T.
ROWE
PRICE
Equity
Income
Portfolio
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.7%
COMMUNICATION
SERVICES
4.6%
Diversified
Telecommunication
Services
0.7%
AT&T
64,010
1,127
Verizon
Communications
103,702
4,351
5,478
Entertainment
1.4%
Walt
Disney
92,104
11,270
11,270
Media
2.5%
Comcast,
Class
A
52,733
2,286
News,
Class
A
597,630
15,646
News,
Class
B
61,103
1,653
19,585
Total
Communication
Services
36,333
CONSUMER
DISCRETIONARY
2.5%
Broadline
Retail
0.5%
Kohl's
123,593
3,603
3,603
Hotels,
Restaurants
&
Leisure
1.1%
Las
Vegas
Sands
159,469
8,244
8,244
Leisure
Products
0.5%
Mattel (1)
203,920
4,040
4,040
Specialty
Retail
0.4%
Best
Buy
6,856
563
TJX
23,243
2,357
2,920
Total
Consumer
Discretionary
18,807
CONSUMER
STAPLES
8.0%
Beverages
0.1%
Constellation
Brands,
Class
A
3,000
815
815
Consumer
Staples
Distribution
&
Retail
1.4%
Dollar
General
13,200
2,060
Walmart
146,046
8,788
10,848
Food
Products
2.0%
Conagra
Brands
291,801
8,649
Mondelez
International,
Class
A
8,483
594
Tyson
Foods,
Class
A
114,626
6,732
15,975
Household
Products
2.0%
Colgate-Palmolive
60,214
5,422
Kimberly-Clark
80,794
10,451
15,873
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Personal
Care
Products
1.1%
Kenvue
396,272
8,504
8,504
Tobacco
1.4%
Philip
Morris
International
120,871
11,074
11,074
Total
Consumer
Staples
63,089
ENERGY
8.8%
Energy
Equipment
&
Services
0.2%
Baker
Hughes
40,400
1,353
1,353
Oil,
Gas
&
Consumable
Fuels
8.6%
Chevron
9,470
1,494
ConocoPhillips
22,100
2,813
Enbridge
121,200
4,385
EOG
Resources
42,896
5,484
EQT
134,295
4,978
Exxon
Mobil
102,920
11,963
Hess
34,345
5,242
Suncor
Energy
129,300
4,773
TC
Energy
61,120
2,457
TotalEnergies
(EUR)
243,966
16,782
TotalEnergies,
ADR
46,078
3,172
Williams
88,500
3,449
66,992
Total
Energy
68,345
FINANCIALS
23.4%
Banks
9.2%
Bank
of
America
112,475
4,265
Citigroup
129,862
8,213
Fifth
Third
Bancorp
271,006
10,084
Huntington
Bancshares
540,311
7,537
JPMorgan
Chase
50,989
10,213
U.S.
Bancorp
179,016
8,002
Wells
Fargo
400,036
23,186
71,500
Capital
Markets
2.5%
Bank
of
New
York
Mellon
26,700
1,538
Charles
Schwab
172,989
12,514
Goldman
Sachs
Group
6,686
2,793
Morgan
Stanley
30,923
2,912
19,757
Financial
Services
3.2%
Apollo
Global
Management
20,121
2,263
Equitable
Holdings
342,231
13,008
Fiserv (1)
59,124
9,449
24,720
Insurance
8.5%
American
International
Group
241,209
18,855
Chubb
65,877
17,071
Hartford
Financial
Services
Group
95,555
9,847
Loews
105,227
8,238
T.
ROWE
PRICE
Equity
Income
Portfolio
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MetLife
163,685
12,131
66,142
Total
Financials
182,119
HEALTH
CARE
15.7%
Biotechnology
0.8%
AbbVie
22,093
4,023
Biogen (1)
10,606
2,287
6,310
Health
Care
Equipment
&
Supplies
4.4%
Becton
Dickinson
&
Company
53,550
13,251
GE
HealthCare
Technologies
35,836
3,258
Medtronic
75,795
6,606
Zimmer
Biomet
Holdings
84,000
11,086
34,201
Health
Care
Providers
&
Services
5.3%
Cardinal
Health
11,000
1,231
Centene (1)
21,580
1,694
Cigna
Group
26,571
9,650
CVS
Health
112,709
8,990
Elevance
Health
36,326
18,836
Humana
1,600
555
40,956
Pharmaceuticals
5.2%
AstraZeneca,
ADR
83,600
5,664
Bristol-Myers
Squibb
54,600
2,961
Johnson
&
Johnson
52,338
8,279
Merck
58,257
7,687
Pfizer
178,225
4,946
Sanofi
(EUR)
44,804
4,359
Sanofi,
ADR
13,900
675
Viatris
476,100
5,685
40,256
Total
Health
Care
121,723
INDUSTRIALS
&
BUSINESS
SERVICES
12.3%
Aerospace
&
Defense
2.9%
Boeing (1)
48,976
9,452
L3Harris
Technologies
62,622
13,345
22,797
Air
Freight
&
Logistics
0.9%
United
Parcel
Service,
Class
B
48,346
7,186
7,186
Commercial
Services
&
Supplies
0.3%
Stericycle (1)
43,957
2,319
2,319
Ground
Transportation
1.2%
Norfolk
Southern
22,800
5,811
Union
Pacific
14,434
3,550
9,361
Industrial
Conglomerates
4.3%
3M
19,900
2,111
Shares
$
Value
(Cost
and
value
in
$000s)
‡
