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FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:82.51%;"> </td><td style="width:15.96%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC Shares</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.47%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.42%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Acquired Fund Fees and Expenses(1)</td><td style="vertical-align:middle; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.09%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.98%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:top;">(1)</td><td style="vertical-align:bottom;">Includes interest expense from certain underlying affiliated funds of 0.09%. Excluding interest expense of the applicable underlying affiliated funds, Total Annual Fund Operating Expenses is 0.89%.</td></tr></table> Example 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 and that the Fund’s operating expenses remain the same. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 100 312 542 1201 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 306% of the average value of its portfolio. 3.06 PRINCIPAL INVESTMENT STRATEGIES To pursue its objective, under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds, debentures and other fixed income securities. The Fund may invest a substantial portion of its net assets in high-yield securities (commonly referred to as “below investment grade” or “junk” bonds). High-yield securities are debt securities that are rated BB/Ba or lower by an independent rating agency, or are unrated but determined by Lord, Abbett & Co. LLC (“Lord Abbett”) to be of comparable quality. The Fund’s investments consist of the following types of securities and other financial instruments:· U.S. high-yield securities;· U.S. investment grade fixed income securities;· convertible securities;· foreign (including emerging market) securities;· mortgage-backed, mortgage-related, and other asset-backed securities;· government securities, including U.S. Government securities, municipal securities, and non-U.S. sovereign government securities;· loans, including bridge loans, novations, assignments and participations;· structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”);· inflation-linked instruments; and· equity securities.Under normal conditions, the Fund allocates its assets principally among fixed income securities in the following four asset categories: U.S. high yield securities; U.S. investment grade fixed income securities; convertible securities; and foreign (including emerging market) securities. However, the Fund may invest substantially all of its assets in any one of these categories at any time, provided that (i) at least 20% of the Fund’s net assets are invested in any combination of investment grade debt securities, U.S. Government securities, and cash equivalents, and (ii) the Fund’s investments in foreign securities, which are securities of non-U.S. issuers that are denominated in non-U.S. currencies, do not exceed 20% of its net assets.The Fund may invest up to 20% of its net assets in equity securities, including common stocks, preferred stocks, convertible preferred stocks, and similar instruments. The Fund may invest up to 15% of its net assets in floating or adjustable rate loans, including bridge loans, novations, assignments, and participations. The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.The portfolio management team selects securities using a bottom-up analysis of an issuer’s management quality, credit risk, and relative market position, and industry dynamics, as well as an evaluation of conditions within the broader economy. The portfolio management team attempts to reduce risk through portfolio diversification, credit analysis, and attention to current developments and trends in interest rates and economic conditions. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. <a href="" id="x4x2"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Fixed Income Securities Risk: The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. Fiscal, economic, monetary, or other governmental policies or measures have in the past—and may in the future—cause or exacerbate interest rate risks. · High Yield Securities Risk: High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline. · Credit Risk: Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured. · Interest Rate Risk: As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. · Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition. · Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole. · Convertible Securities Risk: Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks. · Government Securities Risk: The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades. · Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults. The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place. · Inflation-Linked Investments Risk: Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful. · Municipal Securities Risk: Municipal securities are subject to the same risks affecting fixed income securities in general. In addition, the prices of municipal securities may be adversely affected by legislative or political changes, tax rulings, judicial action, changes in market and economic conditions, and the fiscal condition of the municipal issuer, including an insolvent municipality filing for bankruptcy. The Fund may be more sensitive to these events and conditions if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), in particular types of municipal securities (such as general obligation bonds, private activity bonds, and special tax bonds), or in the securities of issuers located within a single state, municipality, territory (such as Puerto Rico), or geographic area. The market for municipal securities generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its municipal securities. Nongovernmental users of facilities financed by tax-exempt revenue bonds (e.g., companies in the electric utility and health care industries) may have difficulty making payments on their obligations in the event of an economic downturn. This would negatively affect the valuation of municipal securities issued by such facilities. · Sovereign Debt Risk: Sovereign debt securities are subject to the risk that the relevant sovereign government or governmental entity may delay or refuse to pay interest or repay principal on its debt. There is no legal process for collecting sovereign debt that is not repaid, nor are there bankruptcy proceedings through which all or part of the unpaid sovereign debt may be collected. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Foreign Currency Risk: Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time. · Loan Risk: Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and may be subordinated to other obligations of the borrower or its subsidiaries. · Collateralized Loan Obligations and Other Collateralized Obligations Risk: An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others. · Derivatives Risk: The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. Derivatives are also subject to liquidity risk and the risk that the counterparty to a derivative transaction may fail to fulfill its contractual obligations under the derivative contract. In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses. · High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs and reduced investment performance. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 2nd Q 2020 +10.40% Worst Quarter 1st Q 2020 -12.42% Best Quarter 2020-06-30 0.1040 Worst Quarter 2020-03-31 -0.1242 The table below shows how the Fund’s average annual total returns compare to the returns of securities market indices with investment characteristics similar to those of the Fund. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0833 0.0210 0.0472 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) ICE BofA U.S. High Yield Constrained Index 0.0859 0.0456 0.0647 FUND SUMMARY INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:82.51%;"> </td><td style="width:15.96%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC Shares</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.75%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.52%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">1.27%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Fee Waiver and/or Expense Reimbursement(1)</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">(0.23)%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(1)</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">1.04%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:top;">(1)</td><td style="vertical-align:bottom;">For the period from May 1, 2026 through April 30, 2027, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 1.04%. This agreement may be terminated only by the Fund’s Board of Directors.</td></tr></table> Example 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 and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement arrangement described above. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 106 380 675 1514 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio. 1.17 PRINCIPAL INVESTMENT STRATEGIES The Fund invests in equity securities of companies that the portfolio management team believes demonstrate above-average, long-term growth potential. The portfolio management team seeks to identify companies that it believes are strongly positioned in the developing growth phase, which it defines as the period of swift development after a company’s start-up phase when growth is expected to occur at a rate generally not equaled by established companies in their mature years.Under normal conditions, the Fund invests at least 65% of its net assets in equity securities of small companies. A small company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell 2000® Index. Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including real estate investment trusts (“REITs”) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics. The Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and other similar depositary receipts. In addition to ADRs, the Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges. The Fund may engage in active and frequent trading of its portfolio securities. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. <a href="" id="x4x3"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition. · Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole. · Mid-Sized and Small Company Risk: Investments in mid-sized and small companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized and small companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized and small companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future. · Growth Investing Risk: Growth stocks typically trade at higher multiples of current earnings as compared to other stocks, which may lead to inflated prices. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include ADRs, which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Foreign Currency Risk: Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. · High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs and reduced investment performance. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 2nd Q 2020 +40.86% Worst Quarter 4th Q 2018 -23.96% Best Quarter 2020-06-30 0.4086 Worst Quarter 2018-12-31 -0.2396 The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.11The Fund has adopted the S&P 500® Index as its broad-based securities market index. Average Annual Total Returns (for the periods ended December 31, 2025) 0.1459 -0.0117 0.1103 Russell 2000® Growth Index 0.1301 0.0318 0.0957 (reflects no deduction for fees, expenses, or taxes) S&P 500® Index 0.1788 0.1442 0.1482 FUND SUMMARY INVESTMENT OBJECTIVE The Fund’s investment objective is to seek current income and capital appreciation. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:82.51%;"> </td><td style="width:15.96%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC Shares</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.55%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.45%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">1.00%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Fee Waiver and/or Expense Reimbursement(1)</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">(0.01)%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(1)</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.99%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:top;">(1)</td><td style="vertical-align:bottom;">For the period from May 1, 2026 through April 30, 2027, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.99%. This agreement may be terminated only by the Fund’s Board of Directors.</td></tr></table> Example 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 and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement arrangement described above. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 101 317 551 1224 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32% of the average value of its portfolio. 