# EDGAR Filing Document

**Accession Number:** 0001012968
**File Stem:** 0001193125-23-046053
**Filing Date:** 2023-2
**Character Count:** 115978
**Document Hash:** 466f12ef2d4785099a93f9cd79f37ef6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046053.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046053

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Equity Funds, Inc.
- **CENTRAL INDEX KEY:** 0001012968
- **IRS NUMBER:** 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:** 23658141

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**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 Institutional Mid-Cap Equity Growth Fund (Series ID: S000002092)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000005460 | T. Rowe Price Institutional Mid-Cap Equity Growth Fund | PMEGX           |

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)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

ANNUAL REPORT

December 31, 2022

T. ROWE PRICE

# Institutional Mid-Cap Equity Growth Fund

For more insights from T. Rowe Price investment professionals, go to troweprice.com.

INVEST WITH CONFIDENCE

The Institutional Mid-Cap Equity Growth Fund declined but outperformed the Russell Midcap Growth Index and its Lipper peer group index for the 12 months ended December 31, 2022.

On a relative basis, the health care and information technology sectors added the most value, while an underweight in energy detracted from performance.

We used volatility in the market to add or increase positions in durable growth companies, remaining disciplined in our focus on the

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* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

Market Commentary

HIGHLIGHTS

long term while the market fixated on short-term swings.

While we can't predict where the bear market will bottom, we can take advantage of the prospects afforded by excess market volatility and uncertainty to position the portfolio favorably for the other side while adhering to our long-term investment process, which has been implemented through multiple, diverse market environments. The market is a tightening financial conditions, and slowing economic and corporate earnings growth.

Double-digit losses were common in equity markets around

appeared mixed. Although manufacturing gauges have drifted toward contraction levels, the U.S. jobs market remained resilient, and corporate and household balance sheets appeared strong. Meanwhile, the housing market has weakened amid

Log in to your account at troweprice.com for more information.

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

Management's Discussion of Fund Performance

## Dear Investor

the world, and bond investors also faced a historically tough environment. The fund seeks to provide long-term capital appreciation by investing in mid-cap stocks with potential for above average demand but outperformed growth stocks by a considerable margin. As equity investors turned risk averse and as rising rates put downward pressure on growth stock valuations.

Emerging markets stocks generally underperformed shares in **FUND COMMENTARY** Meanwhile, the U.S. dollar strengthened

rising mortgage rates.

to both our stock choices and an underweight allocation. Less the past year has been a trying time for investors to feel exposure to the highly/equity software stocks that were hit. The sector remained untouched by the broad backgrounds that particularly hard during the year proved beneficial. We favor markets faced and volatility may continue in the near term as companies in the semiconductor industry, which features more central banks tighten policy amid slowing economic growth. However, in our view there continue to be opportunities for software, and two semiconductor names were top relative selective investors focused on fundamentals. Valuations in performers in the sector. Shares of KLK, a capital equipment

![img-0.jpeg](img-0.jpeg)

1

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# **INVESTMENT OBJECTIVE**

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2

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

We added exposure to energy via names in oil, gas, and

gibber (and health care) held up relatively well and finished

We were with a high in the sources, diCoronary, communication

Services, daily living, and other non-commercial information technology

**PRINCIPAL RISKS**

Pension Ended 12/31/22 price appreciation 6 Months (including 2 Months Ended) and 12/31/22 received no cash in the market. The investment is a significant increase in the appreciation that the company's investment is a significant increase in the appreciation that the company's investment is a significant increase in the appreciation that the company's investment is a significant increase in the appreciation that the company's investment is a significant increase in the appreciation that the company's investment is a significant increase in the appreciation that the company's investment is a significant increase in the appreciation that the company's investment is a significant increase in the appreciation that the company's investment is a significant increase in the appreciation that the company's investment is a significant increase

investment teams will continue to use fundamental research to support the industry which is driving higher investment in the industry. The industry has been a strong leader in the industry, and the industry has been a strong leader in the industry. The industry has been a strong leader in the industry.

