STYLE/TYPESTRATEGICORTACTICALALLOCA-TIONSTRATEGICORTACTICALALLOCA-TIONSTRATEGICORTACTICALALLOCA-TIONMID-CAPEQUITYSECTORINVESTMENT OBJECTIVES/POLICIESRydex Variable Trust – Nova: seeks to provide investment results that match the performanceof a specific benchmark on a daily basis. The Portfolio's current benchmark is 150% of theperformance of the S&P 500 ® Index (the "underlying index"). If the Portfolio meets itsobjective, the value of the Portfolio's shares will tend to increase on a daily basis by 150% ofthe value of any increase in the underlying index. When the value of the underlying indexdeclines, the value of the Portfolio's shares should also decrease on a daily basis by 150% of thevalue of any decrease in the underlying index (e.g., if the underlying index goes down by 5%,the value of the Portfolio's shares should go down by 7.5% on that day). Unlike a traditionalindex fund, as its primary investment strategy, the Portfolio invests to a significant extent inleveraged instruments, such as swap agreements, futures contracts and options on securities,futures contracts, and stock indices, as well as equity securities.Rydex Variable Trust – Ursa: seeks to provide investment results that will inversely correlateto the performance of the S&P 500 ® Index (the "underlying index"). If the Portfolio meets itsobjective, the value of the Portfolio's shares will tend to increase during times when the value ofthe underlying index is decreasing. When the value of the underlying index is increasing,however, the value of the Portfolio's shares should decrease on a daily basis by an inverselyproportionate amount (e.g., if the underlying index goes up by 5%, the value of the Portfolio'sshares should go down by 5% on that day). Unlike a traditional index fund, the Portfolio'sbenchmark is to perform exactly opposite the underlying index, and the Ursa Fund will not ownthe securities included in the underlying index. Instead, as its primary investment strategy, thePortfolio invests to a significant extent in short sales of securities or futures contracts and inoptions on securities, futures contracts, and stock indices.Rydex Variable Trust – OTC: seeks to provide investment results that correspond to abenchmark for over-the-counter securities. The Portfolio's current benchmark is the NASDAQ100 Index ® (the "underlying index"). If the Portfolio meets its objective, the value of thePortfolio's shares should increase on a daily basis by the amount of any increase in the value ofthe underlying index. However, when the value of the underlying index declines, the value ofthe Portfolio's shares should also decrease on a daily basis by the amount of the decrease invalue of the underlying index. The Portfolio invests principally in securities of companiesincluded in the underlying index. It also may invest in other instruments whose performance isexpected to correspond to that of the underlying index, and may engage in futures and optionstransactions and enter into swap agreements.INVESCO Variable Investment Funds – Dynamics: seek long-term capital growth. ThePortfolio invests at least 65% of its assets in common stocks of mid-sized companies.INVESCO defines mid-sized companies as companies that are included in the Russell MidcapGrowth Index at the time of purchase, or if not included in that Index, have marketcapitalizations of between $2.5 billion and $15 billion at the time of purchase. The core of thePortfolio’s investments are in securities of established companies that are leaders in attractivegrowth markets with a history of strong returns. The remainder of the Portfolio is invested insecurities of companies that show accelerating growth, driven by product cycles, favorableindustry or sector conditions, and other factors that INVESCO believes will lead to rapid salesor earnings growth.INVESCO Variable Investment Funds – Technology: seeks capital growth. The Portfolionormally invests 80% of its net assets in the equity securities and equity-related instruments ofcompanies engaged in technology-related industries. These include, but are not limited to,various applied technologies, hardware, software, semiconductors, telecommunicationsequipment and services and service-related companies in information technology. Many ofthese products and services are subject to rapid obsolescence, which may lower market value ofthe securities of the companies in this sector. At any given time, 20% of the Portfolio's assets isnot required to be invested in the sector.PORTFOLIOADVISOR/SUB-ADVISORRydex GlobalAdvisors(f/k/a PADCOAdvisors II, Inc.)Rydex GlobalAdvisors(f/k/a PADCOAdvisors II, Inc.)Rydex GlobalAdvisors(f/k/a PADCOAdvisors II, Inc.)INVESCO FundsGroup, Inc.Contract described herein is no longer available for sale.INVESCO FundsGroup, Inc.21