0.32 PRINCIPAL INVESTMENT STRATEGIES The Fund invests in equity securities of large and mid-sized companies that the Fund’s portfolio management team believes have potential for long-term total return and consistent increases in their dividends over time resulting from their earnings growth. In particular, the Fund focuses on large and mid-sized companies that have a ten-year history of dividend issuance and growth, which represents a narrow investable universe. The Fund may invest in companies of any size, but expects to invest in companies having a market capitalization at the time of purchase of at least $500 million.Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including real estate investment trusts (“REITs”) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics. The Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and other similar depositary receipts. In addition to ADRs, the Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. <a href="" id="x4x4"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Investment Strategy Risk: If the Fund’s fundamental research and quantitative analysis fail to produce the intended result, the Fund may suffer losses or underperform its benchmark index or other funds with the same investment objective or strategies, even in a favorable market. In addition, the Fund’s strategy of focusing on dividend-paying companies means the Fund will be more exposed to risks associated with that particular market segment than a fund that invests more widely. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition. · Dividend Risk: Securities of dividend-paying companies that meet the Fund’s investment criteria may not be widely available, limiting the Fund’s ability to produce current income and increasing the volatility of the Fund’s returns. At times, the performance of dividend-paying companies may lag the performance of other companies or the broader market as a whole. In addition, the dividend payments of the Fund’s portfolio companies may vary over time, and there is no guarantee that a company will pay a dividend at all. · Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole. · Large Company Risk: Larger, more established companies may be less able to respond quickly to certain market developments. In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies. · Mid-Sized Company Risk: Investments in mid-sized companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future. · Value Investing Risk: The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. · Growth Investing Risk: Growth stocks typically trade at higher multiples of current earnings as compared to other stocks, which may lead to inflated prices. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include ADRs, which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Foreign Currency Risk: Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 2nd Q 2020 +19.16% Worst Quarter 1st Q 2020 -19.86% Best Quarter 2020-06-30 0.1916 Worst Quarter 2020-03-31 -0.1986 The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund. Average Annual Total Returns (for the periods ended December 31, 2025) 0.1598 0.1234 0.1306 S&P 500® Index 0.1788 0.1442 0.1482 (reflects no deduction for fees, expenses, or taxes) FUND SUMMARY INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:82.51%;"> </td><td style="width:15.96%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC Shares</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.74%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.45%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">1.19%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Fee Waiver and/or Expense Reimbursement(1)</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">(0.11)%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(1)</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">1.08%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:top;">(1)</td><td style="vertical-align:bottom;">For the period from May 1, 2026 through April 30, 2027, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 1.08%. This agreement may be terminated only by the Fund’s Board of Directors.</td></tr></table> Example 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 and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement arrangement described above. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 110 367 644 1433 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 74% of the average value of its portfolio. 0.74 PRINCIPAL INVESTMENT STRATEGIES The Fund invests in equity securities of U.S. and multinational companies across all market capitalization ranges that the portfolio management team believes are undervalued by the market and are selling at reasonable prices in relation to the portfolio management team’s assessment of their potential or intrinsic value. Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. The Fund normally invests at least 50% of its net assets in equity securities of large, established companies having a market capitalization within the range of companies in the Russell 1000® Index. The Fund seeks to invest in securities of companies that the portfolio management team believes are undervalued by the market and are selling at reasonable prices in relation to the portfolio management team’s assessment of their potential or intrinsic value.Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including real estate investment trusts (“REITs”) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics. The Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and other similar depositary receipts. In addition to ADRs, the Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges. The Fund may engage in active and frequent trading of its portfolio securities.The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. <a href="" id="x4x5"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition. · Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole. · Large Company Risk: Larger, more established companies may be less able to respond quickly to certain market developments. In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies. · Mid-Sized and Small Company Risk: Investments in mid-sized and small companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized and small companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized and small companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future. · Value Investing Risk: The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include ADRs, which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. · High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs and reduced investment performance. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 2nd Q 2020 +16.55% Worst Quarter 1st Q 2020 -28.05% Best Quarter 2020-06-30 0.1655 Worst Quarter 2020-03-31 -0.2805 The table below shows how the Fund’s average annual total returns compare to the returns of securities market indices with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.11 The Fund has adopted the S&P 500® Index as its broad-based securities market index. Average Annual Total Returns (for the periods ended December 31, 2025) 0.1429 0.1136 0.0975 Russell 1000® Value Index 0.1591 0.1133 0.1053 (reflects no deduction for fees, expenses, or taxes) Russell 3000® Index 0.1715 0.1315 0.1429 Russell 3000® Value Index 0.1571 0.1118 0.1046 S&P 500® Index 0.1788 0.1442 0.1482 FUND SUMMARY INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:82.51%;"> </td><td style="width:15.96%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC Shares</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.50%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.43%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.93%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td></tr></table> Example 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 and that the Fund’s operating expenses remain the same. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 95 296 515 1143 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio. 0.38 PRINCIPAL INVESTMENT STRATEGIES The Fund invests in large, established U.S. and multinational companies that the portfolio management team believes are undervalued by the market and are selling at reasonable prices in relation to the portfolio management team’s assessment of their potential or intrinsic value. Under normal conditions, the Fund invests at least 80% of its net assets in equity securities of large companies. A large company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell 1000® Index. Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including real estate investment trusts (“REITs”) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics.The Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and other similar depositary receipts. In addition to ADRs, the Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges.The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. <a href="" id="x4x6"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition. · Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole. · Large Company Risk: Larger, more established companies may be less able to respond quickly to certain market developments. In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies. · Value Investing Risk: The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include ADRs, which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Real Estate Risk: An investment in a Real Estate Investment Trust (“REIT”) generally is subject to the risks that impact the value of the underlying properties or mortgages of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the “Code”), and changes in local, regional, or general economic conditions. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 2nd Q 2020 +16.77% Worst Quarter 1st Q 2020 -27.02% Best Quarter 2020-06-30 0.1677 Worst Quarter 2020-03-31 -0.2702 The table below shows how the Fund’s average annual total returns compare to the returns of securities market indices with investment characteristics similar to those of the Fund. Average Annual Total Returns (for the periods ended December 31, 2025) 0.1729 0.1334 0.1112 Russell 1000® Value Index 0.1591 0.1133 0.1053 (reflects no deduction for fees, expenses, or taxes) S&P 500® Index 0.1788 0.1442 0.1482 S&P 500® Value Index 0.1319 0.1296 0.1173 FUND SUMMARY INVESTMENT OBJECTIVE The Fund’s investment objective is capital appreciation. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:82.51%;"> </td><td style="width:15.96%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC Shares</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.65%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.50%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">1.15%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td></tr></table> Example 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 and that the Fund’s operating expenses remain the same. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 117 365 633 1398 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 135% of the average value of its portfolio. 1.35 PRINCIPAL INVESTMENT STRATEGIES The Fund invests in equity securities of mid-sized companies that the portfolio management team believes demonstrate above-average, long-term growth potential. Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of mid-sized companies. A mid-sized company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell Midcap® Index. The portfolio management team seeks to invest in the stocks of companies with strong business models, management, and competitive positions that are targeting markets that appear most likely to benefit from increased innovation. The team believes these companies possess revenue and earnings growth potential that can exceed market expectations.Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including real estate investment trusts (“REITs”) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics.The Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and other similar depositary receipts. In addition to ADRs, the Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges.The Fund may engage in active and frequent trading of its portfolio securities.The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. <a href="" id="x4x7"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition. · Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole. · Mid-Sized Company Risk: Investments in mid-sized companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future. · Growth Investing Risk: Growth stocks typically trade at higher multiples of current earnings as compared to other stocks, which may lead to inflated prices. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include ADRs, which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Foreign Currency Risk: Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time. · Real Estate Risk: An investment in a REIT generally is subject to the risks that impact the value of the underlying properties or mortgages of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the “Code”), and changes in local, regional, or general economic conditions. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. · High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs and reduced investment performance. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 2nd Q 2020 +31.83% Worst Quarter 1st Q 2020 -19.89% Best Quarter 2020-06-30 0.3183 Worst Quarter 2020-03-31 -0.1989 The table below shows how the Fund’s average annual total returns compare to the returns of securities market indices with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.11 The Fund has adopted the S&P 500® Index as its broad-based securities market index. Average Annual Total Returns (for the periods ended December 31, 2025) 0.1294 0.0323 0.1041 Russell Midcap® Growth Index 0.0866 0.0665 0.1249 (reflects no deduction for fees, expenses, or taxes) Russell Midcap® Index 0.1060 0.0867 0.1101 S&P 500® Index 0.1788 0.1442 0.1482 FUND SUMMARY INVESTMENT OBJECTIVE The Fund seeks capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:82.51%;"> </td><td style="width:15.96%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC Shares</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.73%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.42%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">1.15%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td></tr></table> Example 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 and that the Fund’s operating expenses remain the same. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 117 365 633 1398 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 45% of the average value of its portfolio. 0.45 PRINCIPAL INVESTMENT STRATEGIES Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of mid-sized companies. A mid-sized company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell Midcap® Index. The Fund seeks to invest in securities of companies that the portfolio management team believes are undervalued by the market and are selling at reasonable prices in relation to the portfolio management team’s assessment of their potential or intrinsic value.Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including real estate investment trusts (“REITs”) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics.The Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and other similar depositary receipts. In addition to ADRs, the Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. <a href="" id="x4x8"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition. · Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole. · Mid-Sized Company Risk: Investments in mid-sized companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future. · Value Investing Risk: The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include ADRs, which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Real Estate Risk: An investment in a REIT generally is subject to the risks that impact the value of the underlying properties or mortgages of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the “Code”), and changes in local, regional, or general economic conditions. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 4th Q 2020 +22.82% Worst Quarter 1st Q 2020 -30.54% Best Quarter 2020-12-31 0.2282 Worst Quarter 2020-03-31 -0.3054 The table below shows how the Fund’s average annual total returns compare to the returns of securities market indices with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.11 The Fund has adopted the S&P 500® Index as its broad-based securities market index. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0705 0.1016 0.0798 Russell Midcap® Value Index 0.1105 0.0983 0.0978 (reflects no deduction for fees, expenses, or taxes) S&P MidCap 400® Value Index 0.0758 0.1101 0.1069 S&P 500® Index 0.1788 0.1442 0.1482 FUND SUMMARY INVESTMENT OBJECTIVE The Fund’s investment objective is to seek a high level of income consistent with preservation of capital. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:70.86%;"> </td><td style="width:13.8%;"> </td><td style="width:13.8%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="3" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="3" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> I</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.35%</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.35%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.24%</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.49%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.59%</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.84%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Fee Waiver and/or Expense Reimbursement(1)</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">(0.12)%</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">(0.12)%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(1)</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.47%</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.72%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:top;">(1)</td><td style="vertical-align:bottom;">For the period from May 1, 2026 through April 30, 2027, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.47% for Class I and 0.72% for Class VC. This agreement may be terminated only by the Fund’s Board of Directors.</td></tr></table> Example 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 and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement arrangement described above. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 48 177 317 726 74 256 454 1026 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 153% of the average value of its portfolio. 