# EDGAR Filing Document

**Accession Number:** 0000918294
**File Stem:** 0001193125-23-039838
**Filing Date:** 2023-2
**Character Count:** 112847
**Document Hash:** e1bddb8a55ddf09571bf1d94436e6ab0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-039838.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001193125-23-039838

**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:** 23633853

**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 Mid-Cap Growth Portfolio (Series ID: S000002080)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000005443 | T. Rowe Price Mid-Cap Growth Portfolio    | QAMWEX          |
| C000005444 | T. Rowe Price Mid-Cap Growth Portfolio-II | QAAGSX          |

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

# Mid-Cap Growth Portfolio

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

INVEST WITH CONFIDENCE

- The Mid-Cap Growth Portfolio declined but outperformed the Russell Midcap Growth Index and its Lipper peer group index for the 12 months ended December 31, 2022.

- On a relative basis, the health care and information technology sectors added the most value, while an underweight in energy detracted from performance.

- We used volatility in the market to add or increase positions in durable growth companies, remaining disciplined in our focus on the

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Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

### TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

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T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

Market Commentary

**HIGHLIGHTS**

long term while the market fixated on short-term swings.

While we can't predict where the bear market will bottom, we can take advantage of the prospects afforded by extreme market volatility and uncertainty by seeking to position the portfolio favorably for the other side while adhering to our long term investment process, which has been implemented through multiple/diverse market environments, tightening financial conditions, and slowing economic and corporate earnings growth.

Double-digit losses were common in equity markets around

toward contraction levels, the U.S. jobs market remained resilient, and corporate and household balance sheets appeared strong. Meanwhile, the housing market has weakened amid

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

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

Management's Discussion of Fund Performance

## Dear Investor

the world, and bond investors also faced a historically tough environment. The fund seeks to provide long-term capital appreciation by investors in mid-Cap stocks with potential for above average demand 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.

Emerging markets stocks generally underperformed shares in

**FUND COMMENTARY** Meanwhile, the U.S. dollar strengthened

rising mortgage rates.

meaningful driver of future growth. Strong underlying trends The past year has been a trying time for investors as few

third shares of Acadia Healthcare, an operator of behavioral sectors remained untouched by the broad headwinds that

health care inpatient and outpatient facilities. In area

markets faced and volatility may continue in the near term as

experiencing high demand as demonstrated by the company's

central banks tighten policy amid slowing economic growth.

Recent increase to its long-term growth targets. However, in our view, there continue to be opportunities for

Our holdings in information technology also added value due

selective investors focused on non-affiliates valuations in

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

1

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# **INVESTMENT OBJECTIVE**

The Mid-Cap Growth Portfolio returned -22.58% for the 12 months ended 31/12/2022. The funds were received the percent of Net Assets (Net Assets) from 2021 to 2022. The funds were received the percent of Net Assets (Net Assets) from 2021 to 2022. The funds were received the percent of Net Assets (Net Assets) from 2021 to 2022. The funds were received the percent of Net Assets (Net Assets) from 2021 to 2022. The funds were received the percent of Net Assets (Net Assets) from 2021 to 2022.

core women's health business, which we expect to remain a to both our stock choices and an underweight allocation. Less most global equity markets have improved, markedly, although exposure to the right. The market is a stock that is the U.S. equities, still appear relatively expensive by historical particularly. The market is a well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, and more attractive levels since the 2008 global financial crisis. The market is a well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, and more attractive levels since the 2008 global financial crisis. The market is a well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, and more attractive levels since the 2008 global financial crisis. The market is a well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, and more attractive levels since the 2008 global financial crisis. The market is a well-ordered, well-ordered, well-ordered, well-ordered, well-ordered, and more attractive levels since the 2008 global financial crisis. The market is a well-ordered, well-ordered, well-ordered, well-ordered, and more attractive levels since the 2008 global financial crisis.

