# EDGAR Filing Document

**Accession Number:** 0001012968
**File Stem:** 0001193125-26-062961
**Filing Date:** 2026-2
**Character Count:** 148009
**Document Hash:** 20e7c3b94b193622c015ac0406001736
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-062961.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001193125-26-062961

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Equity Funds, Inc.
- **CENTRAL INDEX KEY:** 0001012968

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07639
- **FILM NUMBER:** 26662888

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Institutional Equity Funds, Inc.
- **DATE OF NAME CHANGE:** 20051028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE INSTITUTIONAL EQUITY FUNDS INC
- **DATE OF NAME CHANGE:** 20011105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL DOMESTIC EQUITY FUNDS INC
- **DATE OF NAME CHANGE:** 19960428

## Series and Classes Contracts Data

### T. Rowe Price Hedged Equity Fund (Series ID: S000080479)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000242902 | T. Rowe Price Hedged Equity Fund         | PHEFX           |
| C000242903 | T. Rowe Price Hedged Equity Fund-Z Class | PZHEX           |
| C000242904 | T. Rowe Price Hedged Equity Fund-I Class | PHEIX           |

?xml version='1.0' encoding='ASCII'? Hedged Equity Fund_HEF

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: 811-07639

T. Rowe Price Equity Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g641677g11g70.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Hedged Equity Fund

# Investor Class (PHEFX)
This annual shareholder report contains important information about Hedged Equity Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. 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 at**www.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** |
| Hedged Equity Fund - Investor Class | $79 | 0.75% |

---

## What drove fund performance during the past 12 months?
* Major U.S. stock indexes rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December. 

* Versus the S&P 500 Index, the Hedged Equity Fund's equity index put options were additive to relative results during the trailing 12 months. The fund's exposure to U.S. Treasury futures also contributed to relative results. 

* The derivatives hedge that reduces the fund's net equity exposure detracted from relative results given the strong equity market for the full year. The risk-based dynamic equity allocation process further weighed on relative results. 

* The Hedged Equity Fund seeks capital appreciation by investing in U.S. large-cap equities while aiming to deliver a lower risk profile, especially during significant equity downturns, by investing in multiple tail risk mitigating strategies. The fund uses an approach to risk estimation that gives more weight to extreme negative returns. 

* The fund held material exposure to various types of derivatives, which are used to efficiently access or adjust exposure to certain market segments and/or to manage portfolio volatility. Exposure to these derivatives detracted from total returns.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Investor Class 14,188 Regulatory Benchmark 15,743 Strategy Benchmark 15,931](g641677g06x89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **7/5/23** | 10000 | 10000 | 10000 |
| **9/30/23** | 9810 | 9685 | 9679 |
| **12/31/23** | 10724 | 10855 | 10810 |
| **3/31/24** | 11679 | 11942 | 11951 |
| **6/30/24** | 12071 | 12326 | 12463 |
| **9/30/24** | 12624 | 13094 | 13197 |
| **12/31/24** | 12763 | 13439 | 13515 |
| **3/31/25** | 12484 | 12804 | 12938 |
| **6/30/25** | 13279 | 14212 | 14353 |
| **9/30/25** | 14022 | 15373 | 15519 |
| **12/31/25** | 14188 | 15743 | 15931 |

---

202501-4140694, 202601-5113251

F1544-052 2/26

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 7/5/23** |
| Hedged Equity Fund (Investor Class) | 11.17% | 15.09% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 20.00 |
| S&P 500 Index (Strategy Benchmark) | 17.88 | 20.58 |

---

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)). 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)$3,863,399

* Number of Portfolio Holdings349

* Investment Advisory Fees Paid (000s)$1,352

* Portfolio Turnover Rate54.5%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 31.6% |
| Financials | 13.1 |
| Health Care | 9.6 |
| Consumer Discretionary | 9.0 |
| Communication Services | 8.9 |
| Industrials & Business Services | 6.8 |
| Consumer Staples | 4.6 |
| Energy | 2.7 |
| Utilities | 2.6 |
| Other | 11.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA | 6.5% |
| Apple | 5.6 |
| Microsoft | 5.4 |
| Alphabet | 4.6 |
| Amazon.com | 3.2 |
| Broadcom | 2.5 |
| Meta Platforms | 2.1 |
| Tesla | 1.7 |
| Eli Lilly | 1.3 |
| JPMorgan Chase | 1.2 |

---

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.

Hedged Equity Fund

Investor Class (PHEFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g641677g54i98.jpg)

![Image](g641677g11g70.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Hedged Equity Fund

# I Class (PHEIX)
This annual shareholder report contains important information about Hedged Equity Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. 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 at**www.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** |
| Hedged Equity Fund - I Class | $52 | 0.49% |

---

## What drove fund performance during the past 12 months?
* Major U.S. stock indexes rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December. 

* Versus the S&P 500 Index, the Hedged Equity Fund's equity index put options were additive to relative results during the trailing 12 months. The fund's exposure to U.S. Treasury futures also contributed to relative results. 

* The derivatives hedge that reduces the fund's net equity exposure detracted from relative results given the strong equity market for the full year. The risk-based dynamic equity allocation process further weighed on relative results. 

* The Hedged Equity Fund seeks capital appreciation by investing in U.S. large-cap equities while aiming to deliver a lower risk profile, especially during significant equity downturns, by investing in multiple tail risk mitigating strategies. The fund uses an approach to risk estimation that gives more weight to extreme negative returns. 

