VPLS

The Target Index includes U.S. government and agencyobligations, corporate bonds, mortgage-backed securities, asset-backedsecurities, and emerging market bonds, all denominated in the U.S. dollar andwith maturities of at least one year. Under normal circumstances, the fundinvests at least 80% of its net assets, plus the amount of any borrowings forinvestment purposes, in the bonds that make up the Target Index.