View the Prospectus (pdf)

Select a subaccount to learn more about it including its investment objective, performance to benchmark Lipper rankings and other details. You can also select a column header to sort the table by that column.

Unit values current as of: 11/20/2008
Performance represents average of annual returns, expressed as percentages, as of: 09/30/2008

The cash value and performance of a VGUL policy needs to be considered in light of the investment objectives of the particular Portfolio and the market conditions during the time period shown. This report is for illustrative purposes only and it is important to remember that past performance is not an indication of future results. The cash value will fluctuate with the investment experience of the underlying Portfolio and may be more or less than the accumulated premium paid at the time of withdrawal or surrender.

Guaranteed Account	Current Rate
Guaranteed Account	4.0

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.

¹ Investments in fixed income securities are subject to interest rate risk and, as such, the net asset value of bond and real estate funds will fall as interest rates rise.
² Standard & Poor's®, "S&P®," "S&P 500®," "Standard & Poor's 500®," "500," "Standard & Poor's MidCap 400®" and "S&P MidCap 400®" are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by the Advantus Series Fund, Inc. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Fund.
³ Investments in small, mid or micro-cap companies involve greater risks not associated with investing in more established companies, such as business risk, stock price fluctuations, increased sensitivity to changing economic conditions, less certain growth prospects and illiquidity.
⁴ Investment risks associated with international investing, in addition to other risks, include currency fluctuations, political, social and economic instability and differences in accounting standards.
⁵ The current yield may more accurately reflect the current earnings of the fund than the total return quotation.
⁶ Investments in the Money Market Account are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
⁷ The risks incurred by mortgage securities include, but are not limited to, reinvestment of prepaid loans at lower rates of return. In addition, the net asset value of mortgage securities may fluctuate in response to changes in interest rates and are not guaranteed.
⁸ Investment risks associated with investing in the real estate fund/portfolio, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes, and differences in real estate market values.
⁹ Minnesota Life and Fidelity Investments are not affiliated.
¹⁰ Investments in high-yield securities are subject to greater credit risk and price fluctuation than many fixed income investments.
¹¹ Value stocks can perform differently than the market as a whole and can continue to be undervalued by the market for long periods of time.
¹² The returns shown for Janus Service Shares prior to their inception (December 31, 1999) are derived from the historical performance of Institutional Shares and have been adjusted to reflect the higher operating expenses applicable to the Service Shares.
¹³ Since this fund focuses its investments on companies in one specific sector, the fund may involve a greater degree of risk and volatility than an investment with greater diversification.
¹⁴ On September 22, 2003 the following Advantus Series Fund portfolios merged into the W&R Target Fund portfolios. Sub-account performance prior to that date is that of the underlying Advantus portfolio and performance after that date is performance of underlying W&R Target Fund portfolio. Advantus Series Fund Growth Portfolio merged into W&R Target Fund Growth Portfolio, Advantus Series Fund Asset Allocation Portfolio merged into W&R Target Fund Balanced Portfolio, Advantus Series Fund Capital Appreciation Portfolio merged into W&R Target Fund GrowthPortfolio, Advantus Series Fund International Stock Portfolio merged into W&R Target Fund International II Portfolio, Advantus Series Fund Small Company Growth Portfolio merged into W&R Target Fund Small Cap Portfolio, Advantus Series Fund Value Stock Portfolio merged into W&R Target Fund Value Portfolio, Advantus Series Fund Small Company, Value Portfolio merged into W&R Target Fund Small Cap Value Portfolio, Advantus Series Fund Core Equity Portfolio merged into W&R Target Fund Core Equity Portfolio, Advantus Series Fund Micro-Cap Growth Portfolio merged into W&R Target Fund Micro-Cap Growth Portfolio.
¹⁵ W&R Target International II Portfolio was renamed W&R Target International Value Portfolio effective December 1, 2004.