T. Rowe Price Equity Series N-CSR Certified annual shareholder report (management investment company)

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, 2024

Item 1. Reports to Shareholders

    (a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2024

Health Sciences Portfolio

Health Sciences Portfolio Class (QAAGZX)

This annual shareholder report contains important information about Health Sciences Portfolio (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Health Sciences Portfolio Class	$89	0.88%

What drove fund performance during the past 12 months?

• The health care sector posted solid advances in the first nine months of 2024; however, these returns were diminished in the fourth quarter, leaving the group with modest gains for the year. The products and devices subsector was a bright spot as a handful of growth companies with exciting new product cycles led the segment higher. Despite facing heightened concerns around increased regulatory uncertainty at the end of the period, the pharmaceuticals segment was boosted by significant demand for a new class of diabetes and weight-loss drugs. The services subsector was the laggard in the space, largely driven by utilization pressures and heightened negative sentiment around the managed care industry.

• From an absolute perspective, the leading contributor to performance was the portfolio’s significant position in Eli Lilly. Shares of the pharmaceutical giant benefited from strong demand and improvements in capacity for its portfolio of incretin medicines, alongside several positive regulatory developments.

• Conversely, the leading detractor from absolute performance was Elevance Health. Shares of the insurer traded sharply lower at the end of the period due to multiple factors, including (1) a challenging Medicaid environment driving an uptick in utilization, (2) uncertainty around the health care agenda of the incoming presidential administration, and (3) worsening public sentiment toward the managed care space following the tragic murder of an industry executive.

• Our overarching investment philosophy remains focused on innovation, and we believe companies that are producing leading‑edge therapeutics and medical devices offer some of the market’s most attractive growth areas for investors with a multiyear horizon.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2024

	Health Sciences Portfolio Class	Regulatory Benchmark	Strategy Benchmark	Previous Benchmark
2014	10,000	10,000	10,000	10,000
2015	11,390	10,180	10,780	10,095
2015	12,011	10,194	11,143	10,123
2015	10,500	9,455	9,847	9,471
2015	11,276	10,048	10,714	10,138
2016	9,902	10,145	9,959	10,275
2016	10,318	10,412	10,560	10,527
2016	10,608	10,870	10,813	10,933
2016	10,094	11,327	10,357	11,351
2017	11,222	11,978	11,279	12,039
2017	12,049	12,339	12,098	12,411
2017	12,679	12,903	12,552	12,967
2017	12,878	13,721	12,753	13,829
2018	13,045	13,633	12,715	13,724
2018	13,864	14,163	13,282	14,195
2018	15,461	15,172	15,089	15,290
2018	13,021	13,002	13,471	13,223
2019	15,048	14,828	14,639	15,027
2019	15,319	15,435	14,849	15,674
2019	14,141	15,614	14,313	15,940
2019	16,790	17,035	16,449	17,386
2020	14,501	13,475	14,330	13,979
2020	17,899	16,443	16,748	16,850
2020	19,119	17,957	17,833	18,355
2020	21,763	20,593	19,630	20,585
2021	21,713	21,900	20,050	21,856
2021	23,816	23,705	21,687	23,724
2021	24,116	23,681	21,723	23,863
2021	24,614	25,877	23,282	26,494
2022	22,496	24,512	22,221	25,276
2022	20,263	20,418	20,571	21,206
2022	19,822	19,506	19,600	20,170
2022	21,544	20,907	21,862	21,696
2023	21,057	22,408	21,146	23,322
2023	21,749	24,288	21,874	25,361
2023	20,566	23,497	21,025	24,531
2023	22,182	26,334	22,488	27,399
2024	23,922	28,973	24,405	30,291
2024	23,902	29,904	24,156	31,589
2024	25,326	31,767	25,784	33,448
2024	22,549	32,604	23,270	34,254

202501-4140694, 202502-4108594

E309-052 2/25

Average Annual Total Returns

	1 Year	5 Years	10 Years
Health Sciences Portfolio (Health Sciences Portfolio Class)	1.66%	6.08%	8.47%
Russell 3000 Index (Regulatory Benchmark)	23.81	13.86	12.55
Russell 3000 Health Care Index (Strategy Benchmark)	3.48	7.18	8.81
S&P 500 Index (Previous Benchmark)	25.02	14.53	13.10

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$664,924
• Number of Portfolio Holdings274

• Investment Advisory Fees Paid (000s)$5,427
• Portfolio Turnover Rate49.9%

What did the fund invest in?

Industry Allocation (as a % of Net Assets)

Other Biotechnology	27.4%
Major Pharmaceuticals	17.1
Implants	14.9
Life Sciences	10.9
Payors	10.9
Other Products & Devices	6.6
Major Biotechnology	6.5
Providers	1.8
Distribution	0.9
Other	3.0

Top Ten Holdings (as a % of Net Assets)

Eli Lilly	10.2%
UnitedHealth Group	6.1
Intuitive Surgical	5.8
Thermo Fisher Scientific	4.6
Stryker	4.2
Danaher	3.7
Argenx	3.7
Merck	2.6
Boston Scientific	2.5
Vertex Pharmaceuticals	2.4

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" and S&P do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Health Sciences Portfolio 

Health Sciences Portfolio Class (QAAGZX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Health Sciences Portfolio

Health Sciences Portfolio - II Class (QAAHBX)

This annual shareholder report contains important information about Health Sciences Portfolio (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Health Sciences Portfolio - II Class	$114	1.13%

What drove fund performance during the past 12 months?

• The health care sector posted solid advances in the first nine months of 2024; however, these returns were diminished in the fourth quarter, leaving the group with modest gains for the year. The products and devices subsector was a bright spot as a handful of growth companies with exciting new product cycles led the segment higher. Despite facing heightened concerns around increased regulatory uncertainty at the end of the period, the pharmaceuticals segment was boosted by significant demand for a new class of diabetes and weight-loss drugs. The services subsector was the laggard in the space, largely driven by utilization pressures and heightened negative sentiment around the managed care industry.

• From an absolute perspective, the leading contributor to performance was the portfolio’s significant position in Eli Lilly. Shares of the pharmaceutical giant benefited from strong demand and improvements in capacity for its portfolio of incretin medicines, alongside several positive regulatory developments.

• Conversely, the leading detractor from absolute performance was Elevance Health. Shares of the insurer traded sharply lower at the end of the period due to multiple factors, including (1) a challenging Medicaid environment driving an uptick in utilization, (2) uncertainty around the health care agenda of the incoming presidential administration, and (3) worsening public sentiment toward the managed care space following the tragic murder of an industry executive.

