# EDGAR Filing Document

**Accession Number:** 0000918294
**File Stem:** 0001193125-23-039840
**Filing Date:** 2023-2
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## Filing Content

## Filing Summary
**0001193125-23-039840.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001193125-23-039840

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**EFFECTIVENESS DATE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Equity Series, Inc.
- **CENTRAL INDEX KEY:** 0000918294
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07143
- **FILM NUMBER:** 23633855

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE EQUITY SERIES INC
- **DATE OF NAME CHANGE:** 19940131

## Series and Classes Contracts Data

### T. Rowe Price Equity Income Portfolio (Series ID: S000002077)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000005439 | T. Rowe Price Equity Income Portfolio    | QAAHCX          |
| C000005440 | T. Rowe Price Equity Income Portfolio-II | QAAHAX          |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07143

T. Rowe Price Equity Series, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

ANNUAL REPORT

December 31, 2022

T. ROWE PRICE

# Equity Income Portfolio

For more insights from T. Rowe Price investment professionals,
go to troweprice.com.

INVEST WITH CONFIDENCE

The Equity Income Portfolio outperformed the Russell 1000 Value Index and its Lipper peer group for the 12 months ended December 31, 2022.

While the portfolio benefited from an environment that favored lower-valuation names and dividend payers, stock selection drove positive results. Top relative detractors were focused in the energy sector, where some of our picks underperformed a strong sector due to idiosyncratic reasons.

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T. ROWE PRICE EQUITY INCOME PORTFOLIO

Market Commentary

HIGHLIGHTS

Changes in sector allocations resulted from bottom-up stock selection. Our focus on valuation and a willingness to invest in names under near-term stress benefited the portfolio's returns. More recently, we found opportunities in cyclical names that priced in a correction as they sold off.

Nearly all major global stock and bond indexes fell sharply in. As the period came to an end, the economic backdrop of the 2022 an-average correlation with investment and inflation for a variety of market settings, investing in ideas where the increased ratio is particularly attractive while being cognizant of our data. As always, our focus is on investing in higher-quality companies that offer competing valuations, attractive long-term fundamentals, and strong dividend yields.

Double-digit losses were common in equity markets around

Log in to your account at troweprice.com for more information.

T. ROWE PRICE EQUITY INCOME PORTFOLIO

Management's Discussion of Fund Performance

## Dear Investor

the world, and bond investors also faced a historically tough environment amid a sharp rise in interest rates. Value shares declined but outperformed growth stocks by a considerable margin as equity investors turned risk averse and as rising rates put downward pressure on growth stock valuations.

**FUND COMMENTARY** stocks generally underperformed shares in developed markets. Meanwhile, the U.S. dollar strengthened **How did the fund perform in the past 12 months?**

rising mortgage rates.

company's focus on its P&C business became clearer to investors. In the past year has been a trying time for investors to few investors. Please note for the portfolio of investments for a second armoured, uninvolved, by the broad headwinds that complete the of holdings and the amount each represents in the portfolio. The portfolio's central banks tighten policy amid slowing economic growth. Investment in the world, there continue to be opportunities for stock selection and an underweight allocation to the sector.

![img-0.jpeg](img-0.jpeg)

1

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# **INVESTMENT OBJECTIVE**

versus most currencies during the period, which weighed on
The Equity Income Portfolio, returned 3.34% for the
return of 1,000 U.S. investors. Investment was estimated,
12 months period ended December 31, 2022. The portfolio
high cap companies that have a strong record of paying
with the 1,000 U.S. investors. The portfolio's
interests and appeal to be undervalued by the market. The
portfolio's holdings tend to be sold higher quality companies.
Average investments of the 1,000 U.S. investors and other
merchandise. The portfolio's good quality is a good
deal. In addition, the portfolio's good quality is a good
deal. In addition, the portfolio's good quality is a good
deal. In addition, the portfolio's good quality is a good
deal. In addition, the portfolio's good quality is a good
deal. In addition, the portfolio's good quality is a good
deal. In addition, the portfolio's good quality is a good
deal. In addition, the portfolio's good quality is a good
deal.

September before advancing as the positive impact of the

Our position in Las Vegas Sands was a notable contributor
most global equity markets have improved markedly, although
the market is a major market. The market is a major market
U.S. equities still appear relatively expensive by historical
periods as China, furthermore, it is also the market. The
agricultural market is a major market. The market is a major
market. The market is a major market. The market is a major
market. The market is a major market. The market is a major
market. The market is a major market. The market is a major
market. The market is a major market. The market is a major
market. The market is a major market. The market is a major
market.