STYLE/TYPESECTORSECTORSECTORINTER-NATIONALEQUITYGLOBALEQUITYSMALL CAPEQUITYMID-CAPEQUITYINVESTMENT OBJECTIVES/POLICIESINVESCO Variable Investment Funds – Health Sciences: seeks capital growth. ThePortfolio normally invests at least 80% of its net assets in the equity securities and equityrelatedinstruments of companies that develop, produce or distribute products or services relatedto health care. These companies include, but are not limited to, medical equipment or supplies,pharmaceuticals, biotechnology and healthcare providers and service companies. At any giventime, 20% of the Portfolio's assets is not required to be invested in the sector.INVESCO Variable Investment Funds – Financial Services: seeks capital growth. ThePortfolio normally invests at least 80% of its net assets in the equity securities and equityrelatedinstruments of companies involved in the financial services sector. These companiesinclude, but are not limited to, banks (regional and money-centers), insurance companies (life,property and casualty, and multiline), investment and miscellaneous industries (asset managers,brokerage firms, and government-sponsored agencies) and suppliers to financial servicescompanies. At any given time, 20% of the Portfolio's assets is not required to be invested in thesector.INVESCO Variable Investment Funds – Telecommunications: seeks capital growth andcurrent income. The Portfolio normally invests 80% of its net assets in the equity securities andequity-related instruments of companies engaged in the design, development, manufacture,distribution, or sale of communications services and equipment, and companies that areinvolved in supplying equipment or services to such companies. The telecommunicationssector includes, but is not limited to, companies that offer telephone services, wirelesscommunications, satellite communications, television and movie programming, broadcastingand Internet access. Many of these products and services are subject to rapid obsolescence,which may lower the market value of the securities of the companies in this sector. At anygiven time, 20% of the Portfolio's assets is not required to be invested in the sector.Evergreen VA International Growth: seeks long-term capital growth and, secondarily,modest income. The Portfolio invests primarily in equity securities issued by established,quality, non-U.S. companies located in countries with developed markets, but may purchaseacross all market capitalizations. The Portfolio normally invests at least 65% of its assets insecurities of companies in at least three different countries (other than the U.S.) and may investin emerging markets and in securities of companies in the formerly communist countries ofEastern Europe. The Portfolio invests in companies that are both growth opportunities andvalue opportunities.Evergreen VA Global Leaders: seeks to provide investors with long-term capital growth. ThePortfolio normally invests as least 65% of its assets in a diversified portfolio of U.S. and non-U.S. equity securities of companies located in the world's major industrialized countries. ThePortfolio will invest in no less than three countries, which may include the U.S., but may investmore than 25% of its assets in one country. The Portfolio invests only in the best 100companies, which are selected by the Portfolio's manager based on as high return on equity,consistent earnings growth, established market presence and industries or sectors withsignificant growth prospects.Evergreen VA Special Equity: seeks capital growth. The Portfolio normally invests at least80% of its assets in common stocks of small U.S. companies (i.e., companies whose marketcapitalizations fall within the range of the Russell 2000 ® Index, at the time of purchase). Theremaining 20% of the Portfolio's assets may be represented by cash or invested in various cashequivalents. The Portfolio's manager selects stocks of companies which it believes have thepotential for accelerated growth in earnings and price.PORTFOLIOADVISOR/SUB-ADVISORINVESCO FundsGroup, Inc.INVESCO FundsGroup, Inc.INVESCO FundsGroup, Inc.Evergreen InvestmentManagementCompany, LLCEvergreen InvestmentManagementCompany, LLCEvergreen InvestmentManagementCompany, LLCContract described herein is no longer available for sale.Evergreen VA Omega: seeks long-term capital growth. The Portfolio invests primarily incommon stocks and securities convertible into common stocks of U.S. companies across allmarket capitalizations. The Portfolio's managers employ a growth style of equity management."Growth" stocks are stocks of companies that the Portfolio's managers believe have anticipatedearnings ranging from steady to accelerated growth.Evergreen InvestmentManagementCompany, LLC22
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