* The fund held material exposure to various types of derivatives, which are used to efficiently access or adjust exposure to certain market segments and/or to manage portfolio volatility. Exposure to these derivatives detracted from total returns.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. I Class 714,186 Regulatory Benchmark 787,143 Strategy Benchmark 796,574](g641677g82h14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **7/5/23** | 500000 | 500000 | 500000 |
| **9/30/23** | 490500 | 484266 | 483935 |
| **12/31/23** | 536829 | 542726 | 540515 |
| **3/31/24** | 585083 | 597103 | 597571 |
| **6/30/24** | 604687 | 616306 | 623170 |
| **9/30/24** | 633338 | 654697 | 659853 |
| **12/31/24** | 641080 | 671937 | 675750 |
| **3/31/25** | 627121 | 640208 | 646881 |
| **6/30/25** | 667447 | 710575 | 717665 |
| **9/30/25** | 705705 | 768673 | 775972 |
| **12/31/25** | 714186 | 787143 | 796574 |

---

202501-4140694, 202601-5113251

F1545-052 2/26

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 7/5/23** |
| Hedged Equity Fund (I Class) | 11.40% | 15.40% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 20.00 |
| S&P 500 Index (Strategy Benchmark) | 17.88 | 20.58 |

---

The preceding line graph shows the value of a hypothetical $500,000 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)). 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)$3,863,399

* Number of Portfolio Holdings349

* Investment Advisory Fees Paid (000s)$1,352

* Portfolio Turnover Rate54.5%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 31.6% |
| Financials | 13.1 |
| Health Care | 9.6 |
| Consumer Discretionary | 9.0 |
| Communication Services | 8.9 |
| Industrials & Business Services | 6.8 |
| Consumer Staples | 4.6 |
| Energy | 2.7 |
| Utilities | 2.6 |
| Other | 11.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA | 6.5% |
| Apple | 5.6 |
| Microsoft | 5.4 |
| Alphabet | 4.6 |
| Amazon.com | 3.2 |
| Broadcom | 2.5 |
| Meta Platforms | 2.1 |
| Tesla | 1.7 |
| Eli Lilly | 1.3 |
| JPMorgan Chase | 1.2 |

---

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.

Hedged Equity Fund

I Class (PHEIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g641677g54i98.jpg)

![Image](g641677g11g70.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Hedged Equity Fund

# Z Class (PZHEX)
This annual shareholder report contains important information about Hedged Equity Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. 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 at**www.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** |
| Hedged Equity Fund - Z Class | $0 | 0.00% |

---

## What drove fund performance during the past 12 months?
* Major U.S. stock indexes rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December. 

* Versus the S&P 500 Index, the Hedged Equity Fund's equity index put options were additive to relative results during the trailing 12 months. The fund's exposure to U.S. Treasury futures also contributed to relative results. 

* The derivatives hedge that reduces the fund's net equity exposure detracted from relative results given the strong equity market for the full year. The risk-based dynamic equity allocation process further weighed on relative results. 

* The Hedged Equity Fund seeks capital appreciation by investing in U.S. large-cap equities while aiming to deliver a lower risk profile, especially during significant equity downturns, by investing in multiple tail risk mitigating strategies. The fund uses an approach to risk estimation that gives more weight to extreme negative returns. 

* The fund held material exposure to various types of derivatives, which are used to efficiently access or adjust exposure to certain market segments and/or to manage portfolio volatility. Exposure to these derivatives detracted from total returns.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Z Class 14,473 Regulatory Benchmark 15,743 Strategy Benchmark 15,931](g641677g97t60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Z Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **7/5/23** | 10000 | 10000 | 10000 |
| **9/30/23** | 9840 | 9685 | 9679 |
| **12/31/23** | 10781 | 10855 | 10810 |
| **3/31/24** | 11757 | 11942 | 11951 |
| **6/30/24** | 12170 | 12326 | 12463 |
| **9/30/24** | 12754 | 13094 | 13197 |
| **12/31/24** | 12929 | 13439 | 13515 |
| **3/31/25** | 12669 | 12804 | 12938 |
| **6/30/25** | 13489 | 14212 | 14353 |
| **9/30/25** | 14277 | 15373 | 15519 |
| **12/31/25** | 14473 | 15743 | 15931 |

---

202501-4140694, 202601-5113251

F1546-052 2/26

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 7/5/23** |
| Hedged Equity Fund (Z Class) | 11.95% | 16.01% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 20.00 |
| S&P 500 Index (Strategy Benchmark) | 17.88 | 20.58 |

---

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)). 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)$3,863,399

* Number of Portfolio Holdings349

* Investment Advisory Fees Paid (000s)$1,352

* Portfolio Turnover Rate54.5%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 31.6% |
| Financials | 13.1 |
| Health Care | 9.6 |
| Consumer Discretionary | 9.0 |
| Communication Services | 8.9 |
| Industrials & Business Services | 6.8 |
| Consumer Staples | 4.6 |
| Energy | 2.7 |
| Utilities | 2.6 |
| Other | 11.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA | 6.5% |
| Apple | 5.6 |
| Microsoft | 5.4 |
| Alphabet | 4.6 |
| Amazon.com | 3.2 |
| Broadcom | 2.5 |
| Meta Platforms | 2.1 |
| Tesla | 1.7 |
| Eli Lilly | 1.3 |
| JPMorgan Chase | 1.2 |

---

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.

Hedged Equity Fund

Z Class (PZHEX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g641677g54i98.jpg)

------

#### 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:

---

| | | |
|:---|:---|:---|
|  | <u>2025</u> | <u>2024</u> |
|  Audit Fees | $46217 | $23525 |
|  Audit-Related Fees |  |  |
|  Tax Fees | 64717 |  |
|  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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 $1,862,000 and $1,262,000, 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

Highlights

Portfolio

of

Investments

Financial

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and

Notes

Additional

Fund

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December

31,

2025

#### Financial

#### Statements

#### and

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more

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T. Rowe

Price

investment

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go

to

#### troweprice.com
.

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Hedged

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.

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Year

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7/5/23

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and

unrealized

gain/loss

1.30 1.94 0.67 Total

from

investment

activities

1.38 2.04 0.73 Distributions

Net

investment

income

(0.11)

(0.15)

(0.05)

Net

realized

gain

(0.65)

(0.20)

(0.01)

Total

distributions

(0.76)

(0.35)

(0.06)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 12.98

#### $

#### 12.36

#### $

#### 10.67

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 11.17%

#### 19.01%

#### 7.24%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

0.90%

0.99%

1.35%

(5) Net

expenses

after

waivers/payments

by

Price

Associates

0.75%

0.75%

0.82%

(5) Net

investment

income

0.66%

0.84%

1.21%

(5) Portfolio

turnover

rate

54.5%

40.7%

16.1%

Net

assets,

end

of

period

(in

thousands)

$7,038

$3,889

$353

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) 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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Hedged

Equity

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
(1) ..