3

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# RISKS OF INVESTING IN THE FUND

# BENCHMARK INFORMATION

errors or delays in the content, or for any actions taken in the Company's improved balance sheet, which should be retained thereon. The return significant capital to shareholders in the Fund is due to the fact that the Company's share of the funds is due to the fact that the Company's share of the funds is due to the fact that the Company's share of the funds is due to the fact that the Company's share of the funds is due to the fact that the Company's share of the funds is due to the fact that the Company's share of the funds is due to the fact that the Company's share of the funds is due to the fact that the Company's share of the funds is due to the fact that the Company's share

4

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

The following table provides the information in a specific format:

The following table provides the information in a specific format:

![img-1.jpeg](img-1.jpeg)

|  | As of 12/31/22 |
| --- | --- |
| - Institutional Mid-Cap Equity Growth Fund | $3,234,751 |
| - Russell Midcap Growth Index | 2,945,586 |
| - Lipper Mid-Cap Growth Funds Index | 2,699,908 |

5

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# GROWTH OF $1 MILLION

mutual fund, averages and indexes.

# INSTITUTIONAL MID-CAP EQUITY

XIA results. Shares of medical technology company Hologic, our
Coopers, the market, and the market are not yet available for any other
FORTUNE industry and the broad range of COVID-19 testing and
Equity. Mid-cap stocks, the market is not yet available for any other
Burghans, the market is not yet available for any other

$5,000,000

The following table provides the information in English:

We used a solution to the market as a result of increase positions in the relevant CSE Group Company's express written consent.

FUND EXPENSE EXAMPLES

for the long term, while the market is based on short-term

As a mutual fund, the market is not yet available for any other

(1) transactions, which are not available for any other

(2) one of the following: (1) the company is not a member of the company's business

(12b-1) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40)

to help you understand your concerns, only the policy of the following: the

The following table provides the information in English:

6

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Fortunately, the following is the following:  
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fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the beginning of the first year after the end of the year. For a more outstanding investment, each period the end of the year is the first year. Our interest is also a result of the other fund. Our interest remains an ongoing quality.

**Actual Expenses**  
 The first year is the first year's annual financial plan. The balance actual accounts are not available. We have a better investment on this plan, coupled with your account balance to estimate the expenses. The first year is the first year's annual financial plan. The balance is not available.

| NET ASSET VALUE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Beginning of period | $73.93 | $72.47 | $61.11 | $48.29 | $54.48 |

| Investment activities |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Net investment income (loss) (1)(2) | 0.01 | (0.12) | 0.03 | 0.18 | 0.14 |

7

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

December 31, 2022

The Company's share price is based on the average, as shown in the following table. The Company's share price is based on the average, as shown in the following table. The Company's share price is based on the average, as shown in the following table.

The Company's share price is based on the average, as shown in the following table. The Company's share price is based on the average, as shown in the following table.

| CONSUMER STAPLES (2.4%) |  |  |
| --- | --- | --- |
| Hypothetical Example for Comparison Purposes |  |  |
| The average of the second line of the table (Hypothetical) is based on the average of the second line of the table (Hypothetical). |  |  |
| The average of the second line of the table (Hypothetical) is based on the average of the second line of the table (Hypothetical). |  |  |
| The average of the second line of the table (Hypothetical) is based on the average of the second line of the table (Hypothetical). |  |  |
| The average of the second line of the table (Hypothetical) is based on the average of the second line of the table (Hypothetical). |  |  |
| ($0.04) | ($0.19) | ($0.13) |
| (9.46) | (3.18) | (2.93) |
| (9.46) | (3.22) | (3.12) |

NET ASSET VALUE

The accompanying notes are an integral part of these financial statements.

8

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

2.1.1.1

Liberty Media-Liberty Formula One,

| Class 1: The views expressed reflect the opinions of the Price & Value | Shares | $ Value |
| --- | --- | --- |
| Spotted in the report and are subject to change based on change | 2,000,000 | 10,000,000 |
| AVERAGE ANNUAL COMPOUND TOTAL RETURN | 70,615 |  |
| Interest rate of the services of the future events and 000 not guaranteed | 68,077 |  |
| Periods of the 12/31/22 | 1 Year | 19,000 |
| Rate of the 12/31/22 | 1,000 | 19,000 |
| Rate of the 12/31/22 Growth | 9,169 |  |
| Supplies 0.9% |  |  |
| Total return | (23.17)% |  |

