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Global Dynamic Allocation Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Seeks capital appreciation and current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0063 0.0025 0.0004 0.0092 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 94 293 509 1131 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">17</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.17 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">Under normal market conditions, the Portfolio’s subadviser, AllianceBernstein L.P. (“AllianceBernstein” or “Subadviser”), will allocate substantially all of the Portfolio’s assets among individual securities, exchange-traded funds (“ETFs”) and derivatives, such as forwards, futures, options and swaps, to achieve targeted exposure on a passive basis (based on relevant indices) to: global stocks, which include domestic equities and international equities; and global bonds, which include domestic government bonds and developed international government bonds. The Portfolio may also invest up to 10% of its total assets in any combination of the following asset classes: emerging market equities and bonds, high yield debt, commodities, Treasury Inflation-Protected Securities (“TIPS”), and real estate securities. The Portfolio is expected to have a normal strategic allocation of 55% in global equities, 40% in global bonds and 5% in real estate securities, which is subject to dynamic adjustments. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio uses a Dynamic Asset Allocation Strategy, which makes adjustments to the Portfolio’s long-term strategic asset allocation by systematically utilizing AllianceBernstein’s proprietary asset allocation models to measure expected risks and returns, in an effort to respond to short-term market changes. By adjusting investment exposure among the various asset classes in the Portfolio, AllianceBernstein will attempt to reduce overall portfolio volatility and mitigate the effects of extreme market environments, while continuing to seek capital appreciation. 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 volatility may result from rapid </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">and dramatic price swings. Furthermore, AllianceBernstein believes that a greater focus on short-term dynamics can improve the distribution of returns through a reduction or mitigation of both extreme losses and outsized gains. The Portfolio’s asset allocation exposures may be implemented and adjusted through transactions in individual securities, ETFs, or derivatives. </span><span style="font-family:Times New Roman;font-size:11.5pt;">In implementing the Dynamic Asset Allocation Strategy, AllianceBernstein may make substantial and extensive use of derivatives. It is anticipated that the Portfolio’s use of derivatives will be consistent with its overall investment strategy of obtaining and managing exposure to various asset classes. The Portfolio may use index futures, for example, to gain broad exposure to a particular segment of the market, while buying representative securities to achieve exposure to another. AllianceBernstein will choose in each case based on considerations of cost, liquidity and transaction speed. For more information about the derivative instruments in which the Portfolio may invest, please see “Investment Strategies and Risks” in the Statement of Additional Information. AllianceBernstein expects</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">to maintain sufficient cash</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">to serve as collateral for the derivative investments the Portfolio holds. The Portfolio’s holdings may be frequently adjusted to reflect AllianceBernstein’s assessment of changing risks, which could result in high portfolio turnover. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">As noted, the Portfolio also will invest in globally diverse equity and fixed income securities. The Portfolio may invest in any type of equity or fixed income security, including common and preferred stocks, warrants and convertible securities, government and corporate bonds, real estate-related securities and inflation-protected securities. The Portfolio may invest in U.S., non-U.S. and emerging market issuers. The Portfolio may invest in securities of companies across the capitalization spectrum, including smaller capitalization companies. The Portfolio expects its investment in fixed-income securities to have a broad range of maturities and quality levels. The Portfolio is expected to be highly diversified across industries, sectors and countries, and will choose its positions from several market indices worldwide in a manner that is intended to track the performance (before fees and expenses) of those indices. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio also may invest in commodities, currencies, and real estate-related securities. The Portfolio’s commodities exposure may be implemented </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">through investments in commodities or investments intended to provide exposure to one or more commodities, either by investing directly in such instruments, or indirectly through its wholly-owned subsidiary as discussed below. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To the extent that the Portfolio invests in non-U.S. Dollar denominated investments, AllianceBernstein will integrate the risks of foreign currency into its investment and asset allocation decision making. AllianceBernstein may seek to hedge the currency exposure resulting from the Portfolio’s investments through currency-related derivatives or decide not to hedge this exposure. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">AllianceBernstein will seek to limit the total expected volatility contribution of the equity-sensitive exposure of the Portfolio, which includes exposure to emerging market debt and high yield debt (commonly referred to as “junk bonds”), to 10%. While AllianceBernstein attempts to manage the Portfolio’s volatility exposure to stabilize performance, there can be no assurance that the Portfolio will achieve the targeted volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will also make use of an interest rate overlay that: (1) will use a combination of interest rate swaps, interest rate futures and total return swaps (“Interest Rate Derivatives”) and (2) will have a notional value (meaning the fixed face value, rather than the market value, of these instruments) equal to approximately 25% of the Portfolio’s net assets under normal market conditions. The percentage of the Portfolio’s net assets represented by Interest Rate Derivatives may change in different market environments, but is normally expected to stay within a range of 20% to 30% of net assets. AllianceBernstein expects these instruments to provide additional diversification and balance the sources of risk in the Portfolio. Under certain market conditions, however, the investment performance of the Portfolio may be less favorable than it would be if the Portfolio did not use Interest Rate Derivatives. AllianceBernstein anticipates that under normal market conditions the Portfolio’s Interest Rate Derivatives will have a maturity of approximately 10 years. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal circumstances, the Portfolio will adhere to the following guidelines: </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Combined investments in global equity securities, real assets (including commodities, TIPS and real estate securities) and equity-sensitive securities </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">(including emerging market debt and equities and high yield debt, which are deemed by AllianceBernstein to be more sensitive than developed market investment grade bonds to factors that affect the value of equity securities) are limited to 80% of the Portfolio’s assets at market value at the time of investment. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign equity securities are limited to 60% of the Portfolio’s assets at market value at the time of investment. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign fixed-income securities are limited to 40% of the Portfolio’s fixed income allocation at market value at the time of investment. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may allocate up to 10% of its total assets to its wholly-owned and controlled subsidiary, organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”) in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. AllianceBernstein also manages the assets of the Subsidiary. Generally, the Subsidiary will invest primarily in commodity-linked derivatives, including exchange-traded notes and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives. The Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis. The Portfolio is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Volatility Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that the Subadviser will be successful in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation of those strategies by the Subadviser or the limitations of those strategies in times of extremely low volatility or extremely high volatility. Under certain market conditions, the use of volatility management strategies by the Subadviser may also result in less favorable performance than if such strategies had not been used. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forego some of the returns that can be associated with periods of rising equity values.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The Portfolio’s fixed-income portion will normally have a greater maturity or duration than will its benchmark. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the use of interest rate swaps may result in less favorable performance than if such swap arrangements had not been used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Company and Exchange-Traded Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An investment in an investment company or ETF involves substantially the same risks as investing directly in the underlying securities. An investment company or ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Portfolio’s performance. The Portfolio must pay its pro rata portion of an investment company’s or ETF’s fees and expenses. Shares of a closed-end investment company or ETF may trade at a premium or discount to the net asset value of its portfolio securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward Commitment, When-Issued and Delayed Delivery Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in forward commitments and when-issued and delayed delivery securities are subject to the risk that the value or yield of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price or expected yield before the securities are actually issued or delivered. These investments may create a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short position if the value of the reference instrument increases after the time the Portfolio entered into the short position. Engaging in a short position may cause the Portfolio to lose more money than the actual cost of the short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the transaction costs associated with the short position. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Short positions generally involve a form of leverage, which can exaggerate the Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Commodities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The Portfolio’s ability to invest in commodity-linked derivative instruments may be limited by the Portfolio’s intention to qualify as a regulated investment company, and could adversely affect the Portfolio’s ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">By investing in the Subsidiary, the Portfolio is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Portfolio’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in this Prospectus and could adversely affect the Portfolio, such as by reducing the Portfolio’s investment returns. The Portfolio’s ability to invest in the Subsidiary will potentially be limited by the Portfolio’s intention to qualify as a regulated investment company, and might adversely affect the Portfolio’s ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including TIPS, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Tax Risk.</span><span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="font-family:Times New Roman;font-size:11.5pt;">In order to qualify for the special tax treatment accorded to a regulated investment company (“RIC”) and its shareholders under the Internal Revenue Code of 1986, the Portfolio must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Portfolio’s pursuit of its investment strategies will potentially be limited by the Portfolio’s intention to qualify for such treatment and could adversely affect the Portfolio’s ability to so qualify. The Portfolio can make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Portfolio were to fail to qualify for the special tax treatment accorded to a RIC and its shareholders, and were ineligible to or were not to cure such failure within the required timeframe, the Portfolio would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Portfolio’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the Statement of Additional Information for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indices and </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indices and </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">10.54%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-11.83%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.1054 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.1183 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1156 0.0305 0.0477 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">AB International Bond Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To maximize total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0052 0.0052 0 0.0025 0.0010 0.0010 0.0062 0.0087 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 63 199 346 774 89 278 482 1073 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">109</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 1.09 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio invests, under normal circumstances, at least 80% of its net assets in fixed income securities. Under normal market conditions, the Portfolio invests significantly in fixed income securities of non-U.S. issuers. In addition, the Portfolio invests, under normal circumstances, in the fixed income securities of issuers located in at least three countries. The Portfolio may invest in a broad range of fixed income securities in both developed and emerging markets, and may invest significantly in emerging markets. The Portfolio may invest across all fixed income sectors, including U.S. and non-U.S. Government and corporate debt securities. The Portfolio’s investments may be denominated in local currency or U.S. Dollar-denominated. The Portfolio may invest in debt securities with a range of maturities from short-to long-term. The average portfolio duration of the Portfolio normally varies within 70% to 130% of the duration of a blended index comprised of the Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index (60%) and the JPMorgan EMBI Global Diversified Index (40%) (the “AB Custom Benchmark”), as calculated by the Portfolio’s subadviser, AllianceBernstein L.P. (“AllianceBernstein” or “Subadviser”). The Portfolio may use borrowings or other leverage for investment purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In managing the Portfolio, AllianceBernstein uses an investment process that involves both quantitative models and fundamental analysis. AllianceBernstein selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Portfolio. In making this assessment, AllianceBernstein takes into </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio’s other holdings. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">AllianceBernstein will actively manage the Portfolio’s assets in relation to market conditions and general economic conditions and adjust the Portfolio’s investments in an effort to best enable the Portfolio to achieve its investment objective. Thus, the percentage of the Portfolio’s assets invested in a particular country or denominated in a particular currency will vary in accordance with AllianceBernstein’s assessment of the relative yield and appreciation potential of such securities and the relationship of the country’s currency to the U.S. dollar. The Portfolio may use derivative currency transactions in an effort to obtain net long or net negative (short) exposure to selected currencies. The Portfolio may, from time to time, emphasize one or more sectors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal circumstances, the Portfolio invests at least 50% of its net assets in fixed income securities rated investment grade at the time of investment and may invest up to 50% of its net assets in below investment grade fixed income securities (commonly known as “junk bonds”). Split rated bonds (bonds that receive different ratings from two or more rating agencies) will be considered to have the higher credit rating. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in mortgage-related and other asset-backed securities, loan participations, inflation-indexed securities, securities issued pursuant to Rule 144A under the Securities Act of 1933 and variable, floating, and inverse floating-rate instruments, and may use other investment techniques. The Portfolio intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Portfolio may invest, without limit, in derivatives, such as options, futures contracts, forwards, or swaps.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of its prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Loan Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in loans expose the Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. The Portfolio may have difficulty valuing and selling loans that are illiquid or are less actively traded. Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause the Portfolio to reinvest the repaid principal in investments with lower yields, thereby exposing the Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which the Portfolio may invest. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Portfolio’s ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and the Portfolio may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Portfolio may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. The Portfolio’s purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Reverse Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Reverse repurchase agreements are subject to market risk, credit and counterparty risk and leveraging risk. Reverse repurchase agreements involve the risk that the market value of the securities sold will decline below the price at which the Portfolio is required to repurchase them. In addition, reverse repurchase agreements involve the risk that the other party will 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 the securities. Reverse repurchase agreements may create investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also may subject the Portfolio to a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short position if the value of the reference instrument increases after the time the Portfolio entered into the short position. Engaging in a short position may cause the Portfolio to lose more money than the actual cost of the short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the transaction costs associated with the short position. Short positions generally involve a form of leverage, which can exaggerate the Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">(collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">9.48%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-10.10% </span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.0948 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1010 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0799 0.0070 0.0194 2019-04-29 0.0777 0.0045 0.0171 2019-04-29 0.0280 0.0079 0.0183 0.0728 0.0124 0.0247 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Allspring Mid Cap Value Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0073 0.0073 0 0.0025 0.0009 0.0009 0.0082 0.0107 -0.0007 -0.0007 0.0075 0.0100 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 77 255 448 1007 102 333 583 1299 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">35</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">Allspring Global Investments, LLC (“Allspring Investments” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalization of companies constituting the Russell Midcap</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Value Indexat</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">the time of investment. The market capitalization range of the Russell Midcap Value Index was approximately $144.9 million to $88.9 billion as of December 31, 2025, and is expected to change frequently. The Portfolio may invest in real estate investment trusts. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Allspring Investments looks for undervalued companies that it believes have the potential for above average capital appreciation with below average risk. Rigorous fundamental research drives Allspring Investments’ search for companies with favorable reward-to-risk ratios and that possess a long-term competitive advantage provided by a durable asset base, strong balance sheets, and sustainable and superior cash flows. Typical investments include stocks of companies that are generally out of favor in the marketplace, or are undergoing reorganization or other corporate action that may create above-average price appreciation. Allspring </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments regularly reviews the investments of the Portfolio and may sell a portfolio holding when a stock nears its price target, downside risks increase considerably, the company’s fundamentals have deteriorated, or Allspring Investments identifies a more attractive investment opportunity. Allspring Investments may actively trade portfolio securities, which may lead to higher transaction costs that may affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Effective June 1, 2017, Allspring Investments became </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">the subadviser to the Portfolio. Investment performance prior to that date may not be representative of the performance the Portfolio would have achieved had Allspring Investments been its subadviser and had its current principal investment strategies then been in effect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns. </span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">19.96%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-31.72%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.1996 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.3172 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0609 0.0989 0.0940 0.0577 0.0959 0.0911 0.1715 0.1315 0.1429 0.1105 0.0983 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">American Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:14pt;position:relative;top:-9.5pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:22pt;"> Balanced Allocation Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">A balance between a high level of current income and growth of capital with a greater emphasis on growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0006 0.0006 0.0025 0.0055 0.0001 0.0001 0.0034 0.0034 0.0066 0.0096 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 67 211 368 822 98 306 531 1178 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio, which operates as a fund of funds, does not pay transaction costs when it buys and sells shares of the investment companies in which the Portfolio invests (the “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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">8</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio. Some of the Underlying Portfolios, however, may have portfolio turnover rates as high as 100% or more.</span> 0.08 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will invest substantially all of its assets in shares of the Underlying Portfolios, which are funds of the American Funds Insurance Series</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> and other funds within the American Fund family that are not part of the American Funds Insurance Series. The Portfolio has a target allocation between the broad asset classes of equity and fixed income. Brighthouse Investment Advisers, LLC (“BIA”), the adviser to the Portfolio, establishes specific target investment percentages for the broad asset classes and the various components of each asset category. BIA determines these target allocations based on a variety of models and factors, including its long-term outlook for the return and risk characteristics of the various asset classes and the relationship between those asset classes. BIA then selects the Underlying Portfolios in which the Portfolio invests based on, among other factors, the Underlying Portfolios’ investment objectives, policies, investment process and portfolio analytical and management personnel. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal circumstances, the Portfolio primarily invests in Underlying Portfolios that may hold large cap, small cap, mid cap or foreign equity securities and also invests in Underlying Portfolios that hold fixed income securities in accordance with target allocations of 65% to equity securities and 35% to fixed income securities. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The following chart describes the target allocations, as of April 27, 2026, between equity and fixed income securities. You should note that these percentages do not directly correspond to investment in the Underlying Portfolios because each Underlying Portfolio may contain one or more asset classes (</span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="font-family:Times New Roman;font-size:11.5pt;">, equity and fixed income) and each Underlying Portfolio may contain various subsets of an asset class (</span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="font-family:Times New Roman;font-size:11.5pt;">, small cap, mid cap and foreign securities). Although the Portfolio’s investments in the Underlying Portfolios will be made in an attempt to achieve the target allocations, the actual allocations to equity and fixed income securities may vary from the Portfolio’s target allocations in the chart below. Deviations from the asset class target allocations will affect the asset class subset target allocations. In addition, the Portfolio’s actual allocations could vary substantially from the target allocations due to market valuation changes.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Target </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Allocation*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">65%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Domestic Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">43.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">21.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">35%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Investment Grade</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">27.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. High Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">4%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">3.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Individual figures may not add up to the totals shown due to rounding. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The “Foreign Equity” allocation shown above may be invested in foreign equity securities of any capitalization or country but primarily will be invested in larger capitalization companies of developed countries, and the “Foreign Fixed Income” allocation shown above may be invested in foreign fixed securities of any credit quality but primarily will be invested in investment grade debt. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve capital growth through its investments in Underlying Portfolios that invest in equity securities. These investments may include Underlying Portfolios that invest mainly in stocks of large established U.S. companies as well, to a lesser extent, in stocks of foreign companies and smaller U.S. companies with above-average growth potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve current income through its investments in Underlying Portfolios that invest in fixed income securities. These investments may include Underlying Portfolios that invest exclusively in bonds of U.S. issuers. The Portfolio may invest in Underlying Portfolios that invest in U.S. and foreign investment-grade securities, as well as Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolios that invest in high-yield, high-risk bonds (commonly known as “junk bonds”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Periodically, BIA will evaluate the Portfolio’s allocation between equity and fixed income, inclusive of the exposure to various investment styles and asset sectors, relative to the Portfolio’s risk profile. It is anticipated that any changes to the targets for the broad asset classes will be, in any given year, within a range of plus or minus 10% from the current allocations. Concurrently, BIA will consider whether to make changes to the Portfolio’s investments in any of the Underlying Portfolios. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For additional information about the Portfolio’s investment strategies, the names of the Underlying Portfolios in which the Portfolio may invest and where to find more detailed information about the Portfolio’s investments in the Underlying Portfolios, please see “Additional Information about the Portfolio’s Investment Strategies” in the Prospectus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">could lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investment in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying Portfolio Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying Portfolios may be adversely affected if the Underlying Portfolios </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying Portfolio that performs poorly, including relative to other Underlying Portfolios. Any Underlying Portfolio may have multiple asset class exposures and such exposures may change over time. In addition, the Portfolio bears its pro-rata portion of the operating expenses of the Underlying Portfolios in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon BIA’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if BIA allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as BIA anticipated, including relative to other asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying Portfolios) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by an Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, an Underlying Portfolio may be unable to maintain positive returns or pay dividends to Underlying Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, an Underlying Portfolio may have a very low, or even negative yield. A low or negative yield would cause an Underlying Portfolio to lose money and the net asset value of the Underlying Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in an Underlying Portfolio’s shares and reduce the liquidity of an Underlying Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by an Underlying Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with an Underlying Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to an Underlying Portfolio, the Underlying Portfolio may experience significant losses or delays in realizing income </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent an Underlying Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause an Underlying Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by an Underlying Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of an Underlying Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Underlying Portfolios might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Underlying Portfolios’ transaction costs, which can adversely affect the returns on the Portfolio’s investments in those Underlying Portfolios.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase an Underlying Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, an Underlying Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases an Underlying Portfolio’s volatility and may require the Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent an Underlying Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">14.58%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-13.76%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.1458 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1376 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1735 0.0760 0.0931 0.1702 0.0726 0.0899 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">American Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:14pt;position:relative;top:-9.5pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:22pt;"> Aggressive Allocation Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0006 0.0006 0.0025 0.0055 0.0001 0.0001 0.0037 0.0037 0.0069 0.0099 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 70 221 384 859 101 315 547 1213 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio, which operates as a fund of funds, does not pay transaction costs when it buys and sells shares of the investment companies in which the Portfolio invests (the “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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">9</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio. Some of the Underlying Portfolios, however, may have portfolio turnover rates as high as 100% or more.</span> 0.09 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will invest substantially all of its assets in shares of the Underlying Portfolios, which are funds of the American Funds Insurance Series</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> and other funds within the American Fund family that are not part of the American Funds Insurance Series. The Portfolio has a target allocation between the broad asset classes of equity and fixed income. Brighthouse Investment Advisers, LLC (“BIA”), the adviser to the Portfolio, establishes specific target investment percentages for the broad asset classes and the various components of each asset category. BIA determines these target allocations based on a variety of models and factors, including its long-term outlook for the return and risk characteristics of the various asset classes and the relationship between those asset classes. BIA then selects the Underlying Portfolios in which the Portfolio invests based on, among other factors, the Underlying Portfolios’ investment objectives, policies, investment process and portfolio analytical and management personnel. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal circumstances, the Portfolio primarily invests in Underlying Portfolios that may hold large cap, small cap, mid cap or foreign equity securities and also invests in Underlying Portfolios that hold fixed income securities in accordance with target allocations of 85% to equity securities and 15% to fixed income securities. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The following chart describes the target allocations, as of April 27, 2026, between equity and fixed income securities. You should note that these percentages do not directly correspond to investment in the Underlying Portfolios because each Underlying Portfolio may contain one or more asset classes (</span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="font-family:Times New Roman;font-size:11.5pt;">, equity and fixed income) and each Underlying Portfolio may contain various subsets of an asset class (</span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="font-family:Times New Roman;font-size:11.5pt;">, small cap, mid cap and foreign securities). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Portfolio’s investments in the Underlying Portfolios will be made in an attempt to achieve the target allocations, the actual allocations to equity and fixed income securities may vary from the Portfolio’s target allocations in the chart below. Deviations from the asset class target allocations will affect the asset class subset target allocations. In addition, the Portfolio’s actual allocations could vary substantially from the target allocations due to market valuation changes.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Target </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Allocation *</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">85%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Domestic Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">56%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">29%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">15%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Investment Grade</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">11.75%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. High Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">1.75%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">1.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Individual figures may not add up to the totals shown due to rounding. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The “Foreign Equity” allocation shown above may be invested in foreign equity securities of any capitalization or country but primarily will be invested in larger capitalization companies of developed countries, and the “Foreign Fixed Income” allocation shown above may be invested in foreign fixed securities of any credit quality but primarily will be invested in investment grade debt. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve capital growth through its investments in Underlying Portfolios that invest in equity securities. These investments may include Underlying Portfolios that invest mainly in stocks of large established U.S. companies as well as, to a lesser extent, in stocks of foreign companies and smaller U.S. companies with above-average growth potential. The Portfolio seeks to achieve capital growth secondarily through its investments in Underlying Portfolios that invest in fixed income securities. These investments may include Underlying Portfolios that invest exclusively in bonds of U.S. issuers. The Portfolio may invest in Underlying Portfolios that invest substantially all of their assets in U.S. Government securities, as well as </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Underlying Portfolios that invest in investment grade and high-yield, high-risk bonds (commonly known as “junk bonds”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Periodically, BIA will evaluate the Portfolio’s allocation between equity and fixed income, inclusive of the exposure to various investment styles and asset sectors, relative to the Portfolio’s risk profile. It is anticipated that any changes to the targets for the broad asset classes will be, in any given year, within a range of plus or minus 10% from the current allocations. Concurrently, BIA will consider whether to make changes to the Portfolio’s investments in any of the Underlying Portfolios. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For additional information about the Portfolio’s investment strategies, the names of the Underlying Portfolios in which the Portfolio may invest and where to find more detailed information about the Portfolio’s investments in the Underlying Portfolios, please see “Additional Information about the Portfolio’s Investment Strategies” in the Prospectus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying Portfolio Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying Portfolios </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">may be adversely affected if the Underlying Portfolios are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying Portfolio that performs poorly, including relative to other Underlying Portfolios. Any Underlying Portfolio may have multiple asset class exposures and such exposures may change over time. In addition, the Portfolio bears its pro-rata portion of the operating expenses of the Underlying Portfolios in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon BIA’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if BIA allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as BIA anticipated, including relative to other asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying Portfolios) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by an Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, an Underlying Portfolio may be unable to maintain positive returns or pay dividends to Underlying Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, an Underlying Portfolio may have a very low, or even negative yield. A low or negative yield would cause an Underlying Portfolio to lose money and the net asset value of the Underlying Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in an Underlying Portfolio’s shares and reduce the liquidity of an Underlying Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by an Underlying Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with an Underlying Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to an Underlying Portfolio, the Underlying Portfolio may experience significant losses or delays in realizing income </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent an Underlying Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause an Underlying Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by an Underlying Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of an Underlying Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Underlying Portfolios might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Underlying Portfolios' transaction costs, which can adversely affect the returns on the Portfolio’s investments in those Underlying Portfolios.