• Our overarching investment philosophy remains focused on innovation, and we believe companies that are producing leading‑edge therapeutics and medical devices offer some of the market’s most attractive growth areas for investors with a multiyear horizon.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2024

	Health Sciences Portfolio - II Class	Regulatory Benchmark	Strategy Benchmark	Previous Benchmark
2014	10,000	10,000	10,000	10,000
2015	11,385	10,180	10,780	10,095
2015	11,994	10,194	11,143	10,123
2015	10,480	9,455	9,847	9,471
2015	11,247	10,048	10,714	10,138
2016	9,871	10,145	9,959	10,275
2016	10,280	10,412	10,560	10,527
2016	10,563	10,870	10,813	10,933
2016	10,042	11,327	10,357	11,351
2017	11,161	11,978	11,279	12,039
2017	11,976	12,339	12,098	12,411
2017	12,593	12,903	12,552	12,967
2017	12,784	13,721	12,753	13,829
2018	12,941	13,633	12,715	13,724
2018	13,744	14,163	13,282	14,195
2018	15,320	15,172	15,089	15,290
2018	12,894	13,002	13,471	13,223
2019	14,890	14,828	14,639	15,027
2019	15,147	15,435	14,849	15,674
2019	13,975	15,614	14,313	15,940
2019	16,585	17,035	16,449	17,386
2020	14,311	13,475	14,330	13,979
2020	17,654	16,443	16,748	16,850
2020	18,845	17,957	17,833	18,355
2020	21,439	20,593	19,630	20,585
2021	21,376	21,900	20,050	21,856
2021	23,437	23,705	21,687	23,724
2021	23,718	23,681	21,723	23,863
2021	24,190	25,877	23,282	26,494
2022	22,094	24,512	22,221	25,276
2022	19,889	20,418	20,571	21,206
2022	19,442	19,506	19,600	20,170
2022	21,121	20,907	21,862	21,696
2023	20,630	22,408	21,146	23,322
2023	21,294	24,288	21,874	25,361
2023	20,124	23,497	21,025	24,531
2023	21,688	26,334	22,488	27,399
2024	23,378	28,973	24,405	30,291
2024	23,344	29,904	24,156	31,589
2024	24,716	31,767	25,784	33,448
2024	21,995	32,604	23,270	34,254

202501-4140694, 202502-4108594

E359-052 2/25

Average Annual Total Returns

	1 Year	5 Years	10 Years
Health Sciences Portfolio (Health Sciences Portfolio - II Class)	1.42%	5.81%	8.20%
Russell 3000 Index (Regulatory Benchmark)	23.81	13.86	12.55
Russell 3000 Health Care Index (Strategy Benchmark)	3.48	7.18	8.81
S&P 500 Index (Previous Benchmark)	25.02	14.53	13.10

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$664,924
• Number of Portfolio Holdings274

• Investment Advisory Fees Paid (000s)$5,427
• Portfolio Turnover Rate49.9%

What did the fund invest in?

Industry Allocation (as a % of Net Assets)

Other Biotechnology	27.4%
Major Pharmaceuticals	17.1
Implants	14.9
Life Sciences	10.9
Payors	10.9
Other Products & Devices	6.6
Major Biotechnology	6.5
Providers	1.8
Distribution	0.9
Other	3.0

Top Ten Holdings (as a % of Net Assets)

Eli Lilly	10.2%
UnitedHealth Group	6.1
Intuitive Surgical	5.8
Thermo Fisher Scientific	4.6
Stryker	4.2
Danaher	3.7
Argenx	3.7
Merck	2.6
Boston Scientific	2.5
Vertex Pharmaceuticals	2.4

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" and S&P do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Health Sciences Portfolio 

Health Sciences Portfolio - II Class (QAAHBX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

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 has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

		2024			2023
	Audit Fees	$	46,029		$	46,733
	Audit-Related Fees		-			-
	Tax Fees		-			-
	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.

(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 $1,262,000 and $1,524,000, 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.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Statements

and

Other

Information

December

31,

2024

Health

Sciences

Portfolio

T.

ROWE

PRICE

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

T.

ROWE

PRICE

Health

Sciences

Portfolio

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Health

Sciences

Portfolio

Class

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

55

.31‌

$

55

.74‌

$

64

.72‌

$

61

.04‌

$

49

.82‌

Investment

activities

Net

investment

loss

(1)(2)

(

0

.11‌

)

(

0

.12‌

)

(

0

.13‌

)

(

0

.26‌

)

(

0

.12‌

)

Net

realized

and

unrealized

gain/loss

1

.00‌

1

.68‌

(

7

.95‌

)

8

.19‌

14

.90‌

Total

from

investment

activities

0

.89‌

1

.56‌

(

8

.08‌

)

7

.93‌

14

.78‌

Distributions

Net

realized

gain

(

4

.94‌

)

(

1

.99‌

)

(

0

.90‌

)

(

4

.25‌

)

(

3

.56‌

)

NET

ASSET

VALUE

End

of

period

$

51

.26‌

$

55

.31‌

$

55

.74‌

$

64

.72‌

$

61

.04‌

Ratios/Supplemental

Data

Total

return

(2)(3)

1

.66‌

%

2

.96‌

%

(

12

.47‌

)

%

13

.10‌

%

29

.62‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0

.89‌

%

0

.95‌

%

0

.95‌

%

0

.95‌

%

0

.95‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.88‌

%

0

.94‌

%

0

.94‌

%

0

.94‌

%

0

.94‌

%

Net

investment

loss

(

0

.18‌

)

%

(

0

.21‌

)

%

(

0

.23‌

)

%

(

0

.40‌

)

%

(

0

.23‌

)

%

Portfolio

turnover

rate

49

.9‌

%

49

.5‌

%

27

.9‌

%

32

.3‌

%

38

.0‌

%

Net

assets,

end

of

period

(in

thousands)

$

144,197‌

$

154,299‌

$

153,188‌

$

178,434‌

$

159,718‌

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

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

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Health

Sciences

Portfolio

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Health

Sciences

Portfolio

-

II

Class

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

51

.85‌

$

52

.52‌

$

61

.19‌

$

57

.96‌

$

47

.48‌

Investment

activities

Net

investment

loss

(1)(2)

(

0

.24‌

)

(

0

.24‌

)

(

0

.25‌

)

(

0

.40‌

)

(

0

.24‌

)

Net

realized

and

unrealized

gain/loss

0

.95‌

1

.56‌

(

7

.52‌

)

7

.77‌

14

.16‌

Total

from

investment

activities

0

.71‌

1

.32‌

(

7

.77‌

)

7

.37‌

13

.92‌

Distributions

Net

realized

gain

(

4

.94‌

)

(

1

.99‌

)

(

0

.90‌

)

(

4

.14‌

)

(

3

.44‌

)

NET

ASSET

VALUE

End

of

period

$

47

.62‌

$

51

.85‌

$

52

.52‌

$

61

.19‌

$

57

.96‌

Ratios/Supplemental

Data

Total

return

(2)(3)

1

.42‌

%

2

.68‌

%

(

12

.69‌

)

%

12

.83‌

%

29

.27‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

1

.13‌

%

1

.20‌

%

1

.20‌

%

1

.20‌

%

1

.20‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

1

.13‌

%

1

.19‌

%

1

.19‌

%

1

.19‌

%

1

.19‌

%

Net

investment

loss

(

0

.43‌

)