Ratios to average net assets: (1)

| Gross expenses before waivers/payments by Price Associates | 0.61% |
| --- | --- |

(not the funds accrued within the way compare the ongoing costs of

| LIFO & Studies Retaining |  |  |  |  |
| --- | --- | --- | --- | --- |
| gains in the fund with other funds by contrasting the 3% hypothelial |  |  |  |  |
| examples and the 3% hypothetical examples that appear in the shareholder |  |  |  |  |
| report and value in 2000. The hypothetical account values and expenses |  |  |  |  |
| and the 3% hypothelial accounts the actual ending account balance |  |  |  |  |
| expenses you paid for the period. |  |  |  |  |
| Total Gross Foods (1) |  |  | 426,000 | 24,443 |
| Pounds |  |  | 1,181,000 | 268,484 |
| Household Products 0.9% |  |  | 151,000 | 41,100 |
| 15.52% |  | 23.87% | 33.09% | (2.23)% |

0.61% 0.61% 0.61% 0.61%

9

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

| Fund | -23.17% | 7.42% | 12.46% |
| --- | --- | --- | --- |
| Alcon | 566,000 |  | 38,799 |
| Share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share | Shares |  | Shares |
| DENTISPLY SIRED | 45,000 |  | 34,400 |
| of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share of the share | 45,000 |  | 34,400 |
| Total Communication Services | 348,000 |  | 29,000 |
| Total Communication Services | 348,000 |  | 29,000 |
| Total Communication Services | 348,000 |  | 29,000 |
| Total Communication Services | 348,000 |  | 29,000 |
| Total Communication Services | 348,000 |  | 29,000 |

| reduction fees or sales loads. Therefore, the second day of the table is to |  |  |  |
| --- | --- | --- | --- |
| Reynolds Consumer Products, only and will not be able to do so. |  |  |  |
| relative total costs of owning different funds. To the share of the fund chargeable |  |  |  |
| Professional Services, 4.5% |  |  |  |
| Total Consumer Services |  |  |  |
| Total Consumer Services | 666,000 | 51,469 |  |
| Enter | 361,000 | 70,164 |  |
| Oil, Gas & Consumable Fuels, 3.4% | 0.034,000 | 0.02,095 |  |
| Gas, Gas & Gas | 0.05% | 0.38,000 | 0.38,000 |
| Cash and Services, Series | 855,000 | 18,283 |  |
| Total Cash and Services, Series | 25.3% | 25.9% |  |
| Total Cash and Services, Series | 25.3% | 25.9% |  |
| Total Cash and Services, Series | 25.3% | 25.9% |  |
| Total Cash and Services, Series | 25.3% | 25.9% |  |
| Total Cash and Services, Series | 25.3% | 25.9% |  |

(1) Per share amounts calculated using average shares outstanding method.

10

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

| This table shows how the fund would have performed each year if its actual (or any other) returns for the periods shown had been estimated. | 480,019 | Cost $5,272 (1)(2)(3) | 650,866 | 4,283 |
| --- | --- | --- | --- | --- |
| Health Care Providers & Agreements | 390,401 | Revenue and other resources | 277,000 | 14,000 |
| Average annual total return figures include changes | 1,019,357 | INFORMATION TECHNOLOGY 0.1% | 258,000 | 54,000 |
| Income from the benefits of expense-related activities | 1,000,000 | Software 0.1% |  |  |
| Costs and other effects the rate that an investment has earned on an investment in the fund is not applicable | 2,000 | Cost $912 (1)(2)(3) | 302 | 78,000 |
| Costs and other effects the rate that an investment has earned on an investment in the fund is not applicable | 2,000 | Revenue and other resources | 51,566 | 3,094 |
| Costs and other effects the rate that an investment has earned on an investment in the fund is not applicable | 2,000 | Revenue and other resources | 51,566 | 3,094 |
| Costs and other effects the rate that an investment has earned on an investment in the fund is not applicable | 2,000 | Revenue and other resources | 51,566 | 3,094 |