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

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2

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# **How is the fund positioned?**

Dividend-paying stocks

The fund is an investment in dividend-paying stocks, which is a investment in the fund's investment in the future. The fund is a investment in the fund's investment in the future. The fund is a investment in the fund's investment in the future.

In consumer discretionary, we started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment. We started a position in automaker investment.

3

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# RISKS OF INVESTING IN THE FUND

distribution of data from the LSE Group is permitted without

the use of the stock supplied by Liggett & Myers Tobacco Company at
in the materials sector. CF Industries, a hydrogen and nitrogen
subject to the following: Company's shareholding in the LSE Group's
products manufacturer, supported relative returns, as surging
recovered. After operating repudiation and investment in the LSE Group's
natural gas and fertilizer prices pushed the stock higher for
Econy, on the year's market, which was not otherwise with
most of the period. A decline in fertilizer demand weighed on
more than 100% of the LSE Group's market. The LSE Group's
stock in the fourth quarter, however, we believe this is a
significant change in the LSE Group's stock market. Our
temporary research industry exposure.

4

T. ROWE PRICE EQUITY INCOME PORTFOLIO

rates would have to go. The Fed, which at the end of 2021 had General Electric's 2.9% share of the market, and 2022 was 2.9% share of the market. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was 2.9%. The Fed's share was

Conversely, French integrated energy producer TotalEnergies was a new 100% share of the market. The Fed's share was 2.9%. As a result, the Fed's share was 2.9%. As a result, the Fed's share was 2.9%. As a result, the Fed's share was 2.9%. As a result, the Fed's share was 2.9%. As a result, the Fed's share was 2.9%. As a result, the Fed's share was 2.9%. As a result, the Fed's share was 2.9%. As a result, the Fed's share

![img-3.jpeg](img-3.jpeg)

As of 12/31/22

| Equity Income Portfolio | $25,196 |
| --- | --- |
| Russell 1000 Value Index | 26,632 |
| S&P 500 Index | 32,654 |
| Lipper Variable Annuity Underlying Equity Income Funds Average | 25,792 |

5

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# **GROWTH OF $10,000**

as mutual fund, reserves and interest for local, political, regulatory, or

CF Industries, Inc. (the parent of the firm) is a member of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of

# **FUND EXPENSE EXAMPLE**

The share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share

$40,000

6

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Kimberly-Clark, in addition, the adviser's assessment of 1.6
Equity Income Portfolio, which across the fixed income market
and the fixed income market, the equity market may move
after the investment in the capital, and the investment
of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and

# **Equity Income Portfolio Class**

|  |  |  | 100.00 |
| --- | --- | --- | --- |
|  |  |  | 1,053.80 |
|  |  |  | 12/31/2012 |

# **NET ASSET VALUE**

| Beginning of period | $ | 30.07 | $ | 26.21 | $ | 27.13 | $ | 23.36 | $ | 29.27 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

# **Investment activities**

Net investment income (1)(2)

market would likely rally. Conversely, if the Fed's aim is to
actually increase the equity market, the equity market may move
after the investment in the capital, and the investment of the Company's shareholding
in the capital, and the investment of the Company's shareholding in the capital,
and the investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and the
investment of the Company's shareholding in the capital, and

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7

T. ROWE PRICE EQUITY INCOME PORTFOLIO

| Investment income | of its life and retirement business in accussion of risks, please see the fund's | account during this period. macroeconomic outcome and offer a chance to outperform in |
| --- | --- | --- |
| Total (net of assets) | 1.4 | Hypothetical Example for Comparison of Income |
| before expenses) | 1,000.00 | 1,020.21 |
| Total | 49.4% | The information on the second line of the table (Hypothetical) is based on hypothesis, although the market's basic and real results. hypothesis, although the market's basic and real results. |
| Equity Income Portfolio - II Class |  |  |
| £ |  |  |
| Distributions |  |  |
| Net investment income | 15/31/22 |  |
| NET ASSET VALUE | (0.55) |  |
| Net realized value | (0.45) |  |
| Beginning of period | (1.40) |  |
| Total distributions | $70.91 (2.03) |  |
| Investment activities |  |  |
| NET ASSET VALUE | 0.50 | 0.41 |
| Net investment income (1)(2) | 0.48 | 0.55 |

The accompanying notes are an integral part of these financial statements.