1.53 PRINCIPAL INVESTMENT STRATEGIES The Fund invests in various types of short duration debt (or fixed income) securities. Under normal conditions, the Fund pursues its investment objective by investing at least 65% of its net assets in investment grade debt securities of various types. Such investments include:· corporate debt securities of U.S. issuers;· corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars;· mortgage-backed, mortgage-related, and other asset-backed securities, including privately issued mortgage-related securities and commercial mortgage-backed securities (“CMBS”);· securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities; and· inflation-linked investments.The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”), and other inflation-indexed securities issued by the U.S. Department of Treasury.The Fund may invest up to 35% of its net assets in any one or a combination of the following types of fixed income securities and other instruments:· high-yield debt securities (commonly referred to as “lower-rated” or “junk” bonds);· debt securities of non-U.S. (including emerging market) issuers that are denominated in foreign currencies;· loans, including bridge loans, novations, assignments, and participations; · convertible securities, including convertible bonds and preferred stocks; and· structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”). The Fund will not invest more than 25% of its total assets in any industry (excluding securities of the U.S. Government, its agencies and instrumentalities); however, the Fund does not consider mortgage-related securities, including CMBS and other privately issued mortgage-related securities, as representing interests in any particular industry or group of industries. The Fund may invest substantially in CMBS, including lower-rated CMBS.The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average dollar-weighted duration range between one and three years. The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates.The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.The portfolio management team buys and sells securities using a relative value-oriented investment process, meaning the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the portfolio management team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The portfolio management team employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund may engage in active and frequent trading of its portfolio securities.The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. The Fund will not invest more than 25% of its total assets in any industry (excluding securities of the U.S. Government, its agencies and instrumentalities); however, the Fund does not consider mortgage-related securities, including CMBS and other privately issued mortgage-related securities, as representing interests in any particular industry or group of industries. The Fund may invest substantially in CMBS, including lower-rated CMBS. <a href="" id="x4x9"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Fixed Income Securities Risk: The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. Fiscal, economic, monetary, or other governmental policies or measures have in the past—and may in the future—cause or exacerbate interest rate risks. · Foreign Currency Risk: Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time. · High Yield Securities Risk: High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline. · Credit Risk: Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured. · Interest Rate Risk: As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. · Government Securities Risk: The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades. · Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults. The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place. · Commercial Mortgage-Backed Securities Risk: CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. The economic impacts of COVID-19 have created a unique challenge for real estate markets, with the transition to remote-working environments potentially negatively impacting the occupancy rates of commercial real estate. CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities. · Convertible Securities Risk: Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks. · Inflation-Linked Investments Risk: Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Loan Risk: Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and may be subordinated to other obligations of the borrower or its subsidiaries. · Collateralized Loan Obligations and Other Collateralized Obligations Risk: An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others. · Derivatives Risk: The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. Derivatives are also subject to liquidity risk and the risk that the counterparty to a derivative transaction may fail to fulfill its contractual obligations under the derivative contract. In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class I shares because this class has not completed a full calendar year of operations. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Performance for the Fund's Class I shares will vary due to the different expenses each class bears. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 2nd Q 2020 +5.92% Worst Quarter 1st Q 2020 -5.33% Best Quarter 2020-06-30 0.0592 Worst Quarter 2020-03-31 -0.0533 The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.11 The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0590 0.0225 0.0262 ICE BofA 1–3 Year U.S. Corporate Index 0.0593 0.0253 0.0281 (reflects no deduction for fees, expenses, or taxes) Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 FUND SUMMARY INVESTMENT OBJECTIVE The Fund’s investment objective is to seek income and capital appreciation to produce a high total return. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table does not reflect the fees and expenses of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”). If such fees and expenses were reflected, expenses shown would be higher.<table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:82.51%;"> </td><td style="width:15.96%;"> </td><td style="width:1.53%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">Annual Fund Operating Expenses</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; background-color:#D9D9D9;">(Expenses that you pay each year as a percentage of the value of your investment)</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Class</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">VC Shares</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Management Fees</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.28%</td><td style="vertical-align:middle; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Other Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.43%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Total Annual Fund Operating Expenses</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">0.71%</td><td style="vertical-align:middle; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3%;"> </td><td style="width:97%;"> </td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td></tr></table> Example 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 and that the Fund’s operating expenses remain the same. The Example does not reflect Variable Contract expenses, fees, and charges. If these expenses, fees, and charges were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 73 227 395 883 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 428% of the average value of its portfolio. 