11

# T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

December 31, 2022

| considered affiliated companies for all or some portion of the year ended December 31, 2021 |  | Net realized gain (loss), investment income, change in net |  |
| --- | --- | --- | --- |
| Total | 2021 | Total | 2020 |
| Hotels, Restaurants & Leisure 5.2% | 369,000 | 59,549 | 841,501 |
| Chaplain, Mexican Oil (1) | 18,000 | 53,061 | Change in Net |
| Containers & Packaging 3.7% |  | 24,995 | Unrealized |
| Life Sciences Tools & Services 6.4% | 136,000 | 47,110 | Unrealized |
| Plant, Planting, Holdings | 342,000 | 61,902 | Gain/Loss |
| Plant, Planting, Properties | 1,000,000 | 125,000 | Income |
| Plant, Planting, Properties | 1,000,000 | 125,000 | Income |
| Plant, Planting, Properties | 1,000,000 | 125,000 | Income |
| Plant, Planting, Properties | 1,000,000 | 125,000 | Income |
| Plant, Planting, Properties | 1,000,000 | 125,000 | Income |
| Plant, Planting, Properties | 1,000,000 | 125,000 | Income |

| Total assets | 2021 | 2020 |
| --- | --- | --- |
| Liabilities |  |  |
| Investment management fees payable | 2,551 |  |

Liabilities

Investment management fees payable

2,551

12

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND[{"box_2d": [65, 96, 946, 256], "label": "table", "caption": "

| West Pharmaceutical Services | 144,000 | 33,800 | Tradeweb Market | Class A Purchase | 93,500 | 4,000 |
| --- | --- | --- | --- | --- | --- | --- |
| AUSTRALIA | 1,000 | 316,456 | Total Materials | Cost | 467,000 | 1,204,000 |
| AUSTRALIA (non-food, other) |  |  | Keyesight Technologies (1) |  | $ | 77,614 |
| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |
| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |
| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |
| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

| AUSTRALIA (non-food, other) |  |  | Total Convertible Preferred Stocks |  | 37,000 | 8,185 |
| --- | --- | --- | --- | --- | --- | --- |

<table><tr><

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

| Internet & Direct Marketing | 100,569 | 100,569 | Financial Technology Reserve Fund, | 315,000 | 315,000 |
| --- | --- | --- | --- | --- | --- |
| Investments |  |  | REVENUE CARE 25.4% | 77,634,494 | 77,634,494 |
| Investments (1) | 198,000 | 35,020 | Total Short-term Investments (Cost |  | 93,212 |
| Investments (2) | 313,000 | 18,120 | Semiconductors & Semiconductor |  | 77,614 |
| Investments (3) | 42,000 | 18,120 | Project Pharmaceuticals (1) | 285,000 | 97,740 |
| Investments (4) | 1,630,000 | 118,230 | Investment Assets | Year | 1,448,047 |
| Investments (5) | 95,262 | 2,610 | Asset Management in Securities | 54,000 | 9,616 |
| Investments (6) |  | 138,245 | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (7) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (8) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (9) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (10) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (11) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (12) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (13) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (14) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (15) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (16) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (17) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (18) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (19) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (20) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (21) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (22) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (23) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (24) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (25) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (26) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (27) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (28) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (29) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (30) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (31) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (32) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (33) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (34) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (35) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (36) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (37) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (38) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (39) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (40) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (41) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (42) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (43) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (44) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (45) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (46) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (47) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (48) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (49) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |
| Investments (50) |  |  | Interest and Net Assets | 12/31/2023 | 12/31/2023 |

The accompanying notes are an integral part of these financial statements.

14

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

| Total Consumer Discretionary | 5,355 | Microchip Technology | 2,028,000 | 142,116 |
| --- | --- | --- | --- | --- |
| Supplies 0.4% | 4,170 | NXP Semiconductor | 44,000 | 6,983 |
| Waste Convertiors | 14,742 | Horizon Therapeutics (1) | 380,000 | 40,988 |
| Total Consumer Discretionary | 143,000 | Ionis Pharmaceuticals (1) | 760,000 | 326,428 |
|  | 18,956 | Software 0.2% | 46,000 | 9,039 |
| Realized and Unrealized Gain / Loss | 18,956 | Atlassian, Class A (1) | 145,000 | 18,659 |
| Net cash provided by the Company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share | 18,956 | Reform Holdings (1) | 137,000 | 14,678 |
| Stock Technologies Group, Class A (1) | 11,003 | Black Knight (1) | 692,000 | 6,321,171 |
| Securities Corporation (1) | 11,003 | CCC Intelligent Solutions Holdings (1) | 2,674,000 | 23,294 |
| Capital and capital operations 2. Level 3 in fair value hierarchy. |  |  | 532,762 | 45,708,343 |
| Shareholders' equity |  |  | 77,997 | 855,524 |
| Distributions reinvested |  |  | (1,121,193) | (2,326,835) |
| Change in net unrealized gain / loss |  |  |  |  |
| NOTE: - SIGNIFICANT ACCOUNTING POLICIES |  |  |  | (1,766,537) |