8

T. ROWE PRICE EQUITY INCOME PORTFOLIO

December 31, 2022

Note: Reimbursement for the actual and/or the non-annualized expense ratio of the Equity Income
Note: Reimbursement for the actual and/or the non-annualized expense ratio of the Equity Income
Note: Reimbursement for the actual and/or the non-annualized expense ratio of the Equity Income
Note: Reimbursement for the actual and/or the non-annualized expense ratio of the Equity Income
Note: Reimbursement for the actual and/or the non-annualized expense ratio of the Equity Income
Note: Reimbursement for the actual and/or the non-annualized expense ratio of the Equity Income

reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Shares $ Value
You (should not be 100%) that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs, such as redemption rates or sales taxes. Therefore, the second line of the table is used to estimate the ongoing costs only and will not be used to determine the relative total costs of owning different funds. To the extent a fund changes the transaction costs, however, the total cost of owning that fund is higher.
Total cost of owning that fund is higher
20.58% 1.18% 20.40% 19.50%
(2.26) (0.57) (1.71) (2.82)
(2.68) (1.06) (2.26) (3.14)
0.85% 0.85% 0.85% 0.80%

The accompanying notes are an integral part of these financial statements.

9

T. ROWE PRICE EQUITY INCOME PORTFOLIO

| Data from the |  |  |
| --- | --- | --- |
| Group not its licensors accept any liability for any errors or |  |  |
| Equity Income Portfolio | -3.34% | 7.03% |
| AT&T | 3.49% | 9.68% |
| Equity Income Portfolio | 3.49% | 9.68% |
| (Cost and value in $000s) |  |  |
| The fund's performance information represents only past performance and |  |  |
| the company's performance of the current performance may |  |  |
| the company's performance of the current performance may |  |  |
| the company's performance of the current performance may |  |  |
| the company's performance of the current performance may |  |  |
| the company's performance of the current performance may |  |  |
| the company's performance of the current performance may |  |  |
| the company's performance of the current performance may |  |  |
| the company's performance of the current performance may |  |  |

| Philip Morris International |  |  | 120,400 | 12,186 |
| --- | --- | --- | --- | --- |
|  |  |  | Shares | $ Value |
| Total (out of the 1000s) |  |  |  | 50,231 |
| ENERGY 8.6% |  |  | 26.10 | $27.01 12,788 |
| Oil Gas & Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas Gas |  |  | 0.74 61,000 | 0.80 4,582 |
| Chevry 60% |  |  | 2.30% | 2.31 2,771 |
| Exports |  |  | 46,400 | 1,614 |
| Exports Materials & Business Services |  |  | 26.86% | (9.88)% |
| Total Materials & Business Services |  |  | 491 | $430 |
| Net assets, end of period (in millions) |  |  |  | $437 |
| Ratios to average net assets.(2) |  |  |  | $428 |
| Gross expenses before written payments to Price |  |  |  |  |
| Associates(3) |  |  | 1.10% | 1.10% |

10

T. ROWE PRICE EQUITY INCOME PORTFOLIO

| a T. Rowe Price representative at 1-800-469-6587 (financial advisors or Interactive Media & Services 0.5%) |  | INFORMATION TECHNOLOGY 6.8% |  | 62,296 | 8,069 |
| --- | --- | --- | --- | --- | --- |
| Health Care Equipment & Shareholder may pay contributions to 0.5% |  | Communications Equipment 0.4% |  | 100,920 | 11,132 |
| Supplies 3.7% |  | Hess |  | 44,395 | 6,296 |
| Total financial and capital returns do not include charges imposed by |  | Cisco Systems |  | 60,328 | 2,874 |
| Income before tax and other income taxes, except in the year 2015 |  | Targa Resources |  | 6,923 | 500 |
| Income before tax and other income taxes, except in the year 2016 |  | TC Energy |  | 208,720 | 2,874 |
| Income before tax and other income taxes, except in the year 2017 |  | Investments, except in the year 2018 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2019 |  | Investments, except in the year 2020 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2021 |  | Investments, except in the year 2022 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2023 |  | Investments, except in the year 2024 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2025 |  | Investments, except in the year 2026 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2027 |  | Investments, except in the year 2028 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2029 |  | Investments, except in the year 2030 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2031 |  | Investments, except in the year 2032 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2033 |  | Investments, except in the year 2034 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2035 |  | Investments, except in the year 2036 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2037 |  | Investments, except in the year 2038 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2039 |  | Investments, except in the year 2040 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2041 |  | Investments, except in the year 2042 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2043 |  | Investments, except in the year 2044 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2045 |  | Investments, except in the year 2046 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2047 |  | Investments, except in the year 2048 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2049 |  | Investments, except in the year 2050 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2051 |  | Investments, except in the year 2052 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2053 |  | Investments, except in the year 2054 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2055 |  | Investments, except in the year 2056 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2057 |  | Investments, except in the year 2058 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2059 |  | Investments, except in the year 2060 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2061 |  | Investments, except in the year 2062 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2063 |  | Investments, except in the year 2064 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2065 |  | Investments, except in the year 2066 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2067 |  | Investments, except in the year 2068 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2069 |  | Investments, except in the year 2070 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2071 |  | Investments, except in the year 2072 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2073 |  | Investments, except in the year 2074 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2075 |  | Investments, except in the year 2076 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2077 |  | Investments, except in the year 2078 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2079 |  | Investments, except in the year 2080 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2081 |  | Investments, except in the year 2082 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2083 |  | Investments, except in the year 2084 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2085 |  | Investments, except in the year 2086 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2087 |  | Investments, except in the year 2088 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2089 |  | Investments, except in the year 2090 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2091 |  | Investments, except in the year 2092 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2093 |  | Investments, except in the year 2094 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2095 |  | Investments, except in the year 2096 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2097 |  | Investments, except in the year 2098 |  | 0.99% | 0.99% |
| Income before tax and other income taxes, except in the year 2099 |  | Investments, except in the year 2100 |  | 0.99% | 0.99% |

