Item 1. Report to Shareholders
T. Rowe Price Health Sciences Portfolio
Certified Financials
Financial Highlights
- --------------------------------------------------------------------------------
T. Rowe Price Health Sciences Portfolio
- --------------------------------------------------------------------------------
Certified Financials
(Unaudited)
For a share outstanding throughout each period
------------------------------------------------------
Health Sciences shares 6 Months Year 12/29/00
Ended Ended Through
6/30/03 12/31/02 12/31/01
- --------------------------------------------------------------------------------
NET ASSET VALUE
Beginning of period $ 6.56 $ 9.12 $ 10.00
Investment activities
Net investment
income (loss) (0.02) (0.04) (0.03)
Net realized
and unrealized
gain (loss) 1.56 (2.52) (0.85)
Total from
investment
activities 1.54 (2.56) (0.88)
NET ASSET VALUE
End of period $ 8.10 $ 6.56 $ 9.12
-----------------------------------------------------
Ratios/Supplemental Data
Total return^ 23.48% (28.07)% (8.75)%
Ratio of total
expenses to
average net
assets 0.95%! 0.95% 0.95%
Ratio of net
investment
income (loss)
to average
net assets (0.52)%! (0.55)% (0.42)%
Portfolio
turnover rate 46.2%! 62.2% 81.1%
Net assets,
end of period
(in thousands) $ 5,130 $ 3,564 $ 4,671
^ 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.
! Annualized
The accompanying notes are an integral part of these financial statements.
Financial Highlights
- --------------------------------------------------------------------------------
T. Rowe Price Health Sciences Portfolio
- --------------------------------------------------------------------------------
Certified Financials
(Unaudited)
For a share outstanding
throughout each period
- --------------------------------------------------------------------------------
Health Sciences-II shares 6 Months 4/30/02
Ended Through
6/30/03 12/31/02
- --------------------------------------------------------------------------------
NET ASSET VALUE
Beginning of period $ 6.55 $ 7.96
Investment activities
Net investment income (loss) (0.03) (0.03)
Net realized and
unrealized gain (loss) 1.56 (1.38)
Total from
investment activities 1.53 (1.41)
NET ASSET VALUE
End of period $ 8.08 $ 6.55
--------------------------------
Ratios/Supplemental Data
Total return^ 23.36% (17.71)%
Ratio of total expenses to
average net assets 1.20%! 1.20%!
Ratio of net investment
income (loss) to average
net assets (0.77)%! (0.75)%!
Portfolio turnover rate 46.2%! 62.2%
Net assets,
end of period
(in thousands) $ 102 $ 82
^ 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.
! Annualized
The accompanying notes are an integral part of these financial statements.
Statement of Net Assets
- --------------------------------------------------------------------------------
T. Rowe Price Health Sciences Portfolio
- --------------------------------------------------------------------------------
Certified Financials
June 30, 2003 (Unaudited)
Shares Value
- --------------------------------------------------------------------------------
In thousands
COMMON STOCKS 99.5%
BIOTECHNOLOGY 39.8%
International Biotechnology 0.4%
Actelion (CHF) * 310 $ 21
21
Other Biotechnology 3.9%
Alexion Pharmaceutical * 1,220 21
Amylin Pharmaceuticals * 1,390 30
Cubist Pharmaceuticals * 3,200 34
Esperion Therapeutics * 1,230 24
Exelixis * 4,700 33
Ligand Pharmaceuticals, Class B * 1,410 19
NeoRx * 1,700 6
