Real Return Portfolio (Prospectus Summary) | Real Return Portfolio

Real Return Portfolio

Investment Goal

The Portfolio's investment goal is total return that equals or exceeds the rate

of inflation over the long term, consistent with prudent investment management.

Fees and Expenses of the Portfolio

This table describes the fees and expenses that you may pay if you buy and hold

shares of the Portfolio. The Portfolio's annual operating expenses do not

reflect the separate account fees charged in the variable annuity or variable

life insurance policy ("Variable Contracts"), in which the Portfolio is offered.

Please see your Variable Contract prospectus for more details on the separate

account fees.

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Real Return Portfolio Class 1
Management Fees		0.60%
Service (12b-1) Fees		none
Other Expenses	[1]	0.12%
Total Annual Portfolio Operating Expenses		0.72%

Expense Example

This Example is intended to help you compare the cost of investing in the

Portfolio with the cost of investing in other mutual funds. The Example assumes

that you invest $10,000 in the Portfolio for the time periods indicated and then

redeem 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 Example does not reflect charges imposed

by the Variable Contract. See the Variable Contract prospectus for information

on such charges. Although your actual costs may be higher or lower, based on

these assumptions and the net expenses shown in the fee table, your costs would

be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Real Return Portfolio Class 1	74	230	401	894

Portfolio Turnover

The Portfolio pays transaction costs, such as commissions, when it buys and

sells securities (or "turns over" its portfolio). A higher portfolio turnover

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 44% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio attempts to achieve its investment goal by investing, under normal

circumstances, primarily in inflation-adjusted debt securities including

inflation-indexed bonds issued by the U.S. Treasury and inflation-indexed

securities issued by other entities such as U.S. and foreign corporations and

foreign governments.



As part of its investment strategy, the Portfolio may also invest in debt

securities that are not inflation-indexed and derivative instruments, such as

forwards, futures contracts or swap agreements in an effort to enhance returns,

provide inflation hedges or foreign currency hedges, increase market exposure

and investment flexibility, or to adjust exposures. The subadviser may engage in

frequent and active trading of portfolio securities.



"Real return" equals total return less the estimated cost of inflation, which is

typically measured by the change in an official inflation measure. The U.S.

Treasury uses the U.S. City Average All Items Consumer Price Index for All Urban

Consumers as the inflation measure. Inflation-indexed bonds issued by a foreign

government are generally adjusted to reflect a comparable inflation index,

calculated by that government.

Principal Risks of Investing in the Portfolio

There can be no assurance that the Portfolio's investment goal will be met or

that the net return on an investment in the Portfolio will exceed what could

have been obtained through other investment or savings vehicles. Shares of the

Portfolio are not bank deposits and are not guaranteed or insured by any bank,

government entity or the Federal Deposit Insurance Corporation. As with any

mutual fund, there is no guarantee that the Portfolio will be able to achieve

its investment goals. If the value of the assets of the Portfolio goes down, you

could lose money.



The following is a summary description of the principal risks of investing in

the Portfolio.



Risks of Investing in Bonds. The Portfolio invests significantly in bonds. As

with any fund that invests significantly in bonds, the value of your investment

in the Portfolio may go up or down in response to changes in interest rates or

defaults (or even the potential for future default) by bond issuers. To the

extent the Portfolio is invested in bonds, movements in the bond market

generally may affect its performance. In addition, individual bonds selected for

the Portfolio may underperform the market generally.



Risks of Investing in Inflation-Indexed Securities. Inflation-indexed securities

are debt instruments whose principal is indexed to an official or designated

measure of inflation, such as the Consumer Price Index ("CPI") in the United States.

Inflation-indexed securities issued by a foreign government or

foreign corporation are adjusted to reflect a comparable inflation index,

calculated by that government. Inflation-indexed securities are sensitive to

changes in the real interest rates, which is the nominal interest rate minus the

expected rate of inflation. The price of an inflation-indexed security will

increase if real interest rates decline, and decrease if real interest rates

increase. If the interest rate rises for reasons other than inflation, the value

of such instruments can be negatively impacted. Interest income will vary

depending on changes to the principal amount of the security. For U.S. tax

purposes, both interest payments and inflation adjustments to principal are

treated as interest income subject to taxation when received or accrued, and

inflation adjustments to principal are subject to taxation when the adjustment

is made and not when the instrument matures.