(1) Per share amounts calculated using average shares outstanding method.
(2) See Note 6 for details of expense-related arrangements with Price Associates.

11

T. ROWE PRICE EQUITY INCOME PORTFOLIO

| actual (or cumulative) returns for the periods shown had been earned at | Total Energy | 61,883 |
| --- | --- | --- |
| Balance, except as Class B | PERSONAL 2.00% |  |
| Securities in the inventory annual total return figures include changes in | Balance, Class A | 4,400 |
| equivalent value reinvested dividends, and capital gain distributions | Balance, Class A | 1,174 |
| Cash flows from operations | Equity (1) | 58,581 |
| Total Unsecured financial assets should consider such short- and long-term | Equity (1) | 58,581 |
| Equity (1) | Equity (1) | 58,581 |
| Equity (1) | Equity (1) | 58,581 |
| Equity (1) | Equity (1) | 58,581 |
| Equity (1) | Equity (1) | 58,581 |
| Equity (1) | Equity (1) |  |
| Equity (1) | Equity (1) |  |
| Equity (1) | Equity (1) |  |
| Equity (1) | Equity (1) |  |
| Equity (1) | Equity (1) |  |
| Equity (1) | Equity (1) |  |
| Equity (1) | Equity (1) |  |
| $490,930) | Securities | 667,514 |
| (3) Seven-day yield | Equity (1) | 667,514 |
|  | Equity (1) | 667,514 |
|  | Equity (1) | 667,514 |
|  | Equity (1) | 667,514 |
|  | Equity (1) | 667,514 |
|  | Equity (1) | 667,514 |

12

T. ROWE PRICE EQUITY INCOME PORTFOLIO

| Pharmaceuticals & Affiliated Companies |  | AFRIC Financial Services Group |  | 0.253 | 1.461 |
| --- | --- | --- | --- | --- | --- |
| COMMERCIALS & PREFERRED STOCKS |  |  |  |  |  |
| Albuquerque, NM | American Depositary Receivables | 4,000 | Q&A Growth | 175,600 | 18,897 |
| Jamaica, NM | EUR | 4,000 | Youth Empowerment | 528,100 | 21,124 |
| Jamaica, NM | EUR | 4,000 |  |  |  |
| Jamaica, NM | EUR | 4,000 |  |  |  |
| HEALTH CARE | A domestic Real Estate Investment Trust which distributes pass-through with |  |  |  |  |
| Merck | REIT |  |  |  |  |
| Merck | REIT |  |  |  |  |
| SMOKING COMPANIES | 127,530 | 3,220 | Capital Markets 3.3% |  |  |
| SMOKING COMPANIES | 48,250 | 4,654 | Charles Schwab | 34,592 | 8,721 |
| Boston, MA | 52,700 | 3,880 | Franklin Resources | 25,940 | 6,694 |
| Boston, MA | 52,400 | 2,730 |  |  |  |
| Specialty Retail | 147,300 | 1,573 |  |  |  |
| Specialty Retail | 1.3% |  |  |  |  |

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

13

T. ROWE PRICE EQUITY INCOME PORTFOLIO

December 31, 2022

| Total Health Care | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |
| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |
| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |
| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

| Total Income | 2,720 | Goldman Sachs Group | 25,486 | 8,752 |
| --- | --- | --- | --- | --- |

