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&lt;div style="display:none"&gt;~ http://www.valic.com/role/ExpenseExampleTransposedAggressiveGrowthLifestyleFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/AnnualFundOperatingExpensesCapitalAppreciationFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/ExpenseExampleTransposedCapitalAppreciationFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/AnnualFundOperatingExpensesConservativeGrowthLifestyleFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/ExpenseExampleTransposedConservativeGrowthLifestyleFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/AnnualFundOperatingExpensesCoreBondFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/ExpenseExampleTransposedCoreBondFund column period compact * ~&lt;/div&gt; 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&lt;div style="display:none"&gt;~ http://www.valic.com/role/ExpenseExampleTransposedSmallCapValueFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/AnnualFundOperatingExpensesMidCapValueFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/ExpenseExampleTransposedMidCapValueFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/AnnualFundOperatingExpensesModerateGrowthLifestyleFund column period compact * ~&lt;/div&gt; &lt;div style="display:none"&gt;~ http://www.valic.com/role/ExpenseExampleTransposedModerateGrowthLifestyleFund column period compact * ~&lt;/div&gt; VALIC Company I 2021-02-04 AGGRESSIVE GROWTH LIFESTYLE FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks growth through investments in a combination of the Funds of VC I (“Underlying Funds”).</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px; text-indent: 0px;;display:inline;">This table describes the fees and expenses that you may pay if you <div style="letter-spacing: 0px; top: 0px;;display:inline;">buy, hold and sell</div> shares of the Fund. The Fund’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 Fund is offered. As an investor in the Fund, you pay the expenses of the Fund and indirectly pay a proportionate share of the expenses of the Underlying Funds. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0004 0.0076 0.0090 “Other Expenses” and “Acquired Fund Fees and Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. “Acquired Fund Fees and Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund 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. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">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:</div> 92 287 Portfolio Turnover <div style="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund, which operates as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> does not pay transaction costs when it buys and sells shares of the Underlying Funds (or “turns over” its portfolio). An Underlying 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 fund operating expenses or in the Example, affect the performance of both the Underlying Fund and the Fund. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus. Some of the Underlying Funds, however, may have portfolio turnover rates as high as 100% or more.</div> 1 Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> the Fund’s principal investment strategy is to allocate assets among a combination of the Underlying Funds that, in turn, invest directly in a wide range of portfolio securities (like stocks and bonds). The Fund uses asset allocation strategies to determine how much to invest in the Underlying Funds.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Generally, the Fund invests a larger portion of its assets in Underlying Funds that invest in securities with a greater opportunity for capital growth, such as stocks, and generally has a higher level of risk than the Moderate Growth Lifestyle Fund and the Conservative Growth Lifestyle Fund. The Fund’s indirect holdings are primarily in equity securities of domestic and foreign companies of any market capitalization, and fixed-income securities of domestic issuers. A portion of the Fund’s indirect holdings may also include fixed-income securities of foreign issuers, real estate and real estate related securities, and money market securities. The Fund’s indirect holdings in fixed-income securities may include high yielding, high risk fixed-income securities (often referred to as “junk bonds”).</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Asset allocation is the most critical investment decision that you make as an investor. Selecting the appropriate combination should be based on your personal investment goals, time horizons and risk tolerance. The projected asset allocation ranges for the Fund are as follows:</div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;width:100%;border:0;margin:0 auto"> <tr style="font-size: 0px;"> <td style="width:14%"/> <td style="vertical-align:bottom;width:2%"/> <td style="width:58%"/> <td style="vertical-align:bottom;width:4%"/> <td/> <td/> <td style="vertical-align:bottom;width:4%"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Domestic Equity Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">40% - 70%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Fixed-Income Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">10% - 50%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">International Equity Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">0% - 30%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Real Estate Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">0% - 15%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Fund is managed so that it can serve as a complete investment program for you or as a core part of your larger portfolio.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Underlying Funds have been selected to represent a reasonable spectrum of investment options for the Fund. The subadviser has based the target investment percentages for the Fund on the degree to which it believes the Underlying Funds, in combination, to be appropriate for the Fund’s investment objective. The subadviser may change the asset allocation ranges and the particular Underlying Funds in which the Fund may invest from time to time.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Underlying Funds in which the Fund invests may engage in active and frequent trading of portfolio securities in an effort to achieve their investment objectives.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The risks of investing in the Fund include indirect risks associated with the Fund’s investments in Underlying Funds. The value of your investment in the Fund may be affected by one or more of the following risks, which are described in more detail in the sections “Additional Information About the Funds’ Investment Objectives, Strategies and Investment Risks” and the “Investment Glossary” in the Prospectus, any of which could cause the Fund’s return, the price of the Fund’s shares or the Fund’s yield to fluctuate. Please note that there are many other circumstances that could adversely affect your investment and prevent the Fund from reaching its objective, which are not described here.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Active Trading Risk.</div></div> The Underlying Funds may actively trade, which is associated with high portfolio turnover rates and which may result in higher transaction costs to the Underlying Funds. High portfolio turnover rates of the Underlying Funds can adversely affect the Fund’s performance. Active trading tends to be more pronounced during periods of increased market volatility.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Affiliated Fund Risk.</div></div> The subadviser chooses the Underlying Funds in which the Fund invests. As a result, the subadviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees payable to it by the adviser for subadvising some Underlying Funds are higher than the fees payable to the subadviser by the adviser for subadvising other Underlying Funds. However, the subadviser is subject to the adviser’s oversight and has a fiduciary duty to act in the Fund’s best interests when selecting the Underlying Funds.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities Risk.</div></div> The Underlying Funds may invest in equity securities, which are subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">day-to-day</div></div> and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Call or Prepayment Risk.</div></div> During periods of falling interest rates, a bond issuer may “call” a bond to repay it before its maturity date. An Underlying Fund may only be able to invest the bond’s proceeds at lower interest rates, resulting in a decline in the Underlying Fund’s income.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk.</div></div> The Fund may suffer losses if the issuer of a fixed-income security owned by an Underlying Fund is unable to make interest or principal payments.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Investment Risk.</div></div> The Underlying Funds may invest in foreign securities. Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk.</div></div> The Underlying Funds may invest in fixed-income securities. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Underlying Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to these initiatives.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Fund-of-Funds</div></div> Risk.</div></div> The costs of investing in the Fund, as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> may be higher than the costs of investing in a mutual fund that only invests directly in individual securities. An Underlying Fund may change its investment objective or policies without the Fund’s approval, which could force the Fund to withdraw its investment from such Underlying Fund at a time that is unfavorable to the Fund. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Underlying Funds Risk.</div></div> The risks of the Fund owning the Underlying Funds generally reflect the risks of owning the underlying securities held by the Underlying Funds. Disruptions in the markets for the securities held by the Underlying Funds could result in losses on the Fund’s investment in such securities. The Underlying Funds also have fees that increase their costs versus owning the underlying securities directly. For example, the Fund indirectly pays a portion of the expenses (including management fees and operating expenses) incurred by the Underlying Funds.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Large-Cap</div> Companies Risk.</div></div> The Underlying Funds may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">large-cap</div> companies. Investing primarily in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">large-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Large-cap</div> companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. </div> <div style="margin-top: 0pt;margin-bottom:0pt;font-size:9pt;font-family:Times New Roman;text-align:justify;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Junk Bond Risk.