Year

..

..

Ended

.

7/5/23

(1) Through

12/31/23

12/31/25

12/31/24

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

12.40 $

10.68 $

10.00 Investment

activities

Net

investment

income

(2)(3)

0.12 0.14 0.08 Net

realized

and

unrealized

gain/loss

1.30 1.95 0.66 Total

from

investment

activities

1.42 2.09 0.74 Distributions

Net

investment

income

(0.13)

(0.17)

(0.05)

Net

realized

gain

(0.65)

(0.20)

(0.01)

Total

distributions

(0.78)

(0.37)

(0.06)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 13.04

#### $

#### 12.40

#### $

#### 10.68

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 11.40%

#### 19.42%

#### 7.37%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

0.49%

0.47%

0.53%

(5) Net

expenses

after

waivers/payments

by

Price

Associates

0.49%

0.47%

0.53%

(5) Net

investment

income

0.91%

1.11%

1.54%

(5) Portfolio

turnover

rate

54.5%

40.7%

16.1%

Net

assets,

end

of

period

(in

millions)

$408

$456

$113

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) 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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Hedged

Equity

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
(1) ..

Year

..

..

Ended

.

7/5/23

(1) Through

12/31/23

12/31/25

12/31/24

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

12.46 $

10.71 $

10.00 Investment

activities

Net

investment

income

(2)(3)

0.18 0.19 0.10 Net

realized

and

unrealized

gain/loss

1.31 1.96 0.68 Total

from

investment

activities

1.49 2.15 0.78 Distributions

Net

investment

income

(0.19)

(0.20)

(0.06)

Net

realized

gain

(0.65)

(0.20)

(0.01)

Total

distributions

(0.84)

(0.40)

(0.07)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 13.11

#### $

#### 12.46

#### $

#### 10.71

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 11.95%

#### 19.92%

#### 7.81%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

0.46%

0.46%

0.53%

(5) Net

expenses

after

waivers/payments

by

Price

Associates

0.00%

0.00%

0.00%

(5) Net

investment

income

1.40%

1.60%

2.05%

(5) Portfolio

turnover

rate

54.5%

40.7%

16.1%

Net

assets,

end

of

period

(in

millions)

$3,448

$3,333

$3,071

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) 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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Hedged

Equity

Fund

December

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### COMMON

#### STOCKS

#### 91.8%

#### COMMUNICATION

#### SERVICES

#### 8.9%

#### Diversified

#### Telecommunication

#### Services

#### 0.2%
AT&T

92,596

2,300

Verizon

Communications

109,495

4,460

6,760

#### Entertainment

#### 1.0%
Electronic

Arts

10,240

2,092

Liberty

Media

Corp-Liberty

Formula

One,

Class

C (1)

14,813

1,459

Netflix (1)

232,010

21,753

Spotify

Technology (1)

2,854

1,657

TKO

Group

Holdings

25,510

5,332

Walt

Disney

47,997

5,461

37,754

#### Interactive

#### Media

#### &

#### Services

#### 6.7%
Alphabet,

Class

A

221,550

69,345

Alphabet,

Class

C

343,826

107,893

Meta

Platforms,

Class

A

123,423

81,470

258,708

#### Media

#### 0.0%
Comcast,

Class

A

42,700

1,276

1,276

#### Wireless

#### Telecommunication

#### Services

#### 1.0%
T-Mobile

U.S.

183,430

37,244

37,244

Total

Communication

Services

341,742

#### CONSUMER

#### DISCRETIONARY

#### 9.0%

#### Automobiles

#### 1.8%
General

Motors

63,863

5,193

Tesla (1)

147,256

66,224

71,417

#### Broadline

#### Retail

#### 3.2%
Amazon.com (1)

532,323

122,871

122,871

#### Distributors

#### 0.0%
Pool

2,167

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.8%
Airbnb,

Class

A (1)

9,300

1,262

Booking

Holdings

2,247

12,033

Chipotle

Mexican

Grill (1)

166,505

6,161

Darden

Restaurants

6,540

1,203

Domino's

Pizza

4,958

2,067

DoorDash,

Class

A (1)

24,836

5,625

Hilton

Worldwide

Holdings

24,060

6,911

Las

Vegas

Sands

32,435

2,111

McDonald's

75,973

23,220

Royal

Caribbean

Cruises

17,608

4,911

Wingstop

7,479

1,784

Yum!

Brands

8,566

1,296

68,584

#### Household

#### Durables

#### 0.1%
NVR (1)

611

4,456

4,456

#### Specialty

#### Retail

#### 2.1%
AutoZone (1)

3,491

11,840

Carvana (1)

12,884

5,437

Home

Depot

63,688

21,915

Lowe's

42,425

10,231

O'Reilly

Automotive (1)

123,790

11,291

Ross

Stores

34,420

6,201

TJX

72,458

11,130

Ulta

Beauty (1)

3,908

2,364

80,409

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%
NIKE,

Class

B

23,298

1,484

1,484

Total

Consumer

Discretionary

349,717

#### CONSUMER

#### STAPLES

#### 4.6%

#### Beverages

#### 0.9%
Coca-Cola

246,811

17,255

Keurig

Dr

Pepper

209,757

5,875

Monster

Beverage (1)

48,370

3,709

PepsiCo

68,710

9,861

36,700

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.3%
Costco

Wholesale

23,231

20,033

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Target

6,400

626

Walmart

264,052

29,418

50,077

#### Food

#### Products

#### 0.3%
General

Mills

50,024

2,326

Ingredion

22,525

2,484

Lamb

Weston

Holdings

36,340

1,522

Magnum

Ice

Cream (1)

13,121

Mondelez

International,

Class

A

54,565

2,937

Tyson

Foods,

Class

A

15,185

890

10,367

#### Household

#### Products

#### 1.1%
Colgate-Palmolive

182,492

14,420

Procter

&

Gamble

203,963

29,230

43,650

#### Personal

#### Care

#### Products

#### 0.3%
elf

Beauty (1)