Repayment of the original principal upon maturity (as adjusted for inflation) is

guaranteed in the case of U.S. Treasury inflation-protected bonds ("TIPS"), even

during a period of deflation. However, the current market value of a fixed

income security is not guaranteed, and will fluctuate. Inflation-indexed

securities, other than TIPS, may not provide a similar guarantee and may be

supported only by the credit of the issuing entity. If a guarantee of principal

is not provided, the adjusted principal value of the fixed income security

repaid at maturity may be less than the original principal.



Inflation-indexed securities issued by corporations may be similar to TIPS, but

are subject to the risk of the corporation's inability to meet principal and

interest payments on the obligation and may also be subject to price volatility

due to such factors as interest rate sensitivity, market perception of the

credit-worthiness of the issuer and general market liquidity. There are many

different types of corporate bonds, and each bond issue has specific terms.

Interest Rate Fluctuations Risk. Fixed income securities may be subject to

volatility due to changes in interest rates. The market value of bonds and other

fixed income securities usually tends to vary inversely with the level of

interest rates; as interest rates rise the value of such securities typically

falls, and as interest rates fall, the value of such securities typically rises.

Longer-term and lower coupon bonds tend to be more sensitive to changes in

interest rates. In periods of very low short-term interest rates, the

Portfolio's yield may become negative, which may result in a decline in the

value of your investment.



U.S. Government Obligations Risk. U.S. Treasury obligations are backed by the

"full faith and credit" of the U.S. Government and are generally considered to

have minimal credit risk. Securities issued or guaranteed by federal agencies or

authorities and U.S. Government-sponsored instrumentalities or enterprises may

or may not be backed by the full faith and credit of the U.S. Government. For

example, securities issued by the Federal Home Loan Mortgage Corporation, the

Federal National Mortgage Association and the Federal Home Loan Banks are

neither insured nor guaranteed by the U.S. Government; they may be supported

only by the ability to borrow from the U.S. Treasury or by the credit of the

issuing agency, authority, instrumentality or enterprise and, as a result, are

subject to greater credit risk than securities issued or guaranteed by the U.S.

Treasury.



Securities Selection Risk. A strategy used by the Portfolio, or individual

securities selected by the portfolio manager, may fail to produce the intended

return.



Foreign Investment Risk. The Portfolio may invest in foreign securities. These

securities may be denominated in currencies other than U.S. dollars. Foreign

investing presents special risks, particularly in certain emerging market

countries. While investing internationally may reduce your risk by increasing

the diversification of your investment, the value of your investment may be

affected by fluctuating currency values, changing local and regional economic,

political and social conditions, and greater market volatility. In addition,

foreign securities may not be as liquid as domestic securities.



Foreign Sovereign Debt Risk. Foreign sovereign debt securities are subject to

the risk that a governmental entity may delay or refuse to pay interest or repay

principal on its sovereign debt, due, for example, to cash flow problems,

insufficient foreign currency reserves, political. social and economic

considerations, the relative size of the governmental entity's debt position in

relation to the economy or the failure to put in place economic reforms required

by the International Monetary Fund or other multilateral agencies. If a

governmental entity defaults, it may ask for more time in which to pay or for

further loans.



Derivatives Risk. A derivative is any financial instrument whose value is based

on, and determined by, another security, currency, index or benchmark (e.g.,

stock options, futures, caps, floors, etc.). In recent years, derivative

securities have become increasingly important in the field of finance. Futures

and options are now actively traded on many different exchanges. Forward

contracts, swaps, and many different types of options are regularly traded

outside of exchanges by financial institutions in what are termed "over the

counter" markets. Other more specialized derivative securities often form part

of a bond or stock issue. To the extent a contract is used to hedge another

position in the portfolio, the Portfolio will be exposed to the risks associated

with hedging as described in the Glossary. To the extent a forward, option or

futures contract is used to enhance return, rather than as a hedge, the

Portfolio will be directly exposed to the risks of the contract. Gains or losses

from non-hedging positions may be substantially greater than the cost of the

position. See "Additional Information About The Portfolios' Investment

Strategies and Investment Risks."