</div></div> The Underlying Funds may invest in high yielding, high risk fixed-income securities (often referred to as “junk bonds”), which typically involve significantly greater credit risk, market risk and interest rate risk compared to higher rated fixed-income securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Issuers of junk bonds are less secure financially and their securities are more sensitive to downturns in the economy. The market for junk bonds may not be as liquid as that for more highly rated securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk.</div></div> The share price of the Underlying Funds and, as a result, the share price of the Fund can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk.</div></div> The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. The Fund is subject to the risk that the selection of the Underlying Funds and the allocation and reallocation of the Fund’s assets among the various asset classes and market sectors may not produce the desired result.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Real Estate Investments Risk.</div></div> The Underlying Funds may invest in real estate securities. Securities of companies in the real estate industry are sensitive to several factors, such as changes in real estate values, interest rates, cash flow, occupancy rates, and greater company liabilities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Mid-Cap</div> Company Risk.</div></div> The Underlying Funds may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies. Investing primarily in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. Stocks of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies may be more volatile than those of larger companies due to, among other reasons, narrower product lines, more limited financial resources and fewer experienced managers.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px; text-indent: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Small-Cap</div> Company Risk.</div></div> <div style="letter-spacing: 0px; top: 0px; text-indent: 0px;;display:inline;">The Underlying Funds may invest in small-cap companies. Investing in small-cap companies carries the risk that due to current market conditions these companies may be out of favor with investors. Small companies often are in the early stages of development with limited product lines, markets, or financial resources and managements lacking depth and experience, which may cause their stock prices to be more volatile than those of larger companies. Small company stocks may be less liquid yet subject to abrupt or erratic price movements. It may take a substantial period of time before an Underlying Fund realizes a gain on an investment in a small-cap company, if it realizes any gain at all. </div></div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;width:100%;">Underlying Fund Securities Lending Risk.</div> Certain Underlying Funds may lend portfolio securities to generate additional income. Engaging in securities lending could increase the market and credit risk for an Underlying Fund’s investments. An Underlying Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. An Underlying Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects such Underlying Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or an Underlying Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Underlying Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to an Underlying Fund on a timely basis and the Underlying Fund may therefore lose the opportunity to sell the securities at a desirable price. If an Underlying Fund in which the Fund invests incurs losses as a result of its securities lending activities, the value of the Underlying Fund may decrease, which will have an adverse effect on the Fund. </div></div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 CAPITAL APPRECIATION FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks long-term capital appreciation by investing primarily in a broadly diversified portfolio of stocks and other equity securities of U.S. companies.</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px; text-indent: 0px;;display:inline;">This table describes the fees and expenses that you may pay if you <div style="display:inline;">buy, hold and sell</div> shares of the Fund. The Fund’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 Fund is offered. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0020 0.0075 “Other Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund 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. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the<div style="display:inline;"> </div> </div><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be: </div></div> 77 240 Portfolio Turnover <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus.</div> Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund invests in equity securities of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">large-sized</div> U.S. companies similar in size, at the time of purchase, to those within the Russell 1000<div style="font-size:85%; vertical-align:top;display:inline;;font-size:8.5px">®</div> Growth Index. As of September 30, 2020, the largest stock by market capitalization in the Russell 1000<div style="font-size:85%; vertical-align:top;display:inline;;font-size:8.5px">®</div> Growth Index was approximately $1.98 trillion and the median was $14.35 billion. The subadviser selects stocks using a unique, growth-oriented approach, focusing on high quality companies with sustainable earnings growth that are available at reasonable prices, which combines the use of proprietary analytical tools and the qualitative judgments of the investment team. In general, the subadviser believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. As a result, the subadviser’s investment process begins by using tools to rank stocks based on expected returns, construct preliminary portfolios with the use of fundamental factors, and manage risk. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on company fundamentals through both quantitative and qualitative analysis to balance return generation with risk management. Although the Fund typically invests in common stocks of domestic companies, the Fund may occasionally invest in the equity securities of foreign issuers (up to a maximum of 20% of total assets).</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The following is a summary of the principal risks of investing in the Fund.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk.</div></div> The investment style or strategy used by the Fund may fail to produce the intended result. A subadviser’s assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities Risk.</div></div> The Fund’s investments in equity securities are subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">day-to-day</div></div> and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Growth Style Risk.</div></div> Generally, “growth” stocks are stocks of companies that a subadviser believes have anticipated earnings ranging from steady to accelerated growth. Many investors buy growth stocks because of anticipated superior earnings growth, but earnings disappointments often result in sharp price declines. Growth companies usually invest a high portion of earnings in their own businesses so their stocks may lack the dividends that can cushion share prices in a down market. In addition, the value of growth stocks may be more sensitive to changes in current or expected earnings than the value of other stocks, because growth stocks trade at higher prices relative to current earnings. </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Large-Cap</div> Companies Risk.</div></div> Investing primarily in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">large-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Large-cap</div> companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-top: 0pt;margin-bottom:0pt;font-size:9pt;font-family:Times New Roman;text-align:justify;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk.</div></div> The Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk.</div></div> Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. The Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.</div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 CONSERVATIVE GROWTH LIFESTYLE FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks current income and low to moderate growth of capital through investments in a combination of the Funds of VC I (“Underlying Funds”).</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This table describes the fees and expenses that you may pay if you <div style="display:inline;">buy, hold and sell</div> shares of the Fund. The Fund’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 Fund is offered. As an investor in the Fund, you pay the expenses of the Fund and indirectly pay a proportionate share of the expenses of the Underlying Funds. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0005 0.0077 0.0092 “Other Expenses” and “Acquired Fund Fees and Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Acquired Fund Fees and Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">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. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div> 94 293 Portfolio Turnover <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund, which operates as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> does not pay transaction costs when it buys and sells shares of the Underlying Funds (or “turns over” its portfolio). An Underlying 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 fund operating expenses or in the Example, affect the performance of both the Underlying Fund and the Fund. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus. Some of the Underlying Funds, however, may have portfolio turnover rates as high as 100% or more.</div> 1 Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> the Fund’s principal investment strategy is to allocate assets among a combination of the Underlying Funds that, in turn, invest directly in a wide range of portfolio securities (like stocks and bonds). The Fund invests a larger portion of its assets in Underlying Funds that invest in securities that generate current income, and generally has a lower risk level than the Aggressive Growth Lifestyle Fund and Moderate Growth Lifestyle Fund.