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase an Underlying Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, an Underlying Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases an Underlying Portfolio’s volatility and may require the Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent an Underlying Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">18.74%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-18.77%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.1874 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1877 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.2032 0.0962 0.1122 0.1990 0.0930 0.1088 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1672 0.0764 0.0935 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">American Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:14pt;position:relative;top:-9.5pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:22pt;"> Growth Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To achieve growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses</span><span style="font-family:Times New Roman;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-4.75pt;">1</span><span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;margin-left:0.0pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0030 0.0055 0.0005 0.0090 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. The amounts shown include the expenses of both the Portfolio and the Growth Fund. Although your actual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">costs may be higher or lower, based on these assumptions, your costs would be:</span> 92 287 498 1108 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio, which operates as a feeder fund, does not pay transaction costs when it buys and sells shares of the Growth Fund (or “turns over” its portfolio). The Growth Fund 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 Growth Fund and the Portfolio. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">10</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.  (The portfolio turnover rate of the Growth Fund, in which the Portfolio invests, was 27% of the average value of its portfolio.)</span> 0.10 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio operates as a “feeder fund” which means that it does not buy investment securities directly. Instead, the Portfolio invests in a “master fund,” the Growth Fund, a fund of the American Funds Insurance Series</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">, which in turn purchases investment securities. The Portfolio has essentially the same investment objectives and limitations as the Growth Fund. The Growth Fund has other shareholders, each of whom, along with the Portfolio, will pay their proportionate share of the Growth Fund’s expenses. The Portfolio invests all of its assets in Class 1 shares of the Growth Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Growth Fund may invest a portion of its assets in common stocks and other securities of issuers domiciled outside the United States. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Growth Fund’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Growth Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Growth Fund may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class C Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">28.56%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-23.09%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.2856 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.2309 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1988 0.1302 0.1760 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">American Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:14pt;position:relative;top:-9.5pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:22pt;"> Moderate Allocation Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">A high total return in the form of income and growth of capital, with a greater emphasis on income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0007 0.0007 0.0025 0.0055 0.0001 0.0001 0.0032 0.0032 0.0065 0.0095 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 66 208 362 810 97 303 525 1166 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio, which operates as a fund of funds, does not pay transaction costs when it buys and sells shares of the investment companies in which the Portfolio invests (the “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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">8</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio. Some of the Underlying Portfolios, however, may have portfolio turnover rates as high as 100% or more.</span> 0.08 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will invest substantially all of its assets in shares of the Underlying Portfolios, which are funds of the American Funds Insurance Series</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> and other funds within the American Fund family that are not part of the American Funds Insurance Series. The Portfolio has a target allocation between the broad asset classes of equity and fixed income. Brighthouse Investment Advisers, LLC (“BIA”), the adviser to the Portfolio, establishes specific target investment percentages for the broad asset classes and the various components of each asset category. BIA determines these target allocations based on a variety of models and factors, including its long-term outlook for the return and risk characteristics of the various asset classes and the relationship between those asset classes. BIA then selects the Underlying Portfolios in which the Portfolio invests based on, among other factors, the Underlying Portfolios’ investment objectives, policies, investment process and portfolio analytical and management personnel. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal circumstances, the Portfolio invests in Underlying Portfolios that may hold large cap, small cap, mid cap or foreign equity securities and also invests in Underlying Portfolios that hold fixed income securities in accordance with target allocations of 50% to equity securities and 50% to fixed income securities. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The following chart describes the target allocations, as of April 27, 2026, between equity and fixed income securities. You should note that these percentages do not directly correspond to investment in the Underlying Portfolios because each Underlying Portfolio may contain one or more asset classes (</span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="font-family:Times New Roman;font-size:11.5pt;">, equity and fixed income) and each Underlying Portfolio may contain various subsets of an asset class (</span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="font-family:Times New Roman;font-size:11.5pt;">, small cap, mid cap and foreign securities). Although the Portfolio’s investments in the Underlying Portfolios will be made in an attempt to achieve the target allocations, the actual allocations to equity and fixed income securities may vary from the Portfolio’s target allocations in the chart below. Deviations from the asset class target allocations will affect the asset class subset target allocations. In addition, the Portfolio’s actual allocations could vary substantially from the target allocations due to market valuation changes.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Target Allocation*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">50%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Domestic Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">34%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">16%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">50%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Investment Grade</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">39.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. High Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">5.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Individual figures may not add up to the totals shown due to rounding. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The “Foreign Equity” allocation shown above may be invested in foreign equity securities of any capitalization or country but primarily will be invested in larger capitalization companies of developed countries, and the “Foreign Fixed Income” allocation shown above may be invested in foreign fixed securities of any credit quality but primarily will be invested in investment grade debt. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve capital growth through its investments in Underlying Portfolios that invest in equity securities. These investments may include Underlying Portfolios that invest mainly in stocks of large established U.S. companies as well as, to a lesser extent, in stocks of foreign companies and smaller U.S. companies with above-average growth potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve current income through its investments in Underlying Portfolios that invest in fixed income securities. These investments may include Underlying Portfolios that invest exclusively in bonds of U.S. issuers. The Portfolio may invest in Underlying Portfolios that invest in U.S. and foreign investment-grade securities, as well as Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolios that invest in high-yield, high-risk bonds (commonly known as “junk bonds”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Periodically, BIA will evaluate the Portfolio’s allocation between equity and fixed income, inclusive of the exposure to various investment styles and asset sectors, relative to the Portfolio’s risk profile. It is anticipated that any changes to the targets for the broad asset classes will be, in any given year, within a range of plus or minus 10% from the current allocations. Concurrently, BIA will consider whether to make changes to the Portfolio’s investments in any of the Underlying Portfolios. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For additional information about the Portfolio’s investment strategies, the names of the Underlying Portfolios in which the Portfolio may invest and where to find more detailed information about the Portfolio’s investments in the Underlying Portfolios, please see “Additional Information about the Portfolio’s Investment Strategies” in the Prospectus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">could lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investment in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying Portfolio Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying Portfolios may be adversely affected if the Underlying Portfolios </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying Portfolio that performs poorly, including relative to other Underlying Portfolios. Any Underlying Portfolio may have multiple asset class exposures and such exposures may change over time. In addition, the Portfolio bears its pro-rata portion of the operating expenses of the Underlying Portfolios in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon BIA’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if BIA allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as BIA anticipated, including relative to other asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying Portfolios) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by an Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, an Underlying Portfolio may be unable to maintain positive returns or pay dividends to Underlying Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, an Underlying Portfolio may have a very low, or even negative yield. A low or negative yield would cause an Underlying Portfolio to lose money and the net asset value of the Underlying Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in an Underlying Portfolio’s shares and reduce the liquidity of an Underlying Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by an Underlying Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with an Underlying Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to an Underlying Portfolio, the Underlying Portfolio may experience significant losses or delays in realizing income </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent an Underlying Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause an Underlying Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by an Underlying Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of an Underlying Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Underlying Portfolios might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Underlying Portfolios' transaction costs, which can adversely affect the returns on the Portfolio’s investments in those Underlying Portfolios.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase an Underlying Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, an Underlying Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases an Underlying Portfolio’s volatility and may require the Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent an Underlying Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">11.21%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-10.03%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.1121 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.1003 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1478 0.0601 0.0761 0.1446 0.0571 0.0730 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">BlackRock Global Tactical Strategies Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Seeks capital appreciation and current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0067 0.0025 0.0002 0.0006 0.0100 -0.0006 0.0094 <span style="font-family:Times New Roman;font-size:8pt;">April 30, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 96 312 547 1219 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">17</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.17 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s subadviser, BlackRock Financial Management, Inc. (“BlackRock” or “Subadviser”), will allocate the Portfolio’s assets in a broad range of asset classes, primarily through investment companies known as exchange-traded funds (the “Underlying ETFs”). The Portfolio can also invest in index derivative instruments, while maintaining a small amount of cash for the purpose of serving as collateral for such investments held by the Portfolio. Under normal conditions, BlackRock seeks to position the Portfolio for long-term capital appreciation by actively adjusting the asset allocation mix in response to prevailing market conditions. During periods of high volatility, BlackRock may adjust the Portfolio’s exposures, seeking to reduce Portfolio volatility. 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 volatility may result from rapid and dramatic price swings. The Portfolio targets a volatility of 10% over a one-year period, but allows for expected volatility up to a maximum of 12% (excluding any contribution to volatility from exposure to Interest Rate Derivatives, defined below). While BlackRock attempts to manage the Portfolio’s volatility exposure to stabilize performance, there can be no guarantee that the Portfolio will achieve the targeted volatility or remain below its expected maximum volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Through investment in the Underlying ETFs, equity and fixed income futures, and other derivatives the Portfolio is expected to have a normal strategic portfolio allocation of 54% in equities, 40% in fixed income, and 6% in real assets (including through its wholly-owned subsidiary as discussed below), which is subject to tactical adjustments and adjustments based on expectations of volatility. BlackRock will rely on a blend of both fundamental research and quantitative insights to determine potential opportunities and tactical reallocations that tilt the Portfolio away from the normal strategic allocation. The exposure to equities may range within 15% up or down from the long term strategic allocation in accordance with BlackRock’s investment views and expectations, subject to maximum expected portfolio volatility of 12%. The Portfolio’s exposure to equities may include domestic equities and international equities, including up to 5% in emerging market equities. The exposure to fixed income may also range within 15% up or down from the normal strategic allocation, subject to maximum expected portfolio volatility of 12%. The Portfolio’s fixed income exposure will come primarily from the investment grade fixed income market, diversified across U.S. dollar denominated government, corporate, and mortgage-backed securities. In addition, the Portfolio may invest up to 5% of total assets in any combination of emerging market debt and high yield debt (commonly referred to as “junk bonds”). In order to obtain exposure to real assets, which have a maximum combined allocation of 6%, the Portfolio may invest either in Underlying ETFs that in turn invest in real estate investment trusts (“REITs”), commodities and Treasury Inflation Protected Securities (“TIPS”) or in its wholly-owned subsidiary as discussed below that in turn invests in commodities. Under normal circumstances the combined investments in global equity securities, real assets (REITs, commodities and TIPS) and equity-sensitive securities (including emerging market debt and high yield debt) are limited to 80% of the Portfolio’s assets at market value at the time of investment. During periods when BlackRock determines to make an allocation in the Portfolio that is less than the long term strategic portfolio allocations as described above, BlackRock may hold cash and cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The underlying market exposures will be managed primarily through Underlying ETFs; index derivative instruments may also be used (for example, futures and options on securities indices). For more information about these derivative instruments in which the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio may invest, please see “Investment Strategies and Risks” in the Statement of Additional Information. </span><span style="font-family:Times New Roman;font-size:11.5pt;">BlackRock will apply a systematic framework that may respond to periods of higher expected volatility by adjusting the Portfolio’s exposures to attempt to reduce the likelihood of exceeding the maximum expected portfolio volatility of 12%. During periods of increasing expected volatility, the Portfolio may seek to reduce its market exposure by selling assets from Underlying ETFs and/or reducing exposure through equity and/or fixed income futures and other derivatives. When managing its market exposure</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">in this regard, the Portfolio will seek to maintain an exposure to equities of at least 30% of the total portfolio which may cause the maximum expected portfolio volatility to exceed 12%. During periods of lower expected volatility, the Portfolio may increase its market exposure by purchasing ETFs and/or increasing exposure through equity and/or fixed income futures and other derivatives. While the Portfolio may invest substantially all of its assets in Underlying ETFs, equity and fixed income futures, and other derivatives, BlackRock expects to maintain sufficient cash to serve as collateral for the derivative investments it holds. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may allocate up to 6% of its total assets to its wholly-owned and controlled subsidiary, organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”) in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. BlackRock also manages the assets of the Subsidiary. Generally, the Subsidiary will invest primarily in commodity-linked derivatives and exchange-traded funds. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives. The Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis. The Portfolio is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will also make use of an interest rate overlay that: (1) will use a combination of interest rate swaps, interest rate futures and/or total return swaps (“Interest Rate Derivatives”) and (2) will have a notional value (meaning the fixed face value, rather than the market value, of these instruments) equal to approximately 30% of the Portfolio’s net assets under </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">normal market conditions. The percentage of the Portfolio’s net assets represented by Interest Rate Derivatives may change in different market environments, but is normally expected to stay within a range of 25% to 35% of net assets. BlackRock expects these instruments to provide additional diversification and balance the sources of risk in the Portfolio. Under certain market conditions, however, the investment performance of the Portfolio may be less favorable than it would be if the Portfolio did not use Interest Rate Derivatives. BlackRock anticipates that under normal market conditions the Portfolio’s Interest Rate Derivatives will have a maturity of approximately 10 years.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Volatility Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that the Subadviser will be successful in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation of those strategies by the Subadviser or the limitations of those strategies in </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">times of extremely low volatility or extremely high volatility. Under certain market conditions, the use of volatility management strategies by the Subadviser may also result in less favorable performance than if such strategies had not been used. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forego some of the returns that can be associated with periods of rising equity values.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Market Risk is both a direct and indirect risk of investing in the Portfolio. The Portfolio’s or an Underlying ETF’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio or an Underlying ETF.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying ETF Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Underlying ETF Risk is a direct risk of investing in the Portfolio. The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying ETFs may be adversely affected if the Underlying ETFs are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying ETF that performs poorly, including relative to other Underlying ETFs. In addition, the Portfolio bears its pro-rata portion of the operating expenses of the Underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Interest rate risk is both a direct and indirect risk of investing in the Portfolio. The value of the Portfolio’s or an Underlying ETF’s investments in fixed income securities may decline when prevailing </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The Portfolio’s fixed-income portion will normally have a greater maturity or duration than will its benchmark. The interest earned on the Portfolio’s or an Underlying ETF’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio or an Underlying ETF may be unable to maintain positive returns or pay dividends to Portfolio or Underlying ETF shareholders, respectively. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio or an Underlying ETF may have a very low, or even negative yield. A low or negative yield would cause the Portfolio or an Underlying ETF to lose money and the net asset value of the Portfolio’s or the Underlying ETF’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s or an Underlying ETF’s shares and reduce the liquidity of the Portfolio’s or an Underlying ETF’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Credit and counterparty risk is both a direct and indirect risk of investing in the Portfolio. The value of the Portfolio’s or an Underlying ETF’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio or an Underlying ETF fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio or an Underlying ETF files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio or an Underlying ETF, the Portfolio or an Underlying ETF may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the use of interest rate swaps may result in less favorable performance than if such swap arrangements had not been used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Commodities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Commodities Risk is both a direct and indirect risk of investing in the Portfolio. Exposure to the commodities markets may subject the Portfolio or an Underlying ETF to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">factors affecting a particular industry or commodity. The Portfolio’s and an Underlying ETF’s (if it intends to be treated as a regulated investment company) ability to invest in commodity-linked derivative instruments may be limited by the Portfolio’s or the Underlying ETF’s respective intention to qualify as a regulated investment company, and could adversely affect the Portfolio’s or the Underlying ETF’s respective ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">By investing in the Subsidiary, the Portfolio is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Portfolio’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in this Prospectus and could adversely affect the Portfolio, such as by reducing the Portfolio’s investment returns. The Portfolio’s ability to invest in the Subsidiary will potentially be limited by the Portfolio’s intention to qualify as a regulated investment company, and might adversely affect the Portfolio’s ability to so qualify.</span> <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Tax Risk.</span><span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="font-family:Times New Roman;font-size:11.5pt;">In order to qualify for the special tax treatment accorded to a regulated investment company (“RIC”) and its shareholders under the Internal Revenue Code of 1986, the Portfolio must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Portfolio’s pursuit of its investment strategies will potentially be limited by the Portfolio’s intention to qualify for such treatment and could adversely affect the Portfolio’s ability to so qualify. The Portfolio can make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Portfolio were to fail to qualify for the special tax treatment accorded to a RIC and its shareholders, and were ineligible to or were not to cure such failure within the required timeframe, the Portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Portfolio’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the Statement of Additional Information for more information. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying ETFs) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying ETF may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause an Underlying ETF to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by an Underlying ETF are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of an Underlying ETF receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including TIPS, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">10.16%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-12.43%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.1016 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1243 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1144 0.0354 0.0510 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">BlackRock High Yield Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To maximize total return, consistent with income generation and prudent investment management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0060 0.0060 0 0.0025 0.0005 0.0005 0.0065 0.0090 -0.0002 -0.0002 0.0063 0.0088 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 64 206 360 809 90 285 497 1106 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">54</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.54 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">BlackRock Financial Management, Inc., subadviser to the Portfolio (“BFM”), and BlackRock International Limited, sub-subadviser to the Portfolio (“BIL” and together with BFM, “BlackRock” or “Subadviser”) invests the Portfolio’s assets, under normal circumstances, primarily in non-investment grade bonds with maturities of ten years or less. The Portfolio will normally invest at least 80% of its net assets in high yield bonds, including convertible and preferred securities. The high yield securities (commonly called “junk bonds”) acquired by the Portfolio will generally be in the lower rating categories of the major rating agencies (BB or lower by S&amp;P Global Ratings or Fitch Ratings, Inc. or Ba or lower by Moody’s Ratings) or will be determined by BlackRock to be of similar quality. Split rated bonds and other fixed income securities (securities that receive different ratings from two or more rating agencies) are treated for these purposes as follows: if three agencies rate a security, the security will be considered to have the median credit rating; if two of the three agencies rate a security, the security will be considered to have the lower credit rating. The Portfolio may invest in securities issued pursuant to Rule 144A under the Securities Act of 1933. The Portfolio may also invest up to 20% of its assets in non-dollar denominated bonds of issuers located outside of the United States. The Portfolio’s investment in non-dollar denominated </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bonds may be on a currency hedged or unhedged basis. The Portfolio may also invest in common stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">BlackRock evaluates sectors of the high yield market and individual bonds within these sectors. Securities are purchased for the Portfolio when BlackRock determines that they have the potential for above-average total return. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To add additional diversification, BlackRock can invest in a wide range of securities, including corporate bonds, mezzanine investments (typically the most subordinated debt obligation in an issuer’s capital structure), collateralized bond obligations, collateralized loan obligations and other collateralized debt obligations, bank loans and mortgage-backed and asset-backed securities. The Portfolio can also invest, to the extent consistent with its investment goal, in non-U.S. and emerging market securities and currencies. The Portfolio may invest in securities of any rating, and may invest up to 10% of its assets (measured at the time of investment) in distressed securities that are in default or the issuers of which are in bankruptcy. These securities involve considerable risk and have significant uncertainties regarding the issuer’s current or future ability to make interest and principal payments. Typically, BlackRock will invest in distressed securities when it believes they are undervalued. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The BlackRock team may, when consistent with the Portfolio’s investment goal, buy or sell options or futures on a security or an index of securities, or enter into credit default swaps (up to 15% of its assets) and interest rate or foreign currency transactions, including swaps (collectively, commonly known as “derivatives”). The Portfolio typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The Portfolio may 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 reverse repurchase agreements or dollar rolls).</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by  investing in emerging market </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in convertible securities are subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and fixed income securities, depending on the price of the underlying security and the conversion price. In addition, a convertible security may be bought back by the issuer, or the Portfolio may be forced to convert a convertible security, at a time and a price that is disadvantageous to the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Loan Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in loans expose the Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. The Portfolio may have difficulty valuing and selling loans that are illiquid or are less actively traded. Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause the Portfolio to reinvest the repaid principal in investments with lower yields, thereby exposing the Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which the Portfolio invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Portfolio’s ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and the Portfolio may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Portfolio may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. The Portfolio’s purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their  prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Collateralized Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Collateralized obligations are subject to varying degrees of credit and counterparty risk. The Portfolio’s credit and counterparty risk increases if its interests are subordinate to other holders’ interests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also may subject the Portfolio to a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit Default Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Credit default swaps may increase credit and counterparty risk (depending on whether the Portfolio is the buyer or seller of the swaps), and they may be illiquid. Credit default swaps also may be difficult to value, especially in the event of market disruptions. Credit default swap transactions in which the Portfolio is the seller may require that the Portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">sell portfolio securities when it is not advantageous to do so in order to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Reverse Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Reverse repurchase agreements are subject to market risk, credit and counterparty risk and leveraging risk. Reverse repurchase agreements involve the risk that the market value of the securities sold will decline below the price at which the Portfolio is required to repurchase them. In addition, reverse repurchase agreements involve the risk that the other party will 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 the securities. Reverse repurchase agreements may create investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">9.85%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-11.73%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.0985 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1173 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0915 0.0494 0.0662 0.0893 0.0468 0.0635 0.0758 0.0006 0.0244 0.0862 0.0450 0.0652 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Brighthouse/Artisan International Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Maximum long-term capital growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0075 0.0075 0 0.0025 0.0005 0.0005 0.0080 0.0105 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 82 255 444 990 107 334 579 1283 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">112</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 1.12 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Artisan Partners Limited Partnership (“Artisan Partners” or “Subadviser”), subadviser to the Portfolio, invests, under normal market conditions, substantially all of the Portfolio’s assets in common stocks and similar securities, and invests at least 65% of the Portfolio’s net assets in securities of non-U.S. companies located in a minimum of four different countries. The Portfolio invests primarily in developed markets but also may invest up to 35% of its net assets in emerging and less developed markets. The Portfolio typically holds securities representing at least 15 countries. The maximum investment in any single country is 30% of the Portfolio’s net assets. The percentage limits above are measured using the market value of the Portfolio’s assets at the time of purchase. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Stock Selection </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Artisan Partners employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a portfolio of non-U.S. growth companies of all market capitalizations. Artisan Partners seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Themes.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Artisan Partners identifies long-term secular growth trends with the objective of investing in companies that have meaningful exposure to these trends. Artisan Partners’ fundamental analysis focuses on those industry </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Sustainable Growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Artisan Partners applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. Artisan Partners seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model, and a high-quality management team. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Valuation.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Artisan Partners uses multiple valuation metrics to establish a target price range. Artisan Partners assesses the relationship between its estimate of a company’s sustainable growth prospects and its current valuation. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Artisan Partners constructs the portfolio without regard to index weightings. There are no restrictions on the size of the companies in which the Portfolio may invest. Artisan Partners may sell a security when Artisan Partners thinks the security is approaching full valuation, changing circumstances affect the original reasons for the security’s purchase, the company exhibits deteriorating fundamentals, or more attractive opportunities are identified by Artisan Partners. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio buys and sells non-U.S. currencies to facilitate transactions in portfolio securities because many of the Portfolio’s investments typically are traded in currencies other than U.S. dollars. The Portfolio is also directly or indirectly exposed to changes in foreign currency exchange rates when it holds certain U.S. dollar-denominated securities, such as depositary receipts and participation certificates. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio tries to maintain a cash position of no more than 5% of its net assets, although cash flows, including from contract owners’ purchases and sales of Portfolio shares and the Portfolio’s purchases and sales of portfolio securities, may cause the Portfolio’s cash position to be larger or smaller. As a result, the Portfolio may at times hold more than 5% of its net assets in cash.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">17.18%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-21.32%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2022-12-31 0.1718 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2132 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.3673 0.0883 0.0865 0.3635 0.0854 0.0838 0.3239 0.0791 0.0841 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Brighthouse Asset Allocation 100 Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0007 0.0007 0 0.0025 0.0001 0.0001 0.0063 0.0063 0.0071 0.0096 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 73 227 395 883 98 306 531 1178 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio, which operates as a fund of funds, does not pay transaction costs when it buys and sells shares of the investment companies in which the Portfolio invests (the “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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">13</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio. Some of the Underlying Portfolios, however, may have portfolio turnover rates as high as 100% or more.</span> 0.13 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve its objective by investing substantially all of its assets in Class A shares of the Underlying Portfolios, which are portfolios of Brighthouse Funds Trust I (the “Trust”) and Brighthouse Funds Trust II (“Trust II”). The Portfolio has a target allocation between the broad asset classes of equity and fixed income. Brighthouse Investment Advisers, LLC (“BIA” or “Adviser”), the adviser to the Portfolio, establishes specific target investment percentages for the asset classes and the various components of each asset category. BIA determines these target allocations based on a variety of models and factors, including its long-term outlook for the return and risk characteristics of the various asset classes and the relationship between those asset classes. BIA then selects the Underlying Portfolios in which the Portfolio invests based on, among other factors, the Underlying Portfolios’ investment objectives, policies, investment processes and portfolio analytical and management personnel. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal circumstances, the Portfolio invests substantially all of its assets in Underlying Portfolios that may hold large cap, small cap, mid cap or foreign equity securities in accordance with target allocations of 100% to equity securities. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The following chart describes the target allocations, as of April 27, 2026, to equity securities. You should note that these percentages do not directly correspond to investment in the Underlying Portfolios because each </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Underlying Portfolio may contain one or more asset classes (e.g., equity and fixed income) and each Underlying Portfolio may contain various subsets of an asset class (e.g., small cap, mid cap and foreign securities). Although the Portfolio’s investments in the Underlying Portfolios will be made in an attempt to achieve the target allocations, the actual allocations may vary from the Portfolio’s target allocations in the chart below. Deviations from the asset class target allocations will affect the asset class subset target allocations. In addition, the Portfolio’s actual allocations could vary substantially from the target allocations due to market valuation changes.</span><span style="font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="font-family:Times New Roman;font-size:8pt;font-weight:bold;">Target </span><span style="font-family:Times New Roman;font-size:8pt;font-weight:bold;">Allocation*</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Equity</span><span style="font-family:Times New Roman;font-size:8pt;">100%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Large Cap</span><span style="font-family:Times New Roman;font-size:8pt;">44.25%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Mid Cap</span><span style="font-family:Times New Roman;font-size:8pt;">12.50%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Small Cap</span><span style="font-family:Times New Roman;font-size:8pt;">8.25%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Equity</span><span style="font-family:Times New Roman;font-size:8pt;">35%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Individual figures may not add up to the totals shown due to rounding. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The “Foreign Equity” allocation shown above may be invested in foreign equity securities of any capitalization or country but primarily will be invested in larger capitalization companies of developed countries. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve capital growth through its investments in Underlying Portfolios that invest in equity securities. These investments include Underlying Portfolios that invest in stocks of large established U.S. companies, as well as, to a lesser extent, in stocks of foreign companies, including companies in emerging markets, and small U.S. companies with above-average growth potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Periodically, BIA will evaluate the Portfolio’s allocation between equity and fixed income, inclusive of the exposure to various investment styles and asset sectors, relative to the Portfolio’s risk profile. It is anticipated that any changes to the targets for the broad asset classes will be, in any given year, within a range of plus or minus 10% from the current allocations. Concurrently, BIA will consider whether to make changes to the Portfolio’s investments in any of the Underlying Portfolios. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For additional information about the Portfolio’s investment strategies, the names of the Underlying Portfolios in which the Portfolio may invest and where to find more detailed information about the Portfolio’s investments in the Underlying Portfolios, please see “Additional Information about this Portfolio’s Investment Strategies” in the Prospectus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying Portfolio</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying Portfolios may be adversely affected if the Underlying Portfolios are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying Portfolio that performs poorly, including relative to other Underlying Portfolios. Any Underlying Portfolio may have multiple asset class exposures and such exposures may change over time. In addition, the Portfolio bears its pro-rata portion of the operating expenses of the Underlying Portfolios in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon BIA’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if BIA allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as BIA anticipated, including relative to other asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying Portfolios) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by an Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. To the extent an Underlying Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase an Underlying Portfolio’s exposure to market risk, credit and counterparty risk (the risk that a counterparty will default or become less creditworthy) and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, an Underlying Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">initial investment. Derivative transactions may create investment leverage, which increases an Underlying Portfolio’s volatility and may require the Underlying Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent an Underlying Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Underlying Portfolios  might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Underlying Portfolios' transaction costs, which can adversely affect the returns on the Portfolio’s investments in those Underlying Portfolios.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">22.22%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-23.40%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.2222 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2340 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1741 0.0891 0.1097 0.1706 0.0863 0.1070 0.2234 0.1119 0.1172 0.2009 0.1007 0.1142 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Brighthouse Balanced Plus Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">A balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0025 0.0025 0.0025 0.0024 0.0001 0.0042 0.0117 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 119 372 644 1420 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio, which operates as a fund of funds, does not pay transaction costs when it buys and sells shares of the investment companies in which the Portfolio invests (the “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 Portion of the Portfolio. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">43</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio. Some of the Underlying Portfolios, however, may have portfolio turnover rates as high as 100% or more.</span> 0.43 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve its objective by investing approximately 70% of its assets in Class A shares of the Underlying Portfolios, which are portfolios of Brighthouse Funds Trust I (the “Trust”) and Brighthouse Funds Trust II (“Trust II”) (the “Base Portion”) and approximately 30% of its assets in equity derivative instruments, primarily stock index futures, and a portfolio of fixed income instruments that serve as a collateral for the equity derivative instruments (the “Overlay Portion”). A stock index future is a contract for the future delivery of a cash payment based on the performance of a stock index such as the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Index. In its neutral state, the Portfolio will allocate 60% of its total assets to equity securities or instruments and 40% of its total assets to fixed-income securities or instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Brighthouse Investment Advisers, LLC (“BIA”) is the adviser to the Portfolio and is also responsible for managing the Base Portion’s investment in Underlying Portfolios. BIA establishes specific target investment percentages for the asset classes and the various </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">components of each asset category. Under normal circumstances, the Base Portion invests primarily in Underlying Portfolios in accordance with the target allocations of 30% to equity securities and 40% to fixed-income securities or instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Base Portion seeks to achieve capital growth through its investments in Underlying Portfolios that invest in equity securities of large-cap U.S. companies, and to a lesser extent, small-cap U.S. companies and foreign companies, including companies in emerging markets. The Base Portion seeks to achieve current income through its investments in Underlying Portfolios that invest in fixed income securities, which include both U.S. and foreign investment grade securities, as well as high-yield, high-risk bonds (commonly known as “junk bonds”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For additional information about the Portfolio’s investment strategies and the names of the Underlying Portfolios in which the Portfolio may invest, please see “Additional Information about the Portfolio’s Investment Strategies” in the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Pacific Investment Management Company LLC (the “Subadviser”) is responsible for managing the Overlay Portion, including the management of the fixed-income collateral. The Overlay Portion, which comprises the remaining 30% of the Portfolio’s total assets, in its neutral state will provide the Portfolio with an additional 30% exposure to the equity markets utilizing equity derivative instruments, which primarily include stock index futures. The Overlay Portion of the Portfolio may also achieve equity exposure through stock index options, options on stock index futures, and stock index swaps. Because equity 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 Portion will be invested in a variety of fixed-income instruments. For more information about these derivative instruments in which the Portfolio may invest, please see “Investment Strategies and Risks” in the Statement of Additional Information. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s investment in equity derivative instruments will be used to increase or decrease the Portfolio’s overall equity exposure, and therefore, its volatility. 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 volatility </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">may result from rapid and dramatic price swings. The Subadviser may adjust the Portfolio’s equity exposure within a range from approximately 10% to 70%. For example, when the market is in a state of increased volatility, the Subadviser may decrease the Portfolio’s equity exposure by holding fewer long equity index futures or by taking a short position in equity derivative instruments. A short position involves the use by the Portfolio of a security or instrument that may benefit from a decrease in the price of underlying securities. When the Portfolio’s total equity exposure exceeds 60% the Portfolio may be exposed to leverage. The Subadviser will target an annualized volatility level for the Portfolio of 10%, but will allow volatility to drift between 8% and 12% before any actions are taken to adjust the Portfolio’s equity exposure. The Subadviser uses quantitative models in managing the Portfolio’s overall exposure to volatility. While the Subadviser attempts to manage the Portfolio’s volatility exposure to stabilize performance, there can be no assurance that the Portfolio will achieve the targeted volatility or remain within its target volatility range. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to managing the Portfolio’s overall equity exposure as described above, the Subadviser will, within established guidelines, manage the approximately 30% of the Portfolio allocated as collateral in an attempt to enhance the Overlay Portion’s total return as well as balance the sources of risk in the Portfolio. The Subadviser will manage the collateral against an index blended to 60% Bloomberg Treasury Index/40% Bloomberg 20-Year U.S. Treasury Index. The blended index is customized to approximate a 10- year duration and the Subadviser has the flexibility to vary duration within two years. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The fixed-income instruments in the Overlay Portion will be 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 Portion’s assets will be invested in cash bonds issued by the U.S. Government and its agencies with same day or next day settlement. At least 75% of the Overlay Portion’s assets will be invested in securities linked to U.S. Treasuries and interest rates, including, but not limited to cash bonds, repurchase agreements, money market securities and derivatives. The Subadviser is also permitted to invest up to 25% of the Overlay Portion’s assets in other fixed-income securities, including, but not limited to, mortgage-related and asset-backed </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">securities. The Subadviser may also invest in forward commitment, when-issued, or delayed delivery securities. The Overlay Portion may invest up to 15% 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 Overlay Portion will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Overlay Portion may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The following chart sets forth the target allocations set by BIA, as of April 27, 2026, to equity and fixed income securities. You should note that these percentages do not directly correspond to investment in equity and fixed income Underlying Portfolios because each Underlying Portfolio may contain one or more asset classes (for example, equity and fixed income) and each Underlying Portfolio may contain various subsets of an asset class (for example, small cap, mid cap and foreign securities). Deviations from the asset class target allocations will affect the asset class subset target allocations. In addition, the Portfolio’s actual allocations could vary substantially from the target allocations due to both market valuation changes and the Subadviser’s management of the Overlay Portion in response to volatility changes. Both the asset allocation between equity instruments and fixed income instruments and the allocation between the Base Portion and the Overlay Portion will therefore generally be rebalanced on a quarterly basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">% of Total </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Portfolio*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">60%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">33.25%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">7%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">4.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">15.25%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">40%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Investment Grade</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">31.75%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. High Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">4%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">4.25%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Individual figures may not add up to the totals shown due to rounding.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Volatility Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that the Subadviser will be successful in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation of those strategies by the Subadviser or the limitations of those strategies in times of extremely low volatility or extremely high volatility. Under certain market conditions, the use of volatility management strategies by the Subadviser may also result in less favorable performance than if such strategies had not been used. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forego some of the returns that can be associated with periods of rising equity values.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon BIA’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if BIA allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as BIA anticipated, including relative to other asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives risk is both a direct and indirect risk of investing in the Portfolio. The Portfolio or Underlying Portfolios may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s or an Underlying Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio or an Underlying Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s or an Underlying Portfolio’s volatility and may require such Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio or an Underlying Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio or Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Leveraging risk is a direct risk of investing in the Portfolio. Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Market risk is both a direct and indirect risk of investing in the Portfolio. The Portfolio’s or an Underlying Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio or an Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward Commitment, When-Issued and Delayed Delivery Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Forward commitment, when-issued and delayed delivery securities risk is both a direct and indirect risk of investing in the Portfolio. Investments in forward commitments and when-issued and delayed delivery securities are subject to the risk that the value or yield of the securities the Portfolio or Underlying Portfolio is obligated to purchase will decline below the agreed upon purchase price or expected yield before the securities are actually issued or delivered. These investments may create a form of investment leverage, which may increase the Portfolio’s or Underlying Portfolio’s volatility and may require the Portfolio or Underlying Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Interest rate risk is both a direct and indirect risk of investing in the Portfolio. The value of the Portfolio’s or an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The Portfolio’s fixed-income portion will normally have a greater maturity or duration than will its benchmark. The interest earned on the Portfolio’s or an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio or an Underlying Portfolio may be unable to maintain positive returns or pay dividends to Portfolio or Underlying Portfolio shareholders, respectively. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio or an Underlying Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio or an Underlying Portfolio to lose money and the net asset value of the Portfolio’s or the Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s or an Underlying Portfolio’s shares and reduce the liquidity of the Portfolio’s or an Underlying Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Credit and counterparty risk is both a direct and indirect risk of investing in the Portfolio. The value of the Portfolio’s or an Underlying Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio or an Underlying Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio or an Underlying Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio or an Underlying Portfolio, the Portfolio or an Underlying Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Foreign investment risk is both a direct and indirect risk of investing in the Portfolio. Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Emerging Markets Risk is both a direct and indirect risk of investing in the Portfolio. In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Sale and Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Short Sale and Short Position Risk is both a direct and indirect risk of investing in the Portfolio. The Portfolio or an Underlying Portfolio will incur a loss from a short sale or short position if the value of the security sold short or the reference instrument, in the case of a short position, increases after the time the Portfolio or Underlying Portfolio entered into the short sale or short position. In addition, when the Portfolio engages in short sales, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. Engaging in a short sale or short position may cause the Portfolio to lose more money than the actual cost of the short sale or short position and the Portfolio’s potential losses may be unlimited if the Portfolio or Underlying Portfolio does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position. Any gain from a short sale or short position will be offset in whole or in part by the transaction costs associated with the short sale or short position. Short sales and short positions generally involve a form of leverage, which can exaggerate the Portfolio’s or an Underlying Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage-backed and asset-backed securities risk is both a direct and indirect risk of investing in the Portfolio. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio or an Underlying Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio or an Underlying Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">same mortgage or asset pool, the likelihood of the Portfolio or an Underlying Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">TIPS and Inflation-Linked Bonds Risk is both a direct and indirect risk of investing in the Portfolio. The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio Turnover Risk is both a direct and indirect risk of investing in the Portfolio. The investment techniques and strategies utilized by the Portfolio and Underlying Portfolios might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s and Underlying Portfolios’ transaction costs, which can adversely affect the Portfolio’s performance and the returns on the Portfolio’s investments in those Underlying Portfolios. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Other direct risks of investing in the Portfolio also include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying Portfolio Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment performance of a Portfolio that invests a significant percentage of its assets in Underlying Portfolios may be adversely affected if the Underlying Portfolios are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying Portfolio that performs poorly, including relative to other Underlying Portfolios. Any Underlying Portfolio may have multiple asset class exposures and such exposures may change over time. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio bears its pro-rata portion of the operating expenses of the Underlying Portfolios in which it invests. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying Portfolios) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Loan Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in loans expose an Underlying Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. An Underlying Portfolio may have difficulty valuing and selling loans that are illiquid or are less actively traded. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause an Underlying Portfolio to reinvest the repaid principal in investments with lower yields, thereby exposing an Underlying Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which an Underlying Portfolio invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede an Underlying Portfolio’s ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and an Underlying Portfolio may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. An Underlying Portfolio may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. An Underlying Portfolio’s purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2019</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">9.88%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-10.59%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2019-03-31 0.0988 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.1059 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1195 0.0131 0.0583 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Brighthouse/Eaton Vance Floating Rate Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">A high level of current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0060 0.0060 0 0.0025 0.0013 0.0013 0.0073 0.0098 -0.0003 -0.0003 0.0070 0.0095 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year,</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 72 230 403 904 97 309 539 1199 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">34</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.34 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Eaton Vance Management (“Eaton Vance” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in income producing floating rate loans and other floating rate debt securities. The Portfolio invests primarily in senior floating rate loans of domestic and foreign borrowers (“Senior Loans”). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high yield/high risk, speculative characteristics. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may also invest in secured and unsecured subordinated loans, second lien loans and subordinated bridge loans (“Junior Loans”). In addition, the Portfolio may invest in other floating rate debt securities, fixed income debt obligations and money market instruments, which may include bonds, notes and debentures issued by corporations; debt securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and commercial paper. Those money market instruments with a remaining maturity of less than 60 days will be deemed floating </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">rate debt securities. Senior Loans and Junior Loans are referred to together herein as “loans.” </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest up to 20% of its total assets in foreign Senior Loans and foreign securities. Foreign Senior Loans must be U.S. dollar denominated or be denominated in Euros, British pounds, Swiss francs, or Canadian dollars (each such foreign currency, an “Authorized Foreign Currency”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Eaton Vance’s portfolio managers seek to maintain broad borrower and industry diversification among the Portfolio’s loans. When selecting loans, the portfolio managers seek to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. Loans may be sold if, in the opinion of Eaton Vance’s portfolio managers, the risk-return profile deteriorates or if the portfolio managers wish to pursue more attractive investment opportunities. In managing the Portfolio, Eaton Vance seeks to invest in a portfolio of loans that it believes will be less volatile over time than the general loan market. Preservation of capital is considered when consistent with the Portfolio’s objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For more information about the types of investments in which the Portfolio may invest, please see “Investment Strategies and Risks” in the Statement of Additional Information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Loan Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in loans expose the Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. The Portfolio may have difficulty valuing and selling loans that are illiquid or are less actively traded. Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause the Portfolio to reinvest the repaid principal in investments with lower yields, thereby exposing the Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which the Portfolio invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Portfolio’s ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and the Portfolio may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Portfolio may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. The Portfolio’s purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">7.04%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-10.07% </span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.0704 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1007 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0405 0.0501 0.0485 0.0381 0.0475 0.0459 0.0758 0.0006 0.0244 0.0590 0.0642 0.0583 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Brighthouse/Franklin Low Duration Total Return Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To provide a high level of current income, while seeking preservation of shareholders’ capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0050 0.0050 0 0.0025 0.0007 0.0007 0.0057 0.0082 -0.0007 -0.0007 0.0050 0.0075 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 51 176 311 707 77 255 448 1007 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">70</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.70 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Franklin Advisers, Inc. (“Franklin Advisers” or “Subadviser”), subadviser to the Portfolio, invests the Portfolio’s assets, under normal circumstances, primarily in debt securities, including derivative instruments that provide exposure to debt securities such as futures, options and swap agreements, and in other investments, including government and corporate debt securities, mortgage- and asset-backed securities, collateralized loan obligations and other collateralized debt obligations, investment grade corporate loans and floating rate corporate loans, municipal securities and futures with reference securities that are investment grade, targeting an estimated average portfolio duration of three (3) years or less. Under normal market conditions, the Portfolio invests primarily in investment grade debt securities and in unrated securities that the investment manager deems are of comparable quality. Duration is a measure of the expected price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments and other factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Debt securities represent the obligation of the issuer to repay a loan of money to it, and generally pay interest to the holder. Bonds, notes and debentures are examples of debt securities. Some of the mortgage securities purchased by the Portfolio are issued or guaranteed by the U.S. Government, its agencies or instrumentalities; others are issued by private issuers. These mortgage-backed securities may include credit risk transfer securities, which are fixed- or floating-rate unsecured obligations. The Portfolio may also invest in mortgage dollar rolls, through which the Portfolio sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. During the period between the sale and repurchase, the Portfolio forgoes principal and interest paid on the mortgage-backed securities. In addition, the Portfolio may invest a portion of its assets in corporate loans made to, or issued by, borrowers that are U.S. companies, foreign borrowers and U.S. subsidiaries of foreign borrowers and that typically have floating interest rates. The Portfolio may also invest in inflation-indexed securities issued by the U.S. Treasury and securities issued pursuant to Rule 144A under the Securities Act of 1933. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In choosing investments, Franklin Advisers selects securities in various market sectors based on its assessment of changing economic, market, industry and issuer conditions. Franklin Advisers uses a “top-down” analysis of macroeconomic trends, combined with a “bottom-up” fundamental analysis of market sectors, industries and issuers, to try to take advantage of varying sector reactions to economic events. Franklin Advisers evaluates business cycles, changes in yield curves and apparent imbalances in values between and within markets. These factors can impact both income and potential for capital appreciation. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio focuses on investment grade securities and investments or in unrated securities and investments that Franklin Advisers determines are comparable. Securities rated in the top four ratings categories by independent rating organizations such as Standard &amp; Poor’s Ratings Services (S&amp;P</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;">) (rated BBB or better) or Moody’s Ratings (Moody’s) (rated Baa or higher) are considered investment grade. Securities rated Ba or lower by Moody’s or BB or lower by S&amp;P</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> are considered to be below investment grade. The Portfolio may invest up to 20% of its total assets in high yield debt securities (commonly referred to as “junk bonds”), </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">including up to 5% in securities rated lower than B by S&amp;P</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> or Moody’s, which may include defaulted securities. The Portfolio may invest up to 25% of its total assets in foreign securities, including up to 20% of its total assets in non-U.S. dollar denominated securities and up to 10% of its total assets in emerging market securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To pursue its investment goals, the Portfolio regularly enters into (which may include purchasing or selling) various derivative transactions, including currency and cross-currency forwards, currency options, currency, currency index, bond and interest rate futures contracts and options thereon, swap agreements (including currency, interest rate, fixed-income total return, and credit default swaps) and options thereon and futures contracts on credit default swaps on indices (also known as credit index futures). The use of these derivative transactions may allow the Portfolio to obtain net long or short exposures to select currencies, interest rates, countries, duration or credit risks. These derivatives may be used to enhance Portfolio returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit Default Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Credit default swaps may increase credit and counterparty risk (depending on whether the Portfolio is the buyer or seller of the swaps), and they may be illiquid. Credit default swaps also may be difficult to value, especially in the event of market disruptions. Credit default swap transactions in which the Portfolio is the seller may require that the Portfolio sell portfolio securities when it is not advantageous to do so in order to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Collateralized Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Collateralized obligations are subject to varying degrees of credit and counterparty risk. The Portfolio’s credit and counterparty risk increases if its interests are subordinate to other holders’ interests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also may subject the Portfolio to a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Sale and Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short sale or short position if the value of the security sold short or the reference instrument, in the case of a short position, increases after the time the Portfolio entered into the short sale or short position. In addition, when the Portfolio engages in short sales, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. Engaging in a short sale or short position may cause the Portfolio to lose more money than the actual cost of the short sale or short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position. Any gain from a short sale or short position will be offset in whole or in part by the transaction costs associated with the short sale or short position. Short sales and short positions generally involve a form of leverage, which can exaggerate a Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Loan Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in loans expose the Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. The Portfolio may have difficulty valuing and selling loans that are illiquid or are less actively traded. Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause the Portfolio to reinvest the repaid principal in investments with lower yields, thereby exposing the Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which the Portfolio invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Portfolio’s ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and the Portfolio may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Portfolio may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. The Portfolio’s purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the investment performance of the Portfolio may be less favorable than it would have been if the Portfolio had not used the swap agreement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">6.11%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-6.47%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.0611 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.0647 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0551 0.0239 0.0248 0.0525 0.0214 0.0223 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Brighthouse Small Cap Value Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0075 0.0075 0 0.0025 0.0004 0.0004 0.0003 0.0003 0.0082 0.0107 -0.0004 -0.0004 0.0078 0.0103 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 80 258 451 1010 105 336 586 1302 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">73</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.73 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Allspring Global Investments, LLC (“Allspring Investments”), the subadviser to the Portfolio (the “Subadviser”), invests the Portfolio’s assets, under normal circumstances, in equity securities of small companies whose stock price appears to be below their underlying value and who exhibit the potential for above average capital growth. Under normal circumstances, the Portfolio expects to invest at least 80% of its net assets in securities of companies that are considered small. The Portfolio considers a “small company” to be one whose market capitalization is within the range of capitalizations during the most recent 12-month period of companies in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Index or the S&amp;P Small Cap 600</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Index at the time of investment (based on month-end data). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest up to 25% of its assets in foreign securities and up to 15% of its assets in real estate investment trusts (“REITs”). The Portfolio may, from time to time, emphasize one or more sectors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In identifying companies in which to invest, the Subadviser may consider, among other factors, a company’s financial strength, its management, its cash flow, its use of financial leverage, and its price-to-earnings ratio. The Subadviser also may consider the prospects for a company’s industry, whether or not the company is out of favor in the marketplace as reflected in the company’s stock price, and whether or not the company is undergoing a reorganization or other change that may create a more favorable outlook going forward. The Portfolio will generally sell an investment when there has been a fundamental change in the business or capital structure of the company which </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">significantly affects the investment’s inherent value, when a portfolio holding’s stock price nears its intrinsic value appreciation target, the industry or general market environment becomes unfavorable, or the Subadviser identifies a more attractive investment opportunity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">30.61%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-35.28%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.3061 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.3528 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> -0.0292 0.0670 0.0834 -0.0321 0.0643 0.0807 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Brighthouse/Templeton International Bond Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Current income with capital appreciation and growth of income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0060 0.0060 0 0.0025 0.0013 0.0013 0.0073 0.0098 -0.0004 -0.0004 0.0069 0.0094 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 70 229 402 903 96 308 538 1198 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">21</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.21 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">Franklin Advisers, Inc. (“Franklin Advisers” or “Subadviser”), subadviser to the Portfolio, invests, under normal market conditions, at least 80% of the Portfolio’s net assets in “bonds.” Bonds include debt securities of any maturity, such as bonds, notes, bills and debentures, as well as inflation-indexed securities issued by governments and government agencies located around the world and derivative instruments or other instruments that have economic characteristics similar to bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may also invest in securities that are linked to or derive their value from another security, asset or currency of any nation. In addition, the Portfolio’s assets will be invested in issuers located in at least three countries (including the U.S.). The Portfolio’s investments in U.S. issuers will not exceed 20% of its net assets. The Portfolio may invest a significant portion of its total assets in developing or emerging markets. </span><span style="font-family:Times New Roman;font-size:11.5pt;">Although the Portfolio may buy bonds rated in any category, it focuses on “investment grade” bonds. These are issues rated in the top four rating categories by independent rating agencies such as Standard &amp; Poor’s Ratings Services or Moody’s Ratings, or, if unrated, determined by Franklin Advisers to be of comparable quality. The Portfolio may invest up to 25% of its total assets in bonds that are rated below investment grade (or unrated but determined to be of comparable quality). Such securities are sometimes referred to as “junk bonds.” Split rated bonds (bonds that receive different ratings from two or more rating agencies) will be considered to have the higher credit rating. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in debt securities of any maturity, and the average maturity or duration of debt securities in the Portfolio’s portfolio will fluctuate depending on Franklin Advisers’ outlook on changing market, economic, and political conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For purposes of pursuing its investment objective, the Portfolio regularly enters into currency-related transactions involving certain derivative instruments, including currency and cross currency forwards, currency and currency index futures contracts, and currency options. The use of derivative currency transactions may allow the Portfolio to obtain net long or net negative (short) exposure to selected currencies. The Portfolio may also enter into various other transactions involving derivatives, including financial futures contracts (such as interest rate or bond futures), swap agreements (which may include interest rate and credit default swaps), and options (including options on such contracts). The use of these derivative transactions may allow the Portfolio to obtain net long or net negative (short) exposures to selected interest rates, countries, duration or credit risks. The Portfolio may use any of the above currency techniques or other derivative transactions for the purposes of enhancing Portfolio returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks relating to changes in currency exchange rates, interest rates and other market factors. The Portfolio may buy and sell futures contracts that trade on U.S. and foreign exchanges. Franklin Advisers considers various factors, such as availability and cost, in deciding whether to use a particular derivative instrument or strategy. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may, at times, maintain a large position in cash and cash equivalents (including money market funds). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio is non-diversified, which means that it can hold securities of a smaller number of issuers and can invest a larger percentage of its assets in a single issuer than a diversified portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Franklin Advisers allocates the Portfolio’s assets based upon its assessment of changing market, political and economic conditions. Franklin Advisers considers various factors, including evaluation of interest and currency exchange rate changes and credit risks. Franklin Advisers’ assessment may lead to investments that deviate significantly from its benchmark and therefore the Portfolio’s performance may vary significantly from its benchmark.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio  may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio  may have a very low, or even negative yield. A low or negative yield would cause the Portfolio  to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To the extent that the Portfolio holds securities of a smaller number of issuers or invests a larger percentage of its assets in a single issuer than a diversified portfolio, the value of the Portfolio, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers and to economic, political, market or regulatory events affecting any one of those issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit Default Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Credit default swaps may increase credit and counterparty risk (depending on whether the Portfolio is the buyer or seller of the swaps), and they may be illiquid. Credit default swaps also may be difficult to value, especially in the event of market disruptions. Credit default swap transactions in which the Portfolio is the seller may require that the Portfolio sell portfolio securities when it is not advantageous to do so in order to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Sale and Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short sale or short position if the value of the security sold short or the reference instrument, in the case of a short position, increases after the time the Portfolio entered into the short sale or short position. In addition, when the Portfolio engages in short sales, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. Engaging in a short sale or short position may cause the Portfolio to lose more money than the actual cost of the short sale or short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position. Any gain from a short sale or short position will be offset in whole or in part by the transaction costs associated with the short sale or short position. Short sales and short positions generally involve a form of leverage, which can exaggerate a Portfolio’s losses. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the investment performance of the Portfolio may be less favorable than it would have been if the Portfolio had not used the swap agreement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvan</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">tageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q3 2024</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">8.84%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2024</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-11.55%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2024-09-30 0.0884 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2024-12-31 -0.1155 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1664 -0.0044 -0.0039 0.1635 -0.0069 -0.0064 0.0280 0.0079 0.0258 0.0847 -0.0521 -0.0016 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Brighthouse/Wellington Large Cap Research Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0056 0.0056 0.0056 0 0.0025 0.0015 0.0002 0.0002 0.0002 0.0058 0.0083 0.0073 -0.0004 -0.0004 -0.0004 0.0054 0.0079 0.0069 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 55 182 320 722 81 261 457 1022 70 229 402 903 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">71</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.71 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">Wellington Management Company LLP (“Wellington Management” or “Subadviser”), subadviser to the Portfolio, invests the Portfolio’s assets, under normal circumstances, primarily in equity securities of U.S. companies and, to a lesser extent, of foreign companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in securities of large-capitalization companies. The Portfolio considers a company to be a large-capitalization company if it has a market capitalization at the time of purchase that falls within the market capitalization range of companies included in the Russell 1000</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Index or the S&amp;P 500</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">® </span><span style="font-family:Times New Roman;font-size:11.5pt;">Index. As of December 31, 2025, the lowest capitalization of companies in the Russell 1000 Index was $144.9 million, while the lowest capitalization of companies in the S&amp;P 500 Index was $5.5 billion as of that date. The market capitalization limits will vary with market fluctuations. Equity securities may include common stocks, preferred stocks, American Depositary Receipts (“ADRs”), rights and warrants. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In managing the Portfolio, Wellington Management allocates the Portfolio’s assets across a variety of industries, selecting companies in each industry based on the research of Wellington Management’s team of global industry analysts. The Portfolio typically seeks to maintain representation in each major industry </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">represented by broad-based, large cap U.S. equity indices. The Portfolio may, from time to time, emphasize one or more sectors. Wellington Management may invest up to 15% of the Portfolio’s total net assets in securities of foreign issuers and non-dollar denominated securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In analyzing a prospective investment for the Portfolio, Wellington Management utilizes a “bottom-up” approach, which is the use of fundamental analysis to identify specific securities for purchase or sale. Fundamental analysis of a company involves the assessment of a variety of factors, including the company’s business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and other related measures or indicators of valuation and growth potential.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">22.64%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-20.51%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.2264 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2051 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1591 0.1230 0.1362 0.1562 0.1201 0.1333 0.1574 0.1214 0.1345 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">CBRE Global Real Estate Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Total return through investment in real estate securities, emphasizing both capital appreciation and current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0065 0.0065 0.0065 0 0.0025 0.0015 0.0005 0.0005 0.0005 0.0070 0.0095 0.0085 -0.0004 -0.0004 -0.0004 0.0066 0.0091 0.0081 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 67 220 386 867 93 299 522 1163 83 267 467 1045 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">98</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.98 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">CBRE Investment Management Listed Real Assets LLC (“CBRE IM” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in a portfolio of equity securities of companies that are principally engaged in the real estate industry.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In selecting investments for the Portfolio, CBRE IM will select companies that derive their intrinsic value from the ownership, operation, development, construction, financing, management or sale of commercial, industrial or residential real estate or similar activities. These companies include real estate investment trusts and similarly situated real estate companies outside the U.S. The Portfolio will have investments located in a number of different countries, including the U.S. The Portfolio may invest up to 90% of its assets in foreign securities, including a maximum of 35% in emerging markets. The Portfolio may invest in companies of any market capitalization. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">CBRE IM uses a multi-step investment process for constructing the Portfolio’s investment portfolio that combines top-down region and sector allocation with bottom-up individual stock selection. First, CBRE IM </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">selects sectors and geographic regions in which to invest, and determines the degree of representation of such sectors and regions, through a systematic evaluation of public and private property market trends and conditions. Second, CBRE IM uses proprietary analytical techniques to conduct fundamental company analysis, which provides a framework for security selection. This approach incorporates quantitative and qualitative factors organized under the factor categories of growth, value, quality and market, that aid in evaluating performance characteristics of individual securities independently and relative to each other. CBRE IM will also typically employ third-party portfolio optimization tools to help in its evaluation of the Portfolio’s current holdings and its identification of potential investments for the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">CBRE Investment Management Listed Real Assets LLC (“CBRE IM” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in a portfolio of equity securities of companies that are principally engaged in the real estate industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and additional indexes reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and additional indexes reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">17.63%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-26.99%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.1763 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2699 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0711 0.0430 0.0422 0.0675 0.0403 0.0395 0.0694 0.0415 0.0406 0.1715 0.1315 0.1429 0.0958 0.0276 0.0325 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Harris Oakmark International Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0078 0.0078 0.0078 0 0.0025 0.0015 0.0003 0.0003 0.0003 0.0081 0.0106 0.0096 -0.0009 -0.0009 -0.0009 0.0072 0.0097 0.0087 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 74 250 441 993 99 328 576 1286 89 297 522 1170 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">59</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.59 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Harris Associates L.P. (“Harris” or “Subadviser”), subadviser to the Portfolio, invests the Portfolio’s assets, under normal circumstances, primarily in common stocks of non-U.S. companies. The Portfolio may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Portfolio will invest in the securities of at least five countries outside the U.S. There are no geographic limits on the Portfolio’s foreign investments, but the Portfolio does not expect to invest more than 35% of its assets in securities of companies based in emerging markets. The Portfolio invests primarily in mid- to large-cap companies. The Portfolio may, from time to time, emphasize one or more sectors. The Portfolio may engage in foreign currency transactions for hedging purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Harris uses a value investment style in selecting equity securities for the Portfolio. Harris believes that over time, a company’s stock price will converge with Harris’s estimate of the company’s intrinsic value. By “intrinsic value” Harris means an estimate of the price a knowledgeable buyer would pay to acquire the entire business. Harris believes that investing in equity securities priced significantly below what Harris believes is a company’s intrinsic value presents the best opportunity to achieve the Portfolio’s investment objective. Harris uses this value investment philosophy to identify companies that have discounted stock prices compared to what Harris believes are the companies’ intrinsic values. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk (the risk that a counterparty will default or become less creditworthy) and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">31.48%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-37.03%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.3148 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.3703 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.3317 0.0672 0.0701 0.3278 0.0646 0.0674 0.3298 0.0656 0.0684 0.3122 0.0892 0.0818 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Invesco Balanced-Risk Allocation Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Seeks total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0066 0.0025 0.0006 0.0001 0.0098 -0.0001 0.0097 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 99 311 541 1200 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">8</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal market conditions, the Portfolio’s subadviser, Invesco Advisers, Inc. (“Invesco” or “Subadviser”), will allocate across three asset classes, equities, fixed income and commodities. The Portfolio’s exposure to these three asset classes will be achieved primarily through investments in derivative instruments, including but not limited to futures and swap agreements. The Portfolio may invest in derivatives and other investments that create economic leverage, and may also invest in U.S. and foreign government debt securities and other securities such as exchange-traded funds (“ETFs”) and commodity-linked notes. The Portfolio’s equity investments will primarily be through derivative investments that offer exposure to developed countries, but may also offer exposure to emerging market countries. The Portfolio’s fixed income investments will primarily be through derivative investments that offer exposure to issuers in developed countries that are rated investment grade or unrated but deemed to be investment grade quality by Invesco, while the Portfolio’s commodity markets exposure will primarily be to the precious metals, agriculture, energy and industrial metals sectors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio is managed using two different processes. One is strategic asset allocation, which reflects the portfolio managers’ long-term views of the market. The portfolio managers apply their strategic process to, on </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">average, approximately 80% of the Portfolio’s portfolio risk, as determined by the portfolio managers’ proprietary risk analysis. The other process is tactical asset allocation, which reflects the portfolio managers’ shorter-term views of the market. The strategic and tactical asset allocation processes are intended to adjust the portfolio risk in a variety of market conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will implement the portfolio managers’ investment decisions through the use of derivatives and other investments that create economic leverage. The portfolio managers use derivatives and other leveraged instruments to create and adjust the Portfolio’s exposure to the asset classes. The portfolio managers make these adjustments to balance risk exposure when they believe it will benefit the Portfolio. Using derivatives allows the portfolio managers to implement their views more efficiently and to gain more exposure to the asset classes than investing in more traditional assets, such as stocks and bonds, would allow. The Portfolio may hold long and short positions in derivatives but seeks to maintain a net long position. The Portfolio may use quantitative models as part of the investment selection process. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may allocate up to 25% of its total assets to its wholly-owned and controlled subsidiary, organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”) in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Subsidiary is advised by Invesco and has the same investment objective as the Portfolio. The Subsidiary may invest in futures, exchange-traded notes (“ETNs”), swap agreements, commodity-linked notes and ETFs. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives and other investments that may provide leveraged and non-leveraged exposure to commodities. The Subsidiary can also hold cash and cash equivalent instruments, including money market funds affiliated with Invesco, some or all of which may serve as margin or collateral for the Subsidiary’s derivative positions. The Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis. The Portfolio is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio will normally maintain no less than 50% of its total assets (including assets held by the Subsidiary) in money market funds affiliated with Invesco, cash, and cash equivalent instruments. Some of the cash holdings will serve as margin or collateral for the Portfolio’s obligations under derivative transactions and also earn income for the Portfolio. The greater the Portfolio’s positions in derivatives, as opposed to positions held in non-derivative instruments, the more the Portfolio will be required to maintain in cash and cash equivalents as margin or collateral for such derivatives. A significant portion of the cash and cash equivalent assets of the Portfolio may be invested directly or indirectly in money market instruments, which may include, but are not limited to, U.S. Government securities, U.S. Government agency securities, Eurodollar obligations, bankers’ acceptances, short-term fixed income securities, overnight and/or fixed term repurchase agreements, money market fund shares, and cash and cash equivalents with one year or less term to maturity. The Portfolio may invest in securities issued pursuant to Rule 144A under the Securities Act of 1933. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The derivatives in which the Portfolio may invest include but are not limited to futures contracts, swap agreements and commodity-linked notes. Futures contracts are standardized agreements between two parties to buy or sell a specific quantity of an underlying instrument or commodity at a specific price at a specific future time. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, commodities, currencies or other instruments. Commodity-linked notes are notes issued by a bank or other sponsor that pay a return linked to the performance of a commodities index or basket of futures contracts with respect to all of the commodities in an index. In some cases, the return will be based on a multiple of the performance of the index and this embedded leverage will magnify the positive return and losses the Portfolio earns from these notes as compared to the index. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio and the Subsidiary employ a risk management strategy to help minimize loss of capital and reduce excessive volatility. Relative to traditional balanced portfolios, the Portfolio will seek to provide greater capital loss protection during down markets. The </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio’s portfolio managers will seek to accomplish this through a three-step investment process involving (1) asset selection within the three asset classes, (2) portfolio construction and (3) active portfolio positioning. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The first step of the investment process involves asset selection within the three asset classes (equities, fixed income and commodities). The portfolio managers select investments to represent each of the three asset classes from a universe of over fifty investments. The selection process (1) evaluates a particular investment’s theoretical case for long-term excess returns relative to cash; (2) screens the identified investments against minimum liquidity criteria; and (3) reviews the expected correlation among the investments (meaning the likelihood that the value of the investments will move in the same direction at the same time), and the expected risk of each investment to determine whether the selected investments are likely to improve the expected risk adjusted return of the Portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The second step of the investment process involves portfolio construction. Proprietary estimates for risk and correlation seek to weight each asset class so that each contributes an equal amount to overall portfolio risk. The portfolio managers re-estimate the risk contributed by each investment and rebalance the portfolio on a month-to-month basis or when new investments are introduced to the Portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the third step of the investment process, the portfolio managers actively adjust portfolio positions to reflect the near-term market environment, while remaining consistent with the balanced-risk long-term portfolio structure described in step two above. The portfolio managers use a systematic approach to evaluate the attractiveness of the investments in the portfolio relative to the expected returns of Treasury bills. The approach focuses on three concepts: valuation, the economic environment, and historic price movements. When the balance of these concepts is positive, the portfolio managers will increase exposure to an investment by purchasing more relative to the strategic allocation. In a like manner, the portfolio managers will reduce exposure to an investment relative to the strategic allocation when the balance of these concepts is negative. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s equity exposure normally will be achieved through investments in derivatives that track equity indices from developed and/or emerging market </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">countries. The Portfolio’s fixed income exposure normally will be achieved through derivative investments that offer exposure to issuers in developed markets that are rated investment grade or unrated but deemed to be investment grade quality by Invesco, including U.S. and foreign government debt securities having intermediate (5 – 10 years) and long (10 plus years) term maturities. The Portfolio’s commodity exposure will be achieved through investments in commodity futures and swaps, commodity related ETFs, ETNs and commodity-linked notes, some or all of which will be owned by the Subsidiary. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">ETNs are senior, unsecured, unsubordinated debt securities issued by a bank or other sponsor, the returns of which are linked to the performance of a particular market, benchmark or strategy. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index over time. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. Invesco strategically targets a long-term, annualized volatility of 8%, but can adjust short-term targets between 6% and 10% through the tactical allocation process. While Invesco attempts to manage the Portfolio’s volatility exposure to stabilize performance, there can be no assurance that the Portfolio will achieve the targeted volatility or remain within its target volatility range. The actual or realized volatility level for longer or shorter periods may be materially higher or lower than the annualized target level depending on market conditions, and therefore the Portfolio’s risk exposure may be materially higher or lower than the level targeted by the portfolio managers. The Portfolio’s investment strategy seeks to provide total return with low to moderate correlation to traditional market indices, notwithstanding the expected short and intermediate term volatility in the net asset value of the Portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will have the potential for greater gains, as well as the potential for greater losses, than if the Portfolio did not use derivatives or other instruments that have an economic leveraging effect. Economic leveraging tends to magnify, sometimes significantly depending on the amount of leverage used, the effect of any increase or decrease in the Portfolio’s exposure to an asset class and may cause the Portfolio’s net asset value to be more volatile than a fund that does not use leverage. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For example, if Invesco gains exposure to a specific asset class through an instrument that provides leveraged exposure to the class, and that leveraged instrument increases in value, the gain to the Portfolio will be magnified; however, if the leveraged instrument decreases in value, the loss to the Portfolio will be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Volatility Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that the Subadviser will be successful in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation of those strategies by the Subadviser or the limitations of those strategies in times of extremely low volatility or extremely high volatility. Under certain market conditions, the use of volatility management strategies by the Subadviser may also result in less favorable performance than if such strategies had not been used. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio may forego some of the returns that can be associated with periods of rising equity values.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will primarily invest in derivatives, such as futures contracts and swaps, to seek exposure to certain asset classes and enhance returns. To a lesser extent, the Portfolio may also invest in derivatives to “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks, as well as increase transaction costs. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. A risk of the Portfolio’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Commodities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The Portfolio’s ability to invest in commodity-linked derivative instruments may be limited by the Portfolio’s intention to qualify as a regulated investment company, and could adversely affect the Portfolio’s ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Company and Exchange-Traded Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An investment in an investment company or ETF involves substantially the same risks as investing directly in the underlying securities. An investment company or ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Portfolio’s performance. The Portfolio must pay its pro rata portion of an investment company’s or ETF’s fees and expenses. Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">of a closed-end investment company or ETF may trade at a premium or discount to the net asset value of its portfolio securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Sale and Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short sale or short position if the value of the security sold short or the reference instrument, in the case of a short position, increases after the time the Portfolio entered into the short sale or short position. In addition, when the Portfolio engages in short sales, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. Engaging in a short sale or short position may cause the Portfolio to lose more money than the actual cost of the short sale or short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position. Any gain from a short sale or short position will be offset in whole or in part by the transaction costs associated with the short sale or short position. Short sales and short positions generally involve a form of leverage, which can exaggerate a Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">By investing in the Subsidiary, the Portfolio is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Portfolio’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in this Prospectus and could adversely affect the Portfolio, such as by reducing the Portfolio’s investment returns. The Portfolio’s ability to invest in the Subsidiary will potentially be limited by the Portfolio’s intention to qualify as a regulated investment company, and might adversely affect the Portfolio’s ability to so qualify.</span> <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Tax Risk.</span><span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="font-family:Times New Roman;font-size:11.5pt;">In order to qualify for the special tax treatment accorded to a regulated investment company (“RIC”) and its shareholders under the Internal Revenue Code of 1986, the Portfolio must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Portfolio’s pursuit of its investment strategies will potentially be limited by the Portfolio’s intention to qualify for such treatment and </span><span style="font-family:Times New Roman;font-size:11.5pt;">could adversely affect the Portfolio’s ability to so qualify. The Portfolio can make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Portfolio were to fail to qualify for the special tax treatment accorded to a RIC and its shareholders, and were ineligible to or were not to cure such failure within the required timeframe, the Portfolio would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Portfolio’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the Statement of Additional Information for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">10.48%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-11.87%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.1048 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1187 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1314 0.0377 0.0580 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Invesco Comstock Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Capital growth and income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0058 0.0058 0 0.0025 0.0002 0.0002 0.0060 0.0085 -0.0004 -0.0004 0.0056 0.0081 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 57 188 331 746 83 267 467 1045 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">19</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.19 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Invesco Advisers, Inc. (“Invesco” or “Subadviser”), subadviser to the Portfolio, invests the Portfolio’s assets, under normal circumstances, in equity securities, consisting principally of common stocks. Under normal market conditions, the Portfolio invests at least 80% of its net assets in common stocks at the time of investment. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In selecting securities for investment, the Portfolio focuses primarily on the security’s potential for capital growth and income. The Portfolio emphasizes a value style of investing, seeking well-established, undervalued companies that are believed by Invesco to possess the potential for capital growth and income. Invesco generally seeks to identify companies that are undervalued and have identifiable factors that might lead to improved valuations. Invesco will consider selling a security if it meets one or more of the following criteria: (1) the target price of the investment has been realized and Invesco no longer considers the company undervalued, (2) a better value opportunity is identified, or (3) research shows that the company is experiencing deteriorating fundamentals beyond Invesco’s tolerable level and the trend is likely to be a long-term issue. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in securities of issuers of any market capitalization; however, under normal market conditions, it is currently expected that the Portfolio will invest a substantial percentage of its assets in large-capitalization issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio considers an issuer to be a large capitalization issuer if it has a market capitalization, at the time of purchase, within the range of companies included in the Russell 1000® Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest up to 25% of its total assets in securities of foreign issuers (including issuers in emerging market countries, i.e., those that are generally in the early stages of their industrial cycle) and depositary receipts. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may also invest up to 10% of its net assets in real estate investment trusts (“REITs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio can invest in derivative instruments including forward foreign currency contracts and futures contracts. The Portfolio can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Portfolio can use futures contracts, including index futures, for cash management purposes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio  may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">22.29%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-31.88%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.2229 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.3188 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1754 0.1543 0.1211 0.1731 0.1515 0.1183 0.1715 0.1315 0.1429 0.1591 0.1133 0.1053 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Invesco Global Equity Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0067 0.0067 0.0067 0 0.0025 0.0015 0.0004 0.0004 0.0004 0.0071 0.0096 0.0086 -0.0013 -0.0013 -0.0013 0.0058 0.0083 0.0073 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 59 214 382 870 85 293 518 1166 75 261 464 1049 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">21</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.21 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">Invesco Advisers, Inc. (“Invesco” or “Subadviser”), subadviser to the Portfolio, invests under normal circumstances at least 80% of the Portfolio’s net assets in equity securities (primarily common stock) of U.S. and foreign-based companies. Equity securities also include preferred stocks. The Portfolio may invest without limit in foreign securities and may invest in any country, including countries with emerging markets. The Portfolio does not limit its investments to companies in a particular capitalization range, but generally focuses its investments in mid- and large-cap companies. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio is not required to allocate its investments in any set percentages in any particular countries or geographic regions. However, the Portfolio generally emphasizes its investments in the United States, Europe, and Asia. The Portfolio normally will invest in at least three countries (one of which may be the United States). Typically, the Portfolio invests in a number of different countries. The Portfolio may purchase American Depositary Shares (ADS) as part of American Depositary Receipt (ADR) issuances, which are negotiable certificates issued by a U.S. bank representing a specified number of shares in a foreign stock traded on a U.S. exchange. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Stock Selection </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Invesco primarily looks for quality companies, regardless of domicile, that have sustainable growth. Invesco’s investment approach combines a thematic approach to idea generation with bottom-up, fundamental company analysis. Invesco seeks to identify secular changes in the world and looks for pockets of durable change that it believes will drive global growth for the next decade. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">These large scale structural themes are referred to collectively as MANTRA</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">: Mass Affluence, New Technology, Restructuring, and Aging. Invesco does not target a fixed allocation with regard to any particular theme, and may choose to focus on various sub-themes within each theme. Within each sub-theme, Invesco employs fundamental company analysis to select investments for the Portfolio’s investment portfolio. The economic characteristics Invesco seeks include a combination of high return on invested capital, good cash flow characteristics, high barriers to entry, dominant market share, a strong competitive position, talented management, and balance sheet strength that Invesco believes will enable the company to fund its own growth. These criteria may vary. Invesco also considers how industry dynamics, market trends and general economic conditions may affect a company’s earnings outlook. </span><span style="font-family:Times New Roman;font-size:11.5pt;">Invesco has a long-term investment horizon of typically three to five years. Invesco also has a contrarian buy discipline; it buys high quality companies that fit its investment criteria when Invesco believes their valuations underestimate their long-term earnings potential. For example, a company’s stock price may dislocate from its fundamental outlook due to a short-term earnings glitch or negative, short-term market sentiment, which can give rise to an investment opportunity. Invesco monitors individual issuers for changes in earnings potential or other effects of changing market conditions that may trigger a decision to sell a security, but do not require a decision to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Effective May 24, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">2019, Invesco Ltd. acquired OppenheimerFunds, Inc., the former subadviser to the Portfolio (the “Acquisition”). In connection with the Acquisition, Invesco became the subadviser to the Portfolio. There were no changes to the Portfolio’s portfolio managers, investment objective or principal investment strategies and risks in connection with the Acquisition.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns. </span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">25.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-21.74%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.2550 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2174 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1588 0.0756 0.1128 0.1560 0.0730 0.1100 0.1571 0.0740 0.1112 0.2234 0.1119 0.1172 0.2244 0.1112 0.1399 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Invesco Small Cap Growth Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0086 0.0086 0.0086 0 0.0025 0.0015 0.0004 0.0004 0.0004 0.0090 0.0115 0.0105 -0.0016 -0.0016 -0.0016 0.0074 0.0099 0.0089 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 76 271 483 1093 101 349 618 1383 91 318 564 1268 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">91</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.91 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Invesco Advisers, Inc. (“Invesco” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in securities of small-cap companies. In complying with this 80% investment requirement, the Portfolio will invest primarily in equity securities. The Portfolio considers a company to be a small-cap company if it has a market capitalization, at the time of purchase, no larger than the market capitalization of the largest capitalized issuer included in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest up to 20% of its assets in equity securities of issuers that have market capitalizations, at the time of purchase, in other market capitalization ranges. The Portfolio may invest in real estate investment trusts. The Portfolio may also invest up to 25% of its total assets in foreign securities, including both developing and developed markets. For risk management purposes, the Portfolio may hold a portion of its assets in cash or cash equivalents, including money market instruments. The Portfolio may, from time to time, emphasize one or more sectors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio invests primarily in securities that are considered by the Portfolio’s portfolio managers to have potential for earnings or revenue growth. In selecting </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investments, the portfolio managers utilize a disciplined portfolio construction process that aligns the Portfolio with the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Growth Index, which the portfolio managers believe represents the small-cap growth asset class. The security selection process is based on a three-step process that includes fundamental, valuation and timeliness analysis. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">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 companies operating in an attractive industry. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Valuation analysis focuses on identifying attractively valued securities given their growth potential over a one- to two-year horizon. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Timeliness analysis is used to help identify the “timeliness” of a purchase. In this step, relative price strength, trading volume characteristics, and trend analysis are reviewed for signs of deterioration. If a stock shows signs of deterioration, it will not be considered as a candidate for the Portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The portfolio managers consider 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 market are no longer attractive.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">34.21%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-22.02%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.3421 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.2202 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0617 -0.0066 0.0927 0.0583 -0.0091 0.0900 0.0593 -0.0081 0.0911 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">JPMorgan Core Bond Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Maximize total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0055 0.0055 0 0.0025 0.0004 0.0004 0.0059 0.0084 -0.0014 -0.0014 0.0045 0.0070 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 46 175 315 725 72 254 452 1024 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">33</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.33 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">J.P. Morgan Investment Management Inc. (“JPMIM” or “Subadviser”), subadviser to the Portfolio, invests in a portfolio of investment grade intermediate- and long-term debt securities, principally corporate bonds, U.S. treasury obligations, including Treasury Inflation Protected Securities (“TIPS”), and other U.S. Government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, commercial mortgage-backed securities, mortgage pass-through securities and cash and cash equivalents. These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Portfolio may also invest in mortgage dollar rolls and securities issued pursuant to Rule 144A under the Securities Act of 1933. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio invests, under normal circumstances, at least 80% of its net assets in bonds. The bonds in which the Portfolio invests generally will have intermediate to long maturities. The Portfolio’s average weighted maturity will ordinarily range between four and twelve years. The Portfolio may shorten or lengthen its average weighted maturity if deemed appropriate by JPMIM for temporary defensive purposes. Because of the Portfolio’s holdings in asset-backed, mortgage-backed and similar securities, the Portfolio’s average weighted maturity is equivalent to the average weighted maturity of the cash </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">flows in the securities held by the Portfolio given certain prepayment assumptions (also known as weighted average life). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The securities in which the Portfolio invests will be rated investment grade (or the unrated equivalent as determined by JPMIM) at the time of purchase. In addition, all of the Portfolio’s 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 foreign government or its agencies and instrumentalities. JPMIM may, in its sole discretion, invest a significant portion or all of the Portfolio’s assets in mortgage-related and mortgage-backed securities. The Portfolio expects to invest no more than 10% of its assets in “sub-prime” mortgage-related securities at the time of purchase. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">JPMIM buys and sells securities and investments for the Portfolio based on its view of individual securities and market sectors. Taking a long-term approach, JPMIM looks for individual fixed income investments that it believes will perform well over market cycles. JPMIM is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of its prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also may subject the Portfolio to a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">6.46%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-5.49%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.0646 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-03-31 -0.0549 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0722 0.0007 0.0228 0.0695 -0.0019 0.0202 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">JPMorgan Global Active Allocation Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Seeks capital appreciation and current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0073 0.0025 0.0005 0.0001 0.0104 -0.0006 0.0098 <span style="font-family:Times New Roman;font-size:8pt;">April 30, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 100 325 568 1266 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">64</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.64 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s subadviser, J.P. Morgan Investment Management Inc. (“JPMIM” or “Subadviser”), uses a flexible asset allocation approach to construct a globally diversified growth portfolio that incorporates investment insights with a disciplined control of risk. JPMIM establishes the strategic and tactical allocation for the Portfolio. JPMIM determines the tactical allocation through adjustments to the Portfolio’s strategies and sector and region allocations. JPMIM develops its investment insights through the combination of top-down macro views, together with the bottom-up insights from JPMIM’s global investment professionals. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In managing the investments for the Portfolio, JPMIM employs a continuous multi-step process that involves: (1) making longer term asset allocation decisions based on JPMIM’s assessment of the strategic (10 to 15 years) market outlook; (2) monitoring and adjusting Portfolio exposures and weightings in response to prevailing market conditions and changes in JPMIM’s shorter term market outlook; and (3) making systematic adjustments to the Portfolio exposures and weightings, based on JPMIM’s assessment of future market conditions as indicated by momentum signals, in an effort to reduce overall Portfolio volatility and mitigate the effects of adverse market environments. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio is expected to have a normal strategic allocation of 60% in global equities</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">and 40% in investment</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">grade fixed income securities</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">denominated in U.S.</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">dollars. The Portfolio’s actual strategic allocation is subject to change based on market conditions, trends, and JPMIM’s outlook for a broad range of asset classes. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest up to 80% of its total assets in any combination of the following asset classes: U.S. equity, foreign equity, commodities, emerging market debt, emerging market equity, high yield debt (commonly known as “junk bonds”), real estate securities and Treasury</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">Inflation-Protected</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">Securities (“TIPS”).</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">JPMIM expects to maintain sufficient cash to serve as collateral for the derivative investments the Portfolio holds. At all times the Portfolio will hold a minimum of 20% of its total assets in highly liquid asset classes such as investment grade fixed income securities and cash. The Portfolio may invest up to 10% of its total assets in emerging markets equities. In addition, the Portfolio may also invest up to 10% of its total assets in any combination of opportunistic asset classes, such as commodities, high yield debt, emerging market debt, real estate securities, and TIPS. The Portfolio may invest up to 15% of its total assets in the combination of the following asset classes: emerging market equities, commodities, high yield debt, emerging market debt, real estate securities, and TIPS. The Portfolio may invest in securities issued pursuant to Rule 144A under the Securities Act of 1933. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In order to gain exposure to the asset classes set forth above, the Portfolio may invest directly in individual securities and exchange-traded funds (“ETFs”). The Portfolio may also invest in exchange-traded notes (“ETNs”) and derivative instruments, either by investing directly in such instruments, or indirectly by investing through its wholly-owned subsidiary as discussed below, in order to obtain, or reduce, exposure to one or more asset classes set forth above. The Portfolio’s equity investments may include common stock, preferred stock, ETFs, convertible securities, depositary receipts, warrants to buy common stocks, and master limited partnerships (“MLPs”), which are limited partnerships that are publicly traded. The Portfolio’s fixed income investments may include convertible securities, U.S. Government securities (including agencies and instrumentalities), domestic and foreign corporate bonds, high yield securities (including distressed securities), debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, mortgage-backed securities, asset-backed securities, floating rate securities, inflation-indexed bonds (whose value of the principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure), inflation-linked securities such as TIPS and ETFs that are structured to provide protection against inflation, as well as time deposits and other money market instruments. The Portfolio’s commodity investments may include other investment companies, commodity-linked derivatives, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">ETNs and total return swaps through which the Portfolio can participate in the performance of one or more instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Active Asset Allocation</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">. JPMIM adjusts the Portfolio’s exposure among the various asset classes based on JPMIM’s shorter term market outlook for a broad range of asset classes. The shorter term components of JPMIM’s active asset allocation management employ quantitative models and qualitative inputs. JPMIM’s quantitative models serve as a starting point in the investment process and allow the portfolio managers to simultaneously consider a broad number of informational and behavioral mispricings across and within asset classes. As a second step in the investment process, the global strategy team determines on a qualitative basis if certain markets exhibit characteristics that merit a deviation from the quantitative models. For example, if political, economic or technical events have led to dislocations that can be exploited. </span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Systematic Exposure Management</span><span style="font-family:Times New Roman;font-size:11.5pt;">. JPMIM may adjust the Portfolio’s exposure to equity, fixed income and real assets based on momentum and/or the level of the expected portfolio volatility signals, which is monitored by a proprietary JPMIM systematic model.</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">The model is intended to dynamically adjust asset class exposures under different market conditions and may increase or decrease the level of equity exposure over time. The model seeks to manage overall portfolio volatility, mitigate the effects of extreme market environments, and improve the portfolio’s absolute and risk-adjusted returns, but may not work as intended. While JPMIM attempts to manage the Portfolio’s volatility exposure to stabilize performance, there can be no assurance that the Portfolio will be successful in reducing volatility or mitigating the effects of extreme market conditions. </span><span style="font-family:Times New Roman;font-size:11.5pt;">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 volatility may result from rapid and dramatic price swings. Momentum is the tendency of investments to exhibit persistence in their performance. JPMIM uses momentum signals to identify both adverse and favorable market environments. </span><span style="font-family:Times New Roman;font-size:11.5pt;">JPMIM believes negative momentum indicates future periods of negative investment returns and increased volatility. When negative momentum deteriorates below a pre-set threshold determined by a proprietary JPMIM momentum-based model, JPMIM may reduce, sometimes significantly, the Portfolio’s exposure to the particular asset class exhibiting the negative momentum. </span><span style="font-family:Times New Roman;font-size:11.5pt;">Conversely, when momentum is positive, the model will suggest increasing exposure to an asset class to participate in up markets. </span><span style="font-family:Times New Roman;font-size:11.5pt;">In order to reduce its exposure to a particular asset class JPMIM will primarily use derivatives to adjust exposures but may also sell physical securities. The Portfolio’s exposure to a particular asset class may be reduced to 0% if the indicator becomes sufficiently negative for that asset class. The Portfolio’s exposure to an asset class may be dynamically adjusted based on the model’s assessment of current market conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will also make use of an interest rate overlay that: (1) will use a combination of interest rate swaps, interest rate futures, Treasury futures and total return swaps (“Interest Rate Derivatives”) and (2) will have a notional value (meaning the fixed face value, rather than the market value, of these instruments) equal to approximately 30% of the Portfolio’s net assets under normal market conditions. The percentage of the Portfolio’s net assets represented by Interest Rate Derivatives may change in different market environments, but is normally expected to stay within a range of 25% to 35% of net assets. JPMIM expects these instruments to provide additional diversification and balance the sources of risk in the Portfolio. Under certain market conditions, however, the investment performance of the Portfolio may be less favorable than it would be if the Portfolio did not use Interest Rate Derivatives. JPMIM anticipates that under normal market conditions the Portfolio’s Interest Rate Derivatives will have a maturity of approximately 10 years. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In implementing its investment strategies, the Portfolio may use derivatives for a variety of purposes. In addition to using Interest Rate Derivatives in the manner described above, 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 speculative; and to manage Portfolio characteristics. Specifically, the Portfolio may use futures contracts to manage and hedge interest rate risk, establish cross country relative value positions between different interest rate markets, as well as to lengthen or shorten the duration of a portion of the Portfolio. The Portfolio may also utilize exchange-traded futures contracts for cash management and to gain exposure to equities pending investment in individual securities. To the extent that the Portfolio does not utilize other investment companies to gain exposure to commodities, it may utilize derivatives to gain exposure to </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">commodities. For more information about these derivative instruments in which the Portfolio may invest, please see “Investment Strategies and Risks” in the Statement of Additional Information. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may allocate up to 10% of its total assets to its wholly-owned and controlled subsidiary, organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”) in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. JPMIM also manages the assets of the Subsidiary. Generally, the Subsidiary will invest primarily in commodity derivatives, ETNs and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives. The Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis. The Portfolio is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Volatility Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that the Subadviser will be successful in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation of those strategies </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">by the Subadviser or the limitations of those strategies in times of extremely low volatility or extremely high volatility. Under certain market conditions, the use of volatility management strategies by the Subadviser may also result in less favorable performance than if such strategies had not been used. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forego some of the returns that can be associated with periods of rising equity values.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the use of interest rate swaps may result in less favorable performance than if such swap arrangements had not been used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Commodities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The Portfolio’s ability to invest in commodity-linked derivative instruments may be limited by the Portfolio’s intention to qualify as a regulated investment company, and could adversely affect the Portfolio’s ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short position if the value of the reference instrument increases after the time the Portfolio entered into the short position. Engaging in a short position may cause the Portfolio to lose more money than the actual cost of the short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the transaction costs associated with the short position. Short positions generally involve a form of leverage, which can exaggerate the Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Company and Exchange-Traded Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An investment in an investment company or ETF involves substantially the same risks as investing directly in the underlying securities. An investment company or ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Portfolio’s performance. The Portfolio must pay its pro rata portion of an investment company’s or ETF’s fees and expenses. Shares of a closed-end investment company or ETF may trade at a premium or discount to the net asset value of its portfolio securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">By investing in the Subsidiary, the Portfolio is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Portfolio’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in this Prospectus and could adversely affect the Portfolio, such as by reducing the Portfolio’s investment returns. The Portfolio’s ability to invest in the Subsidiary will potentially be limited by the Portfolio’s intention to qualify as a regulated investment company, and might adversely affect the Portfolio’s ability to so qualify.</span> <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Tax Risk.</span><span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="font-family:Times New Roman;font-size:11.5pt;">In order to qualify for the special tax treatment accorded to a regulated investment company (“RIC”) and its shareholders under the Internal Revenue Code of 1986, the Portfolio must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual </span><span style="font-family:Times New Roman;font-size:11.5pt;">distribution requirements. The Portfolio’s pursuit of its investment strategies will potentially be limited by the Portfolio’s intention to qualify for such treatment and could adversely affect the Portfolio’s ability to so qualify. The Portfolio can make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Portfolio were to fail to qualify for the special tax treatment accorded to a RIC and its shareholders, and were ineligible to or were not to cure such failure within the required timeframe, the Portfolio would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Portfolio’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the Statement of Additional Information for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in convertible securities are subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and fixed income securities, depending on the price of the underlying security and the conversion price. In addition, a convertible security may be bought back by the issuer, or the Portfolio may be forced to convert a convertible security, at a time and a price that is disadvantageous to the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including TIPS, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">10.87%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-10.34%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.1087 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.1034 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1392 0.0368 0.0577 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">JPMorgan Small Cap Value Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term capital growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0078 0.0078 0 0.0025 0.0011 0.0011 0.0089 0.0114 -0.0010 -0.0010 0.0079 0.0104 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 81 274 483 1087 106 352 618 1377 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">82</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.82 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">J.P. Morgan Investment Management Inc. (“JPMIM” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in equity securities of small cap companies. The Portfolio defines small cap companies as companies with market capitalizations equal to those within the universe of the Russell 2000</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Value Index stocks at the time of purchase. As of December 31, 2025, the highest capitalization of a company included in the Russell 2000 Value Index was $17.0 billion. The market capitalization limits will vary with market fluctuations. In reviewing investment opportunities for the Portfolio, JPMIM uses a value-oriented approach. The Portfolio’s equity investments are primarily common stocks. The Portfolio may also invest in real estate investment trusts. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To the extent the Portfolio uses derivatives, the Portfolio will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Investment Process </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In managing the Portfolio, JPMIM employs a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into the portfolio. In general, stocks are purchased when they are among the top ranked within their sector. Stocks become candidates for sale when their ranking falls, when they appear unattractive or when the company is </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">no longer a small cap company. The Portfolio may continue to hold a security if it believes further substantial growth is possible. Risk factor exposures are managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and/or style characteristics of the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives, including futures contracts, to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk (the risk that a counterparty will default or become less creditworthy) and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">33.68%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-34.65%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.3368 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.3465 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1248 0.0993 0.0909 0.1214 0.0965 0.0881 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Loomis Sayles Global Allocation Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High total investment return through a combination of capital appreciation and income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0070 0.0070 0 0.0025 0.0011 0.0011 0.0081 0.0106 -0.0002 -0.0002 0.0079 0.0104 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 81 257 448 1000 106 335 583 1292 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">31</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Loomis, Sayles &amp; Company, L.P. (“Loomis Sayles” or “Subadviser”), subadviser to the Portfolio, invests the Portfolio’s assets, under normal circumstances, primarily in equity and fixed income securities of U.S. and foreign issuers, including securities of issuers located in countries with emerging securities markets. The Portfolio’s investments in equities will range between 50% and 70% of the Portfolio’s assets, and its investments in fixed income securities will range between 25% and 50% of the Portfolio’s assets. Loomis Sayles allocates the Portfolio’s assets among the following three sectors: (1) global equities, (2) domestic fixed income securities and (3) international fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In deciding how to allocate the Portfolio’s assets among the three sectors, Loomis Sayles attempts to determine the relative attractiveness of each of the three sectors based on fundamental factors such as economic cycles, relative interest rates, stock market valuations, and currency considerations. In deciding which global equity securities to buy and sell, Loomis Sayles generally looks for quality companies that can grow intrinsic value and are priced at an attractive valuation. In deciding which domestic and international fixed income securities to buy and sell, Loomis Sayles generally looks for securities that it believes are undervalued and have the potential for credit upgrades. The Portfolio may invest in investment grade securities, although it may also invest </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">up to 35% of its assets in below investment-grade securities (commonly called “junk bonds”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will limit its investments in securities issued in emerging market countries to no more than 50% of its assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may also invest in foreign currencies and may engage in other foreign currency transactions for investment or hedging purposes. Loomis Sayles may hedge currency risk for the Portfolio (including “cross hedging” between two or more foreign currencies) if it believes the outlook for a particular foreign currency is unfavorable. Loomis Sayles may elect not to hedge currency risk, which may cause the Portfolio to incur losses that would not have been incurred had the risk been hedged. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may engage in foreign currency hedging transactions, options for hedging and investment purposes, forward, futures and swap transactions and other derivative transactions. The Portfolio also may invest in collateralized mortgage obligations, U.S. and foreign government securities, depositary receipts, real estate investment trusts, securities issued pursuant to Rule 144A under the Securities Act of 1933 and convertible securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes or subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in convertible securities are subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and fixed income securities, depending on the price of the underlying security and the conversion price. In addition, a convertible security may be bought back by the issuer, or the Portfolio may be forced to convert a convertible security, at a time and a price that is disadvantageous to the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and additional indexes reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and additional indexes reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">17.12%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-15.88% </span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.1712 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1588 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1294 0.0652 0.0950 0.1259 0.0625 0.0922 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.0755 -0.0353 0.0054 0.2109 0.1215 0.1217 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Loomis Sayles Growth Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0056 0.0056 0.0056 0 0.0025 0.0015 0.0002 0.0002 0.0002 0.0058 0.0083 0.0073 -0.0003 -0.0003 -0.0003 0.0055 0.0080 0.0070 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 56 183 321 723 82 262 458 1023 72 230 403 904 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">2</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.02 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal market conditions, the Portfolio will invest primarily in equity securities, including common stocks, and depositary receipts. The Portfolio focuses on stocks of large capitalization companies, but the Portfolio may invest in companies of any size. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio normally invests across a wide range of sectors and industries. The Portfolio may, from time to time, emphasize one or more sectors. The Portfolio’s subadviser, Loomis, Sayles &amp; Company, L.P. (“Loomis Sayles” or the “Subadviser”), employs a growth style of equity management, which means that the Portfolio seeks to invest in companies with sustainable competitive advantages versus peers, long-term structural growth drivers with the potential to lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders. The Subadviser also aims to invest in companies when they trade at a significant discount to the Subadviser’s estimate of intrinsic value (i.e. companies with share prices trading significantly below what the portfolio manager believes the share price should be). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will consider selling a portfolio investment when the Subadviser believes an unfavorable structural change has occurred or is likely to occur within a given business or the markets in which it operates, when a </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the Subadviser believes the current price fully reflects intrinsic value, or for other investment reasons the Subadviser deems appropriate. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio may also invest up to 20% of its assets in foreign securities, including depositary receipts and emerging market securities. The Subadviser uses a proprietary definition to determine whether a security is classified as U.S. or non-U.S.</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.9pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">In determining the location of an issuer for these purposes, or where the issuer’s principal activities are based, the Subadviser will consider a variety of factors (collectively designed to assess whether an issuer is economically tied to a particular country or region),</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.9pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">including but not limited to: the markets in which the issuer’s securities are primarily traded; the location of the issuer’s headquarters, principal offices, or operations;</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.9pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">the country where the issuer is organized; the percentage of the issuer’s revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country; and information provided by third-party data analytics service providers. No single factor will necessarily be determinative, nor must all factors be present for the Subadviser</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.9pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">to assess an issuer’s location. The Subadviser may assign different weights to these factors based on different geographic policies, countries, or products.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Effective December 16, 2019, Loomis Sayles became the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">subadviser to the Portfolio. Investment performance prior to that date may not be representative of the performance the Portfolio would have achieved had Loomis Sayles been its subadviser and had its current principal investment strategies then been in effect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns. </span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">24.22%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-22.94%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.2422 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.2294 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1521 0.1506 0.1419 0.1490 0.1477 0.1391 0.1505 0.1489 0.1402 0.1715 0.1315 0.1429 0.1856 0.1532 0.1813 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">MetLife Multi-Index Targeted Risk Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Seeks a balance between growth of capital and current income, with a greater emphasis on growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0016 0.0025 0.0000 0.0021 0.0062 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 63 199 346 774 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio pays transaction costs when it buys and sells certain instruments (or “turns over” its portfolio). In addition, each of the investment companies in which the Portfolio invests (the “Underlying Portfolios”) pays transaction costs, such as commissions, when it 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 the Example, affect the performance of both the Underlying Portfolios and the Portfolio. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">4</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio seeks to achieve its objectives by investing approximately 75% of its assets in Class A shares of the Underlying Portfolios, which are passively-managed index portfolios that are series of the Brighthouse Funds Trust II (“Trust II”) (the “Base Portion”), and approximately 25% of its assets in a portfolio of fixed income securities that serve as collateral for equity derivative instruments, consisting primarily of stock index futures (the “Overlay Portion”). A stock index future is a contract for the future delivery of a cash payment based on the performance of a stock index such as the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Index. Under normal circumstances, the Portfolio will invest at least 80% of its net assets in index-related instruments, including derivatives. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In its neutral state, the Portfolio will allocate 60% of its total assets to equity instruments (either equity index portfolios or equity derivative instruments) and 40% of its total assets to fixed-income securities (either fixed income index portfolios or fixed income securities). The Portfolio will alter its allocation as necessary to reduce volatility in an attempt to mitigate the effects of extreme market conditions. In general, the Portfolio will decrease equity exposure in periods of increased volatility and increase equity exposure during periods of reduced volatility. The Portfolio’s exposure to equity markets will range from approximately 10% to approximately 70% of its total assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Brighthouse Investment Advisers, LLC (“BIA”) is the adviser to the Portfolio and is also responsible for managing the Base Portion’s allocations among the Underlying Portfolios. BIA establishes specific target investment percentages for the asset classes and the various components of each asset category. Under normal circumstances, the approximately 75% of the Portfolio’s assets comprising the Base Portion invest primarily in Underlying Portfolios in accordance with the target allocations of 35% to equity and 40% to fixed income. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Base Portion seeks to achieve capital appreciation through its investments in Underlying Portfolios that seek to track the performance of equity indexes such as the S&amp;P 500 Index, S&amp;P MidCap 400</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Index, Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Index and MSCI EAFE</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Index. The Base Portion seeks to achieve current income through its investments in Underlying Portfolios that seek to track the performance of fixed income indexes, such as the Bloomberg U.S. Aggregate Bond Index. The Portfolio is expected to have exposure to equities of various market capitalizations and foreign equities, as well as fixed income indexes tracking investment grade and mortgage- and asset-backed securities through the Base Portion’s investments. In the future the Base Portion may invest in other Underlying Portfolios that are series of Trust II or of Brighthouse Funds Trust I (the “Trust”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">MetLife Investment Management, LLC (“MIM” or the “Subadviser”), is responsible for managing the Overlay Portion, including the management of the fixed income collateral. The Overlay Portion, which comprises approximately 25% of the Portfolio’s total assets, in its neutral state will provide the Portfolio with an additional 25% exposure to the equity markets utilizing equity derivative instruments, which primarily include stock index futures and swaps. Because equity 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 Portion will be invested in a variety of high quality, short-term fixed income instruments. For more information about the derivative instruments in which the Portfolio may invest, please see the section “Additional Information About the Portfolio’s Investment Strategies—Understanding the Portfolio” in the Prospectus and “Investment Strategies and Risks” in the Statement of Additional Information. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s investment in equity derivative instruments will be used to increase or decrease the Portfolio’s overall equity exposure, and therefore, its volatility. 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 volatility may result from rapid and dramatic price swings. The Subadviser will adjust the Portfolio’s equity exposure in accordance with the guidelines discussed below within a range from approximately 10% to approximately 70%. For example, when the market is in a state of increased volatility, the Subadviser will decrease the Portfolio’s equity exposure by holding fewer long equity index futures or by taking a short position in equity index futures. A short position involves the use by the Portfolio of a security or instrument that may benefit from a decrease in the price of underlying securities. When the Portfolio’s total equity exposure exceeds 60%, the Portfolio may be exposed to leverage. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Subadviser will purchase or sell equity derivatives in the Overlay Portion in an attempt to target an annualized equity contribution to the Portfolio’s volatility level of 10%. The Subadviser will allow the equity contribution to the Portfolio’s volatility level to vary between a low of 8% and a high of 12%. If volatility remains within this range, the Subadviser will take no action to alter the Portfolio’s equity exposure. If volatility falls outside of this range, the Subadviser will take action to attempt to increase or decrease the Portfolio’s equity market exposure until the 10% level is achieved. There can be no guarantee that the Portfolio will achieve the targeted volatility or remain within its target volatility range. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to managing the Portfolio’s overall equity exposure as described above, the Subadviser will, within established guidelines, manage the approximately 25% of the Portfolio allocated as collateral to support the equity and other derivatives used by the Portfolio. The Subadviser will invest the collateral in fixed-income instruments consisting of a mix of U.S. Government securities, certificates of deposit, commercial paper rated in the two highest grades by a nationally recognized statistical ratings organization, or, if unrated, determined by the Subadviser to be of comparable quality, and repurchase agreements on such instruments. At times, including during periods of high volatility, the Subadviser may reduce the equity derivative holdings and invest a portion of the Overlay Portion’s assets in short-term fixed income instruments that replicate the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">holdings of indexes of Treasury and/or agency securities. All fixed-income instruments held in the Overlay Portion will have a remaining maturity of 365 days or less. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will also make use of an interest rate overlay that: (1) will use a combination of interest rate swaps, interest rate futures and total return swaps (“Interest Rate Derivatives”) and (2) will have a notional value (meaning the fixed face value, rather than the market value, of these instruments) equal to approximately 30% of the Portfolio’s net assets under normal market conditions. The percentage of the Portfolio’s net assets represented by Interest Rate Derivatives may change in different market environments, but is normally expected to stay within a range of 25% to 35% of net assets. The Subadviser expects these instruments to provide additional diversification and balance the sources of risk in the Portfolio. Under certain market conditions, however, the investment performance of the Portfolio may be less favorable than it would be if the Portfolio did not use Interest Rate Derivatives. The Subadviser anticipates that under normal market conditions the Portfolio’s Interest Rate Derivatives will have a maturity of approximately 10 years. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The following chart sets forth the Portfolio’s neutral asset allocation targets set by BIA for the entire investment portfolio, as of April 27, 2026. The Portfolio’s actual allocations to the asset classes and sub-asset classes within the Base Portion and within the Overlay Portion could vary substantially from the target allocations due to both market valuation changes and the Subadviser’s management of the Overlay Portion in response to volatility changes. Both the asset allocation between equity instruments and fixed income securities and the allocation between the Base Portion and the Overlay Portion will therefore generally be rebalanced on a quarterly basis.</span><span style="font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="font-family:Times New Roman;font-size:8pt;font-weight:bold;">% of Total </span><span style="font-family:Times New Roman;font-size:8pt;font-weight:bold;">Portfolio*</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Equity</span><span style="font-family:Times New Roman;font-size:8pt;">60%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Large Cap</span><span style="font-family:Times New Roman;font-size:8pt;">28.50%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Mid Cap</span><span style="font-family:Times New Roman;font-size:8pt;">8%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Small Cap</span><span style="font-family:Times New Roman;font-size:8pt;">4.50%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Foreign Equity</span><span style="font-family:Times New Roman;font-size:8pt;">19%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Times New Roman;font-size:8pt;">40%</span><span style="font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Investment Grade</span><span style="font-family:Times New Roman;font-size:8pt;">40%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Individual figures may not add up to the totals shown due to rounding.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Volatility Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that the Subadviser will be successful in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation of those strategies by the Subadviser or the limitations of those strategies in times of extremely low volatility or extremely high volatility. Under certain market conditions, the use of volatility management strategies by the Subadviser may also result in less favorable performance than if such strategies had not been used. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forego some of the returns that can be associated with periods of rising equity values.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon BIA’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if BIA allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as BIA anticipated, including relative to other asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives risk is both a direct and indirect risk of investing in the Portfolio. The Portfolio or Underlying Portfolios may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s or an Underlying Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio or an Underlying Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s or an Underlying Portfolio’s volatility and may require such Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio or an Underlying Portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">from using such instruments as part of its investment strategies, which could adversely affect the Portfolio or Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Leveraging risk is a direct risk of investing in the Portfolio. Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Market risk is both a direct and indirect risk of investing in the Portfolio. The Portfolio’s or an Underlying Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio or an Underlying Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Interest rate risk is both a direct and indirect risk of investing in the Portfolio. The value of the Portfolio’s or an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater the degree and frequency of which its value should be expected to change in response to changes in interest rates. The Portfolio’s fixed-income portion will normally have a greater maturity or duration than will its benchmark. The interest earned on the Portfolio’s or an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio or an Underlying Portfolio may be unable to </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">maintain positive returns or pay dividends to Portfolio or Underlying Portfolio shareholders, respectively. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio or an Underlying Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio or an Underlying Portfolio to lose money and the net asset value of the Portfolio’s or the Underlying Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s or an Underlying Portfolio’s shares and reduce the liquidity of the Portfolio’s or an Underlying Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Credit and counterparty risk is both a direct and indirect risk of investing in the Portfolio. The value of the Portfolio’s or an Underlying Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio or an Underlying Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio or an Underlying Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio or an Underlying Portfolio, the Portfolio or an Underlying Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Other direct risks of investing in the Portfolio also include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying Portfolio Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying Portfolios may be adversely affected if the Underlying Portfolios are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying Portfolio that performs poorly, including relative to other Underlying Portfolios. Any Underlying Portfolio may have multiple asset class exposures and such exposures may change over time. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio bears its pro-rata portion of the operating expenses of the Underlying Portfolios in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the use of interest rate swaps may result in less favorable performance than if such swap arrangements had not been used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short position if the value of the reference instrument increases after the time the Portfolio entered into the short position. Engaging in a short position may cause the Portfolio to lose more money than the actual cost of the short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the transaction costs associated with the short position. Short positions generally involve a form of leverage, which can exaggerate the Portfolio’s losses. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying Portfolios) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Passive Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In attempting to track the returns of an index, an Underlying Portfolio may be more susceptible to risks than an actively managed portfolio because it generally will not use any defensive strategies to mitigate its risk exposure. In addition, the Underlying Portfolio’s returns may deviate from the index it seeks to track as a result of, among other things, portfolio operating expenses, transaction costs and delays in investing cash.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Sampling Error Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To the extent an Underlying Portfolio holds only a subset of the index securities, the Underlying Portfolio is subject to the risk that it may not track the return of an index as well as it would if the Underlying Portfolio held every security in the index in the same proportions as the index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent an Underlying Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause an Underlying Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by an Underlying Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of an Underlying Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make an Underlying Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">12.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-10.93%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.1250 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.1093 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0908 0.0293 0.0531 0.2234 0.1119 0.1172 0.0730 -0.0036 0.0201 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">MFS</span><span style="color:#000000;font-family:Times New Roman;font-size:14pt;position:relative;top:-9.5pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:22pt;"> Research International Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0071 0.0071 0.0071 0 0.0025 0.0015 0.0004 0.0004 0.0004 0.0075 0.0100 0.0090 -0.0019 -0.0019 -0.0019 0.0056 0.0081 0.0071 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 57 221 398 913 83 299 534 1207 73 268 480 1090 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">39</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Massachusetts Financial Services Company (“MFS” or “Subadviser”), subadviser to the Portfolio, invests the Portfolio’s assets, under normal circumstances, primarily in foreign equity securities, including emerging market equity securities. Equity securities include common stocks, preferred stocks, and depositary receipts for those securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest a large percentage of its assets in issuers in a single country, a small number of countries, or a particular geographic region. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In selecting investments for the Portfolio, MFS is not constrained by any particular investment style. MFS 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. The Portfolio may invest in companies of any size. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In conjunction with a team of investment research analysts, sector leaders select investments for the Portfolio. MFS generally manages the Portfolio to be sector neutral to the MSCI Europe, Australia and Far </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">East (EAFE)</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Index (the “Index”) using MFS’s custom industry and sector categories to classify the Portfolio’s and the Index’s holdings. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">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 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. Quantitative screening tools that systematically evaluate an issuer’s valuation, price and earnings momentum, earnings quality, and other factors, may also be considered.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">16.59%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-19.88%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.1659 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1988 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.2272 0.0580 0.0783 0.2241 0.0554 0.0757 0.2254 0.0564 0.0768 0.3122 0.0892 0.0818 0.3239 0.0791 0.0841 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Morgan Stanley Discovery Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0064 0.0064 0.0064 0 0.0025 0.0015 0.0003 0.0003 0.0003 0.0067 0.0092 0.0082 -0.0002 -0.0002 -0.0002 0.0065 0.0090 0.0080 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 66 212 371 833 92 291 507 1129 82 260 453 1012 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">69</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.69 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Morgan Stanley Investment Management Inc. (“MSIM” or “Subadviser”), subadviser to the Portfolio, seeks to invest the Portfolio’s assets, under normal circumstances, in unique companies it believes have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. MSIM emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. The Portfolio may invest significantly in companies with emerging growth characteristics, such as, but not limited to, rapid growth or reinvestment of profits. Due to fluctuations in the value of such companies, the Portfolio’s performance may vary more widely from its benchmark than mid-cap growth funds that do not invest as heavily in such companies. </span><span style="font-family:Times New Roman;font-size:11.5pt;">Under normal market conditions, the Portfolio invests at least 80% of its net assets in securities of medium-sized companies at the time of investment. Under current market conditions, MSIM defines medium-sized companies as companies with capitalizations within the range of companies represented in the Russell Midcap Growth Index. As of December 31, 2025, the market capitalizations of companies in the Russell Midcap Growth Index ranged from $144.9 million to $88.9 billion. The market capitalization limits will vary with market fluctuations. The Portfolio may also invest in common stocks and other equity securities of small- and large-sized companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio invests primarily in common stocks, including through initial public offerings (“IPOs”), and also may invest in other equity securities, such as private placements, preferred stock and rights or warrants to purchase securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest up to 25% of its assets in securities of foreign issuers, including issuers in emerging market or developing countries, and securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar-denominated securities that are traded on a U.S. exchange or local shares of non-U.S. issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument. The Portfolio may use derivatives such as currency-related options and futures for these purposes. These instruments may be used for any investment purpose, including, for example, to lower the Portfolio’s exposure to certain risks (e.g., fluctuations in the values of foreign currencies).</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:11.52pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:11.52pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:11.52pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:11.52pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:11.52pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk (the risk that a counterparty will default or become less creditworthy) and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:11.52pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:11.52pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">74.97%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-40.58%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.7497 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.4058 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1355 -0.0558 0.1429 0.1319 -0.0583 0.1400 0.1332 -0.0573 0.1411 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">PanAgora Global Diversified Risk Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Seeks total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0064 0.0025 0.0004 0.0009 0.0102 -0.0001 0.0101 <span style="font-family:Times New Roman;font-size:8pt;">April 30, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 103 324 562 1247 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">97</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.97 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">PanAgora Asset Management, Inc. (“PanAgora” or “Subadviser”), the subadviser to the Portfolio, pursues an investment strategy designed to generate returns from a combination of asset classes with diversified risk characteristics. PanAgora will allocate the Portfolio’s assets among equities, fixed-income instruments and commodities. PanAgora will allocate the Portfolio’s assets among these asset classes in an effort to diversify the Portfolio’s risk over three areas: equity risk, fixed-income risk and inflation risk. The Portfolio’s risk diversified strategy is managed to target an annualized volatility level of 10% as discussed below. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In allocating assets among the different classes, PanAgora follows a proprietary “Risk Parity” approach, which seeks to balance the allocation of risk across asset classes (as measured by forecasted volatility, marginal contribution to volatility, estimated potential loss, and other proprietary measures) when building the Portfolio. For example, the Portfolio will generally allocate a greater portion of its assets to a lower risk asset class, such as developed market bonds, than to a higher risk asset class, such as global equities. In its “neutral” position, the Portfolio’s assets will be allocated among the different asset classes in an attempt to diversify the Portfolio’s risk exposure so that the anticipated contribution of each asset class to the overall risk of the Portfolio will be approximately as follows: 40% from </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">equity risk; 40% from fixed income risk; and 20% from inflation risk. However, there is no assurance that this targeted contribution of risk from each asset class can be achieved. Because of the difference in the amount of risk inherent in these asset classes, the percentage of the Portfolio’s assets allocated to each asset class is likely to be significantly different from the targeted risk expected from that asset class. PanAgora also expects to tactically vary the Portfolio’s allocation to the asset classes, using long and/or short positions, depending on market conditions, which will cause the Portfolio to deviate from its neutral position. The targeted overall risk level of the Portfolio may also be increased or decreased by PanAgora, depending on market conditions. Additionally, market movements are likely to change the risk levels and risk allocation of the Portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Following are the instruments expected to be utilized, either through direct investment in physical securities or through derivative instruments, including primarily futures and swaps on futures, to gain exposure to the different areas of risk: </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Exposure to equity risk</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">: global developed markets large-cap equities, global emerging markets equities, U.S. mid-cap equities, and U.S. small cap equities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Exposure to fixed income risk</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">: global developed market bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Exposure to inflation risk</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">: global inflation linked government bonds, including Treasury Inflation Protected Securities (“TIPS”), commodity futures and swaps, and emerging markets currencies, including through cash bonds and currency forwards. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may also integrate a currency portfolio basket (comprised of US Dollar and other currencies) to offer additional diversification to the Portfolio as well as help in the management of investment risks. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may also invest in exchange-traded funds (“ETFs”), exchange-traded notes, and money market instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">PanAgora will normally target an annualized volatility level for the Portfolio of 10%; however, the actual or realized volatility for longer or shorter periods may be materially higher or lower depending on market conditions, and therefore the Portfolio’s risk exposure may be materially higher or lower than the level targeted </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">by the portfolio managers. 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 volatility may result from rapid and dramatic price swings. PanAgora may also, under certain exceptional market conditions, target a lower volatility level for the Portfolio. While PanAgora attempts to manage the Portfolio’s volatility exposure to stabilize performance, there can be no assurance that the Portfolio will achieve the targeted volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio is non-diversified, which means that it can hold securities of a smaller number of issuers and can invest a larger percentage of its assets in a single issuer than a diversified portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio has no geographic limits on where its investments may be located or where its assets may be exposed, except that its investments in (and exposure to) fixed income securities will be limited to those issued by governments or corporate entities located in developed markets. The Portfolio may invest in or have exposure to equity securities of companies of any market capitalization, including securities of small capitalization companies. The Portfolio may invest in debt securities of any credit quality, maturity or duration. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">As a result of the Portfolio’s use of derivative instruments, the Portfolio may at times have leveraged exposure to one or more asset classes. The Portfolio’s use of futures contracts, forward contracts, swaps and certain other derivative instruments will have the effect of economic leverage. Economic leverage magnifies exposure to the swings in prices of the asset class underlying those instruments and results in increased volatility, which means the Portfolio will have the potential for greater gains, as well as the potential for greater losses, than if the Portfolio does not use derivative instruments that have a leveraging effect. Leveraging also tends to magnify, sometimes significantly, the effect of any increase or decrease in the Portfolio’s exposure to an asset class and may cause the Portfolio’s net asset value to be volatile. There is no assurance that the Portfolio’s use of derivative instruments providing enhanced exposure will enable the Portfolio to achieve its investment objective. The Investment Company Act of 1940, as amended (the “1940 Act”), and the rules and interpretations thereunder impose certain limitations on the Portfolio’s ability to use leverage. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may allocate up to 25% of its total assets to its wholly-owned and controlled subsidiary, organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”), in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. PanAgora also manages the assets of the Subsidiary. Generally, the Subsidiary will invest primarily in commodity futures and swaps on commodity futures but it may also invest in other commodity-related instruments such as financial futures, option and swap contracts, equity and fixed income securities, cash and cash equivalents, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act, and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives. The Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis. The Portfolio is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">A significant portion of the assets of the Portfolio may be invested directly or indirectly in money market instruments, which may include, but are not limited to, U.S. Government securities (including U.S. Treasury bills), U.S. Government agency securities, investment grade corporate obligations, Eurodollar obligations, bankers’ acceptances, short-term fixed income securities, overnight and/or fixed term repurchase agreements, money market fund shares, and cash and cash equivalents with one year or less term to maturity. These cash or cash equivalent holdings serve as collateral for the derivative positions the Portfolio takes and also earn income for the Portfolio. While the Portfolio normally does not engage in borrowing, leverage will be created when the Portfolio engages in futures transactions or uses certain other derivative instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Volatility Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that the Subadviser will be successful in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation of those strategies by the Subadviser or the limitations of those strategies in times of extremely low volatility or extremely high volatility. Under certain market conditions, the use of volatility management strategies by the Subadviser may also result in less favorable performance than if such strategies had not been used. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forego some of the returns that can be associated with periods of rising equity values.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will primarily invest in derivatives, such as futures and forward contracts, and swaps, to seek exposure to certain asset classes and enhance returns. To a lesser extent, the Portfolio may also invest in derivatives to “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks, as well as increase transaction costs. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. A risk of the Portfolio’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short position if the value of the reference instrument increases after the time the Portfolio entered into the short position. Engaging in a short position may cause the Portfolio to lose more money than the actual cost of the short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the transaction costs associated with the short position. Short positions generally involve a form of leverage, which can exaggerate the Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Commodities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The Portfolio’s ability to invest in commodity-linked derivative instruments may be limited by the Portfolio’s intention to qualify as a regulated investment company, and could adversely affect the Portfolio’s ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Company and Exchange-Traded Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An investment in an investment company or ETF involves substantially the same risks as investing directly in the underlying securities. An investment company or ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Portfolio’s performance. The Portfolio must pay its pro rata portion of an </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investment company’s or ETF’s fees and expenses. Shares of a closed-end investment company or ETF may trade at a premium or discount to the net asset value of its portfolio securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Because the Portfolio invests in a small number of issuers, its value will be affected to a greater extent by the performance of any one of those issuers or by any single economic, political, market or regulatory event affecting any one of those issuers than would be the value of a portfolio that invests in a larger number of issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">could result in the inability of the Portfolio and/or the Subsidiary to operate as described in this Prospectus and could adversely affect the Portfolio. The Portfolio’s ability to invest in the Subsidiary will potentially be limited by the Portfolio’s intention to qualify as a regulated investment company, and might adversely affect the Portfolio’s ability to so qualify.</span> <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Tax Risk.</span><span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="font-family:Times New Roman;font-size:11.5pt;">In order to qualify for the special tax treatment accorded to a regulated investment company (“RIC”) and its shareholders under the Internal Revenue Code of 1986, the Portfolio must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Portfolio’s pursuit of its investment strategies will potentially be limited by the Portfolio’s intention to qualify for such treatment and could adversely affect the Portfolio’s ability to so qualify. The Portfolio can make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Portfolio were to fail to qualify for the special tax treatment accorded to a RIC and its shareholders, and were ineligible to or were not to cure such failure within the required timeframe, the Portfolio would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Portfolio’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the Statement of Additional Information for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio is the successor to the portfolio formerly known as PanAgora Global Diversified Risk Portfolio (the “Predecessor Portfolio”) pursuant to a reorganization of the Predecessor Portfolio with and into the Portfolio effective as of the close of business on April 29, 2022. The Predecessor Portfolio is the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">accounting survivor of the reorganization. Performance information, including the share class inception date, shown for the Portfolio’s Class B shares for periods prior to the close of business on April 29, 2022 is historical information for the Predecessor Portfolio’s Class B shares. The Predecessor Portfolio was managed by PanAgora and had the same investment objective and a substantially identical investment strategy to the Portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2019</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">11.35%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-14.64%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2019-03-31 0.1135 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.1464 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1984 0.0066 0.0501 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">PIMCO Inflation Protected Bond Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Maximum real return, consistent with preservation of capital and prudent investment management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0049 0.0049 0.0049 0 0.0025 0.0015 0.0064 0.0064 0.0064 0.0060 0.0060 0.0060 0.0004 0.0004 0.0004 0.0113 0.0138 0.0128 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 115 359 622 1375 140 437 755 1657 130 406 702 1545 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">204</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 2.04 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Pacific Investment Management Company LLC (“PIMCO” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation. The value of the bond’s principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for All Urban Consumers (“CPI-U”) as the inflation measure. For more information about the CPI-U, please see “Investment Strategies and Risks” in the Statement of Additional Information. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. The effective portfolio duration of the Portfolio normally will vary within (plus or minus) three years of the duration of the Bloomberg U.S. TIPS Index (the “Index”), as calculated by PIMCO. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">PIMCO believes that no single risk should dominate returns and, as a result, emphasizes diversification of risks through the use of a wide range of strategies when constructing the investment portfolio. PIMCO seeks to </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">add value through the use of “top-down” strategies such as exposure to duration, inflation positioning, yield curve positioning, country rotation and sector rotation. In addition, PIMCO employs “bottom-up” strategies that involve analysis and selection of specific securities and that try to take advantage of inflation patterns, unexpected changes in inflation levels and inflation volatility. By combining “top-down” and “bottom-up” strategies, PIMCO seeks to provide excess real returns in relation to the Index while maintaining a risk profile similar to that of the Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s principal investments may include inflation-indexed bonds and securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises; 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, including collateralized loan obligations; 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 and reverse repurchase agreements; securities issued pursuant to Rule 144A under the Securities Act of 1933; debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities. The Portfolio may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales to a significant extent. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities (commonly called “junk bonds”) rated B or higher by Moody’s Ratings, or equivalently rated by Standard &amp; Poor’s Ratings Services or Fitch, Inc., or, if unrated, determined by PIMCO to be of comparable quality (except that within such 10% limitation, the Portfolio may invest in mortgage-related securities rated below B). The Portfolio also may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">U.S. dollar denominated securities of foreign issuers. The Portfolio may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries. Foreign currency exposure (from non-U.S. dollar denominated securities or currencies) normally will be limited to 20% of the Portfolio’s total assets. The Portfolio may also invest up to 10% of its total assets in preferred stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. 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 dollar rolls.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing nominal interest rates rise or increase when nominal interest rates fall. The nominal interest rate is considered the sum of a real interest rate and an expected inflation rate. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation-Protected Securities, may experience greater losses than other fixed income securities with similar durations. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Sale and Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short sale or short position if the value of the security sold short or the reference instrument, in the case of a short position, increases after the time the Portfolio entered into the short sale or short position. In addition, when the Portfolio engages in short sales, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. Engaging in a short sale or short position may cause the Portfolio to lose more money than the actual cost of the short sale or short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position. Any gain from a short sale or short position will be offset in whole or in part by the transaction costs associated with the short sale or short </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">position. Short sales and short positions generally involve a form of leverage, which can exaggerate a Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward Commitment, When-Issued and Delayed Delivery Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in forward commitments and when-issued and delayed delivery securities are subject to the risk that the value or yield of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price or expected yield before the securities are actually issued or delivered. These investments may create a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also may subject the Portfolio to a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in convertible securities are subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and fixed income securities, depending on the price of the underlying security and the conversion price. In addition, a convertible security may be bought back by the issuer, or the Portfolio may be forced to convert a convertible security, at a time and a price that is disadvantageous to the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Reverse Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Reverse repurchase agreements are subject to market risk, credit and counterparty risk and leveraging risk. Reverse repurchase agreements involve the risk that the market value of the securities sold will decline below the price at which the Portfolio is required to repurchase them. In addition, reverse repurchase agreements involve the risk that the other party will 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">the value of the securities. Reverse repurchase agreements may create investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the investment performance of the Portfolio may be less favorable than it would have been if the Portfolio had not used the swap agreement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Collateralized Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Collateralized obligations are subject to varying degrees of credit and counterparty risk. The Portfolio’s credit and counterparty risk increases if its interests are subordinate to other holders’ interests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">5.55%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-6.50%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.0555 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.0650 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0793 0.0140 0.0335 0.0774 0.0115 0.0309 0.0784 0.0126 0.0319 0.0730 -0.0036 0.0201 0.0701 0.0112 0.0309 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">PIMCO Total Return Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Maximum total return, consistent with the preservation of capital and prudent investment management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0048 0.0048 0.0048 0 0.0025 0.0015 0.0012 0.0012 0.0012 0.0009 0.0009 0.0009 0.0003 0.0003 0.0003 0.0060 0.0085 0.0075 -0.0002 -0.0002 -0.0002 0.0058 0.0083 0.0073 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 59 190 333 748 85 269 469 1047 75 238 415 928 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">522</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 5.22 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Pacific Investment Management Company LLC (“PIMCO” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 65% of the Portfolio’s total assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. 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 PIMCO. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">PIMCO believes that no single risk should dominate returns and, as a result, emphasizes diversification of risks through the use of a wide range of strategies when constructing the investment portfolio. PIMCO seeks to add value through the use of “top-down” strategies such as exposure to interest rates, duration, changing volatility, yield curve positioning and sector rotation. In addition, PIMCO employs “bottom-up” strategies involving analysis and selection of specific securities. By combining top-down and bottom-up strategies, PIMCO seeks to add value over time while incurring, in PIMCO’s estimation, acceptable levels of portfolio risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Principal investments include securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises; 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, including collateralized loan obligations; 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 and reverse repurchase agreements; securities issued pursuant to Rule 144A under the Securities Act of 1933; debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in high yield securities (commonly called “junk bonds”) rated B or higher by Moody’s Ratings or equivalently rated by Standard &amp; Poor’s Ratings Services or Fitch, Inc., or if unrated, determined by PIMCO to be of comparable quality (except that within such 15% limitation, the Portfolio may invest in mortgage-related securities rated below B). The Portfolio also 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 may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 20% of the Portfolio’s total assets. The Portfolio may invest up to 10% of its total assets in preferred stock, convertible securities and other equity related securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements (including credit default swap contracts), or in mortgage- or asset-backed securities. The Portfolio may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales to a significant extent. The Portfolio may, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">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 dollar rolls). 