Hedging Risk. A hedge is an investment made in order to reduce the risk of

adverse price movements in a security, by taking an offsetting position in

a related security (often a derivative, such as an option or a short sale).

While hedging strategies can be very useful and inexpensive ways of reducing

risk, they are sometimes ineffective due to unexpected changes in the market

or exchange rates. Hedging also involves the risk that changes in the value

of the related security will not match those of the instruments being hedged

as expected, in which case any losses on the instruments being hedged may not

be reduced. For gross currency hedges, there is an additional risk, to the

extent that these transactions create exposure to currencies in which the

Portfolio's securities are not denominated. Moreover, while hedging can

reduce or eliminate losses, it can also reduce or eliminate

gains.



Regulatory Risk. Regulatory changes could adversely affect the Portfolio by

restricting its trading activities and/or increasing the costs or taxes to which

its investors are subject. The Dodd-Frank Wall Street Reform and Consumer

Protection Act (the "Dodd-Frank Act"), among other things, grants the CFTC and

SEC broad rulemaking authority to implement various provisions of the Dodd-Frank

Act, including comprehensive regulation of the OTC derivatives market. The

implementation of the Dodd-Frank Act could adversely affect the Portfolio by

increasing transaction and/or regulatory compliance costs. In addition, greater

regulatory scrutiny may increase the exposure of the Portfolio, the adviser and

the subadviser to potential liabilities.



Active Trading Risk. A strategy used whereby the Portfolio may engage in

frequent trading of portfolio securities to achieve its investment goal. Active

trading may result in high portfolio turnover and correspondingly greater

brokerage commissions and other transaction costs for the Portfolio.

Performance Information

The following Risk/Return Bar Chart and Table illustrate the risks of investing

in shares of the Portfolio by showing changes in the Portfolio's performance

from calendar year to calendar year and comparing the Portfolio's average annual

returns to those of the of Barclays Capital World Government Inflation-Linked

1-10 Year Bond Index (Hedged to USD) and Barclays Capital 1-10 Year U.S.

Treasury Inflation Protected Securities (TIPS) Index. Fees and expenses incurred

at the contract level are not reflected in the bar chart or table. If these

amounts were reflected, returns would be less than those shown. Of course, past

performance is not necessarily an indication of how the Portfolio will perform

in the future.

Class 3 Shares

During the periods shown in the bar chart, the highest return for a quarter was

9.95% (quarter ended June 30, 2009) and the lowest return for a quarter was

-10.56% (quarter ended December 31, 2008).

Average Annual Total Returns (For the periods ended December 31, 2011)

Average Annual Total Returns Real Return Portfolio	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class 1	Class 3 Shares	6.07%	3.75%	4.17%	Feb. 14, 2005
Barclays Capital World Government Inflation Linked 1-10 Year Bond Index (Hedged to USD)	Barclays Capital World Government Inflation Linked 1-10 Year Bond Index (Hedged to USD)	6.31%	5.67%	4.80%	Feb. 14, 2005
Barclays Capital 1-10 Year U.S. Treasury Inflation Protected Securities (TIPS) Index	Barclays Capital 1-10 Year U.S. Treasury Inflation Protected Securities (TIPS) Index	8.93%	6.90%	5.44%	Feb. 14, 2005

No performance for Class 1 shares is shown because there were no Class 1 shares

outstanding during the periods shown. Returns are presented for Class 3 shares,

which are not offered in this Prospectus. Class 1 shares would have had

substantially similar annual returns because the shares are invested in the same

portfolio of securities and the annual returns would differ only to the extent

that the share classes do not have the same expenses.

[1] "Other Expenses" have been estimated because no Class 1 Shares were outstanding during the Portfolio's last fiscal year.