General
Electric
107,709
18,906
Honeywell
International
12,200
2,504
Siemens
(EUR)
50,887
9,716
33,237
Machinery
1.9%
Cummins
14,000
4,125
Flowserve
2,182
100
Stanley
Black
&
Decker
108,328
10,608
14,833
Passenger
Airlines
0.8%
Southwest
Airlines
217,037
6,335
6,335
Total
Industrials
&
Business
Services
96,068
INFORMATION
TECHNOLOGY
9.5%
Communications
Equipment
0.2%
Cisco
Systems
27,928
1,394
1,394
Electronic
Equipment,
Instruments
&
Components
0.6%
TE
Connectivity
31,520
4,578
4,578
IT
Services
0.5%
Accenture,
Class
A
10,705
3,710
3,710
Semiconductors
&
Semiconductor
Equipment
5.5%
Advanced
Micro
Devices (1)
3,200
577
Applied
Materials
49,729
10,255
Intel
53,400
2,359
QUALCOMM
137,158
23,221
Texas
Instruments
37,098
6,463
42,875
Software
1.7%
Microsoft
30,797
12,957
12,957
Technology
Hardware,
Storage
&
Peripherals
1.0%
Samsung
Electronics
(KRW)
128,484
7,864
7,864
Total
Information
Technology
73,378
MATERIALS
3.0%
Chemicals
1.9%
CF
Industries
Holdings
159,957
13,310
International
Flavors
&
Fragrances
17,106
1,471
14,781
Containers
&
Packaging
1.1%
International
Paper
224,639
8,765
8,765
Total
Materials
23,546
T.
ROWE
PRICE
Equity
Income
Portfolio
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
REAL
ESTATE
4.0%
Industrial
Real
Estate
Investment
Trusts
0.2%
Rexford
Industrial
Realty,
REIT
36,298
1,826
1,826
Office
Real
Estate
Investment
Trusts
0.0%
Vornado
Realty
Trust,
REIT
11,600
334
334
Residential
Real
Estate
Investment
Trusts
1.3%
Equity
Residential,
REIT
161,496
10,192
10,192
Specialized
Real
Estate
Investment
Trusts
2.5%
Rayonier,
REIT
190,952
6,347
Weyerhaeuser,
REIT
365,065
13,110
19,457
Total
Real
Estate
31,809
UTILITIES
5.9%
Electric
Utilities
3.1%
NextEra
Energy
83,500
5,336
PG&E
58,100
974
Southern
246,279
17,668
23,978
Multi-Utilities
2.8%
Ameren
77,409
5,725
Dominion
Energy
186,084
9,153
NiSource
43,851
1,213
Sempra
76,916
5,525
21,616
Total
Utilities
45,594
Total
Common
Stocks
(Cost
$493,531)
760,811
CONVERTIBLE
PREFERRED
STOCKS
0.2%
UTILITIES
0.2%
Electric
Utilities
0.2%
NextEra
Energy,
6.926%,
9/1/25
29,299
1,166
Total
Utilities
1,166
Total
Convertible
Preferred
Stocks
(Cost
$1,428)
1,166
PREFERRED
STOCKS
1.2%
CONSUMER
DISCRETIONARY
1.2%
Automobiles
1.2%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
49,185
4,892
Volkswagen
(EUR)
32,996
4,376
Total
Consumer
Discretionary
9,268
Total
Preferred
Stocks
(Cost
$9,038)
9,268
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (2)(3)
5,760,719
5,761
Total
Short-Term
Investments
(Cost
$5,761)
5,761
Total
Investments
in
Securities
99.8%
(Cost
$509,758)
$
777,006
Other
Assets
Less
Liabilities
0.2%
1,666
Net
Assets
100.0%
$
778,672
T.
ROWE
PRICE
Equity
Income
Portfolio
4
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Seven-day
yield
(3)
Affiliated
Companies
ADR
American
Depositary
Receipts
EUR
Euro
KRW
South
Korean
Won
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Equity
Income
Portfolio
5
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
—#
$
—
$
67+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
6,010
¤
¤
$
5,761^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$67
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$5,761.
T.
ROWE
PRICE
Equity
Income
Portfolio
Unaudited
6
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Equity
Income
Portfolio (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-
end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
T.
ROWE
PRICE
Equity
Income
Portfolio
7
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
E300-054Q1
03/24
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
722,090
$
38,721
$
—
$
760,811
Convertible
Preferred
Stocks
—
1,166
—
1,166
Preferred
Stocks
—
9,268
—
9,268
Short-Term
Investments
5,761
—
—
5,761
Total
$
727,851
$
49,155
$
—
$
777,006