Strategy

Investment Objective

Seeks long-term growth of capital by investing primarily in common stocks of companies engaged in the research, development, production, or distribution of products or services related to health care, medicine, or the life sciences.

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

Shares of the Variable Insurance Portfolios are designed to be offered to insurance company separate accounts established for the purpose of funding variable annuity and variable life insurance contracts. The annuity and life contract holders or participants are not the shareholders of the funds. Rather, the separate account of the insurance company is the shareholder. The variable annuity and variable life contracts are described in separate prospectuses issued by the insurance companies. The funds assume no responsibility for such prospectuses, or variable annuity or variable life contracts.

Shares of the funds are sold and redeemed without the imposition of any sales commissions or redemption charges. However, certain other charges may apply to annuity or life contracts. Those charges are disclosed in the insurance contract prospectus. Your ability to exchange from these funds into any other T. Rowe Price fund that serves as an investment option under your insurance contract is governed by the terms of that contract and the insurance contract prospectus, as well as the funds’ excessive and short-term trading policy described in this section.

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Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

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Figure applies to all share classes.

N-restricted

Certain limited exceptions may apply to these scenarios. The funds reserve the right, when in the judgment of T. Rowe Price, it is not adverse to a fund's interest, to permit certain types of investors to open new accounts in a fund, to impose further restrictions, or to close a fund to any additional investments, all without notice.

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