T. Rowe Price Equity Series NPORT-P T. Rowe Price Mid-Cap Growth Portfolio (Sep 2024 report)

T.

ROWE

PRICE

Mid-Cap

Growth

Portfolio

September

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 95.7%

COMMUNICATION

SERVICES

 6.0%

Entertainment

 2.0%

Liberty

Media

Corp-Liberty

Formula

One,

Class

C (1)

73,380‌

5,682‌

Roku (1)

18,500‌

1,381‌

Spotify

Technology (1)

11,600‌

4,275‌

11,338‌

Interactive

Media

&

Services

 0.9%

Match

Group (1)

92,316‌

3,493‌

Reddit,

Class

A (1)

27,708‌

1,827‌

5,320‌

Media

 3.1%

New

York

Times,

Class

A 

62,800‌

3,496‌

Trade

Desk,

Class

A (1)

129,600‌

14,211‌

17,707‌

Total

Communication

Services

34,365‌

CONSUMER

DISCRETIONARY

 12.0%

Diversified

Consumer

Services

 0.5%

Bright

Horizons

Family

Solutions (1)

21,400‌

2,999‌

2,999‌

Hotels,

Restaurants

&

Leisure

 6.4%

Domino's

Pizza 

22,804‌

9,809‌

DraftKings,

Class

A (1)

160,500‌

6,292‌

Hilton

Worldwide

Holdings 

34,200‌

7,883‌

Planet

Fitness,

Class

A (1)

36,600‌

2,973‌

Viking

Holdings (1)

73,991‌

2,581‌

Yum!

Brands 

54,427‌

7,604‌

37,142‌

Specialty

Retail

 4.3%

Bath

&

Body

Works 

88,701‌

2,831‌

Burlington

Stores (1)

20,764‌

5,471‌

Five

Below (1)

31,200‌

2,757‌

Ross

Stores 

51,800‌

7,796‌

Tractor

Supply 

5,092‌

1,481‌

Ulta

Beauty (1)

11,767‌

4,579‌

24,915‌

Textiles,

Apparel

&

Luxury

Goods

 0.8%

Birkenstock

Holding (1)

35,192‌

1,735‌

Lululemon

Athletica (1)

5,500‌

1,492‌

On

Holding,

Class

A (1)

30,500‌

1,530‌

4,757‌

Total

Consumer

Discretionary

69,813‌

CONSUMER

STAPLES

 4.1%

Beverages

 0.6%

Boston

Beer,

Class

A (1)

3,735‌

1,080‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Constellation

Brands,

Class

A 

10,300‌

2,654‌

3,734‌

Consumer

Staples

Distribution

&

Retail

 2.4%

Casey's

General

Stores 

14,500‌

5,448‌

Dollar

General 

12,723‌

1,076‌

Dollar

Tree (1)

83,249‌

5,854‌

Maplebear (1)

37,000‌

1,507‌

13,885‌

Food

Products

 0.7%

McCormick 

26,800‌

2,206‌

TreeHouse

Foods (1)

41,162‌

1,728‌

3,934‌

Household

Products

 0.4%

Reynolds

Consumer

Products 

72,200‌

2,245‌

2,245‌

Total

Consumer

Staples

23,798‌

ENERGY

 4.4%

Energy

Equipment

&

Services

 1.4%

TechnipFMC 

227,617‌

5,970‌

Weatherford

International 

25,900‌

2,200‌

8,170‌

Oil,

Gas

&

Consumable

Fuels

 3.0%

Cheniere

Energy 

43,200‌

7,769‌

Chesapeake

Energy 

31,200‌

2,566‌

EQT 

137,100‌

5,023‌

Range

Resources 

63,700‌

1,960‌

17,318‌

Total

Energy

25,488‌

FINANCIALS

 7.6%

Capital

Markets

 4.2%

Cboe

Global

Markets 

23,600‌

4,835‌

Intercontinental

Exchange 

32,600‌

5,237‌

KKR 

9,300‌

1,214‌

MarketAxess

Holdings 

18,700‌

4,791‌

Raymond

James

Financial 

37,000‌

4,531‌

TPG 

13,800‌

794‌

Tradeweb

Markets,

Class

A 

23,600‌

2,919‌

24,321‌

Financial

Services

 1.4%

Corpay (1)

16,600‌

5,192‌

Toast,

Class

A (1)

111,100‌

3,145‌

8,337‌

Insurance

 2.0%

Assurant 

36,800‌

7,318‌

Axis

Capital

Holdings 

28,400‌

2,261‌

Markel

Group (1)

1,350‌

2,118‌

11,697‌

Total

Financials

44,355‌

T.