%

(

0

.47‌

)

%

(

0

.48‌

)

%

(

0

.64‌

)

%

(

0

.47‌

)

%

Portfolio

turnover

rate

49

.9‌

%

49

.5‌

%

27

.9‌

%

32

.3‌

%

38

.0‌

%

Net

assets,

end

of

period

(in

thousands)

$

520,727‌

$

548,009‌

$

576,092‌

$

704,365‌

$

626,850‌

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

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

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Health

Sciences

Portfolio

December

31,

2024

4

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 94.8%

BIOTECHNOLOGY

 27.8%

International-Biotechnology

 0.1%

Ideaya

Biosciences (1)

19,371‌

498‌

498‌

Major

Biotechnology

 6.3%

Alkermes (1)

66,471‌

1,912‌

Amgen 

38,406‌

10,010‌

Biogen (1)

8,175‌

1,250‌

Celldex

Therapeutics (1)

32,851‌

830‌

Exact

Sciences (1)

59,948‌

3,368‌

Exact

Sciences

CMO

Milestone,

Acquisition

Date:

1/6/21,

Cost $— (1)(2)(3)

167,424‌

104‌

Exact

Sciences

FDA

Milestone,

Acquisition

Date:

1/6/21,

Cost $— (1)(2)(3)

83,712‌

52‌

Neurocrine

Biosciences (1)

27,030‌

3,690‌

United

Therapeutics (1)

13,600‌

4,799‌

Vertex

Pharmaceuticals (1)

39,362‌

15,851‌

41,866‌

Other

Biotechnology

 21.4%

Affinivax

Expense

Fund,

Acquisition

Date:

9/12/22,

Cost $1 (1)(2)(3)

562‌

—‌

Affinivax

Milestone

Event,

Acquisition

Date:

9/12/22,

Cost $156 (1)(2)(3)

331,976‌

246‌

Affinivax

Next

Gen.

Prod.

Milestone

Event,

Acquisition

Date:

9/12/22,

Cost $156 (1)(2)(3)

331,976‌

123‌

Agios

Pharmaceuticals (1)

51,400‌

1,689‌

Akero

Therapeutics (1)

45,821‌

1,275‌

Alector (1)

30,382‌

57‌

Allogene

Therapeutics (1)

160,368‌

342‌

Alnylam

Pharmaceuticals (1)

64,660‌

15,215‌

AnaptysBio (1)

10,500‌

139‌

Apellis

Pharmaceuticals (1)

11,061‌

353‌

Apogee

Therapeutics (1)

39,727‌

1,800‌

Arcellx (1)

44,630‌

3,423‌

Arvinas (1)

23,306‌

447‌

Ascendis

Pharma,

ADR (1)

50,917‌

7,010‌

Aura

Biosciences (1)

20,070‌

165‌

Avidity

Biosciences (1)

128,218‌

3,729‌

BeiGene,

ADR (1)

36,338‌

6,712‌

Bicycle

Therapeutics,

ADR (1)

62,846‌

880‌

Biohaven (1)

95,772‌

3,577‌

BioMarin

Pharmaceutical (1)

17,822‌

1,171‌

Blueprint

Medicines (1)

86,496‌

7,544‌

Cabaletta

Bio (1)

24,400‌

55‌

Cargo

Therapeutics (1)

60,490‌

872‌

Centessa

Pharmaceuticals,

ADR (1)

173,583‌

2,907‌

Crinetics

Pharmaceuticals (1)

57,933‌

2,962‌

Cytokinetics (1)

33,735‌

1,587‌

Day

One

Biopharmaceuticals (1)

3,030‌

38‌

Denali

Therapeutics (1)

79,760‌

1,625‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Disc

Medicine (1)

14,626‌

927‌

Dyne

Therapeutics (1)

24,193‌

570‌

Entrada

Therapeutics (1)

19,854‌

343‌

EyePoint

Pharmaceuticals (1)

26,859‌

200‌

Generation

Bio (1)

91,458‌

97‌

Ginkgo

Bioworks,

Earn

Out

Shares

$15.00,

Acquisition

Date:

9/17/21,

Cost $— (1)(2)(3)

242‌

—‌

Ginkgo

Bioworks,

Earn

Out

Shares

$17.50,

Acquisition

Date:

9/17/21,

Cost $— (1)(2)(3)

242‌

—‌

Ginkgo

Bioworks,

Earn

Out

Shares

$20.00,

Acquisition

Date:

9/17/21,

Cost $— (1)(2)(3)

242‌

—‌

Gyroscope

Therapeutics,

Milestone

Payment

1,

Acquisition

Date:

2/18/22,

Cost $253 (1)(2)(3)

253,263‌

—‌

Gyroscope

Therapeutics,

Milestone

Payment

2,

Acquisition

Date:

2/18/22,

Cost $169 (1)(2)(3)

168,785‌

—‌

Gyroscope

Therapeutics,

Milestone

Payment

3,

Acquisition

Date:

2/18/22,

Cost $169 (1)(2)(3)

168,785‌

—‌

Helix

Acquisition

Corp.

II (1)

40,147‌

422‌

IGM

Biosciences (1)

46,165‌

282‌

Immatics (1)

35,941‌

256‌

Immuneering,

Class

A (1)

29,046‌

64‌

Immunocore

Holdings,

ADR (1)

56,198‌

1,658‌

Immunome (1)

84,540‌

898‌

Insmed (1)

133,130‌

9,191‌

Ionis

Pharmaceuticals (1)

45,448‌

1,589‌

Iovance

Biotherapeutics (1)

54,449‌

403‌

Krystal

Biotech (1)

13,110‌

2,054‌

Kymera

Therapeutics (1)

68,304‌

2,748‌

Legend

Biotech,

ADR (1)

31,638‌

1,029‌

Lyell

Immunopharma (1)

285,300‌

183‌

Monte

Rosa

Therapeutics (1)

64,177‌

445‌

MoonLake

Immunotherapeutics (1)

78,080‌

4,228‌

Natera (1)

26,714‌

4,229‌

Novocure (1)

61,373‌

1,829‌

ORIC

Pharmaceuticals (1)

46,600‌

376‌

Oruka

Therapeutics 

55,896‌

1,084‌

Pharvaris (1)

16,499‌

316‌

Pliant

Therapeutics (1)

27,537‌

363‌

Prelude

Therapeutics (1)

42,748‌

54‌

ProfoundBio,

Escrow

Fund

Payment,

EC,

Acquisition

Date:

5/24/24,

Cost $34 (1)(2)(3)

33,627‌

32‌

ProfoundBio,

Expense

Fund

Payment,

EC,

Acquisition

Date:

5/24/24,

Cost $— (1)(2)(3)

112‌

—‌

Protagonist

Therapeutics (1)

51,434‌

1,985‌

Prothena (1)

19,543‌

271‌

Regeneron

Pharmaceuticals (1)

16,686‌

11,886‌

Relay

Therapeutics (1)

48,819‌

201‌

Repligen (1)

12,407‌

1,786‌

Replimune

Group (1)

85,041‌

1,030‌

T.

