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Fees and portfolio expenses The accompanying table describes the fees and expenses you may pay if you buy, hold and sell shares of the portfolio. The fee table and the expense example do not reflect expenses or withdrawal charges incurred from investing through a variable contract or qualified plan and do not reflect variable annuity or life insurance contract charges. If they did, the overall fees and expenses would be higher than those shown. Detailed information about the cost of investing in the portfolio through a variable contract or qualified plan is presented in the contract prospectus through which the portfolio’s shares are offered to you or in the plan documents or other informational materials supplied by plan sponsors. Shareholder fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zJDFbqgm40J4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zYsxS8Xauqb5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class 1</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class 2</td> <td style="display: none; text-align: center"> </td> <td style="display: none; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 65%; text-align: left">Maximum sales charge (load) imposed on purchases</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center">N/A</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center">N/A</td> <td id="xdx_98F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dp0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000031307Member_zDx5TM5czcv5" style="display: none; text-align: center; width: 8%">-</td> <td id="xdx_989_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dp0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000218423Member_z8WZI8KSWq5b" style="display: none; text-align: center; width: 9%">-</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Maximum deferred sales charge (load)</td> <td> </td> <td style="text-align: center">N/A</td> <td> </td> <td style="text-align: center">N/A</td> <td id="xdx_98D_eoef--MaximumDeferredSalesChargeOverOther_dp0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000031307Member_z2MG46om4HS8" style="display: none; text-align: center">-</td> <td id="xdx_982_eoef--MaximumDeferredSalesChargeOverOther_dp0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000218423Member_zm5hO6LKRVk1" style="display: none; text-align: center">-</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Maximum sales charge (load) on reinvested distributions</td> <td> </td> <td style="text-align: center">N/A</td> <td> </td> <td style="text-align: center">N/A</td> <td id="xdx_984_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dp0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000031307Member_zn6fQZWYM138" style="display: none; text-align: center">-</td> <td id="xdx_983_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dp0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000218423Member_zYfJt8bjWb0i" style="display: none; text-align: center">-</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Redemption fees</td> <td> </td> <td style="text-align: center">N/A</td> <td> </td> <td style="text-align: center">N/A</td> <td id="xdx_98E_eoef--RedemptionFeeOverRedemption_dp0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000031307Member_zdUUPYQPpEwc" style="display: none; text-align: center">-</td> <td id="xdx_98F_eoef--RedemptionFeeOverRedemption_dp0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000218423Member_zxDlcFlwrnm" style="display: none; text-align: center">-</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exchange fees</td> <td> </td> <td style="text-align: center">N/A</td> <td> </td> <td style="text-align: center">N/A</td> <td id="xdx_98F_eoef--ExchangeFee_d0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000031307Member_zBVjaqiAAxQ2" style="display: none; text-align: center">-</td> <td id="xdx_98F_eoef--ExchangeFee_d0_c20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000218423Member_zXaZWCMCjKJ4" style="display: none; text-align: center">-</td> </tr> </table> -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Annual portfolio operating expenses (expenses that you pay as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zh0vrENml43i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_ztjaeVcB6kid" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_494_20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000031307Member_zRaZBOvJOnCf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class 1</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_491_20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000218423Member_z3jsi1OdM3Xe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class 2</td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zxbVhT8t68nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Management fee</td> <td style="width: 2%"> </td> <td style="width: 10%; text-align: center">0.59%</td> <td style="width: 2%"> </td> <td style="width: 10%; text-align: center">0.59%</td> </tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmuNSOGsfmLf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Distribution and service (12b-1) fee</td> <td> </td> <td style="text-align: center">0.25</td> <td> </td> <td style="text-align: center">None</td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zhIM2Np6Y9kf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other expenses1 </td> <td> </td> <td style="text-align: center">0.24</td> <td> </td> <td style="text-align: center">0.24</td> </tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_z67dC2j6kWFh" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total annual portfolio operating expenses</td> <td> </td> <td style="text-align: center">1.09</td> <td> </td> <td style="text-align: center">0.84</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: amount of