T.
ROWE
PRICE
Health
Sciences
Portfolio
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.2%
BIOTECHNOLOGY
24.1%
Major
Biotechnology
5.6%
Amgen
41,700
11,856
Biogen (1)
17,534
3,781
Celldex
Therapeutics (1)
62,757
2,634
Exact
Sciences (1)
36,548
2,524
Exact
Sciences
CMO
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)
(2)(3)
167,424
95
Exact
Sciences
FDA
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)
(2)(3)
83,712
48
Neurocrine
Biosciences (1)
37,844
5,219
Vertex
Pharmaceuticals (1)
37,133
15,522
41,679
Other
Biotechnology
18.5%
ACADIA
Pharmaceuticals (1)
29,685
549
Affinivax
Expense
Fund,
Acquisition
Date:
9/12/22,
Cost $1 (1)(2)(3)
562
1
Affinivax
Milestone
Event,
Acquisition
Date:
9/12/22,
Cost $156 (1)(2)(3)
331,976
199
Affinivax
Next
Gen.
Prod.
Milestone
Event,
Acquisition
Date:
9/12/22,
Cost $156 (1)(2)(3)
331,976
76
Agios
Pharmaceuticals (1)
35,921
1,050
Akero
Therapeutics (1)
34,210
864
Alector (1)
30,382
183
Allogene
Therapeutics (1)
121,946
545
Alnylam
Pharmaceuticals (1)
64,621
9,658
Alpine
Immune
Sciences (1)
33,006
1,308
AnaptysBio (1)
6,300
142
Apellis
Pharmaceuticals (1)
62,853
3,695
Apogee
Therapeutics (1)
41,514
2,759
Ardelyx (1)
136,000
993
Arvinas (1)
55,602
2,295
Ascendis
Pharma,
ADR (1)
29,591
4,473
Aura
Biosciences (1)
17,870
140
Avidity
Biosciences (1)
58,184
1,485
Avidity
Biosciences
PIPE,
Acquisition
Date:
2/29/24,
Cost $1,421 (1)(3)
86,119
2,088
BeiGene,
ADR (1)
30,402
4,755
Bicycle
Therapeutics,
ADR (1)
15,304
381
Biohaven (1)
85,041
4,651
BioMarin
Pharmaceutical (1)
35,520
3,102
Blueprint
Medicines (1)
101,594
9,637
Cargo
Therapeutics (1)
45,269
1,010
Cargo
Therapeutics,
Acquisition
Date:
2/22/23
-
10/27/23,
Cost $516 (1)(3)
38,005
848
Centessa
Pharmaceuticals,
ADR (1)
62,892
711
CRISPR
Therapeutics (1)
1,704
116
Cytokinetics (1)
21,462
1,505
Day
One
Biopharmaceuticals (1)
3,030
50
Denali
Therapeutics (1)
47,802
981
Entrada
Therapeutics (1)
19,854
281
Exelixis (1)
38,748
919
Generation
Bio (1)
52,070
212
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ginkgo
Bioworks,
Earn
Out
Shares
$15.00,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
9,683
3
Ginkgo
Bioworks,
Earn
Out
Shares
$17.50,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
9,683
3
Ginkgo
Bioworks,
Earn
Out
Shares
$20.00,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
9,683
2
Gyroscope
Therapeutics,
Milestone
Payment
1,
Acquisition
Date:
2/18/22,
Cost $253 (1)(2)(3)
253,263
—
Gyroscope
Therapeutics,
Milestone
Payment
2,
Acquisition
Date:
2/18/22,
Cost $169 (1)(2)(3)
168,785
—
Gyroscope
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
2/18/22,
Cost $169 (1)(2)(3)
168,785
—
IGM
Biosciences (1)
44,463
429
Immatics (1)