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 fundamentals for a particular sector or security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Portfolio’s performance to the extent the Portfolio is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Sale and Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short sale or short position if the value of the security sold short or the reference instrument, in the case of a short position, increases after the time the Portfolio entered into the short sale or short position. In addition, when the Portfolio engages in short sales, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. Engaging in a short sale or short position may cause the Portfolio to lose more money than the actual cost of the short sale or short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position. Any gain from a short sale or short position will be offset in whole or in part by the transaction costs associated with the short sale or short position. Short sales and short positions generally involve a form of leverage, which can exaggerate a Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward Commitment, When-Issued and Delayed Delivery Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in forward commitments and when-issued and delayed delivery securities are subject to the risk that the value or yield of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price or expected yield before the securities are actually issued or delivered. These investments may create a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">may subject the Portfolio to a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in convertible securities are subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and fixed income securities, depending on the price of the underlying security and the conversion price. In addition, a convertible security may be bought back by the issuer, or the Portfolio may be forced to convert a convertible security, at a time and a price that is disadvantageous to the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Reverse Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Reverse repurchase agreements are subject to market risk, credit and counterparty risk and leveraging risk. Reverse repurchase agreements involve the risk that the market value of the securities sold will decline below the price at which the Portfolio is required to repurchase them. In addition, reverse repurchase agreements involve the risk that the other party will 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 the securities. Reverse repurchase agreements may create investment leverage, which may </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit Default Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Credit default swaps may increase credit and counterparty risk (depending on whether the Portfolio is the buyer or seller of the swaps), and they may be illiquid. Credit default swaps also may be difficult to value, especially in the event of market disruptions. Credit default swap transactions in which the Portfolio is the seller may require that the Portfolio sell portfolio securities when it is not advantageous to do so in order to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the investment performance of the Portfolio may be less favorable than it would have been if the Portfolio had not used the swap agreement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Collateralized Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Collateralized obligations are subject to varying degrees of credit and counterparty risk. The Portfolio’s credit and counterparty risk increases if its interests are subordinate to other holders’ interests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">7.01%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-6.19%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.0701 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-03-31 -0.0619 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0921 0.0019 0.0255 0.0890 -0.0007 0.0230 0.0898 0.0004 0.0241 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Schroders Global Multi-Asset Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Seeks capital appreciation and current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0065 0.0025 0.0007 0.0097 -0.0001 0.0096 <span style="font-family:Times New Roman;font-size:8pt;">April 30, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year,</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 98 308 535 1189 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">42</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Schroder Investment Management North America Inc., subadviser to the Portfolio (“SIMNA Inc.”), along with its affiliate, Schroder Investment Management North America Limited, sub-subadviser to the Portfolio (“SIMNA Ltd.” and together with SIMNA Inc., “Schroders” or “Subadviser”) pursues the Portfolio’s investment objective through a flexible asset allocation approach driven by thematic and tactical ideas. The Portfolio also employs various techniques to seek to control portfolio volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Schroders allocates the Portfolio’s investments among asset classes in response to changing market, economic, and political factors and events that Schroders believes may affect the value of the Portfolio’s investments. The Portfolio invests in globally diverse equity and fixed income securities and may invest in U.S., non-U.S. and emerging market issuers. The Portfolio may also invest up to 10% of its total assets in any combination of the following other asset classes: emerging market equities, emerging market debt, high yield debt (commonly known as “junk bonds”), commodities, Treasury Inflation-Protected Securities (“TIPS”) and real estate securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio is expected, under normal circumstances, to have a strategic asset allocation to global equities in the range of 40%-70% (the “Equity Component”), fixed income securities in the range of 20%-50% (the “Fixed Income Component”), and alternative assets (as described above) to a maximum of 10% (the “Alternatives Component”) and cash and cash equivalents in the range of 0%-20%. The allocation will be dynamically adjusted within these ranges as market conditions change; however, the net equity or fixed income exposures could fall below their minimums when the volatility cap mechanism is triggered (as </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">described below). Combined investments in the Equity Component and any emerging market equities in the Alternative Component are limited to 70% of the Portfolio’s assets at the time of investment. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Schroders reviews each asset class on an ongoing basis to determine whether it provides the opportunity to enhance performance or to reduce risk. Schroders makes use of fundamental macro research and proprietary asset allocation models to aid the asset allocation decision making process. When making these allocation decisions Schroders considers a common set of drivers (e.g. valuation, cyclical and sentiment) and a range of time horizons (e.g. shorter-term tactical, medium-term thematic and longer-term structural). By adjusting investment exposure among the various asset classes in the Portfolio, Schroders seeks to reduce overall portfolio volatility and mitigate the effects of extreme market environments, while continuing to pursue the Portfolio’s investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in any type of equity or fixed income security, including common and preferred stocks, warrants and convertible securities, mortgage-backed securities, asset-backed securities and government and corporate bonds. The Portfolio may invest in securities issued pursuant to Rule 144A under the Securities Act of 1933. The Portfolio may invest in securities of companies across the capitalization spectrum, including smaller capitalization companies, and the Portfolio may also invest in exchange-traded funds (“ETFs”). The Portfolio also may invest in commodities or investments intended to provide exposure to one or more commodities or securities indices, currencies, and real estate-related securities, either by investing directly in such instruments, or indirectly by investing in its wholly-owned subsidiary as discussed below. The Portfolio is expected to be highly diversified across industries, sectors, and countries. Schroders may sell securities when it believes that they no longer offer attractive potential future returns compared to other investment opportunities or that they present undesirable risks, or to limit losses on securities that have declined in value. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In selecting securities for the Equity Component, Schroders analyzes company fundamentals of value, quality, growth stability and financial strength. This approach seeks to maximize the Portfolio’s exposure to stocks having a higher probability of good performance—and avoid or underweight stocks with a higher probability of poor performance. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Fixed Income Component consists of investment grade fixed and floating rate securities. In selecting securities for the Fixed Income Component, Schroders exploits the asymmetric risks of the credit premium through downside risk management. Schroders accomplishes this through detailed credit analysis that uses the firm’s fundamental research to gain a full perspective of the issuer and its capital structure. </span><span style="font-family:Times New Roman;font-size:11.5pt;">Schroders will,</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:12.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">in normal market environments, seek to limit the annual total volatility (excluding any contribution to volatility from exposure to Interest Rate Derivatives, defined below) of the Portfolio to approximately 10% over the longer term, though the annual total volatility of the Portfolio may fall above or below that limit in the shorter term. 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 volatility may result from rapid and dramatic price swings. To the extent that adequate volatility management cannot be obtained through asset allocation, Schroders will employ a systematic volatility control process which seeks to manage Portfolio volatility. In seeking to manage the Portfolio volatility, Schroders expects to use liquid equity and fixed income futures as the principal tools to reduce market exposure in the Portfolio. While Schroders attempts to manage the Portfolio’s volatility as described above, there can be no assurance that the Portfolio will achieve the targeted volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may make substantial use of derivatives. Schroders may seek to obtain, or reduce, exposure to one or more asset classes through the use of exchange-traded or over-the-counter derivatives, such as futures contracts, interest rate swaps, total return swaps, credit default 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 speculative; and to manage portfolio characteristics. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will also make use of an interest rate overlay that: (1) will use a combination of interest rate swaps, interest rate futures and/or total return swaps (“Interest Rate Derivatives”) and (2) in combination, will have an effective notional value (meaning the fixed face value, rather than the market value, of these instruments) equal to approximately 30% of the Portfolio’s net assets under normal market conditions. The percentage of the Portfolio’s net assets represented </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">by Interest Rate Derivatives within the interest rate overlay may change in different market environments, but is normally expected to stay within the range of approximately 25% to 35% of net assets. Schroders expects these instruments to provide additional diversification and balance the sources of risk in the Portfolio. Under certain market conditions, however, the investment performance of the Portfolio may be less favorable than it would be if the Portfolio did not make use of the interest rate overlay. Schroders anticipates that under normal market conditions the Interest Rate Derivatives within the interest rate overlay will have an effective maturity of approximately 10 years. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For more information about these derivatives investments, please see “Investment Strategies and Risks” in the Statement of Additional Information. Separate to the strategic asset allocation, the Portfolio will maintain a portion of its assets in cash and cash equivalents, which will serve as margin or collateral for the Portfolio’s obligations under derivative transactions. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may allocate up to 10% of its total assets to its wholly-owned and controlled subsidiary, organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”) in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Schroders also manages the assets of the Subsidiary. Generally, the Subsidiary will invest primarily in commodity derivatives, exchange-traded notes and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives. The Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis. The Portfolio is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Volatility Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that the Subadviser will be successful in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation of those strategies by the Subadviser or the limitations of those strategies in times of extremely low volatility or extremely high volatility. Under certain market conditions, the use of volatility management strategies by the Subadviser may also result in less favorable performance than if such strategies had not been used. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forego some of the returns that can be associated with periods of rising equity values.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which may prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">disruptions. Under certain market conditions, the use of interest rate swaps may result in less favorable performance than if such swap arrangements had not been used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Commodities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The Portfolio’s ability to invest in commodity-linked derivative instruments may be limited by the Portfolio’s intention to qualify as a regulated investment company, and could adversely affect the Portfolio’s ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Company and Exchange-Traded Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An investment in an investment company or ETF involves substantially the same risks as investing directly in the underlying securities. An investment company or ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Portfolio’s performance. The Portfolio must pay its pro rata portion of an investment company’s or ETF’s fees and expenses. Shares of a closed-end investment company or ETF may trade at a premium or discount to the net asset value of its portfolio securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including TIPS, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">By investing in the Subsidiary, the Portfolio is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Portfolio’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">could result in the inability of the Portfolio and/or the Subsidiary to operate as described in this Prospectus and could adversely affect the Portfolio, such as by reducing the Portfolio’s investment returns. The Portfolio’s ability to invest in the Subsidiary will potentially be limited by the Portfolio’s intention to qualify as a regulated investment company, and might adversely affect the Portfolio’s ability to so qualify.</span> <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Tax Risk.</span><span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="font-family:Times New Roman;font-size:11.5pt;">In order to qualify for the special tax treatment accorded to a regulated investment company (“RIC”) and its shareholders under the Internal Revenue Code of 1986, the Portfolio must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Portfolio’s pursuit of its investment strategies will potentially be limited by the Portfolio’s intention to qualify for such treatment and could adversely affect the Portfolio’s ability to so qualify. The Portfolio can make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Portfolio were to fail to qualify for the special tax treatment accorded to a RIC and its shareholders, and were ineligible to or were not to cure such failure within the required timeframe, the Portfolio would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Portfolio’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the Statement of Additional Information for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and fixed income securities, depending on the price of the underlying security and the conversion price. In addition, a convertible security may be bought back by the issuer, or the Portfolio may be forced to convert a convertible security, at a time and a price that is disadvantageous to the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward and Futures Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from recovering margin or other amounts deposited with a futures commission merchant or clearinghouse; (viii) the possibility that position or trading limits will preclude the Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded on markets outside the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit Default Swap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Credit default swaps may increase credit and counterparty risk (depending on whether the Portfolio is the buyer or seller of the swaps), and they may be illiquid. Credit default swaps also may be difficult to value, especially in the event of market disruptions. Credit default swap transactions in which the Portfolio is the seller may require that the Portfolio sell portfolio securities when it is not advantageous to do so in order to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short position if the value of the reference instrument increases after the time the Portfolio entered into the short position. Engaging in a short position may cause the Portfolio to lose more money than the actual cost of the short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the transaction costs associated with the short position. Short positions generally involve a form of leverage, which can exaggerate the Portfolio’s losses. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">12.11%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-11.13%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.1211 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-06-30 -0.1113 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0985 0.0428 0.0528 0.2234 0.1119 0.1172 0.0817 -0.0215 0.0126 0.1382 0.0531 0.0732 <span style="font-family:Times New Roman;font-size:22pt;">State Street Emerging Markets Enhanced Index Portfolio </span><span style="font-family:Times New Roman;font-size:13pt;font-weight:bold;">(formerly, SSGA Emerging Markets Enhanced Index Portfolio)</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">To provide total return, primarily through capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0049 0.0049 0 0.0025 0.0010 0.0010 0.0059 0.0084 -0.0004 -0.0004 0.0055 0.0080 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 56 185 325 734 82 264 462 1033 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">55</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.55 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">SSGA Funds Management, Inc. (“SSGA FM” or “Subadviser”), subadviser to the Portfolio, uses in-depth quantitative investment analysis to construct a portfolio that it believes has the potential to outperform the MSCI Emerging Markets Index (the “Index”). SSGA FM invests the Portfolio’s assets primarily in equity securities of companies in the Index. As of the date of this Prospectus, the Index consists of large and mid capitalization companies in 24 emerging market countries. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities included in an emerging markets stock index. Investments in exchange-traded funds (“ETFs”), other investment companies and depositary receipts that provide exposure to equity securities included in an emerging markets stock index will count toward satisfaction of the foregoing policy. The Portfolio may invest in securities of any market capitalization, including securities of smaller capitalization companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition, the Portfolio may pursue its investment objective and principal investment strategies by investing in ETFs, other investment companies and depositary receipts. The Portfolio may do so when such exposures represent an efficient way to gain a desired investment exposure, when investing directly in a market or country may be impractical, or for other investment purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio is not a traditional “indexed investment.” Although the Portfolio typically seeks to maintain overall sector, country, region and industry exposures similar to those of the Index, because the Portfolio is </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">actively managed and seeks to outperform the Index, its portfolio will differ from the Index and its return will typically differ from (and may underperform) the Index’s return. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">SSGA FM selects investments for the Portfolio based on its analysis of companies, focusing on factors such as relative valuations, the quality of a company’s earnings, the company’s balance sheet and cash flows, and investor sentiment. SSGA FM also incorporates into its proprietary quantitative model an evaluation of the macroeconomic and market risk environment, to take into account prevailing market conditions. This process seeks to maintain a disciplined approach that is adaptive to the macroeconomic environment and responsive to changing market conditions. SSGA FM may also attempt to identify companies, industries, or countries that SSGA FM believes have the potential to experience significant increases in market prices due to recently implemented or anticipated changes in a company, industry, or within a country. SSGA FM may purchase, sell, or continue to hold an investment for the Portfolio whenever it believes that doing so may benefit the Portfolio, on the basis of any of the factors described above or any other factors it deems relevant. From time to time, the Subadviser may make a qualitative judgment not to implement fully the results of the quantitative investment process if it believes that the process did not take into account all of the information relevant to a particular investment or the Portfolio in the aggregate, or that a different investment might be more appropriate. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio is unlikely to own all of the companies included in the Index and the Portfolio may invest a portion of its assets in securities not included in the Index. Equity securities in which the Portfolio may invest include common stocks and preferred stocks, real estate investment trusts, as well as derivatives selected by SSGA FM to attempt to provide a return comparable to the investment return of equity securities in the Index. The Portfolio may purchase securities in their initial public offerings. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in securities of companies in any market sector. In seeking to maintain overall sector, country, region and industry exposures similar to those of the Index, the Portfolio may, from time to time, focus its investments in one or more sectors, countries, regions or industries. The Portfolio may concentrate its investments (i.e., invest more than 25% of the value of its total assets) in securities of issuers in any industry only when its underlying index concentrates in that industry. The Portfolio will not otherwise concentrate its investments in securities of issuers in any industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Enhanced Index Strategy Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Because the Portfolio is actively managed, its portfolio and investment return will not normally match that of its index, and it may underperform its index. Investment decisions by the Subadviser to under- or overweight securities in the index or to vary the Portfolio’s investments from the securities included in the index will affect the Portfolio’s performance versus that of the index. In addition, the Portfolio’s returns may deviate from those of the index as a result of, among other things, portfolio operating expenses, transaction costs and delays in investing cash.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk (the risk that a counterparty will default or become less creditworthy) and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Company and Exchange-Traded Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An investment in an investment company or ETF involves substantially the same risks as investing directly in the underlying securities. An investment company or ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Portfolio’s performance. The Portfolio must pay its pro rata portion of an investment company’s or ETF’s fees and expenses. Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">of a closed-end investment company or ETF may trade at a premium or discount to the net asset value of its portfolio securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">17.53%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-24.08%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.1753 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2408 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.3445 0.0631 0.0749 2019-04-29 0.3414 0.0604 0.0723 2019-04-29 0.3357 0.0420 0.0663 <span style="font-family:Times New Roman;font-size:22pt;">State Street Moderate ETF Portfolio </span><span style="font-family:Times New Roman;font-size:13pt;font-weight:bold;">(formerly, SSGA Growth and Income ETF Portfolio)</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Growth of capital and income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0031 0.0031 0.0031 0 0.0025 0.0015 0.0002 0.0002 0.0002 0.0017 0.0017 0.0017 0.0050 0.0075 0.0065 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 51 160 280 628 77 240 417 930 66 208 362 810 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">103</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 1.03 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">SSGA Funds Management, Inc. (“SSGA FM” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in investment companies known as exchange-traded funds (the “Underlying ETFs”), including exchange-traded funds advised by SSGA FM. The Portfolio allocates its assets among various asset classes. SSGA FM establishes specific investment percentages for the asset classes and then selects the Underlying ETFs in which the Portfolio invests. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio is managed for total return and invests a significant portion of its assets in Underlying ETFs that invest in U.S. equity and fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In an effort to achieve its investment objectives and reduce portfolio volatility over an intermediate-term cycle, the Portfolio’s equity investments may be allocated across a range of asset classes which can include, but are not limited to, varying market capitalization categories (large, mid and small), U.S. and foreign real estate investment trust (“REIT”), and foreign developed and emerging markets, and the Portfolio’s fixed income investments may be allocated across a range of sectors which can include, but are not limited to, government, inflation protected government (both U.S. Treasury Inflation Protected Securities (“TIPS”) and equivalent foreign securities), bank loans, and U.S. and foreign debt securities, including emerging market debt securities, as well as investment grade corporate debt securities and lower rated, higher-yielding debt securities (commonly referred to as “junk bonds”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition, the Portfolio may invest in other asset classes (e.g., commodities) through exchange traded investment vehicles. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The following chart describes the strategic target allocations, as of April 27, 2026, among the range of equities, fixed income and cash/money market securities for the Portfolio. You should note that these target allocations may not directly correspond to investment in the Underlying ETFs because each Underlying ETF may contain various subsets of an asset class (</span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="font-family:Times New Roman;font-size:11.5pt;">, large cap and mid cap equity securities), and the target allocations are subject to review and modification by SSGA FM. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to investing in Underlying ETFs, the Portfolio may invest in other exchange traded vehicles such as exchanged traded notes and exchange traded grantor trusts.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Target </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Allocation*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Equities</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">60%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">28%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">3%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">3%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">International Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">14%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">International Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">2%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Emerging Market Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">7%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Real Estate Investment Trusts</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">1%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Commodities</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">2%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">38%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">26.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">High Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">2.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Bank Loans</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">2.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Emerging Market Debt</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">2.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Treasury Inflation-Protected Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">4%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Cash/Cash Equivalents</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">2%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Individual figures may not add up to the totals shown due to rounding. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Portfolio will invest new assets and reinvest dividends based on the target allocations at such time, the Portfolio’s target allocations could change substantially over time as the Underlying ETFs’ asset values change due to market movements and portfolio management decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio currently seeks to achieve capital growth through its investments in Underlying ETFs that invest primarily in equity securities of large U.S. and foreign companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio currently seeks to achieve current income through its investments in Underlying ETFs that invest primarily in domestic investment-grade fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Target allocations are reviewed by SSGA FM at least monthly and may be adjusted as the market and economic outlook changes. Generally, any changes among asset classes will be within a range of plus or minus 5 percentage points per asset class per quarter; </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">however, SSGA FM may at times make larger allocation changes if it believes market conditions warrant a larger change, and at any time the target allocation to a certain asset class may be zero. SSGA FM reserves the right to replace Underlying ETFs or other securities in its asset allocation model at any time, although such changes would generally be the result of a change in the target allocation with respect to an asset class. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Portfolio currently invests primarily in Underlying ETFs, it may also invest in other types of securities, including open-end investment companies, such as high yield bond funds, and cash equivalents, such as money market funds or repurchase agreements. In addition, SSGA FM may choose to achieve a target allocation to cash by entering into repurchase agreements, directly purchasing money market instruments, or purchasing Underlying ETFs that invest in cash securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For additional information about the Portfolio’s investment strategies and where to find more detailed information about the Portfolio’s investments in the Underlying ETFs, please see “Additional Information about the Portfolio’s Investment Strategies” in the Prospectus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying ETF Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying ETFs may be adversely affected if the Underlying ETFs are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying ETF that performs poorly, including relative to other Underlying ETFs. In addition, the Portfolio bears its pro-rata portion of the operating expenses of the Underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which my prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio turnover risk is both a direct and indirect risk of investing in the Portfolio. The investment techniques and strategies utilized by the Portfolio or the Underlying ETFs might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s or the Underlying ETFs’ transaction costs, which can adversely affect the returns on the Portfolio’s or the Underlying ETFs' performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying ETFs) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying ETF’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by an Underlying ETF.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying ETF may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying ETF’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by an Underlying ETF fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with an Underlying ETF files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to an Underlying ETF, the Underlying ETF may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying ETF’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on an Underlying ETF’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, an Underlying ETF may be unable to maintain positive returns or pay dividends to Underlying ETF shareholders. Additionally, under certain market conditions in which interest rates are low or negative, an Underlying ETF may have a very low, or even negative yield. A low or negative yield would cause an Underlying ETF to lose money and the net asset value of the Underlying ETF’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in an Underlying ETF’s shares and reduce the liquidity of an Underlying ETF’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Loan Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments by Underlying ETFs in loans expose the Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. The Underlying ETF may have difficulty valuing and selling loans that are illiquid or are less actively traded. Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause the Underlying ETF to reinvest the repaid principal in investments with lower yields, thereby exposing the Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which the Underlying ETF invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Underlying ETF’s ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and the Underlying ETFs may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Underlying ETF may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. The Underlying ETF’s purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Commodities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Exposure to the commodities markets may subject an Underlying ETF to greater volatility than investments in traditional securities. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The ability of an Underlying ETF that intends to qualify as a regulated investment company to invest in commodity-linked derivative instruments may be limited by its intention to so qualify, and could adversely affect such Underlying ETF’s ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.7pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">13.28%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-16.25%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.1328 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.1625 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1709 0.0746 0.0813 0.1678 0.0719 0.0785 0.1693 0.0730 0.0796 0.2234 0.1119 0.1172 0.1605 0.0704 0.0828 <span style="font-family:Times New Roman;font-size:22pt;">State Street Moderately Aggressive ETF Portfolio </span><span style="font-family:Times New Roman;font-size:13pt;font-weight:bold;">(formerly, SSGA Growth ETF Portfolio)</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0032 0.0032 0.0032 0 0.0025 0.0015 0.0004 0.0004 0.0004 0.0017 0.0017 0.0017 0.0053 0.0078 0.0068 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 54 170 296 665 80 249 433 966 69 218 379 847 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">103</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 1.03 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">SSGA Funds Management, Inc. (“SSGA FM” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in investment companies known as exchange-traded funds (the “Underlying ETFs”), including exchange-traded funds advised by SSGA FM. The Portfolio allocates its assets among various asset classes. SSGA FM establishes specific investment percentages for the asset classes and then selects the Underlying ETFs in which the Portfolio invests. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio invests a significant portion of its assets in Underlying ETFs that invest primarily in the U.S. and international equity markets with moderate allocations to Underlying ETFs that invest primarily in fixed income securities in an effort to reduce portfolio volatility in difficult market environments. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In an effort to achieve its investment objectives and reduce portfolio volatility over an intermediate-term cycle, equity investments are allocated across a range of asset classes, which can include, but are not limited to, varying market capitalization categories (large, mid and small), U.S. and foreign real estate investment trust (“REIT”), and foreign developed and emerging markets, and the Portfolio’s fixed income investments may be allocated across a range of sectors which can include, but are not limited to, government, inflation protected government (both U.S. Treasury Inflation Protected Securities (“TIPS”) and equivalent foreign securities), bank loans, and U.S. and foreign debt securities, including emerging market debt securities, as well as investment grade corporate debt securities and lower rated, higher-yielding debt securities (commonly referred to as “junk bonds”). </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition, the Portfolio may invest in other asset classes (</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">, commodities) through exchange traded investment vehicles. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The following chart describes the strategic target allocations, as of April 27, 2026, among the range of equities, fixed income and cash/money market securities for the Portfolio. You should note that these target allocations may not directly correspond to investment in the Underlying ETFs because each Underlying ETF may contain various subsets of an asset class (</span><span style="font-family:Times New Roman;font-size:11.5pt;font-style:italic;">e.g.</span><span style="font-family:Times New Roman;font-size:11.5pt;">, large cap and mid cap equity securities), and the target allocations are subject to review and modification by SSGA FM. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to investing in Underlying ETFs, the Portfolio may invest in other exchange traded vehicles such as exchange traded notes and exchange traded grantor trusts.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Asset Class</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Target </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Allocation*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Equities</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">80%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">35%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">4.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">4.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">International Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">18.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">International Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">3%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Emerging Market Equity</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">9.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Real Estate Investment Trusts</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">1%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">International Real Estate Investment Trusts</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">1%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Commodities</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">3%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">18%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">U.S. Fixed Income</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">13.