16,159

1,229

Estee

Lauder,

Class

A

36,557

3,828

Kenvue

95,664

1,650

Unilever,

ADR (2)

58,318

3,814

10,521

#### Tobacco

#### 0.7%
Altria

Group

71,619

4,130

Philip

Morris

International

131,914

21,159

25,289

Total

Consumer

Staples

176,604

#### ENERGY

#### 2.7%

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
Baker

Hughes

60,300

2,746

SLB

112,603

4,322

7,068

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.5%
Chevron

117,620

17,926

ConocoPhillips

143,023

13,388

Diamondback

Energy

24,405

3,669

EOG

Resources

62,130

6,524

EQT

41,387

2,218

Expand

Energy

18,563

2,049

Exxon

Mobil

261,465

31,465

Marathon

Petroleum

19,370

3,150

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Targa

Resources

23,513

4,338

Valero

Energy

21,524

3,504

Williams

161,581

9,713

97,944

Total

Energy

105,012

#### FINANCIALS

#### 13.1%

#### Banks

#### 3.1%
Bank

of

America

455,689

25,063

Citigroup

169,938

19,830

East

West

Bancorp

29,422

3,307

Fifth

Third

Bancorp

73,316

3,432

Huntington

Bancshares

194,838

3,380

JPMorgan

Chase

138,009

44,469

KeyCorp

120,520

2,487

Popular

9,213

1,147

Truist

Financial

18,944

932

U.S.

Bancorp

171,862

9,171

Wells

Fargo

56,723

5,287

Western

Alliance

Bancorp

17,711

1,489

119,994

#### Capital

#### Markets

#### 3.1%
Ares

Management,

Class

A

28,708

4,640

Bank

of

New

York

Mellon

55,425

6,434

Blackrock

7,977

8,538

Blackstone

21,836

3,366

Cboe

Global

Markets

22,164

5,563

Charles

Schwab

148,702

14,857

CME

Group

58,733

16,039

Goldman

Sachs

Group

12,555

11,036

Intercontinental

Exchange

13,290

2,153

KKR

52,017

6,631

Moody's

12,164

6,214

Morgan

Stanley

56,293

9,994

MSCI

4,100

2,352

Robinhood

Markets,

Class

A (1)

31,047

3,511

S&P

Global

15,406

8,051

State

Street

15,463

1,995

TPG

41,033

2,620

Tradeweb

Markets,

Class

A

53,657

5,770

119,764

#### Consumer

#### Finance

#### 0.4%
American

Express

28,220

10,440

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Capital

One

Financial

22,704

5,502

15,942

#### Financial

#### Services

#### 3.9%
Apollo

Global

Management

27,702

4,010

Berkshire

Hathaway,

Class

B (1)

73,618

37,004

Block (1)

116,420

7,578

Corebridge

Financial

64,295

1,940

Corpay (1)

25,348

7,628

Equitable

Holdings

72,556

3,457

Fiserv (1)

16,682

1,121

Global

Payments

4,212

Klarna

Group (1)

14,923

Mastercard,

Class

A

62,879

35,896

Rocket,

Class

A

104,767

2,028

Visa,

Class

A

126,090

44,221

Voya

Financial

50,535

3,764

149,405

#### Insurance

#### 2.6%
Allstate

79,599

16,569

American

International

Group

88,366

7,560

Arthur

J

Gallagher

7,278

1,883

Axis

Capital

Holdings

16,466

1,763

Chubb

86,356

26,953

Hartford

Insurance

Group

63,612

8,766

Marsh

&

McLennan

82,684

15,340

MetLife

93,023

7,343

Progressive

37,311

8,496

RenaissanceRe

Holdings

13,369

3,759

Travelers

7,807

2,265

100,697

Total

Financials

505,802

#### HEALTH

#### CARE

#### 9.6%

#### Biotechnology

#### 1.8%
AbbVie

86,983

19,875

Amgen

6,371

2,085

BeOne

Medicines,

ADR (1)

11,185

3,398

Gilead

Sciences

169,702

20,829

Regeneron

Pharmaceuticals

10,377

8,010

United

Therapeutics (1)

5,606

2,732

Vertex

Pharmaceuticals (1)

26,968

12,226

69,155

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.8%
Abbott

Laboratories

109,970

13,778

Becton

Dickinson

&

Company

8,315

1,614

Boston

Scientific (1)

77,526

7,392

Edwards

Lifesciences (1)

17,900

1,526

IDEXX

Laboratories (1)

4,123

2,789

Intuitive

Surgical (1)

26,167

14,820

Medline,

Class

A (1)

42,869

1,801

Medtronic

53,095

5,100

ResMed

25,599

6,166

Stryker

26,384

9,273

Zimmer

Biomet

Holdings

46,639

4,194

68,453

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.0%
Cardinal

Health

17,786

3,655

Cencora

46,701

15,773

Centene (1)

39,245

1,615

Cigna

Group

17,725

4,878

CVS

Health

89,022

7,065

Elevance

Health

6,403

2,245

Encompass

Health

18,508

1,964

McKesson

17,866

14,655

Quest

Diagnostics

8,130

1,411

Tenet

Healthcare (1)

21,891

4,350

UnitedHealth

Group

61,775

20,393

78,004

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.9%
Danaher

52,242

11,959

IQVIA

Holdings (1)

7,087

1,598

Mettler-Toledo

International (1)

1,076

1,500

Thermo

Fisher

Scientific

25,857

14,983

Waters (1)