ROWE

PRICE

Health

Sciences

Portfolio

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

REVOLUTION

Medicines (1)

85,170‌

3,725‌

REVOLUTION

Medicines,

Warrants,

11/14/28 (1)

11,096‌

2‌

Rhythm

Pharmaceuticals (1)

15,079‌

844‌

Rocket

Pharmaceuticals (1)

53,703‌

675‌

Sage

Therapeutics (1)

14,484‌

79‌

Sana

Biotechnology (1)

115,664‌

188‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (1)(3)

6,855‌

246‌

Scholar

Rock

Holding (1)

108,816‌

4,703‌

SpringWorks

Therapeutics (1)

36,450‌

1,317‌

Spyre

Therapeutics (1)

20,380‌

475‌

Structure

Therapeutics,

ADR (1)

28,505‌

773‌

Tenax

Therapeutics,

Warrants,

8/29/29,

Acquisition

Date:

8/6/24,

Cost $— (1)(3)

53,640‌

62‌

Ultragenyx

Pharmaceutical (1)

31,232‌

1,314‌

Vaxcyte (1)

56,111‌

4,593‌

Voyager

Therapeutics (1)

42,811‌

243‌

WaVe

Life

Sciences (1)

96,944‌

1,199‌

Xencor (1)

33,800‌

777‌

Zai

Lab,

ADR (1)

90,020‌

2,358‌

Zentalis

Pharmaceuticals (1)

30,265‌

92‌

142,637‌

Total

Biotechnology

185,001‌

CONSUMER

NONDURABLES

 0.2%

Biotechnology

 0.1%

MBX

Biosciences,

Lockup

Shares,

Series

C,

Acquisition

Date:

8/2/24,

Cost $429 (1)(3)

34,687‌

639‌

639‌

Pharmaceuticals

 0.1%

Tenax

Therapeutics,

Warrants,

Acquisition

Date:

8/6/24,

Cost $305 (1)(3)(4)

101,916‌

599‌

599‌

Total

Consumer

Nondurables

1,238‌

LIFE

SCIENCES

 9.7%

Life

Sciences

 9.7%

Agilent

Technologies 

23,525‌

3,160‌

Bio-Techne 

38,087‌

2,744‌

Bruker 

14,586‌

855‌

Danaher 

107,863‌

24,760‌

Ginkgo

Bioworks

Holdings (1)

2,281‌

22‌

Pacific

Biosciences

of

California (1)

81,354‌

149‌

Revvity 

19,976‌

2,230‌

SomaLogic,

Warrants,

8/31/26 (1)

4,962‌

—‌

Thermo

Fisher

Scientific 

58,242‌

30,299‌

Total

Life

Sciences

64,219‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MISCELLANEOUS

 0.0%

Miscellaneous

 0.0%

Orchestra

BioMed

Holdings (1)

24,783‌

99‌

Total

Miscellaneous

99‌

PHARMACEUTICALS

 17.3%

Major

Pharmaceuticals

 16.9%

AstraZeneca,

ADR 

210,164‌

13,770‌

Chugai

Pharmaceutical

(JPY) 

76,700‌

3,381‌

Eli

Lilly 

87,928‌

67,880‌

Merck 

171,723‌

17,083‌

Novo

Nordisk,

ADR 

24,315‌

2,092‌

Sanofi,

ADR 

137,134‌

6,614‌

Teva

Pharmaceutical

Industries,

ADR (1)

66,700‌

1,470‌

112,290‌

Specialty

Pharmaceuticals

 0.4%

Madrigal

Pharmaceuticals (1)

7,914‌

2,442‌

2,442‌

Total

Pharmaceuticals

114,732‌

PRODUCTS

&

DEVICES

 21.1%

Capital

Equipment

 0.3%

PROCEPT

BioRobotics (1)

23,557‌

1,897‌

1,897‌

Implants

 14.8%

Becton

Dickinson

&

Company 

35,747‌

8,110‌

Boston

Scientific (1)

185,922‌

16,607‌

Edwards

Lifesciences (1)

47,257‌

3,498‌

Intuitive

Surgical (1)

73,749‌

38,494‌

Sonova

Holding

(CHF) 

11,921‌

3,898‌

Stryker 

76,874‌

27,679‌

Verily

Life

Sciences,

Series

B,

Acquisition

Date:

1/23/19,

Cost $643 (1)(2)(3)

5,220‌

351‌

98,637‌

Other

Products

&

Devices

 6.0%

10X

Genomics,

Class

A (1)

44,877‌

644‌

Argenx,

ADR (1)

39,674‌

24,400‌

Dexcom (1)

25,744‌

2,002‌

Hologic (1)

27,356‌

1,972‌

IDEXX

Laboratories (1)

6,000‌

2,481‌

Lantheus

Holdings (1)

10,015‌

896‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $1,452 (1)(2)(3)

385,684‌

158‌

Penumbra (1)

30,257‌

7,185‌

Saluda

Medical,

Warrants,

1/20/27,

Acquisition

Date:

1/20/22,

Cost $— (1)(2)(3)

4,672‌

9‌

39,747‌

Total

Products

&

Devices

140,281‌

SERVICES

 13.8%

Distribution

 0.9%

Cardinal

Health 

17,928‌

2,120‌

T.

ROWE

PRICE

Health

Sciences

Portfolio

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cencora 

8,625‌

1,938‌

McKesson 

3,062‌

1,745‌

5,803‌

Information

 0.0%

GeneDx

Holdings (1)

2,338‌

179‌

GeneDx

Holdings,

Warrants,

7/22/26 (1)

11,396‌

2‌

181‌

Other

Services

 0.5%

ICON (1)

5,711‌

1,198‌

PrognomIQ,

Class

A,

Acquisition

Date:

11/15/19

-

9/6/24,

Cost $656 (1)(2)(3)

27,337‌

17‌

Quest

Diagnostics 

15,672‌

2,364‌

3,579‌

Payors

 10.8%

Centene (1)

34,658‌

2,100‌

Cigna

Group 

32,141‌

8,875‌

Elevance

Health 

33,964‌

12,529‌

Humana 

5,257‌

1,334‌

Molina

Healthcare (1)

14,950‌

4,351‌

Oscar

Health,

Class

A (1)

147,077‌

1,977‌

UnitedHealth

Group 

80,286‌

40,613‌

71,779‌

Providers

 1.6%

BrightSpring

Health

Services (1)

99,302‌

1,691‌

HCA

Healthcare 

16,417‌

4,927‌

Tenet

Healthcare (1)

32,572‌

4,112‌

10,730‌

Total

Services

92,072‌

Total

Miscellaneous

Common

Stocks

 4.9% (5)

32,965‌

Total

Common

Stocks

(Cost

$351,927)