The accompanying notes are an integral part of these financial statements.

15

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

(3) Security cannot be offered for public resolution. But first being registered with the Securities Act of 1933, 1933, 1934, 1935, 1936, 1937, 1938, 1939, 1940, 1941, 1942, 1943, 1944, 1945, 1946, 1947, 1948, 1949, 1950, 1951, 1952, 1953, 1954, 1955, 1956, 1957, 1958, 1959, 1960, 1961, 1962, 1963, 1964, 1965, 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1974, 1975, 1976, 1977, 1978, 1979, 1980, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

Investment Transactions, Investment Income, and Distributions Investment transactions are accounted for on the trade date

16

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# **NOTE 2 - VALUATION**

performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.
Shares sold
Shares in December 31, 2022 (for further detail by category, please refer to the accompanying Portfolio of Investments):
Shareholders' liabilities, liabilities and inputs are used to determine the fair value of financial instruments. GAAP 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1
Securities and other securities are recorded on the accrual basis. Realized gains are
Fair value hierarchy that categorizes the inputs used to measure fair value.
Income tax-related interest and penalties, if incurred, are recorded as income tax expense dividends levied from the current fund.
Level 1 Level 2 Level 3 Level 4 Level 5 Level 6 Level 7 Level 8 Level 9 Level 10 Level 11 Level 12 Level 13 Level 14 Level 15 Level 16 Level 17 Level 18 Level 19 Level 20 Level 21 Level 22 Level 23 Level 24 Level 25 Level 26 Level 27 Level 28 Level 29 Level 30 Level 31 Level 32 Level 33 Level 34 Level 35 Level 36 Level 37 Level 38 Level 39 Level 40 Level 41 Level 42 Level 43 Level 44 Level 45 Level 46 Level 47 Level 48 Level 49 Level 50 Level 51 Level 52 Level 53 Level 54 Level 55 Level 56 Level 57 Level 58 Level 59 Level 60 Level 61 Level 62 Level 63 Level 64 Level 65 Level 66 Level 67 Level 68 Level 69 Level 70 Level 71 Level 72 Level 73 Level 74 Level 75 Level 76 Level 77 Level 78 Level 79 Level 80 Level 81 Level 82 Level 83 Level 84 Level 85 Level 86 Level 87 Level 88 Level 89 Level 90 Level 91 Level 92 Level 93 Level 94 Level 95 Level 96 Level 97 Level 98 Level 99 Level 100
Asset
Gain distributions are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset.
Loan from Stockholder that Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, $1,000,000).
Level 1: $1,000,000.00
Received. Proceeds from litigation payments, if any, are included in either net realized gain (loss) or change in net unrealized gain/losses.
Conversals of the financial instruments in active markets, quoted prices for identical or similar financial instruments in 27,253
loss from securities. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and
paid annually. A capital gain distribution, if any, may also be declared and paid by the fund annually.

17

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

**Valuation Inputs** The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair

Short-Term Investments (assets, interest rates and yield curves, implied volatilities, and credit cards) - 77,614
but are not adjusted for temporary differences. The permanent book/tax adjustments, if any, have no impact on results of
The accompanying notes are an integral part of these financial statements.
**Currency Translation** Assets, including investments, and liabilities denominated 4,734,000. Currencies are translated 2,340,000 U.S. 4,842,555
Shareholder redemptions.
Other assets are not included in the following exchange rate, during which the public has had a fixed amount of 100% of the total value of the fund's investment and the total value of the fund's investment. The fund's investment and the total value of the fund's investment are based on the fund's financial statements and the fund's investment and the total value of the fund's investment. The fund's investment and the total value of the fund's investment are based on the fund's financial statements and the fund's investment and the total value of the fund's investment.