3,200

1,215

West

Pharmaceutical

Services

7,000

1,926

33,181

#### Pharmaceuticals

#### 3.1%
Bristol-Myers

Squibb

23,267

1,255

Chugai

Pharmaceutical,

ADR

149,131

3,918

Eli

Lilly

47,033

50,545

Johnson

&

Johnson

145,036

30,015

Merck

214,463

22,574

Pfizer

128,455

3,199

Viatris

381,275

4,747

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Zoetis

13,100

1,648

117,901

Total

Health

Care

366,694

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 6.8%

#### Aerospace

#### &

#### Defense

#### 1.7%
Boeing (1)

54,731

11,883

General

Electric

68,249

21,023

Howmet

Aerospace

30,213

6,194

L3Harris

Technologies

16,575

4,866

Lockheed

Martin

4,662

2,255

Northrop

Grumman

19,816

11,299

RTX

25,392

4,657

TransDigm

Group

2,445

3,252

65,429

#### Building

#### Products

#### 0.3%
Carrier

Global

50,784

2,683

Johnson

Controls

International

41,420

4,960

Trane

Technologies

12,171

4,737

12,380

#### Commercial

#### Services

#### &

#### Supplies

#### 0.7%
Cintas

22,276

4,190

Republic

Services

16,370

3,469

Veralto

5,400

539

Waste

Connections

51,536

9,037

Waste

Management

36,456

8,010

25,245

#### Construction

#### &

#### Engineering

#### 0.1%
API

Group (1)

62,798

2,403

2,403

#### Electrical

#### Equipment

#### 0.5%
AMETEK

11,839

2,431

Emerson

Electric

17,221

2,285

GE

Vernova

6,453

4,217

Hubbell

11,341

5,037

Vertiv

Holdings,

Class

A

34,372

5,569

19,539

#### Ground

#### Transportation

#### 0.7%
Canadian

National

Railway

33,484

3,310

CSX

244,103

8,849

Old

Dominion

Freight

Line

47,750

7,487

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Saia (1)

16,637

5,432

Uber

Technologies (1)

24,411

1,995

Union

Pacific

5,527

1,278

28,351

#### Industrial

#### Conglomerates

#### 0.2%
3M

20,200

3,234

Honeywell

International

25,234

4,923

8,157

#### Machinery

#### 1.8%
Caterpillar

32,000

18,332

Cummins

7,628

3,894

Deere

20,707

9,641

Dover

23,665

4,620

Esab

24,328

2,718

Fortive

104,064

5,745

Ingersoll

Rand

33,608

2,662

Middleby (1)

23,789

3,537

PACCAR

35,900

3,931

Parker-Hannifin

13,869

12,190

Stanley

Black

&

Decker

19,543

1,452

Xylem

10,454

1,424

70,146

#### Passenger

#### Airlines

#### 0.1%
United

Airlines

Holdings (1)

25,857

2,891

2,891

#### Professional

#### Services

#### 0.5%
Automatic

Data

Processing

12,952

3,332

Booz

Allen

Hamilton

Holding

36,963

3,118

Broadridge

Financial

Solutions

7,281

1,625

Dayforce (1)

6,893

Equifax

11,011

2,389

SS&C

Technologies

Holdings

13,968

1,221

Verisk

Analytics

30,283

6,774

18,936

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
SiteOne

Landscape

Supply (1)

11,883

1,480

W.W.

Grainger

4,518

4,559

6,039

Total

Industrials

&

Business

Services

259,516

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### INFORMATION

#### TECHNOLOGY

#### 31.6%

#### Communications

#### Equipment

#### 1.1%
Arista

Networks (1)

83,349

10,921

Cisco

Systems

263,153

20,271

F5 (1)

13,427

3,427

Motorola

Solutions

17,806

6,826

41,445

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1.5%
Amphenol,

Class

A

121,262

16,387

CDW

7,651

1,042

Corning

39,994

3,502

Keysight

Technologies (1)

46,330

9,414

TE

Connectivity

60,971

13,871

Teledyne

Technologies (1)

25,733

13,143

57,359

#### IT

#### Services

#### 1.3%
Accenture,

Class

A

56,110

15,054

Amdocs

31,908

2,569

Cognizant

Technology

Solutions,

Class

A

71,768

5,957

GoDaddy,

Class

A (1)

24,130

2,994

International

Business

Machines

67,722

20,060

VeriSign

13,616

3,308

49,942

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 12.1%
Advanced

Micro

Devices (1)

109,355

23,419

Analog

Devices

8,800

2,387

Applied

Materials

30,339

7,797

Broadcom

275,544

95,366

First

Solar (1)

9,280

2,424

Intel (1)

235,899

8,705

KLA

12,186

14,807

Lam

Research

76,600

13,112

Marvell

Technology

23,635

2,009

Microchip

Technology

8,800

561

Micron

Technology

60,414

17,243

Monolithic

Power

Systems

10,709

9,706

NVIDIA

1,345,827

250,997

QUALCOMM

76,454

13,077

Teradyne

16,811

3,254

Texas

Instruments

17,594

3,052

467,916

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Software

#### 9.7%
Adobe (1)

13,637

4,773

AppLovin,

Class

A (1)

18,046

12,160

Autodesk (1)

6,918

2,048

Cadence

Design

Systems (1)

5,797

1,812

Check

Point

Software

Technologies (1)

14,204

2,636

Crowdstrike

Holdings,

Class

A (1)

13,706

6,425

Datadog,

Class

A (1)

40,780

5,546

Descartes

Systems

Group (1)

43,961

3,853

Fair

Isaac (1)

824

1,393

Fortinet (1)

108,415

8,609

HubSpot (1)

2,400

963

Intuit

27,381

18,138

Microsoft

431,543

208,703

Oracle

91,297

17,795

Palantir

Technologies,

Class

A (1)

122,878

21,841

Palo

Alto

Networks (1)

74,381

13,701

PTC (1)

38,454

6,699

Roper

Technologies

12,629

5,621

Salesforce

44,182

11,704

ServiceNow (1)

110,831

16,978

Synopsys (1)

3,300

1,550

Workday,

Class

A (1)

14,474

3,109

376,057

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5.9%
Apple

788,680

214,410

Dell

Technologies,

Class

C

12,949

1,630

NetApp

31,150

3,336

Sandisk (1)