Regeneron Pharmaceuticals * 860 13
Tularik * 530 5
Vicuron Pharmaceuticals * 1,050 15
ViroPharma * 900 2
XOMA * 300 2
204
U.S. Major-Biotechnology 35.5%
Abgenix *!! 2,750 29
Alkermes * 6,470 70
Amgen *!! 3,830 254
Biogen *!! 400 15
Cephalon * 4,230 174
CV Therapeutics * 1,600 47
Genentech *!! 1,310 95
Gilead Sciences *!! 5,050 281
Human Genome Sciences * 2,280 29
IDEC Pharmaceuticals *!! 3,008 102
Imclone Systems *!! 2,380 75
Medicines Company *!! 3,860 76
MedImmune *!! 3,710 135
Millennium Pharmaceuticals * 2,400 38
Neurocrine Biosciences *!! 2,061 103
NPS Pharmaceuticals * 2,900 71
OSI Pharmaceuticals * 1,100 35
Protein Design Labs * 900 13
Transkaryotic Therapies * 1,720 20
Trimeris *!! 3,700 169
Vertex Pharmaceuticals * 1,800 26
1,857
Total Biotechnology 2,082
LIFE SCIENCES 1.3%
Life Sciences 1.3%
Invitrogen * 320 12
Symyx Technologies * 2,400 39
Waters Corporation *!! 600 18
Total Life Sciences 69
PHARMACEUTICALS 24.4%
International Pharmaceuticals 1.0%
Fujisawa Pharmaceutical (JPY) 500 9
Sanofi-Synthelabo (EUR) 750 44
53
U.S. Major- Pharmaceutical 23.4%
Abbott Laboratories !! 2,600 114
Allergan !! 1,350 104
AstraZeneca ADR 900 37
Barr Laboratories * 800 52
Biovail *!! 1,800 85
Eli Lilly !! 1,245 86
Forest Laboratories *!! 2,300 126
Johnson & Johnson 1,180 61
Noven Pharmaceuticals * 1,800 18
Pfizer 7,028 240
Salix Pharmaceuticals * 2,900 30
Schering-Plough 1,515 28
Teva Pharmaceutical ADR !! 1,700 97
Wyeth !! 3,240 148
1,226
Total Pharmaceuticals 1,279
PRODUCTS & DEVICES 7.3%
Implants 7.3%
Advanced Neuromodulation Systems * 750 39
Aspect Medical Systems * 2,400 17
Baxter International 260 7
Biomet 560 16
Boston Scientific * 2,260 138
C. R. Bard 700 50
CTI Molecular Imaging * 100 2
EPIX Medical * 1,700 24
Fischer Imaging * 2,800 14
Medtronic 300 14
St. Jude Medical * 710 41
Stryker 300 21
Total Products & Devices 383
SERVICES 21.8%
Distribution 5.7%
AmerisourceBergen !! 540 $ 37
Cardinal Health !! 1,150 74
Omnicare !! 5,470 185
296
Other Services 1.2%
Laboratory Corporation of America * 2,150 65
65
Payors 13.2%
Anthem *!! 3,600 278
UnitedHealth Group 5,600 281
WellPoint Health Networks * 1,530 129
688
Providers 1.7%
Davita * 700 19
HCA !! 1,260 40
Triad Hospitals * 1,270 32
91
Total Services 1,140
Total Miscellaneous Common
Stocks 4.9% 257
Total Common Stocks (Cost $4,565) 5,210
OPTIONS WRITTEN (1.6%)
Abbott Laboratories
Call, 11/22/2003 @ $47.50 * (400) (1)
Abgenix
Call, 7/19/2003 @ $12.50 * (300) 0
Allergan
Call, 10/18/2003 @ $85.00 * (100) 0
Call, 7/19/2003 @ $80.00 * (300) (1)
AmerisourceBergen
Call, 8/16/2003 @ $55.00 * (200) (3)
Call, 8/16/2003 @ $60.00 * (300) (3)
Amgen
Call, 10/18/2003 @ $65.00 * (600) (3)
Call, 7/19/2003 @ $60.00 * (1,200) (7)
Call, 7/19/2003 @ $65.00 * (800) (2)
Put, 7/19/2003 @ $60.00 * (100) 0
Put, 7/19/2003 @ $65.00 * (300) 0
Amylin Pharmaceuticals
Put, 10/18/2003 @ $25.00 * (200) (1)
Anthem
Call, 9/20/2003 @ $70.00 * (100) (1)
Put, 9/20/2003 @ $70.00 * (100) 0
Baxter International
Put, 1/17/2004 @ $25.00 * (300) (1)
Biogen
Call, 10/18/2003 @ $40.00 * (300) (1)
Put, 10/18/2003 @ $40.00 * (200) (1)
Biovail, Call, 7/19/2003 @ $50.00 * (300) 0
Boston Scientific
Put, 11/22/2003 @ $65.00 * (300) (2)
Put, 8/16/2003 @ $65.00 * (100) (1)
Bristol-Meyers Squibb
Put, 1/17/2004 @ $25.00 * (200) 0
Put, 1/17/2004 @ $30.00 * (500) (2)
Cardinal Health
Call, 8/16/2003 @ $65.00 * (100) 0
Call, 9/20/2003 @ $60.00 * (200) (1)
Call, 9/20/2003 @ $70.00 * (400) (1)
Cephalon