67,897
714
Immuneering,
Class
A (1)
29,046
84
Immunocore
Holdings,
ADR (1)
57,075
3,710
Immunome (1)
71,450
1,763
Incyte (1)
14,364
818
Insmed (1)
97,594
2,648
Intellia
Therapeutics (1)
5,973
164
Ionis
Pharmaceuticals (1)
37,557
1,628
Iovance
Biotherapeutics (1)
135,669
2,011
Krystal
Biotech (1)
18,195
3,237
Kymera
Therapeutics (1)
61,045
2,454
Legend
Biotech,
ADR (1)
53,353
2,993
Longboard
Pharmaceuticals (1)
41,644
900
Lyell
Immunopharma (1)
241,700
539
Monte
Rosa
Therapeutics (1)
51,821
365
MoonLake
Immunotherapeutics (1)
49,649
2,494
Morphic
Holding (1)
35,779
1,259
Novocure (1)
78,264
1,223
Nuvalent,
Class
A (1)
3,589
269
Pliant
Therapeutics (1)
27,537
410
Prelude
Therapeutics (1)
39,548
187
Prime
Medicine (1)
22,631
158
Protagonist
Therapeutics (1)
31,200
903
Prothena (1)
30,857
764
RAPT
Therapeutics (1)
3,442
31
Regeneron
Pharmaceuticals (1)
20,600
19,827
Relay
Therapeutics (1)
98,419
817
Repligen (1)
12,160
2,236
Replimune
Group (1)
66,664
545
REVOLUTION
Medicines (1)
71,258
2,297
REVOLUTION
Medicines,
Warrants,
11/14/28 (1)
11,096
2
Rocket
Pharmaceuticals (1)
43,255
1,165
Sage
Therapeutics (1)
28,484
534
Sana
Biotechnology (1)
126,168
1,262
Sarepta
Therapeutics (1)
12,712
1,646
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (1)
(3)
6,855
79
Scholar
Rock
Holding (1)
87,874
1,561
T.
ROWE
PRICE
Health
Sciences
Portfolio
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SpringWorks
Therapeutics (1)
70,220
3,456
Structure
Therapeutics,
ADR (1)
32,644
1,399
Ultragenyx
Pharmaceutical (1)
61,717
2,882
Voyager
Therapeutics (1)
42,811
399
Xencor (1)
39,844
882
Zai
Lab,
ADR (1)
61,221
981
Zentalis
Pharmaceuticals (1)
59,165
932
136,727
Total
Biotechnology
178,406
LIFE
SCIENCES
9.2%
Life
Sciences
9.2%
Agilent
Technologies
54,725
7,963
Bio-Techne
50,330
3,543
Bruker
22,689
2,131
Charles
River
Laboratories
International (1)
10,186
2,760
Danaher
86,678
21,645
Ginkgo
Bioworks
Holdings,
Class
A (1)
91,250
106
Pacific
Biosciences
of
California (1)
81,354
305
SomaLogic,
Warrants,
8/31/26 (1)
4,962
—
Thermo
Fisher
Scientific
51,332
29,835
Total
Life
Sciences
68,288
MISCELLANEOUS
0.0%
Miscellaneous
0.0%
Orchestra
BioMed
Holdings (1)
24,783
131
Total
Miscellaneous
131
PHARMACEUTICALS
19.2%
Major
Pharmaceuticals
18.2%
AbbVie
18,685
3,403
AstraZeneca,
ADR
217,526
14,737
Daiichi
Sankyo
(JPY)
47,300
1,493
Eli
Lilly
94,241
73,316
Merck
227,853
30,065
Novo
Nordisk,
ADR
86,460
11,101
134,115
Specialty
Pharmaceuticals
1.0%
Madrigal
Pharmaceuticals (1)
14,026
3,745
Zoetis
22,580
3,821
7,566
Total
Pharmaceuticals
141,681
PRODUCTS
&
DEVICES
18.3%
Capital
Equipment
0.2%
PROCEPT
BioRobotics (1)
31,280
1,546
1,546
Implants
11.8%
Becton
Dickinson
&
Company