6,495

1,542

Seagate

Technology

Holdings

18,591

5,120

Western

Digital

22,196

3,824

229,862

Total

Information

Technology

1,222,581

#### MATERIALS

#### 1.6%

#### Chemicals

#### 0.8%
CF

Industries

Holdings

13,991

1,082

Corteva

34,123

2,287

Dow

20,204

Ecolab

15,524

4,076

Linde

40,543

17,287

Mosaic

30,898

744

RPM

International

4,430

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Sherwin-Williams

13,651

4,423

30,833

#### Construction

#### Materials

#### 0.2%
CRH

35,200

4,393

Martin

Marietta

Materials

6,400

3,985

8,378

#### Containers

#### &

#### Packaging

#### 0.2%
Ball

44,700

2,368

International

Paper

81,534

3,211

Packaging

Corp.

of

America

5,371

1,108

6,687

#### Metals

#### &

#### Mining

#### 0.4%
Agnico

Eagle

Mines

4,859

824

Franco-Nevada

22,666

4,698

Freeport-McMoRan

73,813

3,749

Newmont

12,700

1,268

Steel

Dynamics

21,213

3,595

14,134

#### Paper

#### &

#### Forest

#### Products

#### 0.0%
West

Fraser

Timber

30,290

1,851

1,851

Total

Materials

61,883

#### REAL

#### ESTATE

#### 1.3%

#### Health

#### Care

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.2%
Ventas,

REIT

21,359

1,653

Welltower,

REIT

39,726

7,373

9,026

#### Industrial

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.3%
Prologis,

REIT

60,964

7,783

Rexford

Industrial

Realty,

REIT

110,162

4,265

12,048

#### Office

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.0%
BXP,

REIT

17,125

1,156

1,156

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.1%
CBRE

Group,

Class

A (1)

23,984

3,856

CoStar

Group (1)

8,772

590

4,446

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Residential

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.1%
AvalonBay

Communities,

REIT

11,084

2,010

Equity

LifeStyle

Properties,

REIT

10,300

624

Essex

Property

Trust,

REIT

8,022

2,099

Sun

Communities,

REIT

8,147

1,010

5,743

#### Retail

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.1%
Kimco

Realty,

REIT

66,639

1,351

Regency

Centers,

REIT

19,108

1,319

Simon

Property

Group,

REIT

13,320

2,465

5,135

#### Specialized

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.5%
American

Tower,

REIT

38,004

6,673

CubeSmart,

REIT

44,140

1,591

Equinix,

REIT

8,395

6,432

Public

Storage,

REIT

10,644

2,762

17,458

Total

Real

Estate

55,012

#### UTILITIES

#### 2.6%

#### Electric

#### Utilities

#### 1.6%
Alliant

Energy

78,326

5,092

Constellation

Energy

15,342

5,420

Duke

Energy

71,412

8,370

Entergy

13,508

1,249

Evergy

48,622

3,525

NextEra

Energy

155,224

12,461

PG&E

390,116

6,269

Southern

103,537

9,028

Xcel

Energy

149,475

11,040

62,454

#### Gas

#### Utilities

#### 0.1%
Atmos

Energy

34,151

5,725

5,725

#### Independent

#### Power

#### &

#### Renewable

#### Electricity

#### Producers

#### 0.1%
Vistra

25,436

4,104

4,104

#### Multi-Utilities

#### 0.8%
Ameren

55,618

5,554

CMS

Energy

93,960

6,570

T. ROWE

PRICE

Hedged

Equity

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Consolidated

Edison

74,182

7,368

DTE

Energy

43,298

5,584

Sempra

78,795

6,957

WEC

Energy

Group

7,412

782

32,815

Total

Utilities

105,098

#### Total

#### Common

#### Stocks

#### (Cost

#### $2,422,751)

#### 3,549,661

#### U.S.

#### GOVERNMENT

#### AGENCY

#### OBLIGATIONS

#### (EXCLUDING

#### MORTGAGE-BACKED)

#### 0.8%

#### U.S.

#### Treasury

#### Obligations

#### 0.8%
U.S.

Treasury

Notes,

4.625%,

9/15/26 (3)

32,000,000

32,232

32,232

#### Total

#### U.S.

#### Government

#### Agency

#### Obligations

#### (Excluding

#### Mortgage-Backed)

#### (Cost

#### $32,133)

#### 32,232

#### SHORT-TERM

#### INVESTMENTS

#### 7.1%

#### Money

#### Market

#### Funds

#### 6.5%
T. Rowe

Price

Government

Reserve

Fund,

3.77% (4)(5)

249,204,158

249,204

249,204

#### U.S.

#### Treasury

#### Obligations

#### 0.6%
U.S.

Treasury

Bills,

3.768%,

2/19/26

6,630,000

6,599

U.S.

Treasury

Bills,

3.824%,

1/22/26

880,000

878

U.S.

Treasury

Bills,

3.90%,

1/8/26

16,020,000

16,011

23,488

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $272,686)

#### 272,692

#### SECURITIES

#### LENDING

#### COLLATERAL

#### 0.1%

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### STATE

#### STREET

#### BANK

#### AND

#### TRUST

#### COMPANY 0.1%

#### Money

#### Market

#### Funds 0.1%
T. Rowe

Price

Treasury

Reserve

Fund,

3.75% (4)(5)

3,711,934

3,712

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 3,712

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $3,712)

#### 3,712
a

a

a

T. ROWE

PRICE

Hedged

Equity

Fund

(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### PURCHASED 0.3%

#### OTC

#### Options

#### Purchased 0.3%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Morgan

Stanley

S&P

500

Index,

Put,

10/16/26

@

$5,900.00 (1)

148,547

3,056

Morgan

Stanley

S&P

500

Index,

Put,

12/18/26

@

$6,000.00 (1)

150,601

4,076

Wells

Fargo

S&P

500

Index,

Put,

11/20/26

@

$5,900.00 (1)

148,547

3,426

#### Total

#### Options

#### Purchased

#### (Cost

#### $13,228)

#### 10,558

#### Total

#### Investments

#### in

#### Securities

#### 100.1%

#### of

#### Net

#### Assets

#### (Cost

#### $2,744,510)

#### $

#### 3,868,855
‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) Non-income

producing

(2) See

Note

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2025. (3) At

December

31,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(4) Seven-day

yield

(5) Affiliated

Companies

ADR

American

Depositary

Receipts

OTC

Over-the-counter

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T. ROWE

PRICE

Hedged

Equity

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Short,

538

S&P

500

E-Mini

Index

contracts

3/26

(185,408)

$

(554) Long,

4,223

U.S.

