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0.1305 0.1433 0.0569 0.2435 -0.1108 0.1989 0.0977 0.2332 -0.1582 0.2383 0.2164 0.2219 -0.1408 0.2119 0.0758 0.1078 -0.1451 0.1743 0.0303 0.3100 -0.0144 0.3015 0.0132 0.3622 0.3900 0.2331 -0.3354 0.3933 0.2852 0.1839 0.3091 0.0982 -0.1281 0.2642 0.0522 0.2532 -0.1045 0.1301 0.1196 0.0637 0.1062 0.4231 -0.1939 0.2114 0.1640 0.0119 -0.2545 0.1029 0.1063 0.3628 0.2476 0.1289 -0.1523 0.1978 0.0409 0.3622 -0.1586 0.1673 0.0966 0.0236 0.0865 0.2340 -0.0536 0.3180 0.1434 0.2691 -0.1633 0.1905 0.1965 0.1382 0.1333 -0.1599 0.1309 0.1190 0.1400 0.0334 0.0394 -0.0053 0.0947 0.0838 -0.0092 -0.1314 0.0654 0.0215 0.0729 0.1870 0.1713 -0.0331 -0.2033 0.0899 0.0582 0.3302 0.2300 0.1216 0.1547 -0.1631 0.1785 0.1159 0.2004 0.0057 0.0621 0.0618 -0.0157 -0.0711 0.0500 0.0292 0.0624 0.0125 0.2154 -0.1629 0.1204 -0.0330 0.0844 -0.0826 0.1741 0.0186 0.3603 0.0142 0.0297 0.0004 0.0732 0.0711 -0.0186 -0.1341 0.0507 0.0108 0.0657 -0.0195 0.2498 -0.1394 0.2063 0.1150 0.0434 -0.1398 0.1656 0.0301 0.2124 0.2038 0.1221 0.1242 -0.1550 0.1562 0.1024 0.1773 0.3064 0.3253 0.3165 -0.2962 0.2933 0.3568 0.2180 -0.1164 0.2551 0.1320 0.2417 -0.1345 0.1600 0.1350 0.0707 0.1787 0.1146 0.0962 -0.1435 0.1355 0.0862 0.1533 0.0281 0.3199 0.0233 0.3487 0.3562 0.2880 -0.2860 0.3503 0.2525 0.1306 0.1164 0.1689 -0.0786 0.3192 0.1338 0.2778 -0.2019 0.2748 0.2382 0.1447 0.0863 0.0541 -0.0646 0.2621 -0.0111 0.3922 -0.2695 0.1402 0.0797 0.0150 0.0393 0.2491 -0.0475 0.2897 0.5583 0.0733 -0.3536 0.1250 0.1643 0.0610 0.0906 0.1223 -0.0575 0.2036 0.0960 0.1403 -0.0969 0.1031 0.0764 0.1099 -0.0739 0.2299 0.0770 0.1400 -0.1693 0.1589 0.1586 0.1182 -0.0766 0.2553 0.1447 0.2061 -0.1684 0.2010 0.1609 0.1719 -0.0596 0.1829 0.0825 0.1483 -0.1391 0.1557 0.1256 0.1514 0.0021 0.2963 -0.0488 0.3958 0.4854 0.1083 -0.2707 0.2333 0.1426 0.0807 0.1896 -0.0713 0.2227 0.0886 0.1229 -0.1898 0.1629 0.1332 0.1597 -0.0491 0.1957 0.1349 0.1305 -0.1493 0.1505 0.1201 0.1313 0.1314 -0.0905 0.1892 0.0037 0.1240 -0.1859 0.1525 0.1156 0.1232 0.2263 0.1226 -0.2656 0.2742 0.0784 0.1825 0.1116 0.2208 -0.0205 0.2575 0.1325 0.2368 -0.1674 0.2585 0.2389 0.1767 N-1A SUNAMERICA SERIES TRUST 2026-05-01 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term growth of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0061 0.0061 0.0061 0 0.0015 0.0025 0.0002 0.0002 0.0002 0.0063 0.0078 0.0088 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 64 202 351 786 80 249 433 966 90 281 488 1084 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">24%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.24 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goal by investing primarily in equity securities of a limited number of large, carefully selected, high quality U.S. companies that are judged likely to achieve superior long-term earnings growth. The Portfolio may also invest up to 25% of its assets in foreign securities, including emerging </span><span style="color:#000000;font-family:Arial;font-size:10pt;">market securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser’s investment process is driven by bottom-up stock selection. Generally, the subadviser constructs a portfolio of approximately 45 to 60 stocks using a disciplined team approach, while at the same time drawing on the unique ideas of each portfolio manager. Purchase candidates are generally leaders in their industries, with compelling business models, talented management teams and growth prospects that the subadviser deems to be superior to consensus expectations over coming quarters. Stock selection is the primary driver of investment decisions, with all other decisions purely a by-product of the stock-selection </span><span style="color:#000000;font-family:Arial;font-size:10pt;">process. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser believes that investment success comes from focusing on companies poised to exceed consensus growth expectations on the upside. As a result, the Portfolio tends to exhibit strong earnings growth relative to consensus and to the benchmark as a whole, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;">typically results in attractive valuations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests substantially in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">growth style stocks. Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Country, Sector or Industry Focus Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio invests a significant portion of its assets in one or only a few countries, sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting that single or those few countries, sectors or industries than if the Portfolio always maintained wide diversity among the countries, sectors and industries in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.94%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-18.05%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-9.49%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.2594 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.1805 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0949 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1306 0.1195 0.1614 0.1290 0.1178 0.1597 0.1279 0.1167 0.1585 0.1788 0.1442 0.1482 0.1856 0.1532 0.1813 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term growth of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0093 0.0093 0.0093 0 0.0015 0.0025 0.0005 0.0005 0.0005 0.0098 0.0113 0.0123 -0.0007 -0.0007 -0.0007 0.0091 0.0106 0.0116 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 93 305 535 1195 108 352 616 1368 118 383 669 1482 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">66%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.66 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies with small and medium market capitalizations that the subadviser </span><span style="color:#000000;font-family:Arial;font-size:10pt;">determines to be undervalued. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser uses proprietary quantitative research tools that balance valuation against quality factors and fundamental research insights to identify the most attractive stocks in the small- and mid-capitalization universe. It then performs rigorous fundamental company and industry research to determine the long term earnings power of those companies. Once a stock’s expected return has been established from these quantitative and fundamental perspectives, its risk penalty or benefit is assessed and the portfolio is constructed with those </span><span style="color:#000000;font-family:Arial;font-size:10pt;">companies with the most attractive risk adjusted returns. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest in convertible securities (up to 20% of net assets), rights and warrants (up to 10% of net </span><span style="color:#000000;font-family:Arial;font-size:10pt;">assets) and foreign securities (up to 15% of net assets).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or “call” certain of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Warrants and Rights Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Warrants and rights can </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provide a greater potential for profit or loss than an equivalent investment in the underlying security. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the issuer other than a purchase option. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments. Warrants and rights </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may lack a liquid secondary market for resale.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell 2500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell 2500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 2 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">28.97%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-36.36%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">3.21%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-12-31 0.2897 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.3636 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0321 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0254 0.0863 0.0855 0.0236 0.0847 0.0838 0.0232 0.0836 0.0827 0.1715 0.1315 0.1429 0.1273 0.1002 0.0972 <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term capital </span><span style="font-family:Arial;font-size:10pt;">appreciation.</span> <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="font-family:Arial;font-size:10pt;"> If </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="font-family:Arial;font-size:10pt;"> (expenses that </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="font-family:Arial;font-size:10pt;">investment)</span> 0.0084 0.0084 0.0084 0 0.0015 0.0025 0.0009 0.0009 0.0009 0.0093 0.0108 0.0118 -0.0006 -0.0006 -0.0006 0.0087 0.0102 0.0112 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">$10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the separate account fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 89 290 509 1137 104 338 590 1312 114 369 643 1426 <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">56%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.56 <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Portfolio seeks to invest at least 80% of its net assets in non-U.S. equity securities of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Index (the “Index”) and derivatives that are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">tied economically to securities of the Index. Investments in derivatives are counted toward the Portfolio’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The Index is comprised of </span><span style="font-family:Arial;font-size:10pt;">large- and mid-cap developed market equities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Equity securities include common stock and preferred stock. The Portfolio primarily seeks to purchase common stock and may also invest in preferred stock and convertible securities (including, without limitation, convertible preferred stock, convertible debt securities, and other instruments with equity conversion features). </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">From time to time, the Portfolio may invest in shares of companies through “new issues” or initial public offerings. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio will invest in securities of non-U.S. issuers. While these investments may be valued in U.S. dollars, they will generally be valued in foreign currencies. When investments are held in foreign currencies, the Portfolio may use hedging strategies to reduce the risk of currency fluctuations, although it is not required to do so. In addition, the Portfolio may enter into currency transactions </span><span style="font-family:Arial;font-size:10pt;">as a strategy to increase the Portfolio’s overall return. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of the Portfolio and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the Portfolio effectively, the Portfolio may buy and sell financial futures contracts or options on such </span><span style="font-family:Arial;font-size:10pt;">contracts. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser seeks to pursue the Portfolio’s investment goal by investing in international securities in a disciplined manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to identify aspects of mispricing across stocks which the Portfolio can seek to capture by over- and under-weighting particular equities while seeking to control the additional risk created by these equities so that the Portfolio’s overall risk profile remains consistent with its benchmark. The subadviser then constructs and rebalances the portfolio by integrating its investment insights with the model-based optimization process. The subadviser has no stated minimum holding period for investments and may buy or sell securities whenever it sees an appropriate opportunity. The subadviser may engage in active and frequent trading of the Portfolio’s </span><span style="font-family:Arial;font-size:10pt;">investments to achieve the Portfolio’s investment goal. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser’s investment process leverages fundamentally informed and data-driven insights, which may use a range of factors to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures of whether a </span><span style="font-family:Arial;font-size:10pt;">security is over- or under-valued.</span> <span style="font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Initial Public Offering (“IPO”) Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">purchase of shares issued as part of, or a short period after, companies’ IPOs exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO issuers has been volatile, and share prices of newly-public companies have fluctuated in significant </span><span style="font-family:Arial;font-size:10pt;">amounts over short periods of time.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate, currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Options Risk.</span><span style="font-family:Arial;font-size:10pt;"> Options are subject to sudden price </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">movements and are highly leveraged, in that payment of a relatively small purchase price, called a premium, gives the buyer the right to acquire an underlying security or reference asset that has a face value substantially greater than the premium paid. The buyer of an option risks losing the entire purchase price of the option. The writer, or seller, of an option risks losing the difference between the purchase price received for the option and the price of the security or reference asset underlying the option that the writer must purchase or deliver upon exercise of the </span><span style="font-family:Arial;font-size:10pt;">option. There is no limit on the potential loss.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Futures Risk.</span><span style="font-family:Arial;font-size:10pt;"> Futures are contracts involving the right to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the underlying commodity, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying </span><span style="font-family:Arial;font-size:10pt;">commodity, security or financial index.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Swaps Risk.</span><span style="font-family:Arial;font-size:10pt;"> Swap agreements are two party contracts </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. Depending on their structure, swap </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">agreements may increase or decrease the Portfolio’s exposure to the risks associated with these underlying investments or instruments. Swap agreements may also involve counterparty credit risk, which is the risk that the other party to the swap may fail to meet its payment obligations. Certain swap transactions are required to be centrally cleared through a regulated clearinghouse. Although central clearing is designed to reduce counterparty credit risk, it may not eliminate it entirely, and the Portfolio will bear the risk that the clearinghouse may </span><span style="font-family:Arial;font-size:10pt;">be unable to perform its obligations.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Forward Currency Contracts Risk.</span><span style="font-family:Arial;font-size:10pt;"> A forward foreign </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">currency contract or “currency forward” is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. Currency forwards are generally used to protect against uncertainty in the level of future exchange rates. Currency forwards do not eliminate fluctuations in the prices of the underlying securities a Portfolio owns or intends to acquire, but they do fix a rate of exchange in advance. Currency forwards limit the risk of loss due to a decline in the value of the hedged currencies, but at the same time they limit any potential gain that might result should the value of the currencies increase. The use of forward contracts involves the risk of mismatching the Portfolio’s objective under a forward contract with the value of securities denominated in a particular currency. Such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is an additional risk to the effect that currency contracts create exposure to currencies in which the Portfolio’s securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Portfolio </span><span style="font-family:Arial;font-size:10pt;">than if it had not entered into such contracts.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may engage in certain </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">transactions that may expose it to leverage risk, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions and derivatives. The use of leverage may cause the Portfolio to liquidate portfolio positions at inopportune times in order to meet regulatory asset coverage requirements, fulfill leverage contract terms, or for other reasons. Leveraging, including borrowing, tends to increase the Portfolio’s exposure to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">market risk, interest rate risk or other risks, and thus may cause the Portfolio to be more volatile than if the Portfolio </span><span style="font-family:Arial;font-size:10pt;">had not utilized leverage.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="font-family:Arial;font-size:10pt;"> While hedging strategies can be very </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio’s securities are not </span><span style="font-family:Arial;font-size:10pt;">denominated.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> Convertible security values </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">may be affected by market interest rates, issuer defaults, the creditworthiness of the issuer, and underlying common stock values; security values may fall if market interest rates rise and rise if market interest rates fall. Convertible preferred stock and other hybrid instruments may also be subject to the risk of dividend suspension or reduction, and may be subordinated to the issuer’s debt obligations. Certain convertible securities may be subject to mandatory or contingent conversion provisions, which could result in conversion at a time or price unfavorable to the Portfolio. Additionally, an issuer may have the right to buy back or redeem the securities at a time unfavorable to </span><span style="font-family:Arial;font-size:10pt;">the Portfolio.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mid-Cap Companies Risk.</span><span style="font-family:Arial;font-size:10pt;"> Securities of mid-cap </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Model Risk.</span><span style="font-family:Arial;font-size:10pt;"> The subadviser’s investment models may not </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">adequately take into account certain factors and may result in the Portfolio having a lower return than if the Portfolio were managed using another model or investment strategy. Investments selected using these models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, changing sources of market returns, and issues in the construction and implementation of the models (including, but not limited to, software issues, issues related to uses of artificial intelligence and machine learning and other technological issues). Models depend heavily on the accuracy and reliability of historical data that is supplied by third parties or other external sources, and such data may be stale, missing, or unavailable. When a model or data used in managing the Portfolio contains an error, or is incorrect or incomplete, any investment decision made in reliance on the model or data may not produce the desired results and the Portfolio may realize losses. In addition, the investment models used by the subadviser to evaluate securities or securities markets are based on certain assumptions concerning the interplay of market factors. The markets or the prices of individual securities may be affected by factors not foreseen in developing the </span><span style="font-family:Arial;font-size:10pt;">models.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse social, political, regulatory or economic developments in the United States or abroad; changes in investor psychology; technological disruptions; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, trade wars and sanctions, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="font-family:Arial;font-size:10pt;">pronounced.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Index (net) (a broad-based </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to April 30, 2026, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Morgan Stanley International Equities Portfolio.“ </span><span style="font-family:Arial;font-size:10pt;">Fees and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="font-family:Arial;font-size:10pt;"> Of course, past </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock Investment Management, LLC (“BlackRock”) assumed subadvisory duties of the Portfolio on April 30, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">2026. Prior to April 30, 2026, Morgan Stanley Investment Management Inc. subadvised the Portfolio, and Morgan Stanley Investment Management Limited served as sub-subadviser.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Index (net) (a broad-based </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to April 30, 2026, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Morgan Stanley International Equities Portfolio.“ </span> <span style="font-family:Arial;font-size:10pt;">Fees and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="font-family:Arial;font-size:10pt;"> Of course, past </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.44%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.96%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-3.30%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-12-31 0.1844 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1996 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0330 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.2124 0.0549 0.0636 0.2114 0.0533 0.0620 0.2099 0.0523 0.0611 0.3122 0.0892 0.0818 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are to seek capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation and income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0065 0.0065 0 0.0025 0.0013 0.0013 0.0017 0.0017 0.0095 0.0120 -0.0044 -0.0044 0.0051 0.0076 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 52 259 483 1126 78 337 617 1416 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">72%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.72 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goals by investing in a combination of equity and fixed income </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">securities. Under normal circumstances, the Portfolio intends to invest approximately 70% of its assets in equity securities and approximately 30% of its assets in fixed income securities, although the Portfolio’s allocation to equity securities may range from approximately 60%</span><span style="font-family:Arial;font-size:10pt;">‑80% of its assets and its allocation to fixed income </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">securities may range from approximately 20%</span><span style="font-family:Arial;font-size:10pt;">‑40% of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">assets. The Portfolio </span><span style="font-family:Arial;font-size:10pt;">will obtain exposure to equity and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">fixed income securities by investing all or a portion of its assets in exchange-traded funds (“ETFs”), including ETFs </span><span style="font-family:Arial;font-size:10pt;">affiliated with the Portfolio’s subadviser. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The equity securities in which the Portfolio intends to invest, or obtain exposure to through investments in ETFs, include</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">among other things, common stock, preferred stock, depositary receipts, rights and warrants. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The fixed income securities in which the Portfolio intends to invest, or obtain exposure to through investments in ETFs, include, among other things, corporate debt instruments, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, government-related bonds, and U.S. government securities. The Portfolio may invest in, or obtain exposure to, fixed income securities that are rated investment grade. The Portfolio may also invest up to 15% of its net assets in, or obtain exposure to, below investment grade (commonly referred to as high-yield or “junk” bonds). The Portfolio may invest in, or obtain exposure to, fixed income </span><span style="font-family:Arial;font-size:10pt;">securities of any maturity or duration. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The securities and other financial instruments in which the Portfolio intends to invest, or obtain exposure to, may be those of U.S. or foreign issuers, including emerging markets, and may be denominated in U.S. dollars or </span><span style="font-family:Arial;font-size:10pt;">foreign currencies. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio places an emphasis on managing risk relative to its benchmark index, which is comprised of the following: 70% MSCI World Index and 30% Bloomberg U.S. Aggregate Bond Index (the “Blended Index”). To manage the Portfolio’s risk relative to the Blended Index, the subadviser intends to dynamically adjust the Portfolio’s exposure as required by the Portfolio’s risk management parameters. These risk management parameters include restrictions designed to limit how far the Portfolio’s expected returns are permitted to deviate from those of the Blended Index. Such restrictions may result in the Portfolio having returns that track the Blended Index more consistently and more closely than would otherwise be the case. These restrictions may prevent a significant deviation from the returns of the Blended Index, but may also limit the Portfolio’s ability to </span><span style="font-family:Arial;font-size:10pt;">outperform the returns of the Blended Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The ETFs in which the Portfolio invests utilize a variety of </span><span style="font-family:Arial;font-size:10pt;">investment strategies. </span><span style="font-family:Arial;font-size:10pt;">Factor Rotation Strategy:</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">This strategy involves </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the use of a </span><span style="font-family:Arial;font-size:10pt;">proprietary model that focuses on five </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">commonly-used equity style factors (momentum (i.e., whether a company’s share price is trending up or down), quality, value, size and minimum volatility) and dynamically allocates the factors, emphasizing those factors that the </span><span style="font-family:Arial;font-size:10pt;">ETF’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">investment adviser</span><span style="font-family:Arial;font-size:10pt;"> believes have the strongest near-term return prospects. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The eligible universe of securities that are part of the model includes U.S. and non</span><span style="font-family:Arial;font-size:10pt;">‑U.S. listed </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">common stock of large- and mid</span><span style="font-family:Arial;font-size:10pt;">‑capitalization </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">companies, although the </span><span style="font-family:Arial;font-size:10pt;">strategy may invest in </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">companies of any market capitalization. The model begins with an equal-weighted allocation across the five equity style factors. The model then incorporates information about the current economic cycle as well as the valuations and recent trends for each factor to compare the relative attractiveness of each factor and to guide the portfolio to tilt into favorable factors and away from unfavorable factors in pursuit of incremental returns. The model may allocate a maximum of 35% of the equity portion of </span><span style="font-family:Arial;font-size:10pt;">an ETF’s assets in </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">securities solely assigned to any single style factor but this allocation may fluctuate and exceed </span><span style="font-family:Arial;font-size:10pt;">35% due to market movement. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The model allows for a company to be included under more than one of the five equity style factors rather than being solely assigned to a single style factor. </span><span style="font-family:Arial;font-size:10pt;">Each ETF will hold equity </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">securities of those companies that fall into at least one of the five equity style factors. The </span><span style="font-family:Arial;font-size:10pt;">ETF’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">investment adviser</span><span style="font-family:Arial;font-size:10pt;"> implements buy and sell </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">decisions for </span><span style="font-family:Arial;font-size:10pt;">securities based on model </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">rebalances, which generally occur monthly, to reflect current views of the style factor exposures for each security and the relative attractiveness of </span><span style="font-family:Arial;font-size:10pt;">each style factor.</span><span style="font-family:Arial;font-size:10pt;">Systematic Bond Index Strategy:</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">This strategy </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">seeks to track a proprietary index by allocating the ETF’</span><span style="font-family:Arial;font-size:10pt;">s portfolio across four asset classes: U.S. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">dollar-denominated U.S. Treasuries</span><span style="font-family:Arial;font-size:10pt;">, Mortgage-Backed Securities,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Investment Grade and High </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Yield Corporates.</span><span style="font-family:Arial;font-size:10pt;"> The allocations are determined </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">relative to a broad</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">“starting universe” consisting of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the aforementioned components</span><span style="font-family:Arial;font-size:10pt;">, as well as the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">following</span><span style="font-family:Arial;font-size:10pt;"> U.S. dollar-denominated components: U.S. Agencies,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Investment Grade Foreign </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Government-related Bonds, Investment Grade </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Eurodollar Bonds, and Investment Grade 144A Bonds</span><span style="font-family:Arial;font-size:10pt;">. At the start of each rebalance, a 12.5% overweight is allocated to</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">the high yield corporate </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">bond component relative to the starting universe</span><span style="font-family:Arial;font-size:10pt;">. This overweight is tactically adjusted up or down </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">based on the index provider’</span><span style="font-family:Arial;font-size:10pt;">s assessment of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">prevailing economic regime. Security selection is applied across corporate securities by screening potential investments for credit quality with a tilt toward credit value. Finally</span><span style="font-family:Arial;font-size:10pt;">, the index provider </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">classifies</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">the prevailing interest</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">rate environment </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">as either </span><span style="font-family:Arial;font-size:10pt;">“falling” or “rising” via</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">a rates momentum </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">signal and</span><span style="font-family:Arial;font-size:10pt;">, based on this classification, sets a </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">target duration for the allocation relative to the starting universe</span><span style="font-family:Arial;font-size:10pt;">. Optimization within the U.S. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">treasuries component is utilized to achieve the desired duration while also seeking to overweight undervalued bonds and minimize transaction costs. The underlying index is rebalanced </span><span style="font-family:Arial;font-size:10pt;">monthly. </span><span style="font-family:Arial;font-size:10pt;">Passive Bond Index Strategy: This strategy seeks </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">to track </span><span style="font-family:Arial;font-size:10pt;">the investment results of an index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">composed of </span><span style="font-family:Arial;font-size:10pt;">the total U.S.</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">investment-grade </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">bond </span><span style="font-family:Arial;font-size:10pt;">market. The underlying index includes </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">investment-</span><span style="font-family:Arial;font-size:10pt;">grade U.S. Treasury bonds, government-related bonds,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">corporate bonds, mortgage-backed pass-through securities, commercial mortgage-backed securities and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">asset-</span><span style="font-family:Arial;font-size:10pt;">backed securities that are publicly offered </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">for sale in the</span><span style="font-family:Arial;font-size:10pt;"> U.S. This strategy uses a representative sampling indexing</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">strategy.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">As noted above, the subadviser intends to dynamically adjust the Portfolio’s exposure as required by the Portfolio’s risk management parameters. As a result, the Portfolio may not have exposure to all of the above-described investment strategies at all times.</span><span style="font-family:Arial;font-size:10pt;"> The subadviser </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">may, in its discretion, make changes to its techniques or investment approach</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">from time to </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">time. The subadviser may engage in frequent and active trading of portfolio securities to achieve the </span><span style="font-family:Arial;font-size:10pt;">Portfolio’s investment goals.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Depositary receipts are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exchange and therefore are subject to illiquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Factor-Based Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> With respect to a strategy </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that uses a factor-based process, there can be no assurance that the multi-factor selection process employed by the subadviser will enhance performance. Exposure to investment style factors may detract from performance in some market environments, which may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">continue for prolonged periods.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Model Risk.</span><span style="font-family:Arial;font-size:10pt;"> The subadviser’s investment models may not </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">adequately take into account certain factors and may result in the Portfolio having a lower return than if the Portfolio were managed using another model or investment strategy. </span><span style="font-family:Arial;font-size:10pt;">Investments selected using these </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, changing sources of market returns, and issues in the construction and implementation of the models (including, but not limited to, software issues, issues related to uses of artificial intelligence and machine learning and other technological issues). Models </span><span style="font-family:Arial;font-size:10pt;">depend heavily on the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">accuracy and reliability of historical data that is supplied by third parties or other external sources</span><span style="font-family:Arial;font-size:10pt;">, and such data </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">may be stale, missing, or unavailable</span><span style="font-family:Arial;font-size:10pt;">. When a model or </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">data used in managing the Portfolio contains an error, or is incorrect or incomplete, any investment decision made in reliance on the model or data may not produce the desired results and the Portfolio may realize losses. In addition, the investment models used by the subadviser to evaluate securities or securities markets are based on certain assumptions concerning the interplay of market factors. The markets or the prices of individual securities may be affected by factors not foreseen in developing the </span><span style="font-family:Arial;font-size:10pt;">models.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Warrants and Rights Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Warrants and rights can </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provide a greater potential for profit or loss than an equivalent investment in the underlying security. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the issuer other than a purchase option. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments. Warrants and rights </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may lack a liquid secondary market for resale.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">characteristics of mortgage-backed and asset-backed securities differ from traditional fixed income securities. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities are also </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). Unfavorable changes in the value of the underlying security, index, rate</span><span style="font-family:Arial;font-size:10pt;">, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">currency </span><span style="font-family:Arial;font-size:10pt;">or benchmark may cause sudden losses. Gains </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate risk. The primary risks associated with the Portfolio’s use of derivatives are </span><span style="font-family:Arial;font-size:10pt;">market risk and counterparty risk.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Futures Risk.</span><span style="font-family:Arial;font-size:10pt;"> Futures are contracts involving the right to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the underlying </span><span style="font-family:Arial;font-size:10pt;">commodity, security or financial index. The </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying </span><span style="font-family:Arial;font-size:10pt;">securities or financial index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ETF Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Most ETFs are investment companies whose </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">shares are purchased and sold on a securities exchange. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">one that is not exchange-traded) that has the same investment objectives, strategies and policies. However, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF’s shares may trade at a premium or a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the market segment or index that underlies its investment objective. To the extent that the Portfolio invests in an ETF, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio will indirectly bear its proportionate share of the management and other expenses that are charged by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ETF in addition to the expenses paid by the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Company Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning other investment companies, including ETFs, generally reflect the risks of owning the underlying securities they are designed to track. Disruptions in the markets for the securities underlying the other investment companies purchased or sold by the Portfolio could result in losses on the Portfolio’s investment in such securities. Other investment companies also have management fees that increase their costs versus owning the underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities directly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated ETF Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A Portfolio that can invest in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">underlying ETFs is subject to potential affiliated ETF risk. The Portfolio’s subadviser selects the ETFs in which the Portfolio may invest, including ETFs that are affiliated with the subadviser. As a result, the subadviser may be subject to potential conflicts of interest in selecting the affiliated ETFs because of the fees payable by the ETFs to the subadviser and also because the fees payable to it by some of these ETFs are higher than the fees payable by other ETFs. However, the subadviser has a fiduciary duty to act in the Portfolio’s best interests when selecting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ETFs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of the Portfolio’s equity </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities to generate income generally depends on the earnings and the continuing declaration of dividends by the issuers of such securities. The interest income on debt securities generally is affected by prevailing interest rates, which can vary widely over the short- and long-term. If dividends are reduced or discontinued or interest rates drop, distributions to shareholders from the Portfolio may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">drop as well.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will default on interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic conditions. Debt securities backed by an issuer’s taxing authority may be subject to legal limits on the issuer’s power to increase taxes or otherwise raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer’s taxing authority, and thus may have a greater risk of default. Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Government.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Illiquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An illiquid investment is any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquidity risk exists when particular investments are difficult to sell. Although most of the Portfolio’s investments must be liquid at the time of investment, investments may lack liquidity after purchase by the Portfolio, particularly during periods of market turmoil. When the Portfolio holds illiquid </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments, its investments may be harder to value, especially in changing markets, and if the Portfolio is forced to sell these investments to meet redemption requests or for other cash needs, the Portfolio may suffer a loss. In addition, when there is illiquidity in the market for certain investments, the Portfolio, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Portfolio’s share price may fall dramatically. To the extent that the Portfolio invests in non-investment grade fixed income securities, it will be especially subject to the risk that during certain periods, the liquidity of particular issues or industries, or all securities within a particular investment category, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events or adverse investor perceptions whether or not accurate. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Derivatives may also be subject to illiquidity risk.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Securities Selection Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A strategy used by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser, may fail to produce the intended return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s ability to achieve </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">its investment goal depends in part on the subadviser’s skill in determining the Portfolio’s asset class allocations. Although allocation among different asset classes generally reduces risk, the risk remains that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subadviser may favor an asset class that performs poorly </span><span style="color:#000000;font-family:Arial;font-size:10pt;">relative to other asset classes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests - Risk Management. </span><span style="font-family:Arial;font-size:10pt;">Managing the Portfolio’s risks relative </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">to the Blended Index may reduce the risks and hedging costs assumed by the insurance company that sponsors your Variable Contract. This facilitates the insurance company’s ability to provide guaranteed benefits. These guarantees are optional and may not be associated with your Variable Contract. While the interests of the Portfolio’s shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing these guaranteed benefits are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face potential conflicts of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">interest. In particular, certain aspects of the Portfolio’s investment strategy may have the effect of mitigating the financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance companies are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">subject as a result of providing those guaranteed benefits and the hedging costs associated with providing such benefits. In addition, the Portfolio’s performance may be lower than similar portfolios that do not employ the same </span><span style="font-family:Arial;font-size:10pt;">risk management constraints.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI World Index (net) (a broad-based securities market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">blended index consists of 70% MSCI World Index (net) and 30% Bloomberg U.S. Aggregate Bond Index (the “Blended Index”). The Blended Index is relevant to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI World Index (net) (a broad-based securities market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">9.27%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-12.28%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.15%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.0927 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.1228 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0115 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1423 0.0681 0.0787 2020-10-13 0.1400 0.0655 0.0760 2020-10-13 0.2109 0.1215 0.1343 0.1690 0.0839 0.0934 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the MSCI Emerging </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Markets Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0045 0.0045 0 0.0025 0.0040 0.0040 0.0085 0.0110 -0.0027 -0.0027 0.0058 0.0083 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 59 244 445 1024 85 323 580 1316 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">18%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.18 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to provide investment results that correspond with the performance of the MSCI Emerging Markets Index (the “Index”). The Index includes a number of regions, market segments/sizes and covers approximately 85% of the free float-adjusted market capitalization in each of the countries represented in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser seeks to achieve the Portfolio’s objective by investing in a sampling of stocks included in the Index by utilizing a statistical technique known as “optimization.” The goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, price-to-book, price-to-earnings, debt-to-asset ratios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and dividend yields) closely approximate those of the Index. The subadviser may also invest the Portfolio’s assets in investments with economic characteristics that are comparable to the economic characteristics of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities included in the Index, including derivatives, such as contracts for difference. Stocks not in the Index may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index. Under normal circumstances, all of the Portfolio’s investments will be selected through the optimization process, and at least 80% of its net assets will be invested in securities included in the Index or in investments that the subadviser determines have economic characteristics that are comparable to the economic characteristics of securities included in the Index. The Portfolio may invest in ETFs, including to gain exposure to certain local markets that may be closed, or that are expensive or difficult to trade in local shares. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">concentrated in the securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the stocks included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Country Focus Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent the Portfolio invests a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">significant portion of its assets in one or only a few countries at a time, the Portfolio will face a greater risk of loss due to factors affecting that single country or those few countries than if the Portfolio always maintained wide </span><span style="color:#000000;font-family:Arial;font-size:10pt;">diversity among countries in which it invests.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s use of derivatives are market risk, counterparty </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ETF Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Most ETFs are investment companies whose </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">shares are purchased and sold on a securities exchange. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">one that is not exchange-traded) that has the same investment objectives, strategies and policies. However, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF’s shares may trade at a premium or a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the market segment or index that underlies its investment objective. To the extent that the Portfolio invests in an ETF, the Portfolio will indirectly bear its proportionate share of the management and other expenses that are charged by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ETF in addition to the expenses paid by the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain techniques available to other mutual funds to reduce stock </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI ACWI ex-US Index (net) (a broad-based securities market index) and the MSCI Emerging Markets Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock Investment Management, LLC assumed subadvisory duties of the Portfolio on April 30, 2025. Prior </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to April 30, 2025, SunAmerica managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI ACWI ex-US Index (net) (a broad-based securities market index) and the MSCI Emerging Markets Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">19.18%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.35%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">2.25%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-12-31 0.1918 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2435 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0225 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.3302 0.0340 0.0462 2018-05-01 0.3265 0.0313 0.0436 2018-05-01 0.3239 0.0791 0.0701 0.3357 0.0420 0.0502 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is high total return with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">only moderate price risk.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0052 0.0052 0.0052 0 0.0015 0.0025 0.0003 0.0003 0.0003 0.0055 0.0070 0.0080 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 56 176 307 689 72 224 390 871 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">31%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal market conditions, at least 80% of its net assets in corporate bonds. For purposes of this policy, corporate bonds include any corporate fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;">security. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser seeks to enhance the Portfolio’s performance by allocating relatively more of its portfolio to the security type that the subadviser expects to offer the best balance between current income and risk. The subadviser may lengthen or shorten duration from time to time based on its interest rate outlook, but the Portfolio has no set duration parameters. Duration measures the price sensitivity of a fixed income security to changes in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interest rates. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio invests primarily in investment grade fixed income securities, but may invest up to 35% of its net assets in securities rated below investment grade, or “junk bonds,” including loan participations and assignments, which are rated below investment grade or are deemed by the subadviser to be below investment grade. Junk bonds are considered speculative. The Portfolio may also invest in foreign securities (up to 20% of net assets); and when-issued and delayed delivery transactions. The Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may invest in illiquid investments (up to 15% of assets). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may use derivative contracts to implement elements of its investment strategy in an attempt to: manage duration of the Portfolio, gain exposure to certain indices, currencies and interest rates based on anticipated changes in the volatility of Portfolio assets, obtain premiums or realize gains from the trading of a derivative instrument, or hedge against potential losses in the Portfolio. Such derivatives may include: credit default swaps and CDX-swaps (up to 5% of total assets); and up to 10% of total assets for all other derivatives, including options, futures, interest rate futures, currency swaps, total return swaps, interest rate swaps, caps, floors and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">collars.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by bond issuers.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Illiquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An illiquid investment is any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquidity risk exists when particular investments are difficult to sell. Although most of the Portfolio’s investments must be liquid at the time of investment, investments may lack liquidity after purchase by the Portfolio, particularly during periods of market turmoil. When the Portfolio holds illiquid investments, its investments may be harder to value, especially in changing markets, and if the Portfolio is forced to sell these investments to meet redemption requests or for other cash needs, the Portfolio may suffer a loss. In addition, when there is illiquidity in the market for certain investments, the Portfolio, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">their perceived value. In such a market, the value of such securities and the Portfolio’s share price may fall dramatically. Portfolios that invest in non-investment grade fixed income securities and emerging market country issuers will be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all securities within a particular investment category, will shrink or disappear suddenly and without warning as a result of adverse economic, market or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">political events, or adverse investor perceptions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Default Swaps Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A credit default swap is an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">agreement between two parties: a buyer of credit protection and a seller of credit protection. The buyer in a credit default swap agreement is obligated to pay the seller a periodic stream of payments over the term of the swap agreement. If no default or other designated credit event occurs, the seller of credit protection will have received a fixed rate of income throughout the term of the swap agreement. If a default or designated credit event does occur, the seller of credit protection must pay the buyer of credit protection the full value of the reference obligation. Credit default swaps increase counterparty risk when the Portfolio is the buyer. Commodity Futures Trading Commission rules require that certain credit default swaps be executed through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse. As a general matter, these rates have increased costs in connection with trading these </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">transactions that may expose it to leverage risk, such as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions and derivatives. The use of leverage may cause the Portfolio to liquidate portfolio positions at inopportune times in order to meet regulatory asset coverage requirements, fulfill leverage contract terms, or for other reasons. Leveraging, including borrowing, tends to increase the Portfolio’s exposure to market risk, interest rate risk or other risks, and thus may cause the Portfolio to be more volatile than if the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">had not utilized leverage.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> While hedging strategies can be very </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio’s securities are not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Loan Participations and Assignments Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The lack of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">a liquid secondary market for loan participations and assignments may have an adverse impact on the value of such securities and the Portfolio’s ability to dispose of particular assignments or participations when necessary to meet the Portfolio’s liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for assignments and participations also may make it more difficult for the Portfolio to assign a value to these securities for purposes of valuing the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio and calculating its net asset value.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">When-Issued </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Securities and Delayed Delivery and </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Forward Commitment </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Transactions Risk.</span><span style="font-family:Arial;font-size:10pt;"> When-issued</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> and delayed delivery securities involve the risk that the security the Portfolio buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Portfolio may lose both the investment opportunity for the assets it set aside </span><span style="font-family:Arial;font-size:10pt;">to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The blended index consists of 75% Bloomberg U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Credit Index and 25% Bloomberg U.S. High Yield - 2% Issuer Cap (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">10.02%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-6.84%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-0.42%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1002 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-03-31 -0.0684 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0042 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0705 0.0042 0.0372 0.0688 0.0026 0.0356 0.0678 0.0015 0.0346 0.0730 -0.0036 0.0201 0.0804 0.0109 0.0400 <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is to seek long-term capital </span><span style="font-family:Arial;font-size:10pt;">appreciation.</span> <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="font-family:Arial;font-size:10pt;"> If </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="font-family:Arial;font-size:10pt;"> (expenses that </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="font-family:Arial;font-size:10pt;">investment)</span> 0.0076 0.0076 0.0076 0 0.0015 0.0025 0.0009 0.0009 0.0009 0.0085 0.0100 0.0110 -0.0003 -0.0003 -0.0003 0.0082 0.0097 0.0107 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the separate account fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 84 268 468 1046 99 315 550 1222 109 347 603 1338 <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10pt;">129%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its </span><span style="font-family:Arial;font-size:10pt;">portfolio.</span> 1.29 <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing primarily in equity securities of companies anywhere in the world, with a focus on the constituent countries and securities of the MSCI World Index (net), which tracks the performance of large and mid-cap companies across 23 </span><span style="font-family:Arial;font-size:10pt;">developed markets worldwide. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities. The Portfolio’s subadviser may invest in all types of equity securities (which may be denominated in foreign currencies) including, but not limited to, common stock, preferred stock, securities convertible into common stock, real estate investment trusts (“REITs”), stapled securities, warrants, rights, and as applicable, depository receipts for </span><span style="font-family:Arial;font-size:10pt;">these securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio invests in securities issued throughout the world, allocating investments across different countries and regions. The Portfolio will invest in both domestic and foreign securities. The subadviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer’s domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined </span><span style="font-family:Arial;font-size:10pt;">under any of these factors. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s strategy is implemented by the subadviser in a risk-controlled manner and in doing so may invest in stocks that are deemed “value” or “growth.” The subadviser will focus on excess returns relative to the MSCI World Index (net) by monitoring country, region, and sector weights within the Portfolio, while seeking to outperform the MSCI World Index (net) through fundamental research and individual security selection. The subadviser uses fundamental analysis of factors such as each issuer’s financial condition and industry position, as well as market and economic conditions, to select investments. The subadviser does not place any emphasis on dividends or interest income except when income may have a favorable influence on the market value of the security. When allocating investments among countries and regions, the subadviser considers the size of the market in each country and region relative to the size of the market as reflected in the MSCI World Index </span><span style="font-family:Arial;font-size:10pt;">(net). </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may engage in frequent and active trading </span><span style="font-family:Arial;font-size:10pt;">of portfolio securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">In the normal course of managing the Portfolio, a portion of the assets may be invested by the subadviser in domestic and foreign government obligations and money market securities (including reverse repurchase </span><span style="font-family:Arial;font-size:10pt;">transactions). </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may temporarily hold funds in foreign currencies and the subadviser will consider potential </span><span style="font-family:Arial;font-size:10pt;">changes in exchange rates when investing.</span> <span style="font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mid-Cap Companies Risk.</span><span style="font-family:Arial;font-size:10pt;"> Securities of mid-cap </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> The values of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or “call” certain of the </span><span style="font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Warrants and Rights Risk.</span><span style="font-family:Arial;font-size:10pt;"> Warrants and rights can </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">provide a greater potential for profit or loss than an equivalent investment in the underlying security. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the issuer other than a purchase option. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments. Warrants and rights </span><span style="font-family:Arial;font-size:10pt;">may lack a liquid secondary market for resale.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Stapled Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> A stapled security is comprised </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">of two different securities - a unit of a trust and a share of a company -that are “stapled” together and treated as a unit at all times, including for transfer or trading. The characteristics and value of a stapled security are influenced by both underlying securities. The listing of stapled securities on a domestic or foreign exchange does </span><span style="font-family:Arial;font-size:10pt;">not guarantee a liquid market for stapled securities.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts Risk.</span><span style="font-family:Arial;font-size:10pt;"> REITs are trusts </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">that invest primarily in commercial real estate, residential real estate or real estate related loans. The value of an interest in a REIT may be affected by the value and the cash flows of the properties owned or the quality of the mortgages held by the REIT. The performance of a REIT depends on current economic conditions and the types of real property in which it invests and how well the property is managed. If a REIT concentrates its investments in a geographic region or property type, changes in underlying real estate values may have an exaggerated effect on the </span><span style="font-family:Arial;font-size:10pt;">value of the REIT.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.. </span><span style="font-family:Arial;font-size:10pt;">Depositary receipts </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">receipts. Certain depositary receipts are not listed on </span><span style="font-family:Arial;font-size:10pt;">an exchange and therefore are subject to illiquidity risk.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="font-family:Arial;font-size:10pt;">Growth stocks may lack the dividend </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="font-family:Arial;font-size:10pt;">other stocks.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="font-family:Arial;font-size:10pt;">incorrect.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="font-family:Arial;font-size:10pt;">pronounced.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse social, political, regulatory or economic developments in the United States or abroad; changes in investor psychology; technological disruptions; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, trade wars and sanctions, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI World Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to July 28, 2025, as reflected in the bar chart and table, are the returns of the Portfolio when it followed a different investment objective and different investment strategies under the name “SA JPMorgan Global Equities Portfolio.”</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="font-family:Arial;font-size:10pt;"> Of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">course, past performance is not necessarily an indication </span><span style="font-family:Arial;font-size:10pt;">of how the Portfolio will perform in the future.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">FIAM LLC (“FIAM”) assumed subadvisory duties of the Portfolio on July 28, 2025. Prior to July 28, 2025, J.P. Morgan Investment Management Inc. subadvised the </span><span style="font-family:Arial;font-size:10pt;">Portfolio.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI World Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to July 28, 2025, as reflected in the bar chart and table, are the returns of the Portfolio when it followed a different investment objective and different investment strategies under the name “SA JPMorgan Global Equities Portfolio.”</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="font-family:Arial;font-size:10pt;"> Of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">course, past performance is not necessarily an indication </span><span style="font-family:Arial;font-size:10pt;">of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">19.94%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.32%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-4.00%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1994 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2432 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0400 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.2219 0.1382 0.1138 0.2197 0.1365 0.1121 0.2187 0.1353 0.1110 0.2109 0.1215 0.1217 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is to seek long-term </span><span style="color:#000000;font-family:Arial;font-size:10pt;">growth of capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0077 0.0077 0 0.0025 0.0014 0.0014 0.0001 0.0001 0.0013 0.0013 0.0091 0.0116 -0.0002 -0.0002 0.0089 0.0114 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 91 288 502 1118 116 367 636 1407 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10pt;">115%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its </span><span style="font-family:Arial;font-size:10pt;">portfolio.</span> 1.15 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing primarily in non-U.S. securities, including securities of issuers located in emerging markets, that demonstrate the potential for capital appreciation. Under normal circumstances, the Portfolio’s assets will be invested primarily in common stocks, which may include stocks trading in local markets under local currencies, American Depositary Receipts or Global Depositary Receipts. The Portfolio may invest in equity securities of companies in any market capitalization range. Under normal market conditions, the Portfolio will hold investments in a number of different countries and regions throughout the world. In buying and selling securities for the Portfolio, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subadviser relies on fundamental analysis, which involves a bottom-up assessment of a company’s potential for success in light of various factors, such as its financial condition, earnings outlook, strategy, management, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">industry position, and economic and market conditions. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may engage in frequent and active trading </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of portfolio securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests substantially in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">growth style stocks. Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Country, Sector or Industry Focus Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio invests a significant portion of its assets in one or only a few countries, sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting that single or those few countries, sectors or industries than if the Portfolio always maintained wide diversity among the countries, sectors and industries in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica </span><span style="font-family:Arial;font-size:10pt;">serves as investment adviser that are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI ACWI ex-U.S. Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI ACWI ex-U.S. Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.34%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-18.74%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-5.17%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1834 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.1874 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0517 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1825 0.0602 0.0954 2019-05-01 0.1800 0.0576 0.0929 2019-05-01 0.3239 0.0791 0.0864 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is total return through a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination of growth and income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0077 0.0077 0.0077 0 0.0015 0.0025 0.0008 0.0008 0.0008 0.0085 0.0100 0.0110 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 87 271 471 1049 102 318 552 1225 112 350 606 1340 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">45%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.45 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal circumstances, at least 80% of assets in securities of companies principally engaged in the real </span><span style="color:#000000;font-family:Arial;font-size:10pt;">estate industry and other real estate related investments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s subadviser believes that rigorous, bottom-up, fundamental research is the most effective manner in which to identify real estate companies with the potential for higher than average growth rates and strong balance sheets that can be purchased at reasonable prices. This bottom-up research is generated by a team of skilled analysts specifically dedicated to the U.S. real estate investment trust (“REIT”) sector. The subadviser’s investment philosophy is built upon the belief that security selection has a higher probability of repeatability and success in different market environments. Accurately forecasting companies’ future cash flow growth can help drive strong returns and benchmark outperformance. Additionally, identifying stocks that are dislocated from the market on relative fundamental and valuation bases can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">also help generate returns. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified portfolio. The Portfolio, from time to time, may have significant investments in one or more countries or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">particular sectors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Real Estate Industry Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">risks associated with the direct ownership of real estate. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, changes in the appeal of properties to tenants and increases in interest rates. The Portfolio also could be subject to the risks of direct ownership as a result of a default on a debt security it may own. If the Portfolio has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company. Most of the Portfolio’s investments are, and likely will continue to be, interests in REITs. REITs may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged, which increases risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is organized as a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">“non-diversified” fund. A non-diversified fund may invest a larger portion of assets in the securities of a single company than a diversified fund. By concentrating in a smaller number of issuers, the Portfolio’s risk may be increased because the effect of each security on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio’s performance is greater.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Sector or Industry Focus Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests a significant portion of its assets in one or more sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting sectors or industries than if the Portfolio always maintained wide diversity among the sectors and industries in which it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s benchmark is the FTSE NAREIT Equity REITs Index. The subadviser believes that the FTSE NAREIT Equity REITs Index is representative of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investible universe.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the FTSE NAREIT Equity REITs Index, which is relevant to the Portfolio because it has similar characteristics to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">course, past performance is not necessarily an indication </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of how the Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">FIAM LLC (“FIAM”) assumed subadvisory duties of the Portfolio on October 1, 2013. Prior to October 1, 2013, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Davis Selected Advisers, L.P. d/b/a Davis Advisors served </span><span style="color:#000000;font-family:Arial;font-size:10pt;">as subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the FTSE NAREIT Equity REITs Index, which is relevant to the Portfolio because it has similar characteristics to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">course, past performance is not necessarily an indication </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2019</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.02%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-21.85%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">4.53%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2019-03-31 0.1702 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2185 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0453 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0150 0.0491 0.0544 0.0134 0.0476 0.0528 0.0125 0.0465 0.0518 0.1788 0.1442 0.1482 0.0288 0.0663 0.0570 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the Bloomberg U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Government/Credit Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0030 0.0030 0 0.0025 0.0009 0.0009 0.0001 0.0001 0.0040 0.0065 -0.0006 -0.0006 0.0034 0.0059 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 35 122 218 499 60 202 356 805 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">72%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.72 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to provide investment results that correspond with the performance of the Bloomberg U.S. Government/Credit Index (the “Index”). The Index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related bonds and investment-grade U.S. corporate bonds that have a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">remaining maturity of greater than or equal to one year. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may achieve the Portfolio’s objective by investing in a sampling of securities included in the Index by utilizing a statistical technique known as “optimization.” The goal of optimization is to select securities which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, return variability, duration, maturity, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">credit rating and yield) closely approximate those of the Index. Securities not in the Index may be held before or after changes in the composition of the Index or if they </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have characteristics similar to securities in the Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, all of the Portfolio’s investments will be selected through the optimization process, and at least 80% of its net assets will be invested in securities included in the Index or in securities that the subadviser determines have economic characteristics that are comparable to the economic characteristics of securities included in the Index, including derivatives, such as contracts for difference. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be concentrated in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the securities included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a fixed income security is unable or perceived to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain techniques available to other mutual funds to reduce stock market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ETF Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Most ETFs are investment companies whose </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">shares are purchased and sold on a securities exchange. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">one that is not exchange-traded) that has the same investment objectives, strategies and policies. However, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF’s shares may trade at a premium or a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the market segment or index that underlies its investment objective. To the extent that the Portfolio invests in an ETF, the Portfolio will indirectly bear its proportionate share of the management and other expenses that are charged by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ETF in addition to the expenses paid by the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and the Bloomberg U.S. Government/Credit Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock </span><span style="font-family:Arial;font-size:10pt;">assumed subadvisory duties of the Portfolio </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">on April 30, 2025. Prior to April 30, 2025, SunAmerica </span><span style="font-family:Arial;font-size:10pt;">managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and the Bloomberg U.S. Government/Credit Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">6.26%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-5.74%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-0.21%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.0626 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-03-31 -0.0574 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0021 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0636 -0.0058 0.0184 2017-02-06 0.0605 -0.0084 0.0158 2017-02-06 0.0730 -0.0036 0.0196 0.0688 -0.0059 0.0207 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the Bloomberg </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Intermediate U.S. Government/Credit Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0030 0.0030 0 0.0025 0.0009 0.0009 0.0001 0.0001 0.0040 0.0065 -0.0006 -0.0006 0.0034 0.0059 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 35 122 218 499 60 202 356 805 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">80%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.80 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to provide investment results that correspond with the performance of the Bloomberg Intermediate U.S. Government/Credit Index (the “Index”). The Index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related bonds and investment-grade U.S. corporate bonds that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">have a remaining maturity of greater than one year and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">less than ten years. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may achieve the Portfolio’s objective by investing in a sampling of securities included in the Index by utilizing a statistical technique known as “optimization.” The goal of optimization is to select securities which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, return variability, duration, maturity, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">credit rating and yield) closely approximate those of the Index. Securities not in the Index may be held before or after changes in the composition of the Index or if they </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have characteristics similar to securities in the Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, all of the Portfolio’s investments will be selected through the optimization process, and at least 80% of its net assets will be invested in securities included in the Index or in securities that the subadviser determines have economic characteristics that are comparable to the economic characteristics of securities included in the Index, including derivatives, such as contracts for difference. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be concentrated in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the securities included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a fixed income security is unable or perceived to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio may experience heavy </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">redemptions that could cause the Portfolio to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the Portfolio’s net asset value </span><span style="color:#000000;font-family:Arial;font-size:10pt;">per share to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain techniques available to other mutual funds to reduce stock market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ETF Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Most ETFs are investment companies whose </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">shares are purchased and sold on a securities exchange. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">one that is not exchange-traded) that has the same investment objectives, strategies and policies. However, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF’s shares may trade at a premium or a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the market segment or index that underlies its investment objective. To the extent that the Portfolio invests in an ETF, the Portfolio will indirectly bear its proportionate share of the management and other expenses that are charged by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ETF in addition to the expenses paid by the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and the Bloomberg Intermediate U.S. Government/Credit Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock </span><span style="font-family:Arial;font-size:10pt;">assumed subadvisory duties of the Portfolio </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">on April 30, 2025. Prior to April 30, 2025, SunAmerica </span><span style="font-family:Arial;font-size:10pt;">managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and the Bloomberg Intermediate U.S. Government/Credit Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">4.24%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-3.81%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.00%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.0424 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-03-31 -0.0381 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0000 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0624 0.0097 0.0208 2017-10-06 0.0604 0.0072 0.0182 2017-10-06 0.0730 -0.0036 0.0174 0.0697 0.0096 0.0224 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is growth of capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0072 0.0072 0.0072 0 0.0015 0.0025 0.0004 0.0004 0.0004 0.0076 0.0091 0.0101 -0.0006 -0.0006 -0.0006 0.0070 0.0085 0.0095 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 72 237 416 937 87 284 498 1114 97 316 552 1231 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">71%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.71 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by, under normal circumstances, investing at least 80% of its net assets in equity securities of large capitalization companies. Large capitalization companies are those with market capitalizations similar to companies in the Russell 1000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Value Index (the “Index”). As of February 28, </span><span style="font-family:Arial;font-size:10pt;">2026, the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">median market capitalization of a company in the Index was approximately $</span><span style="font-family:Arial;font-size:10pt;">15.978 billion and the largest market </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">capitalization of the companies in the Index was approximately $</span><span style="font-family:Arial;font-size:10pt;">3.78</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">trillion. The size of the companies in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the Index changes with market conditions and the composition of the Index. The Portfolio may invest in foreign securities, including emerging market securities, either directly or through depositary receipts. The Portfolio holds equity securities of approximately 150-250 </span><span style="font-family:Arial;font-size:10pt;">companies under normal market conditions. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser selects securities for the Portfolio that it believes are undervalued or out of favor based primarily on price-to-earnings ratios, price-to-book ratios, price momentum, and share change and quality. The subadviser’s investment process begins by screening for low valuation companies based on their price-to-earnings or price-to-book ratios, and using quantitative analysis to eliminate equity securities that have poor price momentum and high relative share issuance. The subadviser then performs a fundamental analysis on the remaining equity securities to identify and eliminate those </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities that it believes will have difficulty outperforming the Index. The subadviser may consider other factors in its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">selection process. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser typically sells a security of a company held by the Portfolio when it believes the company is no longer a large capitalization value company, if the company’s fundamentals deteriorate, when an investment opportunity arises that the subadviser believes is more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">compelling, or to realize gains or limit potential losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Brandywine Global Investment Management, LLC (“Brandywine”) assumed subadvisory duties of the Portfolio on September 8, 2015. Prior to September 8, 2015, Davis Selected Advisers, L.P. d/b/a Davis Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadvised the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">16.20%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-27.39%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">3.16%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-12-31 0.1620 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2739 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0316 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1713 0.1386 0.1160 0.1698 0.1369 0.1143 0.1683 0.1357 0.1132 0.1788 0.1442 0.1482 0.1591 0.1133 0.1053 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term growth of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0098 0.0098 0 0.0025 0.0007 0.0007 0.0105 0.0130 -0.0005 -0.0005 0.0100 0.0125 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 102 329 575 1278 127 407 708 1563 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">58%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.58 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of equity securities of small companies. The equity securities in which the Portfolio may invest include common stocks, preferred stocks and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio generally invests in equity securities that the subadviser believes are currently undervalued and have the potential for capital appreciation. In choosing investments that are undervalued, the subadviser focuses on companies that have stock prices that are low relative to current or historical or future earnings, book value, cash flow or sales; recent sharp price declines but have the potential for good long-term earnings prospects, in the subadviser’s opinion; and/or valuable intangibles not reflected in the stock price, such as franchises, distribution networks, or market share for particular products or services, underused or understated assets or cash, or patents or trademarks. The subadviser employs a bottom-up stock selection process and the subadviser invests in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities without regard to benchmark comparisons. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The types of companies the Portfolio may invest in include, among other things, those that may be considered out of favor due to actual or perceived cyclical or secular challenges, or are experiencing temporary setbacks, diminished expectations, mismanagement or undermanagement, or are financially stressed. Environmental, social and governance (ESG) related </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">assessments of companies may also be considered. The subadviser does not assess every investment for ESG factors and, when it does, not every ESG factor may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">identified or evaluated. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may also invest in foreign securities (up to 15% of net assets) and real estate investment trusts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(“REITs”) (up to 15% of net assets). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio, from time to time, may have significant positions in particular sectors, such as financial services companies, industrials, consumer discretionary and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">technology.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities of small-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or “call” certain of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Sector or Industry Focus Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests a significant portion of its assets in one or more sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting sectors or industries than if the Portfolio always maintained wide diversity among the sectors and industries in which it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Real Estate Industry Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> These risks include declines </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, changes in the appeal of properties to tenants and increases in interest rates. If the Portfolio has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company. In addition, REITs are dependent upon management skill, may not be diversified and are subject to project financing risks. Such trusts are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation and the possibility of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and to maintain exemption from registration under the Investment Company Act of 1940, as amended. REITs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may be leveraged, which increases risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment of such may change over time. ESG characteristics may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">27.17%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-33.56%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">4.07%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-12-31 0.2717 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.3356 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0407 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0637 0.0860 0.0967 0.0614 0.0832 0.0941 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0048 0.0048 0 0.0025 0.0006 0.0006 0.0054 0.0079 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 55 173 302 677 81 252 439 978 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">82%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.82 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve a higher risk-adjusted performance than the Russell 1000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Index (the “Index”) </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">over the long term through a portfolio optimization process employed by the Portfolio’s subadviser. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of U.S. large capitalization companies. The Portfolio primarily invests in common stock of U.S. large capitalization companies included in the Index. As of February 28, </span><span style="font-family:Arial;font-size:10pt;">2026, the market </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">capitalization range of the companies in the Index was between $</span><span style="font-family:Arial;font-size:10pt;">17,085 million to $4.32 trillion. The size of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">companies in the Index changes with market conditions </span><span style="font-family:Arial;font-size:10pt;">and the composition of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser’s selection process is designed to select stocks for the Portfolio that have favorable exposure to certain factors, including but not limited to – quality, value, momentum and alternative. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers’ securities. The “quality” factor incorporates measurements </span><span style="font-family:Arial;font-size:10pt;">related to profitability, leverage, management signaling and innovation metrics. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The “value” factor incorporates measurements such as </span><span style="font-family:Arial;font-size:10pt;">free cash flow</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and multiple-based valuation measures. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The “momentum” factor incorporates measurements such as </span><span style="font-family:Arial;font-size:10pt;">analyst revisions and price momentum metrics. The </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">“alternative” factor incorporates measurements </span><span style="font-family:Arial;font-size:10pt;">related to positioning, such as short interest. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser uses a proprietary model to assign a quantitative factor score for each issuer in the Portfolio’s investible universe based on that issuer’s factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management </span><span style="color:#000000;font-family:Arial;font-size:10pt;">team. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal market conditions, the Portfolio holds 175 to 250 of the common stocks in the Index. The subadviser selects such stocks on a monthly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its monthly selection if the stock scores change materially or if there </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">are adverse developments concerning a particular stock, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">an industry, the economy or the stock market generally.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Factor-Based Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> With respect to a strategy </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that uses a factor-based process, there can be no assurance that the multi-factor selection process employed by the subadviser will enhance performance. Exposure to investment style factors may detract from performance in some market environments, which may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">continue for prolonged periods.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Securities Selection Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A strategy used by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser, may fail to produce the intended return.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">16.72%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.81%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-4.47%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1672 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2081 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0447 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1833 0.1540 0.1542 2019-10-07 0.1802 0.1511 0.1513 2019-10-07 0.1737 0.1359 0.1593 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0060 0.0060 0.0060 0 0.0015 0.0025 0.0004 0.0004 0.0004 0.0064 0.0079 0.0089 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 65 205 357 798 81 252 439 978 91 284 493 1096 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">81%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.81 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve a lower level of risk and higher risk-adjusted performance than the Russell 1000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Value Index (the “Index”) over the long term through a portfolio optimization process employed by the Portfolio’s subadviser. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of U.S. large capitalization companies. The Portfolio primarily invests in common stock of U.S. large capitalization companies included in the Index. As of February 28, </span><span style="font-family:Arial;font-size:10pt;">2026, the median market capitalization of a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">company</span><span style="font-family:Arial;font-size:10pt;"> in the Index was approximately $15.978</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">billion </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">and the largest market capitalization of the companies in the Index was approximately</span><span style="font-family:Arial;font-size:10pt;"> $3.78 trillion. The size of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">companies in the Index changes with market conditions </span><span style="font-family:Arial;font-size:10pt;">and the composition of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser’s selection process is designed to select stocks for the Portfolio that have favorable exposure to certain factors, including but not limited to – quality, value, momentum and alternative. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers’ securities. The “quality” factor incorporates measurements </span><span style="font-family:Arial;font-size:10pt;">related to profitability, leverage, management signaling,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and innovation metrics. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The “value” factor incorporates measurements such as </span><span style="font-family:Arial;font-size:10pt;">free cash flow</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and multiple-based valuation metrics. The </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">“momentum” factor incorporates measurements such as </span><span style="font-family:Arial;font-size:10pt;">analyst revisions and price momentum metrics. The </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">“alternative” factor incorporates measurements </span><span style="font-family:Arial;font-size:10pt;">related to positioning, such as short interest. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser uses a proprietary model to assign a quantitative factor score for each issuer in the Portfolio’s investible universe based on that issuer’s factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management </span><span style="color:#000000;font-family:Arial;font-size:10pt;">team. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal market conditions, the Portfolio holds 175 to 250 of the common stocks in the Index. The subadviser selects such stocks on a monthly basis; however, it may change the position size of a stock, determine to buy a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">new stock or sell an existing one between its monthly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">an industry, the economy or the stock market generally. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">During the selection process, the subadviser applies a proprietary ESG (environmental, social and governance) rating methodology to all stocks. The subadviser determines the most relevant underlying Environmental, Social and Governance sub-factors to a company’s returns and risk. These E, S and G sub-factors are assigned a score which, when combined, allow to establish an overall ESG score for each stock. The subadviser seeks to invest in stocks which score high on its multi-factor selection process and also have an ESG score equal to or higher than the median ESG score of the Index. The subadviser may, however, invest up to 10% of the Portfolio’s net assets in stocks which have an ESG score below this threshold, for risk control purposes if necessary, as assessed by the portfolio management team. The Portfolio aims to have high scores to the multifactor selection process and the ESG process that is substantially higher than the Index at each quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rebalance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Factor-Based Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> With respect to a strategy </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that uses a factor-based process, there can be no assurance that the multi-factor selection process employed by the subadviser will enhance performance. Exposure to investment style factors may detract from performance in some market environments, which may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">continue for prolonged periods.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Securities Selection Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A strategy used by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser, may fail to produce the intended return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s returns prior to July 12, 2021, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Dogs of Wall Street Portfolio.” Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Franklin Advisers, Inc. (“Franklin”) assumed subadvisory </span><span style="color:#000000;font-family:Arial;font-size:10pt;">responsibility for the Portfolio on July 12, 2021.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s returns prior to July 12, 2021, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Dogs of Wall Street Portfolio.” Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.77%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.65%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">2.15%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1877 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2465 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0215 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1692 0.1180 0.1259 0.1670 0.1161 0.1241 0.1668 0.1152 0.1231 0.1788 0.1442 0.1482 0.1591 0.1133 0.1053 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are to seek capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation and income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0070 0.0070 0 0.0025 0.0027 0.0027 0.0001 0.0001 0.0098 0.0123 -0.0016 -0.0016 0.0082 0.0107 <span style="font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 84 296 526 1187 109 374 660 1475 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">82%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.82 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goals by allocating its assets among a number of different investment strategies (or “sleeves”), each of which is managed by either Franklin Advisers, Inc. (“Franklin”), the Portfolio’s subadviser, or a sub-subadviser that is an affiliate of Franklin (such affiliates, together with Franklin, the “subadvisers”). Under normal market conditions, the Portfolio targets an allocation of approximately 70% of its net assets to equity strategies and approximately 30% of its net assets to fixed income strategies, although the Portfolio’s allocation to equity strategies may range from approximately 60%-80% of its net assets and its allocation to fixed income strategies may range from </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">approximately 20%-40% of its net assets. To achieve this +/- 10% deviation from the Portfolio’s target equity/fixed income allocation of 70%/30%, Franklin intends to tactically adjust its exposure primarily through the use of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equity index and fixed income futures. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Franklin is responsible for determining the allocation of the Portfolio’s assets among the Portfolio’s different subadvisers and sleeves. The Portfolio’s subadvisers and the sleeve(s) that each of them manages is set out in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">table below.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Subadviser</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Sleeve</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Franklin</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Large Blend</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Global Equity</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Intermediate </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Term Bond</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Tactical U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Equity – </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Exchange-</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Traded </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Funds </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">(“ETFs”)</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">U.S. Small </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Cap Blend</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Brandywine </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Global </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Management, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">LLC</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">U.S. Large-</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Cap Value</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">ClearBridge </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Investments, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">LLC</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Large Value</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">U.S. Large-</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Cap Blend</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">U.S. Large-</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Cap Growth</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadvisers utilize different investment strategies in managing their respective sleeve(s), act independently from one another and use their own methodologies for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">selecting investments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The equity securities in which the Portfolio intends to invest, or obtain exposure to, include common stock, preferred stock, rights and warrants, and depositary receipts relating to equity securities. The Portfolio may invest in, or obtain exposure to, equity securities of U.S. and non-U.S. issuers of any market capitalization range. The foreign equity securities in which the Portfolio intends to invest, or obtain exposure to, may be denominated in U.S. dollars or foreign currencies and may be currency hedged or unhedged. The Portfolio may also use ETFs to gain exposure to the applicable asset classes. The Tactical U.S. Equity sleeve employs a strategy of tactically </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">allocating across U.S. equity ETFs of various market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capitalizations using a quantitative process. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The fixed income securities in which the Portfolio intends to invest, or obtain exposure to, include corporate debt instruments, U.S. government securities, mortgage-backed securities (including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities (“CMBS”)), asset-backed securities, money market instruments and/or cash or cash equivalents. The Portfolio may also utilize U.S. Treasury bond options within the Intermediate Term Bond sleeve for hedging purposes </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and to adjust the sleeve’s exposure to interest rate risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Portfolio employs an active, tactical asset allocation strategy, the Portfolio places an emphasis on managing risk relative to its benchmark index, which is comprised of the following: 43% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 5% </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 22% MSCI EAFE Index (net) and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">30% Bloomberg U.S. Government/Credit Index (the “Blended Index”). To manage the Portfolio’s risk relative to the Blended Index, Franklin intends to tactically adjust the Portfolio’s exposure by making passive index investments through the use of futures and ETFs, if required by the Portfolio’s risk management parameters. These risk management parameters include restrictions designed to limit how far the Portfolio’s returns are permitted to deviate from those of the Blended Index. Such restrictions may result in the Portfolio having returns that track the Blended Index more consistently and more closely than would otherwise be the case. These restrictions may prevent a significant deviation from the returns of the Blended Index, but may also limit the Portfolio’s ability to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">outperform the returns of the Blended Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadvisers may engage in frequent and active </span><span style="color:#000000;font-family:Arial;font-size:10pt;">trading of portfolio securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s ability to achieve </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">its investment goal depends in part on a subadviser’s skill in determining the Portfolio’s investment strategy allocations. Although allocation among different investment strategies generally reduces risk and exposure to any one strategy, the risk remains that a subadviser may favor an investment strategy that performs poorly relative </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to other investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> While hedging strategies can be very </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio’s securities are not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">characteristics of mortgage-backed and asset-backed securities differ from traditional fixed income securities. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities are also </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">CMBS Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">CMBS may not be backed by the full faith and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">credit of the U.S. Government and are subject to risk of default on the underlying mortgage loans. In addition to being subject to the risks of securitized instruments generally, CMBS may be less liquid and exhibit greater price volatility than other types of mortgage-backed or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">asset-backed securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">CMOs Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">CMOs may offer a higher yield than U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">government securities, but they may also be subject to greater credit risk. In the event of default by an issuer of a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">CMO, the Portfolio will be less likely to receive payments of principal and interest. In addition to being subject to the risks of securitized instruments generally, CMOs may be less liquid and exhibit greater price volatility than other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">types of mortgage-backed or asset-backed securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Depositary receipts are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exchange and therefore are subject to illiquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Warrants and Rights Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Warrants and rights can </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provide a greater potential for profit or loss than an equivalent investment in the underlying security. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the issuer other than a purchase option. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments. Warrants and rights </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may lack a liquid secondary market for resale.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Futures Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Futures are contracts involving the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the underlying commodity, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">commodity, security or financial index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Options Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Options are subject to sudden price </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">movements and are highly leveraged, in that payment of a relatively small purchase price, called a premium, gives the buyer the right to acquire an underlying security or reference asset that has a face value substantially greater than the premium paid. The buyer of an option risks losing the entire purchase price of the option. The writer, or seller, of an option risks losing the difference between the purchase price received for the option and the price of the security or reference asset underlying the option that the writer must purchase or deliver upon exercise of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">option. There is no limit on the potential loss.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio may engage in certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">transactions that may expose it to leverage risk, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions and derivatives. The use of leverage may cause the Portfolio to liquidate portfolio positions at inopportune times in order to meet regulatory asset coverage requirements, fulfill leverage contract terms, or for other reasons. Leveraging, including borrowing, tends to increase the Portfolio’s exposure to market risk, interest rate risk or other risks, and thus may cause the Portfolio to be more volatile than if the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">had not utilized leverage.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ETF Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Most ETFs are investment companies whose </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">shares are purchased and sold on a securities exchange. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">one that is not exchange-traded) that has the same investment objectives, strategies and policies. However, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF’s shares may trade at a premium or a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the market segment or index that underlies its investment objective. To the extent that the Portfolio invests in an ETF, the Portfolio will indirectly bear its proportionate share of the management and other expenses that are charged by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ETF in addition to the expenses paid by the Portfolio.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests - Risk Management. </span><span style="font-family:Arial;font-size:10pt;">Managing the Portfolio’s risks relative </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">to the Blended Index may reduce the risks and hedging costs assumed by the insurance company that sponsors your Variable Contract. This facilitates the insurance company’s ability to provide guaranteed benefits. These guarantees are optional and may not be associated with your Variable Contract. While the interests of the Portfolio’s shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing these guaranteed benefits are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face potential conflicts of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">interest. In particular, certain aspects of the Portfolio’s investment strategy may have the effect of mitigating the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance companies are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">subject as a result of providing those guaranteed benefits and the hedging costs associated with providing such benefits. In addition, the Portfolio’s performance may be lower than similar portfolios that do not employ the same </span><span style="font-family:Arial;font-size:10pt;">risk management constraints.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Blended Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Blended Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">12.31%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.50%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.77%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1231 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1650 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0177 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1541 0.0845 0.0795 2017-10-06 0.1514 0.0817 0.0767 2017-10-06 0.1788 0.1442 0.1460 0.1717 0.0836 0.0905 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are growth of capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios (as defined herein) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0010 0.0025 0.0011 0.0037 0.0083 -0.0003 0.0080 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 82 262 458 1023 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">12%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.12 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is structured as a “fund-of-funds,” which means that it pursues its investment goal by investing its assets in a combination of other mutual funds (the “Underlying Portfolios”). The Underlying Portfolios will primarily include other funds in the Trust but may also include other funds advised by the Adviser. Under normal circumstances, the Portfolio will seek to allocate 60% of its assets (with a range of 50% to 70%) to Underlying Portfolios investing primarily in equity securities (“Underlying Equity Portfolios”) and 40% of its assets (with a range of 30% to 50%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”). The Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">invest in, or obtain exposure to, equity or fixed income securities of U.S. or foreign corporate and governmental issuers. Certain Underlying Equity Portfolios invest in, or obtain exposure to, investments in a number of different countries around the world, which may include emerging markets (“Underlying International Portfolios”). Under normal circumstances, the Portfolio invests approximately half of its allocation to Underlying Equity Portfolios in Underlying International Portfolios. The Underlying Equity Portfolios include, among others, funds that invest in either domestic or international equity securities of small, medium and/or large capitalization companies and the Underlying Fixed Income Portfolios include, among others, funds that invest in domestic government and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">corporate bonds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolios will generally be limited to index funds, which are passively managed to track the performance of designated indices, although the Portfolio may also from time to time invest in Underlying Portfolios that are not index funds, including for cash management purposes. The Portfolio may invest a significant portion of its assets in any single Underlying Portfolio. The following chart sets forth the Portfolio’s target allocations set by SunAmerica on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026 to the Underlying Equity </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios and Underlying Fixed Income Portfolios. The Portfolio’s actual allocations may vary from these projections and will fluctuate from time to time due to, among other things, market conditions and changes made </span><span style="font-family:Arial;font-size:10pt;">by the Adviser to the target allocations.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Underlying Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">62.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Large Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">25.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Mid Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Small Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">2.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA International Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">27.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Emerging Markets Equity Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">3.00%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">38.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Fixed Income Intermediate Index </span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">19.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Fixed Income Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">19.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolio selection is made based on the Portfolio’s particular asset allocation strategy. The Adviser may adjust the Portfolio’s allocation to the Underlying Portfolios from time to time as it deems necessary, including based on market conditions or other factors. The Adviser intends to rebalance the Portfolio on an ongoing basis using cash flows; however, it reserves the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rebalance the Portfolio through exchanges at any time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will directly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">correspond to the risks of the Underlying Portfolios in which it invests. The Portfolio is subject to the risk that the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes and market sectors may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">produce the desired result.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in Underlying Portfolios that invest in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day and may decline </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest substantially in large-cap companies. Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Medium-Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests in Underlying Portfolios that may invest in securities of small- and medium-capitalization companies. Securities of small- and medium-sized companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest in the securities of foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which an Underlying Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Underlying Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/ virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of an Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of an Underlying Portfolio’s non-U.S. dollar-denominated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest principally in bonds, which may cause the value of your investment in the Portfolio to go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject to volatility due to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. An Underlying Portfolio could lose money if the issuer of a fixed income security is unable or perceived to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios that invest substantially in fixed income securities. Fixed income securities may be subject to volatility due to changes in interest rates. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Federal Reserve has recently begun to raise the federal funds rate to address rising inflation. As interest rates rise from historically low levels, the Underlying Portfolios may face heightened interest rate risk. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, an Underlying Portfolio’s adviser’s or subadviser’s assessment of companies held in the Underlying Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Indexing Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Portfolios in which the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests are managed to track the performance of an index. An Underlying Portfolio will not sell securities in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">its portfolio or buy different securities over the course of a year other than in conjunction with changes in its target index, even if there are adverse developments concerning a particular security, company or industry. As a result, the Portfolio may suffer losses that might not be experienced </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with an investment in an actively-managed mutual fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Fund-of-Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The costs of investing in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, as a fund-of-funds, may be higher than the costs of investing in a mutual fund that invests most or all of its assets directly in individual securities. An Underlying Portfolio may change its investment objective or policies without the Portfolio’s approval, which could force the Portfolio to withdraw its investment from such Underlying Portfolio at a time that is unfavorable to the Portfolio. In addition, one Underlying Portfolio may buy the same securities that another Underlying Portfolio sells. Therefore, the Portfolio would indirectly bear the costs of these trades without accomplishing any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">purpose.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Underlying Portfolios Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning Underlying Portfolios generally reflect the risks of owning the underlying securities held by the Underlying Portfolios. Disruptions in the markets for the securities held by the Underlying Portfolios could result in losses on the Portfolio’s investment in such securities. The Underlying Portfolios also have fees that increase their costs versus owning the underlying securities directly. For example, the Portfolio indirectly pays a portion of the expenses (including management fees and operating </span><span style="color:#000000;font-family:Arial;font-size:10pt;">expense) incurred by the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and a blended index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">blended index consists of 23% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 5% S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 2% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 27% MSCI </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">EAFE Index (net), 3% MSCI Emerging Markets Index (net), 20% Bloomberg U.S. Government/Credit Index and 20% Bloomberg Intermediate U.S. Government/Credit Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and a blended index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">11.65%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-12.27%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-0.85%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1165 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1227 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0085 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1533 0.0596 0.0677 2018-05-01 0.3122 0.0892 0.0738 0.1672 0.0663 0.0748 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are growth of capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios (as defined herein) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0010 0.0010 0 0.0025 0.0010 0.0010 0.0038 0.0038 0.0058 0.0083 -0.0002 -0.0002 0.0056 0.0081 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 57 184 322 724 83 263 459 1023 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">9%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.09 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is structured as a “fund-of-funds,” which means that it pursues its investment goal by investing its assets in a combination of other mutual funds (the “Underlying Portfolios”). The Underlying Portfolios will primarily include other funds in the Trust but may also include other funds advised by the Adviser. Under normal circumstances, the Portfolio will seek to allocate 75% of its assets (with a range of 65% to 85%) to Underlying Portfolios investing primarily in equity securities (“Underlying Equity Portfolios”) and 25% of its assets (with a range of 15% to 35%) to Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”). The Underlying Portfolios invest in, or obtain exposure to, equity or fixed income securities of U.S. or foreign corporate and governmental issuers. Certain Underlying Equity Portfolios invest in, or obtain exposure to, investments in a number of different countries around the world, which may include emerging markets (“Underlying International Portfolios”). Under normal circumstances, the Portfolio invests approximately half of its allocation to Underlying Equity Portfolios in Underlying International Portfolios. The Underlying Equity Portfolios include, among others, funds that invest in either domestic or international equity securities of small, medium and/or large capitalization companies and the Underlying Fixed Income Portfolios include, among others, funds that invest in domestic government and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">corporate bonds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolios will generally be limited to index funds, which are passively managed to track the performance of designated indices, although the Portfolio may also from time to time invest in Underlying Portfolios that are not index funds, including for cash management purposes. The Portfolio may invest a significant portion of its assets in any single Underlying Portfolio. The following chart sets forth the Portfolio’s target allocations set by SunAmerica on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026 to the Underlying Equity </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios and Underlying Fixed Income Portfolios. The Portfolio’s actual allocations may vary from these projections and will fluctuate from time to time due to, among other things, market conditions and changes made </span><span style="font-family:Arial;font-size:10pt;">by the Adviser to the target allocations.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Underlying Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">77.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Large Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">30.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Mid Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">6.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Small Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">4.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA International Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">32.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Emerging Markets Equity Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.00%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">23.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Fixed Income Intermediate Index </span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">11.50%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Fixed Income Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">11.50%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolio selection is made based on the Portfolio’s particular asset allocation strategy discussed above. The Adviser may adjust the Portfolio’s allocation to the Underlying Portfolios from time to time as it deems necessary, including based on market conditions or other factors. The Adviser intends to rebalance the Portfolio on an ongoing basis using cash flows; however, it reserves the right to rebalance the Portfolio through exchanges at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">any time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will directly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">correspond to the risks of the Underlying Portfolios in which it invests. The Portfolio is subject to the risk that the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes and market sectors may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">produce the desired result.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in Underlying Portfolios that invest in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day and may decline </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest substantially in large-cap companies. Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Medium-Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests in Underlying Portfolios that may invest in securities of small- and medium-capitalization companies. Securities of small- and medium-sized companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which an Underlying Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">markets. The value of the Underlying Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/ virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of an Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of an Underlying Portfolio’s non-U.S. dollar-denominated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest principally in bonds, which may cause the value of your investment in the Portfolio to go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject to volatility due to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. An Underlying Portfolio could lose money if the issuer of a fixed income security is unable or perceived to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios that invest substantially in fixed income securities. Fixed income securities may be subject to volatility due to changes in interest rates. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Federal Reserve has recently begun to raise the federal funds rate to address rising inflation. As interest rates rise from historically low levels, the Underlying Portfolios may face heightened interest rate risk. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, an Underlying Portfolio’s adviser’s or subadviser’s assessment of companies held in the Underlying Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Indexing Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Portfolios in which the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests are managed to track the performance of an index. An Underlying Portfolio will not sell securities in its portfolio or buy different securities over the course of a year other than in conjunction with changes in its target index, even if there are adverse developments concerning a particular security, company or industry. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio may suffer losses that might not be experienced </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with an investment in an actively-managed mutual fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Fund-of-Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The costs of investing in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, as a fund-of-funds, may be higher than the costs of investing in a mutual fund that invests most or all of its assets directly in individual securities. An Underlying Portfolio may change its investment objective or policies without the Portfolio’s approval, which could force the Portfolio to withdraw its investment from such Underlying Portfolio at a time that is unfavorable to the Portfolio. In addition, one Underlying Portfolio may buy the same securities that another Underlying Portfolio sells. Therefore, the Portfolio would indirectly bear the costs of these trades without accomplishing any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">purpose.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Underlying Portfolios Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning Underlying Portfolios generally reflect the risks of owning the underlying securities held by the Underlying Portfolios. Disruptions in the markets for the securities held by the Underlying Portfolios could result in losses on the Portfolio’s investment in such securities. The Underlying Portfolios also have fees that increase their costs versus owning the underlying securities directly. For example, the Portfolio indirectly pays a portion of the expenses (including management fees and operating </span><span style="color:#000000;font-family:Arial;font-size:10pt;">expense) incurred by the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index) and a blended index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">blended index consists of 28% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 6% S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 4% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 32% MSCI </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">EAFE Index (net), 5% MSCI Emerging Markets Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(net), 12.5% Bloomberg U.S. Government/Credit Index and 12.5% Bloomberg Intermediate U.S. Government/Credit Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index) and a blended index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">14.06%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.29%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-0.96%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1406 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1629 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0096 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1799 0.0760 0.0805 2018-05-01 0.1773 0.0735 0.0779 2018-05-01 0.3122 0.0892 0.0738 0.1918 0.0809 0.0858 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is growth of capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios (as defined herein) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0010 0.0010 0 0.0025 0.0003 0.0003 0.0039 0.0039 0.0052 0.0077 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 53 167 291 653 79 246 428 954 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">10%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is structured as a “fund-of-funds,” which means that it pursues its investment goal by investing its assets in a combination of other mutual funds (the “Underlying Portfolios”). The Underlying Portfolios will primarily include other funds in the Trust but may also include other funds advised by the Adviser. Under normal circumstances, the Portfolio will seek to allocate 90% of its assets (with a range of 80% to 100%) to Underlying Portfolios investing primarily in equity securities (“Underlying Equity Portfolios”) and 10% of its assets (with a range of 0% to 20%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”). The Underlying Portfolios invest in, or obtain exposure to, equity or fixed income securities of U.S. or foreign corporate and governmental issuers. Certain Underlying Equity Portfolios invest in, or obtain exposure to, investments in a number of different countries around the world, which may include emerging markets (“Underlying International Portfolios”). Under normal circumstances, the Portfolio invests approximately half of its allocation to Underlying Equity Portfolios in Underlying International Portfolios. The Underlying Equity Portfolios include, among others, funds that invest in either domestic or international equity securities of small, medium and/or large capitalization companies and the Underlying Fixed Income Portfolios include, among others, funds that invest in domestic government and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">corporate bonds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolios will generally be limited to index funds, which are passively managed to track the performance of designated indices, although the Portfolio may also from time to time invest in Underlying Portfolios that are not index funds, including for cash management purposes. The Portfolio may invest a significant portion of its assets in any single Underlying Portfolio. The following chart sets forth the Portfolio’s target allocations set by </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026 to the Underlying Equity </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios and Underlying Fixed Income Portfolios. The Portfolio’s actual allocations may vary from these projections and will fluctuate from time to time due to, among other things, market conditions and changes made </span><span style="font-family:Arial;font-size:10pt;">by the Adviser to the target allocations.