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|        | SummaryProspectus                                                                                                                                                                               |          |
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| May 1, 2014 |                                                                                                                                                                                            | T. Rowe Price |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|        |                                                                                                                                                                                            |          | EquityIncome Portfolio—II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
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|        |                                                                                                                                                                                            |          | A fund seeking a high level of dividend income and long-term capital growth throughinvestments in large-capitalization stocks of companies with a strong track record of paying dividendsor that are undervalued. The fund is only available as an investment option for variable annuity andvariable life insurance contracts.

Before you invest, youmay want to review the fund’s prospectus, which contains more information about the fund and itsrisks. You can find the fund’s prospectus and other information about the fund online at troweprice.com/prospectus. You canalso get this information at no cost by calling 1-800-638-8790 or by sending ane-mail request to info@troweprice.com. This SummaryProspectus incorporates by reference the fund’s prospectus, dated May 1, 2014, and Statement ofAdditional Information, dated May 1, 2014. |   |
|             | The Securitiesand Exchange Commission has not approved or disapproved these securities or passed upon the adequacyof this prospectus. Any representation to the contrary is a criminal offense. |          |
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| Summary | 1      |

InvestmentObjective

Thefund seeks a high level of dividend income and long-term capital growth primarily through investmentsin stocks.

Fees and Expenses

This table describes the fees and expenses that you may pay if youbuy and hold shares of the fund. There may be additional expenses that apply as described in your insurancecontract prospectus.

Fees and Expenses of the Fund’s II Class

|                                  |                                                                                                          |   |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------|--------|
|                                  | Annual fund operating expenses(expensesthat you pay each year as apercentage of the value of your investment) |
| Managementfees                        | 0.85%                                                                                                         |
|                                  |                                                                                                          |
| Distribution and service (12b-1) fees | 0.25%                                                                                                         |
|                                  |                                                                                                          |
| Other expenses                        | 0.00%                                                                                                         |
|                                  |                                                                                                          |
| Total annual fund operating expenses  | 1.10%                                                                                                         |

Example  This example is intended to help you compare the costof investing in the fund with the cost of investing in other mutual funds. The example assumes that youinvest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the endof those periods. The example also assumes that your investment has a 5% return each year and that thefund’s operating expenses remain the same. Although your actual costs may be higher or lower, basedon these assumptions your costs would be:

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|--------|---------|---------|----------|
| 1 year | 3 years | 5 years | 10 years |
| $112   | $350    | $606    | $1,340   |

Portfolio Turnover  The fundpays transaction costs, such as commissions, when it buys and sells securities (or “turns over”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may resultin higher taxes when fund shares are held in a taxable account. These costs, which are not reflectedin annual fund operating expenses or in the example, affect the fund’s performance. During the mostrecent fiscal year, the fund’s portfolio turnover rate was 12.7% of the average value of its portfolio.

Investments,Risks, and Performance

Principal InvestmentStrategies  The fund will normally invest at least 80% of its net assets (including any borrowingsfor investment purposes) in common stocks, with an emphasis on large-capitalization stocks that havea strong track record of paying dividends or that are believed to be undervalued.

The fund typically employsa “value” approach in selecting investments. Our in-house research team seeks companies thatappear to be undervalued by various measures and may be temporarily out of favor but have good prospectsfor capital appreciation and dividend growth.

In selecting investments, we generally look for companies in theaggregate with one or more of the following:

· an established operating history;

· above-averagedividend yield relative to the S&P 500;

· low price/earnings ratio relative to the S&P 500;

· asound balance sheet and other positive financial characteristics; and

· low stockprice relative to a company’s underlying value as measured by assets, cash flow, or business franchises.

Thefund generally seeks investments in large-capitalization companies and the fund’s yield, which reflectsthe level of dividends paid by the fund, is expected to normally exceed the yield of the S&P 500Stock Index. In pursuing its investment objective, the fund has the discretion to deviate from its normalinvestment criteria, as previously described, and purchase securities that the fund’s managementbelieves will provide an opportunity for substantial appreciation. These situations might arise whenthe fund’s management believes a security could increase in value for a variety of reasons, includingan extraordinary corporate event, a new product introduction or innovation, a favorable competitive development,or a change in management.

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| T.Rowe Price | 2      |

While most assets will typically be invested in U.S. common stocks,the fund may invest in foreign stocks in keeping with the fund’s objectives.

The fund may sell securitiesfor a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promisingopportunities.

Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’sshare price fluctuates, which means you could lose money by investing in the fund. The principal risksof investing in this fund are summarized as follows:

Active management riskThe fund is subject to the risk that the investment adviser’s judgmentsabout the attractiveness, value, or potential appreciation of the fund’s investments may prove tobe incorrect. If the securities selected and strategies employed by the fund fail to produce the intendedresults, the fund could underperform other funds with similar objectives and investment strategies.

Risks of stock investing  Stocksgenerally fluctuate in value more than bonds and may decline significantly over short time periods. Thereis a chance that stock prices overall will decline because stock markets tend to move in cycles, withperiods of rising prices and falling prices. The value of a stock in which the fund invests may declinedue to general weakness in the stock market or because of factors that affect a company or a particularindustry. 

Investment style risk  Differentinvestment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.The fund’s value approach to investing could cause it to underperform other stock funds that employa different investment style. The intrinsic value of a stock with value characteristics may not be fullyrecognized by the market for a long time or a stock judged to be undervalued may actually be appropriatelypriced at a low level.

Dividend-payingstock risk  The fund’s emphasis on dividend-paying stocks could cause the fund to underperformsimilar funds that invest without consideration of a company’s track record of paying dividends.Stocks of companies with a history of paying dividends may not participate in a broad market advanceto the same degree as most other stocks, and a sharp rise in interest rates or economic downturn couldcause a company to unexpectedly reduce or eliminate its dividend.

Market capitalization risk  Although stocks issued by larger companies tendto have less overall volatility than stocks issued by smaller companies, larger companies may not beable to attain the high growth rates of successful smaller companies, especially during strong economicperiods. In addition, larger companies may be less capable of responding quickly to competitive challengesand industry changes, and may suffer sharper price declines as a result of earnings disappointments.

Foreign investing risk  This isthe risk that the fund’s investments in foreign securities may be adversely affected by political,social, and economic conditions overseas, reduced liquidity, or decreases in foreign currency valuesrelative to the U.S. dollar.

Performance The bar chart showing calendar year returns and the average annual total returns table indicate riskby illustrating how much returns can differ from one year to the next and how fund performance compareswith that of a comparable market index. The fund’s past performance is not necessarily an indicationof future performance.

The fund can also experience short-term performance swings, as shown by the best andworst calendar quarter returns during the years depicted.

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| Summary | 3      |

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| Average Annual Total Returns |                                                                   |             |   |        |          |       |   |          |   |   |
|                         |                                                                   | Periodsended     |   |
|                         |                                                                   | December31, 2013 |   |
|                         |                                                                   | 1Year       |   |        | 5 Years  |       |   | 10Years  |   |   |   |
|                         | Equity Income Portfolio—II                                        | 29.41       | %      | 16.57  | %             | 7.14  | %      |          |
|                         | S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 32.39       |   |        | 17.94    |       |   | 7.41     |   |   |   |
|                         | LipperVariable Annuity Underlying Equity Income Funds Average          | 28.16       |   |        | 16.20    |       |   | 7.14     |   |   |   |

Updated performance information is available through troweprice.comor may be obtained by calling 1-800-638-8790.

Management

Investment Adviser  T. Rowe Price Associates, Inc. (T. Rowe Price)

|              |                                       |               |                     |
|-------------------|--------------------------------------------|--------------------|--------------------------|
| Portfolio Manager | Title                                      | Managed Fund Since | JoinedInvestment Adviser |
| Brian C. Rogers   | Chairmanof Investment

 Advisory Committee | 1994               | 1982                     |

Purchaseand Sale of Fund Shares

The fund is not sold directly to the general public but is instead offered as an underlyinginvestment option for variable annuity or variable life insurance contracts. Although the fund does notrequire a minimum amount for initial or subsequent purchases from insurance companies, your insurancecompany may impose investment minimums for your purchases of the fund.

You may purchase, redeem, orexchange shares of the fund on any day the New York Stock Exchange is open for business. You must purchase,redeem, and exchange shares through your insurance company.

Tax Information

Any dividends are declaredand paid quarterly in March, June, September, and December. Any capital gains are declared and paid annually,usually in December. Distributions by the fund, whether or not you reinvest these amounts in additionalfund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferredaccount. A redemption or exchange of fund shares may be taxable. 

Payments to Insurance Companies,Broker-Dealers, and Other Financial Intermediaries

The fund is generally available only throughvariable annuity or variable life insurance contracts. The fund and/or its related companies may makepayments to a sponsoring insurance company or other financial intermediary for the sale of 

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| T.Rowe Price | 4      |

fund shares and related services. These payments may create a conflictof interest by influencing the insurance company or other financial intermediary to recommend the fundover another investment option or by influencing an insurance company to include the fund as an underlyinginvestment option in a variable contract. The prospectus (or other offering document) for your variablecontract may contain additional information about these payments. Ask your insurance company or financialintermediary, or visit your insurance company’s or financial intermediary’s website, for moreinformation. 

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | E350-0455/1/14 |