Strategy. T. Rowe Price Associates, Inc. (T. Rowe Price or Subadviser), subadviser to the Portfolio, invests under normal market conditions at least 80% of the Portfolios net assets in equity securities of a diversified group of large capitalization growth companies (pursuant to T. Rowe Prices classifications). Equity securities include common stocks, including common stocks purchased through initial public offerings (IPOs), and preferred stocks. T. Rowe Price defines large capitalization companies as those with a market capitalization, at the time of purchase by the Portfolio, within the range of the market capitalization of companies included in the Russell 1000 Growth Index. As of December 31, 2024, this included companies with capitalizations of approximately $84.3 million and above. While most assets will be … Show more… T. Rowe Price Associates, Inc. (T. Rowe Price or Subadviser), subadviser to the Portfolio, invests under normal market conditions at least 80% of the Portfolios net assets in equity securities of a diversified group of large capitalization growth companies (pursuant to T. Rowe Prices classifications). Equity securities include common stocks, including common stocks purchased through initial public offerings (IPOs), and preferred stocks. T. Rowe Price defines large capitalization companies as those with a market capitalization, at the time of purchase by the Portfolio, within the range of the market capitalization of companies included in the Russell 1000 Growth Index. As of December 31, 2024, this included companies with capitalizations of approximately $84.3 million and above. While most assets will be invested in U.S. common stocks, other securities may also be purchased, such as foreign stocks (including those of issuers located in emerging markets). The Portfolios investments in foreign securities will be limited to 25% of total assets. The Portfolio may, from time to time, emphasize one or more sectors. The Portfolio may invest in private placements. Stock Selection T. Rowe Price generally looks for companies with strong cash flow, an above-average rate of earnings growth and a lucrative niche in the economy that gives them the ability to sustain earnings momentum even during times of slow economic growth. As growth investors, T. Rowe Price believes that when a company increases its earnings faster than both inflation and the overall economy, the market will eventually reward it with a higher stock price. In pursuing the Portfolios investment objective, T. Rowe Price has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an opportunity for substantial appreciation. These situations might arise when T. Rowe Price believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, a new product introduction or innovation, or a favorable competitive development. The Portfolio may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. Show less