Put, 1/17/2004 @ $40.00 * (100) (1)
Put, 11/22/2003 @ $40.00 * (100) 0
Eli Lilly
Call, 10/18/2003 @ $75.00 * (200) (1)
Call, 7/19/2003 @ $55.00 * (300) (4)
Call, 7/19/2003 @ $60.00 * (100) (1)
Call, 7/19/2003 @ $65.00 * (300) (1)
Call, 7/19/2003 @ $70.00 * (100) 0
Forest Laboratories
Call, 11/22/2003 @ $55.00 * (300) (2)
Call, 11/22/2003 @ $60.00 * (100) 0
Call, 8/16/2003 @ $57.50 * (100) 0
Call, 8/16/2003 @ $60.00 * (100) 0
Put, 11/22/2003 @ $50.00 * (100) 0
Put, 8/16/2003 @ $50.00 * (100) 0
Genentech
Call, 7/19/2003 @ $75.00 * (100) 0
Call, 7/19/2003 @ $80.00 * (600) (1)
Put, 1/17/2004 @ $55.00 * (500) (1)
Put, 1/17/2004 @ $60.00 * (300) (1)
Put, 1/17/2004 @ $65.00 * (300) (2)
Put, 7/19/2003 @ $70.00 * (100) 0
Gilead Sciences
Call, 7/19/2003 @ $55.00 * (100) 0
Call, 7/19/2003 @ $60.00 * (200) 0
Call, 8/16/2003 @ $45.00 * (200) (3)
Put, 7/19/2003 @ $50.00 * (100) 0
Put, 8/16/2003 @ $50.00 * (100) 0
Guidant
Put, 1/17/2004 @ $40.00 * (100) $ 0
Put, 1/17/2004 @ $45.00 * (200) (1)
HCA, Call, 8/16/2003 @ $35.00 * (300) 0
IDEC Pharmaceuticals
Call, 10/18/2003 @ $40.00 * (300) 0
Call, 7/19/2003 @ $35.00 * (100) 0
Call, 7/19/2003 @ $40.00 * (600) 0
Call, 8/16/2003 @ $40.00 * (600) (1)
Put, 10/18/2003 @ $35.00 * (100) (1)
Put, 7/19/2003 @ $40.00 * (300) (2)
Imclone Systems
Call, 8/16/2003 @ $22.50 * (100) (1)
Put, 8/16/2003 @ $30.00 * (100) 0
Invitrogen
Put, 11/22/2003 @ $40.00 * (100) (1)
Medicines Company
Call, 7/19/2003 @ $20.00 * (200) 0
MedImmune
Call, 12/20/2003 @ $42.50 * (200) 0
Call, 9/20/2003 @ $37.50 * (1,700) (4)
Call, 9/20/2003 @ $40.00 * (600) (1)
Put, 7/19/2003 @ $35.00 * (100) 0
Put, 9/20/2003 @ $35.00 * (100) 0
Merck, Put, 1/17/2004 @ $55.00 * (100) 0
Millennium Pharmaceuticals
Put, 11/22/2003 @ $17.50 * (100) (1)
Neurocrine Biosciences
Call, 11/22/2003 @ $60.00 * (100) 0
Call, 8/16/2003 @ $50.00 * (400) (2)
Call, 8/16/2003 @ $60.00 * (200) 0
Put, 8/16/2003 @ $50.00 * (100) 0
Omnicare
Call, 9/20/2003 @ $35.00 * (300) 0
Teva Pharmaceutical
Call, 9/20/2003 @ $45.00 * (300) (4)
Trimeris
Call, 10/18/2003 @ $50.00 * (600) (1)
Call, 10/18/2003 @ $55.00 * (400) 0
Call, 7/19/2003 @ $45.00 * (200) (0)
Universal Health Services
Put, 10/18/2003 @ $45.00 * (600) (4)
Waters Corporation
Call, 8/16/2003 @ $25.00 * (300) (1)
Wyeth
Call, 10/18/2003 @ $40.00 * (1,000) (7)
Call, 7/19/2003 @ $40.00 * (600) (3)
Put, 10/18/2003 @ $45.00 * (100) 0
Total Options Written (Cost $(63)) (85)
SHORT-TERM INVESTMENTS 2.6%
Money Market Funds 2.6%
T. Rowe Price Reserve Investment
Fund, 1.16% # 136,092 136
Total Short-Term Investments (Cost $136) 136
Total Investments in Securities
100.5% of Net Assets (Cost $4,638) $ 5,261
Other Assets Less Liabilities (29)
NET ASSETS $ 5,232
---------
Net Assets Consist of:
Undistributed net investment income (loss) $ (11)
Undistributed net realized gain (loss) (1,054)
Net unrealized gain (loss) 623
Paid-in-capital applicable to 645,606
shares of $0.0001 par value capital
stock outstanding; 1,000,000,000
shares of the Corporation authorized 5,674
NET ASSETS $ 5,232
---------
NET ASSET VALUE PER SHARE
Health Sciences Portfolio-shares
($5,130,216/633,043 shares outstanding) $ 8.10
- ----------- ------- ---------
Health Sciences Portfolio-II shares
($101,529/12,563 shares outstanding) $ 8.08
- --------- ------ ---------
# Seven-day yield
* Non-income producing
!! All or a portion of this security is pledged to cover written call options
at June 30, 2003--See Note 2.
