Strategy. Victory Capital Management Inc. (Victory Capital or Subadviser), subadviser to the Portfolio, pursues the Portfolios investment objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies with market capitalizations, at the time of purchase, within the range of companies comprising the Russell Midcap Index. The Portfolio may invest a portion of its assets in equity securities of foreign companies traded in the United States, including American Depositary Receipts and Global Depositary Receipts (ADRs and GDRs). The Portfolio may also invest in real estate investment trusts. As of December 31, 2024, the Russell Midcap Index included companies with approximate market capitalizations between $205.2 million and $151.9 billion. The size of companies in the … Show more… Victory Capital Management Inc. (Victory Capital or Subadviser), subadviser to the Portfolio, pursues the Portfolios investment objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies with market capitalizations, at the time of purchase, within the range of companies comprising the Russell Midcap Index. The Portfolio may invest a portion of its assets in equity securities of foreign companies traded in the United States, including American Depositary Receipts and Global Depositary Receipts (ADRs and GDRs). The Portfolio may also invest in real estate investment trusts. As of December 31, 2024, the Russell Midcap Index included companies with approximate market capitalizations between $205.2 million and $151.9 billion. The size of companies in the index changes with market conditions and the composition of the index. The Subadviser invests in companies that it believes to be of high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. The Subadviser uses a bottom-up investment process in conducting fundamental analysis to identify companies that have sustainable returns, a stock price trading below the Subadvisers assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. The Subadviser may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, if the fundamentals of the company deteriorate, when the Portfolio must meet redemptions or for other reasons. Show less