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Underlying Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">92.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Large Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">34.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Mid Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">8.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Small Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA International Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">40.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Emerging Markets Equity Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.00%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">8.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Fixed Income Intermediate Index </span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">4.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Fixed Income Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">4.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolio selection is made based on the Portfolio’s particular asset allocation strategy discussed above. The Adviser may adjust the Portfolio’s allocation to the Underlying Portfolios from time to time as it deems necessary, including based on market conditions or other factors. The Adviser intends to rebalance the Portfolio on an ongoing basis using cash flows; however, it reserves the right to rebalance the Portfolio through exchanges at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">any time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will directly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">correspond to the risks of the Underlying Portfolios in which it invests. The Portfolio is subject to the risk that the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes and market sectors may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">produce the desired result.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in Underlying Portfolios that invest in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">prices fluctuate from day-to-day and may decline </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest substantially in large-cap companies. Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Medium-Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests in Underlying Portfolios that may invest in securities of small- and medium-capitalization companies. Securities of small- and medium-sized companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which an Underlying Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Underlying Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/ virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of an Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of an Underlying Portfolio’s non-U.S. dollar-denominated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest principally in bonds, which may cause the value of your investment in the Portfolio to go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject to volatility due to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. An Underlying Portfolio could lose money if the issuer of a fixed income security is unable or perceived to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios that invest substantially in fixed income securities. Fixed income securities may be subject to volatility due to changes in interest rates. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Federal Reserve has recently begun to raise the federal funds rate to address rising inflation. As interest rates rise from historically low levels, the Underlying Portfolios may face heightened interest rate risk. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, an Underlying Portfolio’s adviser’s or subadviser’s assessment of companies held in the Underlying Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Indexing Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Portfolios in which the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests are managed to track the performance of an index. An Underlying Portfolio will not sell securities in its portfolio or buy different securities over the course of a year other than in conjunction with changes in its target index, even if there are adverse developments concerning a particular security, company or industry. As a result, the Portfolio may suffer losses that might not be experienced </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with an investment in an actively-managed mutual fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Fund-of-Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The costs of investing in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, as a fund-of-funds, may be higher than the costs of investing in a mutual fund that invests most or all of its assets directly in individual securities. An Underlying Portfolio may change its investment objective or policies without the Portfolio’s approval, which could force the Portfolio to withdraw its investment from such Underlying Portfolio at a time that is unfavorable to the Portfolio. In addition, one Underlying Portfolio may buy the same securities that another Underlying Portfolio sells. Therefore, the Portfolio would indirectly bear the costs of these trades without accomplishing any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">purpose.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Underlying Portfolios Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning Underlying Portfolios generally reflect the risks of owning the underlying securities held by the Underlying Portfolios. Disruptions in the markets for the securities held by the Underlying Portfolios could result in losses on the Portfolio’s investment in such securities. The Underlying Portfolios also have fees that increase their costs versus owning the underlying securities directly. For example, the Portfolio indirectly pays a portion of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses (including management fees and operating </span><span style="color:#000000;font-family:Arial;font-size:10pt;">expense) incurred by the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">   The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">blended index consists of 32% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 8% S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 5% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 40% MSCI </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">EAFE Index (net), 5% MSCI Emerging Markets Index (net), 5% Bloomberg U.S. Government/Credit Index and 5% Bloomberg Intermediate U.S. Government/Credit Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">16.37%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.39%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.03%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1637 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2039 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0103 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.2034 0.0909 0.0900 2018-05-01 0.2004 0.0881 0.0873 2018-05-01 0.3122 0.0892 0.0738 0.2169 0.0961 0.0961 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is to seek capital appreciation and income while managing portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0070 0.0070 0 0.0025 0.0044 0.0045 0.0002 0.0002 0.0042 0.0043 0.0003 0.0003 0.0117 0.0143 -0.0031 -0.0032 0.0086 0.0111 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 88 341 614 1393 113 421 751 1686 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10pt;">154%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its </span><span style="font-family:Arial;font-size:10pt;">portfolio.</span> 1.54 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve its investment goal through strategically and dynamically allocating its assets to various equity and fixed income asset classes. Under normal market conditions, the Portfolio targets an allocation of approximately 70% of its assets to equity exposure and approximately 30% of its assets to fixed income exposure, although the Portfolio’s equity exposure may range from approximately 60%-80% of its net assets </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and its allocation to fixed income exposure may range </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from approximately 20%-40% of its net assets. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The equity securities in which the Portfolio intends to invest, or obtain exposure to, include common stock, preferred stock, rights and warrants, and depositary receipts relating to equity securities. The Portfolio may invest in, or obtain exposure to, equity securities of U.S. and non-U.S. issuers of any market capitalization range, including securities of issuers located in emerging markets. The Portfolio’s ability to invest in both U.S. and non-U.S. securities allows it to diversify its assets across different geographic regions. The foreign equity securities in which the Portfolio intends to invest, or obtain exposure to, may be denominated in U.S. dollars or foreign currencies and may be currency hedged or unhedged. The Portfolio may also obtain exposure to equity securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by investing in exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The fixed income securities in which the Portfolio intends to invest, or obtain exposure to, include corporate debt instruments, U.S. government securities, high-yield debt securities (junk bonds), convertible notes, money market instruments and/or cash or cash equivalents. The Portfolio may also obtain exposure to fixed income securities by </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in ETFs. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest in derivatives, such as equity index futures, interest rate futures, interest rate swaps, credit default swaps and forward foreign currency exchange contracts for hedging and non-hedging purposes, as well as to increase the return on its portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio will adjust its equity/fixed income exposure +/- 10%, as described above, based on market and macroeconomic views of Goldman Sachs Asset Management L.P. (“GSAM”), the Portfolio’s subadviser. GSAM will implement such adjustment by reallocating the Portfolio’s investments in equity and fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities and/or by investing in ETFs and/or derivatives. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In managing the Portfolio, GSAM develops a strategic allocation across the various asset classes by budgeting or allocating portfolio risk across a set of asset allocation risk factors, including, but not limited to, market cap, interest rate, emerging markets, credit, equity style, momentum and active risk. The resulting strategic asset allocation is implemented using a range of bottom-up security selection strategies across equity and fixed income asset classes. Within equities, securities are selected using fundamental research and a variety of quantitative techniques primarily based on the following investment themes, including, among others, Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes &amp; Trends. Within </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">these models, GSAM may utilize artificial intelligence techniques, such as natural language processing and machine learning, to, among other things, help extract information from various textual or audio datasets. Fundamental Mispricings seeks to identify high-quality businesses trading at a fair price, which the Investment Adviser believes leads to strong performance over the long-run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. GSAM may make investment decisions that deviate from those generated by its proprietary models, at its discretion. In addition, GSAM may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on its proprietary </span><span style="color:#000000;font-family:Arial;font-size:10pt;">research. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio places an emphasis on managing risk relative to its benchmark index, which is comprised of the following: 38.5% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 3.5% S&amp;P Midcap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, 3.5% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 24.5% MSCI EAFE </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index (net) and 30% Bloomberg U.S. Government/Credit Index (the “Blended Index”). To manage the Portfolio’s risk relative to the Blended Index, GSAM intends to dynamically adjust the Portfolio’s risk exposure by making passive index investments through the use of equity and interest rate futures and ETFs, if required by the Portfolio’s risk management parameters. These risk management parameters include restrictions designed to limit how far the Portfolio’s returns are permitted to deviate from those of the Blended Index. Such restrictions may result in the Portfolio having returns that track the Blended Index more consistently and more closely than would otherwise be the case. These restrictions may prevent a significant deviation from the returns of the Blended Index, but may also limit the Portfolio’s ability to outperform the returns of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Blended Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may engage in frequent and active trading </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of portfolio securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s ability to achieve </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">its investment goal depends in part on the subadviser’s skill in determining the Portfolio’s asset class allocations. Although allocation among different asset classes generally reduces risk, the risk remains that the subadviser may favor an asset class that performs poorly </span><span style="color:#000000;font-family:Arial;font-size:10pt;">relative to other asset classes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Warrants and Rights Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Warrants and rights can </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provide a greater potential for profit or loss than an equivalent investment in the underlying security. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the issuer other than a purchase option. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments. Warrants and rights </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may lack a liquid secondary market for resale.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Depositary receipts are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally subject to the same risks as the foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exchange and therefore are subject to illiquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Money Market Securities Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">This is both a direct and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. An investment in the Portfolio is subject to the risk that the value of its investments in high-quality short-term obligations (“money market securities”) may be subject to changes in interest rates, changes in the rating of any money market security and in the ability of an issuer to make payments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of interest and principal.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ETF Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Most ETFs are investment companies whose </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">shares are purchased and sold on a securities exchange. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">one that is not exchange-traded) that has the same investment objectives, strategies and policies. However, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF’s shares may trade at a premium or a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the market segment or index that underlies its investment objective. To the extent that the Portfolio invests in an ETF, the Portfolio will indirectly bear its proportionate share of the management and other expenses that are charged by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ETF in addition to the expenses paid by the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate or benchmark (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, stock options, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">counterparty risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A hedge is an investment made in order to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">reduce the risk of adverse price movements in a security, by taking an offsetting position in a related security (often a derivative, such as an option, futures contract or a short sale). While hedging strategies can be very useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the instruments being hedged may not be reduced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Futures Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Futures are contracts involving the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the underlying commodity, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">commodity, security or financial index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Forward Currency Contracts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A forward foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">currency contract or “currency forward” is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. Currency forwards are generally used to protect against uncertainty in the level of future exchange rates. Currency forwards do not eliminate fluctuations in the prices of the underlying securities a Portfolio owns or intends to acquire, but they do fix a rate of exchange in advance. Currency forwards limit the risk of loss due to a decline in the value of the hedged currencies, but at the same time they limit any potential gain that might result should the value of the currencies increase. The use of forward contracts involves the risk of mismatching the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">objective under a forward contract with the value of securities denominated in a particular currency. Such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is an additional risk to the effect that currency contracts create exposure to currencies in which the Portfolio’s securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">than if it had not entered into such contracts.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Model Risk</span><span style="font-family:Arial;font-size:10pt;">. The subadviser’s investment models may not </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">adequately take into account certain factors and may result in the Portfolio having a lower return than if the Portfolio were managed using another model or investment strategy. Models may depend heavily on the accuracy and reliability of historical data that is supplied by third parties or other external sources. When a model or data used in managing the Portfolio contains an error, or is incorrect or incomplete, any investment decision made in reliance on the model or data may not produce the desired results and the Portfolio may realize losses. In addition, the investment models used by the subadviser to evaluate securities or securities markets are based on certain assumptions concerning the interplay of market factors. The markets or the prices of individual securities may be affected by factors not foreseen in developing the models. Models may also use artificial intelligence techniques, such as natural language processing and machine learning, which could be less transparent or interpretable and could produce </span><span style="font-family:Arial;font-size:10pt;">unexpected results, which can result in losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests - Risk Management. </span><span style="font-family:Arial;font-size:10pt;">Managing the Portfolio’s risks relative </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">to the Blended Index may reduce the risks and hedging costs assumed by the insurance company that sponsors your Variable Contract. This facilitates the insurance company’s ability to provide guaranteed benefits. These guarantees are optional and may not be associated with your Variable Contract. While the interests of the Portfolio’s shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing these guaranteed benefits are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face potential conflicts of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">interest. In particular, certain aspects of the Portfolio’s investment strategy may have the effect of mitigating the financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance companies are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">subject as a result of providing those guaranteed benefits and the hedging costs associated with providing such benefits. In addition, the Portfolio’s performance may be lower than similar portfolios that do not employ the same </span><span style="font-family:Arial;font-size:10pt;">risk management constraints.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Blended Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Blended Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">14.11%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-15.15%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.50%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1411 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1515 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0150 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1912 0.0882 0.0824 2017-10-06 0.1882 0.0855 0.0797 2017-10-06 0.1788 0.1442 0.1460 0.1718 0.0817 0.0880 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are growth of capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios (as defined herein) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0010 0.0010 0 0.0025 0.0004 0.0004 0.0032 0.0032 0.0046 0.0071 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">on these assumptions and the net expenses shown in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 47 148 258 579 73 227 395 883 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">8%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is structured as a “fund-of-funds,” which means that it pursues its investment goal by investing its assets in a combination of other mutual funds (the “Underlying Portfolios”). The Underlying Portfolios will primarily include other funds in the Trust but may also include other funds advised by the Adviser. Under normal circumstances, the Portfolio will seek to allocate 60% of its assets (with a range of 50% to 70%) to Underlying Portfolios investing primarily in equity securities (“Underlying Equity Portfolios”) and 40% of its assets (with a range of 30% to 50%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”). The Underlying Equity Portfolios include, among others, funds that invest in domestic and international equity securities of small, medium and/or large capitalization companies and the Underlying Fixed Income Portfolios include, among others, funds that invest in domestic government and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">corporate bonds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolios will generally be limited to index funds, which are passively managed to track the performance of designated indices, although the Portfolio may also from time to time invest in Underlying Portfolios that are not index funds, including for cash management purposes. The Portfolio may invest a significant portion of its assets in any single Underlying Portfolio. The following chart sets forth the Portfolio’s target allocations set by SunAmerica on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026, to the Underlying </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Equity Portfolios and Underlying Fixed Income Portfolios. The Portfolio’s actual allocations may vary from these projections and will fluctuate from time to time due to, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">among other things, market conditions and changes made </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the Adviser to the target allocations.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Underlying Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">62.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Large Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">41.90%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Mid Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.10%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Small Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA International Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">10.00%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">38.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Fixed Income Intermediate Index </span><span style="font-family:Arial;font-size:10pt;margin-left:18pt;">Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">19.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Fixed Income Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">19.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolio selection is made based on the Portfolio’s particular asset allocation strategy. The Adviser may adjust the Portfolio’s allocation to the Underlying Portfolios from time to time as it deems necessary, including based on market conditions or other factors. The Adviser intends to rebalance the Portfolio on an ongoing basis using cash flows; however, it reserves the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rebalance the Portfolio through exchanges at any time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will directly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">correspond to the risks of the Underlying Portfolios in which it invests. The Portfolio is subject to the risk that the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes and market sectors may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">produce the desired result.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in Underlying Portfolios that invest in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day and may decline </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest substantially in large-cap companies. Large-cap companies tend to be less volatile </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Medium-Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests in Underlying Portfolios that may invest in securities of small- and medium-capitalization companies. Securities of small- and medium-sized companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which an Underlying Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Underlying Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of an Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of an Underlying Portfolio’s non-U.S. dollar-denominated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest principally in bonds, which may cause the value of your investment in the Portfolio to go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject to volatility due to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. An Underlying Portfolio could lose money if the issuer of a fixed income security is unable or perceived </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios that invest substantially in fixed income securities. Fixed income securities may be subject to volatility due to changes in interest rates. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Federal Reserve has recently begun to raise the federal funds rate to address rising inflation. As interest rates rise from historically low levels, the Underlying Portfolios may face heightened interest rate risk. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, an Underlying Portfolio’s adviser’s or subadviser’s assessment of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies held in the Underlying Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Indexing Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Portfolios in which the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests are managed to track the performance of an index. An Underlying Portfolio will not sell securities in its portfolio or buy different securities over the course of a year other than in conjunction with changes in its target index, even if there are adverse developments concerning a particular security, company or industry. As a result, the Portfolio may suffer losses that might not be experienced </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with an investment in an actively-managed mutual fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Fund-of-Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The costs of investing in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, as a fund-of-funds, may be higher than the costs of investing in a mutual fund that invests most or all of its assets directly in individual securities. An Underlying Portfolio may change its investment objective or policies without the Portfolio’s approval, which could force the Portfolio to withdraw its investment from such Underlying Portfolio at a time that is unfavorable to the Portfolio. In addition, one Underlying Portfolio may buy the same securities that another Underlying Portfolio sells. Therefore, the Portfolio would indirectly bear the costs of these trades without accomplishing any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">purpose.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Underlying Portfolios Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning the Underlying Portfolios generally reflect the risks of owning the underlying securities held by the Underlying Portfolios. Disruptions in the markets for the securities held by the Underlying Portfolios could result in losses on the Portfolio’s investment in such securities. The Underlying Portfolios also have fees that increase their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">costs versus owning the underlying securities directly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">   The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 40% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 5% S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, 5% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 10% MSCI EAFE Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(net), 20% Bloomberg U.S. Government/Credit Index and 20% Bloomberg Intermediate U.S. Government/Credit Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">12.84%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-11.90%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.71%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1284 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1190 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0171 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1336 0.0726 0.0844 2017-02-06 0.1313 0.0699 0.0817 2017-02-06 0.1788 0.1442 0.1497 0.1404 0.0759 0.0883 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are growth of capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios (as defined herein) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0010 0.0010 0 0.0025 0.0002 0.0002 0.0032 0.0032 0.0044 0.0069 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">on these assumptions and the net expenses shown in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 45 141 246 555 70 221 384 859 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">4%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is structured as a “fund-of-funds,” which means that it pursues its investment goal by investing its assets in a combination of other mutual funds (the “Underlying Portfolios”). The Underlying Portfolios will primarily include other funds in the Trust but may also include other funds advised by the Adviser. Under normal circumstances, the Portfolio will seek to allocate 80% of its assets (with a range of 70% to 90%) to Underlying Portfolios investing primarily in equity securities (“Underlying Equity Portfolios”) and 20% of its assets (with a range of 10% to 30%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”). The Underlying Equity Portfolios include, among others, funds that invest in domestic and international equity securities of small, medium and/or large capitalization companies and the Underlying Fixed Income Portfolios include, among others, funds that invest in domestic government and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">corporate bonds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolios will generally be limited to index funds, which are passively managed to track the performance of designated indices, although the Portfolio may also from time to time invest in Underlying Portfolios that are not index funds, including for cash management purposes. The Portfolio may invest a significant portion of its assets in any single Underlying Portfolio. The following chart sets forth the Portfolio’s target allocations set by SunAmerica Asset Management, LLC (“SunAmerica”) on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026 to the Underlying Equity Portfolios and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Fixed Income Portfolios. The Portfolio’s actual allocations may vary from these projections and will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">fluctuate from time to time due to, among other things, market conditions and changes made by the Adviser to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">target allocations.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Underlying Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">82.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Large Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">51.90%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Mid Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">10.10%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Small Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA International Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">15.00%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">18.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Fixed Income Intermediate Index </span><span style="font-family:Arial;font-size:10pt;margin-left:18pt;">Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">9.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Fixed Income Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">9.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolio selection is made based on the Portfolio’s particular asset allocation strategy. The Adviser may adjust the Portfolio’s allocation to the Underlying Portfolios from time to time as it deems necessary, including based on market conditions or other factors. The Adviser intends to rebalance the Portfolio on an ongoing basis using cash flows; however, it reserves the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rebalance the Portfolio through exchanges at any time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will directly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">correspond to the risks of the Underlying Portfolios in which it invests. The Portfolio is subject to the risk that the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes and market sectors may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">produce the desired result.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in Underlying Portfolios that invest in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day and may decline </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest substantially in large-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies. Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Medium-Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests in Underlying Portfolios that may invest in securities of small- and medium-capitalization companies. Securities of small- and medium-sized companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which an Underlying Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Underlying Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of an Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of an Underlying Portfolio’s non-U.S. dollar-denominated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest principally in bonds, which may cause the value of your investment in the Portfolio to go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject to volatility due to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. An Underlying Portfolio could lose money if the issuer of a fixed income security is unable or perceived </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios that invest substantially in fixed income securities. Fixed income securities may be subject to volatility due to changes in interest rates. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Federal Reserve has recently begun to raise the federal funds rate to address rising inflation. As interest rates rise from historically low levels, the Portfolio may face heightened interest rate risk. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Any future changes in monetary policy made by central banks and/or their governments are likely </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, an Underlying Portfolio’s adviser’s or subadviser’s assessment of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies held in the Underlying Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Indexing Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Portfolios in which the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests are managed to track the performance of an index. An Underlying Portfolio will not sell securities in its portfolio or buy different securities over the course of a year other than in conjunction with changes in its target index, even if there are adverse developments concerning a particular security, company or industry. As a result, the Portfolio may suffer losses that might not be experienced </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with an investment in an actively-managed mutual fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Fund-of-Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The costs of investing in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, as a fund-of-funds, may be higher than the costs of investing in a mutual fund that invests most or all of its assets directly in individual securities. An Underlying Portfolio may change its investment objective or policies without the Portfolio’s approval, which could force the Portfolio to withdraw its investment from such Underlying Portfolio at a time that is unfavorable to the Portfolio. In addition, one Underlying Portfolio may buy the same securities that another Underlying Portfolio sells. Therefore, the Portfolio would indirectly bear the costs of these trades without accomplishing any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">purpose.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Underlying Portfolios Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning the Underlying Portfolios generally reflect the risks of owning the underlying securities held by the Underlying Portfolios. Disruptions in the markets for the securities held by the Underlying Portfolios could result in losses on the Portfolio’s investment in such securities. The Underlying Portfolios also have fees that increase their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">costs versus owning the underlying securities directly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 50% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 10% S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, 5% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 15% MSCI EAFE Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(net), 10% Bloomberg U.S. Government/Credit Index and 10% Bloomberg Intermediate U.S. Government/Credit Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">16.31%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-17.22%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.03%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1631 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1722 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0203 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1578 0.0954 0.1033 2017-02-06 0.1551 0.0925 0.1005 2017-02-06 0.1788 0.1442 0.1497 0.1635 0.0992 0.1077 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is growth of capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios (as defined herein) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0010 0.0010 0 0.0025 0.0001 0.0001 0.0033 0.0033 0.0044 0.0069 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">on these assumptions and the net expenses shown in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 45 141 246 555 70 221 384 859 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">4%</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is structured as a “fund-of-funds,” which means that it pursues its investment goal by investing its assets in a combination of other mutual funds (the “Underlying Portfolios”). The Underlying Portfolios will primarily include other funds in the Trust but may also include other funds advised by the Adviser. Under normal circumstances, the Portfolio will seek to allocate 90% of its assets (with a range of 80% to 100%) to Underlying Portfolios investing primarily in equity securities (“Underlying Equity Portfolios”) and 10% of its assets (with a range of 0% to 20%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”). The Underlying Equity Portfolios include, among others, funds that invest in domestic and international equity securities of small, medium and/or large capitalization companies and the Underlying Fixed Income Portfolios include, among others, funds that invest in domestic government and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">corporate bonds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolios will generally be limited to index funds, which are passively managed to track the performance of designated indices, although the Portfolio may also from time to time invest in Underlying Portfolios that are not index funds, including for cash management purposes. The Portfolio may invest a significant portion of its assets in any single Underlying Portfolio. The following chart sets forth the Portfolio’s target allocations set by SunAmerica Asset Management, LLC (“SunAmerica”) on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026 to the Underlying Equity Portfolios and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Fixed Income Portfolios. The Portfolio’s actual </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">allocations may vary from these projections and will fluctuate from time to time due to, among other things, market conditions and changes made by the Adviser to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">target allocations.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Underlying Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">92.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Large Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">56.90%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Mid Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">10.10%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Small Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA International Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">20.00%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">8.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Fixed Income Intermediate Index </span><span style="font-family:Arial;font-size:10pt;margin-left:18pt;">Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">4.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">SA Fixed Income Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">4.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolio selection is made based on the Portfolio’s particular asset allocation strategy. The Adviser may adjust the Portfolio’s allocation to the Underlying Portfolios from time to time as it deems necessary, including based on market conditions or other factors. The Adviser intends to rebalance the Portfolio on an ongoing basis using cash flows; however, it reserves the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rebalance the Portfolio through exchanges at any time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will directly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">correspond to the risks of the Underlying Portfolios in which it invests. The Portfolio is subject to the risk that the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes and market sectors may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">produce the desired result.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in Underlying Portfolios that invest in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day and may decline </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest substantially in large-cap companies. Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Medium-Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests in Underlying Portfolios that may invest in securities of small- and medium-capitalization companies. Securities of small- and medium-sized companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which an Underlying Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Underlying Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of an Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of an Underlying Portfolio’s non-U.S. dollar-denominated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest principally in bonds, which may cause the value of your investment in the Portfolio to go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject to volatility due to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a fixed income security is unable or perceived to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios that invest substantially in fixed income securities. Fixed income securities may be subject to volatility due to changes in interest rates. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Federal Reserve has recently begun to raise the federal funds rate to address rising inflation. As interest rates rise from historically low levels, the Portfolio may face heightened interest rate risk. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Any future changes in monetary policy made by central banks and/or their governments are likely </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, an Underlying Portfolio’s adviser’s or subadviser’s assessment of companies held in the Underlying Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Indexing Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Portfolios in which the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests are managed to track the performance of an index. An Underlying Portfolio will not sell securities in its portfolio or buy different securities over the course of a year other than in conjunction with changes in its target index, even if there are adverse developments concerning a particular security, company or industry. As a result, the Portfolio may suffer losses that might not be experienced </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with an investment in an actively-managed mutual fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Fund-of-Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The costs of investing in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, as a fund-of-funds, may be higher than the costs of investing in a mutual fund that invests most or all of its assets directly in individual securities. An Underlying Portfolio may change its investment objective or policies without the Portfolio’s approval, which could force the Portfolio to withdraw its investment from such Underlying Portfolio at a time that is unfavorable to the Portfolio. In addition, one Underlying Portfolio may buy the same securities that another Underlying Portfolio sells. Therefore, the Portfolio would indirectly bear the costs of these trades without accomplishing any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">purpose.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Underlying Portfolios Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning the Underlying Portfolios generally reflect the risks of owning the underlying securities held by the Underlying Portfolios. Disruptions in the markets for the securities held by the Underlying Portfolios could result in losses on the Portfolio’s investment in such securities. The Underlying Portfolios also have fees that increase their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">costs versus owning the underlying securities directly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 55% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 10% S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, 5% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 20% MSCI EAFE Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(net), 5% Bloomberg U.S. Government/Credit Index and 5% Bloomberg Intermediate U.S. Government/Credit Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.72%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.65%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.19%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1772 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1965 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0219 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1745 0.1066 0.1122 2017-02-06 0.1719 0.1039 0.1095 2017-02-06 0.1788 0.1442 0.1497 0.1810 0.1107 0.1170 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the MSCI </span><span style="color:#000000;font-family:Arial;font-size:10pt;">EAFE Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0040 0.0040 0 0.0025 0.0010 0.0010 0.0050 0.0075 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 51 160 280 628 77 240 417 930 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">18%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.18 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to provide investment results that correspond with the performance of the MSCI EAFE Index (the “Index”). The Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The Index is comprised of large- and mid-cap developed market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser primarily seeks to achieve the Portfolio’s objective by investing in all or substantially all of the stocks included in the Index, a strategy known as “replication.” The subadviser may, however, utilize an “optimization” strategy in circumstances in which replication is difficult or impossible, such as if the Portfolio has low asset levels and cannot replicate, to reduce trading costs or to gain exposure to securities that the Portfolio cannot access directly. The goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, price-to-book, price-to-earnings, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">debt-to-asset ratios and dividend yields) closely approximate those of the Index. Stocks not in the Index may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index. Under normal circumstances, the Portfolio invests substantially all, but at least 80%, of its net assets in securities included in the Index or in securities that the subadviser determines have economic characteristics that are comparable to the economic characteristics of securities included in the Index, including derivatives, such as contracts for difference. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be concentrated in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the stocks included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Medium Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Securities of medium </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">sized companies are usually more volatile and entail </span><span style="color:#000000;font-family:Arial;font-size:10pt;">greater risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Country Focus Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">To the extent the Portfolio invests a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">significant portion of its assets in one or only a few countries at a time, the Portfolio will face a greater risk of loss due to factors affecting that single or those few countries than if the Portfolio always maintained wide diversity among the countries in which it invests. Based on the current composition of the Index, the Portfolio intends to invest a significant portion of its assets in securities of Japanese issuers and other investments that are tied </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economically to Japan.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Japan Exposure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Japanese economy faces a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of long-term problems, including massive government debt, the aging and shrinking of the population, an unstable financial sector and low domestic consumption. The growth of Japan’s economy has recently lagged behind that of its Asian neighbors and other major developed economies. The Japanese economy is heavily dependent on international trade and may be adversely affected by trade tariffs, other protectionist measures, dependence on exports and international trade, increasing competition from Asia’s other low-cost emerging economies, political and social instability, regional and global conflicts and natural disasters, as well as by commodity markets fluctuations </span><span style="color:#000000;font-family:Arial;font-size:10pt;">related to Japan’s limited natural resource supply.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain techniques available to other mutual funds to reduce stock market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock Investment Management, LLC assumed subadvisory duties of the Portfolio on April 30, 2025. Prior </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to April 30, 2025, SunAmerica managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.47%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-22.78%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.55%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-12-31 0.1847 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2278 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0055 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.3100 0.0846 0.0802 2017-02-06 0.3060 0.0818 0.0774 2017-02-06 0.3122 0.0892 0.0870 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0074 0.0074 0.0074 0 0.0015 0.0025 0.0008 0.0008 0.0008 0.0082 0.0097 0.0107 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 84 262 455 1014 99 309 536 1190 109 340 590 1306 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">97%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.97 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing in equity securities that demonstrate the potential for capital appreciation, issued generally by small-cap companies, and in other instruments that have economic characteristics similar to such securities. The Portfolio invests primarily in common stocks. The Portfolio also may invest in foreign securities, including securities of issuers located in emerging markets</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">i.e., those that are generally </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">in the early stages of their industrial cycles </span><span style="font-family:Arial;font-size:10pt;">(up to 25% of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">net assets) as well as in developed markets. The Portfolio may invest up to 10% of its total assets in real estate investment trusts (“REITs”). The Portfolio invests primarily in securities that are considered by the Portfolio’s portfolio managers to have the potential for earnings or revenue </span><span style="font-family:Arial;font-size:10pt;">growth. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">In selecting investments, the subadviser utilizes a disciplined portfolio construction process that calibrates the Portfolio’s sector-related exposure relative to the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Growth Index, which the subadviser </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">believes generally represents the small cap growth asset class. The Portfolio uses this index as a guide in structuring and reviewing the portfolio, but the Portfolio is not an index fund that seeks to replicate the performance of the index. The security selection process is based on a three-step process that includes fundamental, valuation, and timeliness analysis. Fundamental analysis involves building a series of financial models, as well as conducting in-depth interviews with company management. The goal is to find high quality, fundamentally sound </span><span style="font-family:Arial;font-size:10pt;">issuers </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">operating in an attractive industry. Valuation analysis focuses on identifying attractively valued securities given their growth potential over a one-to-two year horizon. Timeliness analysis is used to help identify the “timeliness” of a purchase. In this step, relative price strength, trading volume</span><span style="font-family:Arial;font-size:10pt;"> characteristics, and trend </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">analysis are reviewed for signs of deterioration. If a security shows signs of deterioration, it will not be considered as a candidate for the portfolio. The subadviser considers selling a security if the investment thesis for owning the security is no longer valid, the stock reaches its price target or timeliness factors indicate that the risk/return characteristics of the stock as viewed in the </span><span style="font-family:Arial;font-size:10pt;">market are no longer attractive.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities of small-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests substantially in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">growth style stocks. Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Real Estate Industry Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> These risks include declines </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. The Portfolio also could be subject to the risks of direct ownership as a result of a default on a debt security it may own. If the Portfolio has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company. In addition, REITs are dependent upon management skill, may not be diversified and are subject to project financing risks. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation and the possibility of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and to maintain exemption from registration under the Investment Company Act of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1940, as amended.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Sector or Industry Focus Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests a significant portion of its assets in one or more sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting sectors or industries than if the Portfolio always maintained wide diversity among the sectors and industries in which it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolios investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolios investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">32.99%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-22.44%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.65%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.3299 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.2244 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0065 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0610 -0.0073 0.0913 0.0599 -0.0086 0.0897 0.0592 -0.0096 0.0886 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term growth of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0085 0.0085 0.0085 0 0.0015 0.0025 0.0005 0.0005 0.0005 0.0090 0.0105 0.0115 -0.0010 -0.0010 -0.0010 0.0080 0.0095 0.0105 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 82 277 489 1099 97 324 570 1274 107 355 623 1389 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">38%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal market conditions, at least 65% of its assets in equity securities of companies selected for their long-term growth potential. The Portfolio is non-diversified and, thus, will generally hold a core position of 30 to 40 common stocks. The Portfolio invests primarily in common stocks of large-cap companies but may also invest in smaller, emerging growth companies. The Portfolio may invest up to 25% of its assets in foreign securities which </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may include emerging market securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In selecting investments for the Portfolio, the subadviser seeks to invest in companies with distinct long-term competitive advantages, strong free cash flow generation </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and that trade at attractive valuations. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser applies a “bottom up” approach in choosing investments. In other words, the portfolio managers look at companies one at a time to determine if a company is an attractive investment opportunity and if it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">is consistent with the Portfolio’s investment policies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may reduce or sell the Portfolio’s investments in portfolio securities if, in the opinion of the subadviser, replacing a security with another is a more attractive investment, a security has reached full </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">valuation, or the investment outlook for a security </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests substantially in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">growth style stocks. Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is organized as a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">“non-diversified” fund. A non-diversified fund may invest a larger portion of assets in the securities of a single company than a diversified fund. By concentrating in a smaller number of issuers, the Portfolio’s risk may be increased because the effect of each security on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio’s performance is greater.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Janus Henderson Investors US LLC (“Janus”) assumed subadvisory duties of the Portfolio on June 30, 2016. Prior </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to June 30, 2016, Marsico Capital Management, LLC </span><span style="color:#000000;font-family:Arial;font-size:10pt;">served as subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">26.73%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.32%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-12.28%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.2673 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.2532 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.1228 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1839 0.1168 0.1564 0.1823 0.1152 0.1547 0.1804 0.1140 0.1534 0.1788 0.1442 0.1482 0.1856 0.1532 0.1813 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is total return.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0061 0.0061 0.0061 0 0.0015 0.0025 0.0013 0.0013 0.0013 0.0002 0.0002 0.0002 0.0076 0.0091 0.0101 -0.0002 -0.0002 -0.0002 0.0074 0.0089 0.0099 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 76 241 420 940 91 288 502 1118 101 320 556 1234 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">60%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.60 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goal by maintaining at all times a balanced portfolio of various types of equity and fixed income investments, with at least 25% of the Portfolio’s assets invested in fixed income securities, and with at least 25% of the Portfolio’s assets invested in equity securities. The Portfolio’s assets are generally allocated in the following ranges, although these allocations may change based on the relative </span><span style="color:#000000;font-family:Arial;font-size:10pt;">attractiveness of each asset class: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">30%–75% U.S. equity securities, including</span> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;">small–, medium– and large-cap securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0%–35% foreign equity securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">25%–50% U.S. and foreign fixed income securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Equity securities that the Portfolio primarily invests in include common stock and convertible securities of U.S. and foreign companies, each of any market capitalization. As part of its overall investment strategy, the subadviser makes allocations to various underlying equity strategies in order to gain exposure to certain asset classes and markets. The underlying strategies may use a number of different approaches to select individual securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">including fundamental research and quantitative based </span><span style="color:#000000;font-family:Arial;font-size:10pt;">strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The fixed income portion of the Portfolio is invested primarily using a top-down macro allocation with incremental return achieved through security selection within sectors. Fixed income securities the Portfolio primarily invests in include corporate bonds, asset-backed, mortgage-related, and mortgage-backed securities (including to-be-announced and commercial mortgage-backed securities), forward commitments to purchase or sell short mortgage-backed securities, U.S. and foreign government securities, and high-yield debt securities (junk bonds) (up to 15% of net assets). The fixed income securities are rated at the time of purchase by a nationally recognized statistical rating organization or, if unrated, are deemed by the Portfolio’s subadviser to be of comparable quality. The Portfolio may invest in fixed income securities of any average weighted maturity or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">duration. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may obtain exposure to the above-referenced assets classes by investing in other mutual funds and exchange-traded funds (“ETFs”) that are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">managed by the Portfolio’s subadviser. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio uses an active trading strategy to achieve its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may also invest in derivatives, including options and futures. The Portfolio may invest in derivatives for both hedging and non-hedging purposes, including, for example, to manage and hedge interest rate risk, to lengthen or shorten the duration of fixed income investments, or to gain or reduce exposure to all or a portion of the stock or fixed income markets, respectively. The Portfolio may use forward foreign currency exchange contracts to hedge or manage its foreign currency risk, as </span><span style="color:#000000;font-family:Arial;font-size:10pt;">well as to gain exposure to certain currencies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Although the Portfolio will generally maintain its assets within the allocation above, the Portfolio may hold cash or cash equivalents for various purposes including as collateral for derivatives transactions or for temporary defensive purposes. The cash and cash equivalents allocation may cause temporary deviation from the allocation ranges indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">overall investment process.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Short Sales Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Short sales by the Portfolio involve </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">certain risks and special considerations. Possible losses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">from short sales differ from losses that could be incurred from a purchase of a security, because losses from short sales are potentially unlimited, whereas losses from purchases can be no greater than the total amount </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invested.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">characteristics of mortgage-backed and asset-backed securities differ from traditional fixed income securities. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities are also </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> Convertible security values </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">may be affected by market interest rates, issuer defaults</span><span style="font-family:Arial;font-size:10pt;">, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the creditworthiness of the issuer,</span><span style="font-family:Arial;font-size:10pt;"> and underlying </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">common stock values; security values may fall if market interest rates rise and rise if market interest rates fall. Convertible preferred stock and other hybrid instruments may also be subject to the risk of dividend suspension or reduction, and may be subordinated to the issuer’s debt obligations. Certain convertible securities may be subject to mandatory or contingent conversion provisions, which could result in conversion at a time or price unfavorable to the Portfolio.</span><span style="font-family:Arial;font-size:10pt;"> Additionally, an issuer may have the right to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">buy back </span><span style="font-family:Arial;font-size:10pt;">or redeem the securities at a time unfavorable to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the  Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the  Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Company Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning other investment companies, including ETFs, generally reflect the risks of owning the underlying securities they are designed to track. Disruptions in the markets for the securities underlying the other investment companies purchased or sold by the Portfolio could result in losses on the Portfolio’s investment in such securities. Other investment companies also have management fees that increase their costs versus owning the underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities directly.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the  Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> While hedging strategies can be very </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio’s securities are not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Quantitative Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">selected using quantitative analysis can react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes may not be reflected in the quantitative model.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Settlement Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments purchased on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">extended-settlement basis, such as when-issued, forward commitment or delayed-delivery transactions, involve a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on an extended-settlement basis involves the risk that the value of the securities sold may increase </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before the settlement date.