497

July 11, 2018

James E. O’Connor, Esquire
Division of Investment Management
U.S. Securities & Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

Re:T. Rowe Price Equity Series, Inc. (“Registrant”)

Dear Mr. O’Connor:

In accordance with the provisions of Rule 497 of the Securities Act of 1933, we are hereby filing the above-captioned sticker.

The information contained in these eXtensible Business Reporting Language (“XBRL”) exhibits relates to the prospectus sticker filed under Rule 497 on June 25, 2018.

Please contact me at 410-345-2446, or in my absence, Brian R. Poole at 410-345-6646, if we may be of further assistance.

Sincerely,

/s/Charina Jones
Charina Jones

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	497
Document Period End Date	dei_DocumentPeriodEndDate	Dec. 31, 2017
Registrant Name	dei_EntityRegistrantName	T. Rowe Price Equity Series, Inc.
Central Index Key	dei_EntityCentralIndexKey	0000918294
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Jun. 25, 2018
Document Effective Date	dei_DocumentEffectiveDate	Jun. 25, 2018
Prospectus Date	rr_ProspectusDate	May 01, 2018

XML

May 01, 2018

T. Rowe Price Equity Income Portfolio

Supplement to Prospectus Dated May 1, 2018

The fund pays T. Rowe Price Associates, Inc. (the fund’s investment adviser) an annual all-inclusive management fee of 0.85% based on the fund’s average daily net assets. This all-inclusive management fee includes all of the fund’s operating expenses except for interest; taxes; brokerage commissions; and nonrecurring, extraordinary expenses. Effective July 1, 2018, T. Rowe Price has contractually agreed to waive a portion of the management fee it is entitled to receive from the fund in order to limit the fund’s overall management fee rate to 0.74% of the fund’s average daily net assets, through at least April 30, 2020.

To reflect the new contractual management fee waiver, effective July 1, 2018, the fee table and expense example on page 1 are revised as follows:

Fees and Expenses of the Fund

	Portfolio		Portfolio—II Class
	Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	0.85	%a		0.85	%a
Distribution and service (12b-1) fees	—			0.25
Other expenses	—			—
Total annual fund operating expenses	0.85			1.10
Fee waiver/expense reimbursement	(0.11	)a,b		(0.11	)a,b
Total annual fund operating expenses after fee waiver/expense reimbursement	0.74	a,b		0.99	a,b

a T. Rowe Price Associates, Inc. has agreed (through April 30, 2020) to waive a portion of its management fees in order to limit the fund’s management fees to 0.74% of the fund’s average daily net assets. The agreement may be terminated at any time beyond April 30, 2020, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are not subject to reimbursement to T. Rowe Price Associates, Inc. by the fund.

b Restated to reflect current fees.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 year	3 years	5 years	10 years
Portfolio	$76	$258	$459	$1,037
Portfolio—II Class	101	337	595	1,331

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

T. Rowe Price Equity Series, Inc.

Prospectus Date

rr_ProspectusDate

May 01, 2018

Supplement [Text Block]

trpesi4_SupplementTextBlock

T. Rowe Price Equity Income Portfolio

Supplement to Prospectus Dated May 1, 2018

The fund pays T. Rowe Price Associates, Inc. (the fund’s investment adviser) an annual all-inclusive management fee of 0.85% based on the fund’s average daily net assets. This all-inclusive management fee includes all of the fund’s operating expenses except for interest; taxes; brokerage commissions; and nonrecurring, extraordinary expenses. Effective July 1, 2018, T. Rowe Price has contractually agreed to waive a portion of the management fee it is entitled to receive from the fund in order to limit the fund’s overall management fee rate to 0.74% of the fund’s average daily net assets, through at least April 30, 2020.

To reflect the new contractual management fee waiver, effective July 1, 2018, the fee table and expense example on page 1 are revised as follows:

Fees and Expenses of the Fund

	Portfolio		Portfolio—II Class
	Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	0.85	%a		0.85	%a
Distribution and service (12b-1) fees	—			0.25
Other expenses	—			—
Total annual fund operating expenses	0.85			1.10
Fee waiver/expense reimbursement	(0.11	)a,b		(0.11	)a,b
Total annual fund operating expenses after fee waiver/expense reimbursement	0.74	a,b		0.99	a,b

a T. Rowe Price Associates, Inc. has agreed (through April 30, 2020) to waive a portion of its management fees in order to limit the fund’s management fees to 0.74% of the fund’s average daily net assets. The agreement may be terminated at any time beyond April 30, 2020, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are not subject to reimbursement to T. Rowe Price Associates, Inc. by the fund.

b Restated to reflect current fees.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 year	3 years	5 years	10 years
Portfolio	$76	$258	$459	$1,037
Portfolio—II Class	101	337	595	1,331

T. Rowe Price Equity Income Portfolio

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

trpesi4_SupplementTextBlock

T. Rowe Price Equity Income Portfolio

Supplement to Prospectus Dated May 1, 2018

The fund pays T. Rowe Price Associates, Inc. (the fund’s investment adviser) an annual all-inclusive management fee of 0.85% based on the fund’s average daily net assets. This all-inclusive management fee includes all of the fund’s operating expenses except for interest; taxes; brokerage commissions; and nonrecurring, extraordinary expenses. Effective July 1, 2018, T. Rowe Price has contractually agreed to waive a portion of the management fee it is entitled to receive from the fund in order to limit the fund’s overall management fee rate to 0.74% of the fund’s average daily net assets, through at least April 30, 2020.

To reflect the new contractual management fee waiver, effective July 1, 2018, the fee table and expense example on page 1 are revised as follows:

Fees and Expenses of the Fund

	Portfolio		Portfolio—II Class
	Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	0.85	%a		0.85	%a
Distribution and service (12b-1) fees	—			0.25
Other expenses	—			—
Total annual fund operating expenses	0.85			1.10
Fee waiver/expense reimbursement	(0.11	)a,b		(0.11	)a,b
Total annual fund operating expenses after fee waiver/expense reimbursement	0.74	a,b		0.99	a,b

a T. Rowe Price Associates, Inc. has agreed (through April 30, 2020) to waive a portion of its management fees in order to limit the fund’s management fees to 0.74% of the fund’s average daily net assets. The agreement may be terminated at any time beyond April 30, 2020, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are not subject to reimbursement to T. Rowe Price Associates, Inc. by the fund.

b Restated to reflect current fees.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 year	3 years	5 years	10 years
Portfolio	$76	$258	$459	$1,037
Portfolio—II Class	101	337	595	1,331

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Fees and Expenses of the Fund

Annual fund operating expenses
(expenses that you pay each year as a
percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

April 30, 2020

Expenses Restated to Reflect Current [Text]

rr_ExpensesRestatedToReflectCurrent

Restated to reflect current fees.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

T. Rowe Price Equity Income Portfolio | Portfolio

Risk/Return:

rr_RiskReturnAbstract

Management fees

rr_ManagementFeesOverAssets

0.85%

^[1]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

Other expenses

rr_OtherExpensesOverAssets

Total annual fund operating expenses

rr_ExpensesOverAssets

0.85%

Fee waiver/expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.11%)

^[1],[2]

Total annual fund operating expenses after fee waiver/expense reimbursement

rr_NetExpensesOverAssets

0.74%

^[1],[2]

1 year

rr_ExpenseExampleYear01

$ 76

3 years

rr_ExpenseExampleYear03

258

5 years

rr_ExpenseExampleYear05

459

10 years

rr_ExpenseExampleYear10

$ 1,037

T. Rowe Price Equity Income Portfolio | Portfolio—II Class

Risk/Return:

rr_RiskReturnAbstract

Management fees

rr_ManagementFeesOverAssets

0.85%

^[1]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other expenses

rr_OtherExpensesOverAssets

Total annual fund operating expenses

rr_ExpensesOverAssets

1.10%

Fee waiver/expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.11%)

^[1],[2]

Total annual fund operating expenses after fee waiver/expense reimbursement

rr_NetExpensesOverAssets

0.99%

^[1],[2]

1 year

rr_ExpenseExampleYear01

$ 101

3 years

rr_ExpenseExampleYear03

337

5 years

rr_ExpenseExampleYear05

595

10 years

rr_ExpenseExampleYear10

$ 1,331

[1] T. Rowe Price Associates, Inc. has agreed (through April 30, 2020) to waive a portion of its management fees in order to limit the fund’s management fees to 0.74% of the fund’s average daily net assets. The agreement may be terminated at any time beyond April 30, 2020, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are not subject to reimbursement to T. Rowe Price Associates, Inc. by the fund.

[2] Restated to reflect current fees.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	T. Rowe Price Equity Series, Inc.
Prospectus Date	rr_ProspectusDate	May 01, 2018
Document Creation Date	dei_DocumentCreationDate	Jun. 25, 2018