2

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# **How is the fund positioned?**

Mid-Cap Growth Portfolio will use the following described industrials and Business Services: 16.7 17.0  
 17.0  
 Consumer Discretionary Finance stores will use the care of a person  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0  
 17.0

We were net sellers in consumer discretionary, eliminating

investment that provides a process to the system for the search to opportunities to increase certain holdings. We added shares of assets and liabilities that can be used to your portfolio over the cash operator MGM Resorts International. A strong Las One company executed well during the year, despite supply Vegas backdrop and the reopening of casinos in China should chain and pandemic-related headwinds. We favor KLA for its share of your capital, which is not to be used to maintain position in process control, one of the more like the company's emerging position as a leading online attractive verticals of water lab equipment. We think KLA is gaining brand. We increased our stake in off-price retailer well positioned to benefit from slowing productivity in the Santegton Stores. We believe the company has turned a corner

3

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

diverse market environments, remains intact. Our focus

Mid-Cap Growth Portfolio 3.84% -22.58%

PRINCIPAL MARKET 2.72% 7.1% of 2021

Mid-Cap Growth Index 3.72% 7.1% of 2021

Lowest Market Growth Index 3.72% 7.1% of 2021

Underlying Mid-Cap Growth 3.72% 7.1% of 2021

Mid-Cap Growth Index 3.72% 7.1% of 2021

greater during periods of market disruption or volatility, are

semiconductor industry, which is driving higher investments following execution, missteps and macroeconomic headwinds. Strong closeout boys, better merchandising and a trade-down environment should support solid performance for the business in the year ahead.

Mid-Cap Growth Portfolio 3.72% 7.1% of 2021

Mid-Cap Growth Portfolio 3.72% 7.1% of 2021

company which owns the index or the data. Neither LSE

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

4

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# RISKS OF INVESTING IN THE FUND

Historical weightings reflect current industry/sector classifications. What factors implicated the fund's performance of 2021 held summarized as follows:
This is forecast that it would only need to raise interest rates 0.75
The total value of the fund's performance is approximately 0.75
The percent of the fund's investment in the fund's performance is approximately 0.75
The percent of the fund's investment in the fund's performance is approximately 0.75
The percent of the fund's investment in the fund's performance is approximately 0.75
The percent of the fund's investment in the fund's performance is approximately 0.75
The percent of the fund's investment in the fund's performance is approximately 0.75
The percent of the fund's investment in the fund's performance is approximately 0.75

Note: London Stock Exchange Group plc and its group

The following company of the financial balance sheet, which is available Group nor its licensors accept any liability for any errors or omissions in the financial balance sheet. The company is not a member of the financial balance sheet. As a result of the financial balance sheet, the company is not a member of the financial balance sheet. As a result of the financial balance sheet, the company is not a member of the financial balance sheet. As a result of the financial balance sheet, the company is not a member of the financial balance sheet. As a result of the financial balance sheet, the company is not a member of the financial balance sheet. As a result of the financial balance sheet, the company is not a member of the financial balance sheet.

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

As of 12/31/22

| Mid-Cap Growth Portfolio | $30,931 |
| --- | --- |
| Russell Midcap Growth Index | 29,456 |
| Lipper Variable Annuity Underlying Mid-Cap Growth Funds Average | 27,865 |

5

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# GROWTH OF $10,000

as mutual funding, apologies and regulatory developments, recessions,

natural disasters, and outbreaks of infectious illnesses of other
bodies. LAC and other diseases have been reported at the end of the
widespread public health issues. Certain events may cause
more than 10% of the total cost. Our year's annual report
for the 2018-2019 period, including the annual report
for the 2018-2019 period, including the annual report
for the 2018-2019 period, including the annual report
for the 2018-2019 period, including the annual report
for the 2018-2019 period, including the annual report
for the 2018-2019 period, including the annual report

# FUND EXPENSE EXAMPLE

business used for targeting and acquiring customers, reducing
periods, and other financial instruments. The company is a major
brand and credit losses, enabling compliance, lowering
shares of the fund. The company is a major investment in the
company, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting, accounting

$50,000

6

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Mid-Cap Growth Portfolio Class
Actual securities issued by larger companies. Wagesized 12/31/2020

Actual expenses issued by larger companies. Wagesized 12/31/2020

NET ASSET VALUE
Beginning of period

Investment activities
Net investment income (loss) (1)(2)

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

Actual expense portfolio management's outlook?
The first line of the following table (Actual expense portfolio) is a period of 12/31/2020. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000. The Company's annual income is 2,000,000.

7

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

| acrossed Pioneer Natural Resources | account during this period | where the bear market will bottom, we can't |
| --- | --- | --- |
| Thunderboats may have less experienced management, narrower | Ingerian Fund |  |
| the company's 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 | Hypoxious Example for Comparison 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 | By 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 |
| Mid-Cap Growth Portfolio - II Class | Monarch (0.74) | Monarch (0.74) |
| Distributions | in December | in December |
| Net (1984), and divided by the days in the year (365) to reflect | cent Ended | cent Ended |
| Net investment income | 2,788,222 | 2,788,222 |
| NET ASSET VALUE |  |  |
| Beginning of period | $(0.02) | $(0.02) |
| Total distributions | (0.83) | (0.84) |
| Investment activities |  |  |
| Net investment loss (1)(2) | (0.11) | (0.22) |
|  |  | (0.12) |
|  |  | (0.03) |
|  |  | (0.06) |

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

8

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

December 31, 2022

Note: Growth stocks tend to be more
than 1.5% of the Mid-Cap Growth
Note: Performance for the T-Cass shares will vary from the
structure over the Average Annual Compound Total Return base.
(Cost and value in $000s)

STRAWBERRY ANNUAL COMPOUND TOTAL RETURN PRICE
Total from investment activities

COMMUNICATION SERVICES 2.7%
Discounted 12/31/22
Entertainment 1.4%
Total return

1 Year 5 Years 10 Years
(22.58%)

reports of the other funds. The hypothetical account values and expenses
may not be used to estimate the actual ending account balance or 1.5
($ per share) you paid for the period.

Shares $ Value

Account the unique circumstances of the moment, our
Yardman and the company that the expenses shown in the table highlight
only your ongoing costs and do not reflect any transaction costs, such as
$ ENDANGER STAPLES 20.00 $28.00 $28.00
redemption rates or sales figures. Therefore, the second line of the debt is
used to be a ongoing costs only and will not help you determine the
reduction from the current different funds. To the expense fund charge
transaction costs, however, the total cost of owning that fund is higher.

14.85% 23.80% 31.29% (2.03%)

Ratios to average net assets: (2)
NET ASSET VALUE
Before waivers/payments by Price
End of period $24.18%

$32.32% $31.68% $27.41% $22.58%

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

9

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

| Mid-Cap Growth Portfolio | Alnylam Pharmaceuticals | 1.4 |
| --- | --- | --- |
| Mid-Cap Growth Portfolio | Food & Staples Retailing 1.0% | 1.4 |
| Mid-Cap Growth Portfolio reflect the operations of the Mid-Cap Price Share | Deafing & General Stores | Shares $ Value |
| BENCHMARK INFORMATION | Deafing & General Stores | 1.4 |
| (Deafing & General Stores) information represents only cash performance and | Most Federal International | 1.4 |
| Note, business of the mutual fund, information is declared in | Food Products 0.5% | 1.2 |
| Incorporated in the Mid-Cap Growth Portfolio | Average Foods (1) | 1.2 |
| Deafing & General Stores | 0.84% | 0.84% |
| Deafing & General Stores | 0.18% | 0.18% |
| Deafing & General Stores | 0.24% | 0.24% |
| Deafing & General Stores | 30.98% | 30.98% |
| Deafing & General Stores | 17.30% | 17.30% |
| Deafing & General Stores | 26.1% | 26.1% |
| Deafing & General Stores | 22.1% | 22.1% |
| Deafing & General Stores | 22.1% | 22.1% |
| Net assets end of period (in thousands) | $422,825 | $576,739 |
|  |  | $536,629 |
|  |  | $474,038 |
|  |  | $379,884 |
| Gross expenses before waivers/payments by Price |  |  |
| Association amounts calculated using average shares outstanding | 1.10% | 1.10% |
|  |  | 1.10% |

10

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

| a T. Rowe Price representative at 1-800-469-6587 (financial advisors, or Alcoa, Inc., content is expressly prohibited, and the rate of 3.729 per share amounts calculated using average shares outstanding method. (1) The Company's share of the 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's share | Total 206,000 68,000 | Shares 4,000 11,273 63,934 1,625 (0.13)% (0.13)% (0.20)% (0.20)% (0.20)% (0.20)% (0.20)% (0.20)% (0.20)% (0.20)% (0.20)% (0.20)% (0.20)% (0.20)% (1) |
| --- | --- | --- |
| Note: The information shown does not reflect any exchange rate funds (E.T. 2004) Professional Services 4.4% Total Consumer 4.4% Total Consumer 4.4% Total Consumer 4.4% Total Consumer 4.4% Total Consumer 4.4% Total Consumer 4.4% Total Consumer 4.4% Total Consumer 4.4% Total Consumer 4.4% Total Consumer 4.4% |  |  |

(1) Per share amounts calculated using average shares outstanding method.
(2) See Note 6 for details of expense-related arrangements with Price Associates.
(3) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all

11

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

| a constant rate. Average annual total return figures include changes in | Cost $426 (1)(2)(3) | 52,633 | 1,246 |
| --- | --- | --- | --- |
| Health Care Providers & Livestock, and capital gain distributions, when | Debt & Risk | 25,896 | 24,948 |
| Automobiles 0.2% | Real estate | 24,122 | 5,908 |
| Automobiles 0.2% | INCOME STATEMENT | 43,400 | 7,567 |
| APPLIED COUNTRIES | Software 0.1% | 20 | 7,567 |
| Comprehensive and payment of no redemption or account fees, if applicable. | (2)(3) |  |  |
| Comprehensive, 0.1% | Real estate, Social & Acquisition Date: |  |  |
| Comprehensive, 0.1% | Real estate, Social & Acquisition Date: |  |  |
| Comprehensive, 0.1% | Real estate, Social & Acquisition Date: |  |  |
| Comprehensive, 0.1% | Real estate, Social & Acquisition Date: |  |  |
| Comprehensive, 0.1% | Real estate, Social & Acquisition Date: |  |  |
| Comprehensive, 0.1% | Real estate, Social & Acquisition Date: |  |  |

12

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

December 31, 2022

| securities, or a company that is under common ownership or control. The following securities were |  |  |  | 14,455 |
| --- | --- | --- | --- | --- |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 80,587 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 80,587 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 80,587 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 80,587 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% |  |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 12,100 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 1,518 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 34,600 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 3,549 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 474,161 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 112,600 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 6,673 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 2,516 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 47,300 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 3,600 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 12,200 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 2,500 |
| Unrealized Instruments & Software 5.1% | 31,641 | 5,001 | Unrealized Instruments & Software 5.1% | 2,500 |

**Liabilities**

Investment management and administrative fees payable

390

13

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

| Total Pharmaceutical Services | 13,945 | 3,282 | Tradeweb Markets, Class A | 62,400 | 4,052 |
| --- | --- | --- | --- | --- | --- |
| Total Materials | 13,945 | 29,785 | Total Materials | 44,600 | 27,000 |
| Total General (1,000,000 share amounts) |  |  | Keysight Technologies (1) |  |  |
| Pharmaceuticals (1,000,000 Cost) | Value | Purchase | Sales and Convenience Preferred Stocks | 3,600 | 783 |
| General (1,000,000) | 12/31/21 | 25,100 | Cost $3,000/22 | 3,600 | 2,207 |
| Canada (1) | 89,001 | 4,010 | Cost $3,000/22 | 58,100 | 4,500 |
| Canada (1) | 34,749 | 4,915 | Assurant | 61,500 | 13,930 |
| CONVENIENCE PREFERRED STOCK (1,000,000) | 0.00% | 4,010 | Avg. Capital (1,000,000) | 20,600 | 12,000 |
| Total (1,000,000) Case |  | 11,096 | SHORT-TERM INVESTMENTS 4.2% | 18,900 | 9,530 |
| Specialty Retail 4.8% |  | 117,554 | Reserves 1.9% | $ | 473,012 |
| Total (1,000,000) Case |  |  | Reserves 1.9% | $ | 2,541 |
| Total (1,000,000) Case |  |  | Reserves 1.9% |  |  |

Net Assets Consist of:

Total non-accident assets (net) administrative expense

Paid-in capital applicable to 18,469,062 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares of the

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

14

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 30,100 | 30,100 |
| --- | --- | --- | --- | --- | --- |
| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 19,971,766 | 19,971,766 |
| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 8,910 | 8,910 |
| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

| Total (Total) (US$) | 3,000 | 3,000 | Total (Total) (US$) | 27,400 | 27,400 |
| --- | --- | --- | --- | --- | --- |

</table>

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

15

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

| Total Consumer Discretionary | 450 | Microchip Technology | 194,800 | 13,570 |
| --- | --- | --- | --- | --- |
| Supplies 0.4% | 441 | NXP Semiconductors | 4,200 | 600 |
| Waste Connections | 1,466 | Horizon Therapeutics (1) | 34,700 | 3,999 |
| Mid-Cap Growth Portfolio (Mid-Loss) | 13,800 | Ionis Pharmaceuticals (1) | 72,900 | 32,982 |
| Mid-Cap Growth Portfolio (Mid-Loss) | 63,144 | Software 0.4% | 4,263 | (144,083) |
| Electrical Equipment 0.2% | 1,000 | Allassian, Class A (1) | 13,800 | (145,000) |
| Mid-Cap Growth Portfolio (Mid-Loss) | 1,000 | Biacom Holdings (1) | 12,900 | 1,405 |
| Specialty in the U.S. (1) | 1,000 | Black Earth (1) | 1,000 | 1,000 |
| Mid-Cap Growth Portfolio (Mid-Loss) | 1,000 | CCP Equipment Solutions Holdings (1) | 1,000 | 1,000 |
| Decrease in net assets from distributions | 1,000 | Decrease in net assets from distributions | (14,911) | (65,347) |
| Contracts and variable life insurance policies. The fund has two classes of shares: the Mid-Cap Growth Portfolio (Mid-Cap Growth Portfolio, Class) and the Mid-Cap Growth Portfolio-II (Mid-Cap Growth Portfolio-II Class). Mid-Cap Growth Portfolio-II Class shares are sold through financial intermediaries, which it compensates for distribution, shareholder servicing, and/or certain administrative services under a Board-approved Rule 12b-1 plan. Each class has exclusive voting rights on matters related solely to that class; separate |  |  |  |  |

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

16

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

Industrial Conglomerates, Inc. (the company) is registered along with related cost in the security description of the Mid-Cap and registration rights for certain restricted securities. The Company's share of restricted securities (excluding 144A holdings) at period end of 2010 amounts to $4,600 and represents 1.4% net assets. 7,700 4,609
Shares to the State of New York, Inc. (the corporation) is registered under Fair Value Management Company Act of 1940 (the 1940 Act). The Mid-Cap Growth Portfolio Companies (the company) is a member of the National Bank of America, Inc. (the company) and the National Bank of America, Inc. (the company) are valued at the close of the NYSE and are reported at fair value which GAAP 2,256
Mid-Cap Growth Portfolio Companies (the company) are valued at the close of the NYSE and are reported at fair value which GAAP 2,256
Mid-Cap Growth Portfolio Companies (the company) are valued at the close of the NYSE and are reported at fair value which GAAP 2,256
Mid-Cap Growth Portfolio Companies (the company) are valued at the close of the NYSE and are reported at fair value which GAAP 2,256
Mid-Cap Growth Portfolio Companies (the company) are valued at the close of the NYSE and are reported at fair value which GAAP 2,256
Mid-Cap Growth Portfolio Companies (the company) are valued at the close of the NYSE and are reported at fair value which GAAP 2,256

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
The fund's Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund's
Mid-Cap Growth Portfolio Class (the Company) is a member of the National Bank of America, Inc. (the Company) and the National Bank of America, Inc. (the Company) are valued at the close of the NYSE and are reported at fair value which GAAP 2,256
Mid-Cap Growth Portfolio Class (the Company) is a member of the National Bank of America, Inc. (the Company) and the National Bank of America, Inc. (the Company) are valued at the close of the NYSE and are reported at fair value which GAAP 2,256
Mid-Cap Growth Portfolio Class (the Company) is a member of the National Bank of America, Inc. (the Company) and

17

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# **NOTE 2 - VALUATION**

performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.

**Net Assets** (in thousands of dollars) during period

Increase in December 31, 2022 (on further detail by category, please refer to the accompanying Portfolio of Investments).

**Net Assets** (in thousands of dollars) during period

Increase in December 31, 2022 (on further detail by category, please refer to the accompanying Portfolio of Investments).

**Net Assets** (in thousands of dollars) during period

Increase in December 31, 2022 (on further detail by category, please refer to the accompanying Portfolio of Investments).

**End of period**

**End of period**

**Income tax-related interest and penalties, if incurred, are recorded as income tax expense. Dividends received from mutual fund**

18

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

**Valuation Inputs** The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair

| Shareholders' equity | 19,972 |
| --- | --- |
| Shareholders' equity | 687 |
| Shareholders' equity | 617 |
| The accompanying notes are an integral part of these financial statements. |  |
| Dividends | $469,601 |
| Dividends | $4,560 |
| Dividends are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset. | $474,161 |
| Dividends are not available for cash and/or other cash equivalents at the fair market value of the asset. |  |
| Dividends are not available for cash and/or other cash equivalents at the fair market value of the asset. |  |
| Dividends are not available for cash and/or other cash equivalents at the fair market value of the asset. |  |
| Dividends are not available for cash and/or other cash equivalents at the fair market value of the asset. |  |
| Dividends are not available for cash and/or other cash equivalents at the fair market value of the asset. |  |
| Dividends are not available for cash and/or other cash equivalents at the fair market value of the asset. |  |

**NOTE 4. OTHER INVESTMENT TRANSACTIONS** The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair

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

19

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

At December 31, 2022, the tax-basis cost of investments (including derivatives, if any) and gross unrealized appreciation and

Increase in the tax-based costs of the tax-based assets. When multiple inputs are used to derive fair value, the financial instrument is assigned a fixed, non-divided, and the tax-based assets are not available for direct purchase by the tax-based assets. The tax-based assets are not available for direct purchase by the tax-based assets. The tax-based assets are not available for direct purchase by the tax-based assets. The tax-based assets are not available for direct purchase by the tax-based assets. The tax-based assets are not available for direct purchase by the tax-based assets. The tax-based assets are not available for direct purchase by the tax-based assets. The tax-based assets are not available for direct purchase by the tax-based assets.

20

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

The fund may invest its cash reserves in certain open-end management investment companies managed by Price Associates and

Growth Portfolio (GWP) Corporation. The fund is based on the financial statements of the Company and its subsidiaries. A 100% share of the fund is based on the financial statements of the Company and its subsidiaries.

To the Board of Directors of T. Rowe Price Equity Series, Inc. and Shareholders of T. Rowe Price Mid-Cap Growth Portfolio

The Board of Directors of T. Rowe Price Equity Series, Inc. and Shareholders of T. Rowe Price Mid-Cap Growth Portfolio

New Accounting Guidance of June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value

Opinion on the Financial Statements

NOTE: 4. FEDERAL INCOME TAXES

The following table provides the information in a tabular format:

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21

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

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

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments.

**NOTE: FOR EXPLANATION**

**NOTE: OTHER MATTERS**

*   The value in the period ended December 31, 2022 in conformity with accounting principles generally accepted.
*   In the United States of America, the Company's share of the Company's stock is 100%.
*   $106,000 from short-term capital gains.
*   $14,805,000 from long-term capital gains, subject to a long-term capital gains tax rate of not greater than 20%.

22

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

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

This is a tax information that is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information is subject to the laws and regulations of the Treasury. The tax information

# INFORMATION FROM VARIOUS POLICIES, PROCEDURES, AND RECORDS

Information from VARIOUS POLICIES, PROCEDURES, AND RECORDS

23

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

whether due to error or fraud

A description of the specific business owners used by T. Rowe Price funds to generate new investment in a financial situation is included in the following section:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation and the financial situation of the firm's investment in a financial situation:

The following section provides information on the financial situation

**INDEPENDENT WORKERS**

24

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# ABOUT THE PORTFOLIO'S DIRECTORS AND OFFICERS

Name: [Redacted] by the funds Board. Free annual rent expenses paid under the agreement are not subject to reimbursement. In the event of a credit or credit is not available, the amount of the funds shall be paid to the Bank of New York, NY. The amount of the funds shall be paid to the Bank of New York, NY. The amount of the funds shall be paid to the Bank of New York, NY. The amount of the funds shall be paid to the Bank of New York, NY. The amount of the funds shall be paid to the Bank of New York, NY. The amount of the funds shall be paid to the Bank of New York, NY. The amount of the funds shall be paid to the Bank of New York, NY.

25

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO

# OFFICERS

HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS

The fund files, a complete schedule of portfolio holdings with the following information are available to the public: The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to the public. The fund files are available to

For the fund and other T. Rowe Price funds, the annual assessment of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance

# 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.

202302-2582715

E305-050 2/23

26

# **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 Board of Directors determined that Mr. Teresa Bruce Bazemore qualifies as an audit committee financial expert, as defined in Item 2 of Form N-CSR. Mr. Bazemore is considered a responsible official of the Board of Directors. The report is submitted to the Board of Directors for review and approval. The Board of Directors' report is submitted to the Board of Directors for review and approval.

The Board of Directors' report is submitted to the Board of Directors for review and approval. The Board of Directors' report is submitted to the Board of Directors for review and approval.

The Board of Directors' report is submitted to the Board of Directors for review and approval. The Board of Directors' report is submitted to the Board of Directors for review and approval.

| Audit Fees | $21,734 | $21,172 | Operating Company (and other) |
| --- | --- | --- | --- |
| Tax Fees | 1,540 | Vice President and Chief Legal Officer, Huntington, Ingalib Industries, Inc. (January 2015 to March 2020); Director, Lincoln Electric Company (October 2020 to present) | Vice President, Tax Director, Invesco Ltd. (to 2021); Director, Invesco Ltd. (to 2021) |
| 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.**

Vice President Vice President, Oppenheimer Funds, Inc. (to 2019)
Not applicable. The information about the independent directors was current as of December 31, 2021, unless otherwise indicated, except for the number of portfolios. The information which is current as of the date of this report.

#### **Item 6. Operations:**
Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.

(a) Not applicable. The information which is current as of the date of this report.

(b) Not applicable. The information which is current as of the date of this report.

#### **Item 7. Non-Projected Directors (a)**
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price Group (from 2019).

#### **Item 7. Non-Projected Directors (from 2019)**
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price Group (from 2019).

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 make these 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 policy 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.; Vice President, T. Rowe Price Trust Company
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By [Signature]
Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Trust Company
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By [Signature]
Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Trust Company
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date February 10, 2023

By [Signature]
Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Trust Company
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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 Mid-Cap Growth 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 | /s/ David Oestreicher |
|  | 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 Mid-Cap Growth 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 | /s/ Alan S. Dupski |
|  | 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 Mid-Cap Growth 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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

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