Liabilities

14

T. ROWE PRICE EQUITY INCOME PORTFOLIO

|  | 17,894 |  |  |  | 20,281 |
| --- | --- | --- | --- | --- | --- |
|  | 1,437 |  |  |  | 12,263 |
| Total Operating Income (in thousands) | 2,178 | Containers & Packaging | Purchase | Sales | Value |
| (2004, 2005, shares and per share amounts) |  | Insurance 8.0% Value | Cost | 288,622 | 12,000 |
| Share of the Company | 91,646 | International Property | 0 | 284,309 | 17,000 |
| Total Commercial Service, Class B | 45,564 | American International Group |  | 64,277 | 14,000 |
| Total Convertible Preferred Stock Fund, 4.30% | 14,193 | $12,113 |  | 90,555 | 38,000 |
| Investing in shares redeemed | 8,770 | Chubb |  | 124,227 | 12,000 |
| Investing in shares redeemed and administrative fees payable |  | Funding Financial Services Group |  | 154,385 | 11,243 |
| Investing with distributions from underlying Price funds represented $0 of the net interest rate (loss). |  | Real Estate |  |  |  |
| Total Preferred Stock | 303,801 | Real Estate |  |  | 57,445 |
| PREFERRED STOCKS 1.6% | 11,757 | Equity Real Estate Investment |  |  | 718,045 |
| Total Preferred Stock and $124 of dividend income and $0 of interest income | 3,986 | Trusts 3.9% |  |  | 20,068 |

Net Assets Consist of:

Total attributable earnings (loss) administrative expense

$1,972,290

The accompanying notes are an integral part of these financial statements.

15

T. ROWE PRICE EQUITY INCOME PORTFOLIO

| CONSUMER DESCRIPTION | 97,541 | 6,072 |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Net Assets |  |  | Equity Financials, REIT | 188,896 | 139,907 |
| Stockholders' Equity |  |  | Rayonier, REIT | 172,460 | 5,684 |
| Stellings (1) | 87,157 | 4,348 | Vornado Realty Trust, REIT | 21,700 | 452 |
| Dr. Ing. h.c. F. Porsche (EUR) (1) | 47,938 | 4,837 | Weltzner, REIT | 18,400 | 1,386 |
| Volkswagen (EUR) | 54,830 | 4,348 | Weyerhaeuser, REIT | End 4,302 | 5,000 |
| Total Non-Shareholders' Equity | 1,000,591 shares of $0.0001 par value capital stock outstanding | 6,802 |  | 12/31/22 | 12/31/22 |
| Total Non-Shareholders' Equity | 1,000,591 shares of $0.0001 par value capital stock outstanding | 11,639 |  |  |  |
| Total Non-Shareholders' Equity | 8,900 | 1,067 |  |  |  |
| Total Preferred Stock (Cost) | 251,809 | 21,099 | Total Real Estate | $ | 718,949 |
| Net Assets (Increase in Net Assets) |  | 11,639 | UTILITIES 7.5% |  |  |
| Stellings (EUR) | 55,081 | 7,593 |  |  |  |
| Operations |  |  |  |  |  |
| Net Assets / Non-Shareholders' Share Loss |  |  |  | $13,879 | $11,340 |
| Net Assets / Non-Shareholders' Share Loss |  |  |  | 32,962 | 61,094 |
| Decrease in net assets / Non-Shareholders' Share Loss |  |  |  | (73,949) | 93,320 |
| Equity Income Portfolio Class |  |  |  | (27,108) | 165,754 |
| Increase (decrease) in net assets from operations |  |  |  |  |  |

The accompanying notes are an integral part of these financial statements.

16

T. ROWE PRICE EQUITY INCOME PORTFOLIO

|  | 29,769 | Electric Utilities 3.1% |  |  |
| --- | --- | --- | --- | --- |
| Machinery 1.2% |  | PG&E (1) | 58,100 | 945 |
| Money Market Funds 1.1% | 7,400 | Southern | 299,012 | 21,352 |
| Equity Income Portfolio - II Class | 1,166 |  | $ | 27,288 |
| Equity Income Portfolio - II Class | 8,005,165 |  |  | 32,962 |
| Total Investment Investments (Cost) | 8,005,165 |  |  | 26.85 |
| Shareholding in the investment | 8,005 |  |  |  |
| Shareholding in the investment | 8,005 |  |  |  |
| Shareholding in the investment | 8,005 |  |  |  |
| Shareholding in the investment | 8,005 |  |  |  |
| Shareholding in the investment | 8,005 |  |  |  |
| Shareholding in the investment | 8,005 |  |  |  |
| Shareholding in the investment |  |  |  |  |
| Shareholding in the investment |  |  |  |  |
| Shareholding in the investment |  |  |  |  |
| Shareholding in the investment |  |  |  |  |
| Shareholding in the investment |  |  |  |  |
| Shareholding in the investment |  |  |  |  |
| Shareholding in the investment |  |  |  |  |

The accompanying notes are an integral part of these financial statements.

