Strategy. Principal Investment Strategies The Fund invests primarily in equity securities of mid-capitalization companies that the Funds subadvisers believe offer the potential for long-term growth. The Fund is managed by two subadvisers, T. Rowe Price Associates, Inc. (T. Rowe Price) and Frontier Capital Management Company, LLC (Frontier), each being responsible for a portion of the portfolio, although they may manage different amounts of the Funds assets. T. Rowe Price Investment Management, Inc. (T. Rowe Price Investment Management) serves as sub-subadviser for the portion of the portfolio subadvised by T. Rowe Price. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. Under normal circumstances, the Fund invests at least 80% of its net … Show more… Principal Investment Strategies The Fund invests primarily in equity securities of mid-capitalization companies that the Funds subadvisers believe offer the potential for long-term growth. The Fund is managed by two subadvisers, T. Rowe Price Associates, Inc. (T. Rowe Price) and Frontier Capital Management Company, LLC (Frontier), each being responsible for a portion of the portfolio, although they may manage different amounts of the Funds assets. T. Rowe Price Investment Management, Inc. (T. Rowe Price Investment Management) serves as sub-subadviser for the portion of the portfolio subadvised by T. Rowe Price. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the Funds subadvisers expect to grow at a faster rate than the average company. The Funds subadvisers currently define mid-cap companies as those whose market capitalizations at the time of purchase fall within the market capitalization range of companies included in either the S&P MidCap 400 Index or the Russell Midcap Growth Index (as of December 31, 2025, between $ 1.45 billion and $100.79 billion ). The Fund may invest up to 20% of its net assets in stocks whose market capitalizations at the time of investment are outside of that capitalization range. The Fund typically invests most of its assets in equity securities of U.S. companies, but may invest in foreign securities and American Depositary Receipts (ADRs), including emerging market securities. The Fund generally will not invest more than 25% of its total assets in foreign securities. The Funds investments may include holdings in privately held companies and companies that only recently began to trade publicly. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. In selecting securities for the Fund, T. Rowe Price and T. Rowe Price Investment Management generally use a growth approach, seeking to identify companies that they believe have proven products or services, a record of above-average earnings growth, demonstrated potential to sustain earnings growth, stock prices that appear to undervalue their growth prospects, or a connection to industries experiencing increasing demand. In pursuing the Funds investment objective, T. Rowe Price and T. Rowe Price Investment Management have the discretion to purchase some securities that do not meet those investment criteria when they believe there is an opportunity for substantial appreciation (such as, for example, T. Rowe Price or T. Rowe Price Investment Management believes a security could increase in value as a result of a change in management, an extraordinary corporate event, a new product introduction or innovation, or a favorable competitive development). In selecting securities for the Fund, Frontier employs a growth at a reasonable price approach to identify the best risk/reward investment ideas in the U.S. equity mid-capitalization universe. Frontier believes that over time stock prices tend to follow earnings progress and that stocks must be purchased and owned at reasonable valuations. Frontier tends to own companies that, in its opinion, can generate long-term, sustainable earnings, managed by qualified professionals capable of executing a well conceived strategic plan. Frontier looks for businesses that, in its opinion, can generate returns on capital in excess of their cost of capital over a business cycle. Each subadviser or the sub-subadviser may sell assets for a variety of reasons, including in response to a change in the original investment considerations or to limit losses, adjust the characteristics of the overall portfolio, or redeploy assets into different opportunities. Show less