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The Fund’s indirect holdings are primarily in fixed-income securities of domestic and foreign issuers and in equity securities of domestic companies. The Underlying Funds also invest, to a limited extent, in equity securities of foreign issuers, lower rated fixed-income securities (often referred to as “junk bonds”), real estate and real estate related securities, and money market securities. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Asset allocation is the most critical investment decision that you make as an investor. Selecting the appropriate combination should be based on your personal investment goals, time horizons and risk tolerance. The projected asset allocation ranges for the Fund are as follows:</div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;width:100%;border:0;margin:0 auto"> <tr style="font-size: 0px;"> <td style="width:14%"/> <td style="vertical-align:bottom;width:2%"/> <td style="width:58%"/> <td style="vertical-align:bottom;width:4%"/> <td/> <td/> <td style="vertical-align:bottom;width:4%"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Domestic Equity Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">10% - 40%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:6pt"/> <td colspan="2" style="height:6pt"/> <td colspan="4" style="height:6pt"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Fixed-Income Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">55% - 90%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:6pt"/> <td colspan="2" style="height:6pt"/> <td colspan="4" style="height:6pt"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">International Equity Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">0% - 20%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:6pt"/> <td colspan="2" style="height:6pt"/> <td colspan="4" style="height:6pt"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Real Estate Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">0% - 6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Fund is managed so that it can serve as a complete investment program for you or as a core part of your larger portfolio.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Underlying Funds have been selected to represent a reasonable spectrum of investment options for the Fund. The subadviser has based the target investment percentages for the Fund on the degree to which it believes the Underlying Funds, in combination, to be appropriate for the Fund’s investment objective. The subadviser may change the asset allocation ranges and the particular Underlying Funds in which the Fund may invest from time to time.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Underlying Funds in which the Fund invests may engage in active and frequent trading of portfolio securities in an effort to achieve their investment objectives.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The risks of investing in the Fund include indirect risks associated with the Fund’s investments in Underlying Funds. The value of your investment in the Fund may be affected by one or more of the following risks, which are described in more detail in the sections “Additional Information About the Funds’ Investment Objectives, Strategies and Investment Risks” and the “Investment Glossary” in the Prospectus, any of which could cause the Fund’s return, the price of the Fund’s shares or the Fund’s yield to fluctuate. Please note that there are many other circumstances that could adversely affect your investment and prevent the Fund from reaching its objective, which are not described here.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Active Trading Risk. </div></div>The Underlying Funds may actively trade, which is associated with high portfolio turnover rates and which may result in higher transaction costs to the Underlying Funds. High portfolio turnover rates of the Underlying Funds can adversely affect the Fund’s performance. Active trading tends to be more pronounced during periods of increased market volatility.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Affiliated Fund Risk.</div></div> The subadviser chooses the Underlying Funds in which the Fund invests. As a result, the subadviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees payable to it by the adviser for subadvising some Underlying Funds are higher than the fees payable to the subadviser by the adviser for subadvising other Underlying Funds. However, the subadviser is subject to the adviser’s oversight and has a fiduciary duty to act in the Fund’s best interests when selecting the Underlying Funds.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Call or Prepayment Risk.</div></div> During periods of falling interest rates, a bond issuer may “call” a bond to repay it before its maturity date. An Underlying Fund may only be able to invest the bond’s proceeds at lower interest rates, resulting in a decline in the Underlying Fund’s income.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk. </div></div>The Fund may suffer losses if the issuer of a fixed-income security owned by an Underlying Fund is unable to make interest or principal payments.<div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities Risk.</div></div> The Underlying Funds may invest in equity securities, which are subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">day-to-day</div></div> and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Investment Risk.</div></div> The Underlying Funds may invest in foreign securities. Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk.</div></div> The Underlying Funds may invest in fixed-income securities. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Underlying Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to these initiatives.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Fund-of-Funds</div></div> Risk. </div></div>The costs of investing in the Fund, as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> may be higher than the costs of investing in a mutual fund that only invests directly in individual securities. An Underlying Fund may change its investment objective or policies without the Fund’s approval, which could force the Fund to withdraw its investment from such Underlying Fund at a time that is unfavorable to the Fund. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Underlying Funds Risk.</div></div> The risks of the Fund owning the Underlying Funds generally reflect the risks of owning the underlying securities held by the Underlying Funds. Disruptions in the markets for the securities held by the Underlying Funds could result in losses on the Fund’s investment in such securities. The Underlying Funds also have fees that increase their costs versus owning the underlying securities directly. For example, the Fund indirectly pays a portion of the expenses (including management fees and operating expenses) incurred by the Underlying Funds. </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Junk Bond Risk. </div></div>The Underlying Funds may invest in high yielding, high risk fixed-income securities (often referred to as “junk bonds”), which typically involve significantly greater credit risk, market risk and interest rate risk compared to higher rated fixed-income securities. Issuers of junk bonds are less secure financially and their securities are more sensitive to downturns in the economy. The market for junk bonds may not be as liquid as that for more highly rated securities. </div> <div style="margin-top: 0pt;margin-bottom:0pt;font-size:9pt;font-family:Times New Roman;text-align:justify;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Large-Cap</div> Companies Risk.</div></div> The Underlying Funds may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">large-cap</div> companies. Investing primarily in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">large-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Large-cap</div> companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk. </div></div>The share price of the Underlying Funds and, as a result, the share price of the Fund can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk.</div></div> The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. The Fund is subject to the risk that the selection of the Underlying Funds and the allocation and reallocation of the Fund’s assets among the various asset classes and market sectors may not produce the desired result.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Real Estate Investments Risk.</div></div> The Underlying Funds may invest in real estate securities. Securities of companies in the real estate industry are sensitive to several factors, such as changes in real estate values, interest rates, cash flow, occupancy rates, and greater company liabilities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Mid-Cap</div> Company Risk.</div></div> The Underlying Funds may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies. Investing primarily in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. Stocks of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies may be more volatile than those of larger companies due to, among other reasons, narrower product lines, more limited financial resources and fewer experienced managers.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Small-Cap</div> Company Risk.</div></div> The Underlying Funds may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> companies. Investing in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. Small companies often are in the early stages of development with limited product lines, markets, or financial resources and managements lacking depth and experience, which may cause their stock prices to be more volatile than those of larger companies. Small company stocks may be less liquid yet subject to abrupt or erratic price movements. It may take a substantial period of time before an Underlying Fund realizes a gain on an investment in a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> company, if it realizes any gain at all.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Underlying Fund Securities Lending Risk.</div></div> Certain Underlying Funds may lend portfolio securities to generate additional income. Engaging in securities lending could increase the market and credit risk for an Underlying Fund’s investments. An Underlying Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. An Underlying Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects such Underlying Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or an Underlying Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Underlying Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to an Underlying Fund on a timely basis and the Underlying Fund may therefore lose the opportunity to sell the securities at a desirable price. If an Underlying Fund in which the Fund invests incurs losses as a result of its securities lending activities, the value of the Underlying Fund may decrease, which will have an adverse effect on the Fund.