4.28 PRINCIPAL INVESTMENT STRATEGIES Under normal conditions, the Fund pursues its investment objective by investing in investment grade debt (or fixed income) securities. The Fund may invest up to 20% of its net assets in high-yield debt securities (commonly referred to as “lower-rated” or “junk” bonds). The Fund may invest in debt securities issued by non-U.S. entities but denominated in U.S. dollars, and securities issued by non-U.S. entities and denominated in currencies other than the U.S. dollar. The Fund may invest up to 20% of its net assets in debt securities of non-U.S. issuers that are denominated in non-U.S. currencies.The Fund generally may invest in the following types of debt securities:· securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities;· corporate debt securities;· mortgage-backed, mortgage-related, and other asset-backed securities;· inflation-linked investments; · structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”); and· loans, including bridge loans, novations, assignments, and participations. The Fund may invest up to 10% of its net assets in floating or adjustable rate loans.The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”), and other inflation-indexed securities issued by the U.S. Department of Treasury. The Fund will not invest more than 25% of its total assets in any industry (excluding securities of the U.S. Government, its agencies and instrumentalities); however, the Fund does not consider mortgage-related securities, including CMBS and other privately issued mortgage-related securities, as representing interests in any particular industry or group of industries. The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average duration range within two years of the bond market’s duration as measured by the Bloomberg U.S. Aggregate Bond Index (which was approximately 5.88 years as of February 28, 2026). The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates. The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.The portfolio management team buys and sells securities using a relative value-oriented investment process, meaning the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the portfolio management team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The portfolio management team employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund engages in active and frequent trading of its portfolio securities.The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. The Fund will not invest more than 25% of its total assets in any industry (excluding securities of the U.S. Government, its agencies and instrumentalities); however, the Fund does not consider mortgage-related securities, including CMBS and other privately issued mortgage-related securities, as representing interests in any particular industry or group of industries. <a href="" id="x4x10"></a> PRINCIPAL RISKSAs with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include: As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. · Fixed Income Securities Risk: The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. Fiscal, economic, monetary, or other governmental policies or measures have in the past—and may in the future—cause or exacerbate interest rate risks. · High Yield Securities Risk: High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline. · Credit Risk: Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured. · Interest Rate Risk: As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions. · Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. · Government Securities Risk: The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades. · Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults. The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place. · Inflation-Linked Investments Risk: Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful. · Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. These companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. · Foreign Currency Risk: Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time. · Loan Risk: Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and may be subordinated to other obligations of the borrower or its subsidiaries. · Collateralized Loan Obligations and Other Collateralized Obligations Risk: An investment in a collateralized loan obligation (“CLO”) can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others. · Derivatives Risk: The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. Derivatives are also subject to liquidity risk and the risk that the counterparty to a derivative transaction may fail to fulfill its contractual obligations under the derivative contract. In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses. · High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs and reduced investment performance. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The bar chart shows changes in the performance of the Fund’s Class VC shares from calendar year to calendar year. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. This chart does not reflect the sales charges or other expenses of Variable Contracts. If those sales charges and expenses were reflected, returns would be lower. Bar Chart (per calendar year) - Class VC Shares Best Quarter 4th Q 2023 +6.80% Worst Quarter 2nd Q 2022 -5.99% Best Quarter 2023-12-31 0.0680 Worst Quarter 2022-06-30 -0.0599 The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0719 0.0006 0.0227 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 485BPOS 2025-12-31 0000855396 false 2026-04-09 2026-05-01 N-1A ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0000855396_S000007299Summary1Member row dei_LegalEntityAxis compact cik0000855396_S000007299Member ~ ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * row dei_DocumentInformationDocumentAxis compact cik0000855396_S000007299Summary1Member row dei_LegalEntityAxis compact cik0000855396_S000007299Member row oef_ClassAxis compact * row oef_PerformanceMeasureAxis compact * ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0000855396_S000028719Summary2Member row dei_LegalEntityAxis compact cik0000855396_S000028719Member ~ ~ 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