**In-Kind Redemptions** In accordance with guidelines described in the fund's prospectus, and when considered to be in the best

18

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

Capital accounts within the financial reporting records are adjusted for permanent book/tax differences to reflect tax character

of Operations. The change in unrealized gain/loss on Level 3 instruments held at December 31, 2022, totaled $11,233,000 for the
minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the
year ended December 31, 2022.

The total amount of the three Price Associates, Inc. (Price Associates) is wholly owned subsidiary of T. Rowe Price Group, Inc.
and the amount of the three Price Associates, Inc. is not to be used in any way to derive fair value. The financial instrument is assigned to the
year ended December 31, 2022.

The total amount of the three Price Associates, Inc. (Price Associates) is wholly owned subsidiary of T. Rowe Price Group, Inc.
and the amount of the three Price Associates, Inc. is not to be used in any way to derive fair value. The financial instrument is assigned to the
year ended December 31, 2022.

The total amount of the three Price Associates, Inc. (Price Associates) is wholly owned subsidiary of T. Rowe Price Group, Inc.
and the amount of the three Price Associates, Inc. is not to be used in any way to derive fair value. The financial instrument is assigned to the
year ended December 31, 2022.

The total amount of the three Price Associates, Inc. (Price Associates) is wholly owned subsidiary of T. Rowe Price Group, Inc.
and the amount of the three Price Associates, Inc. is not to be used in any way to derive fair value. The financial instrument is assigned to the
year ended December 31, 2022.

The total amount of the three Price Associates, Inc. (Price Associates) is wholly owned subsidiary of T. Rowe Price Group, Inc.
and the amount of the three Price Associates, Inc. is not to be used in any way to derive fair value.

The total amount of the three Price Associates, Inc. (Price Associates) is wholly owned subsidiary of T. Rowe Price Group, Inc.
and the amount of the three Price Associates, Inc. is not to be used in any way to derive fair value. The financial instrument is assigned to the
year ended December 31, 2022.

The total amount of the three Price Associates, Inc. (Price Associates) is wholly owned subsidiary of T. Rowe Price Group, Inc.
and the amount of the three Price Associates, Inc. is not to be used in any way to derive fair value. The financial instrument is assigned to the
year ended December 31, 2022.

The total amount of the three Price Associates, Inc. (Price Associates) is wholly owned subsidiary of T. Rowe Price Group, Inc.
and the amount of the three Price Associates, Inc. is not to be used in any way to derive fair value.

19

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# **NOTE 6 - RELATED PARTY TRANSACTIONS**

Common Stock made OTC Bulletin Board securities are valued at the mean of the closing bid and asked prices. A security that is listed as a result of the fund (collectively, Price). Price Associates provides certain accounting and administrative services to the fund. The Company's interest in the exchange is valued at the quotation on the exchange determined for the principal market (or such securities). The Company's interest in the exchange is valued at the quotation on the exchange determined for the principal market (or such securities). The Company's interest in the exchange is valued at the quotation on the exchange determined for the principal market (or such securities). The Company's interest in the exchange is valued at the quotation on the exchange determined for the principal market (or such securities). The Company's interest in the exchange is valued at the quotation on the exchange determined for the principal market (or such securities).

**NOTE 7 - OTHER INVESTMENT TRANSACTIONS**

20

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# Report of Independent Registered Public Accounting Firm

The following table provides the information in a specific format:

21

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

NOTE: This information is for the current year, which is not to be used in the current year. The information is not to be used in the current year.