</div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 CORE BOND FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks the highest possible total return consistent with conservation of capital through investments in medium- to high-quality fixed-income securities.</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This table describes the fees and expenses that you may pay if you <div style="display:inline;">buy, hol<div style="display:inline;">d and sell</div></div> shares of the Fund. The Fund’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 Fund is offered. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0042 0.0011 0.0053 “Other Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund 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. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div> 54 170 Portfolio Turnover <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus.</div> Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund invests, under normal circumstances, at least 80% of net assets in medium- to high-quality fixed-income securities, including corporate debt securities of domestic and foreign companies, or in securities issued or guaranteed by the U.S. Government, mortgage-backed or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-mortgage</div> asset-backed securities. A significant portion of the Fund’s U.S. government securities may be issued or guaranteed by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) or the Government National Mortgage Association.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Although the Fund invests primarily in medium- to high-quality fixed-income securities, which are considered investment-grade, up to 20% of its net assets may be invested in lower-quality fixed-income securities (often referred to as “junk bonds”), which are considered below investment-grade. A fixed-income security will be considered investment-grade if it is rated Baa3 or higher by Moody’s Investor Services, Inc. or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">BBB-</div> or higher by S&amp;P Global Ratings or determined to be of comparable quality by the subadviser.</div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Up to 40% of the Fund’s total assets may be invested in U.S. dollar-denominated fixed-income securities issued by foreign issuers, including fixed-income securities issued by issuers in emerging markets. These fixed-income securities are rated investment grade or higher at the time of investment. However, the subadviser is not required to dispose of a security if its rating is downgraded.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Up to 20% of the Fund’s net assets may be invested in interest-bearing short-term investments, such as commercial paper, bankers’ acceptances, bank certificates of deposit, and other cash equivalents and cash. Although the Fund does not routinely invest in equity securities, it may invest in equity securities from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">time-to-time</div></div> up to 20% of the Fund’s net assets.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund’s investment strategy relies on many short-term factors, including current information about a company, investor interest, price movements of a company’s securities and general market and monetary conditions. Consequently, the Fund may engage in active and frequent trading of portfolio securities in an effort to achieve its investment objective.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Investors will be given at least 60 days’ written notice in advance of any change to the Fund’s 80% investment policy set forth above.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The following is a summary of the principal risks of investing in the Fund.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk.</div></div> The investment style or strategy used by the Fund may fail to produce the intended result. A subadviser’s assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Active Trading Risk.</div></div> High portfolio turnover rates that are associated with active trading may result in higher transaction costs, which can adversely affect the Fund’s performance. Active trading tends to be more pronounced during periods of increased market volatility.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk.</div></div> The Fund may suffer losses if the issuer of a fixed-income security owned by the Fund is unable to make interest or principal payments.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Call or Prepayment Risk.</div></div> During periods of falling interest rates, a bond issuer may “call” a bond to repay it before its maturity date. The Fund may only be able to invest the bond’s proceeds at lower interest rates, resulting in a decline in the Fund’s income.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Investment Risk.</div></div> Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Emerging Markets Risk.</div></div> In addition to the risks associated with investments in foreign securities, emerging market securities are subject to additional risks, which cause these securities generally to be more volatile than securities of issuers located in developed countries.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Currency Risk.</div></div> Because the Fund’s foreign investments are generally held in foreign currencies, the Fund could experience gains or losses based solely on changes in the exchange rate between foreign currencies and the U.S. dollar. Such gains or losses may be substantial.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk.</div></div> The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to these initiatives.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Junk Bond Risk.</div></div> High yielding, high risk fixed-income securities (often referred to as “junk bonds”) may involve significantly greater credit risk, market risk and interest rate risk compared to higher rated fixed-income securities. Issuers of junk bonds are less secure financially and their securities are more sensitive to downturns in the economy. The market for junk bonds may not be as liquid as that for more highly rated securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk.</div></div> The Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Backed Securities Risk.</div></div> Mortgage-backed securities are similar to other debt securities in that they are subject to credit risk and interest rate risk. Mortgage-backed securities may be issued or guaranteed by the U.S. Government, its agencies or instrumentalities or may be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-guaranteed</div> securities issued by private issuers. 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 Fund to invest the proceeds in less attractive investments or increase the volatility of their prices.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Mortgage</div> Asset Backed Securities Risk.</div></div> Certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-mortgage</div> asset-backed securities are issued by private parties rather than the U.S. Government or its agencies or government-sponsored entities. If a private issuer fails to pay interest or repay principal, the assets backing these securities may be insufficient to support the payments on the securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk.</div></div> Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. The Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">instrumentalities, which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">U.S. Government Obligations Risk.</div></div> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government and are generally considered to have low credit risk. Unlike U.S. Treasury obligations, securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises, including FNMA and FHLMC, may or may not be backed by the full faith and credit of the U.S. Government and are therefore subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury.</div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 HIGH YIELD BOND FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks the highest possible total return and income consistent with conservation of capital through investment in a diversified portfolio of high yielding, high risk fixed-income securities.</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This table describes the fees and expenses that you may pay if you <div style="display:inline;">buy, <div style="display:inline;">hold and sell</div></div> shares of the Fund. The Fund’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 Fund is offered. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0012 0.0072 “Other Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund 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. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the<div style="display:inline;"> </div><div style="font-size: 9pt;;display:inline;">expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div></div> 74 230 Portfolio Turnover <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus.</div> Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">At least 80% of the Fund’s net assets are invested, under normal circumstances, in high-yield, below-investment grade fixed-income securities (often referred to as “junk bonds”). These securities are rated below Baa3 by Moody’s Investor Services, Inc. (“Moody’s”) or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">BBB-</div> by S&amp;P Global Ratings (“S&amp;P”) or determined to be of comparable quality by the subadviser. Up to 15% of the Fund’s net assets can be rated below Caa3 by Moody’s or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">CCC-</div> by S&amp;P or its equivalent rating by another Nationally Recognized Statistical Ratings Organization. The Fund may also invest up to 35% of its net assets in below-investment grade foreign fixed-income securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund may also invest up to 20% of its net assets in investment grade fixed-income securities, those rated Baa3 or higher by Moody’s and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">BBB-</div> or higher by S&amp;P. Although the Fund does not routinely invest in equity securities, it may invest in equity securities from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">time-to-time</div></div> up to 20% of the Fund’s net assets.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The subadviser analyzes macroeconomic trends to develop an overall picture of a country, market, or market segment and combines that analysis with research on individual securities to achieve the Fund’s objective. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Investors will be given at least 60 days’ written notice in advance of any change to the Fund’s 80% investment policy set forth above.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The following is a summary of the principal risks of investing in the Fund.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk.</div></div> The investment style or strategy used by the Fund may fail to produce the intended result. A subadviser’s assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Call or Prepayment Risk.</div></div> During periods of falling interest rates, a bond issuer may “call” a bond to repay it before its maturity date. The Fund may only be able to invest the bond’s proceeds at lower interest rates, resulting in a decline in the Fund’s income.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk.</div></div> The Fund may suffer losses if the issuer of a fixed-income security owned by the Fund is unable to make interest or principal payments.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Currency Risk.</div></div> Because the Fund’s foreign investments are generally held in foreign currencies, the Fund could experience gains or losses based solely on changes in the exchange rate between foreign currencies and the U.S. dollar. Such gains or losses may be substantial.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Investment Risk.</div></div> Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk.</div></div> The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to these initiatives.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Junk Bond Risk.</div></div> High yielding, high risk fixed-income securities (often referred to as “junk bonds”) may involve significantly greater credit risk, market risk and interest rate risk compared to higher rated fixed-income securities. Issuers of junk bonds are less secure financially and their securities are more sensitive to downturns in the economy. The market for junk bonds may not be as liquid as that for more highly rated securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk.</div></div> The Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk.</div></div> Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. The Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects the Fund to the credit risk of the U.S.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.</div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 INTERNATIONAL OPPORTUNITIES FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks to provide long-term capital appreciation through equity and equity-related investments of small to mid cap companies throughout the world, excluding the United States.</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This table describes the fees and expenses that you may pay if you <div style="display:inline;">buy, hold and sell</div> shares of the Fund. The Fund’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 Fund is offered. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0082 0.0015 0.0097 “Other Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund 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. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the<div style="display:inline;"> </div><div style="font-size: 9pt;;display:inline;">expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div></div> 99 309 Portfolio Turnover <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus.</div> Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Under normal market conditions, at least 80% of the Fund’s net assets will be invested in equity and equity-related securities of small- to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies throughout the world, excluding the United States. The Fund will invest primarily in small- to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies whose capitalization, at the time of purchase, range from the market capitalization of the smallest company included in the MSCI ACWI ex USA Small and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Mid-Cap</div> Index (net) (the “Index”) to the market capitalization of the largest company in the Index during the most recent <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">12-month</div> period. As of June 30, 2020, the market capitalizations of companies included in the Index ranged from $0 to $21.77 billion. The Fund may hold foreign currencies and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-dollar</div> denominated foreign securities. The Fund also invests in depositary receipts, which are instruments issued by a bank that represent an interest in a foreign issuer’s securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund is not limited in the amount it invests in any one country or region. The subadvisers will try to select a wide range of industries and companies and may invest in developing or emerging market countries. Equity securities in which the Fund may invest include common stocks, preferred stocks, convertible securities and, as noted above, depositary receipts.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund invests a portion of its assets using a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">bottom-up,</div> growth-focused approach that seeks to invest in companies with accelerating earnings growth due to positive fundamental change, with evidence of a sustainable catalyst and improving relative price strength.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund does not employ a currency overlay strategy, but rather considers currency implications as a component in security selection.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund invests the other portion of its assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies using a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">bottom-up</div> investment approach to buying and selling investments. Investments are selected primarily based on fundamental analysis of individual issuers. Although the Fund invests primarily in equity securities, it may invest in fixed-income securities from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">time-to-time</div></div> up to 20% of the Fund’s net assets.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Quantitative screening tools that systematically evaluate issuers may also be considered.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The following is a summary of the principal risks of investing in the Fund.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk.</div></div> The investment style or strategy used by the Fund may fail to produce the intended result. A subadviser’s assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Currency Risk.</div></div> Because the Fund’s foreign investments are generally held in foreign currencies, the Fund could experience gains or losses based solely on changes in the exchange rate between foreign currencies and the U.S. dollar. Such gains or losses may be substantial.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Investment Risk.</div></div> Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Emerging Markets Risk.</div></div> In addition to the risks associated with investments in foreign securities, emerging market securities are subject to additional risks, which cause these securities generally to be more volatile than securities of issuers located in developed countries.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities Risk.</div></div> The Fund’s investments in equity securities are subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">day-to-day</div></div> and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Depositary Receipts Risk.</div></div> Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may or may not be jointly sponsored by the underlying issuer. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an exchange and therefore are subject to illiquidity risk.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Geographic Risk.</div></div> If the Fund invests a significant portion of its assets in issuers located in a single country, a limited number of countries, or a particular geographic region, it assumes the risk that economic, political and social conditions in those countries or that region may have a significant impact on its investment performance.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Growth Style Risk.</div></div> Generally, “growth” stocks are stocks of companies that a subadviser believes have anticipated earnings ranging from steady to accelerated growth. Many investors buy growth stocks because of anticipated superior earnings growth, but earnings disappointments often result in sharp price declines. Growth companies usually invest a high portion of earnings in their own businesses so their stocks may lack the dividends that can cushion share prices in a down market. In addition, the value of growth stocks may be more sensitive to changes in current or expected earnings than the value of other stocks, because growth stocks trade at higher prices relative to current earnings.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk.</div></div> The Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk.</div></div> Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">declines. The Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Mid-Cap</div> Company Risk.</div></div> Investing in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. Stocks of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies may be more volatile than those of larger companies due to, among other reasons, narrower product lines, more limited financial resources and fewer experienced managers.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Small-Cap</div> Company Risk.</div></div> Investing in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. Small companies often are in the early stages of development with limited product lines, markets, or financial resources and managements lacking depth and experience, which may cause their stock prices to be more volatile than those of larger companies. Small company stocks may be less liquid yet subject to abrupt or erratic price movements. It may take a substantial period of time before the Fund realizes a gain on an investment in a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> company, if it realizes any gain at all.</div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 MID CAP VALUE FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks capital growth through investment in equity securities of medium capitalization companies using a value-oriented investment approach.