ADR American Depository Receipts
CHF Swiss franc
EUR Euro
JPY Japanese yen
The accompanying notes are an integral part of these financial statements.
Statement of Operations
- --------------------------------------------------------------------------------
T. Rowe Price Health Sciences Portfolio
- --------------------------------------------------------------------------------
Certified Financials
(Unaudited)
In thousands
6 Months
Ended
6/30/03
- --------------------------------------------------------------------------------
Investment Income (Loss)
Income
Dividend $ 8
Income distributions from mutual funds 1
Total income 9
Investment management and administrative expense 20
Net investment income (loss) (11)
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities (214)
Written options (3)
Net realized gain (loss) (217)
Change in net unrealized gain (loss)
Securities 1,153
Written options (14)
Change in net unrealized gain (loss) 1,139
Net realized and unrealized gain (loss) 922
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 911
----------
The accompanying notes are an integral part of these financial statements.
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------
T. Rowe Price Health Sciences Portfolio
- --------------------------------------------------------------------------------
Certified Financials
(Unaudited)
In thousands
6 Months Year
Ended Ended
6/30/03 12/31/02
- --------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ (11) $ (22)
Net realized gain (loss) (217) (481)
Change in net unrealized gain (loss) 1,139 (857)
Increase (decrease) in net
assets from operations 911 (1,360)
Capital share transactions *
Shares sold
Health Sciences shares 797 999
Health Sciences-II shares -- 100
Shares redeemed
Health Sciences shares (122) (764)
Increase (decrease) in net assets from
capital share transactions 675 335
Net Assets
Increase (decrease) during period 1,586 (1,025)
Beginning of period 3,646 4,671
End of period $ 5,232 $ 3,646
--------------------------------
*Share information
Shares sold
Health Sciences shares 108 132
Health Sciences-II shares -- 13
Shares redeemed
Health Sciences shares (18) (101)
Increase (decrease) in shares outstanding 90 44
The accompanying notes are an integral part of these financial statements.
Notes to Financial Statements
- --------------------------------------------------------------------------------
T. Rowe Price Health Sciences Portfolio
- --------------------------------------------------------------------------------
Certified Financials
June 30, 2003 (Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
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 and is one of the portfolios established by the corporation. The
fund seeks long-term capital appreciation. Shares of the fund are currently
offered only through certain insurance companies as an investment medium
for both variable annuity contracts and variable life insurance policies.
The fund has two classes of shares: Health Sciences Portfolio (Health
Sciences class), offered since December 29, 2000, and Health Sciences
Portfolio-II, offered since April 30, 2002. Health Sciences-II sells its
shares only through financial intermediaries, which it compensates for
distribution and 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.
The accompanying financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America,
which require the use of estimates made by fund management.
Valuation
Investments are valued at the close of the New York Stock Exchange (NYSE),
normally 4 p.m. ET, each day that the NYSE is open for business. Equity
securities listed or regularly traded on a securities exchange or in the
over-the-counter market are valued at the last quoted sale price, or
official closing price for certain markets, at the time the valuations are
made. 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 latest bid and ask prices for domestic securities
and the last quoted sale price for international securities.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of valuation. Purchased and written
options are valued at the mean of the closing bid and ask prices.
Other investments and those for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair
value as determined in good faith by or under the supervision of the
officers of the fund, as authorized by the Board of Directors.
Most foreign markets close before the NYSE. Developments that could affect
the values of securities that occur between the close of a foreign market
and the close of the NYSE normally will not be reflected in security
valuations. However, if such developments are so significant that they
will, in the judgment of the officers of the fund, clearly and materially
affect the value of securities, the previous closing prices may be adjusted
to reflect the fair value of the securities as of the close of the NYSE, as
determined in good faith by or under the supervision of the officers of the
fund, as authorized by the Board of Directors.