31,957
7,908
Boston
Scientific (1)
112,672
7,717
Edwards
Lifesciences (1)
102,443
9,790
Intuitive
Surgical (1)
76,874
30,680
Stryker
75,140
26,890
Teleflex
1,376
311
Verily
Life
Sciences,
Series
B,
Acquisition
Date:
1/23/19,
Cost $643 (1)(2)(3)
5,220
509
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zimmer
Biomet
Holdings
27,588
3,641
87,446
Other
Products
&
Devices
6.3%
10X
Genomics,
Class
A (1)
87,427
3,281
Argenx,
ADR (1)
37,581
14,796
Dexcom (1)
35,460
4,918
Hologic (1)
57,307
4,468
Inspire
Medical
Systems (1)
8,722
1,873
Insulet (1)
7,938
1,361
Lantheus
Holdings (1)
17,072
1,063
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $1,452 (1)(2)(3)
385,684
154
Penumbra (1)
35,599
7,945
Saluda
Medical,
Warrants,
1/20/27,
Acquisition
Date:
1/20/22,
Cost $— (1)
(2)(3)
4,672
13
Shockwave
Medical (1)
17,024
5,544
Siemens
Healthineers
(EUR) (1)
14,949
914
46,330
Total
Products
&
Devices
135,322
SERVICES
19.4%
Distribution
1.3%
Cardinal
Health
36,763
4,114
Cencora
8,800
2,138
McKesson
6,358
3,413
9,665
Information
0.7%
GeneDx
Holdings (1)
1,938
18
GeneDx
Holdings,
Warrants,
7/22/26 (1)
11,396
1
Veeva
Systems,
Class
A (1)
20,469
4,742
4,761
Other
Services
1.7%
Guardant
Health (1)
30,849
636
ICON (1)
12,100
4,065
IQVIA
Holdings (1)
11,632
2,942
West
Pharmaceutical
Services
11,920
4,717
12,360
Payors
14.0%
Centene (1)
53,734
4,217
Cigna
Group
37,849
13,746
Elevance
Health
50,674
26,277
Humana
9,927
3,442
Molina
Healthcare (1)
26,181
10,756
UnitedHealth
Group
91,049
45,042
103,480
Providers
1.7%
agilon
health (1)
45,817
279
HCA
Healthcare
23,433
7,816
Surgery
Partners (1)
38,596
1,151
T.
ROWE
PRICE
Health
Sciences
Portfolio
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tenet
Healthcare (1)
32,897
3,458
12,704
Total
Services
142,970
Total
Miscellaneous
Common
Stocks
5.0% (4)
36,733
Total
Common
Stocks
(Cost
$366,202)
703,531
CONVERTIBLE
BONDS
0.1%
Galvanize
Therapeutics,
0.00%,
2/13/27,
Acquisition
Date:
2/28/24,
Cost $295 (1)(2)(3)
295,300
295
Immunocore
Holdings,
2.50%,
2/1/30 (5)
739,000
772
Total
Convertible
Bonds
(Cost
$1,034)
1,067
CONVERTIBLE
PREFERRED
STOCKS
4.3%
BIOTECHNOLOGY
1.8%
Other
Biotechnology
1.8%
Arbor
Bio,
Series
B,
Acquisition
Date:
10/29/21,
Cost $398 (1)(2)(3)
23,994
398
Avalyn
Pharma,
Series
C-1,
Acquisition
Date:
9/22/23,
Cost $285 (1)(2)(3)
388,595
284
Chroma
Medicine,
Series
A,
Acquisition
Date:
10/12/21,
Cost $500 (1)(2)(3)
235,778
613
Chroma
Medicine,
Series
B,
Acquisition
Date:
2/8/23,
Cost $198 (1)(2)(3)
76,097
198
Delfi
Diagnostics,
Series
A,
Acquisition
Date:
1/12/21
-
4/7/22,
Cost $320 (1)
(2)(3)
154,525
749
Delfi
Diagnostics,
Series
B,
Acquisition
Date:
6/10/22,
Cost $407 (1)(2)(3)
84,104
407
Eikon
Therapeutics,
