U. S. Treasury Note 5.9
2 Federal National Mortgage Association 4.6
3 Brazil 3.1
4 Mexico 2.1
5 Hungary 1.5
6 Turkey 1.4
7 Indonesia 1.3
8 India 1.1
9 South Africa 1.1
10 Portugal 1.1
  Total 23.2
Effective 4/30/13, the Portfolio Managers are Arthur P. Steinmetz, Krishna Memani, Sara Zervos, Ph.D. and Jack Brown, CFA. The Fund's investment objective changed from "seeks high current income" to "seeks total return."
Special Risks:Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. The Fund invests in Gold ETFs, which involve additional fees and risks. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.

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