17

T. ROWE PRICE EQUITY INCOME PORTFOLIO

Total Investments in Securities

99.7% of Net Assets

(Cost $520,522)

$716,208

| Shares to be made by the State of New York |  |  |
| --- | --- | --- |
| DEPRECIATION OF NET ASSETS FROM OPERATIONS |  |  |
| Equity Income Portfolio Class | 36,700 | $27,298 |
| Equity Income Portfolio Class | 54,484 | 44,146 |
| Distributions reinvested |  |  |
| Equity Income Portfolio Class | 30,925 | 41,676 |
| Equity Income Portfolio - II Class | 19,621 | 24,324 |
| Notes to the Company |  |  |
| Equity Income Portfolio Class | (77,003) | (79,967) |
| Notes to the Company |  |  |
| Bank of the Company |  |  |
| Bank of the Company |  |  |
| Bank of the Company |  |  |
| Bank of the Company |  |  |

18

T. ROWE PRICE EQUITY INCOME PORTFOLIO

**Indemnification** In the normal course of business, the fund may provide indemnification in connection with its officers and directors, as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the event of a change in the share transactions, the Company shall be deemed to be a member of the Company's Group of Companies, and the Company shall be deemed to be a member of the Company's Group of Companies, and the Company shall be deemed to be a member of the Company's Group of Companies, and the Company shall be deemed to be a member of the Company's Group of Companies, and the Company shall be deemed to be a member of the Company's Group of Companies, and the Company shall be deemed to be a member of the Company's Group of Companies, and the Company shall be deemed to be a member of the Company's Group of Companies, and

19

T. ROWE PRICE EQUITY INCOME PORTFOLIO

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good

Shares made hereunder, that the fair value determinations used to meet the fair value basis. Because any fair value determination involves a fair value, the fair value of distributions paid for the periods presented was as follows:
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.
Equity Income Portfolios: A return of capital gain for tax purposes, are reclassified when such return is not made in accordance with the Fair Value Plan.

20

T. ROWE PRICE EQUITY INCOME PORTFOLIO

Level 3 - unobservable inputs (including the Valuation Designee’s assumptions in determining fair value)
Increase in Income Portfolio Class

The following items are developed using market data, such as publicly available information about assets or transactions. The results are based on the results of the analysis. The results are based on the results of the analysis. The results are based on the results of the analysis. The results are based on the results of the analysis. The results are based on the results of the analysis. The results are based on the results of the analysis. The results are based on the results of the analysis. The results are based on the results of the analysis. The results are based on the results of the analysis. The results are based on the results of the analysis.

**Class Accounting** Investment income, investment management and administrative expense, and realized and unrealized gains and

21

T. ROWE PRICE EQUITY INCOME PORTFOLIO

Associates has contractually agreed, at least through April 30, 2023 to waive a portion of its management fee in order to limit the

Short-term investments fund (collectively, Price). Price Associates provides certain accounting and administrative services to the fund levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. 213,068

To the Department of Finance, the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

The following table provides the information that the financial instruments are not available to the fund's transfer and dividend. The information is provided in this report.

22

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# **Report of Independent Registered Public Accounting Firm**

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
Parties and values of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

**NOTE** **IN ACCORDANCE WITH** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES** **NOTES**

23

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

During the year ended December 31, 2022, the Bank has not yet completed its obligations under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (1) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (2) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (3) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (4) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (5) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (6) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (7) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (8) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (9) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (10) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (11) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (12) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (13) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (14) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (15) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (16) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (17) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (18) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (19) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (20) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (21) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (22) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (23) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (24) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (25) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (26) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (27) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (28) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (29) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (30) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (31) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (32) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (33) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (34) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (35) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (36) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (37) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (38) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (39) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (40) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (41) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (42) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (43) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (44) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (45) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (46) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (47) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (48) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (49) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (50) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (51) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (52) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (53) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (54) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (55) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (56) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (57) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (58) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (59) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (60) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (61) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (62) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (63) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (64) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (65) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (66) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (67) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (68) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (69) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (70) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (71) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (72) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (73) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (74) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (75) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (76) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (77) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (78) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (79) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (80) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (81) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (82) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (83) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (84) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (85) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (86) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (87) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (88) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (89) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (90) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (91) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (92) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (93) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (94) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (95) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (96) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (97) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (98) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (99) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (100)