22

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# LIQUIDITY RISK MANAGEMENT PROGRAM

The following table provides the information in a specific format:

23

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

The Fund is a part of the Fund's financial statements, based on the information contained in the Fund's report, and is not intended to be construed as a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or a separate, non-referent, or

24

T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

# OFFICERS

Armed to the 1980s, the government of the United States, and the United States of America, was a major source of funding for the United States. The United States is a major source of funding for the United States. The United States is a major source of funding for the United States. The United States is a major source of funding for the United States. The United States is a major source of funding for the United States. The United States is a major source of funding for the United States. The United States is a major source of funding for the United States. The United States is a major source of funding for the United States. The United States

For the fund and other T. Rowe Price funds, the annual assessment of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance

# T.RowePrice®

100 East Pratt Street
Baltimore, MD 21202

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

202302-2582674

E116-050 2/23

25

# 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 determined that Mr. Teresa Bruce Bazemore qualifies as an audit committee (formal section, published in Annex 1 of Form N-CSR). The Bazemore is considered a member of the Board of Directors. The Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board

The Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board

Audit Fees $21,734 $21,172 (Excess and remaining Cents and Pairs 2020 to present); Executive
Audit Related Fees Vice President and Chief Legal Officer, Huntington, Inoalla Industries, Inc. (January 2015 to March 2020); Director,
Tax Fees L. S. Smith, T. Rowe Price; formerly, Tax Director, Invesco Ltd. (to 2021),
All Other Fees Lincoln Electric Company (October 2020 to present)

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

T. Rowe Price Investment Services, Inc.

(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 $2,037,000 and $3,732,000, 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.

#### **Item 5. Audit Committee of Listed Registrants.**

Not applicable

Vice President, Oppenheimer Funds, Inc. (to 2019)

The information about the independent directors was current as of December 31, 2021, unless otherwise indicated, except for the number of portfolios. The information which is current as of the date of this report.

Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.

The information which is current as of the date of this report.

Effective November 8, 2022, Ms. Walker was appointed as an independent director of the Price Funds.

Not applicable

#### **INTERESTED DIRECTORS (a)**

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price

#### **Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

None (Year of Birth)

Not applicable.

#### **Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

#### **Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

#### **Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.

(1)

(2) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 2(b) of the Sarbanes-Oxley Act of 2002. 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 2(b) of the Sarbanes-Oxley Act of 2002.

| Title | Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years | First Five Years | Last Five Years |
| --- | --- | --- | --- |
| (3) Written information to report base securities issued by closed-end companies; not applicable | Director, Vice President, and Secretary | Director, Vice President, and Secretary | Vice President, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services |
| (b) Abstracts of 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 2(b) of the Sarbanes-Oxley Act of 2002. 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 2(b) of the Sarbanes-Oxley Act of 2002. | President, Vice President, and Secretary | President, Vice President, and Secretary | Vice President, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services |
| (a) 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 2(b) of the Sarbanes-Oxley Act of 2002. 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 2(b) of the Sarbanes-Oxley Act of 2002. | President, Vice President, and Secretary | President, Vice President, and Secretary | Vice President, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services |
| (b) Abstracts of 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 2(b) of the Sarbanes-Oxley Act of 2002. 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 2(b) of the Sarbanes-Oxley Act of 2002. | President, Vice President, and Secretary | President, Vice President, and Secretary | Vice President, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services |

Fran M. Pollack-Matz (1961)
Vice President and Secretary
Shannon H. Rauser (1987)

Fran M. Pollack-Matz (1961)
Vice President and Secretary
Shannon H. Rauser (1987)

Fran M. Pollack-Matz (1961)
Vice President and Secretary
Shannon H. Rauser (1987)

# 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.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

Assistant Secretary
Robert W. Sharps, CFA, CPA(1) Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and
G. David Solomon (1977) President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
The registrant and 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 E. E. McCann (1972) Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and
E. E. McCann (1972) President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
David Oestreicher

The registrant and 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.

Date February 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

Effective February 3, 2022, Mr. Sharps resigned from his role as an interested director of the Price Funds.

Megan Warren (1968)
Vice President

OPAC Sanctions Compliance Officer and Vice President, Price Investment Management; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

## Ex-99.Cert

**Item 13. (a)(2)** 

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Institutional Mid-Cap Equity Growth 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;(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;(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;(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;(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;(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;(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 16, 2023 | /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 Institutional Mid-Cap Equity Growth 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;(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;(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;(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;(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;(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;(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 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Institutional Mid-Cap Equity Growth 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /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. 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, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (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 (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.

**II. 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:

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

**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.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**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.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. 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.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**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.

------

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

**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.

**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.

**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.

**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.

**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

**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.

**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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. 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

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communications made by the Price Funds.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

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

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

**VI. 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.

**VII. 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.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer