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|        | SummaryProspectus                                                                                                                                                                               |          |
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| May 1, 2014 |                                                                                                                                                                                            | T. Rowe Price |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|        |                                                                                                                                                                                            |          | Mid-CapGrowth Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
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|        |                                                                                                                                                                                            |          | A fund seeking long-term capital appreciation through investments in mid-cap companiesand a growth approach to stock selection. The fund is only available as an investment option for variableannuity and variable 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 to provide long-term capital appreciation by investing in mid-cap stocks with potential forabove-average earnings growth.

Fees and Expenses

This table describes the fees and expenses thatyou may pay if you buy and hold shares of the fund. There may be additional expenses that apply as describedin your insurance contract prospectus.

Fees and Expenses of the Fund

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|--------------------------------------|---------------------------------------------------------------------------------------------------------------|--------|
|                                 | Annual fund operating expenses(expensesthat you pay each year as apercentage of the value of your investment) |
| Managementfees                       | 0.85%                                                                                                         |
|                                 |                                                                                                          |
| Other expenses                       | 0.00%                                                                                                         |
|                                 |                                                                                                          |
| Total annual fund operating expenses | 0.85%                                                                                                         |

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:

|   |    |    |     |
|--------|---------|---------|----------|
| 1 year | 3 years | 5 years | 10 years |
| $87    | $271    | $471    | $1,049   |

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 25.1% 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 a diversified portfolio of common stocks of mid-cap companies whose earningsT. Rowe Price expects to grow at a faster rate than the average company. The fund defines mid-capcompanies as those whose market capitalization (number of shares outstanding multiplied by share price)falls within the range of either the S&P MidCap 400 Index or the Russell Midcap Growth Index. Asof December 31, 2013, the market capitalization ranges for the S&P MidCap 400 Index and theRussell Midcap Growth Index were approximately $717.6 million to $11.5 billion, and $441.7 million to$29.2 billion, respectively. The market capitalization of the companies in the fund’s portfolioand the S&P and Russell indices changes over time; the fund will not automatically sell or ceaseto purchase stock of a company it holds just because the company’s market capitalization grows orfalls outside these ranges.

As “growth” investors, T. Rowe Price believes that when a company’searnings grow faster than both inflation and the overall economy, the market will eventually reward itwith a higher stock price.

In selecting investments, we generally favor companies with one or more of the following:

· provenproducts or services;

· a record of above-average earnings growth;

· demonstratedpotential to sustain earnings growth;

· connection to an industry experiencing increasing demand;or

· stockprices that appear to undervalue their growth prospects.

In pursuing its investment objective, the fundhas the discretion to deviate from its normal investment criteria, as previously described, and purchasesecurities that the fund’s management believes will provide an opportunity for substantial appreciation.These situations might arise when the fund’s management believes a security could increase in 

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| T.Rowe Price | 2      |

value for a variety of reasons, including an extraordinary corporateevent, a new product introduction or innovation, a favorable competitive development, or a change inmanagement.

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

The fund may sell securities for a variety ofreasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks  As with anymutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share pricefluctuates, which means you could lose money by investing in the fund. The principal risks of investingin this fund are summarized as follows:

Activemanagement riskThefund is subject to the risk that the investment adviser’s judgments about the attractiveness, value,or potential appreciation of the fund’s investments may prove to be incorrect. If the securitiesselected and strategies employed by the fund fail to produce the intended results, the fund could underperformother funds with similar objectives and investment strategies.

Risks of stock investing  Stocks generally fluctuate in value more than bondsand may decline significantly over short time periods. There is a chance that stock prices overall willdecline because stock markets tend to move in cycles, with periods of rising prices and falling prices.The value of a stock in which the fund invests may decline due to general weakness in the stock marketor because of factors that affect a company or a particular industry. 

Market capitalization risk  Investing primarily in issuerswithin the same market capitalization category carries the risk that the category may be out of favordue to current market conditions or investor sentiment. Because the fund invests primarily in securitiesissued by mid-cap companies, it is likely to be more volatile than a fund that focuses on securitiesissued by large companies. Medium-sized companies typically have less seasoned management, narrower productlines, and less capital reserves and liquidity than larger companies, and are therefore more sensitiveto economic, market, and industry changes.

Investmentstyle risk  Different investment styles tend to shift in and out of favor, depending on marketconditions and investor sentiment. The fund’s growth approach to investing could cause it to underperformother stock funds that employ a different investment style. Growth stocks tend to be more volatile thancertain other types of stocks and their prices usually fluctuate more dramatically than the overall stockmarket. A stock with growth characteristics can have sharp price declines due to decreases in currentor expected earnings and may lack dividends that can help cushion its share price in a declining market.

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      |

|                         |                                                                              |             |   |        |          |        |   |          |   |   |   |
|------------------------------|-----------------------------------------------------------------------------------|------------------|--------|-------------|---------------|-------------|--------|---------------|--------|--------|--------|
| Average Annual Total Returns |                                                                              |             |   |        |          |        |   |          |   |   |
|                         |                                                                              | Periodsended     |   |
|                         |                                                                              | December31, 2013 |   |
|                         |                                                                              | 1Year       |   |        | 5 Years  |        |   | 10Years  |   |   |   |
|                         | Mid-Cap Growth Portfolio                                                          | 36.69       | %      | 23.46  | %             | 11.39  | %      |          |
|                         | Russell Midcap Growth Index (reflects no deduction for fees, expenses, or taxes)a | 35.74       |   |        | 23.37    |        |   | 9.77     |   |   |   |
|                         | S&PMidCap 400 Index (reflects no deduction for fees, expenses, or taxes)      | 33.50       |   |        | 21.89    |        |   | 10.36    |   |   |   |
|                         | Lipper Variable Annuity UnderlyingMid-Cap Growth Funds Average                    | 36.34       |   |        | 22.01    |        |   | 9.16     |   |   |   |

a EffectiveOctober 1, 2013, the fund’s primary benchmark for performance comparison purposes was changed fromthe S&P MidCap 400 Index to the Russell MidCap Growth Index. The new primary benchmark better reflectsthe performance of the fund’s growth-oriented investment universe.

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)

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|---------------------|--------------------------------------------|--------------------|--------------------------|
| Portfolio Manager   | Title                                      | Managed Fund Since | JoinedInvestment Adviser |
| Brian W.H. Berghuis | Chairmanof Investment

 Advisory Committee | 1996               | 1985                     |

Purchaseand Sale of Fund Shares

Subject to certain exceptions, the fund is currently closed to new contract holdersand new insurance company relationships. You should check with your insurance company to determine youreligibility to purchase shares of the fund, although any contract holders currently invested in the fundgenerally may continue to purchase fund shares of the fund.

The fund is not sold directly to the generalpublic but is instead offered as an underlying investment option for variable annuity or variable lifeinsurance contracts. Although the fund does not require a minimum amount for initial or subsequent purchasesfrom insurance companies, your insurance company may impose investment minimums for your purchases ofthe fund.

Youmay purchase, redeem, or exchange shares of the fund on any day the New York Stock Exchange is open forbusiness. You must purchase, redeem, and exchange shares through your insurance company.

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| T.Rowe Price | 4      |

Tax Information

Any dividends or capital gains are declared andpaid annually, usually in December. Distributions by the fund, whether or not you reinvest these amountsin additional fund shares, may be taxed as ordinary income or capital gains unless you invest througha tax-deferred account. 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 fund sharesand related services. These payments may create a conflict of interest by influencing the insurance companyor other financial intermediary to recommend the fund over another investment option or by influencingan insurance company to include the fund as an underlying investment option in a variable contract. Theprospectus (or other offering document) for your variable contract may contain additional informationabout these payments. Ask your insurance company or financial intermediary, or visit your insurance company’sor financial intermediary’s website, for more information. 

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | E305-0455/1/14 |