Treasury

Notes

ten

year

contracts

3/26

474,823

(3,653)

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 4,741

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### 534
T. ROWE

PRICE

Hedged

Equity

Fund

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,

2025. 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,

3.77%

$

—

$

—

$

8,528++

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

—

1,117++

Totals

$

—#

$

—

$

9,645+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 12/31/25
T. Rowe

Price

Government

Reserve

Fund,

3.77%

$

1,024

¤

¤

$

249,204

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

275,964

¤

¤

3,712

Total

$

252,916^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

.

+

Investment

income

comprised

$9,645

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

$252,916.

T. ROWE

PRICE

Hedged

Equity

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$2,744,510)

$

3,868,855

Receivable

for

shares

sold

13,176

Dividends

and

interest

receivable

2,357

Due

from

affiliates

1,317

Receivable

for

investment

securities

sold

618

Variation

margin

receivable

on

futures

contracts

534

Foreign

currency

(cost

$17)

Other

assets

Total

assets

3,886,916

#### Liabilities
Payable

for

shares

redeemed

16,650

Obligation

to

return

securities

lending

collateral

3,712

Payable

for

investment

securities

purchased

1,651

Investment

management

fees

payable

1,462

Payable

to

directors

Other

liabilities

Total

liabilities

23,517

Commitments

and

Contingent

Liabilities

(note

7)

#### NET

#### ASSETS

#### $

#### 3,863,399
T. ROWE

PRICE

Hedged

Equity

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

888,374

Paid-in

capital

applicable

to

294,890,535

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

authorized

2,975,025

#### NET

#### ASSETS

#### $

#### 3,863,399

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $7,038;

#### Shares

#### outstanding:

#### 542,205)

#### $

#### 12.98

#### I

#### Class

#### (Net

#### assets:

#### $408,418;

#### Shares

#### outstanding:

#### 31,323,785)

#### $

#### 13.04

#### Z

#### Class

#### (Net

#### assets:

#### $3,447,943;

#### Shares

#### outstanding:

#### 263,024,545)

#### $

#### 13.11
T. ROWE

PRICE

Hedged

Equity

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

12/31/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$53)

$

50,687

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

2,558

Other

Total

income

53,255

Expenses

Investment

management

16,808

Shareholder

servicing

Investor

Class

$

I

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Z

Class

Custody

and

accounting

Legal

and

audit

Registration

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(15,456)

Total

expenses

2,123

Net

investment

income

51,132

T. ROWE

PRICE

Hedged

Equity

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

159,290

Futures

(79,207)

Net

realized

gain

80,083

Change

in

net

unrealized

gain

/

loss

Securities

306,214

Futures

(7,971)

Change

in

net

unrealized

gain

/

loss

298,243

Net

realized

and

unrealized

gain

/

loss

378,326

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 429,458
T. ROWE

PRICE

Hedged

Equity

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

51,132

$

55,644

Net

realized

gain

(loss)

80,083

(20,669)

Change

in

net

unrealized

gain

/

loss

298,243

596,390

Increase

in

net

assets

from

operations

429,458

631,365

Distributions

to

shareholders

Net

earnings

Investor

Class

(394) (103) I

Class

(23,096)

(13,012)

Z

Class

(209,045)

(102,807)

Decrease

in

net

assets

from

distributions

(232,535)

(115,922)

Capital

share

transactions

\*

Shares

sold

Investor

Class

6,455

6,077

I

Class

59,288

403,421

Z

Class

339,899

230,523

Distributions

reinvested

Investor

Class

I

Class

23,096

13,012

Z

Class

209,045

102,807

Shares

redeemed

Investor

Class

(3,937)

(2,773)

I

Class

(151,836)

(94,992)

Z

Class

(609,000)

(564,694)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(126,613)

93,484

T. ROWE

PRICE

Hedged

Equity

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Net

#### Assets
Increase

during

period

70,310

608,927

Beginning

of

period

3,793,089

3,184,162

#### End

#### of

#### period

#### $

#### 3,863,399

#### $

#### 3,793,089
\*Share

information

(000s)

Shares

sold

Investor

Class

508

500

I

Class

4,622

32,920

Z

Class

26,382

19,705

Distributions

reinvested

Investor

Class

I

Class

1,761

1,025

Z

Class

15,861

8,070

Shares

redeemed

Investor

Class

(310) (226) I

Class

(11,837)

(7,703)

Z

Class

(46,820)

(47,044)

Increase

(decrease)

in

shares

outstanding

(9,804)

7,255

T. ROWE

PRICE

Hedged

Equity

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Equity

Funds,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Hedged

Equity

Fund

(the

fund)

is a

nondiversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks to

provide

long-term

capital

growth.

The

fund

has three classes

of

shares:

the

Hedged

Equity

Fund

(Investor

Class),

the

Hedged

Equity

Fund–I

Class

(I

Class)

and

the

Hedged

Equity

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### 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. Distributions

from

REITs

T. ROWE

PRICE

Hedged

Equity

Fund

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. 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
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

#### 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

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.

#### 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.

T. ROWE

PRICE

Hedged

Equity

Fund

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

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

T. ROWE

PRICE

Hedged

Equity

Fund

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.

Debt

securities

are

generally 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.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

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

the

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;

T. ROWE

PRICE

Hedged

Equity

Fund

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.

T. ROWE

PRICE

Hedged

Equity

Fund

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

December

31,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

3,549,661

$

—

$

—

$

3,549,661

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

—

32,232

—

32,232

Short-Term

Investments

249,204

23,488

—

272,692

Securities

Lending

Collateral

3,712

—

—

3,712

Options

Purchased

—

10,558

—

10,558

Total

$

3,802,577

$

66,278

$

—

$

3,868,855

#### Liabilities
Futures

Contracts\*

$

4,207

$

—

$

—

$

4,207

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

Hedged

Equity

Fund

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Equity

derivatives

Securities^

$

10,558

^

,\*

Total

$

10,558

^

,\*

#### Liabilities
Interest

rate

derivatives

Futures

$

3,653

Equity

derivatives

Futures

554

Total

$

4,207

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T. ROWE

PRICE

Hedged

Equity

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

#### Counterparty

#### Risk

#### and

#### Collateral
The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Futures

#### Total

#### Realized

#### Gain
(Loss)

Interest

rate

derivatives

$

—

$

15,428

$

15,428

Equity

derivatives

(10,511)

(94,635)

(105,146)

Total

$

(10,511)

$

(79,207)

$

(89,718)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Interest

rate

derivatives

$

—

$

1,094

$

1,094

Equity

derivatives

(4,352)

(9,065)

(13,417)

Total

$

(4,352)

$

(7,971)

$

(12,323)

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

Hedged

Equity

Fund

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs), with

a

Credit

Support

Annex

(CSA),

if

any,

that

governs

the

collateralization

process, or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

such

as

Additional

Termination

Events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund's

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements,

such

as

a

CSA, whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2025,

no

collateral had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

December

31,

2025,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

T. ROWE

PRICE

Hedged

Equity

Fund

derivatives

consisted

of $10,161,000 cash. As

of

December

31,

2025,

securities

valued

at $20,221,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/

or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

15%

and

30%

of

net

assets.

#### Options
The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risk.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

options)

or

through

a

central

clearinghouse

(exchange-traded

options).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

T. ROWE

PRICE

Hedged

Equity

Fund

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

10%

and

12%

of

net

assets.

#### NOTE

#### 4

#### -

#### 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.

#### Securities

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

T. ROWE

PRICE

Hedged

Equity

Fund

to

perform.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

fund,

except

in

the

event

of

borrower

default. Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2025,

the

value

of

loaned

securities

was

$3,623,000;

the

value

of

cash

collateral

and

related

investments

was

$3,712,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any, short-term

and

U.S.

government securities

aggregated $1,895,926,000 and

$2,287,238,000,

respectively,

for

the

year ended

December

31,

2025. #### NOTE

#### 5

#### -

#### 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

deemed

distributions

on

shareholder

redemptions.

T. ROWE

PRICE

Hedged

Equity

Fund

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

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,

the

realization

of

gains/losses

on

certain

open

derivative

contracts,

and

($000s)

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

160,078

$

115,922

Long-term

capital

gain

72,457

—

Total

distributions

$

232,535

$

115,922

($000s)

Cost

of

investments

$

2,917,921

Unrealized

appreciation

$

1,173,262

Unrealized

depreciation

(222,881)

Net

unrealized

appreciation

(depreciation)

$

950,381

($000s)

Undistributed

ordinary

income

$

9,150

Undistributed

long-term

capital

gain

29,848

Net

unrealized

appreciation

(depreciation)

950,381

Loss

carryforwards

and

deferrals

(101,000)

Other

temporary

differences

(5) Total

distributable

earnings

(loss)

$

888,374

T. ROWE

PRICE

Hedged

Equity

Fund

straddles.

The

loss

carryforwards

and

deferrals

primarily

relate

to

straddle

deferrals.

Other

temporary

differences

relate

primarily

to

differences

in

treatment

of

corporate

actions.

#### NOTE

#### 6

#### -

#### 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

#### 7

#### -

#### 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

0.16%

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

0.26%

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,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

T. ROWE

PRICE

Hedged

Equity

Fund

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

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.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

T. ROWE

PRICE

Hedged

Equity

Fund

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $13,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2025. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

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

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

For

the

year

ended

December

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$124,000

for

Price

Associates

and

$23,000

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).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund's

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund's

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

#### Investor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.75%

0.05%

0.00%

Expense

limitation

date

02/28/27

02/28/27

N/A

(Waived)/repaid

during

the

period

($000s)

$(8)

$—

$(15,448)

T. ROWE

PRICE

Hedged

Equity

Fund

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

December

31,

2025,

the

fund

was

charged $130,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$19,000

was

for

services

provided

by

Price.

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. At

December

31,

2025,

approximately

92%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2025, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

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.

Effective

November

12,

2025, cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

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,

2025,

the

aggregate

value

of

purchases

and

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates

was

less

than

1%

of

the

fund's

net

assets

as

of

December

31,

2025. T. ROWE

PRICE

Hedged

Equity

Fund

#### NOTE

#### 8

#### -

#### 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

a

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

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

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

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.

T. ROWE

PRICE

Hedged

Equity

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### of
T. #### Rowe

#### Price

#### Equity

#### Funds,

#### Inc.

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Hedged

#### Equity

#### Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Hedged

Equity

Fund

(one

of

the

funds

constituting

T. Rowe

Price

Equity

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025

and

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

years

ended

December

31,

2025

and

2024,

and

for

the

period

July

5,

2023

(Inception)

through

December

31,

2023

(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,

2025,

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,

2025

and

the

financial

highlights

for

each

of

the

years

ended

December

31,

2025

and

2024,

and

for

the

period

July

5,

2023

(Inception)

through

December

31,

2023

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.

T. ROWE

PRICE

Hedged

Equity

Fund

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,

2025

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

18,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Hedged

Equity

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 12/31/25
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:

$75,058,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

For

nonresident

alien

shareholders,

100%

of

short-term

capital

gain

dividends

distributed

by

the

fund

for

the

fiscal

year

are

qualified

short-term

capital

gains.

For

taxable

non-corporate

shareholders,

$27,475,000

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,

$26,184,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$11,759,000

of

the

fund's

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

For

individuals

and

certain

trusts

and

estates

which

are

entitled

to

claim

a

deduction

of

up

to

20%

of

their

combined

qualified

real

estate

investment

trust

(REIT)

dividends,

$1,544,000

of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*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.*

F1544-050

2/26

------

#### 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.](d641677dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d641677dex99cert.htm) |
| (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.](d641677dex99906ce.htm) |

---

------

#### 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 Funds, Inc. | T. Rowe Price Equity Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

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 18, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | February 18, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Hedged Equity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Hedged Equity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Hedged Equity Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

------

standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

------

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

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the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer