T.
ROWE
PRICE
Mid-Cap
Growth
Portfolio
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.1%
COMMUNICATION
SERVICES
5.7%
Entertainment
2.6%
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (1)
70,580
4,630
Spotify
Technology (1)
39,800
10,503
15,133
Interactive
Media
&
Services
0.7%
Match
Group (1)
91,316
3,313
Reddit,
Class
A (1)
11,008
543
3,856
Media
2.4%
New
York
Times,
Class
A
54,500
2,355
Trade
Desk,
Class
A (1)
131,400
11,487
13,842
Total
Communication
Services
32,831
CONSUMER
DISCRETIONARY
11.3%
Diversified
Consumer
Services
0.4%
Bright
Horizons
Family
Solutions (1)
18,200
2,063
2,063
Hotels,
Restaurants
&
Leisure
5.5%
Caesars
Entertainment (1)
73,722
3,225
Chipotle
Mexican
Grill (1)
230
669
Domino's
Pizza
21,004
10,436
Hilton
Worldwide
Holdings
48,800
10,409
Yum!
Brands
54,227
7,519
32,258
Specialty
Retail
5.0%
Bath
&
Body
Works
106,900
5,347
Burlington
Stores (1)
29,700
6,896
Five
Below (1)
19,100
3,464
Ross
Stores
49,500
7,265
Tractor
Supply
5,892
1,542
Ulta
Beauty (1)
9,300
4,863
29,377
Textiles,
Apparel
&
Luxury
Goods
0.4%
Birkenstock
Holding (1)
24,892
1,176
Lululemon
Athletica (1)
3,000
1,172
2,348
Total
Consumer
Discretionary
66,046
CONSUMER
STAPLES
3.6%
Beverages
0.2%
Boston
Beer,
Class
A (1)
4,135
1,259
1,259
Consumer
Staples
Distribution
&
Retail
2.2%
Casey's
General
Stores
16,700
5,318
Dollar
General
10,023
1,564
Dollar
Tree (1)
47,249
6,292
13,174
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
0.6%
McCormick
18,300
1,406
TreeHouse
Foods (1)
54,462
2,121
3,527
Household
Products
0.3%
Reynolds
Consumer
Products
67,300
1,922
1,922
Personal
Care
Products
0.3%
Kenvue
86,208
1,850
1,850
Total
Consumer
Staples
21,732
ENERGY
4.6%
Energy
Equipment
&
Services
1.3%
TechnipFMC
213,417
5,359
Weatherford
International (1)
21,200
2,447
7,806
Oil,
Gas
&
Consumable
Fuels
3.3%
Cheniere
Energy
43,300
6,984
Chesapeake
Energy
30,800
2,736
Coterra
Energy
99,600
2,777
EQT
128,900
4,778
Range
Resources
63,700
2,193
19,468
Total
Energy
27,274
FINANCIALS
7.5%
Capital
Markets
4.8%
Cboe
Global
Markets
16,300
2,995
Intercontinental
Exchange
49,300
6,775
KKR
69,900
7,031
MarketAxess
Holdings
13,900
3,048
Raymond
James
Financial
34,100
4,379
Tradeweb
Markets,
Class
A
38,200
3,979
28,207
Financial
Services
0.9%
Corpay (1)
14,300
4,412
Toast,
Class
A (1)
36,800
917
5,329
Insurance
1.8%
Assurant
37,000
6,965
Axis
Capital
Holdings
28,400
1,846
Markel
Group (1)
1,350
2,054
10,865
Total
Financials
44,401
HEALTH
CARE
22.6%
Biotechnology
4.5%
Alnylam
Pharmaceuticals (1)
25,365
3,791
Apellis
Pharmaceuticals (1)
22,364
1,315
Argenx,
ADR (1)
9,119
3,590
Ascendis
Pharma,
ADR (1)
13,600
2,056
Biogen (1)
21,300
4,593
CRISPR
Therapeutics (1)
18,172
1,239
Cytokinetics (1)
18,200
1,276
Exact
Sciences (1)
26,200
1,809
T.
ROWE
PRICE
Mid-Cap
Growth
Portfolio
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ionis
Pharmaceuticals (1)
87,900
3,810
Sarepta
Therapeutics (1)
15,254
1,975
Vaxcyte (1)
12,126
828
26,282
Health
Care
Equipment
&
Supplies
7.8%
Alcon
55,100
4,589
Cooper
61,800
6,270
DENTSPLY
SIRONA
74,100
2,459
Enovis (1)
60,124
3,755
Hologic (1)
197,300
15,382
QuidelOrtho (1)
59,933
2,873
Teleflex
47,472
10,737
46,065
Health
Care
Providers
&
Services
1.9%
Acadia
Healthcare (1)
76,000
6,021
Molina
Healthcare (1)
13,200
5,423
11,444
Health
Care
Technology
1.6%
Veeva
Systems,
Class
A (1)
39,644
9,185
9,185
Life
Sciences
Tools
&
Services
6.5%
Agilent
Technologies
90,000
13,096
Avantor (1)
362,000
9,256
Bruker
99,502
9,347
Mettler-Toledo
International (1)
2,400
3,195
West
Pharmaceutical
Services
9,145
3,619
38,513
Pharmaceuticals
0.3%
Catalent (1)
36,317
2,050
2,050
Total
Health
Care
133,539
INDUSTRIALS
&
BUSINESS
SERVICES
16.9%
Aerospace
&
Defense
2.6%
BWX
Technologies
32,800
3,366
Howmet
Aerospace
10,500
718
Textron
118,586
11,376
15,460
Commercial
Services
&
Supplies
0.9%
Veralto
36,400
3,227
Waste
Connections
13,000
2,236
5,463
Construction
&
Engineering
0.3%
Quanta
Services
7,700
2,000
2,000
Electrical
Equipment
0.1%
Shoals
Technologies
Group,
Class
A (1)
42,900
480
480
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ground
Transportation
1.6%
JB
Hunt
Transport
Services
46,800
9,325
9,325
Industrial
Conglomerates
0.5%
Roper
Technologies
5,500
3,085
3,085
Machinery
4.6%
Esab
56,552
6,253
Fortive
83,100
7,148
IDEX
15,400
3,758
Ingersoll
Rand
102,300
9,714
26,873
Passenger
Airlines
0.5%
Southwest
Airlines
99,800
2,913
2,913
Professional
Services
4.5%
Broadridge
Financial
Solutions
24,100
4,937
Equifax
33,400
8,935
Paylocity
Holding (1)
34,000
5,843
TransUnion
47,200
3,767
Verisk
Analytics
12,800
3,017
26,499
Trading
Companies
&
Distributors
1.3%
Ferguson
11,800
2,577
United
Rentals
6,800
4,904
7,481
Total
Industrials
&
Business
Services
99,579
INFORMATION
TECHNOLOGY
17.7%
Electronic
Equipment,
Instruments
&
Components
2.8%
Amphenol,
Class
A
50,100
5,779
Cognex
52,500
2,227
Keysight
Technologies (1)
47,400
7,412
Littelfuse
3,200
776
16,194
IT
Services
0.3%
MongoDB (1)
4,600
1,650
1,650
Semiconductors
&
Semiconductor
Equipment
7.4%
Astera
Labs (1)
1,651
123
Lattice
Semiconductor (1)
92,100
7,205
Marvell
Technology
226,671
16,066
Microchip
Technology
190,200
17,063
NXP
Semiconductors
11,700
2,899
43,356
Software
6.9%
Atlassian,
Class
A (1)
10,500
2,049
CCC
Intelligent
Solutions
Holdings (1)
395,771
4,733
Crowdstrike
Holdings,
Class
A (1)
30,912
9,910
Fair
Isaac (1)
5,500
6,873
Fortinet (1)
45,500
3,108
T.
ROWE
PRICE
Mid-Cap
Growth
Portfolio
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PTC (1)
48,157
9,099
Tyler
Technologies (1)
11,800
5,015
40,787
Technology
Hardware,
Storage
&
Peripherals
0.3%
Pure
Storage,
Class
A (1)
29,000
1,508
1,508
Total
Information
Technology
103,495
MATERIALS
5.7%
Chemicals
0.4%
RPM
International
20,800
2,474
2,474
Construction
Materials
1.5%
Martin
Marietta
Materials
14,389
8,834
8,834
Containers
&
Packaging
3.8%
Avery
Dennison
36,000
8,037
Ball
164,669
11,092
Sealed
Air
90,900
3,382
22,511
Total
Materials
33,819
REAL
ESTATE
0.5%
Real
Estate
Management
&
Development
0.5%
CoStar
Group (1)
32,634
3,152
Total
Real
Estate
3,152
Total
Common
Stocks
(Cost
$337,030)
565,868
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.2%
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $426 (1)(2)(3)
52,622
192
Total
Health
Care
192
INFORMATION
TECHNOLOGY
0.1%
Software
0.1%
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $302 (1)(2)(3)
4,103
302
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $123 (1)(2)(3)
1,670
123
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $293 (1)(2)(3)
14,070
57
Total
Information
Technology
482
MATERIALS
0.1%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $316 (1)(2)(3)
6,674
319
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $595 (1)(2)(3)
14,417
292
Total
Materials
611
Total
Convertible
Preferred
Stocks
(Cost
$2,055)
1,285
SHORT-TERM
INVESTMENTS
3.8%
Money
Market
Funds
3.8%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37% (4)(5)
22,543,394
22,543
Total
Short-Term
Investments
(Cost
$22,543)
22,543
Total
Investments
in
Securities
100.1%
(Cost
$361,628)
$
589,696
Other
Assets
Less
Liabilities
(0.1)%
(441)
Net
Assets
100.0%
$
589,255
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,285
and
represents
0.2%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Mid-Cap
Growth
Portfolio
4
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
Treasury
Reserve
Fund,
5.37%
$
—#
$
—
$
265+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37%
$
17,506
¤
¤
$
22,543^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$265
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
$22,543.
T.
ROWE
PRICE
Mid-Cap
Growth
Portfolio
Unaudited
5
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Mid-Cap
Growth
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.
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
T.
ROWE
PRICE
Mid-Cap
Growth
Portfolio
6
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.
E305-054Q1
03/24
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
565,868
$
—
$
—
$
565,868
Convertible
Preferred
Stocks
—
—
1,285
1,285
Short-Term
Investments
22,543
—
—
22,543
Total
$
588,411
$
—
$
1,285
$
589,696