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">High Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">1.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Bank Loans</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">1.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Emerging Market Debt</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">1.5%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:8.00pt;">Treasury Inflation-Protected Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">0%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Cash/Cash Equivalents</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">2%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Individual figures may not add up to the totals shown due to rounding. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Portfolio will invest new assets and reinvest dividends based on the target allocations at such time, the Portfolio’s target allocations could change substantially over time as the Underlying ETFs’ asset values change due to market movements and portfolio management decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio currently seeks to achieve capital growth through its investments in Underlying ETFs that invest primarily in equity securities of large U.S. and foreign companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio currently seeks to reduce portfolio volatility through its investments in Underlying ETFs that invest primarily in domestic investment-grade fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Target allocations are reviewed by SSGA FM at least monthly and may be adjusted as the market and economic outlook changes. Generally, any changes among asset classes will be within a range of plus or minus 5 percentage points per asset class per quarter; however, SSGA FM may at times make larger allocation changes if it believes market conditions warrant a larger change, and at any time the target allocation to a certain asset class may be zero. SSGA FM reserves the right to replace Underlying ETFs or other securities in its asset allocation model at any time, although such changes would generally be the result of a change in the target allocation with respect to an asset class. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although the Portfolio currently invests primarily in Underlying ETFs, it may also invest in other types of securities, including open-end investment companies, such as high yield bond funds, and cash equivalents, such as money market funds or repurchase agreements. In addition, SSGA FM may choose to achieve a target allocation to cash by entering into repurchase agreements, directly purchasing money market instruments, or purchasing Underlying ETFs that invest in cash securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">For additional information about the Portfolio’s investment strategies and where to find more detailed information about the Portfolio’s investments in the Underlying ETFs, please see “Additional Information about the Portfolio’s Investment Strategies” in the Prospectus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Underlying ETF Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying ETFs may be adversely affected if the Underlying ETFs are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying ETF that performs poorly, including relative to other Underlying ETFs. In addition, the Portfolio bears its pro-rata portion of the operating expenses of the Underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Asset Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s ability to achieve its investment objective depends upon the Subadviser’s analysis of various factors and the mix of asset classes that results from such analysis, which my prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor relative performance if the Subadviser allocates a significant portion of the Portfolio’s assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio turnover risk is both a direct and indirect risk of investing in the Portfolio. The investment techniques and strategies utilized by the Portfolio or the Underlying ETFs might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s or the Underlying ETFs' transaction costs, which can adversely affect the Portfolio’s or the Underlying ETFs' performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Model and Data Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may realize losses. Models may cause the Portfolio to underperform other investment strategies and may not perform as intended in volatile markets. In addition, any hedging based on faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models that are predictive in nature is dependent largely on the accuracy and </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">reliability of the supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying ETFs) include:</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">An Underlying ETF’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by an Underlying ETF.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying ETF may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying ETF’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by an Underlying ETF fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with an Underlying ETF files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to an Underlying ETF, the Underlying ETF may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of an Underlying ETF’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on an Underlying ETF’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, an Underlying ETF may be unable to maintain positive returns or pay dividends to Underlying ETF shareholders. Additionally, under certain market conditions in which interest rates are low or negative, an Underlying ETF may have a very low, or even negative yield. A low or negative yield would cause an Underlying ETF to lose money and the net asset value of the Underlying ETF’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">may also increase the level of volatility in fixed income and other markets, increase redemptions in an Underlying ETF’s shares and reduce the liquidity of an Underlying ETF’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Loan Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments by Underlying ETFs in loans expose the Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. The Underlying ETF may have difficulty valuing and selling loans that are illiquid or are less actively traded. Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause the Underlying ETF to reinvest the repaid principal in investments with lower yields, thereby exposing the Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which the Underlying ETF invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Underlying ETF’s ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and the Underlying ETFs may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Underlying ETF may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. The Underlying ETF’s purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Commodities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Exposure to the commodities markets may subject an Underlying ETF to greater volatility than investments in traditional securities. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The ability of an Underlying ETF that intends to qualify as a regulated investment company to invest in commodity-linked derivative instruments may be limited by its intention to so qualify, and could adversely affect such Underlying ETF’s ability to so qualify.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.9pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare </span><span style="font-family:Times New Roman;font-size:11.5pt;">with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare </span><span style="font-family:Times New Roman;font-size:11.5pt;">with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">16.16%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-20.77%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.1616 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2077 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1953 0.0928 0.0958 0.1923 0.0901 0.0931 0.1929 0.0911 0.0941 0.2234 0.1119 0.1172 0.1902 0.0886 0.0975 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">T. Rowe Price Large Cap Value Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term capital appreciation by investing in common stocks believed to be undervalued.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Income is a secondary </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">objective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0057 0.0057 0.0057 0 0.0025 0.0015 0.0002 0.0002 0.0002 0.0059 0.0084 0.0074 -0.0006 -0.0006 -0.0006 0.0053 0.0078 0.0068 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 54 183 323 732 80 262 460 1032 69 231 406 913 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">40</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.40 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">T. Rowe Price Associates, Inc. (“T. Rowe Price” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in securities of large-cap companies the portfolio manager regards as undervalued. </span><span style="font-family:Times New Roman;font-size:11.5pt;">The Portfolio defines a large-cap company as having a market cap that is either (i) larger than the current median market cap of companies in the Russell 1000</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">® </span><span style="font-family:Times New Roman;font-size:11.5pt;">Value Index or (ii) larger than the three-year average median market cap of companies in the index based on the previous three December 31 dates. The Russell 1000</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Value Index is a widely used benchmark of the largest domestic value stocks. As of December 31, 2025, the median market cap for the Russell 1000</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Value Index was approximately $14.0 billion. The market capitalization limits will vary with market fluctuations. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The market capitalization of the companies owned by the Portfolio and the Russell index changes over time; the Portfolio will not automatically sell or cease to purchase stock of a company it owns just because the company’s market capitalization falls below these levels. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may also purchase stocks of smaller companies. The Portfolio may, from time to time, emphasize one or more sectors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The portfolio managers seek to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. In selecting investments, the portfolio managers generally look for one or more of the following: </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">low price/earnings, price/book value, price/sales, or price/cash flow ratios relative to the broader equity market, a company’s peers, or a company’s own historical norm; </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">low stock price relative to a company’s underlying asset values; </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">companies that may benefit from restructuring activity; and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">a sound balance sheet and other positive financial characteristics. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In pursuing its investment objectives, the Portfolio has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that the portfolio managers believe will provide an opportunity for substantial appreciation. These situations might arise when the portfolio managers believe a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">While the Portfolio will invest most of its assets in U.S. common stocks, the Portfolio may invest in other securities, including foreign stocks, in keeping with the Portfolio’s objectives. The Portfolio may invest up to 25% of its assets in foreign securities. The Portfolio may sell securities for a variety of reasons, such as to secure gains, limit losses or re-deploy assets into more promising opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.3pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">20.88%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-28.57%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.2088 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2857 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.1232 0.1055 0.1036 0.1205 0.1028 0.1009 0.1216 0.1039 0.1020 0.1715 0.1315 0.1429 0.1591 0.1133 0.1053 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">T. Rowe Price Mid Cap Growth Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Long-term growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0075 0.0075 0.0075 0 0.0025 0.0015 0.0004 0.0004 0.0004 0.0079 0.0104 0.0094 -0.0009 -0.0009 -0.0009 0.0070 0.0095 0.0085 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 72 243 430 970 97 322 565 1263 87 291 511 1146 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">37</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.37 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Times New Roman;font-size:11.5pt;">T. Rowe Price Associates, Inc., subadviser to the Portfolio, and T. Rowe Price Investment Management, Inc., sub-subadviser to the Portfolio (together with T. Rowe Price Associates, Inc., “T. Rowe Price” or “Subadviser”), invests, under normal circumstances, at least 80% of the Portfolio’s net assets in a diversified portfolio of common stocks, including common stocks purchased through initial public offerings (“IPOs”), of mid cap companies whose earnings T. Rowe Price expects to grow at a faster rate than the average company. T. Rowe Price defines mid cap companies as those whose market capitalization falls within the range of either the S&amp;P MidCap 400</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Index or the Russell Midcap Growth Index. As of December 31, 2025, the market capitalizations of companies in the S&amp;P MidCap 400</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Index ranged from $1.7</span><span style="font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;"> </span><span style="font-family:Times New Roman;font-size:11.5pt;">billion to $32.9 billion. As of December 31, 2025, the market capitalizations of companies in the Russell Midcap Growth Index ranged from $144.9 million to $88.9 billion. The market capitalization of the companies and the S&amp;P and Russell indices change over time. The Portfolio will not automatically sell or cease to purchase stock of a company it already owns because the company’s market capitalization grows or falls outside this range. The Portfolio may, from time to time, emphasize one or more sectors. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">As “growth” investors, T. Rowe Price believes that when a company’s earnings grow faster than both inflation and the overall economy, the market will eventually reward it with a higher stock price. In selecting investments, T. Rowe Price generally favors companies that: </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">have proven products or services; </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">have a record of above-average earnings growth; </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">have demonstrated potential to sustain earnings growth; </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">have a connection to industries experiencing increasing demand; or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">have stock prices that appear to undervalue their growth prospects. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In pursuing the Portfolio’s investment objective, T. Rowe Price has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an opportunity for substantial appreciation. These situations might arise when T. Rowe Price believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, a new product introduction or innovation, or a favorable competitive development. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">While most assets will be invested in U.S. common stocks, other securities may also be purchased, including foreign stocks, in keeping with the Portfolio’s objectives. The Portfolio may invest up to 25% of its assets in foreign securities. The Portfolio may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into more promising opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Focused Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Portfolio’s performance more susceptible to any single economic, market, political or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q2 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">27.78%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-23.22%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-06-30 0.2778 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2322 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0375 0.0408 0.1005 0.0342 0.0383 0.0977 0.0362 0.0392 0.0988 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">TCW Core Fixed Income Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Maximize total return consistent with the preservation of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0055 0.0055 0 0.0025 0.0003 0.0003 0.0001 0.0001 0.0059 0.0084 -0.0012 -0.0012 0.0047 0.0072 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 48 177 317 726 74 256 454 1026 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">461</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 4.61 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">TCW Investment Management Company LLC (“TCW” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in debt securities. These debt securities include but are not limited to securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored corporations; corporate obligations (including convertible securities); mortgage-backed securities; asset-backed securities; U.S. dollar-denominated foreign securities (corporate and government); and other securities bearing fixed or variable interest rates of any maturity. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest up to 5% of its net assets in high-yield fixed income securities (commonly known as “junk bonds”). The Portfolio may also invest a portion of its assets in bank loans of companies in the high-yield universe. High-yield portfolio holdings are diversified by industry and issuer in an attempt to reduce the impact of negative events for an industry or issuer. The Portfolio may also make use of mortgage dollar rolls, repurchase agreements, reverse repurchase agreements and inflation-indexed bonds. The Portfolio may invest in securities issued pursuant to Rule 144A under the Securities Act of 1933. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest, without limitation, in derivative instruments such as options, futures and swap agreements. The Portfolio may invest in securities that are commonly referred to as mortgage derivatives (including inverse floaters) and interest only (“IO”), principal-only (“PO”), inverse IOs and tiered index bonds. The Portfolio may also purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Under normal market conditions, the Portfolio uses a controlled risk approach, which attempts to control the principal risk components of the fixed-income markets and include consideration of: </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">security selection within a given sector, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">relative performance of the various market sectors, </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">the shape of the yield curve, and </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">■</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">fluctuations in the overall level of interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">TCW utilizes active asset allocation in managing the Portfolio’s investments and monitors the duration of the Portfolio’s portfolio securities to seek to mitigate its exposure to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">High Yield Debt Security Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High yield debt securities, or “junk” bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and fixed income securities, depending on the price of the underlying security and the conversion price. In addition, a convertible security may be bought back by the issuer, or the Portfolio may be forced to convert a convertible security, at a time and a price that is disadvantageous to the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Loan Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in loans expose the Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. The Portfolio may have difficulty valuing and selling loans that are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">illiquid or are less actively traded. Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause the Portfolio to reinvest the repaid principal in investments with lower yields, thereby exposing the Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which the Portfolio invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Portfolio’s ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and the Portfolio may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Portfolio may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. The Portfolio’s purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Leveraging Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Derivatives and other transactions that give rise to leverage may cause the Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the amounts invested or borrowed. Leverage can create </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">an interest expense that would lower the Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward Commitment, When-Issued and Delayed Delivery Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in forward commitments and when-issued and delayed delivery securities are subject to the risk that the value or yield of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price or expected yield before the securities are actually issued or delivered. These investments may create a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also may subject the Portfolio to a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Reverse Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Reverse repurchase agreements are subject to market risk, credit and counterparty risk and leveraging risk. Reverse repurchase agreements involve the risk that the market value of the securities sold will decline below the price at which the Portfolio is required to repurchase them. In addition, reverse repurchase agreements involve the risk that the other party will 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 the securities. Reverse repurchase agreements may create investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio. </span> <span style="color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">In the U.S. market, private placements may typically be sold only to qualified institutional buyers, or qualified purchasers, as applicable. If an insufficient number of eligible buyers is interested in purchasing privately placed and other securities or instruments exempt from Securities and Exchange Commission registration (collectively “private placements”) at a particular time, this could adversely affect the marketability of such investments and the Portfolio might be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. Even the Portfolio’s holdings of liquid private placements may increase the level of Portfolio illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The information that issuers of Rule 144A eligible securities are required to disclose to potential investors is much less extensive than that required of public companies and is not publicly available, and issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Portfolio) to agree contractually to keep the information confidential, which could also adversely affect the Portfolio’s ability to dispose of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual funds, past returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">not a prediction of future returns.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">7.48%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-6.04%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.0748 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-03-31 -0.0604 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0755 -0.0052 0.0207 0.0682 -0.0082 0.0179 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Victory Sycamore Mid Cap Value Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">High total return by investing in equity securities of mid-sized companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 0 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0065 0.0065 0.0065 0 0.0025 0.0015 0.0005 0.0005 0.0005 0.0070 0.0095 0.0085 -0.0010 -0.0010 -0.0010 0.0060 0.0085 0.0075 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 61 214 380 861 87 293 516 1157 77 261 462 1040 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">57</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 0.57 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Victory Capital Management Inc. (“Victory Capital” or “Subadviser”), subadviser to the Portfolio, pursues the Portfolio’s investment objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies with market capitalizations, at the time of purchase, within the range of companies comprising the Russell Midcap® Index. The Portfolio may invest a portion of its assets in equity securities of foreign companies traded in the United States, including American Depositary Receipts and Global Depositary Receipts (ADRs and GDRs). The Portfolio may also invest in real estate investment trusts. </span><span style="font-family:Times New Roman;font-size:11.5pt;">As of December 31, 2025, the Russell Midcap</span><span style="font-family:Times New Roman;font-size:7pt;position:relative;top:-4.75pt;">®</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Index included companies with approximate market capitalizations between $144.9 million and $88.9 billion. The size of companies in the index changes with market conditions and the composition of the index. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Subadviser invests in companies that it believes to be of high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. The Subadviser uses a bottom-up investment process in conducting </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">fundamental analysis to identify companies that have sustainable returns, a stock price trading below the Subadviser’s assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. The Subadviser may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, if the fundamentals of the company deteriorate, when the Portfolio must meet redemptions or for other reasons.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Portfolio may outperform or underperform other funds that employ a different investment style.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Real Estate Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:13.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">an additional index reflecting the market segment(s) in which the Portfolio invests.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Effective December 18, 2017, Victory Capital became </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">responsible for the day-to-day management of the Portfolio’s investments. Investment performance prior to that date may not be representative of the performance the Portfolio would have achieved had Victory Capital been its subadviser and had its current principal investment strategies then been in effect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">an additional index reflecting the market segment(s) in which the Portfolio invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns. </span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class A Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">20.63%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-29.54%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2020-12-31 0.2063 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2020-03-31 -0.2954 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0251 0.0990 0.0986 0.0229 0.0962 0.0958 0.0242 0.0974 0.0970 0.1715 0.1315 0.1429 0.1105 0.0983 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:22pt;">Western Asset Management Government Income Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Seeks a high level of current income, consistent with preservation of principal.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Fees and Expenses of the Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal charges imposed by your variable life insurance policy or variable annuity contract (the “Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0 <span style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0.0pt;">Annual Portfolio Operating Expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">(expenses </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">that you pay each year as a percentage of the value of </span><span style="font-family:Times New Roman;font-size:11.5pt;margin-left:0.0pt;">your investment)</span> 0.0045 0.0025 0.0008 0.0078 -0.0004 0.0074 <span style="font-family:Times New Roman;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The following 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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Portfolio’s operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 76 245 429 962 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:11.5pt;">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 the Example, affect the Portfolio’s performance.</span> <br/><span style="font-family:Times New Roman;font-size:11.5pt;">During the most recent fiscal year, the Portfolio’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:11.5pt;">155</span><span style="font-family:Times New Roman;font-size:11.5pt;">% of the average value of its portfolio.</span> 1.55 <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Western Asset Management Company, LLC (“Western Asset” or “Subadviser”), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio’s net assets in U.S. Government securities and instruments related to U.S. Government securities, such as repurchase agreements on such securities. Certain issuers of U.S. Government securities are sponsored or chartered by Congress but their securities are neither issued nor guaranteed by the U.S. Treasury. Western Asset may also invest the Portfolio’s assets in mortgage-backed and asset-backed securities, including collateralized mortgage obligations, and foreign securities. The Portfolio’s investments in foreign securities will be limited to 10% of total assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Western Asset uses a blended index comprised of the Bloomberg 5+ Year Treasury Index (40%), the Bloomberg U.S. MBS Index (35%) and the Bloomberg U.S. Agency Bond Index (25%) as a guide in structuring the Portfolio and selecting its investments. Western Asset manages the Portfolio to have similar overall interest rate risk to the blended index. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-style:italic;">Investment Selection </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Western Asset’s investment approach revolves around an investment outlook developed by a team of senior professionals that reviews developments in the economy and the markets and establishes a recommended </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">portfolio structure, including targets for duration, yield curve exposure and sector allocation. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Western Asset’s investment team implements the strategy in a manner consistent with the investment policies of the Portfolio, using information on the relative credit strength, liquidity, issue structure, event risk, covenant protection and market valuation of available securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Western Asset may engage in transactions that have a leveraging effect on the Portfolio, including investments in derivatives such as options, options on futures contracts, currency-related derivatives, swaps, structured notes and inverse floaters, regardless of whether the Portfolio may own the asset, instrument or components of the index underlying the derivative, and forward-settling securities. Western Asset may invest a significant portion of the Portfolio’s assets in these types of investments and may take short positions in futures contracts and forward-settling securities. Western Asset may also invest in mortgage dollar roll transactions. Mortgage dollar rolls are transactions in which the Portfolio sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not necessarily identical securities on a specified future date. Western Asset may invest in Treasury Inflation Protected Securities (“TIPS”) and other inflation-linked bonds. For more information about the types of investments in which the Portfolio may invest, please see “Investment Strategies and Risks” in the Statement of Additional Information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> You could </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">lose money by investing in the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;"> An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. Government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio’s share price can fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing interest rates or investor sentiment, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments in fixed income securities may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in fixed income and other markets, increase redemptions in the Portfolio’s shares and reduce the liquidity of the Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Credit and Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of the Portfolio’s investments may be adversely affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">obligation to the Portfolio, the Portfolio may experience significant losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio may invest in derivatives to obtain investment exposure, enhance return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially greater than, the risks of the underlying reference instrument. Because of their complex nature, some derivatives may not perform as intended. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage-Backed and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit and counterparty risk. These securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause the Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed and asset-backed securities held by the Portfolio are backed by lower rated securities, such as sub-prime obligations, or are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Portfolio receiving payments of principal or interest may be substantially limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The Portfolio will incur a loss from a short position if the value of the reference instrument increases after the time the Portfolio entered into the short position. Engaging in a short position may cause the Portfolio to lose more money than the actual cost of the short position and the Portfolio’s potential losses may be unlimited if the Portfolio does not own the reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">transaction costs associated with the short position. Short positions generally involve a form of leverage, which can exaggerate the Portfolio’s losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Forward Commitment, When-Issued and Delayed Delivery Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in forward commitments and when-issued and delayed delivery securities are subject to the risk that the value or yield of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price or expected yield before the securities are actually issued or delivered. These investments may create a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also may subject the Portfolio to a form of investment leverage, which may increase the Portfolio’s volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">TIPS and Inflation-Linked Bonds Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, economic and other developments abroad, as well as risks resulting from </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. To the extent the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;line-height:12.5pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;">The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio’s transaction costs, which can adversely affect the Portfolio’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">Past Performance</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and additional indexes reflecting the market segment(s) in which the Portfolio invests.</span><span style="font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span><span style="font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns. </span><span style="font-family:Times New Roman;font-size:11.5pt;">Effective April 29, 2019, Western Asset became the </span><span style="font-family:Times New Roman;font-size:11.5pt;">subadviser to the Portfolio. Investment performance prior to that date may not be representative of the performance the Portfolio would have achieved had Western Asset been its subadviser and had its current principal investment strategies then been in effect.</span> <span style="font-family:Times New Roman;font-size:11.5pt;">The information below provides some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and how the Portfolio’s average annual returns over time compare with those of a broad-based securities market index and additional indexes reflecting the market segment(s) in which the Portfolio invests.</span> <span style="font-family:Times New Roman;font-size:11.5pt;"> Note that the results in the </span><span style="font-family:Times New Roman;font-size:11.5pt;">bar chart and table do not include the effect of Contract charges. If these Contract charges had been included, performance would have been lower.</span> <span style="font-family:Times New Roman;font-size:11.5pt;"> As with all mutual </span><span style="font-family:Times New Roman;font-size:11.5pt;">funds, past returns are not a prediction of future returns. </span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Year-by-Year Total Return for Class B Shares as of</span> <br/><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">December 31 of Each Year</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q4 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">7.26%</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Q1 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">-5.55%</span> <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Highest Quarter</span> 2023-12-31 0.0726 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0.0pt;">Lowest Quarter</span> 2022-03-31 -0.0555 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 0.0721 -0.0127 0.0121 0.0730 -0.0036 0.0201 0.0631 -0.0094 0.0138 0.0733 -0.0121 0.0145 Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee. Additionally, Brighthouse Investment Advisers, LLC has contractually agreed to waive a portion of the Management Fee reflecting the difference, if any, between the subadvisory fee payable by Brighthouse Investment Advisers, LLC to Western Asset Management Company, LLC that is calculated based solely on the assets of the Portfolio and the fee that is calculated when the Portfolio’s assets are aggregated with those of Western Asset Management U.S. Government Portfolio, a series of Brighthouse Funds Trust II. These arrangements may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. The information in this table reflects the expenses of both the Portfolio and the Growth Fund, the underlying fund in which the Portfolio invests. The amount reflects the management fee paid by the Growth Fund. The Portfolio does not charge a management fee, but indirectly bears the management fee paid by the Growth Fund. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. Additionally, Brighthouse Investment Advisers, LLC has contractually agreed to waive a portion of the Management Fee reflecting the difference, if any, between the subadvisory fee payable by BIA to Franklin Advisers that is calculated based solely on the assets of the Portfolio and the fee that is calculated when the Portfolio’s assets are aggregated with those of Brighthouse/Templeton International Bond Portfolio. These arrangements may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee for each class of the Portfolio. This arrangement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio. Brighthouse Investment Advisers, LLC has contractually agreed to waive a portion of the management fee related to the Subadviser’s waiving of its subadvisory fee on funds in which the Portfolio invests where the Subadviser or any of its affiliates serves as investment adviser. This arrangement may be modified or discontinued only with the approval of the Board of Trustees of the Portfolio.