Series
B,
Acquisition
Date:
12/3/21,
Cost $810 (1)(2)(3)
45,781
984
Eikon
Therapeutics,
Series
C,
Acquisition
Date:
5/18/23,
Cost $195 (1)(2)(3)
9,072
195
EndeavorBio,
Series
B,
Acquisition
Date:
1/21/22,
Cost $398 (1)(2)(3)
84,304
398
FOG
Pharma,
Series
C,
Acquisition
Date:
1/11/21
-
8/2/21,
Cost $282 (1)
(2)(3)
19,483
165
FOG
Pharma,
Series
D,
Acquisition
Date:
11/17/22,
Cost $296 (1)(2)(3)
27,546
202
FOG
Pharma,
Series
E,
Acquisition
Date:
2/29/24,
Cost $93 (1)(2)(3)
14,904
93
Generate
Bio,
Series
B,
Acquisition
Date:
9/2/21,
Cost $1,001 (1)(2)(3)
84,485
1,001
Generate
Bio,
Series
C,
Acquisition
Date:
5/9/23,
Cost $201 (1)(2)(3)
17,003
201
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $191 (1)(2)(3)
37,471
191
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Genesis
Therapeutics,
Series
B,
Acquisition
Date:
8/10/23,
Cost $465 (1)(2)(3)
91,103
465
Insitro,
Series
B,
Acquisition
Date:
5/21/20,
Cost $248 (1)(2)(3)
39,793
728
Insitro,
Series
C,
Acquisition
Date:
4/7/21,
Cost $481 (1)(2)(3)
26,282
481
Kartos
Therapeutics,
Series
C,
Acquisition
Date:
8/22/23,
Cost $486 (1)(2)(3)
85,928
486
Laronde,
Series
B,
Acquisition
Date:
7/28/21,
Cost $1,471 (1)(2)(3)
52,537
221
Odyssey
Therapeutics,
Acquisition
Date:
10/25/23,
Cost $25 (1)(2)(3)
4,902
25
Odyssey
Therapeutics,
Series
B,
Acquisition
Date:
5/13/22,
Cost $319 (1)(2)(3)
50,567
263
ProfoundBio,
Series
B,
Acquisition
Date:
2/9/24,
Cost $421 (1)(2)(3)
56,306
421
Rapport
Therapeutics,
Series
B,
Acquisition
Date:
8/7/23
-
3/19/24,
Cost $404 (1)(2)(3)
240,995
404
Ring
Therapeutics,
Series
B,
Acquisition
Date:
4/12/21,
Cost $404 (1)(2)(3)
43,885
404
Ring
Therapeutics,
Series
C,
Acquisition
Date:
10/7/22,
Cost $198 (1)(2)(3)
21,482
198
Saliogen
Therapeutics,
Series
B,
Acquisition
Date:
12/10/21,
Cost $497 (1)(2)(3)
4,690
497
Scribe
Therapeutics,
Series
B,
Acquisition
Date:
3/17/21,
Cost $278 (1)(2)(3)
45,881
278
Sionna
Therapeutics,
Series
B,
Acquisition
Date:
2/2/22,
Cost $239 (1)(2)(3)
24,459
239
Sionna
Therapeutics,
Series
C,
Acquisition
Date:
3/4/24,
Cost $84 (1)
(2)(3)
8,642
84
Spyre
Therapeutics
PIPE,
Acquisition
Date:
3/18/24,
Cost $684 (1)(3)
462
666
Tessera
Therapeutics,
Series
C,
Acquisition
Date:
2/25/22,
Cost $357 (1)(2)(3)
17,475
357
Treeline
Biosciences,
Series
A,
Acquisition
Date:
4/9/21
-
9/26/22,
Cost $830 (1)(2)(3)
106,061
830
Total
Biotechnology
13,126
CONSUMER
NONDURABLES
0.2%
Biotechnology
0.1%
Nutcracker
Therapeutics,
Series
C,
Acquisition
Date:
8/27/21,
Cost $501 (1)(2)(3)
46,567
501
501
Healthcare
Services
0.1%
Capsule,
Series
1-D,
Acquisition
Date:
4/7/21,
Cost $553 (1)(2)(3)
38,140
54
Capsule,
Series
E,
Acquisition
Date:
1/10/23,
Cost $120 (1)(2)(3)
40,875
57
T.
ROWE
PRICE
Health
Sciences
Portfolio
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Color
Health,
Series
D,
Acquisition
Date:
12/17/20,
Cost $501 (1)(2)(3)
13,310
257
Color
Health,
Series
D-1,
Acquisition
Date:
1/13/20,
Cost $430 (1)(2)(3)
20,165
291
Color
Health,
Series
E,
Acquisition
Date:
10/26/21,
Cost $199 (1)(2)(3)
1,991
76
735
Total
Consumer
Nondurables
1,236
LIFE
SCIENCES
0.9%
Life
Sciences
0.9%
Cellanome,
Series
A,
Acquisition
Date:
12/30/21,
Cost $497 (1)(2)(3)
89,839
673
Chromacode,
Series
D-1,
Acquisition
Date:
2/28/22,
Cost $99 (1)(2)(3)
141,298
30
Chromacode,
Series
D-2,
Acquisition
Date:
2/28/22,
Cost $99 (1)(2)(3)
141,298
65
Clear
Labs,
Series
C,
Acquisition
Date:
5/13/21,
Cost $595 (1)(2)(3)
171,440
106
DNA
Script,
Series
C,
Acquisition
Date:
12/16/21,
Cost $960
(EUR) (1)
(2)(3)
1,132
352
Element
Biosciences,
Series
C,
Acquisition
Date:
6/21/21,
Cost $797 (1)(2)(3)
38,785
702
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $572 (1)(2)(3)
64,740
121
Lumicks
Tech,
Series
D,
Acquisition
Date:
4/14/21,
Cost $396 (1)(2)(3)
221
201
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $741 (1)(2)(3)
54,252
3,295
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $854 (1)(2)(3)
19,224
1,167
Total
Life
Sciences
6,712
MISCELLANEOUS
0.1%
Miscellaneous
0.1%
Obsidian
Therapeutics,
Series
C,
Acquisition
Date:
3/27/24,
Cost $422 (1)(2)(3)
222,385
422
Total
Miscellaneous
422
PRODUCTS
&
DEVICES
0.3%
Capital
Equipment
0.1%
Reflexion
Medical,
Acquisition
Date:
11/13/23,
Cost $125 (1)(2)(3)
83,280
110
Reflexion
Medical,
Series
C,
Acquisition
Date:
4/3/18,
Cost $255 (1)(2)(3)
150,708
259
Reflexion
Medical,
Series
D,
Acquisition
Date:
4/3/20,
Cost $97 (1)
(2)(3)
51,079
89
Reflexion
Medical,
Series
E,
Acquisition
Date:
3/1/22,
Cost $199 (1)(2)(3)
83,857
151
609
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Implants
0.1%
Kardium,
Series
D-5,
Acquisition
Date:
11/29/18,
Cost $391 (1)(2)(3)
403,778
343
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $565 (1)(2)(3)
556,501
473
816
Other
Products
&
Devices
0.1%
Saluda
Medical,
Series
D,
Acquisition
Date:
1/20/22,
Cost $397 (1)(2)(3)
31,146
277
Saluda
Medical,
Series
E,
Acquisition
Date:
4/6/23,
Cost $196 (1)(2)(3)
24,280
196
473
Total
Products
&
Devices
1,898
SERVICES
1.0%
Information
0.0%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $312 (1)(2)(3)
26,533
238
238
Other
Services
1.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $467 (1)(2)(3)
169,277
616
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $826 (1)(2)(3)
101,939
371
Freenome
Holdings,
Series
B,
Acquisition
Date:
6/24/19,
Cost $325 (1)(2)(3)
71,397
528
Freenome
Holdings,
Series
C,
Acquisition
Date:
8/14/20,
Cost $276 (1)(2)(3)
41,732
309
Freenome
Holdings,
Series
D,
Acquisition
Date:
11/22/21,
Cost $179 (1)(2)(3)
23,669
176
Freenome
Holdings,
Series
F,
Acquisition
Date:
1/26/24,
Cost $63 (1)(2)(3)
8,542
63
PrognomIQ,
Series
A-4,
Acquisition
Date:
11/15/19,
Cost $62 (1)(2)(3)
26,885
82
PrognomIQ,
Series
A-5,
Acquisition
Date:
5/12/20,
Cost $53 (1)(2)(3)
23,318
71
PrognomIQ,
Series
B,
Acquisition
Date:
9/11/20,
Cost $384 (1)(2)(3)
168,024
514
PrognomIQ,
Series
C,
Acquisition
Date:
2/16/22,
Cost $157 (1)(2)(3)
51,466
157
Tempus
Labs,
Series
D,
Acquisition
Date:
3/16/18,
Cost $533 (1)(2)(3)
56,856
2,418
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $629 (1)(2)(3)
37,551
1,685
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $197 (1)(2)(3)
7,944
369
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $196 (1)(2)(3)
5,107
248
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $302 (1)(2)(3)
5,275
205
7,812
T.