</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This table describes the fees and expenses that you may pay if you <div style="letter-spacing: 0px; top: 0px;;display:inline;">buy, hold and sell</div> shares of the Fund. The Fund’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 Fund is offered. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0011 0.0081 “Other Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund 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. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div></div> 83 259 Portfolio Turnover <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus.</div> Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund invests, under normal circumstances, at least 80% of net assets in equity securities of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies. Generally, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies will include companies whose market capitalizations, at the time of purchase, range from the market capitalization of the smallest company included in the Russell Midcap<div style="font-size:85%; vertical-align:top;display:inline;;font-size:8.5px">®</div> Index to the market capitalization of the largest company in the Russell Midcap<div style="font-size:85%; vertical-align:top;display:inline;;font-size:8.5px">®</div> Index during the most recent <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">12-month</div> period. As of May 8, 2020, the market capitalization range of the companies in the Russell Midcap<div style="font-size:85%; vertical-align:top;display:inline;;font-size:8.5px">®</div> Index was approximately $1.8 billion to $31.7 billion.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The subadvisers use value-oriented investment approaches to identify companies in which to invest the Fund’s assets. Generally, the subadvisers select stocks that they believe meet one or more of the following criteria: (1) are undervalued relative to other securities in the same industry or market, (2) exhibit good or improving fundamentals, or (3) exhibit an identifiable catalyst (e.g., an event or company report that significantly affects the price of a security, such as an earnings report, new product launch, new legislation, or lawsuit) that could close the gap between market value and fair value over the next one to two years.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund may invest up to 20% of its total assets in foreign securities. The Fund may also invest in depositary receipts, which are instruments issued by a bank that represent an interest in a foreign issuer’s securities.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Investors will be given at least 60 days’ written notice in advance of any change to the Fund’s 80% investment policy set forth above.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The following is a summary of the principal risks of investing in the Fund.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk</div></div><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">.</div></div> The investment style or strategy used by the Fund may fail to produce the intended result. A subadviser’s assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Depositary Receipts Risk</div></div><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">.</div></div> Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may or may not be jointly sponsored by the underlying issuer. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an exchange and therefore are subject to illiquidity risk.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities Risk</div></div><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">.</div></div> The Fund’s investments in equity securities are subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">day-to-day</div></div> and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Investment Risk</div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">.</div></div> Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk. </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-top: 0pt;margin-bottom:0pt;font-size:9pt;font-family:Times New Roman;text-align:justify;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk</div></div><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">.</div></div> The Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Mid-Cap</div> Company Risk</div></div><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">.</div></div> Investing in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. Stocks of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies may be more volatile than those of larger companies due to, among other reasons, narrower product lines, more limited financial resources and fewer experienced managers.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div></div><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">.</div></div> Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. The Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Value Style Risk. </div></div>Generally, “value” stocks are stocks of companies that a subadviser believes are currently undervalued in the marketplace. A subadviser’s judgment that a particular security is undervalued in relation to the company’s fundamental economic value may prove incorrect and the price of the company’s stock may fall or may not approach the value the subadviser has placed on it.</div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 MODERATE GROWTH LIFESTYLE FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks growth and current income through investments in a combination of Funds of VC I (“Underlying Funds”).</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This table describes the fees and expenses that you may pay if you <div style="letter-spacing: 0px; top: 0px;;display:inline;">buy, hold and sell</div> shares of the Fund. The Fund’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 Fund is offered. As an investor in the Fund, you pay the expenses of the Fund and indirectly pay a proportionate share of the expenses of the Underlying Funds. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0003 0.0075 0.0088 “Other Expenses” and “Acquired Fund Fees and Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus.​​​​​​​ “Acquired Fund Fees and Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">periods. The Example also assumes that your investment has a 5% return each year. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div> 90 281 Portfolio Turnover <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund, which operates as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> does not pay transaction costs when it buys and sells shares of the Underlying Funds (or “turns over” its portfolio). An Underlying 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 fund operating expenses or in the Example, affect the performance of both the Underlying Fund and the Fund. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus. Some of the Underlying Funds, however, may have portfolio turnover rates as high as 100% or more.</div> 1 Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> the Fund’s principal investment strategy is to allocate assets among a combination of the Underlying Funds that, in turn, invest directly in a wide range of portfolio securities (like stocks and bonds). The Fund invests its assets in Underlying Funds that invest in securities that seek growth of capital, such as stocks, and securities that generate current income, such as bonds and U.S. government-issued securities. The Fund generally has a lower level of risk than the Aggressive Growth Lifestyle Fund but a greater level of risk than the Conservative Growth Lifestyle Fund.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund’s indirect holdings are primarily in domestic and foreign fixed-income securities and equity securities of domestic large-cap companies. The Fund’s indirect holdings may also include foreign and domestic equity securities of medium- and small-cap companies, lower rated fixed-income securities (often referred to as “junk bonds”), real estate and real estate related securities, and money market securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Asset allocation is the most critical investment decision that you make as an investor. Selecting the appropriate combination should be based on your personal investment goals, time horizons and risk tolerance. The projected asset allocation ranges for the Fund are as follows:</div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;width:100%;border:0;margin:0 auto"> <tr style="font-size: 0px;"> <td style="width:14%"/> <td style="vertical-align:bottom;width:2%"/> <td style="width:58%"/> <td style="vertical-align:bottom;width:4%"/> <td/> <td/> <td style="vertical-align:bottom;width:4%"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Domestic Equity Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">25% - 55%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:6pt"/> <td colspan="2" style="height:6pt"/> <td colspan="4" style="height:6pt"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Fixed-Income Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">30% - 70%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:6pt"/> <td colspan="2" style="height:6pt"/> <td colspan="4" style="height:6pt"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">International Equity Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">0% - 25%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:6pt"/> <td colspan="2" style="height:6pt"/> <td colspan="4" style="height:6pt"/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align:top;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">•</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">Real Estate Funds</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">0% - 10%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Fund is managed so that it can serve as a complete investment program for you or as a core part of your larger portfolio. The Underlying Funds have been selected to represent a reasonable spectrum of investment options for the Fund. The subadviser has based the target investment percentages for the Fund on the degree to which it believes the Underlying Funds, in combination, to be appropriate for the Fund’s investment objective. The subadviser may change the asset allocation ranges and the particular Underlying Funds in which the Fund may invest from time to time.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Underlying Funds in which the Fund invests may engage in active and frequent trading of portfolio securities in an effort to achieve their investment objectives.