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 ask prices of such
currencies against U.S. dollars as quoted by a major bank. Purchases and
sales of securities, income, and expenses are translated into U.S. dollars
at the prevailing exchange rate on the date of the transaction. The effect
of changes in foreign currency exchange rates on realized and unrealized
security gains and losses is reflected as a component of such gains and
losses.
Class Accounting
Health Sciences-II pays distribution and administrative expenses in the
form of Rule 12b-1 fees, in an amount not exceeding 0.25% of the class's
average net assets. Management and administrative fee expense, investment
income, and realized and unrealized gains and losses are allocated to the
classes based upon the relative daily net assets of each class. Income
distributions are declared and paid by each class on an annual basis.
Capital gain distributions, if any, are declared and paid by the fund,
typically on an annual basis.
Other
Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses
are reported on the identified cost basis. Dividend income and
distributions to shareholders are recorded by the fund on the ex-dividend
date.
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks or 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.
Options
Call and put options give the holder the right to purchase or sell,
respectively, a security at a specified price on a certain date. Risks
arise from possible illiquidity of the options market and from movements in
security values. Options are reflected in the accompanying Statement of Net
Assets at market value. Transactions in options written and related
premiums received during the six months ended June 30, 2003, were as
follows:
- --------------------------------------------------------------------------------
Number of
Contracts Premiums
- --------------------------------------------------------------------------------
Outstanding at beginning of period 152 $ 26,000
Written 590 137,000
Expired (63) (6,000)
Closed (442) (94,000)
Outstanding at end of period 237 $ 63,000
------------------------------
- --------------------------------------------------------------------------------
Other
Purchases and sales of portfolio securities, other than short-term
securities, aggregated $1,581,000 and $951,000, respectively, for the six
months ended June 30, 2003.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute to
shareholders all of its taxable income and gains. Federal income tax
regulations differ from generally accepted accounting principles;
therefore, distributions determined in accordance with tax regulations may
differ in amount or character from net investment income and realized gains
for financial reporting purposes. Financial reporting records are adjusted
for permanent book/tax differences to reflect tax character. Temporary
differences are not adjusted. The amount and character of tax-basis
distributions and composition of net assets are finalized at fiscal
year-end; accordingly, tax-basis balances have not been determined as of
June 30, 2003.
For tax purposes, the fund has elected to treat net capital losses realized
between November 1 and December 31 of each year as occurring on the first
day of the following tax year; consequently, $45,000 of realized losses
recognized for financial reporting purposes in the year ended December 31,
2002 were recognized for tax purposes on January 1, 2003. Further, the fund
intends to retain realized gains to the extent of available capital loss
carryforwards. As of December 31, 2002, the fund had $789,000 of unused
capital loss carryforwards, of which $355,000 expire in 2009, and $434,000
expire in 2010.
At June 30, 2003, the cost of investments for federal income tax purposes
was $4,638,000. Net unrealized gain aggregated $623,000 at period-end, of
which $995,000 related to appreciated investments and $372,000 related to
depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price Associates, Inc. (the manager or Price
Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. The
investment management and administrative agreement between the fund and the
manager provides for an all-inclusive annual fee equal to 0.95% of the
fund's average daily net assets. The fee is computed daily and paid
monthly. The agreement provides that investment management, shareholder
servicing, transfer agency, accounting, and custody services are provided
to the fund, and interest, taxes, brokerage commissions, directors' fees
and expenses, and extraordinary expenses are paid directly by the fund. At
June 30, 2003, $9,000 was payable under the agreement.
The fund may invest in the T. Rowe Price Reserve Investment Fund and T.
Rowe Price Government Reserve Investment Fund (collectively, the Reserve
Funds), open-end management investment companies managed by Price
Associates. The Reserve Funds are offered as cash management options only
to mutual funds, trusts, and other accounts managed by Price Associates
and/or its affiliates, and are not available to the public. The Reserve
Funds pay no investment management fees. Distributions from the Reserve
Funds to the fund for the six months ended June 30, 2003, totaled $1,000.
Item 2. Code of Ethics.
Not required at this time.
Item 3. Audit Committee Financial Expert.
Not required at this time.
Item 4. Principal Accountant Fees and Services.
Not required at this time.
Item 5. Audit Committee of Listed Registrants.
Not required at this time.
Item 6. [Reserved]
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. [Reserved]
Item 9. 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 changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 10. Exhibits.
(a)(1) Not required at this time.
(a)(2) Separate certifications by the registrant's principal executive officer
and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 and required by Rule 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/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date August 22, 2003
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/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date August 22, 2003
By /s/ Joseph A. Carrier
Joseph A. Carrier
Principal Financial Officer
Date August 22, 2003