Strategy. T. Rowe Price Associates, Inc. (the Sub-Adviser) serves as the Funds sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Funds assets. The Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets in a diversified group of domestic stocks of medium-sized companies: companies traded on U.S. securities markets with market capitalizations, at the time of purchase, in the range of companies included in the Russell Midcap Growth Index or the S&P MidCap 400 Index. As of March 31, 2025, the market capitalization range of the Russell Midcap Growth Index was $677.2 million to $197.4 billion. The range of the S&P MidCap 400 Index was $1.88 billion to $25.8 billion, as of … Show more… T. Rowe Price Associates, Inc. (the Sub-Adviser) serves as the Funds sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Funds assets. The Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets in a diversified group of domestic stocks of medium-sized companies: companies traded on U.S. securities markets with market capitalizations, at the time of purchase, in the range of companies included in the Russell Midcap Growth Index or the S&P MidCap 400 Index. As of March 31, 2025, the market capitalization range of the Russell Midcap Growth Index was $677.2 million to $197.4 billion. The range of the S&P MidCap 400 Index was $1.88 billion to $25.8 billion, as of March 31, 2025. The Fund may also invest in large and small-cap companies. In addition, the Fund may invest in foreign stocks, including those in emerging markets, up to 10% of its total assets. The Fund may at times invest significantly in certain sectors, such as the information technology sector. Stock selection is based on a combination of fundamental, bottom-up analysis and top-down quantitative strategies in an effort to identify companies with superior long-term appreciation prospects. The companies sought typically have: a demonstrated ability to consistently increase revenues, earnings, and cash flow; capable management; attractive business niches; and a sustainable competitive advantage. When selecting investments, valuation measures, such as a companys price/earnings ratio relative to the market and its own growth rate are also considered. Holdings of high-yielding stocks will typically be limited, but the payment of dividends even above-average dividends does not disqualify a stock from consideration. However, holdings are expected to have relatively low dividend yields. The Sub-Advisers extensive experience in all aspects of mid-cap growth investing research, trading, portfolio strategy provides the foundation for the decisions and judgment needed to develop the Funds quantitative investment strategies. In essence, the portfolio managers leverage this fundamental expertise to build the relevant investment models, to assess how well the models capture important mid-cap growth stock attributes, and to adjust them as needed over time. Thus, both qualitative and quantitative expertise is harnessed in attempting to optimize longterm performance. The Sub-Adviser integrates pecuniary environmental, social, and governance (ESG) factors into the Funds investment research process when applicable. While ESG matters vary widely, the Sub-Adviser generally considers ESG to mean: Environmental or E matters, such as climate change, resource depletion, waste, pollution, or deforestation; Social or S matters, such as companies relationships with their employees and suppliers, including labor standards, diversity, and human rights issues; and Governance or G matters, such as shareholder rights, bribery and corruption, executive pay, and board composition. The Sub-Adviser focuses on the ESG factors it considers most likely to have a material impact on the performance of the holdings in the Funds portfolio. Show less