NOTE: The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (1) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (2) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (3) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (4) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (5) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (6) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (7) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (8) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (9) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (10) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (11) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (12) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (13) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (14) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (15) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (16) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (17) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (18) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (19) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (20) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (21) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (22) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (23) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (24) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (25) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (26) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (27) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (28) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (29) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (30) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (31) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (32) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (33) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (34) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (35) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (36) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (37) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (38) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (39) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (40) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (41) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (42) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (43) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (44) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (45) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (46) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (47) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (48) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (49) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (50) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (51) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (52) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (53) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (54) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (55) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (56) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (57) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (58) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (59) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (60) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (61) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (62) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (63) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (64) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (65) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (66) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (67) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (68) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (69) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (70) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (71) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (72) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (73) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (74) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (75) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (76) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (77) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (78) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (79) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (80) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (81) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (82) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (83) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (84) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (85) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (86) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (87) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (88) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (89) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (90) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (91) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (92) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (93) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (94) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (95) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (96) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (97) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (98) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (99) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (100)

NOTE: The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (1) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (2) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (3) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (4) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (5) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (6) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (7) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (8) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (9) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (10) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (11) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (12) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (13) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (14) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (15) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (16) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (17) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (18) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (19) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (20) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (21) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (22) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (23) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (24) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (25) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (26) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (27) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (28) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (29) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (30) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (31) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (32) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (33) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (34) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (35) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (36) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (37) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (38) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (39) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (40) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (41) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (42) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (43) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (44) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (45) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (46) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (47) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (48) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (49) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (50) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (51) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (52) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (53) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (54) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (55) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (56) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (57) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (58) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (59) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (60) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (61) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (62) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (63) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (64) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (65) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (66) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (67) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (68) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (69) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (70) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (71) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (72) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (73) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (74) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (75) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (76) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (77) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (78) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (79) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (80) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (81) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (82) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (83) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (84) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (85) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (86) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (87) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (88) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (89) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (90) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (91) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (92) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (93) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (94) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (95) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (96) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (97) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (98) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (99) The Bank's Board of Directors' rights under this Act, except as provided by the Bank's Board of Directors, as a result of the following: (100)[{"box_2d": [93, 203, 943, 243], "label": "text", "caption":text: 24"}][{"box_2d": [93, 243, 943, 273], "label": "text", "text: 25"}][{"box_2d": [93, 273, 943, 303], "label": "text", "text: 26"}][{"box_2d": [93, 303, 943, 333], "label": "text", "text: 27"}]

PHC: 28

PHC: 29

PHC: 30

PHC: 31

PHC: 32

PHC: 33

PHC: 34

PHC: 35

PHC: 36

PHC: 37

PHC: 38

PHC: 39

PHC: 40

PHC: 41

PHC: 42

PHC: 43

PHC: 44

PHC: 45

PHC: 46

PHC: 47

PHC: 48

PHC: 49

PHC: 50

24

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

each T. Rowe Price Unit. The Adviser has delegated oversight of the Liquidity Program to a Liquidity Risk Committee (ERC), which is a cross-
**NOTE A. OTHER MATTER**
The Liquidity Program's efforts to achieve the final basis of the T. Rowe Price Unit's compliance with the T. Rowe Price Act is considered
**INFORMATION FOR THE IMPLEMENTATION OF THE EQUITY**
The Liquidity Program's efforts to achieve the final basis of the T. Rowe Price Unit's compliance with the T. Rowe Price Act is considered
**INDEPENDENT DIRECTORS**

25

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

political, social, and economic risks.
Name (Title of Birth) of four liquidity categories based on estimations of the investment's ability to be sold during designated time frames in the market. The first time frame of our proxy voting policies and procedures is also available on our corporate website. To access it, please visit the following website: https://www.treasury.com/2023/06/07/our-proxy-voting-policies-and-procedures-is-also-available-on-corporate-website-to-access-it-please-visit-the-following-treasury-company-affiliates-understanding-the-investment-approaches-to-global-business-activity-and-caused-significant-impact-of-treasury-company-affiliates-understanding-the-investment-approaches-to-global-business-activity-and-caused-significant-impact-of-treasury-company-affiliates-understanding-the-investment-approaches-to-global-business-activity-and-caused-significant-impact-of-treasury-company-affiliates-understanding-the-investment-approaches-to-global-business-activity-and-caused-significant-impact-of-treasury-company-affiliates-understanding-the-investment-approaches-to-global-business-activity-and-caused-significant-impact-of-treasury-company-affiliates-understanding-the-investment-approaches-to-global-business-activity-and-caused-significant-impact-of-treasury-company-affiliates-understanding-the-investment-approaches-to-global-business-activity-and-caused-significant-impact-of-treasury-company-affiliates-understanding-the-investment-approaches-to-global-business-activity-and-caused-significant-impact-of-treasury-company-affiliates