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"> deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The risks of investing in the Fund include indirect risks associated with the Fund’s investments in Underlying Funds. The value of your investment in the Fund may be affected by one or more of the following risks, which are described in more detail in the sections “Additional Information About the Funds’ Investment Objectives, Strategies and Investment Risks” and the “Investment Glossary” in the Prospectus, any of which could cause the Fund’s return, the price of the Fund’s shares or the Fund’s yield to fluctuate. Please note that there are many other circumstances that could adversely affect your investment and prevent the Fund from reaching its objective, which are not described here.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Active Trading Risk.</div></div> The Underlying Funds may actively trade, which is associated with high portfolio turnover rates and which may result in higher transaction costs to the Underlying Funds. High portfolio turnover rates of the Underlying Funds can adversely affect the Fund’s performance. Active trading tends to be more pronounced during periods of increased market volatility.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Affiliated Fund Risk.</div></div> The subadviser chooses the Underlying Funds in which the Fund invests. As a result, the subadviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees payable to it by the adviser for subadvising some Underlying Funds are higher than the fees payable to the subadviser by the adviser for subadvising other Underlying Funds. However, the subadviser is subject to the adviser’s oversight and has a fiduciary duty to act in the Fund’s best interests when selecting the Underlying Funds.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Call or Prepayment Risk.</div></div> During periods of falling interest rates, a bond issuer may “call” a bond to repay it before its maturity date. An Underlying Fund may only be able to invest the bond’s proceeds at lower interest rates, resulting in a decline in the Underlying Fund’s income.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk.</div></div> The Fund may suffer losses if the issuer of a fixed-income security owned by an Underlying Fund is unable to make interest or principal payments.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities Risk.</div></div> The Underlying Funds may invest in equity securities, which are subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">day-to-day</div></div> and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Investment Risk.</div></div> The Underlying Funds may invest in foreign securities. Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk.</div></div> The Underlying Funds may invest in fixed-income securities. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. The Underlying Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to these initiatives.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Fund-of-Funds</div></div> Risk.</div></div> The costs of investing in the Fund, as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">fund-of-funds,</div></div> may be higher than the costs of investing in a mutual fund that only invests directly in individual securities. An Underlying Fund may change its investment objective or policies without the Fund’s approval, which could force the Fund to withdraw its investment from such Underlying Fund at a time that is unfavorable to the Fund. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Underlying Funds Risk.</div></div> The risks of the Fund owning the Underlying Funds generally reflect the risks of owning the underlying securities held by the Underlying Funds. Disruptions in the markets for the securities held by the Underlying Funds could result in losses on the Fund’s investment in such securities. The Underlying Funds also have fees that increase their costs versus owning the underlying securities directly. For example, the Fund indirectly pays a portion of the expenses (including management fees and operating expenses) incurred by the Underlying Funds. </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Large-Cap</div> Companies Risk.</div></div> The Underlying Funds may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">large-cap</div> companies. Investing primarily in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">large-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Large-cap</div> companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. </div> <div style="margin-top: 0pt;margin-bottom:0pt;font-size:9pt;font-family:Times New Roman;text-align:justify;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Junk Bond Risk</div></div>. The Underlying Funds may invest in high yielding, high risk fixed-income securities (often referred to as “junk bonds”), which typically involve significantly greater credit risk, market risk and interest rate risk compared to higher rated fixed-income securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Issuers of junk bonds are less secure financially and their securities are more sensitive to downturns in the economy. The market for junk bonds may not be as liquid as that for more highly rated securities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk.</div></div> The share price of the Underlying Funds and, as a result, the share price of the Fund can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk.</div></div> The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. The Fund is subject to the risk that the selection of the Underlying Funds and the allocation and reallocation of the Fund’s assets among the various asset classes and market sectors may not produce the desired result.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Real Estate Investments Risk.</div></div> The Underlying Funds may invest in real estate securities. Securities of companies in the real estate industry are sensitive to several factors, such as changes in real estate values, interest rates, cash flow, occupancy rates, and greater company liabilities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Mid-Cap</div> Company Risk.</div></div> The Underlying Funds may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies. Investing primarily in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. Stocks of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-cap</div> companies may be more volatile than those of larger companies due to, among other reasons, narrower product lines, more limited financial resources and fewer experienced managers.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Small-Cap Company Risk. </div></div>The Underlying Funds may invest in small-cap companies. Investing in small-cap companies carries the risk that due to current market conditions these companies may be out of favor with investors. Small companies often are in the early stages of development with limited product lines, markets, or financial resources and managements lacking depth and experience, which may cause their stock prices to be more volatile than those of larger companies. Small company stocks may be less liquid yet subject to abrupt or erratic price movements. It may take a substantial period of time before an Underlying Fund realizes a gain on an investment in a small-cap company, if it realizes any gain at all.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Underlying Fund Securities Lending Risk.</div></div> Certain Underlying Funds may lend portfolio securities to generate additional income. Engaging in securities lending could increase the market and credit risk for an Underlying Fund’s investments. An Underlying Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. An Underlying Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects such Underlying Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or an Underlying Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Underlying Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to an Underlying Fund on a timely basis and the Underlying Fund may therefore lose the opportunity to sell the securities at a desirable price. If an Underlying Fund in which the Fund invests incurs losses as a result of its securities lending activities, the value of the Underlying Fund may decrease, which will have an adverse effect on the Fund.</div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 SMALL CAP VALUE FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks to provide maximum long-term return, consistent with reasonable risk to principal, by investing primarily in securities of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> companies in terms of revenues and/or market capitalization.</div> Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The Fund’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 Fund is offered. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0066 0.0015 0.0081 “Other Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund 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%<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">return each year. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div></div> 83 259 Portfolio Turnover <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus.</div> Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund invests, under normal circumstances, at least 80% of its net assets in equity securities of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> companies.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">A company will be considered a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> company if its market capitalization, at time of purchase, is equal to or less than the largest company in the Russell 2000<div style="font-size:85%; vertical-align:top;display:inline;;font-size:8.5px">®</div> Index during the most recent <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">12-month</div> period. As of May 8, 2020, the market capitalization range of the companies in the Russell 2000<div style="font-size:85%; vertical-align:top;display:inline;;font-size:8.5px">®</div> Index was approximately $94.8 million to $4.4 billion.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The subadvisers use a value-oriented approach. Companies will be selected based upon valuation characteristics such as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">price-to-cash</div></div> flow ratios which are at a discount to market averages. Although the Fund primarily invests in domestic issuers, the Fund is authorized to invest up to 25% of its assets in the securities of foreign issuers.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Investors will be given at least 60 days’ written notice in advance of any change to the Fund’s 80% investment policy set forth above.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The following is a summary of the principal risks of investing in the Fund.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk.</div></div> The investment style or strategy used by the Fund may fail to produce the intended result. A subadviser’s assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities Risk.</div></div> The Fund’s investments in equity securities are subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">day-to-day</div></div> and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk.</div></div> The Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities. </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, </div></div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk.</div></div> Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. The Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Small-Cap</div> Company Risk.</div></div> Investing in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> companies carries the risk that due to current market conditions these companies may be out of favor with investors. Small companies often are in the early stages of development with limited product lines, markets, or financial resources and managements lacking depth and experience, which may cause their stock prices to be more volatile than those of larger companies. Small company stocks may be less liquid yet subject to abrupt or erratic price movements. It may take a substantial period of time before the Fund realizes a gain on an investment in a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">small-cap</div> company, if it realizes any gain at all.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Value Style Risk.</div></div> Generally, “value” stocks are stocks of companies that a subadviser believes are currently undervalued in the marketplace. A subadviser’s judgment that a particular security is undervalued in relation to the company’s fundamental economic value may prove incorrect and the price of the company’s stock may fall or may not approach the value the subadviser has placed on it.</div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 U.S. SOCIALLY RESPONSIBLE FUND Investment Objective <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund seeks to obtain growth of capital through investment, primarily in equity securities, in companies which meet the social criteria established for the Fund.</div> Fees and Expenses of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This table describes the fees and expenses that you may pay if you <div style="letter-spacing: 0px; top: 0px;;display:inline;">buy, hold and sell</div> shares of the Fund. The Fund’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 Fund is offered. If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0011 0.0036 “Other Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. Expense Example <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund 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. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div></div> 37 116 Portfolio Turnover <div style="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate is not available because the Fund had not commenced operations on the date of this Prospectus.</div> Principal Investment Strategies of the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund invests, under normal circumstances, at least 80% of its net assets in the equity securities of U.S. companies meeting the Fund’s social criteria. To determine which companies meet the Fund’s social criteria, the subadviser incorporates into its investment process industry classifications and research services from an independent social research service, MSCI ESG Research, LLC (MSCI ESG Research).</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The subadviser conducts its own analysis of issuers and industries and creates a bespoke list of companies that do not represent strong environmental and social values and categorically excludes those companies as investment options for the Fund. The Fund does not invest in companies that are significantly engaged in:</div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">the manufacture or distribution of civilian firearms, military weapons or weapons delivery systems;</div> </td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">the manufacture or distribution of alcoholic beverages or tobacco products;</div> </td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">the operation of gambling-related businesses; and</div> </td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">the production of nuclear energy.</div> </td> </tr> </table> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund also excludes companies with low environmental, social and governance controversy scores, as determined by the MSCI ESG Ratings provided by MSCI ESG Research. MSCI ESG Research uses a rules based methodology to rate issuers on key ESG issues, including: (1) environmental issues such as climate change, natural resources, pollution and waste, and environmental opportunities; (2) social issues such as human capital, product liability, stakeholder opposition and social opportunities; and (3) governance issues such as corporate governance and corporate behavior.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund further does not invest in companies that:</div> <div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">have a history of poor labor-management relations;</div> </td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">engage in businesses or have products that have a severely negative impact on the environment;</div> </td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">have significant business operations in countries whose governments pose human rights concerns; operate businesses that have a significantly adverse impact on the communities in which they are located;</div> </td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">engage in businesses or have products that have a severely negative impact on their customers, which may include companies that have products that pose safety or health concerns, engage in practices that are anti-competitive or have marketing that is inappropriate or misleading; and</div> </td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:22.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 9pt; text-align: justify; line-height: normal;">have a history of poor business ethics, which may include companies that have incidents of bribery or fraud, or poor governance structures.</div> </td> </tr> </table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The Fund may invest up to 20% of its net assets in the securities of other types of companies meeting the social criteria, including foreign securities, preferred stock and convertible securities. The Fund does not invest in the securities of companies that do not meet the social criteria.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">Investors will be given at least 60 days’ written notice in advance of any change to the Fund’s 80% investment policy set forth above.</div> Principal Risks of Investing in the Fund <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As with any mutual fund, there can be no assurance that the Fund’s investment objective will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">The following is a summary of the principal risks of investing in the Fund.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Convertible Securities Risk</div></div><div style="font-weight:bold;display:inline;width:100%;">.</div> Convertible security values may be affected by market interest rates, issuer defaults and underlying common stock values; security values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back the securities at a time unfavorable to the Fund.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities Risk</div></div><div style="font-weight:bold;display:inline;width:100%;">.</div> The Fund’s investments in equity securities are subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">day-to-day</div></div> and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Investment Risk</div></div><div style="font-weight:bold;display:inline;width:100%;">.</div> Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk.</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk. </div></div>The Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 10pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide. </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Preferred Stock Risk.</div></div> Unlike common stock, preferred stock generally pays a fixed dividend from a company’s earnings and may have a preference over common stock on the distribution of a company’s assets in the event of bankruptcy or liquidation. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Preferred stockholders typically do not have voting rights.</div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 10pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div></div><div style="font-weight:bold;display:inline;width:100%;">.</div> Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. The Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund’s investments of the cash </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price. </div></div> <div style="text-align: justify; font-family: Times New Roman; font-size: 9pt; margin-top: 10pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Social Criteria Risk</div></div><div style="font-weight:bold;display:inline;width:100%;">.</div> Social criteria screening limits the availability of investment opportunities for the Fund. If the Fund changes its social criteria or a company stops meeting the Fund’s social criteria, the Fund will sell the affected investments even if this means the Fund loses money. Therefore, adhering to the social criteria screening may affect the Fund’s performance relative to similar funds that do not adhere to such criteria. </div> Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Fund goes down, you could lose money. Performance Information <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;text-align:justify">As of the date of this Prospectus, the Fund has not commenced operations, and no performance is available. Updated performance information can be obtained by visiting https://my.valic.com/ARO/FundPerformance/Index.aspx or can be obtained by phone at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-800-448-2542.</div></div></div></div> https://my.valic.com/ARO/FundPerformance/Index.aspx 1-800-448-2542 “Other Expenses” and “Acquired Fund Fees and Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. “Other Expenses” have been estimated because the Fund had not commenced operations as of the date of this Prospectus. “Other Expenses” and have been estimated because the Fund had not commenced operations as of the date of this Prospectus.