ROWE
PRICE
Health
Sciences
Portfolio
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Providers
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $339 (1)(2)(3)
140,829
241
Honor
Technology,
Series
E,
Acquisition
Date:
9/29/21,
Cost $300 (1)(2)(3)
94,916
162
403
Total
Services
8,453
Total
Convertible
Preferred
Stocks
(Cost
$29,627)
31,847
PREFERRED
STOCKS
0.2%
LIFE
SCIENCES
0.2%
Life
Sciences
0.2%
Sartorius
(EUR)
4,663
1,852
Total
Life
Sciences
1,852
Total
Preferred
Stocks
(Cost
$649)
1,852
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (6)(7)
1,921,720
1,922
Total
Short-Term
Investments
(Cost
$1,922)
1,922
Total
Investments
in
Securities
100.1%
(Cost
$399,434)
$
740,219
Other
Assets
Less
Liabilities
(0.1)%
(940)
Net
Assets
100.0%
$
739,279
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
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
$36,260
and
represents
4.9%
of
net
assets.
(4)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(5)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$772
and
represents
0.1%
of
net
assets.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
EUR
Euro
JPY
Japanese
Yen
PIPE
Private
Investment
in
Public
Equity
T.
ROWE
PRICE
Health
Sciences
Portfolio
6
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%
$
—#
$
—
$
44+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
13,820
¤
¤
$
1,922^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$44
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
$1,922.
T.
ROWE
PRICE
Health
Sciences
Portfolio
Unaudited
7
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Health
Sciences
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
Health
Sciences
Portfolio
8
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
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):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2024.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2024,
totaled $(735,000) for
the
period ended
March
31,
2024.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
693,968
$
8,468
$
1,095
$
703,531
Convertible
Bonds
—
772
295
1,067
Convertible
Preferred
Stocks
—
666
31,181
31,847
Preferred
Stocks
—
1,852
—
1,852
Short-Term
Investments
1,922
—
—
1,922
Total
$
695,890
$
11,758
$
32,571
$
740,219
($000s)
Beginning
Balance
12/31/23
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
3/31/24
Investment
in
Securities
Common
Stocks
$
1,481
$
20
$
—
$
(406)
$
1,095
Convertible
Bonds
—
—
295
—
295
Convertible
Preferred
Stocks
30,591
(735)
1,325
—
31,181
Total
$
32,072
$
(715)
$
1,620
$
(406)
$
32,571
T.
ROWE
PRICE
Health
Sciences
Portfolio
9
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$
1,095
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
5%
-
100%
50%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
1.7x
–
7.9x
6.1x
Increase
Sales
growth
rate
20%
20%
Increase
Enterprise
value
to
gross
profit
multiple
4.7x
4.7x
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
7%
7%
Decrease
Discount
for
regulatory
uncertainty
29%
29%
Decrease
Timing
of
events
3.19
yrs
3.19
yrs
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
Volatility
53%
53%
Increase
Convertible
Bonds
$295
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Convertible
Preferred
Stocks
$31,181
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Conversion
ratio
—#
—#
—#
T.
ROWE
PRICE
Health
Sciences
Portfolio
10
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Premium
for
cumulative
preferred
dividend
rights
10%
-
25%
13%
Increase
Discount
for
dilution
12%
12%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
Enterprise
value
to
sales
multiple
2.1x
–
6.6x
4.9x
Increase
Sales
growth
rate
19%
-
97%
28%
Increase
Enterprise
value
to
gross
profit
multiple
5.5x
–
8.6x
8.0x
Increase
Gross
profit
growth
rate
23%
23%
Increase
Enterprise
value
to
EBITDA
multiple
11.5x
-
16.1x
13.8x
Increase
EBITDA
growth
rate
56%
56%
Increase
Projected
enterprise
value
to
sales
multiple
1.1x
-
7.6x
6.5x
Increase
Projected
enterprise
value
to
gross
profit
multiple
6.8x
-
9.6x
7.8x
Increase
Projected
enterprise
value
to
EBITDA
multiple
11.8x
11.8x
Increase
Probability
for
potential
outcome
5%
-
80%
37%
Increase
Discount
to
public
company
multiples
31%
-
52%
42%
Decrease
Discount
rate
for
cost
of
capital
15%
-
30%
17%
Decrease
T.
ROWE
PRICE
Health
Sciences
Portfolio
11
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
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.
E309-054Q1
03/24
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
Volatility
41%
41%
Increase