fee</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> </tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zhWOXHaLxUZ8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">limitations/expense reimbursements2 </td> <td> </td> <td style="text-align: center">0.04</td> <td> </td> <td style="text-align: center">0.04</td> </tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zw80OGLL9Hz4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total annual portfolio operating expenses after fee limitations/expense reimbursements</td> <td> </td> <td style="text-align: center">1.05</td> <td> </td> <td style="text-align: center">0.80</td> </tr> </table> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">The portfolio invests in Cantor Fitzgerald Cayman Commodity Fund II, Ltd., a wholly-owned subsidiary of the portfolio organized under the laws of the Cayman Islands (the “Subsidiary”). “Other expenses” include expenses of both the portfolio and the Subsidiary [as well as “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the portfolio].</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">2 </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">The Trust and O’Connor Alternative Investments have entered into a written contract limiting operating expenses to 1.05% for Class 1 shares and 0.80% for Class 2 shares of the portfolio’s average daily net assets at least through April 30, 2027. This limit excludes certain expenses, including interest charges on fund borrowings, taxes, brokerage commissions, dealer spreads and other transaction charges, expenditures that are capitalized in accordance with generally accepted accounting principles, acquired fund fees and expenses, short sale dividends, and extraordinary expenses (e.g., litigation and indemnification and any other costs and expenses that may be approved by the Trust’s board of trustees (the “Board of Trustees”)). The Trust is authorized to reimburse O’Connor Alternative Investments for management fees previously waived and/or for expenses previously paid by O’Connor Alternative Investments, provided, however, that any reimbursement must be paid at a date not more than thirty-six months following the applicable month during which such fees were waived or expenses were paid by O’Connor Alternative Investments and the reimbursement does not cause the applicable class’s aggregate expenses, on an annualized basis to exceed either (i) the applicable expense limited in effect at the time such fees were waived or such expenses were paid by O’Connor Alternative Investments or (ii) the applicable expense limitation in effect at the time of such reimbursement. This contract may not be terminated before April 30, 2027.</td> </tr> </table> 0.0059 0.0059 0.0025 0 0.0024 0.0024 0.0109 0.0084 0.0004 0.0004 0.0105 0.0080 April 30, 2027 Example This example may help you compare the cost of investing in shares of the portfolio with the cost of investing in other mutual funds. The example does not include expenses or withdrawal charges incurred from investing through a variable annuity or life insurance contract or qualified plan. If the example included these expenses, the figures shown would be higher. Assume you invest $10,000, the portfolio returns 5% annually, expense ratios remain the same and you close your account at the end of each of the time periods shown. Although your actual costs may be higher or lower, based on these assumptions, your cost would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGlFdyJdkW02"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zJjcrmesmGT7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_487_eoef--ExpenseExampleYear01_ziscAAJkqMX5" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">One year</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear03_z85bM9fWI7K5" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Three years</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear05_zucEKcZi9OFi" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Five years</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear10_z5ZX1CMUboz4" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Ten years</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_411_20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000031307Member_zJuOQ9b39O5b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 52%; text-align: left">Class 1</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">107</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">343</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">597</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,325</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_41C_20260401__20260401__dei--LegalEntityAxis__custom--S000011252Member__oef--ClassAxis__custom--C000218423Member_z8bFrSHs9Vx5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Class 2</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">82</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">264</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">462</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,033</td> <td style="text-align: left"> </td></tr> </table> 107 343 597 1325 82 264 462 1033 Portfolio turnover The computation of the portfolio’s portfolio turnover rate for regulatory purposes excludes trades of derivatives and instruments with a maturity of one year or less. However, the portfolio expects to engage in frequent trading of derivatives, which could have tax consequences that impact shareholders, such as the realization of taxable short-term capital gains. In addition, the portfolio could incur transaction costs, such as commissions, when it buys and sells securities and other instruments. Transaction costs, which are not reflected in annual portfolio operating expenses or in the example, affect the portfolio’s performance. During the fiscal year ended December 31, 2025, the portfolio’s portfolio turnover rate was 56% of the average value of its portfolio. 0.56 Principal investment strategies The portfolio is designed to achieve positive total return relative to the performance of the Bloomberg Commodity Index Total Return (the “BCOM Index”). Total return consists of capital appreciation and income. The portfolio intends to invest its assets directly and indirectly in a combination of commodity-linked derivative instruments, including commodity-linked notes, futures, options and swap agreements, and fixed income securities. The portfolio intends to gain exposure to commodities markets by investing through the Subsidiary and in structured notes linked to the BCOM Index, other commodity indices, or the value of a particular commodity or commodity futures contract or subset of commodities or commodity futures contracts. The value of these investments will rise or fall in response to changes in the underlying index or commodity. The portfolio may invest up to 25% of its total assets in the Subsidiary, a wholly-owned subsidiary of the portfolio organized under the laws of the Cayman Islands. The portfolio will invest in the Subsidiary primarily to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Generally, the Subsidiary will invest in commodity-linked derivative instruments, but it will also invest in fixed income instruments, including U.S. government securities, U.S. government agency securities, corporate bonds, debentures and notes, mortgage-backed and other asset-backed securities, event-linked bonds, loan participations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, commercial paper and other short-term fixed income securities. The primary purpose of the fixed income instruments held by the Subsidiary will be to serve as collateral for the Subsidiary’s derivative positions; however, these instruments are also expected to earn income for the Subsidiary. The portfolio invests in a portfolio of fixed income securities normally having an average duration of one year or less, and emphasizes investment-grade fixed income securities. The portfolio expects to engage in active and frequent trading of derivatives. A word about risk: All investments involve some level of risk. Simply defined, risk is the possibility that you will lose money or not make money. Principal risk factors for the portfolio are discussed below. The relative significance of each risk factor below may change over time, and you should review each risk factor carefully. Before you invest, please make sure you understand the risks that apply to the portfolio. As with any mutual fund, you could lose money over any period of time. The portfolio is not a complete investment program and should only form a small part of a diversified portfolio. At any time, the risk of loss associated with a particular instrument in the portfolio’s portfolio may be significantly higher than 50% of the value of the investment. Investors in the portfolio should be willing to assume the greater risks of potentially significant short-term share price fluctuations. Investments in the portfolio are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Simply defined, risk is the possibility that you will lose money or not make money. Commodity exposure risks: The portfolio’s and the Subsidiary’s investments in commodity-linked derivative instruments may subject the portfolio to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss (including the likelihood of greater volatility of the portfolio’s net asset value (“NAV”)), and there can be no assurance that the portfolio’s use of leverage will be successful. Focus risk: The portfolio will be exposed to the performance of commodities in the BCOM Index, which may from time to time have a small number of commodity sectors (e.g., energy, metals or agricultural) representing a large portion of the index. As a result, the portfolio may be subject to greater volatility than if the index were more broadly diversified among commodity sectors. If the portfolio is exposed to a significant extent to a particular commodity or subset of commodities, the portfolio will be more exposed to the specific risks relating to such commodity or commodities and will be subject to greater volatility than if it were more broadly diversified among commodity sectors. Derivatives risk: Derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. The portfolio typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate risk. The portfolio also may use derivatives for leverage. The portfolio’s use of derivative instruments, particularly commodity-linked derivatives, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as commodity exposure risks, correlation risk, credit risk, illiquidity risk, interest rate risk, leveraging risk and market risk. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the portfolio will engage in these transactions to reduce exposure to other risks when that would be beneficial. Futures contracts risk: The risks associated with the portfolio’s use of futures contracts and swaps and structured notes that reference the price of futures contracts include the risk that: (i) changes in the price of a futures contract may not always track the changes in market value of the underlying reference asset; (ii) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (iii) if the portfolio has insufficient cash to meet margin requirements, the portfolio may need to sell other investments, including at disadvantageous times. Structured note risk: The value of a structured note will be influenced by time to maturity, level of supply and demand for the type of note, interest rate and market volatility, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the reference asset. In addition, there may be a lag between a change in the value of the underlying reference asset and the value of the structured note. Swap agreements risk: Swap