Common use of Excessive Trading Clause in Contracts

Excessive Trading. VALIC has a policy to discourage excessive trading and market timing. The Custodial Account is not designed to accommodate short-term trading or “market timing” organizations or individuals engaged in trading strategies that include programmed transfers, frequent transfers or transfers that are large in relation to the total assets of a Mutual Fund. These trading strategies may be disruptive to the Mutual Funds by diluting the value of the fund shares, negatively affecting investment strategies and increasing portfolio turnover. Excessive trading also raises fund expenses, such as recordkeeping and transaction costs, and xxxxx fund performance. Accordingly, VALIC implemented certain policies and procedures intended to hinder short-term trading. If an investor sells fund shares valued at $5,000 or more, whether through an exchange, transfer, or any other redemption, the investor will not be able to make a purchase of $5,000 or more in that same fund for 30 calendar days. This policy applies only to investor-initiated trades of $5,000 or more, and does not apply to the following: • Plan-level or employer-initiated transactions; • Purchase transactions involving transfers of assets or rollovers; • Retirement plan contributions, loans, and distributions (including hardship withdrawals); • Xxxx XXX conversions or XXX recharacterizations; • Systematic purchases or redemptions; • Systematic account rebalancing; or • Trades of less than $5,000. As described in a fund’s prospectus and statement of additional information, in addition to the above, fund purchases, transfers and other redemptions may be subject to other investor trading policies, including redemption fees, if applicable. Certain funds may set limits on transfers in and out of a fund within a set time period in lieu of the policy above. Also, an employer’s benefit plan may limit an investor’s rights to transfer. We intend to enforce these frequent trading policies uniformly for all Participants. We make no assurances that all the risks associated with frequent trading will be completely eliminated by these policies and/or restrictions. If We are unable to detect or prevent market timing activity, the effect of such activity may result in additional transaction costs and dilution of long-term performance returns. Thus, Your Account Value may be lower due to the effect of the extra costs and resultant lower performance. We reserve the right to modify these policies at any time.

Excessive Trading. VALIC has a policy to discourage excessive trading and market timing. The Custodial Account is not designed to accommodate short-term trading or “market timing” organizations or individuals engaged in trading strategies that include programmed transfers, frequent transfers or transfers that are large in relation to the total assets of a Mutual Fund. These trading strategies may be disruptive to the Mutual Funds by diluting the value of the fund shares, negatively affecting investment strategies and increasing portfolio turnover. Excessive trading also raises fund expenses, such as recordkeeping and transaction costs, and xxxxx fund performance. Accordingly, VALIC implemented certain policies and procedures intended to hinder short-term trading. If an investor sells fund shares valued at $5,000 or more, whether through an exchange, transfer, or any other redemption, the investor will not be able to make a purchase of $5,000 or more in that same fund for 30 calendar days. This policy applies only to investor-initiated trades of $5,000 or more, and does not apply to the following: • Plan-level or employer-initiated transactions; • Purchase transactions involving transfers of assets or rollovers; • Retirement plan contributions, loans, and distributions (including hardship withdrawals); • Xxxx XXX conversions or XXX recharacterizations; • Systematic purchases or redemptions; • Systematic account rebalancing; or • Trades of less than $5,000. As described in a fund’s prospectus and statement of additional information, in addition to the above, fund purchases, transfers and other redemptions may be subject to other investor trading policies, including redemption fees, if applicable. Certain funds may set limits on transfers in and out of a fund within a set time period in lieu of the policy above. Also, an employer’s benefit plan may limit an investor’s rights to transfer. We intend to enforce these frequent trading policies uniformly for all Participants. We make no assurances that all the risks associated with frequent trading will be completely eliminated by these policies and/or restrictions. If We are unable to detect or prevent market timing activity, the effect of such activity may result in additional transaction costs and dilution of long-term performance returns. Thus, Your the value of the Participant’s Account Value may be lower due to the effect of the extra costs and resultant lower performance. We reserve the right to modify these policies at any time.

Excessive Trading. VALIC has a policy to discourage excessive trading and market timing. The Custodial Account is not designed to accommodate short-term trading or “market timing” organizations or individuals engaged in trading strategies that include programmed transfers, frequent transfers or transfers that are large in relation to the total assets of a Mutual Fund. These trading strategies may be disruptive to the Mutual Funds by diluting the value of the fund shares, negatively affecting investment strategies and increasing portfolio turnover. Excessive trading also raises fund expenses, such as recordkeeping Record Keeping and transaction costs, and xxxxx fund performance. Accordingly, VALIC implemented certain policies and procedures intended to hinder short-term trading. If an investor sells fund shares valued at $5,000 or more, whether through an exchange, transfer, or any other redemption, the investor will not be able to make a purchase of $5,000 or more in that same fund for 30 calendar days. This policy applies only to investor-initiated trades of $5,000 or more, and does not apply to the following: • Plan-level or employer-initiated transactions; • Purchase transactions involving transfers of assets or rollovers; • Retirement plan contributions, loans, and distributions (including hardship withdrawals); • Xxxx XXX conversions or XXX recharacterizations; • Systematic purchases or redemptions; • Systematic account rebalancing; or • Trades of less than $5,000. As described in a fund’s prospectus and statement of additional information, in addition to the above, fund purchases, transfers and other redemptions may be subject to other investor trading policies, including redemption fees, if applicable. Certain funds may set limits on transfers in and out of a fund within a set time period in lieu of the policy above. Also, an employer’s benefit plan may limit an investor’s rights to transfer. We intend to enforce these frequent trading policies uniformly for all Participants. We make no assurances that all the risks associated with frequent trading will be completely eliminated by these policies and/or restrictions. If We are unable to detect or prevent market timing activity, the effect of such activity may result in additional transaction costs and dilution of long-term performance returns. Thus, Your the value of the Participant’s Account Value may be lower due to the effect of the extra costs and resultant lower performance. We reserve the right to modify these policies at any time.