630,607‌

CONVERTIBLE

BONDS

 0.2%

Galvanize

Therapeutics,

0.00%,

2/13/27,

Acquisition

Date:

2/28/24,

Cost $295 (1)(2)(3)

295,300‌

295‌

Galvanize

Therapeutics,

0.00%,

2/28/27,

Acquisition

Date:

12/27/24,

Cost $223 (1)(2)(3)

223,200‌

223‌

Immunocore

Holdings,

2.50%,

2/1/30 (6)

739,000‌

620‌

Kardium,

10.00%,

12/31/26,

Acquisition

Date:

5/31/24,

Cost $257 (1)(2)(3)

256,500‌

257‌

Total

Convertible

Bonds

(Cost

$1,514)

1,395‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONVERTIBLE

PREFERRED

STOCKS

 4.0%

BIOTECHNOLOGY

 2.1%

Other

Biotechnology

 2.1%

Aktis

Oncology,

Series

B,

Acquisition

Date:

9/20/24,

Cost $538 (1)(2)(3)

134,478‌

538‌

Arbor

Bio,

Series

B,

Acquisition

Date:

10/29/21,

Cost $398 (1)(2)(3)

23,994‌

99‌

Arsenal

Biosciences,

Series

C,

Acquisition

Date:

7/9/24,

Cost $651 (1)(2)(3)

35,023‌

651‌

Avalyn

Pharma,

Series

C-1,

Acquisition

Date:

9/22/23,

Cost $285 (1)(2)(3)

388,595‌

285‌

Bluejay

Therapeutics,

Series

C,

Acquisition

Date:

5/1/24,

Cost $850 (1)(2)(3)

130,259‌

850‌

Chroma

Medicine,

Series

I,

Acquisition

Date:

10/12/21

-

12/4/24,

Cost $785 (1)(2)(3)

354,997‌

355‌

Delfi

Diagnostics,

Series

A,

Acquisition

Date:

1/12/21

-

4/7/22,

Cost $320 (1)(2)(3)

154,525‌

749‌

Delfi

Diagnostics,

Series

B,

Acquisition

Date:

6/10/22,

Cost $407 (1)(2)(3)

84,104‌

407‌

Eikon

Therapeutics,

Series

B,

Acquisition

Date:

12/3/21,

Cost $810 (1)(2)(3)

45,781‌

243‌

Eikon

Therapeutics,

Series

C,

Acquisition

Date:

5/18/23,

Cost $195 (1)(2)(3)

9,072‌

48‌

EndeavorBio,

Series

B,

Acquisition

Date:

1/21/22,

Cost $398 (1)(2)(3)

84,304‌

550‌

Endeavour

Bio

Services,

Series

C,

Acquisition

Date:

4/22/24,

Cost $154 (1)(2)(3)

23,627‌

154‌

FOG

Pharma,

Series

C,

Acquisition

Date:

1/11/21

-

8/2/21,

Cost $282 (1)

(2)(3)

19,483‌

165‌

FOG

Pharma,

Series

D,

Acquisition

Date:

11/17/22,

Cost $296 (1)(2)(3)

27,546‌

202‌

FOG

Pharma,

Series

E,

Acquisition

Date:

2/29/24,

Cost $93 (1)(2)(3)

14,904‌

93‌

Generate

Bio,

Series

B,

Acquisition

Date:

9/2/21,

Cost $1,001 (1)(2)(3)

84,485‌

1,001‌

Generate

Bio,

Series

C,

Acquisition

Date:

5/9/23,

Cost $201 (1)(2)(3)

17,003‌

201‌

Genesis

Therapeutics,

Series

A,

Acquisition

Date:

11/24/20,

Cost $191 (1)(2)(3)

37,471‌

191‌

Genesis

Therapeutics,

Series

B,

Acquisition

Date:

8/10/23,

Cost $465 (1)(2)(3)

91,103‌

465‌

Insitro,

Series

B,

Acquisition

Date:

5/21/20,

Cost $248 (1)(2)(3)

39,793‌

728‌

Insitro,

Series

C,

Acquisition

Date:

4/7/21,

Cost $481 (1)(2)(3)

26,282‌

481‌

T.

ROWE

PRICE

Health

Sciences

Portfolio

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Kartos

Therapeutics,

Series

C,

Acquisition

Date:

8/22/23,

Cost $486 (1)(2)(3)

85,928‌

486‌

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $1,471 (1)(2)(3)

52,537‌

116‌

Metsera,

Series

B,

Acquisition

Date:

11/12/24,

Cost $649 (1)(2)(3)

128,744‌

649‌

Obsidian

Therapeutics,

Series

C,

Acquisition

Date:

3/27/24,

Cost $422 (1)(2)(3)

222,385‌

422‌

Odyssey

Therapeutics,

Series

B,

Acquisition

Date:

5/13/22,

Cost $319 (1)(2)(3)

50,567‌

263‌

Odyssey

Therapeutics,

Series

C,

Acquisition

Date:

10/25/23,

Cost $25 (1)(2)(3)

4,902‌

25‌

Ring

Therapeutics,

Series

B,

Acquisition

Date:

4/12/21,

Cost $404 (1)(2)(3)

43,885‌

202‌

Ring

Therapeutics,

Series

C,

Acquisition

Date:

10/7/22,

Cost $198 (1)(2)(3)

21,482‌

99‌

SalioGen

Therapeutics,

Series

B,

Acquisition

Date:

12/10/21,

Cost $496 (1)(2)(3)

4,690‌

68‌

Scribe

Therapeutics,

Series

B,

Acquisition

Date:

3/17/21,

Cost $278 (1)(2)(3)

45,881‌

278‌

Sionna

Therapeutics,

Series

B,

Acquisition

Date:

2/2/22,

Cost $239 (1)(2)(3)

24,459‌

239‌

Sionna

Therapeutics,

Series

C,

Acquisition

Date:

3/4/24,

Cost $84 (1)(2)(3)

8,642‌

84‌

Tessera

Therapeutics,

Series

C,

Acquisition

Date:

2/25/22,

Cost $357 (1)(2)(3)

17,475‌

357‌

Third

Arc

Bio,

Series

A,

Acquisition

Date:

7/16/24,

Cost $214 (1)(2)(3)

101,574‌

214‌

Treeline

Biosciences,

Series

A,

Acquisition

Date:

4/9/21

-

9/26/22,

Cost $830 (1)(2)(3)

106,061‌

913‌

Treeline

Biosciences,

Series

A-1,

Acquisition

Date:

10/2/24,

Cost $1,060 (1)(2)(3)

123,059‌

1,060‌

Total

Biotechnology

13,931‌

CONSUMER

NONDURABLES

 0.2%

Biotechnology

 0.1%

Arbor

Bio,

Series

C,

Acquisition

Date:

10/21/24,

Cost $64 (1)(2)(3)

15,714‌

64‌

Nutcracker

Therapeutics,

Series

C,

Acquisition

Date:

8/27/21,

Cost $501 (1)(2)(3)