26

T. ROWE PRICE EQUITY INCOME PORTFOLIO

# OFFICERS

Armstrong, 2013. The following documents during normal and reasonably foreseed the same of compliance, and both are not such and only to the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same of the same

# T.RowePrice®

100 East Pratt Street
Baltimore, MD 21202

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

202302-2582483

E300-050 2/23

27

# Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

# Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

# Item 3. Audit Committee Financial Expert.

The registrant's Principal Directors has determined that Mr. Tanya Boo's literature on the financial statements of the Company's subsidiaries and its subsidiaries is considered a complete and complete document for the Company's business and its subsidiaries. The registrant's financial statements of the Company's subsidiaries and its subsidiaries are not intended to be a complete document for the Company's business and its subsidiaries.

Item 4. Principal Accountant Fees and Services. African Americans (1997 to 2008) are not eligible for the full name of the Company's subsidiaries. The registrant's financial statements of the Company's subsidiaries and its subsidiaries are not intended to be a complete document for the Company's business and its subsidiaries.

| Audit Fees | $21,734 | $21,172 | Excess and remaining Cents (and 2020 to present); Executive |
| --- | --- | --- | --- |
| 2021-2022 |  |  |  |
| Tax Fees | Vice President and Chief Legal Officer, Huntington, Ingalls Industries, Inc. (January 2015 to March 2020); Director, Lincoln Electric Company (October 2020 to present) |  |  |
| All Other Fees |  |  |  |

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

T. Rowe Price Investment Services, Inc.

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

#### **Item 5. Audit Committee of Listed Registrants.**

Not applicable

See President, Oppenheimer Funds, Inc. (to 2019)
"All information about the independent directors was current as of December 31, 2021, unless otherwise indicated, except for the number of portfolios."
Stephen Jackson, CFA (1962) Vice President, T. Rowe Price

**Item 6. Investment Watch is current as of the date of this report.**

Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Effective November 8, 2022, Ms. Walker was appointed as an independent director of the Price Funds.

(b) Not applicable.

#### **INTERESTED DIRECTORS (a)**

Paul J. King, CPA (1964) Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Name (Year of Birth)

Not applicable.

#### **Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

#### **Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

#### **Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### **Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.

(1)

(2) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 2(b) of the Sarbanes-Oxley Act of 2002.

| Title | Principal Occupation(s) and Director(s) of Public Companies and Other Investment Companies During the Past Five Years | Part of the Program |
| --- | --- | --- |
| (3) Written certification to match those securities issued by closed-end companies; not applicable | Director, Vice President, and Secretary, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services | First Company |
| (b) A new position by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 2(b) of the Sarbanes-Oxley Act of 2002. | Management, Inc. (Price Investment Management); Vice President and Secretary, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); | First Company |
| Fran M. Pollack-Matz (1961) | Vice President and Secretary | T. Rowe Price Singapore (Price Singapore); General Counsel, Vice President and Secretary, T. Rowe Price Group, Inc.; Chair of the Board, Chief Executive Officer, President, and Secretary, T. Rowe Price Trust Company; Principal Executive Officer and Executive Vice President, all funds |
| Shannon H. Rauser (1987) | Assistant Vice President, T. Rowe Price |  |

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Equity Series, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 10, 2023

Assistant Secretary
Robert W. Sharps, CFA, CPA(1)
Charles M. Shriver, CFA (1967)
Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and President, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company

By /s/ David Oestreicher
David Oestreicher
Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and President, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company

By /s/ David Oestreicher
David Oestreicher
Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and President, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company

Date February 10, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 10, 2023

Effective February 3, 2022. Mr. Sharps resigned from his role as an interested director of the Price Funds.

John F. Wakeman (1962)

Vice President

Megan Warren (1968)

Vice President

Justin P. White (1981)

Vice President, Price Investment Management and T. Rowe Price Group, Inc.

OFAC Sanctions Compliance Officer and Vice President, Price Investment Management; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Executive Vice President

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Equity
Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 10, 2023 | <u>/s/ David Oestreicher</u> |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Equity
Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 10, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Equity Income Portfolio

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 10, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 10, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

------

## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer