May 1, 2009
The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this prospectus. Any representation to the
contrary is a criminal offense.
T. ROWE PRICE
A stock fund seeking substantial dividend
income and long-term capital growth.
Mutual fund shares are not deposits
or obligations of, or guaranteed by,
any depository institution. Shares are
not insured by the FDIC, Federal
Reserve, or any other government
agency, and are subject to investment
risks, including possible loss of the
principal amount invested.
Founded in 1937 by the late
Thomas Rowe Price, Jr.,
T. Rowe Price Associates, Inc.
(T. Rowe Price), and its affiliates
managed $276.3 billion for
more than 11 million individual
and institutional investor
accounts as of December 31,
2008. T. Rowe Price is the
fund’s investment manager.
Table of Contents
1 ABOUT THE FUND
Objective, Strategy, Risks, and Expenses
Other Information About the Fund
T. ROWE PRICE ACCOUNT
Pricing Shares and Receiving Sale Proceeds
Rights Reserved by the Funds
Dividends and Other Distributions
3 MORE ABOUT THE FUND
Organization and Management
Understanding Performance Information
Investment Policies and Practices
Disclosure of Fund Portfolio Information
ABOUT THE FUND
T. Rowe Price Equity Series, Inc.
T. Rowe Price Equity Income Portfolio
OBJECTIVE, STRATEGY, RISKS, AND EXPENSES
The fund should be used as an investment option for variable annuity and variable life insurance con-
What is the fund’s objective?
The fund seeks to provide substantial dividend income as well as long-term growth of capital through
investments in the common stocks of established companies.
What is the fund’s principal investment strategy?
The fund will normally invest at least 80% of its net assets in common stocks, with 65% in the com-
mon stocks of well-established companies paying above-average dividends.
The fund typ