agreements involve the risk that the party with whom the portfolio has entered into the swap will default on its obligation to pay the portfolio and the risk that the portfolio will not be able to meet its obligations to pay the other party to the agreement. Fixed income risk: The market value of fixed income investments will change in response to interest rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed income investments. During periods of falling interest rates, the values of outstanding fixed income securities and related financial instruments generally rise. Conversely, during periods of rising interest rates, the values of such securities and related financial instruments generally decline. Fixed income investments are also subject to credit risk. Subsidiary risk: By investing in the Subsidiary, the portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the portfolio and are subject to the same risks that apply to similar investments if held directly by the portfolio. These risks are described elsewhere in this Prospectus. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. However, the portfolio wholly owns and controls the Subsidiary, and the portfolio and the Subsidiary are both managed by O’Connor Alternative Investments, making it unlikely that the Subsidiary will take action contrary to the interests of the portfolio and its shareholders. The Board of Trustees has oversight responsibility for the investment activities of the portfolio, including its investment in the Subsidiary, and the portfolio’s role as sole shareholder of the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the portfolio. The Board of Trustees will consider any investment advisory services provided to the Subsidiary in connection with the Board of Trustees’ annual consideration of the investment advisory agreement with O’Connor Alternative Investments (the “Investment Advisory Agreement”). The investment advisory agreement between the Subsidiary and O’Connor Alternative Investments will comply with Section 15 of the 1940 Act. The Board of Trustees approved the investment advisory agreement between the Subsidiary and O’Connor Alternative Investments and will consider its renewal on an annual basis. The portfolio will comply with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with any Subsidiary. The portfolio would “look through” any such Subsidiary to determine compliance with its investment policies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the portfolio and/or the Subsidiary to continue to operate as it does currently and could adversely affect the portfolio. Correlation risk: Changes in the value of a hedging instrument may not match those of the investment being hedged. In addition, certain of the portfolio’s commodity-linked derivative investments may result in the portfolio’s performance diverging from the BCOM Index, perhaps materially. For example, a structured note can be structured to limit the loss or the gain on the investment, which would result in the portfolio not participating in declines or increases in the BCOM Index that exceed the limits. Credit risk: The issuer of a debt instrument or the counterparty to a contract, including derivatives contracts, may default or otherwise become unable to honor a financial obligation. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness also may affect the value of the portfolio’s investment in that issuer. Exposure risk: The risk associated with investments (such as derivatives) or practices that increase the amount of money the portfolio could gain or lose on an investment. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">Hedged Exposure risk could multiply losses generated by a derivative or practice used for hedging purposes. Such losses should be substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can also reduce or eliminate gains.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">Speculative To the extent that a derivative or practice is not used as a hedge, the portfolio is directly exposed to its risks. Gains or losses from speculative positions in a derivative may be much greater than the derivative’s original cost. For example, potential losses from commodity-linked notes or swap agreements and from writing uncovered call options are unlimited.</td> </tr> </table> Illiquidity risk: Certain portfolio holdings, such as commodity-linked notes and swaps, may be difficult or impossible to sell at the time and the price that the portfolio would like. The portfolio may have to lower the price, sell other holdings instead or forgo an investment opportunity. Any of these could have a negative effect on portfolio management or performance. Liquid investments may become illiquid after purchase by the portfolio, particularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the portfolio. Interest rate risk: Changes in interest rates may cause a decline in the market value of an investment. With bonds and other fixed income instruments, a rise in interest rates typically causes a fall in values, while a fall in interest rates typically causes a rise in values. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the portfolio’s performance. Generally, the longer the maturity or duration of a debt instrument, the greater the impact of a change in interest on the instrument’s value. In periods of market volatility, the market values of fixed income securities may be more sensitive to changes in interest rates. Leveraging risk: The portfolio may invest in certain derivatives that provide leveraged exposure. The portfolio’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may cause the portfolio to lose more than the amount it invested in those instruments. The NAV of the portfolio when employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the portfolio to pay interest. Market risk: The market value of a security may fluctuate, sometimes rapidly and unpredictably due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, natural disasters, recessions, or other events could have a significant impact on the portfolio and its investments. These fluctuations, which are often referred to as “volatility,” may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Market risk is common to most investments-including stocks, bonds and commodities, and the mutual funds that invest in them. Bonds and other fixed income securities generally involve less market risk than stocks and commodities. The risk of bonds can vary significantly depending upon factors such as issuer and maturity. The bonds of some companies may be riskier than the stocks of others. Portfolio turnover risk: Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the portfolio’s performance. Tax risk: In order to qualify for treatment as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the portfolio must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. The Internal Revenue Service (“IRS”) has issued a ruling that income realized from certain types of commodity-linked swaps would not be qualifying income for purposes of the source of income requirement. As a result, the income the portfolio derives directly from such commodity-linked swaps or certain other commodity-linked derivatives must be limited to a maximum of 10% of its gross income. The portfolio seeks to gain exposure to the commodity markets indirectly through its investments in the Subsidiary, which invests in commodity-linked swaps, commodity futures and other derivatives, and directly through investments in commodity-linked notes. If the portfolio fails to qualify as a RIC, the portfolio will be subject to federal income tax on its net income at regular corporate rates (without reduction for distributions to shareholders). When distributed, that income also would be taxable to shareholders as an ordinary dividend to the extent attributable to the portfolio’s current or accumulated earnings and profits. If the portfolio were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the portfolio would be subject to diminished returns. The portfolio anticipates treating income and gain from the Subsidiary and from commodity-linked notes as qualifying income. U.S. government securities risk: Obligations of U.S. government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Performance The accompanying bar chart and table provide an indication of the risks of investing in the portfolio. The bar chart shows you how performance of the portfolio’s Class 1 shares (which was previously an undesignated share class of the portfolio), has varied from year to year for up to 10 years. The table compares the portfolio’s performance to that of a broad-based securities market index (i.e., a regulatory index). The portfolio’s regulatory index is the Bloomberg US Aggregate Bond Index. The portfolio’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The table also compares the portfolio’s performance to the BCOM Index, which is currently composed of futures contracts on 25 physical commodities. Prior to April 1, 2026, the portfolio’s investment adviser was UBS Asset Management (Americas) LLC. Effective April 1, 2026, the portfolio’s investment adviser changed from UBS Asset Management (Americas) LLC to O’Connor Alternative Investments. There were no changes to the portfolio’s investment objective or investment strategies in connection with the change in the portfolio’s investment adviser. The bar chart and table do not reflect additional charges and expenses which are, or may be, imposed under the variable contracts or plans; such charges and expenses are described in the prospectus of the insurance company separate account or in the plan documents or other informational materials supplied by plan sponsors. Inclusion of these charges would reduce the total return for the periods shown. As with all mutual funds, past performance is not a prediction of future performance. The portfolio makes updated performance available at the portfolio’s website (https://commodities.cantorassetmanagement.com/) or by calling the portfolio at 855-922-6867. The accompanying bar chart and table provide an indication of the risks of investing in the portfolio. The bar chart and table do not reflect additional charges and expenses which are, or may be, imposed under the variable contracts or plans; such charges and expenses are described in the prospectus of the insurance company separate account or in the plan documents or other informational materials supplied by plan sponsors. Inclusion of these charges would reduce the total return for the periods shown. As with all mutual funds, past performance is not a prediction of future performance. https://commodities.cantorassetmanagement.com 855-922-6867 Year-by-year total returns <img alt="" src="img_001.jpg" style="height: 270px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zSfo2E2C5MZ" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_989_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000031307Member_zWPAgkVyxkHk" style="display: none; text-align: center; width: 50%">12.02%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000031307Member_zx5g9WQtN9tb" style="display: none; text-align: center">1.52%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000031307Member_zdr0Zhl4QRKa" style="display: none; text-align: center">-11.66%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000031307Member_zBlv9PYBcUf" style="display: none; text-align: center">6.69%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000031307Member_zVDM9FyYw1N4" style="display: none; text-align: center">-1.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000031307Member_zoVakbMzvs2b" style="display: none; text-align: center">27.90%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000031307Member_zTOV6EQRLNq5" style="display: none; text-align: center">16.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000031307Member_zK2LqxECE78g" style="display: none; text-align: center">-9.12%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000031307Member_zdAKKB1CmQT" style="display: none; text-align: center">4.83%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_980_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000031307Member_z2vbbOCMHDy3" style="display: none; text-align: center">15.36%</td></tr> </table> 0.1202 0.0152 -0.1166 0.0669 -0.0148 0.2790 0.1603 -0.0912 0.0483 0.1536 Best quarter: 25.39% (Q1 2022) Worst quarter: (22.17)% (Q1 2020) Inception date: 2/28/06 Best quarter 0.2539 Worst quarter -0.2217 Average annual total returns <div id="xdx_A87_eoef--PerformanceTableTextBlock_zaAOF71YKC12"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zhCoGk5kqmG3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Period ended 12/31/25:</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zy6O7SuJXPK6" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">One year 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49B_20210101__20251231_zPZLt4x7Om08" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Five years 2021-2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_498_20160101__20251231_zvqCXR3bSvA3" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Ten years 2016-2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_491_20200501__20251231_zkC0lOYXzmg7" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Since inception</td> <td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000031307Member_zfAVwS2HoNqj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 52%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cantor Fitzgerald Commodity Return Strategy Portfolio - Class 1 Shares</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">15.36</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">10.28</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5.59</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(0.27</td> <td style="white-space: nowrap; width: 1%; text-align: left">)%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218423Member_zgNFwshrpB36" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cantor Fitzgerald Commodity Return Strategy Portfolio - Class 2 Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15.68</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10.61</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14.25</td> <td style="white-space: nowrap; text-align: left">%1 </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218423Member__oef--PerformanceMeasureAxis__custom--BloombergCommodityIndexTotalReturnReflectsNoDeductionsForFeesOrExpensesMember_zbEdY8rtngSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Bloomberg Commodity Index Total Return (reflects no deductions for fees or expenses)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15.77</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10.64</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.73</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218423Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionsForFeesOrExpensesMember_zgRCv5nnfOr" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Bloomberg US Aggregate Bond Index (reflects no deductions for fees or expenses)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.36</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.01</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.10</td> <td style="white-space: nowrap; text-align: left">%</td></tr> </table> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">Return represents performance from May 1, 2020 (inception date) to December 31, 2025.</td> </tr> </table> 0.1536 0.1028 0.0559 -0.0027 0.1568 0.1061 0.1425 (reflects no deductions for fees or expenses) 0.1577 0.1064 0.0573 0.0730 -0.0036 0.0201 0.0010 2020-05-01 2020-05-01 The portfolio invests in Cantor Fitzgerald Cayman Commodity Fund II, Ltd., a wholly-owned subsidiary of the portfolio organized under the laws of the Cayman Islands (the “Subsidiary”). “Other expenses” include expenses of both the portfolio and the Subsidiary [as well as “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the portfolio]. The Trust and O’Connor Alternative Investments have entered into a written contract limiting operating expenses to 1.05% for Class 1 shares and 0.80% for Class 2 shares of the portfolio’s average daily net assets at least through April 30, 2027. This limit excludes certain expenses, including interest charges on fund borrowings, taxes, brokerage commissions, dealer spreads and other transaction charges, expenditures that are capitalized in accordance with generally accepted accounting principles, acquired fund fees and expenses, short sale dividends, and extraordinary expenses (e.g., litigation and indemnification and any other costs and expenses that may be approved by the Trust’s board of trustees (the “Board of Trustees”)). The Trust is authorized to reimburse O’Connor Alternative Investments for management fees previously waived and/or for expenses previously paid by O’Connor Alternative Investments, provided, however, that any reimbursement must be paid at a date not more than thirty-six months following the applicable month during which such fees were waived or expenses were paid by O’Connor Alternative Investments and the reimbursement does not cause the applicable class’s aggregate expenses, on an annualized basis to exceed either (i) the applicable expense limited in effect at the time such fees were waived or such expenses were paid by O’Connor Alternative Investments or (ii) the applicable expense limitation in effect at the time of such reimbursement. This contract may not be terminated before April 30, 2027. Return represents performance from May 1, 2020 (inception date) to December 31, 2025.