ROWE

PRICE

Mid-Cap

Growth

Portfolio

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

 22.8%

Biotechnology

 5.3%

Alnylam

Pharmaceuticals (1)

27,965‌

7,691‌

Apellis

Pharmaceuticals (1)

22,094‌

637‌

Argenx,

ADR (1)

4,619‌

2,504‌

Ascendis

Pharma,

ADR (1)

13,606‌

2,032‌

Biogen (1)

24,300‌

4,710‌

CRISPR

Therapeutics (1)

18,172‌

854‌

Cytokinetics (1)

37,300‌

1,970‌

Exact

Sciences (1)

30,500‌

2,078‌

Insmed (1)

4,799‌

350‌

Ionis

Pharmaceuticals (1)

98,085‌

3,929‌

Sarepta

Therapeutics (1)

16,454‌

2,055‌

Vaxcyte (1)

14,826‌

1,694‌

30,504‌

Health

Care

Equipment

&

Supplies

 8.9%

Alcon 

57,000‌

5,704‌

Align

Technology (1)

18,000‌

4,578‌

Cooper (1)

62,100‌

6,852‌

Enovis (1)

60,124‌

2,588‌

Hologic (1)

194,300‌

15,828‌

QuidelOrtho (1)

60,833‌

2,774‌

Teleflex 

53,172‌

13,150‌

51,474‌

Health

Care

Providers

&

Services

 1.5%

Acadia

Healthcare (1)

55,300‌

3,507‌

Molina

Healthcare (1)

14,500‌

4,996‌

8,503‌

Health

Care

Technology

 1.6%

Veeva

Systems,

Class

A (1)

44,844‌

9,411‌

9,411‌

Life

Sciences

Tools

&

Services

 5.5%

Agilent

Technologies 

73,500‌

10,913‌

Avantor (1)

368,400‌

9,530‌

Bruker 

83,402‌

5,760‌

Mettler-Toledo

International (1)

2,400‌

3,599‌

West

Pharmaceutical

Services 

6,445‌

1,935‌

31,737‌

Total

Health

Care

131,629‌

INDUSTRIALS

&

BUSINESS

SERVICES

 15.7%

Aerospace

&

Defense

 2.5%

BWX

Technologies 

31,800‌

3,457‌

Howmet

Aerospace 

10,500‌

1,053‌

Textron 

115,786‌

10,256‌

14,766‌

Commercial

Services

&

Supplies

 1.0%

Veralto 

29,600‌

3,311‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Waste

Connections 

13,000‌

2,325‌

5,636‌

Construction

&

Engineering

 0.4%

Quanta

Services 

7,300‌

2,176‌

2,176‌

Ground

Transportation

 1.4%

JB

Hunt

Transport

Services 

47,600‌

8,203‌

8,203‌

Industrial

Conglomerates

 0.3%

Roper

Technologies 

3,200‌

1,781‌

1,781‌

Machinery

 4.5%

Esab 

57,852‌

6,150‌

Fortive 

86,069‌

6,793‌

IDEX 

15,400‌

3,303‌

Ingersoll

Rand 

92,500‌

9,080‌

ITT 

4,700‌

703‌

26,029‌

Passenger

Airlines

 0.0%

Southwest

Airlines 

9,271‌

275‌

275‌

Professional

Services

 4.4%

Broadridge

Financial

Solutions 

24,100‌

5,182‌

Equifax 

25,400‌

7,464‌

Paylocity

Holding (1)

32,979‌

5,441‌

TransUnion 

32,958‌

3,451‌

UL

Solutions,

Class

A 

15,926‌

785‌

Verisk

Analytics 

12,800‌

3,430‌

25,753‌

Trading

Companies

&

Distributors

 1.2%

Ferguson

Enterprises 

14,800‌

2,939‌

United

Rentals 

5,300‌

4,291‌

7,230‌

Total

Industrials

&

Business

Services

91,849‌

INFORMATION

TECHNOLOGY

 16.8%

Electronic

Equipment,

Instruments

&

Components

 2.1%

Amphenol,

Class

A 

50,500‌

3,290‌

Cognex 

48,300‌

1,956‌

Keysight

Technologies (1)

36,700‌

5,833‌

Littelfuse 

3,800‌

1,008‌

12,087‌

IT

Services

 0.2%

MongoDB (1)

4,600‌

1,244‌

1,244‌

Semiconductors

&

Semiconductor

Equipment

 6.9%

Lattice

Semiconductor (1)

140,500‌

7,456‌

Marvell

Technology 

226,171‌

16,312‌

Microchip

Technology 

166,500‌

13,368‌

T.

ROWE

PRICE

Mid-Cap

Growth

Portfolio

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

NXP

Semiconductors 

12,300‌

2,952‌

40,088‌

Software

 7.1%

Atlassian,

Class

A (1)

16,500‌

2,620‌

CCC

Intelligent

Solutions

Holdings (1)

463,271‌

5,119‌

Crowdstrike

Holdings,

Class

A (1)

3,712‌

1,041‌

Fair

Isaac (1)

3,261‌

6,338‌

Fortinet (1)

61,000‌

4,731‌

Onestream (1)

20,393‌

691‌

PTC (1)

51,807‌

9,359‌

Tyler

Technologies (1)

13,600‌

7,939‌

Zoom

Video

Communications,

Class

A (1)

45,800‌

3,194‌

41,032‌

Technology

Hardware,

Storage

&

Peripherals

 0.5%

Pure

Storage,

Class

A (1)

57,800‌

2,904‌

2,904‌

Total

Information

Technology

97,355‌

MATERIALS

 5.7%

Chemicals

 0.5%

RPM

International 

21,900‌

2,650‌

2,650‌

Construction

Materials

 1.4%

Martin

Marietta

Materials 

14,689‌

7,906‌

7,906‌

Containers

&

Packaging

 3.8%

Avery

Dennison 

36,600‌

8,080‌

Ball 

153,569‌

10,429‌

Sealed

Air 

89,000‌

3,230‌

21,739‌

Total

Materials

32,295‌

REAL

ESTATE

 0.6%

Real

Estate

Management

&

Development

 0.6%

CoStar

Group (1)

46,234‌

3,488‌

Total

Real

Estate

3,488‌

Total

Miscellaneous

Common

Stocks

 0.0%

 (2)

124‌

Total

Common

Stocks

(Cost

$347,476)

554,559‌

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)(3)(4)

52,622‌

191‌

Total

Health

Care

191‌

INFORMATION

TECHNOLOGY

 0.1%

Software

 0.1%

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $302 (1)(3)(4)

4,103‌

358‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $123 (1)(3)(4)

1,670‌

146‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $293 (1)(3)(4)

14,070‌

58‌

Total

Information

Technology

562‌

MATERIALS

 0.1%

Chemicals

 0.1%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $316 (1)(3)(4)

6,674‌

344‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $595 (1)(3)(4)

14,417‌

282‌

Total

Materials

626‌

Total

Convertible

Preferred

Stocks

(Cost

$2,055)

1,379‌

SHORT-TERM

INVESTMENTS

 4.2%

Money

Market

Funds

 4.2%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94% (5)(6)

24,385,148‌

24,385‌

Total

Short-Term

Investments

(Cost

$24,385)

24,385‌

Total

Investments

in

Securities

 100.1%

(Cost

$373,916)

$

580,323‌

Other

Assets

Less

Liabilities

(0.1)%

(627‌)

Net

Assets

100.0%

$

579,696‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(3)

Level

3

in

fair

value

hierarchy.

T.

ROWE

PRICE

Mid-Cap

Growth

Portfolio

4

.

(4)

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

$1,379

and

represents

0.2%

of

net

assets.

(5)

Seven-day

yield

(6)

Affiliated

Companies

ADR

American

Depositary

Receipts

T.

ROWE

PRICE

Mid-Cap

Growth

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

nine

months

ended

September

30,

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,

4.94%

$

—‌#

$

—‌

$

859‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

09/30/24

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94%

$

17,506‌

 ¤

 ¤

$

24,385‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$859

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

$24,385.

T.

ROWE

PRICE

Mid-Cap

Growth

Portfolio

Unaudited

6

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

T.

ROWE

PRICE

Mid-Cap

Growth

Portfolio

7

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

September

30,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

E305-054Q3

09/24

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

554,559‌

$

—‌

$

—‌

$

554,559‌

Convertible

Preferred

Stocks

—‌

—‌

1,379‌

1,379‌

Short-Term

Investments

24,385‌

—‌

—‌

24,385‌

Total

$

578,944‌

$

—‌

$

1,379‌

$

580,323‌