46,567‌

501‌

565‌

Health

Care

Services

 0.1%

Capsule,

Series

1-D,

Acquisition

Date:

4/7/21,

Cost $553 (1)(2)(3)

38,140‌

49‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Capsule,

Series

E,

Acquisition

Date:

1/10/23,

Cost $120 (1)(2)(3)

40,875‌

53‌

Color

Health,

Series

D,

Acquisition

Date:

12/17/20,

Cost $501 (1)(2)(3)

13,310‌

235‌

Color

Health,

Series

D-1,

Acquisition

Date:

1/13/20,

Cost $430 (1)(2)(3)

20,165‌

242‌

Color

Health,

Series

E,

Acquisition

Date:

10/26/21,

Cost $199 (1)(2)(3)

1,991‌

79‌

658‌

Total

Consumer

Nondurables

1,223‌

FINANCIAL

 0.1%

Investment

Dealers

 0.1%

Seaport

Therapeutics,

Series

B,

Acquisition

Date:

10/18/24,

Cost $540 (1)(2)(3)

113,620‌

540‌

Total

Financial

540‌

LIFE

SCIENCES

 0.9%

Life

Sciences

 0.9%

Cellanome,

Series

A,

Acquisition

Date:

12/30/21,

Cost $497 (1)(2)(3)

89,839‌

673‌

Chromacode,

Series

D-1,

Acquisition

Date:

2/28/22,

Cost $99 (1)(2)(3)

141,298‌

30‌

Chromacode,

Series

D-2,

Acquisition

Date:

2/28/22,

Cost $99 (1)(2)(3)

141,298‌

65‌

Clear

Labs,

Series

C,

Acquisition

Date:

5/13/21,

Cost $595 (1)(2)(3)

171,440‌

543‌

Clear

Labs,

Series

D,

Acquisition

Date:

12/12/24,

Cost $58 (1)(2)(3)

18,600‌

58‌

DNA

Script,

Series

C,

Acquisition

Date:

12/16/21,

Cost $960

(EUR) (1)

(2)(3)

1,132‌

338‌

Element

Biosciences,

Series

C,

Acquisition

Date:

6/21/21,

Cost $797 (1)(2)(3)

38,785‌

376‌

Element

Biosciences,

Series

D,

Acquisition

Date:

6/28/24,

Cost $106 (1)(2)(3)

13,556‌

106‌

Element

Biosciences,

Series

D-1,

Acquisition

Date:

6/28/24,

Cost $106 (1)(2)(3)

13,556‌

106‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $572 (1)(2)(3)

64,740‌

121‌

Lumicks

Tech,

Series

D,

Acquisition

Date:

4/14/21,

Cost $396 (1)(2)(3)

221‌

205‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $741 (1)(2)(3)

54,252‌

2,521‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $854 (1)(2)(3)

19,224‌

893‌

Total

Life

Sciences

6,035‌

PRODUCTS

&

DEVICES

 0.3%

Capital

Equipment

 0.1%

Reflexion

Medical,

Series

C,

Acquisition

Date:

4/3/18,

Cost $255 (1)(2)(3)

150,708‌

259‌

T.

ROWE

PRICE

Health

Sciences

Portfolio

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Reflexion

Medical,

Series

D,

Acquisition

Date:

4/3/20,

Cost $97 (1)(2)(3)

51,079‌

89‌

Reflexion

Medical,

Series

E,

Acquisition

Date:

3/1/22,

Cost $199 (1)(2)(3)

83,857‌

151‌

Reflexion

Medical,

Series

F,

Acquisition

Date:

11/13/23,

Cost $125 (1)(2)(3)

83,280‌

110‌

609‌

Implants

 0.1%

Kardium,

Series

D-5,

Acquisition

Date:

11/29/18,

Cost $391 (1)(2)(3)

403,778‌

343‌

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $566 (1)(2)(3)

556,501‌

473‌

816‌

Other

Products

&

Devices

 0.1%

Saluda

Medical,

Series

D,

Acquisition

Date:

1/20/22,

Cost $397 (1)(2)(3)

31,146‌

331‌

Saluda

Medical,

Series

E,

Acquisition

Date:

4/6/23,

Cost $196 (1)(2)(3)

24,280‌

235‌

566‌

Total

Products

&

Devices

1,991‌

SERVICES

 0.4%

Information

 0.0%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $313 (1)(2)(3)

26,533‌

313‌

313‌

Other

Services

 0.3%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $467 (1)(2)(3)

169,277‌

833‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $826 (1)(2)(3)

101,939‌

502‌

Freenome

Holdings,

Series

B,

Acquisition

Date:

6/24/19,

Cost $325 (1)(2)(3)

71,397‌

396‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Freenome

Holdings,

Series

C,

Acquisition

Date:

8/14/20,

Cost $276 (1)(2)(3)

41,732‌

232‌

Freenome

Holdings,

Series

D,

Acquisition

Date:

11/22/21,

Cost $179 (1)(2)(3)

23,669‌

132‌

Freenome

Holdings,

Series

F,

Acquisition

Date:

1/26/24,

Cost $63 (1)(2)(3)

8,542‌

47‌

2,142‌

Providers

 0.1%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $339 (1)(2)(3)

140,829‌

241‌

Honor

Technology,

Series

E,

Acquisition

Date:

9/29/21,

Cost $300 (1)(2)(3)

94,916‌

162‌

403‌

Total

Services

2,858‌

Total

Convertible

Preferred

Stocks

(Cost

$30,683)

26,578‌

PREFERRED

STOCKS

 0.3%

LIFE

SCIENCES

 0.3%

Life

Sciences

 0.3%

Sartorius

(EUR) 

8,261‌

1,836‌

Total

Life

Sciences

1,836‌

Total

Preferred

Stocks

(Cost

$1,569)

1,836‌

SHORT-TERM

INVESTMENTS

 0.8%

Money

Market

Funds

 0.8%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (7)(8)

5,167,594‌

5,168‌

Total

Short-Term

Investments

(Cost

$5,168)

5,168‌

Total

Investments

in

Securities

100.1%

of

Net

Assets

(Cost

$390,861)

$

665,584‌

‡

Shares/Par

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(3)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$29,991

and

represents

4.5%

of

net

assets.

(4)

Perpetual

security

with

no

stated

maturity

date.

(5)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

T.

ROWE

PRICE

Health

Sciences

Portfolio

9

.

(6)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$620

and

represents

0.1%

of

net

assets.

(7)

Seven-day

yield

(8)

Affiliated

Companies

ADR

American

Depositary

Receipts

CHF

Swiss

Franc

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

EUR

Euro

JPY

Japanese

Yen

T.

ROWE

PRICE

Health

Sciences

Portfolio

10

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

$

—‌#

$

—‌

$

178‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

12/31/24

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

$

13,820‌

 ¤

 ¤

$

5,168‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$178

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$5,168.

T.