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI World Index (net) (a broad-based securities market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">blended index consists of 60% MSCI World Index (net) and 40% Bloomberg U.S. Government/Credit Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI World Index (net) (a broad-based securities market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">13.95%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-15.14%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.93%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1395 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1514 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0293 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1295 0.0606 0.0754 0.1282 0.0590 0.0738 0.1265 0.0580 0.0727 0.2109 0.1215 0.1217 0.1533 0.0704 0.0829 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0112 0.0112 0.0112 0 0.0015 0.0025 0.0021 0.0021 0.0021 0.0133 0.0148 0.0158 -0.0017 -0.0017 -0.0017 0.0116 0.0131 0.0141 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 118 405 713 1587 133 451 792 1754 144 482 844 1864 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">70%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.70 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal circumstances, at least 80% of its net assets in common stocks, depositary receipts and other equity securities of companies primarily in emerging markets outside the U.S., which the subadviser believes, when compared to developed markets, have above </span><span style="color:#000000;font-family:Arial;font-size:10pt;">average-growth prospects. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Emerging markets include most countries in the world except Australia, Canada, Japan, New Zealand, the United Kingdom, the United States, and most of the countries of Western Europe. An emerging market company is one: that is organized under the laws of, or has a principal place of business in an emerging market; where the principal securities market is in an emerging market; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in an emerging market; or at least 50% of the assets of which are located in an emerging market. The Portfolio is not required to allocate its investments in any set percentages to any particular country. The Portfolio is not constrained by capitalization or style limits and will invest across sectors. The Portfolio will invest in securities across all market capitalizations, although the Portfolio may invest a significant portion of its assets in companies of one particular market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capitalization category. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may overweight or underweight countries relative to its benchmark, the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net). In managing the Portfolio, the subadviser adheres to a disciplined process for stock selection and portfolio construction. A proprietary multi-factor model is used to quantitatively rank securities in the Portfolio’s investment universe which the subadviser uses to select securities. The Portfolio emphasizes securities that are ranked as undervalued, while underweighting or avoiding securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that appear overvalued. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it is permitted to invest. The Portfolio typically maintains full currency exposure to those markets in which it invests. However, the Portfolio may hedge a portion of its foreign currency exposure into the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks may lack the dividend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Depositary receipts, such as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">American Depositary Receipts, are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an exchange and therefore are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to illiquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI ACWI ex-U.S. Index (net) (a broad-based securities market index) and the MSCI Emerging Markets Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI ACWI ex-U.S. Index (net) (a broad-based securities market index) and the MSCI Emerging Markets Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.76%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.01%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">4.27%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-12-31 0.1876 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2401 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0427 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.3628 0.0464 0.0842 0.3598 0.0446 0.0826 0.3600 0.0437 0.0815 0.3239 0.0791 0.0841 0.3357 0.0420 0.0842 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is growth of capital and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0056 0.0056 0.0056 0 0.0015 0.0025 0.0003 0.0003 0.0003 0.0059 0.0074 0.0084 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 60 189 329 738 76 237 411 918 86 268 466 1037 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">25%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.25 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goal by investing primarily in common stocks of corporations (principally large-cap and mid-cap) that demonstrate the potential for appreciation and/or dividends, as well as stocks with favorable long-term fundamental characteristics. Because yield is a key consideration in selecting securities, the Portfolio may purchase stocks of companies that are out of favor in the financial community and therefore are selling below what the subadviser believes to be their long-term investment value. The subadviser seeks to invest in undervalued companies with durable franchises, strong management and the ability to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">grow their intrinsic value per share. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may sell a security for several reasons. A security may be sold due to a change in the company’s fundamentals or if the subadviser believes the security is no longer attractively valued. Investments may also be sold if the subadviser identifies a stock that it believes </span><span style="color:#000000;font-family:Arial;font-size:10pt;">offers a better investment opportunity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities of mid-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">13.35%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.79%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">1.61%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1335 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2479 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0161 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1463 0.1080 0.1109 0.1443 0.1063 0.1092 0.1431 0.1052 0.1081 0.1788 0.1442 0.1482 0.1591 0.1133 0.1053 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long term capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0073 0.0073 0.0073 0 0.0015 0.0025 0.0003 0.0003 0.0003 0.0076 0.0091 0.0101 -0.0007 -0.0007 -0.0007 0.0069 0.0084 0.0094 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 70 236 416 936 86 283 497 1113 96 315 551 1230 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">47%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.47 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal circumstances, at least 80% of its net assets in large capitalization companies. Large capitalization companies are those with market capitalizations similar to companies in the Russell 1000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Index (the “Index”). As of February 28, </span><span style="font-family:Arial;font-size:10pt;">2026, the market </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">capitalization </span><span style="font-family:Arial;font-size:10pt;">range of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">companies in the Index was </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">between </span><span style="font-family:Arial;font-size:10pt;">approximately $17,085</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">million to $4.32 trillion. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio intends to invest in equity investments selected for their potential to achieve capital appreciation over the long-term. The Portfolio generally invests in common stocks of U.S. companies and may invest in </span><span style="font-family:Arial;font-size:10pt;">companies of any market capitalization range. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio focuses on those equity securities that it considers attractively valued and seeks to outperform its benchmark through superior stock selection. By emphasizing attractively valued equity securities, the Portfolio seeks to produce returns that exceed those of its benchmark. The Portfolio may also invest in equity securities that the subadviser believes have above-average</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> growth potential. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In managing the Portfolio, the subadviser employs a three-step process that combines research, valuation and stock selection. The subadviser takes an in-depth look at company prospects, which is designed to provide insight into a company’s real growth potential. The research findings allow the subadviser to rank the companies in each sector group according to their relative value. As part of its investment process, the subadviser seeks to assess the impact of environmental, social and governance (“ESG”) factors on many issuers in the universe in which the Portfolio invests. The subadviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Portfolio’s investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers may be purchased and retained by the Portfolio for reasons other than material ESG factors while the Portfolio may divest or not invest in securities of issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">On behalf of the Portfolio, the subadviser then buys and sells equity securities, using the research and valuation rankings as a basis. In general, the subadviser buys equity securities that are identified as attractively valued and considers selling them when they appear to be overvalued. Along with attractive valuation, the subadviser </span><span style="color:#000000;font-family:Arial;font-size:10pt;">often considers a number of other criteria: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">catalysts that could trigger a rise in a stock’s price; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">high potential reward compared to potential risk; and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">temporary mispricings caused by apparent market over-reactions. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may use derivatives, primarily futures contracts, to gain exposure to the Index or certain securities in the Index or to more effectively gain targeted equity exposure from its cash positions. To the extent the Portfolio invests in index futures with exposure to securities in the Index, it may have the effect of increasing the Portfolio’s exposure to a relatively small number of securities, making the Portfolio’s shares more sensitive to </span><span style="font-family:Arial;font-size:10pt;">the economic results of those securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities of mid-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks may lack the dividend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Sector or Industry Focus Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests a significant portion of its assets in one or more sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting sectors or industries than if the Portfolio always maintained wide diversity among the sectors and industries in which it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invests.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate, currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to July 5, 2023, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Invesco Main Street Large Cap Portfolio.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Effective July 5, 2023, J.P. Morgan Investment Management, Inc. (“JPMorgan”) assumed subadvisory duties of the Portfolio. From May 24, 2019 to July 4, 2023, Invesco Advisers, Inc. (“Invesco”) served as subadviser. Prior to May 24, 2019, OppenheimerFunds, Inc., which was acquired by Invesco, served as subadviser of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to July 5, 2023, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Invesco Main Street Large Cap Portfolio.”</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.12%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.48%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-7.71%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1812 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2048 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0771 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1447 0.1300 0.1273 0.1429 0.1283 0.1256 0.1415 0.1271 0.1244 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is maximum total return, consistent with preservation of capital and prudent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment management.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0060 0.0060 0.0060 0 0.0015 0.0025 0.0003 0.0003 0.0003 0.0063 0.0078 0.0088 -0.0010 -0.0010 -0.0010 0.0053 0.0068 0.0078 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 54 192 341 777 69 239 423 957 80 271 478 1075 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.33 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve its investment goal by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of bonds (as defined below), including U.S. and foreign fixed income investments with varying maturities. The average portfolio duration of the Portfolio normally varies within two years (plus or minus) of the duration of the Bloomberg U.S. Aggregate Bond Index, as calculated by the respective </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Bonds, for purposes of satisfying the 80% investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">requirement, include: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">mortgage-backed and other asset-backed securities; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">inflation-indexed bonds issued both by governments and corporations; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">structured notes, including hybrid or “indexed” securities and event-linked bonds; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">loan participations and assignments; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">bank capital and trust preferred stocks; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">delayed funding loans and revolving credit facilities; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">bank certificates of deposit, fixed time deposits and bankers’ acceptances; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">repurchase agreements and reverse repurchase agreements; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">obligations of international agencies or supranational entities; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">municipal and mortgage- and asset-backed securities that are insured under policies issued by certain insurance companies; and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">debt securities purchased or sold on a when-issued, delayed delivery, or forward commitment basis, where payment and delivery take place at a future settlement date, including mortgage-backed securities purchased or sold in the to be announced (TBA) market. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In addition, for purposes of satisfying the 80% investment requirement, the Portfolio may utilize forwards or derivatives such as options, futures contracts, or swap agreements that have economic characteristics similar to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the bonds mentioned above. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">Investment Selection </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is multi-managed by two subadvisers, J.P. Morgan Investment Management Inc. (“JPMorgan”) and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Massachusetts Financial Services Company (“MFS”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">JPMorgan focuses on adding alpha primarily through a value-oriented approach that seeks to identify inefficiently priced securities. By design, JPMorgan focuses on a bottom-up security selection-based approach to generate the majority of the potential excess return. While overall portfolio duration and yield curve decisions are important, they are de-emphasized in the process. The team’s focus is on identifying securities that are believed to be undervalued. To find undervalued securities, JPMorgan believes that one should focus on the most inefficient parts of the market. This belief has led to a historical bias toward AAA-rated CMOs within the mortgage-backed sector and higher-rated corporate credits within the credit sector. With a bottom-up focus, turnover tends to be low and duration is typically managed within +/-10% of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">benchmark’s duration. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">MFS uses an active bottom-up investment approach to buying and selling investments for the Portfolio. Investments are selected primarily based on fundamental analysis of individual instruments and their issuers in light of the issuers’ financial condition and market, economic, political, and regulatory conditions. Factors considered may include the instrument’s credit quality and terms, any underlying assets and their credit quality, and the issuer’s management ability, capital structure, leverage, and ability to meet its current obligations. MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer or instrument. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer’s governance structure and practices, data protection and privacy issues, and diversity and labor practices. Quantitative screening tools that systematically evaluate the structure of a debt instrument and its features may also be considered. In structuring the portion of the Portfolio subadvised by MFS, MFS also considers top-down factors, including sector allocations, yield curve positioning, duration, macroeconomic factors, and risk </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management factors.</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">Portfolio Investment Policies</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in securities rated below investment grade (commonly referred to as “high yield securities” or “junk bonds”), </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which are considered speculative. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest up to 15% of its total assets in securities of issuers based in countries with developing </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(or “emerging market”) economies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Portfolio will normally limit its foreign currency exposure (from non-U.S. dollar denominated securities or currencies) to 20% of its total </span><span style="color:#000000;font-family:Arial;font-size:10pt;">assets. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may also invest up to 10% of its total assets in preferred stocks, convertible securities and other equity </span><span style="color:#000000;font-family:Arial;font-size:10pt;">related securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Portfolio may use derivatives for any investment purpose, to the extent the Portfolio uses derivatives, the subadvisers expect to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease interest rate exposure, or as alternatives to direct investments. Derivatives include options, futures contracts, forward </span><span style="color:#000000;font-family:Arial;font-size:10pt;">contracts, and swap agreements. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The “total return” sought by the Portfolio consists of income earned on the Portfolio’s investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fundamentals for a particular sector or security. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio expects to invest no more than 10% of its assets in sub-prime mortgage related securities at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">time of purchase. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may also engage in frequent trading of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio securities to achieve its investment goal.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by bond issuers.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">When-Issued </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Securities and Delayed Delivery and </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Forward Commitment </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Transactions Risk.</span><span style="font-family:Arial;font-size:10pt;"> When-issued</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> and delayed delivery securities involve the risk that the security the Portfolio buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Portfolio may lose both the investment opportunity for the assets it set aside </span><span style="font-family:Arial;font-size:10pt;">to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is the risk that stock prices </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">will fall over short or extended periods of time. Although the stock market has historically outperformed other asset classes over the long term, the stock market tends to move in cycles. Individual stock prices fluctuate from day-to-day and may underperform other asset classes over an extended period of time. Individual companies may report poor results or be negatively affected by industry and/or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic trends and developments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or “call” certain of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent a derivative contract is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described in the Glossary. To the extent an option or futures contract is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Gains or losses from non-hedging positions may be substantially greater than the cost of the position. Certain derivatives have the potential for unlimited losses. By purchasing over-the-counter derivatives, the Portfolio is exposed to credit quality risk of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> While hedging strategies can be very </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio’s securities are not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">transactions that may expose it to leverage risk, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions and derivatives. The use of leverage may cause the Portfolio to liquidate portfolio positions at inopportune times in order to meet regulatory asset coverage requirements, fulfill leverage contract terms, or for other reasons. Leveraging, including borrowing, tends to increase the Portfolio’s exposure to market risk, interest rate risk or other risks, and thus may cause the Portfolio to be more volatile than if the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">had not utilized leverage.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">characteristics of mortgage-backed and asset-backed securities differ from traditional fixed income securities. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities are also </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Loan Participations and Assignments Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The lack of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">a liquid secondary market for loan participations and assignments may have an adverse impact on the value of such securities and the Portfolio’s ability to dispose of particular assignments or participations when necessary to meet the Portfolio’s liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for assignments and participations also may make it more difficult for the Portfolio to assign a value to these securities for purposes of valuing the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio and calculating its net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Prepayment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As a general rule, prepayments </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">increase during a period of falling interest rates and decrease during a period of rising interest rates. This can reduce the returns of the Portfolio because the Portfolio will have to reinvest that money at the lower prevailing interest rates. In periods of increasing interest rates, the occurrence of prepayments generally declines, with the effect that the securities subject to prepayment risk held </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">by the Portfolio may exhibit price characteristics of longer-term</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Insurer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Insured municipal and mortgage- and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">asset-backed securities typically receive a higher credit rating, allowing the issuer of the securities to pay a lower interest rate. In purchasing such insured securities, the portfolio manager gives consideration to the credit quality of both the issuer and the insurer. The insurance reduces the credit risk for a particular security by supplementing the creditworthiness of the underlying security and provides an additional source for payment of the principal and interest of a security in the case the original issuer defaults. To the extent the Portfolio holds insured securities, a change in the credit rating of any one or more of the insurers that insure the securities in the Portfolio’s portfolio may affect the value of the securities they insure, the Portfolio’s share price and Portfolio performance. The Portfolio might also be adversely impacted by the inability of an insurer to meet its insurance obligations. Certain of the insurance companies that provide insurance for these securities provide insurance for subprime securities. If the value of these securities declines and/or the issuer defaults, such events increase an insurer’s risk of having to make payments to holders of such securities. Because of this risk, the ratings of some insurance companies have been, or may be, downgraded and it is possible that an insurance company may become insolvent and be unable to pay in the event the issuer defaults. In either event, the securities insured by such an insurance company may become susceptible to increased risk of lower valuations </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and possible loss.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Extension Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances the value of the obligation will decrease, and the Portfolio will also suffer </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from the inability to invest in higher yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Roll Transactions Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Roll transactions involve the sale </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of mortgage or other asset-backed securities with the commitment to purchase substantially similar (same type, coupon and maturity) but not identical securities on a specified future date. Roll transactions involve certain risks, including the following: if the broker-dealer to whom the Portfolio sells the security becomes insolvent, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s right to purchase or repurchase the security subject to the dollar roll may be restricted and the instrument that the Portfolio is required to repurchase may be worth less than an instrument that the Portfolio originally held. Successful use of roll transactions will depend upon the adviser/subadviser’s ability to predict correctly interest rates and, in the case of mortgage dollar rolls, mortgage prepayments. For these reasons, there is no assurance that dollar rolls can be successfully </span><span style="color:#000000;font-family:Arial;font-size:10pt;">employed.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Sub-Prime Debt Securities Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The issuer of a sub-prime</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;"> debt security may default on its payments of interest or principal on a security when due. These risks are more pronounced in the case of sub-prime debt instruments than more highly ranked securities. Because of this increased risk, these securities may also be less liquid and subject to more pronounced declines in value than more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">highly rated instruments in times of market stress.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Municipal securities are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">on an issuer’s ability to make payments of principal and/or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interest.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Effective January 20, 2015, JPMorgan and MFS replaced Pacific Investment Management Company, LLC (“PIMCO”) as subadvisers to the Portfolio. As of January 31, </span><span style="font-family:Arial;font-size:10pt;">2026, JPMorgan and MFS each managed </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">approximately one-half of the Portfolio’s assets. The percentage of the Portfolio’s assets that each subadviser </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">manages may, at the adviser’s discretion, change from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">time to time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">6.82%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-5.59%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.12%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.0682 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-03-31 -0.0559 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0012 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0729 0.0010 0.0245 0.0703 -0.0007 0.0230 0.0698 -0.0017 0.0219 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term growth of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0076 0.0076 0.0076 0 0.0015 0.0025 0.0004 0.0004 0.0004 0.0080 0.0095 0.0105 -0.0003 -0.0003 -0.0003 0.0077 0.0092 0.0102 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 79 252 441 987 94 300 523 1164 104 331 576 1280 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">68%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.68 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal circumstances, at least 80% of its net assets in equity securities (common stocks, preferred stocks and convertible securities) of medium-sized companies that the subadviser believes have above-average growth potential. Medium-sized companies will generally include companies whose market capitalizations, at the time of purchase, range from the market capitalization of the smallest company included in the Russell Midcap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index to the market capitalization of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the largest company in the Russell Midcap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index during the most recent 12-month period. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest up to 20% of its net assets in foreign securities, including securities of issuers located in emerging markets. The Portfolio may invest in fixed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">income securities, principally corporate securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In managing the Portfolio, the subadviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the subadviser believes will achieve above-average growth in the future. Growth companies purchased for the Portfolio include those with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">leading competitive positions, predictable and durable business models and management that can achieve sustained growth. The subadviser makes specific purchase decisions based on a number of quantitative factors, including valuation and improving fundamentals, as well as the stock and industry insights of the subadviser’s research and portfolio management teams. Finally, a disciplined, systematic portfolio construction process is employed to minimize uncompensated risks </span><span style="color:#000000;font-family:Arial;font-size:10pt;">relative to the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser sells a security for several reasons. The subadviser may sell a security due to a change in the company’s fundamentals, a change in the original reason for purchase of an investment, or new investment opportunities with higher expected returns emerge to displace existing portfolio holdings with lower expected returns. Finally, the subadviser may also sell a security which the subadviser no longer considers reasonably </span><span style="color:#000000;font-family:Arial;font-size:10pt;">valued.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or “call” certain of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities of mid-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests substantially in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">growth style stocks. Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by bond issuers.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell Midcap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell Midcap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">32.53%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.73%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-5.79%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.3253 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.2073 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0579 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0807 0.0424 0.1217 0.0794 0.0409 0.1200 0.0786 0.0399 0.1189 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is current income </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with liquidity and preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0046 0.0046 0.0046 0 0.0015 0.0025 0.0008 0.0008 0.0008 0.0001 0.0001 0.0001 0.0055 0.0070 0.0080 <span style="font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 56 176 307 689 72 224 390 871 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10pt;">108%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its </span><span style="font-family:Arial;font-size:10pt;">portfolio.</span> 1.08 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar denominated short-term fixed, variable and floating rate debt. The Portfolio invests primarily in corporate securities, asset-backed securities, mortgage-backed and mortgage-related securities, and high quality money market instruments such as commercial paper and certificates of deposit. The Portfolio may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by foreign governments, repurchase agreements, when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities and privately placed securities. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">foreign government or its agencies and instrumentalities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Portfolio maintains a duration of one year or less from the date of settlement, although under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Portfolio’s duration may be longer than one year. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “one” means that a security’s or portfolio’s price would be expected to decrease by approximately 1% with a 1% increase in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interest rates (assuming a parallel shift in yield curve). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest a significant portion of its assets in mortgage-related and mortgage-backed, as well as restricted securities, at the subadviser’s discretion. The asset-backed securities in which the Portfolio may invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">include “sub-prime” securities and collateralized loan obligations (CLOs). The Portfolio may invest in securities of any credit quality, but will invest primarily in investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">grade securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may use futures contracts in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes and/or to seek to increase income or gain to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money </span><span style="color:#000000;font-family:Arial;font-size:10pt;">market funds to maintain a stable share price. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser allocates the Portfolio’s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Portfolio, the subadviser looks for market sectors and individual securities that it believes will perform well over time. The subadviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. As part of its security selection strategy, the subadviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Portfolio may invest. ESG factors assessed may include, but are not limited to, issues related to the quality and function of the natural environment, such as climate change resilience and greenhouse gas emissions; social issues related to the rights, wellbeing and interests of people and communities, such as discrimination prevention and workplace safety; and governance issues relating to the way companies are managed and overseen, such as board diversity and executive compensation. The subadviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that may be positively impacted by such factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Debt securities backed by an issuer’s taxing authority may be subject to legal limits on the issuer’s power to increase taxes or otherwise raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">only by revenues derived from a particular project or source, rather than by an issuer’s taxing authority, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">thus may have a greater risk of default.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Floating Rate Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Floating rate securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the impact of changes in market interest rates on the value of the security. However, the value of these securities may decline if their interest rates do not rise as much, or as quickly, as other interest rates. Conversely, these securities will not generally increase in value if interest rates decline. The absence of an active market for these securities could make it difficult for the Portfolio to dispose </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of them if the issuer defaults. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Variable and floating rate obligations normally will involve industrial development or revenue bonds which provide that the rate of interest is set as a specific percentage of a designated base rate, such as rates on Treasury Bonds or Bills or the prime rate at a major commercial bank, and that a bondholder can demand payment of the obligations on behalf of </span><span style="font-family:Arial;font-size:10pt;">the Portfolio on short notice at par plus </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">accrued interest, which amount may be more or less than the amount the bondholder paid for them. The maturity of floating or variable rate obligations (including participation interests therein) is deemed to be the longer of (i) the notice period required before </span><span style="font-family:Arial;font-size:10pt;">the Portfolio is entitled to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">receive payment of the obligation upon demand, or (ii) the period remaining until the obligation’s next interest rate adjustment. If not redeemed by </span><span style="font-family:Arial;font-size:10pt;">the Portfolio through the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">demand feature, the obligations mature on a specified date which may range up to thirty years from the date of </span><span style="font-family:Arial;font-size:10pt;">issuance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Sovereign Debt Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Foreign sovereign debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities are subject to the risk that a governmental entity may delay or refuse to pay interest or to repay principal on its sovereign debt. If a governmental entity defaults, it may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ask for more time in which to pay or for further loans.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Illiquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An illiquid investment is any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">changing the market value of the investment. Illiquidity risk exists when particular investments are difficult to sell. Although most of the Portfolio’s investments must be liquid at the time of investment, investments may lack liquidity after purchase by the Portfolio, particularly during periods of market turmoil. When the Portfolio holds illiquid investments, its investments may be harder to value, especially in changing markets, and if the Portfolio is forced to sell these investments to meet redemption requests or for other cash needs, the Portfolio may suffer a loss. In addition, when there is illiquidity in the market for certain investments, the Portfolio, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Portfolio’s share price may fall </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dramatically.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of the Portfolio’s equity </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities to generate income generally depends on the earnings and the continuing declaration of dividends by the issuers of such securities. The interest income on debt securities generally is affected by prevailing interest rates, which can vary widely over the short- and long-term. If dividends are reduced or discontinued or interest rates drop, distributions to shareholders from the Portfolio may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">drop as well.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. The characteristics of these mortgage-backed and asset-backed securities differ from traditional fixed-income securities. Mortgage-backed securities are subject to prepayment risk (described below) and “extension risk.” Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic downturn.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Repurchase </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">agreements are agreements in which the seller of a security to the Portfolio agrees to repurchase that security from the Portfolio at a mutually agreed upon price and date. Repurchase agreements carry the risk that the counterparty may not fulfill its obligations under the agreement. This could cause the Portfolio’s income and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the value of the Portfolio to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Money Market Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An investment in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio is subject to the risk that the value of its investments in high-quality short-term obligations (“money market securities”) may be subject to changes in interest rates, changes in the rating of any money market security and in the ability of an issuer to make payments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of interest and principal.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A Portfolio may have </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the ability, as previously listed in its investment strategy, to invest in privately placed securities, which are subject to resale restrictions. These investments are also subject to illiquidity and valuation risk. Privately placed securities are restricted securities and generally cannot be offered for public resale unless registered under the applicable securities laws or are subject to contractual restrictions that may make them difficult to sell. These securities will have the effect of increasing a Portfolio’s level of illiquidity to the extent the Portfolio may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in purchasing the securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain securities at certain times and could </span><span style="color:#000000;font-family:Arial;font-size:10pt;">make it difficult for the Portfolio to sell certain securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Zero Coupon Bond Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> “Zero coupon” bonds are sold </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">at a discount from face value and do not make periodic interest payments. At maturity, zero coupon bonds can be redeemed for their face value. In addition to the risks associated with bonds, since zero coupon bonds do not pay interest, the value of zero coupon bonds may be more volatile than other fixed income securities. Zero coupon bonds may also be subject to greater interest rate risk and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">credit risk than other fixed income instruments.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and the ICE BofA 3-Month US Treasury Bill Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to April 29, 2024, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA DFA Ultra Short Bond Portfolio.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Effective April 29, 2024, J.P. Morgan Investment Management Inc. (“JPMorgan”) replaced Dimensional Fund Advisors LP (“DFA”) as subadviser to the Portfolio. Prior to April 29, 2024, DFA served as subadviser. Prior to May 1, 2016, the Portfolio was managed by SunAmerica. Prior to April 15, 2016, BofA Advisors, LLC served as </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Performance for periods prior to May 1, 2016 reflects results when the Portfolio was managed as a money </span><span style="color:#000000;font-family:Arial;font-size:10pt;">market fund.  </span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and the ICE BofA 3-Month US Treasury Bill Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to April 29, 2024, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA DFA Ultra Short Bond Portfolio.”</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">September 30, 2024</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">1.65%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.25%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.65%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2024-09-30 0.0165 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-03-31 -0.0125 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0065 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0462 0.0246 0.0168 0.0441 0.0230 0.0154 0.0439 0.0220 0.0145 0.0730 -0.0036 0.0201 0.0418 0.0317 0.0218 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0030 0.0030 0 0.0025 0.0005 0.0005 0.0035 0.0060 <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 36 113 197 443 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">37%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.37 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to provide investment results that correspond with the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index (the “Index”). The Index measures the performance of large-cap U.S. dollar-denominated U.S. equities as determined using three factors: sales growth, the ratio of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">earnings change to price, and momentum. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser primarily seeks to achieve the Portfolio’s objective by investing in all or substantially all of the stocks included in the Index, a strategy known as “replication.” The subadviser may, however, utilize an “optimization” strategy in circumstances in which replication is difficult or impossible, such as if the Portfolio has low asset levels and cannot replicate, to reduce trading costs or to gain exposure to securities that the Portfolio cannot access directly. The goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, price-to-book, price-to-earnings, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">debt-to-asset ratios and dividend yields) closely approximate those of the Index. Stocks not in the Index may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index. Under normal circumstances, the Portfolio invests substantially all, but at least 80%, of its net assets in securities included in the Index or in securities that the subadviser determines have economic characteristics that are comparable to the economic characteristics of securities included in the Index, including derivatives, such as contracts for difference. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be concentrated in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the stocks included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may become non-diversified (which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund), solely as a result of a change in the relative market capitalization or index weighting of one or more of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index constituents.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks may lack the dividend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain techniques available to other mutual funds to reduce stock market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In order to replicate the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">composition of the Index, the Portfolio’s total assets may at times be invested in multiple issuers representing more than 5% of the Portfolio’s total assets. As a result, the Portfolio may, from time to time, become “non-diversified.” A non-diversified fund may invest a larger portion of assets in the securities of a single company than a diversified fund. By concentrating in a smaller number of issuers, the Portfolio’s risk may be increased because the effect of each security on the Portfolio’s performance is </span><span style="color:#000000;font-family:Arial;font-size:10pt;">greater.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica </span><span style="font-family:Arial;font-size:10pt;">Asset Management, LLC</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">(“SunAmerica”) </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index, which is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock Investment Management, LLC assumed subadvisory duties of the Portfolio on April 30, 2025. Prior </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to April 30, 2025, SunAmerica managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index, which is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.95%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.83%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-8.20%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.2595 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.2083 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0820 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.2180 0.1465 0.1693 2018-05-01 0.2151 0.1435 0.1664 2018-05-01 0.1788 0.1442 0.1506 0.2218 0.1504 0.1753 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the stocks included in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Composite Stock Price Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0036 0.0036 0 0.0025 0.0003 0.0003 0.0039 0.0064 -0.0014 -0.0014 0.0025 0.0050 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 26 111 205 479 51 191 343 785 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">9%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.09 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal circumstances, at least 90% of its net assets in common stocks included in the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Composite Stock Price Index (the “Index”). The Index tracks the common stock performance of 500 large-capitalization companies publicly traded in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">United States. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser primarily seeks to achieve the Portfolio’s objective by investing in all or substantially all of the stocks included in the Index, a strategy known as “replication.” The subadviser may, however, utilize an “optimization” strategy in circumstances in which replication is difficult or impossible, such as if the Portfolio has low asset levels and cannot replicate, to reduce trading costs or to gain exposure to securities that the Portfolio cannot access directly. The goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:10pt;">., price-to-book, price-to-earnings, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">debt-to-asset ratios and dividend yields) closely approximate those of the Index. Stocks not in the Index may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index. Under normal circumstances, the Portfolio invests substantially all, but at least 80%, of its net assets in securities included in the Index or in securities that the subadviser determines have economic characteristics that are comparable to the economic characteristics of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities included in the Index, including derivatives, such as contracts for difference. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be concentrated in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the stocks included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain techniques available to other mutual funds to reduce stock </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> While hedging strategies can be very </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio’s securities are not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock Investment Management, LLC assumed subadvisory duties of the Portfolio on April 30, 2025. Prior </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to April 30, 2025, SunAmerica managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">20.52%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.72%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-4.39%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.2052 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1972 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0439 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1756 0.1411 0.1446 0.1727 0.1383 0.1396 2017-10-06 0.1788 0.1442 0.1482 0.1460 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0030 0.0030 0 0.0025 0.0006 0.0006 0.0036 0.0061 -0.0001 -0.0001 0.0035 0.0060 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 36 115 201 455 61 194 339 761 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">42%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to provide investment results that correspond with the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index (the “Index”). The Index measures the performance of large-cap U.S. dollar-denominated U.S. equities as determined using three factors: the ratios of book value, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">earnings and sales to price. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser primarily seeks to achieve the Portfolio’s objective by investing in all or substantially all of the stocks included in the Index, a strategy known as “replication.” The subadviser may, however, utilize an “optimization” strategy in circumstances in which replication is difficult or impossible, such as if the Portfolio has low asset levels and cannot replicate, to reduce trading costs or to gain exposure to securities that the Portfolio cannot access directly. The goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, price-to-book, price-to-earnings, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">debt-to-asset ratios and dividend yields) closely approximate those of the Index. Stocks not in the Index may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index. Under normal circumstances, the Portfolio invests substantially all, but at least 80%, of its net assets in securities included in the Index or in securities that the subadviser determines have economic characteristics that are comparable to the economic characteristics of securities included in the Index, including derivatives, such as contracts for difference. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be concentrated in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the stocks included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> SunAmerica’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain techniques available to other mutual funds to reduce stock market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index, which is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock Investment Management, LLC assumed subadvisory duties of the Portfolio on April 30, 2025. Prior </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to April 30, 2025, SunAmerica managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index, which is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">14.39%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.22%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-0.10%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-12-31 0.1439 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2522 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0010 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1280 0.1256 0.1123 2018-05-01 0.1257 0.1228 0.1095 2018-05-01 0.1788 0.1442 0.1506 0.1319 0.1296 0.1154 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0065 0.0065 0.0065 0 0.0015 0.0025 0.0003 0.0003 0.0003 0.0068 0.0083 0.0093 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 69 218 379 847 85 265 460 1025 95 296 515 1143 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">56%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.56 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets in securities of large capitalization companies. For purposes of such policy, the Portfolio will consider large capitalization companies to be those with market capitalizations similar to companies in the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest in foreign securities up to 20% of net assets, including securities of issuers located in emerging markets. The subadviser normally invests the Portfolio’s assets across different industries and sectors, but the subadviser may invest a significant percentage of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Portfolio’s assets in a single industry or sector. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser focuses on investing the Portfolio’s assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (“growth companies”). Growth companies tend to have stock prices that are high relative to their earnings, dividends, book value, or other financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">measures. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser uses an active bottom-up approach to buying and selling investments for the Portfolio. Investments are selected primarily based on blending fundamental and quantitative research. The subadviser uses fundamental analysis of individual issuers and their potential in light of their financial condition and market, economic, political, and regulatory conditions to determine a fundamental rating for an issuer. Factors considered may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability. The subadviser may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer’s governance structure and practices, data protection and privacy issues, and diversity and labor practices. The subadviser uses quantitative analysis, including quantitative models that systematically evaluate an issuer’s valuation, price and earnings momentum, earnings quality, and other factors to determine a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">quantitative rating for an issuer. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser combines the fundamental rating with the quantitative rating to create a blended rating for an issuer. When a fundamental rating is not available, the subadviser treats the issuer as having a neutral fundamental rating. (The subadviser’s quantitative research generates ratings on a greater number of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">issuers than the subadviser’s fundamental research.) </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, volatility, and other factors. The portfolio managers have the discretion to adjust the inputs and parameters used in the optimization process and the Portfolio’s holdings based on factors such as the desired portfolio characteristics and the portfolio managers’ qualitative assessment of the optimization results. The goal is to construct an actively managed portfolio with a target predicted tracking error of approximately 2% compared to the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index (the Index). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Tracking error generally measures how the differences between the Portfolio’s returns and the Index’s returns have varied over a period of time. A lower tracking error means that there is generally less variation between the Portfolio’s returns compared to an index that represents the Portfolio’s investment universe. Third party quantitative risk models are used in the portfolio construction process and to measure the predicted </span><span style="color:#000000;font-family:Arial;font-size:10pt;">tracking error of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">For purposes of the Portfolio’s 80% policy, net assets include the amount of any borrowings for investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is non-diversified, which means that it may invest its assets in a smaller number of issuers than a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">diversified portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests substantially in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">growth style stocks. Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Quantitative Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">selected using quantitative analysis can react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes may not be reflected in the quantitative model.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is organized as a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">“non-diversified” fund. A non-diversified fund may invest a larger portion of assets in the securities of a single company than a diversified fund. By concentrating in a smaller number of issuers, the Portfolio’s risk may be increased because the effect of each security on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio’s performance is greater.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Massachusetts Financial Services Company (“MFS”) assumed subadvisory duties of the Portfolio on October 1, 2013. Prior to October 1, 2013, SunAmerica managed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.54%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.66%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-8.25%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.2554 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.1966 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0825 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1664 0.1512 0.1616 0.1652 0.1496 0.1599 0.1639 0.1485 0.1587 0.1788 0.1442 0.1482 0.1856 0.1532 0.1813 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are reasonable growth of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">income and long term growth and appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0070 0.0070 0.0070 0 0.0015 0.0025 0.0004 0.0004 0.0004 0.0074 0.0089 0.0099 -0.0004 -0.0004 -0.0004 0.0070 0.0085 0.0095 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 72 233 408 915 87 280 489 1092 97 311 543 1209 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">28%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.28 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal market conditions, at least 65% of its assets in equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, and depositary receipts for such securities. The Portfolio may invest up to 25% of its net assets in foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In selecting investments for the Portfolio, the subadviser is not constrained by any particular investment style. The subadviser may invest the Portfolio’s assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. While the Portfolio may invest its assets in securities of companies of any size, the Portfolio primarily invests in securities of companies with large </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser normally invests the Portfolio’s assets across different industries and sectors, but the subadviser may invest a significant percentage of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">assets in a single industry or sector. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser uses an active bottom-up investment approach to buying and selling investments for the Portfolio. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability. The subadviser may also consider environmental, social and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer’s governance structure and practices, data protection and privacy issues, and diversity and labor practices. Quantitative screening tools that systematically evaluate an issuer’s valuation, price and earnings momentum, earnings quality, and other factors may also be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">considered.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or “call” certain of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Depositary receipts are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exchange and therefore are subject to illiquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks may lack the dividend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">19.67%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.45%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-3.96%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1967 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2045 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0396 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1382 0.1148 0.1265 0.1365 0.1131 0.1248 0.1352 0.1120 0.1237 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are reasonable current income, long term capital growth and conservation of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0066 0.0066 0.0066 0 0.0015 0.0025 0.0005 0.0005 0.0005 0.0071 0.0086 0.0096 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 73 227 395 883 88 274 477 1061 98 306 531 1178 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">25%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.25 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goal by investing in a combination of equity and fixed income securities. Under normal market conditions, the Portfolio will generally invest approximately 60% of its assets in equity securities and approximately 40% of its assets in debt instruments. These weightings do not reflect the Portfolio’s cash balance and can vary over time due to market movement and cash flows. The Portfolio’s investments in fixed income securities may include, but are not limited to, corporate bonds, U.S. Government securities, mortgage- and asset-backed securities and foreign government securities. The Portfolio may also purchase and sell debt instruments on a when-issued, delayed delivery, or forward commitment basis where payment and delivery take place at a future settlement date, including mortgage-backed securities purchased or sold in the to be announced (TBA) market. Generally, substantially all of the Portfolio’s investments in debt instruments are investment grade quality debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest in foreign securities (up to 25% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">net assets). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Of the Portfolio’s investments in equity securities, the subadviser focuses on investing in the stocks of companies that it believes are undervalued compared to their perceived worth (value companies). Value companies tend to have stock prices that are low relative to their earnings, dividends, assets, or other financial measures. The subadviser normally invests a portion of the Portfolio’s assets in income-producing equity securities. While the Portfolio may invest the equity portion of its assets in companies of any size, the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">primarily invests in companies with large capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser uses an active bottom-up investment approach to buying and selling investments for the Portfolio. Investments are selected primarily based on </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">fundamental analysis of individual issuers and/or instruments in light of the issuer’s financial condition and market, economic, political, and regulatory conditions. Factors considered for equity securities may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability. Factors considered for debt instruments may include the instrument’s credit quality, collateral characteristics, and indenture provisions, and the issuer’s management ability, capital structure, leverage, and ability to meet its current obligations. The subadviser may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer’s governance structure and practices, data protection and privacy issues, and diversity and labor practices. Quantitative screening tools that systematically evaluate the valuation, price and earnings momentum, earnings quality, and other factors of the issuer of an equity security or the structure of a debt instrument may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">also be considered.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">When-Issued </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Securities and Delayed Delivery and </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Forward Commitment </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Transactions Risk.</span><span style="font-family:Arial;font-size:10pt;"> When-issued</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> and delayed delivery securities involve the risk that the security the Portfolio buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Portfolio may lose both the investment opportunity for the assets it set aside </span><span style="font-family:Arial;font-size:10pt;">to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">transactions that may expose it to leverage risk, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions and derivatives. The use of leverage may cause the Portfolio to liquidate portfolio positions at inopportune times in order to meet regulatory asset coverage requirements, fulfill leverage contract terms, or for other reasons. Leveraging, including borrowing, tends to increase the Portfolio’s exposure to market risk, interest rate risk or other risks, and thus may cause the Portfolio to be more volatile than if the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">had not utilized leverage.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or “call” certain of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Depositary receipts are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">receipts. Certain depositary receipts are not listed on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exchange and therefore are subject to illiquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Sovereign Debt Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Foreign sovereign debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities are subject to the risk that a governmental entity may delay or refuse to pay interest or to repay principal on its sovereign debt. If a governmental entity defaults, it may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ask for more time in which to pay or for further loans.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by bond issuers.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Extension Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances the value of the obligation will decrease, and the Portfolio will also suffer </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from the inability to invest in higher yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">characteristics of mortgage-backed and asset-backed securities differ from traditional fixed income securities. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities are also </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 40% Bloomberg U.S. Aggregate Bond Index and 60% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Blended Index”). The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">12.01%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-14.34%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">1.34%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1201 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1434 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0134 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1099 0.0630 0.0752 0.1083 0.0614 0.0736 0.1069 0.0603 0.0725 0.1788 0.1442 0.1482 0.1370 0.0847 0.0978 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the S&amp;P MidCap </span><span style="color:#000000;font-family:Arial;font-size:10pt;">400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0030 0.0030 0 0.0025 0.0007 0.0007 0.0037 0.0062 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 38 119 208 468 63 199 346 774 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">24%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.24 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to provide investment results that correspond with the performance of the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”). The Index is a capitalization-weighted</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;"> index designed to measure the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mid-sized companies in the United States. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser primarily seeks to achieve the Portfolio’s objective by investing in all or substantially all of the stocks included in the Index, a strategy known as “replication.” The subadviser may, however, utilize an “optimization” strategy in circumstances in which replication is difficult or impossible, such as if the Portfolio has low asset levels and cannot replicate, to reduce trading costs or to gain exposure to securities that the Portfolio cannot access directly. The goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, price-to-book, price-to-earnings, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">debt-to-asset ratios and dividend yields) closely approximate those of the Index. Stocks not in the Index may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index. Under normal circumstances, the Portfolio invests substantially all, but at least 80%, of its net assets in securities included in the Index or in securities that the subadviser determines have economic characteristics that are comparable to the economic characteristics of securities included in the Index, including derivatives, such as contracts for differences. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be concentrated in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the stocks included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Medium Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Securities of medium </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">sized companies are usually more volatile and entail </span><span style="color:#000000;font-family:Arial;font-size:10pt;">greater risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">REITs are trusts </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest primarily in commercial real estate, residential real estate or real estate related loans. The value of an interest in a REIT may be affected by the value and the cash flows of the properties owned or the quality of the mortgages held by the REIT. The performance of a REIT depends on current economic conditions and the types of real property in which it invests and how well the property is managed. If a REIT concentrates its investments in a geographic region or property type, changes in underlying real estate values may have an exaggerated effect on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value of the REIT.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">techniques available to other mutual funds to reduce stock market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock Investment Management, LLC assumed subadvisory duties of the Portfolio on April 30, 2025. Prior </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to April 30, 2025, SunAmerica managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">24.28%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-29.77%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">2.43%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-12-31 0.2428 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2977 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0243 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0707 0.0866 0.0905 2017-02-06 0.0676 0.0839 0.0878 2017-02-06 0.1715 0.1315 0.1428 0.0750 0.0912 0.0943 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is to seek maximum total </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return, consistent with preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0064 0.0064 0.0064 0 0.0015 0.0025 0.0031 0.0031 0.0031 0.0013 0.0013 0.0013 0.0018 0.0018 0.0018 0.0095 0.0110 0.0120 -0.0002 -0.0002 -0.0002 0.0093 0.0108 0.0118 <span style="font-family:Arial;font-size:8pt;">April 30, 2027 </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 95 301 524 1165 110 348 604 1338 120 379 658 1453 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10pt;">267%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its </span><span style="font-family:Arial;font-size:10pt;">portfolio.</span> 2.67 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets in Fixed Income Instruments and related forwards or derivatives such as options, futures contracts or swap agreements, with similar economic and risk characteristics. “Fixed Income Instruments” include: securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (“U.S. Government Securities”); corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or “indexed” securities and event-linked bonds; bank capital and trust preferred securities; loan participations and assignments; delayed funding loans and revolving credit facilities; bank certificates of deposit, fixed time deposits and bankers’ acceptances; repurchase agreements on Fixed Income Instruments and reverse repurchase agreements on Fixed Income Instruments; debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">governments or their subdivisions, agencies and government-sponsored enterprises; obligations of international agencies or supranational entities; and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">derivatives on Fixed Income Instruments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio invests primarily in investment grade debt investments, but may invest up to 20% of its total assets in high yield investments (“junk bonds”). The Portfolio may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements. The Portfolio may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may engage in short sales. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio will invest in securities that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. The Portfolio normally invests at least 25% of its net assets in instruments that are economically tied to foreign (non-U.S.) countries. Securities may be denominated in major foreign currencies or the U.S. dollar. The Portfolio will normally hedge its foreign currency exposure (from non-U.S. dollar denominated securities or currencies) but may tactically seek foreign currency </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure up to 20% of its total assets. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The average portfolio duration normally varies between two and eight years. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. The Portfolio may also invest up to 10% of its total assets in preferred securities. The subadviser may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">frequent and active trading of portfolio securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified portfolio. The Portfolio, from time to time, may have significant investments in one or more countries or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">particular sectors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Sovereign Debt Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Foreign sovereign debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities are subject to the risk that a governmental entity may delay or refuse to pay interest or to repay principal on its sovereign debt. If a governmental entity defaults, it may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ask for more time in which to pay or for further loans.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> While hedging strategies can be very </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio’s securities are not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">transactions that may expose it to leverage risk, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions and derivatives. The use of leverage may cause the Portfolio to liquidate portfolio positions at inopportune times in order to meet regulatory asset coverage requirements, fulfill leverage contract terms, or for other reasons. Leveraging, including borrowing, tends to increase the Portfolio’s exposure to market risk, interest rate risk or other risks, and thus may cause the Portfolio to be more volatile than if the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">had not utilized leverage.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is organized as a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">“non-diversified” fund. A non-diversified fund may invest a larger portion of assets in the securities of a single company than a diversified fund. By concentrating in a smaller number of issuers, the Portfolio’s risk may be increased because the effect of each security on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio’s performance is greater.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">characteristics of mortgage-backed and asset-backed securities differ from traditional fixed income securities. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities are also </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio may engage in forward foreign currency transactions for speculative purposes. The Portfolio may purchase or sell foreign currencies through the use of forward contracts based on the subadviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the subadviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the subadviser’s expectations may produce significant losses for the Portfolio. Some of the transactions may also be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to interest rate risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Illiquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An illiquid investment is any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquidity risk exists when particular investments are difficult to sell. Although most of the Portfolio’s investments must be liquid at the time of investment, investments may lack liquidity after purchase by the Portfolio, particularly during periods of market turmoil. When the Portfolio holds illiquid investments, its investments may be harder to value, especially in changing markets, and if the Portfolio is forced to sell these investments to meet redemption requests or for other cash needs, the Portfolio may suffer a loss. In addition, when there is illiquidity in the market for certain investments, the Portfolio, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Portfolio’s share price may fall dramatically. Portfolios that invest in non-investment grade fixed income securities and emerging market country issuers will be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all securities within a particular investment category, will shrink or disappear suddenly and without warning as a  result of adverse economic, market or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">political events, or adverse investor perceptions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Sector risk is the possibility that a certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">sector may underperform other sectors or the market as a whole. As a Portfolio allocates more of its portfolio holdings to a particular sector, the Portfolio’s performance will be more susceptible to any economic, business or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other developments which generally affect that sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Short Sales Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Short sales by the Portfolio involve </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security, because losses from short sales are potentially unlimited, whereas losses from purchases can be no greater than the total amount </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invested.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">When-Issued </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Securities and Delayed Delivery and </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Forward Commitment </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Transactions Risk.</span><span style="font-family:Arial;font-size:10pt;"> When-issued</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> and delayed delivery securities involve the risk that the security the Portfolio buys will lose value prior to its delivery. There also is the risk that the security will not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">issued or that the other party to the transaction will not meet its obligation. If this occurs, the Portfolio may lose both the investment opportunity for the assets it set aside </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index) and the Bloomberg Global Aggregate Index (USD-hedged), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">prior to April 29, 2024, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Goldman Sachs Global Bond Portfolio.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Effective April 29, 2024, Pacific Investment Management Company, LLC (“PIMCO”) replaced Goldman Sachs Asset Management International (“GSAM”) as subadviser to the Portfolio. Prior to April 29, 2024, GSAM served as </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index) and the Bloomberg Global Aggregate Index (USD-hedged), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">8.69%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-9.32%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.11%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.0869 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.0932 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0211 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0907 -0.0337 0.0061 0.0888 -0.0351 0.0045 0.0872 -0.0361 0.0035 0.0817 -0.0215 0.0126 0.0486 0.0034 0.0239 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is long-term capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0083 0.0083 0.0083 0 0.0015 0.0025 0.0009 0.0009 0.0009 0.0092 0.0107 0.0117 -0.0008 -0.0008 -0.0008 0.0084 0.0099 0.0109 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 86 285 501 1124 101 332 582 1298 111 364 636 1413 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">48%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.48 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve its investment goal by investing, under normal circumstances, in a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries. The stocks are selected by the Portfolio’s subadviser, Pacific Investment Management Company, LLC (“PIMCO”), and sub-subadviser, Research Affiliates, LLC (“Research Affiliates”), from a broad universe of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">companies whose securities are sufficiently liquid. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">For portfolio construction, the subadviser and the sub-subadviser use a rules-based model developed by Research Affiliates (the “RAE methodology”) that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, value, quality and momentum (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">whether a company’s share price is trending up or down). The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, sales, cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">flow dividends and book value. Actual stock positions in the Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The sub-subadviser, among other things, provides the subadviser with the constituents and target weights for the Portfolio. The RAE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> methodology’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">systematic portfolio rebalancing reflects a value orientation, as the Portfolio would be invested in securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that are believed to be undervalued in the market. Portfolio managers do not have discretion with respect to the allocations determined by the RAE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> methodology. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">RAE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> methodology is not updated according to any </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">predetermined schedule. The Portfolio seeks to remain invested in securities indicated for investment by the RAE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">methodology even when the values of those securities are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">declining. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The RAE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> methodology would indicate that a stock </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">position should be sold when the company’s price overstates its economic size as measured by its fundamental size. Additionally, the RAE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> methodology </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may indicate that a stock should be sold because it has become more expensive or has reduced quality or momentum relative to other companies within the universe </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of investable stocks. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest, without limitation, in equity securities and equity-related securities, including common and preferred securities and equity derivatives, and there is no limitation on the market capitalization range of the issuers of equity securities in which the Portfolio may invest. The Portfolio may invest in depositary receipts if pricing and liquidity are more attractive than ordinary equity securities of foreign companies. The Portfolio may also invest in real estate investment trusts (“REITs”). The Portfolio may invest, without limitation, in securities and instruments denominated in foreign currencies and in securities of foreign issuers, including </span><span style="color:#000000;font-family:Arial;font-size:10pt;">emerging market issuers.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The RAE methodology’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indication that a particular security is undervalued in relation to the company’s fundamental economic value </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may prove incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s and sub-subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor </span><span style="font-family:Arial;font-size:10pt;">performance even in a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because the investment techniques and risk analyses applied by the subadviser and sub-sub-adviser, including the use of quantitative models or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">methods, may not produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Model Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A subadviser’s investment models may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">adequately take into account certain factors and may result in the Portfolio having a lower return than if the Portfolio were managed using another model or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investment strategy. Models may depend heavily on the accuracy and reliability of historical data that is supplied by third parties or other external sources. When a model or data used in managing the Portfolio contains an error, or is incorrect or incomplete, any investment decision made in reliance on the model or data may not produce the desired results and the Portfolio may realize losses. In addition, the investment models used by a subadviser to evaluate securities or securities markets are based on certain assumptions concerning the interplay of market factors. The markets or the prices of individual securities may be affected by factors not foreseen in developing the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">models.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">REITs are trusts </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest primarily in commercial real estate, residential real estate or real estate related loans. The value of an interest in a REIT may be affected by the value and the cash flows of the properties owned or the quality of the mortgages held by the REIT. The performance of a REIT depends on current economic conditions and the types of real property in which it invests and how well the property is managed. If a REIT concentrates its investments in a geographic region or property type, changes in underlying real estate values may have an exaggerated effect on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value of the REIT.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the  Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the  Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Illiquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An illiquid investment is any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquidity risk exists when particular investments are difficult to sell. Although most of the Portfolio’s investments must be liquid at the time of investment, investments may lack liquidity after purchase by the Portfolio, particularly during periods of market turmoil. When the Portfolio holds illiquid investments, its investments may be harder to value, especially in changing markets, and if the Portfolio is forced to sell these investments to meet redemption requests or for other cash needs, the Portfolio may suffer a loss. In addition, when there is illiquidity in the market for certain investments, the Portfolio, due to limitations on illiquid investments, may be unable to achieve its desired </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level of exposure to a certain sector. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Portfolio’s share price may fall dramatically.  Portfolios that invest in non-investment grade fixed income securities and emerging market country issuers will be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all securities within a particular investment category, will shrink or disappear suddenly and without warning as a result of adverse economic, market or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">political events, or adverse investor perceptions.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Brexit Risk.</span><span style="font-family:Arial;font-size:10pt;"> On January 31, 2020, the United Kingdom </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">(the “UK”) withdrew from the European Union (</span><span style="font-family:Arial;font-size:10pt;">“EU”) </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">(</span><span style="font-family:Arial;font-size:10pt;">commonly referred to as “Brexit”). The UK’s withdrawal </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">was subject to a transition period that ended on December</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">31,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">2020,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and the UK and EU entered into a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">new trading relationship effective January</span><span style="font-family:Arial;font-size:10pt;"> 1, 2021. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Although Brexit has occurred,</span><span style="font-family:Arial;font-size:10pt;"> the UK -EU relationship </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">continues to evolve, including with respect to areas not comprehensively addressed by the current framework (</span><span style="font-family:Arial;font-size:10pt;">including certain services and financial services).</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Brexit </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">has caused</span><span style="font-family:Arial;font-size:10pt;">, and may continue to cause,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">volatility in UK, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">EU, and global markets and may negatively affect issuers and markets through, among other things, business and trade disruptions, increased volatility and illiquidity, currency fluctuations, potentially lower economic growth, and </span><span style="font-family:Arial;font-size:10pt;">legal and regulatory uncertainty</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">(including the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">potential for divergent UK and EU laws and regulations)</span><span style="font-family:Arial;font-size:10pt;">. These developments could adversely affect the value, liquidity, and/or valuation of the Portfolio’s investments </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">(</span><span style="font-family:Arial;font-size:10pt;">including investments in issuers with significant UK or EU </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">exposure)</span><span style="font-family:Arial;font-size:10pt;"> and could make it more difficult for the Portfolio </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">to enter into,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">value,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">or dispose of certain investments on favorable terms.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Depositary receipts are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exchange and therefore are subject to illiquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate or benchmark (i.e., stock options, futures, caps, floors, etc.). Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">market risk and counterparty risk.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index) and the MSCI EAFE Value Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to January 25, 2021, as reflected in the Bar Chart and Table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Templeton Foreign Value Portfolio.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Prior to January 25, 2021, the Portfolio was subadvised by Templeton Investment Counsel, LLC. PIMCO assumed subadvisory responsibility for the Portfolio and Research Affiliates assumed sub-subadvisory responsibility for the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio on January 25, 2021.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index) and the MSCI EAFE Value Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. The Portfolio’s returns prior to January 25, 2021, as reflected in the Bar Chart and Table, are the returns of the Portfolio when it followed different investment strategies under the name “SA Templeton Foreign Value Portfolio.”</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 2 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.31%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.59%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">10.53%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-12-31 0.1831 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2459 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.1053 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.3630 0.1027 0.0626 0.3603 0.1011 0.0609 0.3591 0.1000 0.0599 0.3122 0.0892 0.0818 0.4225 0.1336 0.0869 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are high current income </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0064 0.0064 0.0064 0 0.0015 0.0025 0.0012 0.0012 0.0012 0.0076 0.0091 0.0101 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 78 243 422 942 93 290 504 1120 103 322 558 1236 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">48%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.48 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing, under normal circumstances, at least 80% of its net assets in intermediate and long-term corporate obligations, emphasizing high-yield, high-risk fixed income securities (junk bonds) with a primary focus on “B” </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rated high-yield securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In addition to junk bonds, the Portfolio may invest in other fixed income securities, primarily loans, convertible bonds, preferred stocks and zero coupon and deferred interest bonds. To a lesser extent, the Portfolio also may invest in U.S. government securities, investment grade bonds and pay-in-kind bonds. The Portfolio may invest in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">foreign securities and may make short-term investments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may engage in frequent trading of portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities to achieve its investment goal.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Quality Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An issuer with a lower credit rating </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investor perceptions than other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Loan Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Loans are subject to the credit risk of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and illiquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may lack liquidity or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the Portfolio could experience delays or limitations with respect to its ability to realize the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">benefits of any collateral securing a loan.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or “call” certain of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Universal Bond Index (a broad-based securities market index) and the ICE BofA US High Yield Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Universal Bond Index (a broad-based securities market index) and the ICE BofA US High Yield Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">9.48%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-11.33%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-0.38%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.0948 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1133 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0038 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0836 0.0533 0.0721 0.0819 0.0515 0.0703 0.0816 0.0505 0.0694 0.0758 0.0006 0.0244 0.0850 0.0450 0.0645 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are growth of capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, current income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0094 0.0094 0.0094 0 0.0015 0.0025 0.0010 0.0009 0.0009 0.0104 0.0118 0.0128 -0.0010 -0.0010 -0.0010 0.0094 0.0108 0.0118 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 96 321 564 1262 110 365 639 1423 120 396 693 1536 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">20%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.20 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio attempts to achieve its goal by investing primarily in common stocks of companies outside the U.S. that the subadviser considers undervalued by the market and that the subadviser believes offer a potential for income. The Portfolio primarily invests in large cap foreign stocks and will also invest in mid-cap foreign stocks. The Portfolio invests mainly in developed countries, but may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invest in emerging markets. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio will invest mainly in value stocks. Value stocks are those that the subadviser believes are currently </span><span style="color:#000000;font-family:Arial;font-size:10pt;">undervalued by the market. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In addition, the Portfolio may, but is not required to, use derivatives and invest in fixed income securities (up to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">20% of net assets), including junk bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities of mid-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio could lose money if the issuer </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of a debt security is unable or perceived to be unable to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay interest or repay principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica Asset Management, LLC (“SunAmerica”) serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index) and the MSCI EAFE Value Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index) and the MSCI EAFE Value Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">21.74%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-26.05%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">2.42%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-12-31 0.2174 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.2605 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0242 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.3527 0.1289 0.0906 0.3507 0.1272 0.0890 0.3495 0.1259 0.0879 0.3122 0.0892 0.0818 0.4225 0.1336 0.0869 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is to seek capital appreciation and income while managing portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0084 0.0084 0 0.0025 0.0009 0.0009 0.0001 0.0001 0.0094 0.0119 -0.0003 -0.0003 0.0091 0.0116 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 93 297 517 1152 118 375 651 1441 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.59 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve its investment goal through flexible asset allocation driven by tactical and thematic ideas. The Portfolio obtains broad exposure to equity, fixed income and currency asset classes by investing in securities, exchange-traded funds (“ETFs”) and derivatives that provide exposure to these asset classes. The Portfolio invests in, or obtains exposure to, equity and fixed income securities of both U.S. and foreign corporate and governmental issuers, including emerging market issuers. The Portfolio normally invests in, or obtains exposure to, investments in a number of different countries around the world. In addition, the subadviser employs a “VCP” (Volatility Control Portfolio) risk </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management process intended to manage the volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">level of the Portfolio’s annual returns. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal market conditions, the Portfolio targets an allocation of approximately 60% of its net assets to equity exposure and approximately 40% of its net assets to fixed income exposure, although the Portfolio’s equity exposure may range from approximately 50-70% of its net assets and its fixed income exposure may range from approximately 20-50% of its net assets. The Portfolio’s overall net equity exposure may be reduced to less than 50% and the net fixed income exposure to less than 20% through the volatility control process described below. The subadviser makes use of fundamental macro research and proprietary asset allocation models to aid the asset allocation decision making process. By adjusting investment exposures among the various asset classes in the Portfolio, the subadviser seeks to reduce overall portfolio volatility and mitigate the effects of extreme market environments, while continuing to pursue the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio’s investment goal. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The equity securities in which the Portfolio intends to invest, or obtain exposure to, include common and preferred stocks, warrants and convertible securities. The Portfolio may invest in, or obtain exposure to, equity securities of companies of any market capitalization. The foreign equity securities in which the Portfolio intends to invest, or obtain exposure to, may be denominated in U.S. dollars or foreign currencies and may be currency hedged or unhedged. The Portfolio will limit its investments in equity securities of emerging market issuers to 10% of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">net assets. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s fixed income exposure will be obtained through investment in, or exposure to, a range of fixed income instruments, including U.S. corporate debt securities, U.S. Government securities, foreign sovereign debt and supranational debt. The Portfolio may also invest in or obtain exposure to, other fixed income securities, including mortgage-backed and asset-backed securities, collateralized debt obligations, municipal securities, variable and floating rate obligations, zero coupon bonds, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and TIPS. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In selecting securities for the Portfolio, the subadviser integrates environmental, social and governance (“ESG”) factors into its investment process. The subadviser evaluates the impact and risk around issues such as climate change, environmental performance, labor standards and corporate governance, which it views as important in its assessment of an issuer’s risk and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">potential for profitability. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may make substantial use of derivatives. The subadviser may seek to obtain, or reduce, exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to one or more asset classes through the use of exchange-traded or over-the-counter derivatives, such as futures contracts, currency forwards, interest rate swaps, total return swaps, credit default swaps, inflation swaps, options (puts and calls) purchased or sold by the Portfolio, and structured notes. The Portfolio may use derivatives for a variety of purposes, including: as a hedge against adverse changes in the market price of securities, interest rates, or currency exchange rates; as a substitute for purchasing or selling securities; to increase the Portfolio’s return as a non-hedging strategy that may be considered </span><span style="color:#000000;font-family:Arial;font-size:10pt;">speculative; and to manage portfolio characteristics. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio incorporates a volatility control process that seeks to limit the volatility of the Portfolio to 10%. Volatility is a statistical measure of the magnitude of changes in the Portfolio’s returns over time without regard to the direction of those changes. The subadviser may use a variety of equity and fixed income futures and currency forwards as the principal tools to implement the volatility management strategy. In addition, the subadviser will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Portfolio’s exposure to certain severe and unanticipated market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">events that could significantly detract from returns. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Due to this volatility control process, the percentage of the Portfolio’s assets invested in cash and short-term cash equivalents will vary and may be significant during times of severe and unanticipated market events. Substantial holdings in cash or cash equivalents could reduce the magnitude of losses incurred by the Portfolio during periods of falling markets or cause the Portfolio to miss investment opportunities during periods of rising markets. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Volatility is not a measure of investment performance. Volatility may result from rapid and dramatic price swings. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. The Portfolio could experience high levels of volatility in both rising and falling markets. Due to market conditions or other factors, the actual or realized volatility of the Portfolio for any particular period of time may be materially higher or lower </span><span style="color:#000000;font-family:Arial;font-size:10pt;">than the target maximum level. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s target maximum volatility level of 10% is not a total return performance target. The Portfolio does not expect its total return performance to be within any specified target range. It is possible for the Portfolio to maintain its volatility at or under its target maximum volatility level while having negative performance returns. Efforts to manage the Portfolio’s volatility could limit the Portfolio’s gains in rising markets, may expose the Portfolio to costs to which it would otherwise not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">been exposed, and if unsuccessful may result in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of convertible </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities may be affected by market interest rate fluctuations, credit risk and the value of the underlying common stock into which these securities may be converted. Issuers may have the right to buy back or “call” certain convertible securities at a time unfavorable to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will default on interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic conditions. Debt securities backed by an issuer’s taxing authority may be subject to legal limits on the issuer’s power to increase taxes or otherwise raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer’s taxing authority, and thus may have a greater risk of default. Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Government.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s adherence to its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ESG criteria and application of related analyses when selecting investments may impact the Portfolio’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Portfolio’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio’s investments may not have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">favorable ESG characteristics or high ESG ratings.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate or benchmark (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, stock options, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">counterparty risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is the risk that stock prices </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">will fall over short or extended periods of time. The Portfolio is indirectly exposed to this risk through its investments in futures contracts and other derivatives. Although the stock market has historically outperformed other asset classes over the long term, the stock market tends to move in cycles. Individual stock prices fluctuate from day-to-day and may underperform other asset classes over an extended period of time. These price movements may result from factors affecting individual </span><span style="color:#000000;font-family:Arial;font-size:10pt;">companies, industries or the securities market as a whole.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ETF Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Most ETFs are investment companies whose </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">shares are purchased and sold on a securities exchange. An investment in an ETF generally presents the same </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">primary risks as an investment in a conventional fund (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">one that is not exchange-traded) that has the same investment objectives, strategies and policies. However, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF’s shares may trade at a premium or a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the market segment or index that underlies its investment objective. To the extent that the Portfolio invests in an ETF, the Portfolio will indirectly bear its proportionate share of the management and other expenses that are charged by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ETF in addition to the expenses paid by the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Floating Rate Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Floating rate securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the impact of changes in market interest rates on the value of the security. However, the value of these securities may decline if their interest rates do not rise as much, or as quickly, as other interest rates. Conversely, these securities will not generally increase in value if interest rates decline. The absence of an active market for these securities could make it difficult for the Portfolio to dispose </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of them if the issuer defaults. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Variable and floating rate obligations normally will involve industrial development or revenue bonds which provide that the rate of interest is set as a specific percentage of a designated base rate, such as rates on Treasury Bonds or Bills or the prime rate at a major commercial bank, and that a bondholder can demand payment of the obligations on behalf of </span><span style="font-family:Arial;font-size:10pt;">the Portfolio on short notice at par plus </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">accrued interest, which amount may be more or less than the amount the bondholder paid for them. The maturity of floating or variable rate obligations (including participation interests therein) is deemed to be the longer of (i) the notice period required before </span><span style="font-family:Arial;font-size:10pt;">the Portfolio is entitled to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">receive payment of the obligation upon demand, or (ii) the period remaining until the obligation’s next interest rate adjustment. If not redeemed by </span><span style="font-family:Arial;font-size:10pt;">the Portfolio through the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">demand feature, the obligations mature on a specified date which may range up to thirty years from the date of </span><span style="font-family:Arial;font-size:10pt;">issuance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Sovereign Debt Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Foreign sovereign debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities are subject to the risk that a governmental entity may delay or refuse to pay interest or to repay principal on its sovereign debt. If a governmental entity defaults, it may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ask for more time in which to pay or for further loans.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Futures Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Futures are contracts involving the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the underlying commodity, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">commodity, security or financial index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A hedge is an investment made in order to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">reduce the risk of adverse price movements in a security, by taking an offsetting position in a related security (often a derivative, such as an option, futures contract or a short sale). While hedging strategies can be very useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the instruments being hedged may not be reduced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Illiquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An illiquid investment is any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquidity risk exists when particular investments are difficult to sell. Although most of the Portfolio’s investments must be liquid at the time of investment, investments may lack liquidity after purchase by the Portfolio, particularly during periods of market turmoil. When the Portfolio holds illiquid investments, its investments may be harder to value, especially in changing markets, and if the Portfolio is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">forced to sell these investments to meet redemption requests or for other cash needs, the Portfolio may suffer a loss. In addition, when there is illiquidity in the market for certain investments, the Portfolio, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Portfolio’s share price may fall dramatically. Portfolios that invest in non-investment grade fixed income securities and emerging market country issuers will be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all securities within a particular investment category, will shrink or disappear suddenly and without warning as a result of adverse economic, market or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">political events, or adverse investor perceptions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Asset-backed securities issued by trusts and special purpose corporations are backed by a pool of assets, such as credit card or automobile loan receivables representing the obligations of a number of different parties. Mortgage-backed securities directly or indirectly provide funds for mortgage loans made to residential home buyers. These include securities that represent interests in pools of mortgage loans made by lenders such as commercial banks, savings and loan institutions, mortgage bankers and others. They include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities, non-agency residential mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans or real property. The characteristics of these mortgage-backed and asset-backed securities </span><span style="font-family:Arial;font-size:10pt;">differ from traditional fixed-income securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">mortgage, particularly during periods of economic </span><span style="font-family:Arial;font-size:10pt;">downturn.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Prepayment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As a general rule, prepayments </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">increase during a period of falling interest rates and decrease during a period of rising interest rates. This can reduce the returns of the Portfolio because the Portfolio will have to reinvest that money at the lower prevailing interest rates. In periods of increasing interest rates, the occurrence of prepayments generally declines, with the effect that the securities subject to prepayment risk held by the Portfolio may exhibit price characteristics of longer-term</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Regulatory Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Derivative contracts, including, without </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">limitation, futures, swaps and currency forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are required to collect variation margin from the Portfolio and may be required by applicable regulations to collect initial margin from the Portfolio. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than money market funds) may not be posted as collateral under these regulations. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Portfolio, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, along with additional regulations under the Dodd-Frank Act regarding clearing and mandatory trading and trade reporting of derivatives, generally have increased the costs of trading in these instruments and, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">as a result, may affect returns to investors in the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Managing the Portfolio’s volatility may reduce the risks </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">assumed by the insurance company that sponsors your Variable Contract. This facilitates the insurance company’s ability to provide guaranteed benefits. These guarantees are optional and may not be associated with your Variable Contract. While the interests of the Portfolio’s shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing these guaranteed benefits are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face potential conflicts of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">interest. In particular, certain aspects of the Portfolio’s management have the effect of mitigating the financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance companies are subjected by </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing those guaranteed benefits. In addition, the Portfolio’s performance may be lower than similar </span><span style="font-family:Arial;font-size:10pt;">portfolios that do not seek to manage their volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Securities Selection Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A strategy used by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser, may fail to produce the intended return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government; these securities may be supported only by the ability to borrow from the U.S. Treasury or by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities issued or guaranteed by the U.S. Treasury.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Volatility Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subadviser’s strategy for managing portfolio volatility may not produce the desired result or that the subadviser is unable to trade certain derivatives effectively or in a timely manner. In addition, the minimum and maximum equity exposure limits may prevent the subadviser from fully managing portfolio volatility in certain market environments. There can be no guarantee that the Portfolio’s volatility will be below its target maximum level. Additionally, the volatility control process will not ensure that the Portfolio will deliver competitive returns. The use of derivatives in connection with the Portfolio’s managed volatility strategy may expose the Portfolio to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. Efforts to manage the Portfolio’s volatility could limit the Portfolio’s gains in rising markets and may expose the Portfolio to costs to which it would otherwise not have been exposed. The Portfolio’s managed volatility strategy may result in the Portfolio outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of positive market performance. The Portfolio’s managed volatility strategy also exposes shareholders to the risks of investing in derivative contracts. The subadviser uses a proprietary system to help it estimate the Portfolio’s expected volatility. The proprietary system used by the subadviser may perform differently than expected and may negatively affect performance and the ability of the Portfolio to maintain its volatility at or below its target maximum volatility level for various reasons, including errors in using or building the system, technical issues implementing the system, data issues and various nonquantitative factors (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, market or trading system dysfunctions, and investor fear or over-reaction).</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI World Index (net) (a broad-based securities market index), and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">blended index consists of 60% MSCI World Index (net) and 40% Bloomberg U.S. Corporate Investment Grade Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI World Index (net) (a broad-based securities market index), and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">10.42%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-12.32%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-3.61%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.1042 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.1232 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0361 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1272 0.0600 0.0576 2016-09-26 0.1232 0.0573 0.0598 2016-01-25 0.2109 0.1215 0.1314 0.1570 0.0722 0.0927 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index since inception returns reflect the inception date of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Class 3 Shares.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is investment results that correspond with the performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0035 0.0035 0 0.0025 0.0010 0.0010 0.0045 0.0070 -0.0004 -0.0004 0.0041 0.0066 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 42 140 248 563 67 220 386 867 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">29%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.29 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to provide investment results that correspond with the performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index (the “Index”). The Index measures the performance of small-capitalization companies in the United States. It is a subset of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, which comprises </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the 3,000 largest U.S. companies based on total market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capitalization. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser primarily seeks to achieve the Portfolio’s objective by investing in all or substantially all of the stocks included in the Index, a strategy known as “replication.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may, however, utilize an “optimization” strategy in circumstances in which replication is difficult or impossible, such as if the Portfolio has low asset levels and cannot replicate, to reduce trading costs or to gain exposure to securities that the Portfolio cannot access directly. The goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, price-to-book, price-to-earnings, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">debt-to-asset ratios and dividend yields) closely approximate those of the Index. Stocks not in the Index may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index. Under normal circumstances, the Portfolio invests substantially all, but at least 80%, of its net assets in securities included in the Index or in securities that the subadviser determines have economic characteristics that are comparable to the economic characteristics of securities included in the Index, including derivatives, such as contracts for difference. The Portfolio will not concentrate, except to approximately the same extent as the Index may concentrate, in the securities of any industry. It is not anticipated, however, that the Portfolio will, under normal circumstances, be concentrated in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities of any industry. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Because the Portfolio will generally not hold all of the stocks included in the Index, and because the Portfolio has expenses and the Index does not, the Portfolio will not duplicate the Index’s performance precisely. However, the subadviser believes there should be a close correlation between the Portfolio’s performance and that of the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in both rising and falling markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small Sized Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities of small-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">REITs are trusts </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest primarily in commercial real estate, residential real estate or real estate related loans. The value of an interest in a REIT may be affected by the value and the cash flows of the properties owned or the quality of the mortgages held by the REIT. The performance of a REIT depends on current economic conditions and the types of real property in which it invests and how well the property is managed. If a REIT concentrates its investments in a geographic region or property type, changes in underlying real estate values may have an exaggerated effect on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value of the REIT.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Failure to Match Index Performance Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The ability of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the underlying index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not deviate from its strategy, except to the extent necessary to comply with federal tax laws. If the Portfolio’s strategy is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio will not use certain techniques available to other mutual funds to reduce stock market exposure, the Portfolio may be more susceptible to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">general market declines than other funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other conditions or events.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Fund Rebalancing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cash at a time when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">BlackRock Investment Management, LLC assumed subadvisory duties of the Portfolio on April 30, 2025. Prior </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to April 30, 2025, SunAmerica managed the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities market index) and the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">31.15%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-30.70%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.79%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-12-31 0.3115 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.3070 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 0.0079 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1232 0.0554 0.0798 2017-02-06 0.1204 0.0528 0.0771 2017-02-06 0.1715 0.1315 0.1428 0.1281 0.0609 0.0829 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is to seek capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation and income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0069 0.0069 0 0.0025 0.0006 0.0006 0.0075 0.0100 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 77 240 417 930 102 318 552 1225 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">34%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.34 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal market conditions, the Portfolio targets an allocation of approximately 80% of its net assets to equity strategies and approximately 20% of its net assets to fixed income strategies, although the Portfolio’s allocation to equity strategies may range from approximately 70%-90% of its net assets and its allocation to fixed income strategies may range from approximately 10%-30% of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">net assets. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">When deciding upon overall allocations between stocks and fixed income securities, T. Rowe Price Associates, Inc. (“T. Rowe Price”), the Portfolio’s subadviser, may favor fixed income securities if the economy is expected to slow sufficiently to hurt corporate profit growth. When strong economic growth is expected, the subadviser may favor stocks. The fixed income securities in which the Portfolio intends to invest are primarily investment grade and are chosen from across the entire government and corporate markets. Maturities generally reflect the subadviser’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">outlook for interest rates. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">When selecting particular equity securities, T. Rowe Price will examine relative values and prospects among growth- and value-oriented stocks, domestic and foreign stocks, and small- to large-cap stocks. This process draws heavily upon the proprietary stock research expertise of T. Rowe Price. While the Portfolio maintains a diversified portfolio, T. Rowe Price may, at any particular time, shift stock selection toward markets or market sectors that appear to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">offer attractive value and appreciation potential. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">A similar security selection process applies to fixed income securities. When deciding whether to adjust duration, credit risk exposure, or allocations among the various sectors (for example, mortgage- and asset-backed securities), T. Rowe Price weighs such factors as the outlook for inflation and the economy, corporate earnings, expected interest rate movements and currency </span><span style="color:#000000;font-family:Arial;font-size:10pt;">valuations. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Securities may be sold for a variety of reasons, such as to effect a change in asset allocation, secure a gain, limit a loss, or redeploy assets into more promising </span><span style="color:#000000;font-family:Arial;font-size:10pt;">opportunities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio places an emphasis on managing risk relative to its benchmark index, which is comprised of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">following: 58% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 3% S&amp;P Midcap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index, 3% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 16% MSCI EAFE Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(net) and 20% Bloomberg U.S. Government/Credit Index (the “Blended Index”). To manage the Portfolio’s risk relative to the Blended Index, T. Rowe Price intends to tactically adjust the Portfolio’s equity and fixed income allocation, if required by the Portfolio’s risk management parameters. These risk management parameters include restrictions designed to limit how far the Portfolio’s returns are permitted to deviate from those of the Blended Index. Such restrictions may result in the Portfolio having returns that track the Blended Index more consistently and more closely than would otherwise be the case. These restrictions may prevent a significant deviation from the returns of the Blended Index, but may also limit the Portfolio’s ability to outperform the returns of the Blended </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s ability to achieve </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">its investment goal depends in part on a subadviser’s skill in determining the Portfolio’s investment strategy allocations. Although allocation among different investment strategies generally reduces risk and exposure to any one strategy, the risk remains that a subadviser may favor an investment strategy that performs poorly relative </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to other investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Stock Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks may lack the dividend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The subadviser’s judgment that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">particular security is undervalued in relation to the company’s fundamental economic value may prove </span><span style="color:#000000;font-family:Arial;font-size:10pt;">incorrect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay </span><span style="color:#000000;font-family:Arial;font-size:10pt;">principal when it becomes due.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the full faith and credit of the U.S. Government.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests - Risk Management. </span><span style="font-family:Arial;font-size:10pt;">Managing the Portfolio’s risks relative </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">to the Blended Index may reduce the risks and hedging costs assumed by the insurance company that sponsors your Variable Contract. This facilitates the insurance company’s ability to provide guaranteed benefits. These guarantees are optional and may not be associated with your Variable Contract. While the interests of the Portfolio’s shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing these guaranteed benefits are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face potential conflicts of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">interest. In particular, certain aspects of the Portfolio’s investment strategy may have the effect of mitigating the financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance companies are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">subject as a result of providing those guaranteed benefits and the hedging costs associated with providing such benefits. In addition, the Portfolio’s performance may be lower than similar portfolios that do not employ the same </span><span style="font-family:Arial;font-size:10pt;">risk management constraints.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Blended Index. The Blended index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the Blended Index. The Blended index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.40%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.78%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.06%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1740 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1678 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0206 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1577 0.0851 0.0970 2017-10-06 0.1539 0.0822 0.0942 2017-10-06 0.1788 0.1442 0.1460 0.1731 0.1018 0.1069 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is to seek capital appreciation and income while managing portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0076 0.0076 0 0.0025 0.0007 0.0007 0.0001 0.0001 0.0006 0.0006 0.0001 0.0001 0.0084 0.0109 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 86 268 466 1037 111 347 601 1329 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">39%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.39 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio normally invests approximately 65% of its total assets in common stocks and 35% of its total assets in fixed income securities. The Portfolio invests in securities of both U.S. and foreign corporate and governmental issuers, including emerging market issuers. The Portfolio (not including its overlay component) will invest at least 25% of its total assets in fixed income senior securities and at least 25% of its total assets in equity securities. In addition, the subadviser employs a “VCP” (Volatility Control Portfolio) risk management process intended to manage the volatility level of the Portfolio’s annual returns. The Portfolio may, at times, invest significantly in certain sectors, such as the information </span><span style="color:#000000;font-family:Arial;font-size:10pt;">technology sector. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">When deciding upon overall allocations between stocks and fixed income securities, the subadviser may favor fixed income securities if the economy is expected to slow sufficiently to hurt corporate profit growth. When strong economic growth is expected, the subadviser may favor stocks. The fixed income securities in which the Portfolio intends to invest, including the foreign fixed income securities, are primarily investment grade and are chosen from across the entire government, corporate, and asset- and mortgage-backed securities markets. Maturities generally reflect the subadviser’s outlook for interest rates. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">When selecting particular stocks, the subadviser will examine relative values and prospects among growth- and value-oriented stocks, domestic and foreign stocks, small- to large-cap stocks, and stocks of companies involved in activities related to commodities and other real assets. Domestic stocks are drawn from the overall U.S. market and foreign stocks are selected primarily from large companies in developed countries, although stocks in emerging markets may also be purchased. This process draws heavily upon the proprietary stock research expertise of the subadviser. While the Portfolio maintains </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">a well-diversified portfolio, the subadviser may at a particular time shift stock selection toward markets or market sectors that appear to offer attractive value and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">appreciation potential. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">A similar security selection process applies to fixed income securities. When deciding whether to adjust duration, credit risk exposure, or allocations among the various sectors (for example, junk bonds, mortgage- and asset-backed securities, foreign fixed income securities and emerging market fixed income securities), the subadviser weighs such factors as the outlook for inflation and the economy, corporate earnings, expected interest rate movements and currency valuations, and the yield advantage that lower-rated fixed income securities may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">offer over investment grade fixed income securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Securities may be sold for a variety of reasons, such as to effect a change in asset allocation, secure a gain, limit a loss, or redeploy assets into more promising </span><span style="color:#000000;font-family:Arial;font-size:10pt;">opportunities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio targets a volatility level of 10% within a range of 9% to 13%. Volatility is a statistical measure of the magnitude of changes in the Portfolio’s returns over time without regard to the direction of those changes. The subadviser expects to use a variety of equity index and fixed income futures and currency forwards as the principal tools to implement this volatility management strategy. The Portfolio’s overall equity exposure may be reduced to approximately 20% as a result of the volatility management strategy. In addition, the subadviser will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Portfolio’s exposure to certain severe and unanticipated market events that could significantly detract from returns. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Volatility is not a measure of investment performance. Volatility may result from rapid and dramatic price swings. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. The Portfolio could experience high levels of volatility in both rising and falling markets. Due to market conditions or other factors, the actual or realized volatility of the Portfolio for any particular period of time may be materially higher or lower </span><span style="color:#000000;font-family:Arial;font-size:10pt;">than the target level. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s target volatility level of 10% is not a total return performance target. The Portfolio does not expect its total return performance to be within any specified target range. It is possible for the Portfolio to maintain its volatility at or under its target volatility level while having negative performance returns. Efforts to manage the Portfolio’s volatility could limit the Portfolio’s gains in rising markets, may expose the Portfolio to costs to which it </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">would otherwise not have been exposed, and if </span><span style="color:#000000;font-family:Arial;font-size:10pt;">unsuccessful may result in substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will default on interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic conditions. Debt securities backed by an issuer’s taxing </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">authority may be subject to legal limits on the issuer’s power to increase taxes or otherwise raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer’s taxing authority, and thus may have a greater risk of default. Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Government.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is the risk that stock prices </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">will fall over short or extended periods of time. The Portfolio is indirectly exposed to this risk through its investments in futures contracts and other derivatives. Although the stock market has historically outperformed other asset classes over the long term, the stock market tends to move in cycles. Individual stock prices fluctuate from day-to-day and may underperform other asset classes over an extended period of time. These price movements may result from factors affecting individual </span><span style="color:#000000;font-family:Arial;font-size:10pt;">companies, industries or the securities market as a whole.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Extension Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances the value of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligation will decrease, and the Portfolio will also suffer </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from the inability to invest in higher yielding securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Asset-backed securities issued by trusts and special purpose corporations are backed by a pool of assets, such as credit card or automobile loan receivables representing the obligations of a number of different parties. Mortgage-backed securities directly or indirectly provide funds for mortgage loans made to residential home buyers. These include securities that represent interests in pools of mortgage loans made by lenders such as commercial banks, savings and loan institutions, mortgage bankers and others. They include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities, non-agency residential mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans or real property. The characteristics of these mortgage-backed and asset-backed securities </span><span style="font-family:Arial;font-size:10pt;">differ from traditional fixed-income securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">mortgage, particularly during periods of economic </span><span style="font-family:Arial;font-size:10pt;">downturn.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Prepayment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As a general rule, prepayments </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">increase during a period of falling interest rates and decrease during a period of rising interest rates. This can reduce the returns of the Portfolio because the Portfolio will have to reinvest that money at the lower prevailing interest rates. In periods of increasing interest rates, the occurrence of prepayments generally declines, with the effect that the securities subject to prepayment risk held by the Portfolio may exhibit price characteristics of longer-term</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> debt securities.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Managing the Portfolio’s volatility may reduce the risks assumed by the insurance company that sponsors your Variable Contract. This facilitates the insurance company’s ability to provide guaranteed benefits. These guarantees are optional and may not be associated with your Variable Contract. While the interests of the Portfolio’s shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing these guaranteed benefits are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face potential conflicts of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">interest. In particular, certain aspects of the Portfolio’s management have the effect of mitigating the financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance companies are subjected by </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing those guaranteed benefits. In addition, the Portfolio’s performance may be lower than similar </span><span style="font-family:Arial;font-size:10pt;">portfolios that do not seek to manage their volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Sector or Industry Focus Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To the extent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests a significant portion of its assets in one or more sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting sectors or industries than if the Portfolio always maintained wide diversity among the sectors and industries in which it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Securities Selection Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A strategy used by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser, may fail to produce the intended return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities of mid-cap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are usually more volatile and entail greater risks than securities of large companies. In addition, mid-cap companies may be traded in over-the-counter (“OTC”) markets as opposed to being traded on an exchange. OTC securities may trade less frequently and in smaller volume than exchange-listed stocks, which may cause these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities to be more volatile than exchange-listed stocks and may make it more difficult to buy and sell these </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities at prevailing market prices.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Volatility Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subadviser’s strategy for managing portfolio volatility may not produce the desired result or that the subadviser is unable to trade certain derivatives effectively or in a timely manner. In addition, the minimum and maximum equity exposure limits may prevent the subadviser from fully managing portfolio volatility in certain market environments. There can be no guarantee that the Portfolio will maintain its target volatility level. Additionally, the volatility control process will not ensure that the Portfolio will deliver competitive returns. The use of derivatives in connection with the Portfolio’s managed volatility strategy may expose the Portfolio to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. Efforts to manage the Portfolio’s volatility could limit the Portfolio’s gains in rising markets and may expose the Portfolio to costs to which it would otherwise not have been exposed. The Portfolio’s managed volatility strategy may result in the Portfolio outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of positive market performance. The Portfolio’s managed volatility strategy also exposes shareholders to the risks of investing in derivative contracts. The subadviser uses a proprietary system to help it estimate the Portfolio’s expected volatility. The proprietary system used by the subadviser may perform differently than expected and may negatively affect performance and the ability of the Portfolio to maintain its volatility at or below its target volatility level for various reasons, including errors in using or building the system, technical issues implementing the system, data issues and various non-quantitative factors (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, market or trading system dysfunctions, and investor fear or over-reaction).</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 45.5% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 19.5% MSCI </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">EAFE Index (net) and 35% Bloomberg U.S. Aggregate Bond Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">11.58%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-14.18%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.92%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1158 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1418 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0192 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1628 0.0710 0.0834 2016-09-26 0.1597 0.0681 0.0822 2016-01-25 0.1788 0.1442 0.1572 0.1668 0.0820 0.0973 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index since inception returns reflect the inception date of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Class 3 Shares.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goals</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are capital appreciation </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and current income while managing net equity exposure.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the investment companies in which the Portfolio invests (the “Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0021 0.0021 0 0.0025 0.0004 0.0004 0.0003 0.0003 0.0001 0.0001 0.0051 0.0051 0.0076 0.0101 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">on these assumptions and the net expenses shown in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 78 243 422 942 103 322 558 1236 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The portion of the Portfolio that operates as a fund-of-funds does not pay transaction costs when it buys and sells shares of Underlying Portfolios (or “turns over” its portfolio). An Underlying Portfolio pays transaction costs, such as commissions, when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the performance of both the Underlying Portfolios and the Portfolio. The Portfolio does, however, pay transaction costs when it buys and sells the financial instruments held in the Overlay Component of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio (defined below).</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">28%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.28 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve its goals by investing under normal conditions approximately 70% to 90% of its assets in Class 1 shares of Underlying Portfolios that invest primarily in equity securities or fixed income securities and which are portfolios of SunAmerica Series Trust (the “Trust”) and Seasons Series Trust (collectively, the “Underlying Trusts”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investments (the “Overlay Component”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica Asset Management, LLC (“SunAmerica” or the “Adviser”) is the Adviser to the Portfolio and will determine the allocation between the Fund-of-Funds Component and the Overlay Component. SunAmerica is also responsible for managing the Fund-of-Funds Component’s investment in Underlying Portfolios, so it will determine the target allocation between Underlying Portfolios that invest primarily in equity securities and Underlying Portfolios that invest primarily in fixed income securities. SunAmerica performs an investment analysis of possible investments for the Portfolio and selects the universe of permitted Underlying Portfolios as well as the allocation to each Underlying Portfolio. SunAmerica reserves the right to change the Portfolio’s asset allocation between the Fund-of-Funds Component and the Overlay Component and the Fund-of-Funds Component’s allocation among the Underlying Portfolios, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and to invest in other funds not currently among the Underlying Portfolios, from time to time without notice to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investors. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund-of-Funds Component will allocate approximately 50% to 80% of its assets to Underlying Portfolios investing primarily in equity securities and 20% to 50% of its assets to Underlying Portfolios investing primarily in fixed income securities and short-term investments, which may include mortgage- and asset-backed securities, to seek capital appreciation and generate income. The Fund-of-Funds Component seeks to achieve capital appreciation primarily through its investments in Underlying Portfolios that invest in equity securities of both U.S. and non-U.S. companies of all market capitalizations, but expects to invest to a lesser extent in Underlying Portfolios that invest primarily in small- and mid-cap U.S. companies and foreign companies. The Portfolio normally does not expect to have more than 25% of its total assets allocated to Underlying Portfolios investing primarily in foreign securities, and no more than 5% of its total assets to Underlying Portfolios investing primarily in emerging markets. The Fund-of-Funds Component seeks to achieve current income through its investments in Underlying Portfolios that primarily invest in fixed income securities, including both U.S. and foreign investment grade securities, but the Portfolio normally does not expect to have more than 5% of total assets allocated to Underlying Portfolios investing primarily in high-yield, high-risk bonds (commonly known as “junk bonds”), which are considered speculative. Portfolio cash flows are expected to be used to maintain or move Underlying Portfolio exposures close to target allocations, but sales and purchases of Underlying Portfolios may also be used </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to change or remain near target allocations. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Overlay Component comprises the remaining 10% - 30% of the Portfolio’s total assets. AllianceBernstein L.P. (the “Subadviser” or “AllianceBernstein”) is responsible for managing the Overlay Component, which includes management of the derivative instruments, fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities and short-term investments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Subadviser may invest the Overlay Component in derivative instruments to increase or decrease the Portfolio’s overall net equity exposure and, therefore, its volatility and return potential. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index over time. High levels of volatility may result from rapid and dramatic price swings. Through its use of derivative instruments, the Subadviser may adjust the Portfolio’s net equity exposure down to a minimum of 25% or up to a maximum of 100%, although the Portfolio’s average net equity exposure over long-term periods is expected to be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">approximately 60%-65%. The Portfolio’s net equity exposure is primarily adjusted through the use of derivative instruments, such as stock index futures and stock index options; however, it may be adjusted through the use of options on stock index futures and stock index swaps, as the allocation among Underlying Portfolios in the Fund-of-Funds Component is expected to remain fairly stable. For example, when the market is in a state of higher volatility, the Subadviser may decrease the Portfolio’s net equity exposure by taking a short position in derivative instruments. A short sale involves the sale by the Portfolio of a security or instrument it does not own with the expectation of purchasing the same security or instrument at a later date at a lower price. The operation of the Overlay Component may therefore expose the Portfolio to leverage. Because derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly, the remainder of the assets in the Overlay Component will be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invested in a variety of fixed income securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In addition to managing the Portfolio’s overall net equity exposure as described above, the Subadviser will, within established guidelines, manage the Overlay Component in an attempt to generate income, manage Portfolio cash flows and liquidity needs, and manage collateral for the derivative instruments. The Subadviser will manage the fixed income investments of the Overlay Component by investing in securities rated investment grade or higher by a nationally recognized statistical ratings organization, or, if unrated, determined by the Subadviser to be of comparable quality. At least 50% of the Overlay Component’s fixed income investments will be invested in U.S. Government securities, cash, repurchase agreements, and money market securities. A portion of the Overlay Component may be held in short-term investments as needed, in order to manage daily cash flows to or from the Portfolio or to serve as collateral. The Subadviser may also invest the Overlay Component in derivative instruments to generate income and manage Portfolio cash flows and liquidity needs. Efforts to manage the Portfolio’s volatility may also expose the Portfolio to additional costs. In addition, the Subadviser will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Portfolio’s exposure to certain severe and unanticipated market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">events that could significantly detract from returns. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following chart sets forth the target allocations of the Portfolio set by SunAmerica on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026, to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">equity and fixed income Underlying Portfolios and securities. These target allocations represent SunAmerica’s current goal for the allocation of the Portfolio’s assets and do not take into account any change in net equity exposure from use of derivatives in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Overlay Component. The Portfolio’s actual allocations could vary substantially from the target allocations due to market valuation changes, changes in the target allocations and the Subadviser’s management of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Overlay Component in response to volatility changes.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">56.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">U.S. Large Cap</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">41.34%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">U.S. Small and Mid-Cap</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">6.84%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">Foreign Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">7.82%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">44.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">U.S. Investment Grade</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">43.11%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">U.S. High Yield</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">0.69%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">Foreign Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">0.20%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market risk is both a direct and indirect risk </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Portfolio. The Portfolio’s or an Underlying Portfolio’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the investment adviser’s assessment of companies held in an Underlying Portfolio may prove incorrect, resulting in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">losses or poor performance even in a rising market. Finally, the Portfolio’s or an Underlying Portfolio’s investment approach could fall out of favor with the investing public, resulting in lagging performance versus </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other comparable portfolios.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> Derivatives risk is both a direct and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. A derivative is any financial instrument whose value is based on, and determined by, another security, index</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">rate, currency or </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock options, futures, caps, floors, etc.). </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">To the extent a derivative contract is used to hedge another position in the Portfolio or an Underlying Portfolio, the Portfolio or Underlying Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio or Underlying Portfolio will be directly exposed to the risks of the contract. Gains or losses from non-hedging positions may be substantially greater than the cost of the position. Certain derivatives have the potential for undefined loss. By purchasing over-the-counter derivatives, the Portfolio or Underlying Portfolio is </span><span style="font-family:Arial;font-size:10pt;">exposed to credit quality risk of the counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is both a direct and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. Counterparty risk is the risk that a counterparty to a security, loan or derivative held by the Portfolio or an Underlying Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio or an Underlying Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or limited recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Leverage risk is a direct risk of investing </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in the Portfolio. Certain ETFs, managed futures instruments, and some other derivatives the Portfolio buys involve a degree of leverage. Leverage occurs when an investor has the right to a return on an investment that exceeds the return that the investor would be expected to receive based on the amount contributed to the investment. The Portfolio’s use of certain economically leveraged futures and other derivatives can result in a loss substantially greater than the amount invested in the futures or other derivative itself. Certain futures and other derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the Portfolio uses futures and other derivatives for leverage, a shareholder’s investment in the Portfolio will tend to be more volatile, resulting in larger gains or losses in response to the fluctuating prices of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is both a direct and indirect risk of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investing in the Portfolio. As with any fund that invests significantly in bonds, the value of an investment in the Portfolio or an Underlying Portfolio may go up or down in response to changes in interest rates or defaults (or even </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the potential for future defaults) by bond issuers.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk is both a direct and indirect risk of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investing in the Portfolio. Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio or an Underlying Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic </span><span style="color:#000000;font-family:Arial;font-size:10pt;">conditions.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A hedge is an investment made in order to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">reduce the risk of adverse price movements in a security, by taking an offsetting position in a related security (often a derivative, such as an option or a short sale). While hedging strategies can be very useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges by Underlying Portfolios, there is an additional risk, to the extent that these transactions create exposure to currencies in which an Underlying Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities are not denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Short Sales Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Short sale risk is both a direct and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. Short sales by the Portfolio or an Underlying Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security, because losses from short sales are potentially unlimited, whereas losses from purchases </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be no greater than the total amount invested.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is both a direct </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and indirect risk of investing in the Portfolio. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government and are generally considered to have minimal credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government; the securities may be supported only by the ability to borrow from the U.S. Treasury or by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Treasury.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Money Market Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is both a direct and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. An investment in the Portfolio is subject to the risk that the value of its investments in high-quality short-term obligations (“money market securities”) may be subject to changes in interest rates, changes in the rating of any money market security and in the ability of an issuer to make payments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of interest and principal.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Dynamic Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">directly correspond to the risks of the Underlying Portfolios and other direct investments in which it invests. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio is subject to the risk that the investment process that will determine the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes may not produce the desired result. The Portfolio is also subject to the risk that the Subadviser may be prevented from trading certain derivatives effectively or in a timely </span><span style="color:#000000;font-family:Arial;font-size:10pt;">manner.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Volatility Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subadviser’s strategy for managing portfolio volatility may not produce the desired result or that the subadviser is unable to trade certain derivatives effectively or in a timely manner. There can be no guarantee that the Portfolio’s volatility will be below its target maximum level. Additionally, the volatility control process will not ensure that the Portfolio will deliver competitive returns. The use of derivatives in connection with the Portfolio’s managed volatility strategy may expose the Portfolio to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. Efforts to manage the Portfolio’s volatility could limit the Portfolio’s gains in rising markets and may expose the Portfolio to costs to which it would otherwise not have been exposed. The Portfolio’s managed volatility strategy may result in the Portfolio outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of positive market performance. The Portfolio’s managed volatility strategy also exposes shareholders to the risks of investing in derivative contracts. The subadviser uses a proprietary system to help it estimate the Portfolio’s expected volatility. The proprietary system used by the subadviser may perform differently than expected and may negatively affect performance and the ability of the Portfolio to maintain its volatility at or below its target volatility level for various reasons, including errors in using or building the system, technical issues implementing the system, data issues and various non-quantitative factors (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:10pt;">., market or trading system dysfunctions, and investor fear or over-reaction).</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Managing the Portfolio’s net equity exposure may serve to reduce the risk from equity market volatility to the </span><span style="font-family:Arial;font-size:10pt;">insurance companies and facilitate their ability to provide </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">guaranteed benefits associated with certain Variable Contracts. While the interests of Portfolio shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies providing guaranteed </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">benefits associated with the Variable Contracts are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">potential conflicts of interest. In particular, certain aspects of the Portfolio’s management have the effect of mitigating the financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are subjected by providing those guaranteed benefits. In addition, the Portfolio’s performance may be lower than similar portfolios that do not seek to manage </span><span style="color:#000000;font-family:Arial;font-size:10pt;">their equity exposure.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Company Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning other investment companies, including the Underlying Portfolios, generally reflect the risks of owning the underlying securities they are designed to track. Disruptions in the markets for the securities held by other investment companies, including the Underlying Portfolios purchased or sold by the Portfolio, could result in losses on the Portfolio’s investment in such securities. Other investment companies, including the Underlying Portfolios, also have fees that increase their costs versus </span><span style="color:#000000;font-family:Arial;font-size:10pt;">owning the underlying securities directly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, an Underlying Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. An Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio following a passively managed strategy will not deviate from its investment strategy. In most cases, it will involve a passively managed strategy utilized to achieve investment results that correspond to a particular market index. Such an Underlying Portfolio will not sell securities in its portfolio and buy different securities for other reasons, even if there are adverse developments concerning a particular security, company or industry. There can be no assurance that the strategy will be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">successful.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Style Risk. </span><span style="font-family:Arial;font-size:10pt;">Growth stocks are historically volatile, which will affect certain Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The investment adviser’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">judgments that a particular security is undervalued in relation to the company’s fundamental economic value may prove incorrect, which will affect certain Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as the U.S. government. Foreign investments will also be affected by local political or economic developments and governmental actions by the United States or other governments. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks are heightened for emerging markets issuers. Historically, the markets of emerging market countries have been more volatile than more developed markets; however, such markets can provide </span><span style="color:#000000;font-family:Arial;font-size:10pt;">higher rates of return to investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Quality Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The creditworthiness of an issuer is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">always a factor in analyzing fixed income securities. An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds, which are considered speculative. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investor perceptions than investment grade bonds.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Asset-backed securities issued by trusts and special purpose corporations are backed by a pool of assets, such as credit card or automobile loan receivables representing the obligations of a number of different parties. Mortgage-backed securities directly or indirectly provide funds for mortgage loans made to residential home buyers. These include securities that represent interests in pools of mortgage loans made by lenders such as commercial banks, savings and loan institutions, mortgage bankers and others. They include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities, non-agency residential mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans or real property. The characteristics of these mortgage-backed and asset-backed securities </span><span style="font-family:Arial;font-size:10pt;">differ from traditional fixed-income securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and an Underlying Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic </span><span style="font-family:Arial;font-size:10pt;">downturn.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 40% Bloomberg U.S. Aggregate Bond Index and 60% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Blended Index”). The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">10.06%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-10.40%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.29%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.1006 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.1040 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0229 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1149 0.0560 0.0791 2016-09-26 0.1112 0.0534 0.0751 0.1788 0.1442 0.1482 0.1517 0.1370 0.0847 0.0978 0.0980 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goals</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are capital appreciation </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and current income while managing net equity exposure.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the investment companies in which the Portfolio invests (the “Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0022 0.0022 0 0.0025 0.0004 0.0004 0.0003 0.0003 0.0001 0.0001 0.0052 0.0052 0.0078 0.0103 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">on these assumptions and the net expenses shown in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 80 249 433 966 105 328 569 1259 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The portion of the Portfolio that operates as a fund-of-funds does not pay transaction costs when it buys and sells shares of Underlying Portfolios (or “turns over” its portfolio). An Underlying Portfolio pays transaction costs, such as commissions, when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the performance of both the Underlying Portfolios and the Portfolio. The Portfolio does, however, pay transaction costs when it buys and sells the financial instruments held in the Overlay Component of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio (defined below).</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">16%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.16 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve its goals by investing under normal conditions approximately 70% to 90% of its assets in Class 1 shares of Underlying Portfolios that invest primarily in equity securities or fixed income securities and which are portfolios of SunAmerica Series Trust (the “Trust”) and Seasons Series Trust (collectively, the “Underlying Trusts”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investments (the “Overlay Component”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica Asset Management, LLC (“SunAmerica” or the “Adviser”) is the Adviser to the Portfolio and will determine the allocation between the Fund-of-Funds Component and the Overlay Component. SunAmerica is also responsible for managing the Fund-of-Funds Component’s investment in Underlying Portfolios, so it will determine the target allocation between Underlying Portfolios that invest primarily in equity securities and Underlying Portfolios that invest primarily in fixed income securities. SunAmerica performs an investment analysis of possible investments for the Portfolio and selects the universe of permitted Underlying Portfolios as well as the allocation to each Underlying Portfolio. SunAmerica reserves the right to change the Portfolio’s asset allocation between the Fund-of-Funds Component and the Overlay Component and the Fund-of-Funds Component’s allocation among the Underlying Portfolios, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and to invest in other funds not currently among the Underlying Portfolios, from time to time without notice to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investors. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund-of-Funds Component will allocate approximately 50% to 80% of its assets to Underlying Portfolios investing primarily in equity securities and 20% to 50% of its assets to Underlying Portfolios investing primarily in fixed income securities and short-term investments, which may include mortgage- and asset-backed securities, to seek capital appreciation and generate income. The Fund-of-Funds Component seeks to achieve capital appreciation primarily through its investments in Underlying Portfolios that invest in equity securities of both U.S. and non-U.S. companies of all market capitalizations, but expects to invest to a lesser extent in Underlying Portfolios that invest primarily in small- and mid-cap U.S. companies and foreign companies. The Fund-of-Funds Component is expected to have a greater allocation to value equity Underlying Portfolios than to growth equity Underlying Portfolios. The Portfolio normally does not expect to have more than 25% of its total assets allocated to Underlying Portfolios investing primarily in foreign securities, and no more than 5% of its total assets to Underlying Portfolios investing primarily in emerging markets. The Fund-of-Funds Component seeks to achieve current income through its investments in Underlying Portfolios that primarily invest in fixed income securities, including both U.S. and foreign investment grade securities, but the Portfolio normally does not expect to have more than 5% of total assets allocated to Underlying Portfolios investing primarily in high-yield, high-risk bonds (commonly known as “junk bonds”), which are considered speculative. Portfolio cash flows are expected to be the primary tool used to maintain or move Underlying Portfolio exposures close to target allocations, but sales and purchases of Underlying Portfolios may also be used to change or remain near </span><span style="color:#000000;font-family:Arial;font-size:10pt;">target allocations. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Overlay Component comprises the remaining 10% - 30% of the Portfolio’s total assets. AllianceBernstein L.P. (the “Subadviser” or “AllianceBernstein”) is responsible for managing the Overlay Component, which includes management of the derivative instruments, fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities and short-term investments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Subadviser may invest the Overlay Component in derivative instruments to increase or decrease the Portfolio’s overall net equity exposure and, therefore, its volatility and return potential. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index over time. High levels of volatility may result from rapid and dramatic price swings. Through its use of derivative instruments, the Subadviser may adjust the Portfolio’s net </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">equity exposure down to a minimum of 25% or up to a maximum of 100%, although the Portfolio’s average net equity exposure over long-term periods is expected to be approximately 60%-65%. The Portfolio’s net equity exposure is primarily adjusted through the use of derivative instruments, such as stock index futures and stock index options; however, it may be adjusted through the use of options on stock index futures and stock index swaps, as the allocation among Underlying Portfolios in the Fund-of-Funds Component is expected to remain fairly stable. For example, when the market is in a state of higher volatility, the Subadviser may decrease the Portfolio’s net equity exposure by taking a short position in derivative instruments. A short sale involves the sale by the Portfolio of a security or instrument it does not own with the expectation of purchasing the same security or instrument at a later date at a lower price. The operation of the Overlay Component may therefore expose the Portfolio to leverage. Because derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly, the remainder of the assets in the Overlay Component will be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invested in a variety of fixed income securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In addition to managing the Portfolio’s overall net equity exposure as described above, the Subadviser will, within established guidelines, manage the Overlay Component in an attempt to generate income, manage Portfolio cash flows and liquidity needs, and manage collateral for the derivative instruments. The Subadviser will manage the fixed income investments of the Overlay Component by investing in securities rated investment grade or higher by a nationally recognized statistical ratings organization, or, if unrated, determined by the Subadviser to be of comparable quality. At least 50% of the Overlay Component’s fixed income investments will be invested in U.S. Government securities, cash, repurchase agreements, and money market securities. A portion of the Overlay Component may be held in short-term investments as needed, in order to manage daily cash flows to or from the Portfolio or to serve as collateral. The Subadviser may also invest the Overlay Component in derivative instruments to generate income and manage Portfolio cash flows and liquidity needs. Efforts to manage the Portfolio’s volatility may also expose the Portfolio to additional costs. In addition, the Subadviser will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Portfolio’s exposure to certain severe and unanticipated market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">events that could significantly detract from returns. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following chart sets forth the target allocations of the Portfolio set by SunAmerica on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026, to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">equity and fixed income Underlying Portfolios and securities. These target allocations represent </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica’s current goal for the allocation of the Portfolio’s assets and do not take into account any change in net equity exposure from use of derivatives in the Overlay Component. The Portfolio’s actual allocations could vary substantially from the target allocations due to market valuation changes, changes in the target allocations and the Subadviser’s management of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Overlay Component in response to volatility changes.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">64.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">U.S. Large Cap</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">47.24%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">U.S. Small and Mid Cap</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">7.92%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">Foreign Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">8.84%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">36.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">U.S. Investment Grade</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">35.34%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">U.S. High Yield</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">0.46%</span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">Foreign Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">0.20%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market risk is both a direct and indirect risk </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Portfolio. The Portfolio’s or an Underlying Portfolio’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">changes in the competitive environment. In addition, the investment adviser’s assessment of companies held in an Underlying Portfolio may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the Portfolio’s or an Underlying Portfolio’s investment approach could fall out of favor with the investing public, resulting in lagging performance versus </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other comparable portfolios.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> Derivatives risk is both a direct and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. A derivative is any financial instrument whose value is based on, and determined by, another security, index</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">rate, currency or </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock options, futures, caps, floors, etc.). </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">To the extent a derivative contract is used to hedge another position in the Portfolio or an Underlying Portfolio, the Portfolio or Underlying Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio or Underlying Portfolio will be directly exposed to the risks of the contract. Gains or losses from non-hedging positions may be substantially greater than the cost of the position. Certain derivatives have the potential for undefined loss. By purchasing over-the-counter derivatives, the Portfolio or Underlying Portfolio is </span><span style="font-family:Arial;font-size:10pt;">exposed to credit quality risk of the counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is both a direct and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. Counterparty risk is the risk that a counterparty to a security, loan or derivative held by the Portfolio or an Underlying Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio or an Underlying Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or limited recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Leverage risk is a direct risk of investing </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in the Portfolio. Certain managed futures instruments, and some other derivatives the Portfolio buys, involve a degree of leverage. Leverage occurs when an investor has the right to a return on an investment that exceeds the return that the investor would be expected to receive based on the amount contributed to the investment. The Portfolio’s use of certain economically leveraged futures and other derivatives can result in a loss substantially greater than the amount invested in the futures or other derivative itself. Certain futures and other derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the Portfolio uses futures and other derivatives for leverage, a shareholder’s investment in the Portfolio will tend to be more volatile, resulting in larger gains or losses in response to the fluctuating prices of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is both a direct and indirect risk of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investing in the Portfolio. As with any fund that invests significantly in bonds, the value of an investment in the Portfolio or an Underlying Portfolio may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. The market value of bonds and other fixed income securities usually tends to vary inversely with the level of interest rates; as interest rates rise the value of such securities typically falls, and as interest rates fall, the value of such securities typically rises. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk is both a direct and indirect risk of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investing in the Portfolio. Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. The Portfolio or an Underlying Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic </span><span style="color:#000000;font-family:Arial;font-size:10pt;">conditions.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A hedge is an investment made in order to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">reduce the risk of adverse price movements in a security, by taking an offsetting position in a related security (often a derivative, such as an option or a short sale). While hedging strategies can be very useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges by Underlying Portfolios, there is an additional risk, to the extent that these transactions create exposure to currencies in which an Underlying Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities are not denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Short Sales Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Short sale risk is both a direct and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. Short sales by the Portfolio or an Underlying Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security, because losses from short sales are potentially unlimited, whereas losses from purchases </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be no greater than the total amount invested.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is both a direct </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and indirect risk of investing in the Portfolio. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government and are generally considered to have minimal credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government; the securities may be supported only by the ability to borrow from the U.S. Treasury or by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Treasury.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Money Market Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This is both a direct and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. An investment in the Portfolio is subject to the risk that the value of its investments in high-quality short-term obligations (“money market securities”) may be subject to changes in interest rates, changes in the rating of any money market security and in the ability of an issuer to make payments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of interest and principal.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Dynamic Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">directly correspond to the risks of the Underlying Portfolios and other direct investments in which it invests. The Portfolio is subject to the risk that the investment process that will determine the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes may not produce the desired result. The Portfolio is also subject to the risk that the Subadviser may be prevented from trading certain derivatives effectively or in a timely </span><span style="color:#000000;font-family:Arial;font-size:10pt;">manner.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Volatility Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subadviser’s strategy for managing portfolio volatility may not produce the desired result or that the subadviser is unable to trade certain derivatives effectively or in a timely manner. There can be no guarantee that the Portfolio’s volatility will be below its target maximum level. Additionally, the volatility control process will not ensure that the Portfolio will deliver competitive returns. The use of derivatives in connection with the Portfolio’s managed volatility strategy may expose the Portfolio to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. Efforts to manage the Portfolio’s volatility could limit the Portfolio’s gains in rising markets and may expose the Portfolio to costs to which it would otherwise not have been exposed. The Portfolio’s managed volatility strategy may result in the Portfolio outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of positive market performance. The Portfolio’s managed volatility strategy also exposes shareholders to the risks of investing in derivative contracts. The subadviser uses a proprietary system to help it estimate the Portfolio’s expected volatility. The proprietary system used by the subadviser may perform differently than expected and may negatively affect performance and the ability of the Portfolio to maintain its volatility at or below its target volatility level for various reasons, including errors in using or building the system, technical issues implementing the system, data issues and various non-quantitative factors (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:10pt;">., market or trading system dysfunctions, and investor fear or over-reaction).</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Managing the Portfolio’s net equity exposure may serve to reduce the risk from equity market volatility to the </span><span style="font-family:Arial;font-size:10pt;">insurance companies and facilitate their ability to provide </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">guaranteed benefits associated with certain Variable Contracts. While the interests of Portfolio shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies providing guaranteed </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">benefits associated with the Variable Contracts are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">potential conflicts of interest. In particular, certain aspects of the Portfolio’s management have the effect of mitigating the financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">companies are subjected by providing those guaranteed benefits. In addition, the Portfolio’s performance may be lower than similar portfolios that do not seek to manage </span><span style="font-family:Arial;font-size:10pt;">their equity exposure.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Company Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning other investment companies, including the Underlying Portfolios generally reflect the risks of owning the underlying securities they are designed to track. Disruptions in the markets for the securities held by the other investment companies, including the Underlying Portfolios purchased or sold by the Portfolio could result in losses on the Portfolio’s investment in such securities. Other investment companies, including the Underlying Portfolios also have fees that increase their costs versus </span><span style="color:#000000;font-family:Arial;font-size:10pt;">owning the underlying securities directly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, an Underlying Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">“Passively Managed” Strategy Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. An Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio following a passively managed strategy will not deviate from its investment strategy. In most cases, it will involve a passively managed strategy utilized to achieve investment results that correspond to a particular market </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">index. Such an Underlying Portfolio will not sell securities in its portfolio and buy different securities for other reasons, even if there are adverse developments concerning a particular security, company or industry. There can be no assurance that the strategy will be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">successful.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Style Risk. </span><span style="font-family:Arial;font-size:10pt;">Growth stocks are historically volatile, which will affect certain Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The investment adviser’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">judgments that a particular security is undervalued in relation to the company’s fundamental economic value may prove incorrect, which will affect certain Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as the U.S. government. Foreign investments will also be affected by local political or economic developments and governmental actions by the United States or other governments. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks are heightened for emerging markets issuers. Historically, the markets of emerging market countries have been more volatile than more developed markets; however, such markets can provide </span><span style="color:#000000;font-family:Arial;font-size:10pt;">higher rates of return to investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Quality Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The creditworthiness of an issuer is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">always a factor in analyzing fixed income securities. An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ratings typically issue junk bonds, which are considered speculative. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investor perceptions than investment grade bonds.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Asset-backed securities issued by trusts and special purpose corporations are backed by a pool of assets, such as credit card or automobile loan receivables representing the obligations of a number of different parties. Mortgage-backed securities directly or indirectly provide funds for mortgage loans made to residential home buyers. These include securities that represent interests in pools of mortgage loans made by lenders such as commercial banks, savings and loan institutions, mortgage bankers and others. They include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities, non-agency residential mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans or real property. The characteristics of these mortgage-backed and asset-backed securities </span><span style="font-family:Arial;font-size:10pt;">differ from traditional fixed-income securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and an Underlying Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic </span><span style="font-family:Arial;font-size:10pt;">downturn.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 40% Bloomberg U.S. Aggregate Bond Index and 60% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Blended Index”). The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">9.46%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2018</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-9.89%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.74%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.0946 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2018-12-31 -0.0989 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0174 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1122 0.0593 0.0758 2016-09-26 0.1089 0.0566 0.0719 0.1788 0.1442 0.1482 0.1517 0.1370 0.0847 0.0978 0.0980 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goals are to seek capital appreciation </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, income while managing portfolio volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">and, secondarily, income while managing portfolio volatility.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. As an investor in the Portfolio, you pay the expenses of the Portfolio and indirectly pay a proportionate share of the expenses of the Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolios (as defined herein) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0020 0.0020 0 0.0025 0.0005 0.0005 0.0002 0.0002 0.0003 0.0003 0.0028 0.0028 0.0053 0.0078 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 54 170 296 665 80 249 433 966 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The portion of the Portfolio that operates as a fund-of-funds does not pay transaction costs when it buys and sells shares of Underlying Portfolios (or “turns over” its portfolio). An Underlying Portfolio pays transaction costs, such as commissions, when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the performance of both the Underlying Portfolios and the Portfolio. The Portfolio does, however, pay transaction costs when it buys and sells the financial instruments held in the Overlay Component of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio (defined below).</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">9%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.09 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio seeks to achieve its goals by investing under normal conditions approximately 80% of its assets in a combination of other mutual funds (the “Underlying Portfolios”) (the “Fund-of-Funds Component”) and 20% of its assets in a combination of equity index and fixed income futures, currency forwards and equity index put options selected through the use of a “VCP” (Volatility Control Portfolio) risk management process designed to manage the volatility level of the Portfolio’s annual returns (the “Overlay Component”). SunAmerica, the Portfolio’s adviser, is responsible for managing the Fund-of-Funds Component. T. Rowe Price Associates, Inc. (“T. Rowe Price”), the Portfolio’s subadviser, is responsible for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">managing the Overlay Component. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund-of-Funds Component will allocate approximately 70% of its assets (with a range of 60% to 80%) to Underlying Portfolios investing primarily in equity securities (the “Underlying Equity Portfolios”) and 30% of its assets (with a range of 20% to 40%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”). The Underlying Portfolios will primarily include other funds in the Trust but may also include other funds advised by SunAmerica. The Underlying Equity Portfolios include, among others, funds that invest in domestic and international equity securities of small, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">medium and/or large capitalization companies and the Underlying Fixed Income Portfolios include, among others, funds that invest in domestic government and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">corporate bonds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolios will be limited to index funds, which are passively managed to track the performance of designated indices. The Fund-of-Funds Component may invest a significant portion of its assets in any single </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Portfolio. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following chart sets forth the Fund-of-Funds Component’s target allocations set by SunAmerica on January 31, </span><span style="font-family:Arial;font-size:10pt;">2026 to the Underlying Equity Portfolios and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Fixed Income Portfolios. The Fund-of-Funds Component’s actual allocations may vary from these projections and will fluctuate from time to time due to, among other things, market conditions and changes made </span><span style="font-family:Arial;font-size:10pt;">by SunAmerica to the target allocations.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Underlying Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">% of Total</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Equity</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">72.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Large Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">46.90%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Mid Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">7.60%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Small Cap Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">5.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA International Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">12.50%</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">28.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Fixed Income Intermediate Index </span><span style="font-family:Arial;font-size:10pt;margin-left:9pt;">Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">14.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">SA Fixed Income Index Portfolio</span><span style="font-family:Arial;font-size:10pt;width:41.89pt;">14.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Underlying Portfolio selection is made based on the Fund-of-Funds Component’s 70%/30% asset allocation strategy discussed above. SunAmerica may adjust the Fund-of-Funds Component’s allocation to the Underlying Portfolios from time to time as it deems necessary, including based on market conditions or other factors. SunAmerica intends to rebalance the Fund-of-Funds Component on an ongoing basis using cash flows; however, it reserves the right to rebalance the Fund-of-Funds</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Component through exchanges at any time. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Overlay Component will utilize a systematic volatility control process to manage the risk of the Portfolio. The Portfolio targets a volatility level of 11% within a range of 10% to 14%. Volatility is a statistical measure of the magnitude of changes in the Portfolio’s returns over time without regard to the direction of those changes. T. Rowe Price expects to use a variety of equity index and fixed income futures and currency forwards as the principal tools to implement this volatility management strategy. The Portfolio’s overall net equity exposure may be reduced to 20% or increased to 100% as a result of the volatility management strategy. In addition, T. Rowe Price will seek to reduce exposure to certain downside risks by </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">purchasing equity index put options that aim to reduce the Portfolio’s exposure to certain severe and unanticipated market events that could significantly detract from returns. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Volatility is not a measure of investment performance. Volatility may result from rapid and dramatic price swings. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. The Portfolio could experience high levels of volatility in both rising and falling markets. Due to market conditions or other factors, the actual or realized volatility of the Portfolio for any particular period of time may be materially higher or lower </span><span style="color:#000000;font-family:Arial;font-size:10pt;">than the target level. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s target volatility level of 11% is not a total return performance target. The Portfolio does not expect its total return performance to be within any specified target range. It is possible for the Portfolio to maintain its volatility at or under its target volatility level while having negative performance returns. Efforts to manage the Portfolio’s volatility could limit the Portfolio’s gains in rising markets, may expose the Portfolio to costs to which it would otherwise not have been exposed, and if </span><span style="color:#000000;font-family:Arial;font-size:10pt;">unsuccessful may result in substantial losses. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may also invest its assets in money market securities, which may include, but are not limited to, U.S. government securities, U.S. government agency securities, short-term fixed income securities, bank deposits, repurchase agreements, money market mutual fund shares, and cash and cash equivalents. The Portfolio’s money market securities holdings may serve as collateral for the Portfolio’s derivative positions, earn income for the Portfolio and be used for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser may engage in frequent and active trading </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of portfolio securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s risks will directly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">correspond to the risks of the Underlying Portfolios in which it invests. The Portfolio is subject to the risk that the selection of the Underlying Portfolios and the allocation and reallocation of the Portfolio’s assets among the various asset classes and market sectors may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">produce the desired result.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in Underlying Portfolios that invest in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day and may decline </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest substantially in large-cap companies. Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Medium-Sized Companies Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests in Underlying Portfolios that may invest in securities of small- and medium-capitalization companies. Securities of small- and medium-sized companies are usually more volatile and entail greater </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risks than securities of large companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Underlying Portfolios that invest in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which an Underlying Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Underlying Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/ virus, outbreaks and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">epidemics). Lack of relevant data and reliable public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of an Underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio’s foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of an Underlying Portfolio’s non-U.S. dollar-denominated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio invests in Underlying Portfolios </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invest principally in bonds, which may cause the value of your investment in the Portfolio to go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject to volatility due to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Credit risk applies to most fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government. An Underlying Portfolio could lose money if the issuer of a fixed income security is unable or perceived to be unable to pay interest or to repay principal when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">becomes due. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio invests in Underlying </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Portfolios that invest </span><span style="font-family:Arial;font-size:10pt;">in fixed income securities. Fixed </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">income securities may be subject to volatility due to changes in interest rates. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. Any future changes in monetary policy made by central banks and/or their governments are likely </span><span style="font-family:Arial;font-size:10pt;">to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty </span><span style="font-family:Arial;font-size:10pt;">risk and hedging risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> While hedging strategies can be very </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio’s securities are not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">denominated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited </span><span style="color:#000000;font-family:Arial;font-size:10pt;">recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Futures Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Futures are contracts involving the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">underlying commodity, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">commodity, security or financial index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Forward Currency Contracts Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A forward foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">currency contract or “currency forward” is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. Currency forwards are generally used to protect against uncertainty in the level of future exchange rates. Currency forwards do not eliminate fluctuations in the prices of the underlying securities a Portfolio owns or intends to acquire, but they do fix a rate of exchange in advance. Currency forwards limit the risk of loss due to a decline in the value of the hedged currencies, but at the same time they limit any potential gain that might result should the value of the currencies increase. The use of forward contracts involves the risk of mismatching the Portfolio’s objective under a forward contract with the value of securities denominated in a particular currency. Such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is an additional risk to the effect that currency contracts create exposure to currencies in which the Portfolio’s securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">than if it had not entered into such contracts.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, an Underlying Portfolio’s adviser’s or subadviser’s assessment of securities held in the Underlying Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Indexing Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Portfolios in which the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests are managed to track the performance of an index. An Underlying Portfolio will not sell securities in its portfolio or buy different securities over the course of a year other than in conjunction with changes in its target index, even if there are adverse developments concerning </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">a particular security, company or industry. As a result, the Portfolio may suffer losses that might not be experienced </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with an investment in an actively-managed mutual fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Fund-of-Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The costs of investing in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio, as a fund-of-funds, may be higher than the costs of investing in a mutual fund that invests most or all of its assets directly in individual securities. An Underlying Portfolio may change its investment objective or policies without the Portfolio’s approval, which could force the Portfolio to withdraw its investment from such Underlying Portfolio at a time that is unfavorable to the Portfolio. In addition, one Underlying Portfolio may buy the same securities that another Underlying Portfolio sells. Therefore, the Portfolio would indirectly bear the costs of these trades without accomplishing any investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">purpose.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Underlying Portfolios Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The risks of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">owning Underlying Portfolios generally reflect the risks of owning the underlying securities held by the Underlying Portfolios. Disruptions in the markets for the securities held by the Underlying Portfolios could result in losses on the Portfolio’s investment in such securities. The Underlying Portfolios also have fees that increase their costs versus owning the underlying securities directly. For example, the Portfolio indirectly pays a portion of the expenses (including management fees and operating </span><span style="color:#000000;font-family:Arial;font-size:10pt;">expense) incurred by the Underlying Portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Affiliated Portfolio Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In managing the Portfolio, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">SunAmerica will have the authority to select and substitute the Underlying Portfolios. SunAmerica may be subject to potential conflicts of interest in allocating the Portfolio’s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because SunAmerica also is responsible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for managing and administering the Underlying Portfolios.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Conflict with Insurance Company Interests. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Managing the Portfolio’s volatility may reduce the risks assumed by the insurance company that sponsors your Variable Contract. This facilitates the insurance company’s ability to provide guaranteed benefits. These guarantees are optional and may not be associated with your Variable Contract. While the interests of the Portfolio’s shareholders and the </span><span style="font-family:Arial;font-size:10pt;">insurance companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing these guaranteed benefits are generally aligned, the </span><span style="font-family:Arial;font-size:10pt;">insurance companies may face potential conflicts of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">interest. In particular, certain aspects of the Portfolio’s management have the effect of mitigating the financial risks to which the </span><span style="font-family:Arial;font-size:10pt;">insurance companies are subjected by </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">providing those guaranteed benefits. In addition, the Portfolio’s performance may be lower than similar </span><span style="font-family:Arial;font-size:10pt;">portfolios that do not seek to manage their volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Volatility Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subadviser’s strategy for managing portfolio volatility may not produce the desired result or that the subadviser is unable to trade certain derivatives effectively or in a timely manner. In addition, the minimum and maximum equity exposure limits may prevent the subadviser from fully managing portfolio volatility in certain market environments. There can be no guarantee that the Portfolio will maintain its target volatility level. Additionally, the volatility control process will not ensure that the Portfolio will deliver competitive returns. The use of derivatives in connection with the Portfolio’s managed volatility strategy may expose the Portfolio to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. Efforts to manage the Portfolio’s volatility could limit the Portfolio’s gains in rising markets and may expose the Portfolio to costs to which it would otherwise not have been exposed. The Portfolio’s managed volatility strategy may result in the Portfolio outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of positive market performance. The Portfolio’s managed volatility strategy also exposes shareholders to the risks of investing in derivative contracts. The subadviser uses a proprietary system to help it estimate the Portfolio’s expected volatility. The proprietary system used by the subadviser may perform differently than expected and may negatively affect performance and the ability of the Portfolio to maintain its volatility at or below its target volatility level for various reasons, including errors in using or building the system, technical issues implementing the system, data issues and various non-quantitative factors (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, market or trading system dysfunctions, and investor fear or over-reaction).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Money Market Securities Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">This is both a direct and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">indirect risk of investing in the Portfolio. An investment in the Portfolio is subject to the risk that the value of its investments in high-quality short-term obligations (“money market securities”) may be subject to changes in interest rates, changes in the rating of any money market security and in the ability of an issuer to make payments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of interest and principal.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 45% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 7.5% S&amp;P MidCap </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">400 Index, 5% Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, 12.5% MSCI EAFE </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index (net), 15% Bloomberg U.S. Government/Credit Index and 15% Bloomberg Intermediate U.S. Government/Credit Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">10.47%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-12.91%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2026</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.16%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.1047 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1291 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year to Date Most </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Recent Quarter:</span> 2026-03-31 -0.0216 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1208 0.0756 0.0779 2017-10-06 0.1182 0.0729 0.0752 2017-10-06 0.1788 0.1442 0.1460 0.1519 0.0876 0.0942 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is growth.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0115 0.0115 0 0.0025 0.0005 0.0005 0.0120 0.0145 -0.0060 -0.0060 0.0060 0.0085 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. The Example reflects the aggregate expenses of both the Master Growth Fund (as defined below) and the Portfolio and assumes that the contractual waiver of SunAmerica’s advisory fee continues for all periods shown. Although your actual costs may be higher or lower, based on these assumptions and the Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements shown in the fee table, your </span><span style="font-family:Arial;font-size:10pt;">costs would be:</span> 61 192 335 750 87 271 471 1049 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">7%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio described in this Prospectus operates as a “feeder fund” and attempts to achieve its investment goal by investing all or substantially all of its assets in Class 1 shares of the American Funds Insurance Series</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund (the “Master Growth Fund”), a portfolio offered by American Funds Insurance Series</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, a registered open-end</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;"> investment company. In turn, the Master Growth Fund seeks to make shareholders’ investments grow by investing primarily in common stocks and seeking to invest in companies that appear to offer superior opportunities for growth of capital. The Master Growth Fund may invest up to 25% of its assets in common stocks and other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities outside the United States. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Master Growth Fund is designed for investors seeking capital appreciation </span><span style="font-family:Arial;font-size:10pt;">through investments in stocks. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Investors in the Portfolio should have a long-term perspective and be able to tolerate potentially sharp, short-term declines in value as the growth-oriented, equity-type securities generally purchased by the Master </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Growth Fund may involve large price swings and potential </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for loss. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Capital Research and Management Company (“Capital Research”), the investment adviser of the Master Growth Fund, may consider environmental, social and governance (“ESG”) factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">executive compensation, shareholder dilution). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Investment of the Portfolio’s assets in the Master Growth Fund is not a fundamental policy of the Portfolio and a shareholder vote is not required for the Portfolio to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">withdraw its entire investment in the Master Growth Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests primarily </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(through its investment in the Master Growth Fund) in equity securities. As with any equity fund, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of various types of equity stocks may rise or decline under varying market conditions — for example, “value” stocks may perform well in circumstances under which “growth” stocks in general have fallen, or vice versa. In addition, individual stocks selected for the Master Growth Fund may underperform the market generally, relevant indices or other funds with comparable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment objectives or strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risks of Investing in Growth Stocks</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historically volatile, which will affect the Master Growth Fund and the Portfolio. Growth stocks can be volatile for several reasons. Since the issuers of growth stocks usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">met or exceeded.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Growth Fund may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">invest in foreign securities. Investors in foreign countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as in the U.S. Foreign investments will also be affected by local political, social or economic developments and governmental actions. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks may be heightened to the extent the Master </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth Fund invests in emerging markets.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Growth Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">adherence to its ESG criteria and application of related analyses when selecting investments may impact the Master Growth Fund’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Master Growth Fund’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Master Growth Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser’s assessment of such may change over time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s or the Master Growth Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">share price or the market as a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments in the United States or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism, and other armed conflicts; disease/virus </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. The prospects for an industry or issuer may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the Master Growth Fund’s investment adviser’s assessment of issuers held in the Master Growth Fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the Master Growth Fund’s investment approach could fall out of favor with the investing public, resulting in lagging performance </span><span style="color:#000000;font-family:Arial;font-size:10pt;">versus other comparable portfolios.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Master Growth Fund may </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs. During periods of increased market volatility, active trading may be more </span><span style="font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Master-Feeder Structure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Other “feeder” funds may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">also invest in the Master Growth Fund. As shareholders of the Master Growth Fund, feeder funds, including the Portfolio, vote on matters pertaining to the Master Growth Fund. Feeder funds with a greater pro rata ownership in the Master Growth Fund could have effective voting control of the operations of the Master Growth Fund. Also, a large-scale redemption by another feeder fund may increase the proportionate share of the costs of the Master Growth Fund borne by the remaining feeder fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;">shareholders, including the Portfolio.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">You should also refer to the Master Growth Fund’s prospectus and the statements of additional information for your Portfolio and the Master Growth Fund, which are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">available free of charge upon request.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">has characteristics similar to the Portfolio’s investment strategies</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the Variable </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">has characteristics similar to the Portfolio’s investment strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the Variable </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">28.57%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-23.13%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.2857 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.2313 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.2010 0.1333 0.1866 2016-09-26 0.1991 0.1307 0.1765 0.1788 0.1442 0.1482 0.1517 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is growth.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0142 0.0142 0 0.0025 0.0009 0.0009 0.0151 0.0176 -0.0081 -0.0081 0.0070 0.0095 <span style="font-family:Arial;font-size:8pt;">May 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. The Example reflects the aggregate expenses of both the Master Global Growth Fund (as defined below) and the Portfolio and assumes that the contractual waiver of SunAmerica’s advisory fee continues for all periods shown and that the contractual waiver of Capital Research’s management fee remains in effect through at least May 1, </span><span style="font-family:Arial;font-size:10pt;">2027. Although your actual costs may be </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">higher or lower, based on these assumptions and the Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements shown in the fee table, </span><span style="font-family:Arial;font-size:10pt;">your costs would be:</span> 72 248 439 991 97 326 574 1284 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">2%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.02 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio described in this Prospectus operates as a “feeder fund” and attempts to achieve its investment goal by investing all or substantially all of its assets in Class 1 shares of the American Funds Insurance Series</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Global </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Growth Fund (the “Master Global Growth Fund”), a portfolio offered by American Funds Insurance Series</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">registered open-end investment company. The Master Global Growth Fund invests primarily in common stocks of companies around the world that the Master Global Growth Fund’s investment adviser believes have the potential for growth. As a fund that seeks to invest globally, the Master Global Growth Fund will allocate its assets among securities of companies in various countries, including the United States and countries with emerging </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">markets (but in no fewer than three countries). Under normal market conditions, the Master Global Growth Fund will invest a percentage of its net assets outside the United States. That percentage will represent at least (a) 40% of the Master Global Growth Fund’s net assets, unless market conditions are not deemed favorable by the Master Global Growth Fund’s investment adviser, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies outside the United States minus 5%, whichever is lower.</span><span style="font-family:Arial;font-size:10pt;"> The Master </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Global Growth Fund is designed for investors seeking capital appreciation through investments in stocks. Investors in the Portfolio should have a long-term perspective and be able to tolerate potentially sharp </span><span style="font-family:Arial;font-size:10pt;">declines in value. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Capital Research, the investment adviser of the Master Global Growth Fund, may consider environmental, social and governance (“ESG”) factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">executive compensation, shareholder dilution). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Investment of the Portfolio’s assets in the Master Global Growth Fund is not a fundamental policy of the Portfolio and a shareholder vote is not required for the Portfolio to withdraw its entire investment in the Master Global Growth </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests primarily </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(through its investment in the Master Global Growth Fund) in equity securities. As with any equity fund, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of various types of equity stocks may rise or decline under varying market conditions — for example, “value” stocks may perform well in circumstances under </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">which “growth” stocks in general have fallen, or vice versa. In addition, individual stocks selected for the Master Global Growth Fund may underperform the market generally, relevant indices or other funds with comparable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment objectives or strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risks of Investing in Growth Stocks</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historically volatile, which will affect the Master Global Growth Fund and the Portfolio. Growth stocks can be volatile for several reasons. Since the issuers of growth stocks usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">met or exceeded.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Global Growth Fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may invest in foreign securities. Investors in foreign countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as in the U.S. Foreign investments will also be affected by local political, social or economic developments and governmental actions. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks may be heightened to the extent the Master </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Global Growth Fund invests in emerging markets.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investing in countries with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. Emerging and developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. The economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies or markets. Because these markets may not be as mature, there may be increased settlement risks for transactions in local </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Global Growth Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">adherence to its ESG criteria and application of related analyses when selecting investments may impact the Master Global Growth Fund’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Master Global Growth Fund’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Master Global Growth Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser’s assessment of such may change over time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s or the Master Global Growth </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s share price or the market as a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments in the United States or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism, and other armed conflicts; disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. The prospects for an industry or issuer may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">addition, the Master Global Growth Fund’s investment adviser’s assessment of issuers held in the Master Global Growth Fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the Master Global Growth Fund’s investment approach could fall out of favor with the investing public, resulting in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">lagging performance versus other comparable portfolios.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Master Global Growth Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs. During periods of increased market volatility, active trading may be more </span><span style="font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Master-Feeder Structure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Other “feeder” funds may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">also invest in the Master Global Growth Fund. As shareholders of the Master Global Growth Fund, feeder funds, including the Portfolio, vote on matters pertaining to the Master Global Growth Fund. Feeder funds with a greater pro rata ownership in the Master Global Growth Fund could have effective voting control of the operations of the Master Global Growth Fund. Also, a large-scale redemption by another feeder fund may increase the proportionate share of the costs of the Master Global Growth Fund borne by the remaining feeder fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;">shareholders, including the Portfolio.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">You should also refer to the Master Global Growth Fund’s prospectus and the statements of additional information for your Portfolio and the Master Global Growth Fund, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which are available free of charge upon request.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI ACWI Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Variable Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the MSCI ACWI Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Variable Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">24.24%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.68%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.2424 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.1668 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.2157 0.0820 0.1258 2016-09-26 0.2135 0.0794 0.1186 0.2234 0.1119 0.1172 0.1190 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Portfolio’s investment goal is growth and income.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0110 0.0110 0 0.0025 0.0007 0.0007 0.0117 0.0142 -0.0060 -0.0060 0.0057 0.0082 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. The Example reflects the aggregate expenses of both the Master Growth-Income Fund (as defined below) and the Portfolio and assumes that the contractual waiver of SunAmerica’s advisory fee continues for all periods shown. Although your actual costs may be higher or lower, based on these assumptions and the Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements shown in the fee table, your </span><span style="font-family:Arial;font-size:10pt;">costs would be:</span> 58 183 318 714 84 262 455 1014 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">4%</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio described in this Prospectus operates as a “feeder fund” and attempts to achieve its investment goal by investing all or substantially all of its assets in Class 1 shares of the American Funds Insurance Series</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Growth-Income</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> Fund (the “Master Growth-Income Fund”), a portfolio offered by American Funds Insurance Series</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;">, a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">registered open-end investment company. In turn, the Master Growth-Income Fund seeks to make investors’ investments grow and provide them with income over time by investing primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends. It may invest up to 15% of its assets </span><span style="font-family:Arial;font-size:10pt;">outside the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">United States. The Master Growth-Income Fund is designed for investors seeking both capital appreciation and income.</span><span style="font-family:Arial;font-size:10pt;"> Investors in the Portfolio should have a long-term</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> perspective and be able to tolerate potentially sharp </span><span style="font-family:Arial;font-size:10pt;">declines in value. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Capital Research and Management Company (“Capital Research”), the investment adviser of the Master Growth-Income Fund, may consider environmental, social and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">governance (“ESG”) factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">executive compensation, shareholder dilution). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Investment of the Portfolio’s assets in the Master Growth-Income Fund is not a fundamental policy of the Portfolio and a shareholder vote is not required for the Portfolio to withdraw its entire investment in the Master Growth-Income</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests primarily </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(through its investment in the Master Growth-Income Fund) in equity securities. As with any equity fund, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of various types of equity stocks may rise or decline under varying market conditions — for example, “value” stocks may perform well in circumstances under which “growth” stocks in general have fallen, or vice versa. In addition, individual stocks selected for the Master Growth-Income Fund may underperform the market generally, relevant indices or other funds with comparable investment objectives or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risks of Investing in Growth Stocks</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historically volatile, which will affect the Master Growth-Income Fund and the Portfolio. Growth stocks can be volatile for several reasons. Since the issuers of growth stocks usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">other stocks. However, the market frequently rewards growth stocks with price increases when expectations are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">met or exceeded.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Income-Oriented Stocks. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Changes in dividend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">policies or the availability of capital resources may reduce the income from companies in which the Master Growth-Income</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Growth-Income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund may invest in foreign securities. Investors in foreign countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as in the U.S. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Foreign investments will also be affected by local political, social or economic developments and governmental actions. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks may be heightened to the extent the Master Growth-Income Fund invests in emerging </span><span style="color:#000000;font-family:Arial;font-size:10pt;">markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Growth-Income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s adherence to its ESG criteria and application of related analyses when selecting investments may impact the Master Growth-Income Fund’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Master Growth-Income Fund’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Master Growth-Income Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser’s assessment of such may change over time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s or the Master Growth-Income</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;"> Fund’s share price or the market as a whole can </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments in the United States or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism, and other armed conflicts; disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. The prospects for an industry or issuer may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the Master Growth-Income Fund’s investment adviser’s assessment of issuers held in the Master Growth-Income Fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the Master Growth-Income Fund’s investment approach could fall out of favor with the investing public, resulting in lagging performance versus other comparable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolios.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Master Growth-Income Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs. During periods of increased market volatility, active trading may be more </span><span style="font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Master-Feeder Structure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Other “feeder” funds may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">also invest in the Master Growth-Income Fund. As shareholders of the Master Growth-Income Fund, feeder funds, including the Portfolio, vote on matters pertaining to the Master Growth-Income Fund. Feeder funds with a greater pro rata ownership in the Master Growth-Income Fund could have effective voting control of the operations of the Master Growth-Income Fund. Also, a large-scale redemption by another feeder fund may increase the proportionate share of the costs of the Master Growth-Income Fund borne by the remaining feeder fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;">shareholders, including the Portfolio.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">You should also refer to the Master Growth-Income Fund’s prospectus and the statements of additional information for your Portfolio and the Master Growth-Income Fund, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which are available free of charge upon request.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the Variable </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the Variable </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">19.96%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.85%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1996 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1985 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1803 0.1388 0.1415 2016-09-26 0.1767 0.1357 0.1359 0.1788 0.1442 0.1482 0.1517 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is high total return (including income and capital gains) consistent with the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">preservation of capital over the long term.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0111 0.0111 0 0.0025 0.0004 0.0004 0.0115 0.0140 -0.0060 -0.0060 0.0055 0.0080 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. The Example reflects the aggregate expenses of both the Master Asset Allocation Fund (as defined below) and the Portfolio and assumes that the contractual waiver of SunAmerica’s advisory fee continues for all periods shown. Although your actual costs may be higher or lower, based on these assumptions and the Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements shown in the fee table, your </span><span style="font-family:Arial;font-size:10pt;">costs would be:</span> 56 176 307 689 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.01 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio described in this Prospectus operates as a “feeder fund” and attempts to achieve its investment goal by investing all or substantially all of its assets in Class 1 shares of the American Funds Insurance Series</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Asset </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Allocation Fund (the “Master Asset Allocation Fund”), a portfolio offered by American Funds Insurance Series</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;">, a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">registered open-end investment company. In turn, the Master Asset Allocation Fund seeks to provide investors with high total return (including income and capital gains) consistent with the preservation of capital over the long term by investing in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">including U.S. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">government securities,</span><span style="font-family:Arial;font-size:10pt;"> and money market instruments (debt securities maturing in one year or less). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Master Asset Allocation Fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the United States and up to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">5% of its assets in debt securities </span><span style="font-family:Arial;font-size:10pt;">tied economically to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">countries</span><span style="font-family:Arial;font-size:10pt;"> outside the United States. In addition, the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Master Asset Allocation Fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations as designated by the adviser to the Master Asset Allocation Fund or unrated but determined to be of equivalent quality by the adviser to the Master Asset Allocation Fund). Such securities are sometimes referred to as “junk bonds” and are considered speculative.</span><span style="font-family:Arial;font-size:10pt;"> Investors in the Portfolio should have a long-term</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> perspective and be able to tolerate potentially sharp </span><span style="font-family:Arial;font-size:10pt;">declines in value. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">In seeking to pursue its investment goal, the Master Asset Allocation Fund will vary its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the Master Asset Allocation Fund’s investment adviser expects (but is not required) to maintain </span><span style="font-family:Arial;font-size:10pt;">an investment mix falling within the following ranges: </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">40% – 80% in equity securities; 20% – 50% in debt securities; and 0% – 40% in money market instruments and cash. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Master Asset </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Allocation Fund was approximately </span><span style="font-family:Arial;font-size:10pt;">65% invested in equity </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">securities, </span><span style="font-family:Arial;font-size:10pt;">31% invested in debt securities and 4% </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the Master Asset Allocation Fund varies with market conditions and the investment adviser’s assessment of their relative attractiveness as investment </span><span style="font-family:Arial;font-size:10pt;">opportunities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Capital Research and Management Company (“Capital Research”), the investment adviser of the Master Asset Allocation Fund, may consider environmental, social and governance (“ESG”) factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">executive compensation, shareholder dilution). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Investment of the Portfolio’s assets in the Master Asset Allocation Fund is not a fundamental policy of the Portfolio and a shareholder vote is not required for the Portfolio to withdraw its entire investment in the Master Asset </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Allocation Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests primarily </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(through its investment in the Master Asset Allocation Fund) in equity securities. As with any equity fund, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of various types of equity stocks may rise or decline under varying market conditions — for example, “value” stocks may perform well in circumstances under which “growth” stocks in general have fallen, or vice versa. In addition, individual stocks selected for the Master Asset Allocation Fund may underperform the market generally, relevant indices or other funds with comparable investment objectives or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risks of Investing in Growth Stocks</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historically volatile, which will affect the Master Asset Allocation Fund and the Portfolio. Growth stocks can be volatile for several reasons. Since the issuers of growth stocks usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">met or exceeded.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risks of Investing in Debt Instruments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The value of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">your investment in the Portfolio may go up or down in response to changes in interest rates or defaults (or even the potential for future default) by debt instrument issuers. To the extent the Master Asset Allocation Fund is invested in the fixed income market, movements in the fixed income market generally may affect its performance. In addition, individual debt instruments selected for the Master Asset Allocation Fund may underperform the market generally, relevant indices or other funds with comparable investment objectives and strategies. A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Accordingly, the current market prices for these securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will fluctuate with changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The volatility of fixed income </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities is due principally to changes in interest rates. The market value of bonds and other fixed income securities usually tends to vary inversely with the level of interest rates. As interest rates rise the value of such securities typically falls, and as interest rates fall, the value of such securities typically rises. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. Lower quality fixed income securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Any future changes in monetary policy made by central banks and/or their governments are likely to affect </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. government. The Master Asset Allocation Fund or an Underlying Fund directly, and the Portfolio indirectly, could lose money if the issuer of a debt security or the counterparty to a transaction is unable or perceived to be unable to pay interest or repay principal when it becomes due or to perform its obligations under the transaction. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic </span><span style="color:#000000;font-family:Arial;font-size:10pt;">conditions. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The creditworthiness of an issuer is always a factor in analyzing fixed income securities. An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Credit quality risk is gauged, in part, by the credit ratings of the securities in which an Underlying Fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to the credit quality or an evaluation of market risk. The Underlying Funds’ investment adviser relies on its own credit analysts to research issuers in seeking to mitigate the risks of an issuer defaulting on its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Junk bonds carry a substantial risk of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">default or changes in the issuer’s creditworthiness, or they may already be in default. A junk bond’s market price may fluctuate more than higher-quality securities and may decline significantly. In addition, it may be more difficult for the Master Asset Allocation Fund to dispose of junk bonds or to determine their value. Junk bonds may contain redemption or call provisions that, if exercised during a period of declining interest rates, may force the Master </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Asset Allocation Fund to replace the security with a lower yielding security. If this occurs, it will result in a decreased </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return for the Portfolio.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Income-Oriented Stocks. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Changes in dividend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">policies or the availability of capital resources may reduce the income from companies in which the Master Asset </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Allocation Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Thinly-Traded Securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> There may not be a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market for certain securities making it difficult or impossible to sell at the time and the price that the seller </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would like.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Asset Allocation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund may invest in foreign securities. Investors in foreign countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as in the U.S. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Foreign investments will also be affected by local political, social or economic developments and governmental actions. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks may be heightened to the extent the Master Asset Allocation Fund invests in emerging </span><span style="color:#000000;font-family:Arial;font-size:10pt;">markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Prepayment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Prepayment risk is the possibility that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the principal of the loans underlying mortgage-backed or other pass-through securities may be prepaid at any time. As a general rule, prepayments increase during a period of falling interest rates and decrease during a period of rising interest rates. This can reduce the returns of the Master Asset Allocation Fund because the Master Asset Allocation Fund will have to reinvest that money at the lower prevailing interest rates. In periods of increasing interest rates, the occurrence of prepayments generally declines, with the effect that the securities subject to prepayment risk held by the Master Asset Allocation Fund may exhibit price characteristics of longer-term debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> Securities issued or </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Bank are neither insured nor guaranteed by the U.S. government. These securities may be supported only by the credit of the issuing agency, authority, instrumentality or enterprise or by the ability to borrow from the U.S. Treasury and, as a result, are subject to greater credit risk </span><span style="font-family:Arial;font-size:10pt;">than securities issued or guaranteed by the U.S. Treasury.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Asset Allocation Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Master Asset Allocation </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s percentage allocations to equity securities, debt securities and money market instruments could cause the Master Asset Allocation Fund, and therefore the Portfolio, to underperform relative to relevant benchmarks and </span><span style="font-family:Arial;font-size:10pt;">other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Asset Allocation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s adherence to its ESG criteria and application of related analyses when selecting investments may impact the Master Asset Allocation Fund’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Master Asset Allocation Fund’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Master Asset Allocation Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subadviser’s assessment of such may change over time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. The Master Asset Allocation Fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne indirectly by the Portfolio and could affect its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s or the Master Asset </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Allocation Fund’s share price or the market as a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments in the United States or abroad; changes in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investor psychology; heavy institutional selling; military confrontations, war, terrorism, and other armed conflicts; disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. The prospects for an industry or issuer may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the Master Asset Allocation Fund’s investment adviser’s assessment of issuers held in the Master Asset Allocation Fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the Master Asset Allocation Fund’s investment approach could fall out of favor with the investing public, resulting in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">lagging performance versus other comparable portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Master-Feeder Structure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Other “feeder” funds may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">also invest in the Master Asset Allocation Fund. As shareholders of the Master Asset Allocation Fund, feeder funds, including the Portfolio, vote on matters pertaining to the Master Asset Allocation Fund. Feeder funds with a greater pro rata ownership in the Master Asset Allocation Fund could have effective voting control of the operations of the Master Asset Allocation Fund. Also, a large-scale redemption by another feeder fund may increase the proportionate share of the costs of the Master Asset Allocation Fund borne by the remaining feeder fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;">shareholders, including the Portfolio.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">You should also refer to the Master Asset Allocation Fund’s prospectus and the statements of additional information for your Portfolio and the Master Asset Allocation Fund, which are available free of charge upon </span><span style="color:#000000;font-family:Arial;font-size:10pt;">request.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The blended index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">consists of 60% S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index and 40% Bloomberg </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">U.S. Aggregate Bond Index (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the Variable </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and expenses incurred at the Variable </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">13.70%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-13.55%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1370 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-03-31 -0.1355 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1583 0.0896 0.0972 2016-09-26 0.1557 0.0870 0.0948 0.1788 0.1442 0.1482 0.1517 0.1370 0.0847 0.0978 0.0980 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s investment goal is to achieve long-term capital growth and income while seeking to manage </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility and provide downside protection.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0105 0.0105 0 0.0025 0.0055 0.0055 0.0026 0.0026 0.0027 0.0027 0.0002 0.0002 0.0160 0.0185 -0.0070 -0.0070 0.0090 0.0115 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. The Example reflects the aggregate expenses of both the Master Managed Risk Fund (as defined below) and the Portfolio and assumes that the contractual waiver of SunAmerica’s advisory fee continues for all periods shown and that the contractual waiver of Capital Research’s management fee remains in effect through at least May 1, </span><span style="font-family:Arial;font-size:10pt;">2027. Although your actual costs may be </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">higher or lower, based on these assumptions and the Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements shown in the fee table, </span><span style="font-family:Arial;font-size:10pt;">your costs would be:</span> 92 287 498 1108 117 365 633 1398 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;">turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.01 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio described in this Prospectus operates as a “feeder fund” and attempts to achieve its investment goal by investing all or substantially all of its assets in Class P1 shares of the American Funds Insurance Series</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (“AFIS”) </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Managed Risk Growth-Income Fund (the “Master Managed Risk Fund”), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Managed Risk Fund pursues its investment objective by investing in shares of two underlying funds, the AFIS – Growth-Income Fund (the “Growth-Income Fund”) and the AFIS – The Bond Fund of America (the “Bond Fund” and together with the Growth-Income Fund, the “Underlying Funds” and each an “Underlying Fund”), while seeking to manage portfolio volatility and provide downside protection primarily through the use of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exchange-traded options and futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Master Managed Risk Fund normally seeks to invest 80% of its assets in the Growth-Income Fund. The investment objectives of the Growth-Income Fund are to achieve long-term growth of capital and income. The Growth-Income Fund invests primarily in common stocks or other equity type securities, such as preferred stocks, convertible preferred stocks and convertible bonds, that Capital Research, the Growth-Income Fund’s investment adviser, believes demonstrate the potential for appreciation and/or dividends. Although the Growth-Income Fund focuses on investments in medium to larger capitalization companies, its investments are not limited to a particular capitalization size. The Growth-Income Fund may invest up to 15% of its assets outside the United States, including, to a more limited extent, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">emerging markets. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Master Managed Risk Fund invests the remainder of its assets in the Bond Fund and in cash, financial futures and options as part of the </span><span style="font-family:Arial;font-size:10pt;">managed risk strategy. The </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">investment objective of the Bond Fund is to provide as high a level of current income as is consistent with the preservation of capital. The Bond Fund seeks to maximize your level of current income </span><span style="font-family:Arial;font-size:10pt;">and preserve your </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">capital by investing primarily in bonds. Normally, the Bond Fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The Bond Fund invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Organizations, or NRSROs, designated by Capital Research, the Bond Fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the adviser, and in U.S. government securities, money market instruments, cash or cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Bond Fund may invest in debt securities and mortgage-backed securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government. The Bond Fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rates. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Bond Fund may invest in inflation-linked bonds issued by U.S. and non-U.S. governments, their agencies or instrumentalities and corporations. Inflation-linked bonds are structured to protect against inflation by linking the bond’s principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in the index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Bond Fund may invest in certain derivative instruments. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or a market index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Bond Fund may invest in futures contracts and interest rate swaps in order to seek to manage the Bond Fund’s sensitivity to interest rates, and in credit default swap indices, or </span><span style="font-family:Arial;font-size:10pt;">CDSIs, in order to assume exposure to a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">diversified portfolio of credits or to hedge against existing credit risks. A futures contract is a standardized exchange-traded agreement to buy or sell a specific quantity of an underlying asset, rate or index at an agreed-upon price at a stipulated future date. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in one or more interest rates, one of which is typically fixed and the other of which is typically a floating rate based on a designated short-term interest rate, such as the Secured Overnight Financing Rate, prime rate or other benchmark. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party – the protection buyer – is obligated to pay the other party – the protection seller – a stream of periodic payments over the term of the contract, provided generally that no credit event on an underlying reference obligation has occurred. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If such a credit event has occurred, the protection seller </span><span style="color:#000000;font-family:Arial;font-size:10pt;">must pay the protection buyer the loss on those credits. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Bond Fund may also enter into currency transactions to provide for the purchase or sale of a currency needed to purchase a security denominated in that currency. In addition, the Bond Fund may enter into forward currency contracts to protect against changes in currency exchange rates. The Bond Fund may also enter into forward currency contracts to seek to increase total return. A forward currency contract is an agreement to purchase or sell a specific currency at a future date at a fixed price. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Bond Fund may invest up to </span><span style="font-family:Arial;font-size:10pt;">5% of its assets in debt </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">securities rated Ba1 or below and BB+ or below by NRSROs designated by its investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by its investment adviser. Such </span><span style="font-family:Arial;font-size:10pt;">securities are sometimes referred to as “junk bonds.” </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Master Managed Risk Fund investment in the Bond Fund seeks to provide a level of diversification across </span><span style="font-family:Arial;font-size:10pt;">asset classes. Because different asset classes often react </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">differently to changes in market conditions, such diversification seeks to manage the Master Managed Risk Fund’s risk to market changes, including stock market declines. Additionally, the Master Managed Risk Fund employs a risk-management overlay or managed risk strategy. The managed risk strategy consists of using hedge instruments — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the Master Managed Risk Fund around a target volatility level and to seek to reduce the downside exposure of the Master Managed Risk Fund. “Volatility” in this context means variance in the Master Managed Risk Fund’s investment results. The Master Managed Risk Fund employs a subadviser to select individual put options and futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the Underlying Fund’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the Underlying Fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the Master Managed Risk Fund’s currency risk related to its exposure to equity index options and futures denominated in currencies other than </span><span style="font-family:Arial;font-size:10pt;">the U.S. dollar. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the Master Managed Risk Fund to seek to manage the Master Managed Risk Fund’s overall net risk level. During periods of generally rising equity security prices, the subadviser will normally increase the target level of protection in the Master Managed Risk Fund to seek to protect the growing value of the Master Managed Risk Fund’s portfolio. During or after severe market downturns, however, the Master Managed Risk Fund’s subadviser is expected to realize gains for the Master Managed Risk Fund on the Master Managed Risk Fund’s put options and short futures positions and the amount of options and futures held by the Master Managed Risk Fund will likely decrease. Even in periods of low volatility in the equity markets, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains in favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In the event of a sudden market dislocation, the managed risk strategy may not provide the same downside protection as in other periods. Accordingly, in certain market conditions, the fund may also purchase exchange-traded equity index call options, write (or sell) exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts. In addition, under certain market conditions (including during periods of low equity market volatility, when the subadviser may employ exchange-traded equity index futures to a lesser degree or not at all), the subadviser reserves the right to purchase or sell exchange-traded interest rate futures, including futures contracts on U.S. Treasury bonds, to seek to manage </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interest rate risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">From time to time, including during severe market dislocations, the Master Managed Risk Fund may adjust its managed risk strategy if advisable in the judgment of the Master Managed Risk Fund’s investment adviser and subadviser. For example, if the market for swaps moves, as is expected, from a largely over-the-counter market to an exchange-traded market as a result of recent regulatory changes, the subadviser may use exchange-traded swaps to seek to hedge interest rate risk if the Master Managed Risk Fund’s investment adviser and subadviser determine that the exchange-traded swaps market has become similar in depth and substance to that of the exchange-traded options and futures markets. Before adjusting the Master Managed Risk Fund’s managed risk strategy, the Master Managed Risk Fund’s investment adviser and subadviser may consult with insurance companies that offer the Master Managed Risk </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund as an underlying investment option for variable contracts; provided, however that any adjustment will be made in the judgment of the Master Managed Risk Fund’s investment adviser and the subadviser. Any such adjustment may not have the desired positive effect, and could potentially have further adverse effects, on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Master Managed Risk Fund’s investment results. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The subadviser will purchase or sell futures contracts through a futures commission merchant, or FCM. The Master Managed Risk Fund may be required to own cash or other liquid assets, including U.S. Treasury securities, and post these assets with an FCM or broker as collateral to cover the Master Managed Risk Fund’s obligations under its futures contracts. Upon entering into a futures contract, for example, the Master Managed Risk Fund will be required to deposit with the FCM an amount of cash (or other liquid assets, including U.S. Treasury securities</span><span style="font-family:Arial;font-size:10pt;">) for </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">collateral, or initial margin, that will be held at the clearinghouse or exchange in the name of the FCM. On a daily basis, the Master Managed Risk Fund will be required to post additional cash with the FCM if a futures contract loses value or will receive cash if a futures contract gains in value. This cash, known as variation margin, may be held intraday at the FCM. Cash received by the Master Managed Risk Fund may be invested in U.S. </span><span style="font-family:Arial;font-size:10pt;">Treasury futures. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Master Managed Risk Fund or an Underlying Fund may also hold cash or cash equivalents, including commercial paper and short-term securities issued by the U.S. government, its agencies and instrumentalities. The Master Managed Risk Fund may also hold money market fund shares as part of its cash position. The percentage of the Master Managed Risk Fund or an Underlying Fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions of fund shares. The Master Managed Risk Fund’s investment adviser may determine that it is appropriate to invest a substantial portion of the Master Managed Risk Fund’s assets in such instruments in response to certain circumstances, such as periods of market turmoil. For temporary defensive purposes, the Master Managed Risk Fund or an Underlying Fund may invest without limitation in such instruments. A larger percentage of such holdings could moderate the investment results of the Master Managed Risk Fund or an Underlying Fund in a period of rising market prices. Alternatively, a larger percentage of such holdings could reduce the magnitude of loss in the Master Managed Risk Fund or an Underlying Fund in a period of falling market prices and provide liquidity to make additional investments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or to meet redemptions.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Capital Research may consider environmental, social and governance (“ESG”) factors that, depending on the facts </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and circumstances, are material to the value of an issuer or instrument. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">executive compensation, shareholder dilution). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Investment of the Portfolio’s assets in the Master Managed Risk Fund is not a fundamental policy of the Portfolio and a shareholder vote is not required for the Portfolio to withdraw its entire investment in the Master </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Managed Risk Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">goes down, you could lose money. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Underlying Fund Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Because the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments consist of investing in the Master Managed Risk Fund which, in turn, invests a portion of the Portfolio’s assets in the Underlying Funds, the Portfolio’s risks are directly related to the risks of the Underlying Funds. For this reason, it is important to understand the risks associated with investing in both the Portfolio and the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Futures Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Futures are contracts involving the right to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the underlying commodity, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of a futures contract and the price of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">commodity, security or financial index or financial index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Options Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Options are subject to sudden price </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">movements and are highly leveraged, in that payment of a relatively small purchase price, called a premium, gives the buyer the right to acquire an underlying security or reference asset that has a face value substantially greater than the premium paid. The buyer of an option risks losing the entire purchase price of the option. The writer, or seller, of an option risks losing the difference between the purchase price received for the option and the price of the security or reference asset underlying the option that the writer must purchase or deliver upon exercise of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">option. There is no limit on the potential loss. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Master Managed Risk Fund may buy or sell put and call options that trade on U.S. or foreign exchanges. The Master Managed Risk Fund may also buy or sell over-the-counter (“OTC”) options, which subject the Master Managed Risk Fund to the risk that a counterparty may default on its obligations. In selling (referred to as “writing”) a put or call option, there is a risk that, upon exercise of the option, the Master Managed Risk Fund may be required to buy (for written puts) or sell (for written calls) the underlying investment at a disadvantageous price. The Master Managed Risk Fund may write call options on a security or other investment that the Master Managed Risk Fund owns (referred to as “covered calls”). If a covered call sold by the Master Managed Risk Fund is exercised on an investment that has increased in value above the call price, the Master Managed Risk Fund will be required to sell the investment at the call price and will not be able to realize any profit on the investment above the call price. Options purchased on futures contracts on foreign exchanges may be exposed to the risk of foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;">currency fluctuations against the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> There may be imperfect or even negative </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">correlation between the prices of the options and futures contracts in which the Master Managed Risk Fund invests and the prices of the underlying securities or indexes which it seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the Master Managed Risk Fund’s investment in exchange-traded options and futures and their resulting costs could limit the Master Managed Risk Fund’s gains in rising markets relative to those of the Underlying Fund, or to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">those of unhedged funds in general.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Short Positions Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Master Managed Risk Fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests primarily </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">(through its investment in the Master Managed Risk Fund which invests in the Growth-Income Fund) in equity securities. As with any equity fund, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of various types of equity stocks may rise or decline under varying market conditions — for example, “value” stocks may perform well in circumstances under which “growth” stocks in general have fallen, or vice versa. In addition, individual stocks selected for the Growth-Income Fund may underperform the market generally, relevant indices or other funds with comparable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment objectives or strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risks of Investing in Growth Stocks</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Growth stocks are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historically volatile, which will affect the Growth-Income Fund and the Portfolio. Growth stocks can be volatile for several reasons. Since the issuers of growth stocks usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">met or exceeded.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future default) by bond issuers. To the extent the Master Managed Risk Fund or an Underlying Fund is invested in the bond market, movements in the bond market generally may affect its performance. In addition, individual bonds selected may underperform the market generally, relevant indices or other funds with comparable investment objectives and strategies. A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market prices for these securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will fluctuate with changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risk of Income-Oriented Stocks. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Changes in dividend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">policies or the availability of capital resources may reduce the income from companies in which the Growth-Income </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Underlying Fund may invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in foreign securities. Investors in foreign countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as in the U.S. Foreign investments will also be affected by local political, social or economic developments and governmental actions. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks may be heightened to the extent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Fund invests in emerging markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">ESG Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Underlying Fund’s adherence </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to its ESG criteria and application of related analyses when selecting investments may impact the Underlying Fund’s performance, including relative to similar funds that do not adhere to such criteria or apply such analyses. Additionally, the Underlying Fund’s adherence to its ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Underlying Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company’s ESG practices or the subadviser’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">assessment of such may change over time.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Active Trading Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Master Managed Risk Fund </span> <br/><span style="font-family:Arial;font-size:10pt;margin-left:0%;">may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs. During periods of increased market volatility, active trading may be more </span><span style="font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Master-Feeder Structure Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Other “feeder” funds may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">also invest in the Master Managed Risk Fund. As shareholders of the Master Managed Risk Fund, feeder funds, including the Portfolio, vote on matters pertaining to the Master Managed Risk Fund. Feeder funds with a greater pro rata ownership in the Master Managed Risk Fund could have effective voting control of the operations of the Master Managed Risk Fund. Also, a large-scale redemption by another feeder fund may increase the proportionate share of the costs of the Master Managed Risk Fund borne by the remaining feeder fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;">shareholders, including the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s, the Master Managed Risk </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s or an Underlying Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). The prospects for an industry or issuer may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the investment adviser’s assessment of issuers held in an Underlying Fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the Master Managed Risk Fund’s or an Underlying Fund’s investment approach could fall out of favor with the investing public, resulting in lagging performance versus other comparable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolios.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">rate, currency or benchmark (</span><span style="font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10pt;">, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">exchange traded futures and swaps). To the extent a derivative contract is used to hedge another position in the Master Managed Risk Fund, the Master Managed Risk Fund directly, and the Portfolio indirectly, will be exposed to the risks associated with hedging described above. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Master Managed Risk Fund directly, and the Portfolio indirectly, will be exposed to the risks of the contract. Gains or losses from non-hedging positions may be substantially greater than the cost of the position. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Certain derivatives have the potential for undefined loss. By purchasing over-the-counter derivatives, the Master Managed Risk Fund is exposed to credit quality risk of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Counterparty Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Counterparty risk is the risk that a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">counterparty to a security, loan or derivative held by the Master Managed Risk Fund or an Underlying Fund becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Master Managed Risk Fund and the Underlying Funds directly, and the Portfolio indirectly, may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or limited recovery in such circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Risks of Leverage.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Futures contracts and other </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">derivatives in which the Master Managed Risk Fund may invest involve leverage. Leverage occurs when an investor has the right to a return on an investment that exceeds the return that the investor would be expected to receive based on the amount contributed to the investment. The Master Managed Risk Fund’s use of certain economically leveraged futures and other derivatives can result in a loss substantially greater than the amount invested in the futures or other derivative itself. Certain futures and other derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the Master Managed Risk Fund uses futures and other derivatives for leverage, a shareholder’s investment in the Master Managed Risk Fund will tend to be more volatile, resulting in larger gains or losses in response to the fluctuating prices of the Master Managed Risk Fund’s investments. The use of leverage may cause the Master Managed Risk Fund to liquidate portfolio positions at inopportune times in order to meet regulatory asset coverage requirements, fulfill leverage contract terms, or for other reasons. Leveraging, including borrowing, tends to increase the Master Managed Risk Fund’s exposure to market risk, interest rate risk or other risks, and thus may cause the Master Managed Risk Fund to be more volatile than if the Master Managed Risk Fund had not utilized </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leverage.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Credit risk applies to most debt securities, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. government. The Master Managed Risk Fund or an Underlying Fund directly, and the Portfolio indirectly, could lose money if the issuer of a debt security or the counterparty to a transaction is unable or perceived to be unable to pay interest or repay principal when it becomes due or to perform its obligations under the transaction. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">issuer’s financial condition or in general economic </span><span style="color:#000000;font-family:Arial;font-size:10pt;">conditions. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The creditworthiness of an issuer is always a factor in analyzing fixed income securities. An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Credit quality risk is gauged, in part, by the credit ratings of the securities in which an Underlying Fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to the credit quality or an evaluation of market risk. The Underlying Funds’ investment adviser relies on its own credit analysts to research issuers in seeking to mitigate the risks of an issuer defaulting on its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obligations.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Managed Risk Strategy Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the risk that the volatility formula that will be used to stabilize the volatility of the Master Managed Risk Fund and to reduce its downside exposure may not produce the desired result. The Portfolio is also subject to the risk that the Master Managed Risk Fund’s subadviser may be prevented from trading certain derivatives effectively or in a timely manner. In addition, the Portfolio’s performance may be lower than similar funds that do not seek to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">manage their equity exposure.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the S&amp;P 500 Managed Risk Index — Moderate, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">strategies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s returns prior to December 17, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">2018, as reflected in the bar chart and table, are the returns of the Portfolio when it followed different investment strategies under the name “SA American Funds</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> VCP Managed Asset Allocation Portfolio”. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and expenses incurred at the Variable Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Of course, past performance is not necessarily an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">indication of how the Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (a broad-based securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">market index) and the S&amp;P 500 Managed Risk Index — Moderate, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and expenses incurred at the Variable Contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Of course, past performance is not necessarily an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">indication of how the Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 3 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">10.17%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-9.47%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.1017 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.0947 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1114 0.0768 0.0829 2016-09-26 0.1083 0.0740 0.0796 0.1788 0.1442 0.1482 0.1517 0.0747 0.0836 0.0878 0.0891 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index since inception returns reflect the inception date of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Class 3 Shares.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The investment goal of the SA </span><span style="font-family:Arial;font-size:10pt;">Goldman Sachs </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Government and Quality Bond Portfolio (formerly, SA Wellington Government and Quality Bond Portfolio</span><span style="font-family:Arial;font-size:10pt;">) (the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">“Portfolio”) is </span><span style="font-family:Arial;font-size:10pt;">to seek a high degree of income and total </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">return</span><span style="font-family:Arial;font-size:10pt;">, consistent with safety of principal and the high credit quality of U.S. Government securities.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If separate account fees </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;">prospectus for more details on the separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0054 0.0054 0.0054 0 0.0015 0.0025 0.0005 0.0005 0.0005 0.0059 0.0074 0.0084 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 60 189 329 738 76 237 411 918 86 268 466 1037 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">75%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.75 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s principal investment strategy is to invest, under normal circumstances, at least 80% of net assets in obligations issued, guaranteed or insured by the U.S. Government, its agencies or instrumentalities and in high quality fixed income securities (rated AA</span><span style="font-family:Arial;font-size:10pt;">- or better by S&amp;P </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Global Ratings </span><span style="font-family:Arial;font-size:10pt;">or Aa3 or better by Moody’s Investors </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Service, Inc.</span><span style="font-family:Arial;font-size:10pt;"> or its equivalent by any other nationally recognized statistical rating organization). </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">U.S. Government securities include agency issued adjustable rate and fixed rate mortgage-backed securities and other mortgage-related securities (“Agency Mortgage-Backed Securities”) and repurchase agreements collateralized by such securities. The Portfolio may invest in fixed income securities of any </span><span style="font-family:Arial;font-size:10pt;">maturity. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Portfolio to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse </span><span style="font-family:Arial;font-size:10pt;">repurchase agreement to settle the trade. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio also intends to invest in derivatives, including, but not limited to, futures, swaps and options on swaps, which are used primarily to hedge the Portfolio’s portfolio risks, manage the Portfolio’s duration and/or gain </span><span style="font-family:Arial;font-size:10pt;">exposure to certain fixed income securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may also implement short positions and may do so by using swaps or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Portfolio may purchase for </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">investment. For example, the Portfolio may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Portfolio a short position with respect to that asset. The Portfolio may utilize short positions to implement macro views on securities valuations, long-term views on relative value or short-term views on security mispricings, as well as any other views the subadviser deems appropriate. For example, the Portfolio may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Portfolio will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. Alternatively, the Portfolio may sell an instrument (e.g., a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument and then borrow the instrument to make delivery to the buyer. In these transactions, the Portfolio is obligated to replace the instrument borrowed by purchasing it at the market price at the time of </span><span style="font-family:Arial;font-size:10pt;">replacement. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio</span><span style="font-family:Arial;font-size:10pt;">’s net assets may also be invested in privately </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">issued adjustable rate and fixed rate mortgage-backed securities</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and other</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">mortgage-related securities</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">(such as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">commercial mortgage-backed </span><span style="font-family:Arial;font-size:10pt;">securities</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and non-agency </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">residential </span><span style="font-family:Arial;font-size:10pt;">mortgage-backed securities), asset-backed </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">securities, </span><span style="font-family:Arial;font-size:10pt;">collateralized loan obligations,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">mortgage</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">dollar </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">rolls,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">corporate securities,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">municipal securities, floating </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">and variable rate obligations</span><span style="font-family:Arial;font-size:10pt;">, when-issued securities and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">forward commitments</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">short term investments and bank </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">obligations</span><span style="font-family:Arial;font-size:10pt;">. The Portfolio may use an active trading strategy to achieve its objective. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">100% of the Portfolio’s portfolio will be invested in U.S. </span><span style="font-family:Arial;font-size:10pt;">dollar-denominated securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government; these securities may be supported only by the ability to borrow from the U.S. Treasury or by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities issued or guaranteed by the U.S. Treasury.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will default on interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic conditions. Debt securities backed by an issuer’s taxing authority may be subject to legal limits on the issuer’s power to increase taxes or otherwise raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer’s taxing authority, and thus may have a greater risk of default. Credit risk applies to most </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">debt securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Government.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Asset-backed securities issued by trusts and special purpose corporations are backed by a pool of assets, such as credit card or automobile loan receivables representing the obligations of a number of different parties. Mortgage-backed securities directly or indirectly provide funds for mortgage loans made to residential home buyers. These include securities that represent interests in pools of mortgage loans made by lenders such as commercial banks, savings and loan institutions, mortgage bankers and others. They include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities, non-agency residential mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans or real property. The characteristics of these mortgage-backed and asset-backed securities </span><span style="font-family:Arial;font-size:10pt;">differ from traditional fixed-income securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest in both agency and non-agency mortgage-backed securities. Unlike agency mortgage-backed securities which are issued and guaranteed by government-sponsored enterprises or agencies, non-agency mortgage-backed securities are issued by non-governmental issuers and therefore have no direct or indirect government guarantees of payment. Non-agency mortgage-backed securities may be subject to liquidity risk, credit risk, default risk, subordination risk, and interest rate risk. Both agency and non-agency mortgage-backed securities are also subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during </span><span style="font-family:Arial;font-size:10pt;">periods of economic downturn.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate, currency or benchmark (i.e., stock options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty risk and hedging </span><span style="font-family:Arial;font-size:10pt;">risk.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Futures Risk.</span><span style="font-family:Arial;font-size:10pt;"> Futures are contracts involving the right to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the underlying commodity, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying </span><span style="font-family:Arial;font-size:10pt;">commodity, security or financial index.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Swaps Risk.</span><span style="font-family:Arial;font-size:10pt;"> Swap agreements are two party contracts </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. In addition to the risks generally applicable to derivatives, 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">that the Portfolio will not be able to meet its obligations to </span><span style="font-family:Arial;font-size:10pt;">pay the other party to the agreement.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Swaptions Risk.</span><span style="font-family:Arial;font-size:10pt;"> A swaption is an options contract on a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">swap agreement. The buyer of a swaption pays a non-refundable premium for the option and obtains the right, but not the obligation, to enter into an underlying swap on agreed-upon terms. The seller of a swaption, in exchange for the premium, becomes obligated (if the option is exercised) to enter into the underlying swap on agreed-upon terms. Swaptions enable the Portfolio to purchase exposure that is significantly greater than the premium paid. Consequently, the value of swaptions can be volatile, and a small investment in swaptions can have a large impact on the performance of the Portfolio. The Portfolio risks losing all or part of the cash paid (premium) for purchasing swaptions. Additionally, the value of the option may be lost if the portfolio managers fail to exercise such </span><span style="font-family:Arial;font-size:10pt;">option at or prior to its expiration.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Reverse Repurchase Agreement Risk.</span><span style="font-family:Arial;font-size:10pt;"> Reverse </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">repurchase agreements involve the sale of securities held by a Portfolio with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Portfolio could lose money if it is unable to recover the securities and the value of the collateral held by the Portfolio, including the value of the investments made with cash collateral, is less than the value of securities. These events could also trigger </span><span style="font-family:Arial;font-size:10pt;">adverse tax consequences to the Portfolio.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Leverage Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may engage in certain </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">transactions that may expose it to leverage risk. The use of leverage may cause the Portfolio to liquidate portfolio positions at inopportune times in order to meet regulatory asset coverage requirements, fulfill leverage contract terms, or for other reasons. Leveraging, including borrowing, tends to increase the Portfolio’s exposure to market risk, interest rate risk or other risks, and thus may cause the Portfolio to be more volatile than if the Portfolio </span><span style="font-family:Arial;font-size:10pt;">had not utilized leverage.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Call Risk.</span><span style="font-family:Arial;font-size:10pt;"> The risk that an issuer will exercise its right to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to </span><span style="font-family:Arial;font-size:10pt;">reinvest in lower-yielding securities.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligation Risk.</span><span style="font-family:Arial;font-size:10pt;"> A collateralized </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">loan obligation is a trust typically collateralized by a pool of loans, which may include, among others, domestic and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Because it is partially protected from defaults, a senior tranche from a collateralized loan obligation trust typically has higher ratings and lower yields than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, collateralized loan obligation tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to </span><span style="font-family:Arial;font-size:10pt;">collateralized loan obligation securities as a class.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Short Positions Risk.</span><span style="font-family:Arial;font-size:10pt;"> Because the Portfolio’s potential </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">loss on a short position arises from increases in the value of the asset sold short, the Portfolio will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Portfolio from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Portfolio’s short positions will cause the Portfolio to underperform the overall market and its peers that do not engage in shorting. If the Portfolio holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Portfolio’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of </span><span style="font-family:Arial;font-size:10pt;">the Portfolio’s returns.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> Municipal securities are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or </span><span style="font-family:Arial;font-size:10pt;">interest.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Floating Rate Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> Floating rate securities </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the impact of changes in market interest rates on the value of the security. However, the value of these securities may decline if their interest rates do not rise as much, or as quickly, as other interest rates. Conversely, these securities will not generally increase in value if interest rates decline. The absence of an active market for these </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">securities could make it difficult for the Portfolio to dispose </span><span style="font-family:Arial;font-size:10pt;">of them if the issuer defaults. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Variable and floating rate obligations normally will involve industrial development or revenue bonds which provide that the rate of interest is set as a specific percentage of a designated base rate, such as rates on Treasury Bonds or Bills or the prime rate at a major commercial bank, and that a bondholder can demand payment of the obligations on behalf of the Portfolio on short notice at par plus accrued interest, which amount may be more or less than the amount the bondholder paid for them. The maturity of floating or variable rate obligations (including participation interests therein) is deemed to be the longer of (i) the notice period required before the Portfolio is entitled to receive payment of the obligation upon demand, or (ii) the period remaining until the obligation’s next interest rate adjustment. If not redeemed by the Portfolio through the demand feature, the obligations mature on a specified date which may range up to thirty years from the date of </span><span style="font-family:Arial;font-size:10pt;">issuance.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Roll Transactions Risk.</span><span style="font-family:Arial;font-size:10pt;"> Roll transactions involve the sale </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">of mortgage or other asset-backed securities with the commitment to purchase substantially similar (same type, coupon and maturity) but not identical securities on a specified future date. Roll transactions involve certain risks, including the following: if the broker-dealer to whom the Portfolio sells the security becomes insolvent, the Portfolio’s right to purchase or repurchase the security subject to the dollar roll may be restricted and the instrument that the Portfolio is required to repurchase may be worth less than an instrument that the Portfolio originally held. Successful use of roll transactions will depend upon the adviser/subadviser’s ability to predict correctly interest rates and, in the case of mortgage dollar rolls, mortgage prepayments. For these reasons, there is no assurance that dollar rolls can be successfully </span><span style="font-family:Arial;font-size:10pt;">employed.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">When-Issued Securities and Delayed Delivery and Forward Commitment Transactions Risk.</span><span style="font-family:Arial;font-size:10pt;"> When-issued</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> and delayed delivery securities involve the risk that the security the Portfolio buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Portfolio may lose both the investment opportunity for the assets it set aside </span><span style="font-family:Arial;font-size:10pt;">to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">As a result of a reorganization which occurred on November 8, 2021 (the “Reorganization”), the Portfolio acquired all of the assets and liabilities of the SA Wellington Government and Quality Bond Portfolio (the “Predecessor Portfolio”), a series of Anchor Series Trust. The performance information below is based on the performance of the Predecessor Portfolio for periods prior to the date of the Reorganization. The Predecessor Portfolio had the same investment goal, strategies, portfolio management team and contractual fees and expenses as the Portfolio as of the date of the Reorganization. As a result, the performance of the Portfolio would have been substantially similar to that of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Predecessor Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">broad-based securities market index)</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Bloomberg U.S. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Aggregate A or Better Index, </span><span style="font-family:Arial;font-size:10pt;">and Bloomberg U.S. Government/Mortgage Index. Effective July 28, 2025, the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Bloomberg U.S. Government/Mortgage Index replaced the Bloomberg U.S.</span><span style="font-family:Arial;font-size:10pt;"> Aggregate A or Better Index as one of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the performance benchmarks against which the Portfolio measures its performance.</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Portfolio management </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">believes that the Bloomberg U.S. Government/</span><span style="font-family:Arial;font-size:10pt;">Mortgage </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Index is more representative of the securities in which the Portfolio invests. The Portfolio</span><span style="font-family:Arial;font-size:10pt;">’s returns prior to July 28, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">2025, as reflected in the bar chart and table,</span><span style="font-family:Arial;font-size:10pt;"> are the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">returns of the Portfolio when it followed a different investment objective and different investment strategies under the name “SA Wellington Government and Quality Bond Portfolio</span><span style="font-family:Arial;font-size:10pt;">.”</span><span style="font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="font-family:Arial;font-size:10pt;">in the future.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Goldman Sachs Asset Management L.P. (“GSAM”) assumed subadvisory duties of the Portfolio on July 28, 2025. Prior to July 28, 2025, Wellington Management </span><span style="font-family:Arial;font-size:10pt;">Company LLP subadvised the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">broad-based securities market index)</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Bloomberg U.S. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Aggregate A or Better Index, </span><span style="font-family:Arial;font-size:10pt;">and Bloomberg U.S. Government/Mortgage Index. Effective July 28, 2025, the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Bloomberg U.S. Government/Mortgage Index replaced the Bloomberg U.S.</span><span style="font-family:Arial;font-size:10pt;"> Aggregate A or Better Index as one of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the performance benchmarks against which the Portfolio measures its performance.</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Portfolio management </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">believes that the Bloomberg U.S. Government/</span><span style="font-family:Arial;font-size:10pt;">Mortgage </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Index is more representative of the securities in which the Portfolio invests. The Portfolio</span><span style="font-family:Arial;font-size:10pt;">’s returns prior to July 28, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">2025, as reflected in the bar chart and table,</span><span style="font-family:Arial;font-size:10pt;"> are the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">returns of the Portfolio when it followed a different investment objective and different investment strategies under the name “SA Wellington Government and Quality Bond Portfolio</span><span style="font-family:Arial;font-size:10pt;">.”</span> <span style="font-family:Arial;font-size:10pt;"> Fees and expenses incurred at the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="font-family:Arial;font-size:10pt;"> Of course, past performance is not </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">necessarily an indication of how the Portfolio will perform </span><span style="font-family:Arial;font-size:10pt;">in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">6.40%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-5.94%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2023-12-31 0.0640 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-03-31 -0.0594 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.0657 -0.0078 0.0145 0.0645 -0.0092 0.0131 0.0631 -0.0102 0.0121 0.0730 -0.0036 0.0201 0.0709 -0.0053 0.0146 0.0718 -0.0046 0.0172 <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The investment goal of the SA Wellington Capital Appreciation Portfolio (the “Portfolio”) is long-term capital </span><span style="font-family:Arial;font-size:10pt;">appreciation.</span> <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="font-family:Arial;font-size:10pt;"> If separate account fees </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract </span><span style="font-family:Arial;font-size:10pt;">prospectus for more details on the separate account fees.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="font-family:Arial;font-size:10pt;"> (expenses that </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="font-family:Arial;font-size:10pt;">investment)</span> 0.0070 0.0070 0.0070 0 0.0015 0.0025 0.0003 0.0003 0.0003 0.0073 0.0088 0.0098 <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the separate account fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 75 233 406 906 90 281 488 1084 100 312 542 1201 <span style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">89%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.89 <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s principal investment strategy is to invest primarily in growth equity securities across a wide range of industries and companies, using a wide-ranging and flexible stock selection approach. The Portfolio uses an </span><span style="font-family:Arial;font-size:10pt;">active trading strategy to achieve its investment goal. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio will principally invest in equity securities of large-,</span><span style="font-family:Arial;font-size:10pt;"> mid- and small-cap companies. The Portfolio may </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">also invest in foreign equity securities, including </span><span style="font-family:Arial;font-size:10pt;">depositary receipts (up to 30% of total assets). </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">A “growth” philosophy — that of investing in securities believed to offer the potential for capital appreciation — focuses on securities of companies that may have one or more of the following characteristics: accelerating or high revenue growth, improving profit margins, or improving </span><span style="font-family:Arial;font-size:10pt;">balance sheets. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio, from time to time, may have significant </span><span style="font-family:Arial;font-size:10pt;">positions in particular sectors, such as technology.</span> <span style="font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public </span><span style="font-family:Arial;font-size:10pt;">information may also affect the value of these securities.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse social, political, regulatory or economic developments in the United States or abroad; changes in investor psychology; technological disruptions; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, trade wars and sanctions, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Growth Style Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio invests substantially in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">growth style stocks. A “Growth” philosophy is a strategy of investing in securities believed to offer the potential for capital appreciation. It focuses on securities of companies that are considered to have a historical record of above-average growth rate, significant growth potential, above-average earnings growth or value, the ability to sustain earnings growth, or that offer proven or unusual products or services, or operate in industries experiencing increasing demand. Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than </span><span style="font-family:Arial;font-size:10pt;">other stocks.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Sector or Industry Focus Risk.</span><span style="font-family:Arial;font-size:10pt;"> To the extent the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Portfolio invests a significant portion of its assets in one or more sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting sectors or industries than if the Portfolio always maintained wide diversity among the sectors and industries in which it </span><span style="font-family:Arial;font-size:10pt;">invests.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="font-family:Arial;font-size:10pt;"> Companies with </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="font-family:Arial;font-size:10pt;">  Depositary receipts are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an </span><span style="font-family:Arial;font-size:10pt;">exchange and therefore are subject to illiquidity risk.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="font-family:Arial;font-size:10pt;">pronounced.</span> <span style="font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">As a result of a reorganization which occurred on November 8, 2021 (the “Reorganization”), the Portfolio acquired all of the assets and liabilities of the SA Wellington Capital Appreciation Portfolio (the “Predecessor Portfolio”), a series of Anchor Series Trust. The performance information below is based on the performance of the Predecessor Portfolio for periods prior to the date of the Reorganization. The Predecessor Portfolio had the same investment goal, strategies, portfolio management team and contractual fees and expenses as the Portfolio as of the date of the Reorganization. As a result, the performance of the Portfolio would have been substantially similar to that of </span><span style="font-family:Arial;font-size:10pt;">the Predecessor Portfolio. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000 Index (a broad-based securities market index) and the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Growth Index, which </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span><span style="font-family:Arial;font-size:10pt;"> Fees and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="font-family:Arial;font-size:10pt;"> Of course, past </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell 3000 Index (a broad-based securities market index) and the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> Growth Index, which </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies.</span> <span style="font-family:Arial;font-size:10pt;"> Fees and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="font-family:Arial;font-size:10pt;"> Of course, past </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">39.89%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-29.32%</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.3989 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.2932 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1453 0.0881 0.1603 0.1438 0.0865 0.1586 0.1426 0.0854 0.1575 0.1715 0.1315 0.1429 0.1815 0.1459 0.1759 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Investment Goal</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The investment goal of the SA Wellington Strategic Multi-Asset Portfolio</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (the “Portfolio”) is high long-term total investment return.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">table and example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If separate account fees </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;">prospectus for more details on the separate account fees.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;text-decoration:underline;">Annual Portfolio Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (expenses that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment)</span> 0.0100 0.0100 0 0.0025 0.0027 0.0028 0.0127 0.0153 -0.0046 -0.0047 0.0081 0.0106 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Expense Example</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the </span><span style="font-family:Arial;font-size:10pt;">separate account fees were </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the </span><span style="font-family:Arial;font-size:10pt;">fee table, your costs would be:</span> 83 357 653 1493 108 437 790 1784 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Example, affect the Portfolio’s performance.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the Portfolio’s portfolio </span><span style="font-family:Arial;font-size:10pt;">turnover rate was </span><span style="font-family:Arial;font-size:10pt;">69%</span><span style="font-family:Arial;font-size:10pt;"> of the average value of its portfolio.</span> 0.69 <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Principal Investment Strategies of the Portfolio</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio’s principal investment strategy is to invest the Portfolio’s assets among global equity and global fixed income securities to achieve total investment return. “Total investment return” is a measure of performance which combines all elements of return including income and capital appreciation. The portfolio will maintain approximately two-thirds of its assets in equity securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and one-third in fixed income securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio will principally invest in equity securities of large-,</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> mid- and small-cap companies, convertible </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities, and foreign equity securities. The Portfolio will also principally invest in fixed income securities, including U.S. Government securities, foreign fixed income securities, emerging market securities, asset-backed and mortgage-backed securities, corporate bonds, high-yield, high-risk bonds (commonly referred to as “junk bonds”) of any credit quality and preferred stocks. The Portfolio may also make short-term investments. The Portfolio may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invest in fixed income securities of any maturity. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In addition, the Portfolio may invest in derivative instruments, such as currency forwards and interest rate futures to manage foreign currency, duration and yield </span><span style="color:#000000;font-family:Arial;font-size:10pt;">curve positioning within the Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may use an active trading strategy to achieve </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Shares of the Portfolio are not bank </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> If the value of the assets of the Portfolio goes down, you could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Equity Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio invests principally </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Preferred stockholders’ liquidation </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cause the preferred stock to lose substantial value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may have the right to buy back or “call” certain of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">convertible securities at a time unfavorable to the Portfolio.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Market Risk.</span><span style="font-family:Arial;font-size:10pt;"> The Portfolio’s share price or the market as </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse </span><span style="font-family:Arial;font-size:10pt;">social, political, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">regulatory or economic developments in the United States or abroad; changes in investor psychology; </span><span style="font-family:Arial;font-size:10pt;">technological </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">disruptions;</span><span style="font-family:Arial;font-size:10pt;"> heavy institutional selling; military </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">confrontations, war, terrorism and other armed conflicts, trade wars and sanctions,</span><span style="font-family:Arial;font-size:10pt;"> disease/virus outbreaks and </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in </span><span style="font-family:Arial;font-size:10pt;">a rising market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Management Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio is subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio managers will produce the desired results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of your investment in the Portfolio </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to volatility due to changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Fixed income securities may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">subject to volatility due to changes in interest rates. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. Any future changes in monetary policy made by central banks and/or their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">governments are likely to affect the level of interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The risk that an issuer will default on interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic conditions. Debt securities backed by an issuer’s taxing authority may be subject to legal limits on the issuer’s power to increase taxes or otherwise raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">by revenues derived from a particular project or source, rather than by an issuer’s taxing authority, and thus may have a greater risk of default. Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Government.</span> <br/> <br/><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may invest significantly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer’s creditworthiness, or they may already be in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">default at the time of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio’s investments in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investing in issuers in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be more volatile than investments in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">U.S. Government Obligations Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government; these securities may be supported only by the ability to borrow from the U.S. Treasury or by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities issued or guaranteed by the U.S. Treasury.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Mortgage- and Asset-Backed Securities Risk. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Asset-backed securities issued by trusts and special purpose corporations are backed by a pool of assets, such as credit card or automobile loan receivables representing the obligations of a number of different parties. Mortgage-backed securities directly or indirectly provide funds for mortgage loans made to residential home buyers. These include securities that represent interests in pools of mortgage loans made by lenders such as commercial banks, savings and loan institutions, mortgage bankers and others. They include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities, non-agency residential mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans or real property. The characteristics of these mortgage-backed and asset-backed securities </span><span style="font-family:Arial;font-size:10pt;">differ from traditional fixed-income securities. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic </span><span style="font-family:Arial;font-size:10pt;">downturn.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Large-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Large-cap companies tend </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extended periods of economic expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Small- and Mid-Cap Companies Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these risks to a lesser extent.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Derivatives Risk.</span><span style="font-family:Arial;font-size:10pt;"> A derivative is any financial instrument </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">whose value is based on, and determined by, another security, index, rate</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">currency or benchmark (i.e., stock </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used to enhance return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty risk and hedging </span><span style="font-family:Arial;font-size:10pt;">risk.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Hedging Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A hedge is an investment made in order to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">reduce the risk of adverse price movements in a security, by taking an offsetting position in a related security (often a derivative, such as an option, futures contract or a short sale). While hedging strategies can be very useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the instruments being hedged may not be reduced.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Portfolio’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio’s non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar-denominated securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If changes in the currency exchange rates do not occur as anticipated, the Portfolio may lose money on forward currency transactions. The Portfolio’s ability to use forward foreign currency transactions successfully depends on a number of factors, including the forward foreign currency transactions being available at prices that are not too costly, the availability of liquid markets and the ability of the portfolio managers to accurately predict the direction of changes in currency exchange rates. Currency exchange rates may be volatile. Currency transactions are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">contractual obligation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Issuer Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of a security may decline for a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">number of reasons directly related to the issuer, such as management performance, financial leverage and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reduced demand for the issuer’s goods and services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Active Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Portfolio may engage in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pronounced.</span> <span style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:bold;">Performance Information</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">As a result of a reorganization which occurred on November 8, 2021 (the “Reorganization”), the Portfolio acquired all of the assets and liabilities of the SA Wellington Strategic Multi-Asset Portfolio (the “Predecessor Portfolio”), a series of Anchor Series Trust. The performance information below is based on the performance of the Predecessor Portfolio for periods prior to the date of the Reorganization. The Predecessor Portfolio had the same investment goal, strategies, portfolio management team and contractual fees and expenses as the Portfolio as of the date of the Reorganization. As a result, the performance of the Portfolio would have been substantially similar to that of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Predecessor Portfolio. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">those of the MSCI ACWI Index (net) (a broad-based securities market index) and a blended index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">blended index consists of 65% MSCI ACWI Index (net) and 35% FTSE World Government Bond Index (U.S. $ Hedged) (the “Blended Index”). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">those of the MSCI ACWI Index (net) (a broad-based securities market index) and a blended index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Fees and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Of course, past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance is not necessarily an indication of how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Portfolio will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">(Class 1 Shares)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">During the period shown in the bar chart:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">14.55%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-12.46%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Highest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2020-06-30 0.1455 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Lowest Quarterly </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Return:</span> 2022-06-30 -0.1246 <span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;"> (For the periods ended December 31, 2025)</span> 0.1433 0.0586 0.0744 0.1409 0.0560 0.0745 2016-09-26 0.2234 0.1119 0.1172 0.1190 0.1562 0.0702 0.0839 0.0830 Amounts reflect the total expenses of the Portfolio and the Master Asset Allocation Fund (as defined herein). The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses appearing in the Financial Highlights table in the most recent shareholder report. The Financial Highlights table reflects only the operating expenses of the Portfolio and does not include the fees of the Master Asset Allocation Fund. SunAmerica Asset Management, LLC (“SunAmerica”) has entered into a contractual agreement with SunAmerica Series Trust (the “Trust”) under which it will waive 0.60% of its advisory fee for such time as the Portfolio is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue indefinitely as long as the Portfolio is part of a master-feeder fund structure and cannot be reduced or eliminated without approval of the Board of Trustees of the Trust. Amounts reflect the total expenses of the Portfolio and the Master Managed Risk Fund (as defined herein). The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses appearing in the Financial Highlights table in the most recent shareholder report. The Financial Highlights table reflects only the operating expenses of the Portfolio and does not include the fees of the Master Managed Risk Fund. SunAmerica Asset Management, LLC (“SunAmerica”) has entered into a contractual agreement with SunAmerica Series Trust (the “Trust”) under which it will waive 0.70% of its advisory fee for such time as the Portfolio is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue indefinitely as long as the Portfolio is part of a master-feeder fund structure and cannot be reduced or eliminated without approval of the Board of Trustees of the Trust. SunAmerica has contractually agreed to reimburse the expenses of the Portfolio until April 30, 2027, so that the Portfolio’s “Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements” do not exceed 0.28% for Class 1 shares and 0.53% for Class 3 shares. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees and other expenses not incurred in the ordinary course of the Trust’s business on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio, except for advisory fee waivers made by SunAmerica, are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that such payments to SunAmerica will not be made if it would cost the “Total Annual Portfolio Operating Expenses” of the Portfolio or class thereof to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation in effect, if any. This agreement will be renewed in terms of one year unless terminated by the Board of Trustees of the Trust prior to any such renewal. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Amounts reflect the total expenses of the Portfolio and the Master Growth Fund (as defined herein). The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses appearing in the Financial Highlights table in the most recent shareholder report. The Financial Highlights table reflects only the operating expenses of the Portfolio and does not include the fees of the Master Growth Fund. SunAmerica Asset Management, LLC (“SunAmerica”) has entered into a contractual agreement with SunAmerica Series Trust (the “Trust”) under which it will waive 0.60% of its advisory fee for such time as the Portfolio is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue indefinitely as long as the Portfolio is part of a master-feeder fund structure and cannot be reduced or eliminated without approval of the Board of Trustees of the Trust. The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee on an annual basis with respect to the Portfolio so that the advisory fee payable by the Portfolio to SunAmerica is equal to 0.26% of the Portfolio’s average daily net assets on the first $2 billion, $0.18% of the Portfolio’s average daily net assets on the next $1 billion, and 0.14% of the Portfolio’s average daily net assets over $3 billion. This agreement may be terminated prior to April 30, 2027only with the approval of the Board of Trustees of SunAmerica Series Trust. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to a Master Advisory Fee Waiver Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee with respect to the Portfolio in an amount equal to the amount of the subadvisory fee waived by J.P. Morgan Investment Management Inc. (“JPMorgan”), the Portfolio’s subadviser, under a Subadvisory Fee Waiver Agreement between SunAmerica and JPMorgan, in order to pass the benefit of such waiver onto the Portfolio (the “JPMorgan Waiver”). The JPMorgan Waiver shall continue in effect so long as the Subadvisory Fee Waiver Agreement is in effect. Pursuant to a Master Advisory Fee Waiver Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee with respect to the Portfolio so that the net advisory fee rate payable by the Portfolio to SunAmerica is 0.31% of the Portfolio’s average daily net assets on the first $2 billion and 0.26% of the Portfolio’s average daily net assets over $2 billion. This Master Advisory Fee Waiver Agreement will continue in effect until April 30, 2027. In addition, the Advisory Fee Waiver Agreement will automatically terminate upon the termination of the Investment Advisory and Management Agreement with respect to the Portfolio. Pursuant to an Expense Limitation Agreement, SunAmerica has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.41% and 0.66%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waiver and/or reimbursement, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee under the Investment Advisory and Management Agreement with respect to the Portfolio so that the advisory fee payable by the Portfolio is equal to 0.730% on the first $50 million, 0.630% on the next $100 million, 0.580% on the next $100 million and 0.530% thereafter. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica” or the “Adviser”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.35% and 0.60%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive its advisory fee with respect to the Portfolio so that the advisory fee payable by the Portfolio to SunAmerica equals 0.67% of average daily net assets. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Amounts reflect the total expenses of the Portfolio and the Master Global Growth Fund (as defined herein). The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses appearing in the Financial Highlights table in the most recent shareholder report. The Financial Highlights table reflects only the operating expenses of the Portfolio and does not include the fees of the Master Global Growth Fund. SunAmerica Asset Management, LLC (“SunAmerica”) has entered into a contractual agreement with SunAmerica Series Trust (the “Trust”) under which it will waive 0.70% of its advisory fee for such time as the Portfolio is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue indefinitely as long as the Portfolio is part of a master-feeder fund structure and cannot be reduced or eliminated without approval of the Board of Trustees of the Trust. Capital Research and Management Company (“Capital Research”) currently waives a portion of its management fee equal to 0.11% of the Master Global Growth Fund’s net assets. This waiver will be in effect through at least May 1, 2027, unless modified or terminated by the Master Global Growth Fund’s Board. The waiver may only be modified or terminated with the approval of the Master Global Growth Fund’s Board. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.81% and 1.06%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive its advisory fee with respect to the Portfolio so that the advisory fee payable by the Portfolio to SunAmerica equals 0.90% of average daily net assets on the first $150 million, 0.80% of average daily net assets on the next $150 million and 0.70% of average daily net assets over $300 million. The Master Advisory Fee Waiver Agreement will continue in effect through April 30, 2027 and year to year thereafter, unless terminated by the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica” or the “Adviser”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.34% and 0.59%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waiver and/or reimbursement, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, SunAmerica is contractually obligated to waive a portion of its management fees with respect to the Portfolio in an amount equal to the amount of the subadvisory fee waived by BlackRock Investment Management, LLC (“BlackRock”), the Portfolio’s subadviser, under a Subadvisory Fee Waiver Agreement between SunAmerica and BlackRock, in order to pass the benefit of such waiver onto the Portfolio. The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses exceed 0.81% and 1.06% of the average daily net assets of the Portfolio’s Class 1 and Class 3 shares, respectively. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio under the Expense Limitation Agreement are subject to recoupment from the Portfolio within two years after the occurrence of the waiver and/or reimbursement, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. The agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the 1940 Act. Pursuant to a Master Advisory Fee Waiver Agreement, SunAmerica is contractually obligated to waive a portion of its advisory fee with respect to the Portfolio so that the net advisory fee rate payable by the Portfolio to SunAmerica under the Investment Advisory and Management Agreement with the Trust is equal to 0.65% of the Portfolio’s average daily net assets on the first $200 million, 0.525% of the Portfolio’s average daily net assets on the next $300 million and 0.45% of the Portfolio’s average daily net assets over $500 million. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee on an annual basis with respect to the Portfolio so that the advisory fee rate payable by the Portfolio to SunAmerica is equal to 0.87% of the Portfolio’s average daily net assets on the first $50 million, 0.77% of the Portfolio’s average daily net assets on the next $100 million, 0.67% of the Portfolio’s average daily net assets on the next $150 million, and 0.62% of the Portfolio’s average daily net assets over $300 million. SunAmerica may not recoup any advisory fees waived with respect to the Portfolio pursuant to the Master Advisory Fee Waiver Agreement. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive its advisory fee with respect to the Portfolio so that the advisory fee payable by the Portfolio to SunAmerica is equal to 0.75% of average daily net assets. This agreement may only be terminated by the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive its advisory fee under the Investment Advisory and Management Agreement with respect to the Portfolio so that the advisory fee payable by the Portfolio is equal to 0.95% on the first $200 million, 0.87% on the next $300 million, and 0.85% thereafter. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive its advisory fee with respect to the Portfolio so that the advisory fee payable by the Portfolio to SunAmerica equals 0.95% of average daily net assets. This agreement will continue in effect through April 30, 2027 and year to year thereafter, unless terminated by the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee on an annual basis with respect to the Portfolio so that the advisory fee rate payable by the Portfolio to SunAmerica is equal to 0.88% of the Portfolio’s average daily net assets on the first $250 million and 0.83% of the Portfolio’s average daily net assets over $250 million. This Master Advisory Fee Waiver Agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee on an annual basis with respect to the Portfolio so that the advisory fee rate payable by the Portfolio to SunAmerica is equal to 0.66% of the Portfolio’s average daily net assets on the first $600 million, 0.61% of the Portfolio’s average daily net assets on the next $900 million, and 0.56% of the Portfolio’s average daily net assets over $1.5 billion. SunAmerica may not recoup any advisory fees waived with respect to the Portfolio pursuant to the Master Advisory Fee Waiver Agreement. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to a Master Advisory Fee Waiver Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its management fees with respect to the Portfolio so that the management fee rate payable by the Portfolio to SunAmerica is 0.40% of the Portfolio’s average daily net assets on the first $250 million and 0.35% thereafter. The Master Advisory Fee Waiver Agreement will continue in effect until April 30, 2027. SunAmerica has also contractually agreed to waive a portion of its management fee with respect to the Portfolio in an amount equal to the Portfolio’s expenses related to investments in exchange traded funds (“ETFs”) managed or advised by BlackRock Investment Management, LLC (“BlackRock”) or its affiliates, and this waiver will continue so long as the Portfolio invests in such ETFs Pursuant to an Expense Limitation Agreement, SunAmerica has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses exceed 0.51% and 0.76% of the average daily net assets of the Portfolio’s Class 1 and Class 3 shares, respectively. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio under the Expense Limitation Agreement are subject to recoupment from the Portfolio within two years after the occurrence of the waiver and/or reimbursement, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive 0.50% of its advisory fee on an annual basis with respect to the Portfolio. This agreement may be modified or discontinued prior to April 30, 2027only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.58% and 0.83%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.34% and 0.59%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, SunAmerica is contractually obligated to waive a portion of its management fees with respect to the Portfolio in an amount equal to the amount of the subadvisory fee waived by BlackRock Investment Management, LLC (“BlackRock”), the Portfolio’s subadviser, under a Subadvisory Fee Waiver Agreement between SunAmerica and BlackRock, in order to pass the benefit of such waiver onto the Portfolio. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee under the Investment Advisory and Management Agreement with respect to the Portfolio so that the advisory fee payable by the Portfolio is equal to 0.765% on the first $250 million of the Portfolio’s average daily net assets and 0.740% thereafter. This agreement may be modified or discontinued prior to April 30, 2027only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee on an annual basis with respect to the Portfolio so that the advisory fee rate payable by the Portfolio to SunAmerica is equal to 0.79% of the Portfolio’s average daily net assets on the first $250 million, 0.74% of the Portfolio’s average daily net assets on the next $250 million, and 0.69% of the Portfolio’s average daily net assets over $500 million. SunAmerica may not recoup any advisory fees waived with respect to the Portfolio pursuant to Master Advisory Fee Waiver Agreement. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica” or the “Adviser”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.18% and 0.43%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica” or the “Adviser”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 3 shares exceed 0.43% of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee on an annual basis with respect to the Portfolio so that the advisory fee rate payable by the Portfolio to SunAmerica is equal to 0.73% of the Portfolio’s average daily net assets on the first $50 million, 0.68% of the Portfolio’s average daily net assets on the next $200 million and 0.63% of the Portfolio’s average daily net assets over $250 million. SunAmerica may not recoup any advisory fees waived with respect to the Portfolio pursuant to the Master Advisory Fee Waiver Agreement. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed  to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.81% and 1.06%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC (“SunAmerica”) is contractually obligated to waive a portion of its advisory fee with respect to the Portfolio so that the net advisory fee rate payable by the Portfolio to SunAmerica under the Investment Advisory and Management Agreement with the Trust is equal to 0.77% of the Portfolio’s average daily net assets on the first $100 million, 0.72% of the Portfolio’s average daily net assets on the next $400 million, and 0.70% of the Portfolio’s average daily net assets over $500 million. SunAmerica may not recoup any advisory fees waived with respect to the Portfolio pursuant to the Master Advisory Fee Waiver Agreement. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (the “Trust”), including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica” or the “Adviser”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.90% and 1.15%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 1 and Class 3 shares exceed 0.88% and 1.13%, respectively, of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Amounts reflect the total expenses of the Portfolio and the Master Growth-Income Fund (as defined herein). The Total Annual Portfolio Operating Expenses do not correlate to the ratio of expenses appearing in the Financial Highlights table in the most recent shareholder report. The Financial Highlights table reflects only the operating expenses of the Portfolio and does not include the fees of the Master Growth-Income Fund. SunAmerica Asset Management, LLC (“SunAmerica”) has entered into a contractual agreement with SunAmerica Series Trust (the “Trust”) under which it will waive 0.60% of its advisory fee for such time as the Portfolio is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue indefinitely as long as the Portfolio is part of a master-feeder fund structure and cannot be reduced or eliminated without approval of the Board of Trustees of the Trust.