ROWE

PRICE

Health

Sciences

Portfolio

December

31,

2024

Statement

of

Assets

and

Liabilities

11

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Assets

Investments

in

securities,

at

value

(cost

$390,861)

$

665,584‌

Receivable

for

shares

sold

405‌

Dividends

and

interest

receivable

310‌

Foreign

currency

(cost

$68)

67‌

Other

assets

243‌

Total

assets

666,609‌

Liabilities

Payable

for

shares

redeemed

1,051‌

Investment

management

fees

payable

383‌

Due

to

affiliates

11‌

Payable

for

investment

securities

purchased

2‌

Payable

to

directors

1‌

Other

liabilities

237‌

Total

liabilities

1,685‌

NET

ASSETS

$

664,924‌

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

272,661‌

Paid-in

capital

applicable

to

13,748,588

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

of

the

Corporation

authorized

392,263‌

NET

ASSETS

$

664,924‌

NET

ASSET

VALUE

PER

SHARE

Health

Sciences

Portfolio

Class

(Net

assets:

$144,197;

Shares

outstanding:

2,813,070)

$

51.26‌

Health

Sciences

Portfolio

-

II

Class

(Net

assets:

$520,727;

Shares

outstanding:

10,935,518)

$

47.62‌

T.

ROWE

PRICE

Health

Sciences

Portfolio

Statement

of

Operations

12

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

ok

Year

Ended

12/31/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$2)

$

5,083‌

.

  Interest

34‌

Total

income

5,117‌

Expenses

Investment

management

and

administrative

expenses

(1)

2,263‌

Investment

management

3,188‌

Shareholder

servicing

Health

Sciences

Portfolio

Class

$

158‌

Health

Sciences

Portfolio

-

II

Class

575‌

733‌

Rule

12b-1

fees

Health

Sciences

Portfolio

-

II

Class

1,419‌

Prospectus

and

shareholder

reports

Health

Sciences

Portfolio

Class

7‌

Health

Sciences

Portfolio

-

II

Class

5‌

12‌

Custody

and

accounting

161‌

Legal

and

audit

46‌

Directors

2‌

Miscellaneous

18‌

Waived

/

paid

by

Price

Associates

(

24‌

)

Total

expenses

7,818‌

Net

investment

loss

(

2,701‌

)

Realized

and

Unrealized

Gain

/

Loss  

–

Net

realized

gain

(loss)

Securities

60,875‌

Foreign

currency

transactions

7‌

Net

realized

gain

60,882‌

Change

in

net

unrealized

gain

/

loss

Securities

(

45,656‌

)

Other

assets

and

liabilities

denominated

in

foreign

currencies

(

24‌

)

Change

in

net

unrealized

gain

/

loss

(

45,680‌

)

Net

realized

and

unrealized

gain

/

loss

15,202‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

12,501‌

(1)

Prior

to

May

1,

2024,

the

fund

operated

under

an

all-inclusive

annual

fee

which

is

represented

as

"Investment

management

and

administrative

expense"

on

the

Statement

of

Operations.

See

Note

6.

T.

ROWE

PRICE

Health

Sciences

Portfolio

Statement

of

Changes

in

Net

Assets

13

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

..

.

.

.

.

.

.

.

. ..

.

..

Ended

.

.

.

.

.

.

. .

.

.

.

.

..

..

.

12/31/24

12/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

loss

$

(

2,701‌

)

$

(

2,873‌

)

Net

realized

gain

60,882‌

35,439‌

Change

in

net

unrealized

gain

/

loss

(

45,680‌

)

(

14,658‌

)

Increase

in

net

assets

from

operations

12,501‌

17,908‌

Distributions

to

shareholders

Net

earnings

Health

Sciences

Portfolio

Class

(

12,695‌

)

(

5,381‌

)

Health

Sciences

Portfolio

-

II

Class

(

49,064‌

)

(

20,335‌

)

Decrease

in

net

assets

from

distributions

(

61,759‌

)

(

25,716‌

)

Capital

share

transactions

*

Shares

sold

Health

Sciences

Portfolio

Class

12,732‌

12,277‌

Health

Sciences

Portfolio

-

II

Class

59,360‌

48,189‌

Distributions

reinvested

Health

Sciences

Portfolio

Class

12,695‌

5,381‌

Health

Sciences

Portfolio

-

II

Class

49,064‌

20,335‌

Shares

redeemed

Health

Sciences

Portfolio

Class

(

25,898‌

)

(

15,613‌

)

Health

Sciences

Portfolio

-

II

Class

(

96,079‌

)

(

89,733‌

)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

11,874‌

(

19,164‌

)

Net

Assets

Decrease

during

period

(

37,384‌

)

(

26,972‌

)

Beginning

of

period

702,308‌

729,280‌

End

of

period

$

664,924‌

$

702,308‌

*Share

information

(000s)

Shares

sold

Health

Sciences

Portfolio

Class

214‌

223‌

Health

Sciences

Portfolio

-

II

Class

1,065‌

931‌

Distributions

reinvested

Health

Sciences

Portfolio

Class

249‌

102‌

Health

Sciences

Portfolio

-

II

Class

1,035‌

409‌

Shares

redeemed

Health

Sciences

Portfolio

Class

(

440‌

)

(

283‌

)

Health

Sciences

Portfolio

-

II

Class

(

1,733‌

)

(

1,740‌

)

Increase

(decrease)

in

shares

outstanding

390‌

(

358‌

)

T.

ROWE

PRICE

Health

Sciences

Portfolio

14

NOTES

TO

FINANCIAL

STATEMENTS

T.

Rowe

Price

Equity

Series,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Health

Sciences

Portfolio

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks long-term

capital

appreciation.

Shares

of

the

fund

currently

are

offered

only

to

insurance

company

separate

accounts

established

for

the

purpose

of

funding

variable

annuity

contracts

and

variable

life

insurance

policies.

The

fund

has

two

classes

of

shares:

the Health

Sciences

Portfolio

(Health

Sciences

Portfolio

Class)

and

the Health

Sciences

Portfolio–II

(Health

Sciences

Portfolio–II

Class). Health

Sciences

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

voting

rights

on

matters

that

relate

to

both

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/

loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Investment

income,

investment

management

and

administrative

expense,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class. Health

Sciences

Portfolio–II

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

T.

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PRICE

Health

Sciences

Portfolio

15

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

T.

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Health

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16

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

619,315‌

$

10,200‌

$

1,092‌

$

630,607‌

Convertible

Bonds

—‌

620‌

775‌

1,395‌

Convertible

Preferred

Stocks

—‌

—‌

26,578‌

26,578‌

Preferred

Stocks

—‌

1,836‌

—‌

1,836‌

Short-Term

Investments

5,168‌

—‌

—‌

5,168‌

Total

$

624,483‌

$

12,656‌

$

28,445‌

$

665,584‌

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Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

year ended

December

31,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

December

31,

2024,

totaled $(4,434,000) for

the

year ended

December

31,

2024.

During

the

year,

transfers

into

Level

3

resulted

from

a

lack

of

observable

market

data

for

the

security.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

($000s)

Beginning

Balance

12/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level

3

Ending

Balance

12/31/24

Investment

in

Securities

Common

Stocks

$

1,481‌

$

(685‌)

$

690‌

$

(405‌)

$

11‌

$

1,092‌

Convertible

Bonds

—‌

—‌

775‌

—‌

—‌

775‌

Convertible

Preferred

Stocks

30,591‌

(7,078‌)

6,680‌

(3,615‌)

—‌

26,578‌

Total

$

32,072‌

$

(7,763‌)

$

8,145‌

$

(4,020‌)

$

11‌

$

28,445‌

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$

1,092‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

illiquidity

—#

—#

—#

Discount

for

uncertainty

5%

-

100%

36%

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

2.2x

–

6.9x

5.4x

Increase

Enterprise

value

to

gross

profit

multiple

5.0x

–

10.0x

8.4x

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

6%

6%

Decrease

Discount

for

regulatory

uncertainty

30%

30%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

4%

4%

Increase

Volatility

33%

33%

Increase

Convertible

Bonds

$775

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$26,578

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Conversion

ratio

—#

—#

—#

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Health

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+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Private

company

valuation

—#

—#

—#

Discount

for

dilution

12%

12%

Decrease

Discount

for

uncertainty

25%

-

50%

27%

Decrease

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Conversion

ratio

—#

—#

—#

Premium

to

public

company

multiples

59%

-

147%

102%

Increase

Enterprise

value

to

sales

multiple

1.5x

–

8.7x

6.9x

Increase

Projected

enterprise

value

to

sales

multiple

4.4x

–

8.7x

7.6x

Increase

Sales

growth

rate

5%

-

124%

76%

Increase

Enterprise

value

to

gross

profit

multiple

4.9x

–

21.6x

16.0x

Increase

Projected

enterprise

value

to

gross

profit

multiple

8.1x

–

21.6x

16.7x

Increase

Gross

profit

growth

rate

61%

-

171%

116%

Increase

Enterprise

value

to

EBITDA

multiple

11.5x

-

16.1x

13.8x

Increase

EBITDA

growth

rate

56%

56%

Increase

Projected

enterprise

value

to

EBITDA

multiple

37.6x

37.6x

Increase

Probability

for

potential

outcome

10%

-

70%

35%

Increase

Discount

to

public

company

multiples

43%

-

52%

48%

Decrease

Discount

rate

for

cost

of

capital

10%

-

30%

15%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

4%

4%

Increase

Volatility

41%

41%

Increase

T.

ROWE

PRICE

Health

Sciences

Portfolio

19

NOTE

3

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund’s prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $358,224,000 and

$402,636,000,

respectively,

for

the

year ended

December

31,

2024. 

NOTE

4

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

current

net

operating

loss

and

the

character

of

income

on

passive

foreign

investment

companies.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2024,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2024,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

($000s)

December

31,

2024

December

31,

2023

Long-term

capital

gain

$

61,759‌

$

25,716‌

($000s)

Cost

of

investments

$

397,299‌

Unrealized

appreciation

$

304,942‌

Unrealized

depreciation

(36,659‌)

Net

unrealized

appreciation

(depreciation)

$

268,283‌

($000s)

Undistributed

long-term

capital

gain

$

4,378‌

Net

unrealized

appreciation

(depreciation)

268,283‌

Total

distributable

earnings

(loss)

$

272,661‌

T.

ROWE

PRICE

Health

Sciences

Portfolio

20

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

passive

foreign

investment

companies.

NOTE

5

-

FOREIGN TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.37%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

December

31,

2024,

the

effective

annual

group

fee

rate

was

0.28%.

Prior

to

May

1,

2024,

the

fund

paid

an

annual

all-inclusive

fee

equal

to

0.95%

of

the

fund’s

average

daily

net

assets,

which

was

computed

daily

and

paid

monthly.

The

annual

all-inclusive

fee

covered

investment

management

services

and

ordinary,

recurring

operating

expenses

but

did

not

cover

interest

expense;

expenses

related

to

borrowing,

taxes,

and

brokerage;

or

nonrecurring,

extraordinary

expenses.

Prior

to

May

1,

2024,

Price

Associates

had

also

contractually

agreed,

through

April

30,

2024,

to

waive

a

portion

of

its

management

fee

in

order

to

limit

the

fund’s

management

fee

to

0.94%

of

the

fund’s

average

daily

net

assets.

Fees

waived

and

expenses

paid

under

this

agreement

are

not

subject

to

reimbursement

to

Price

Associates

by

the

fund. The

total

management

fees

waived

through

April

30,

2024

were $24,000

and

allocated

ratably

in

the

amounts

of

$5,000 and

$19,000 for

the Health

Sciences

Portfolio

Class

and Health

Sciences

Portfolio-II

Class,

respectively.

Effective

May

1,

2024, the

fund

is

subject

to

a

permanent

contractual

expense

limitation,

pursuant

to

which

Price

Associates

is

required

to

waive or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

acquired

fund

fees

and

expenses;

and

12b-1

fees,

if

any)

that

would

otherwise

cause

the class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

0.94%.

The

agreement

may

only

be

terminated

with

approval

by

the

fund’s

shareholders.

Each

class is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver. No

management

fees

were

waived

or

any

expenses

paid

under

this

arrangement

during the

period May

1,

2024

through December

31,

2024.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

T.

ROWE

PRICE

Health

Sciences

Portfolio

21

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

Prior

to

May

1,

2024,

pursuant

to

the

annual

all-inclusive

fee

arrangement

under

the

investment

management

and

administrative

agreement,

expenses

incurred

by

the

fund

pursuant

to

these

service

agreements

were

paid

by

Price

Associates.

For

the

period

May

1,

2024

through

December

31,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$81,000

for

Price

Associates

and

$7,000

for

T.

Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

7

-

SEGMENT

REPORTING

Operating

segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund’s

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund’s

revenue

is

derived

from

investments

in

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

NOTE

8

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

T.

ROWE

PRICE

Health

Sciences

Portfolio

22

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

ROWE

PRICE

Health

Sciences

Portfolio

23

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Directors

of

T.

Rowe

Price

Equity

Series,

Inc.

and

Shareholders

of

T.

Rowe

Price

Health

Sciences

Portfolio

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Health

Sciences

Portfolio

(one

of

the

portfolios

constituting

T.

Rowe

Price

Equity

Series,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2024,

the

related

statement

of

operations

for

the

year

ended

December

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2024

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2024,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2024

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

12,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

T.

ROWE

PRICE

Health

Sciences

Portfolio

24

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/24

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included

$61,759,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

taxable

non-corporate

shareholders,

$4,256,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$3,740,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

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.

E309-050

2/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Listing standards relating to recovery of erroneously awarded compensation: not applicable.
(3)	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 30a-2(a) under the Investment Company Act of 1940, are attached.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

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 12, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 12, 2025

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 12, 2025