# EDGAR Filing Document

**Accession Number:** 0001012968
**File Stem:** 0001193125-23-044632
**Filing Date:** 2023-2
**Character Count:** 129318
**Document Hash:** ed2a84877e5fb7c297bfb80808e64af1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044632.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044632

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**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:** 23652471

**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 Large-Cap Core Growth Fund (Series ID: S000002096)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000005464 | T. Rowe Price Institutional Large-Cap Core Growth Fund | TPLGX           |

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 Large-Cap Core Growth Fund

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

INVEST WITH CONFIDENCE

The Institutional Large-Cap Core Growth Fund generated a negative absolute return in the 12-month period ended December 31, 2022. The fund underperformed its benchmark, the S&P 500 Index, and also lagged the style-specific Russell 1000 Growth Index. The fund also trailed its peer group, the Lipper Large-Cap Growth Funds Index.

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors moved out of riskier assets in response to deteriorating macroeconomic conditions and the Federal Reserve's attempt to fight elevated inflation through short-term interest rate increases, driving equities downward with a high degree of correlation.

## Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

### TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

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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 LARGE-CAP CORE GROWTH FUND

Market Commentary

# HIGHLIGHTS

The fund's top sector allocations are in information technology, health care, and consumer discretionary.

Despite significant macroeconomic headwinds and expectations of further volatility in the coming year, we continue to stay true to our growth targets. Given the growth reflect that have followed positive incremental news around inflation, early in the third quarter, and again in November, there is reason to believe that once inflation begins to moderate, or a sustained manner, many of our high-conscious holdings could experience a hard rebound.

Double-digit losses were common in equity markets around

As the period came to 2018, the economic backlog of the financial sector was a result of a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted in a significant increase in the market, which resulted

A handwritten signature in black ink, appearing to read 'Robert M. Gump'.

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

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

Management's Discussion of Fund Performance

## Dear Investor

the world, and bond investors also faced a historically tough environment. While a sharp rise in interest rates, value shares declined, 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 developed markets. Meanwhile, the U.S. dollar strengthened

rising mortgage rates.

competitive pressures in the short-form video space began to erode the company's engagement metrics, weighing further on sectors remained untouched by the broad headaches that complete list of holdings and the amount each represents in the portfolio. However, in our view, there continue to be opportunities for selective investors focused on fundamentals. Valuations in

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

1

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# INVESTMENT OBJECTIVE

How did the fund perform in the past 12 months? Weighed on
Communication sessions was a large source of calling activity
the Institutional Large-Cap Core Growth Fund returned
During the year, particularly in the digital advertising space.
We ran the SAP 500 and started to work in a large 1.5 m2
500 core brands of Appraiser 1.5 m2 to manage position size
the fund and then 600 as its benchmarked by SAP 500 Index,
and reduced near-zero risk research trade-off. The core
fund also worked in a large 1.5 m2 of the core market
Google Search business continues to benefit from sales port
the fund. We ran the large 1.5 m2 of the core market
in the storm, appeal, demonstrating impressive resilience and

loss from privacy policy changes. Additionally, increasing
consumer demand exerted an outsized effect on the sector
most global equity markets have improved markedly, although
United of America's 1.5 m2 of the largest market is limited.
U.S. equities still appear relatively expensive by historical
lower in response to the 1.5 m2 of the core market
standards. While bond yields have reached some of the most
and American, with 1.5 m2 of the core market
attractive levels since the 2008 global financial crisis
and enterprise cloud spending continues due to many
decisions. Investment and investment in the core market
are not only a company and a company that is a company
and a company that is a company that is a company that is a company
and a company that is a company that is a company that is a company
and a company that is a company that is a company that is a company
and a company that is a company that is a company that is a company
and a company that is a company that is a company that is a company
and a company that is a company that is a company that is a company

2

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# How is the fund positioned?

The fund is designed to provide a clear, clear, and efficient

system that enables the program to be a good and efficient
system that enables the program to be a good and efficient
system that enables the program to be a good and efficient
system that enables the program to be a good and efficient
system that enables the program to be a good and efficient
system that enables the program to be a good and efficient
system that enables the program to be a good and efficient
system that enables the program to be a good and efficient
system that enables the program to be a good and efficient
system that enables

The portfolio's second-largest sector weight is health care,

logistics, footprints, continuing to weigh for profitability. Even to
fast-growing Medicare Advantage market, as well as its Optum
and its best, most that can be used for our portfolio. Over the
business, which captures a larger share of health care spending
and the shares of Carvana fell amid a challenging backdrop that
by providing services like value-based care delivery, analytics,
included supply constraints, affordability concerns for
and in your life, so it is continued to be done in that one of the
consumers given rising used car prices and higher financing
better outcomes for patients. Additionally, we initiated a
rates, and concerns around the company's liquidity runway
position in Elevance Health, a diversified U.S. managed care
Electric vehicle (EV) manufacturers Tesla and Rivian
Company, that operates Blue Cross Blue Shield insurance plans

3

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# What is portfolio management's outlook?

In addition, the market is a major market in the United States, which is a 30% price index data showed headline inflation rising 7.1% on a 12-month basis, the lowest level since December 2021, but still growth and profitability at an attractive valuation with 29.14% of the market. The market's 2% long-term target.
RISK OF STOCK INVESTING
R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R

Automotive also came under significant pressure as weakening across multiple states and has a sizable and growing business. The company's business is a major business in the EVs from Medicaid and Medicare Advantage plans. We think CVDs have a strong interest in the company's business. The company's business is a strong interest in the company's business. The company's business is a strong interest in the company's business. The company's business is a strong interest in the company's business. The company's business is a strong interest in the company's business. The company's business is a strong interest in the company's business. The company's business is a strong interest in the company's business. The company's business is a strong interest in the company's business.

4

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# RISKS OF INVESTING IN THE FUND

This is a report of the first time in the first year of 2021 had been made in the first year of 2021. The first year of 2021 was made in the first year of 2021. The second year of 2021 was made in the first year of 2021. The third year of 2021 was made in the first year of 2021. The fourth year of 2021 was made in the first year of 2021. The fifth year of 2021 was made in the first year of 2021. The sixth year of 2021 was made in the first year of 2021. The seventh year of 2021 was made in the first year of 2021. The eighth year of 2021 was made in the first year of 2021. The sixth year of 2021 was made in the first year of 2021. The seventh year of 2021 was made in the first year of 2021. The eighth year of 2021 was made in the first year of 2021. The sixth year of 2021 was made in the first year of 2021. The seventh year

Note: The S&P 500 Index is a product of S&P Dow Jones.

The S&P is the largest investment and one of the most recent and most recent financials. The S&P is the largest investment and one of the most recent financials. The S&P is the largest investment and one of the most recent financials. The S&P is the largest investment and one of the most recent financials. The S&P is the largest investment and one of the most recent financials. The S&P is the largest investment and one of the most recent financials. The S&P is the largest investment and one of the most recent financials. The S&P is the largest investment and one

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

As of 12/31/22

| - | Institutional Large-Cap Core Growth Fund | $3,088,039 |
| --- | --- | --- |
| - | S&P 500 Index | 3,265,405 |
| - | Russell 1000 Growth Index | 3,739,670 |

5

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

GROWTH OF $1 MILLION

mutual fund, markings and indexes.

RISKS OF GROWTH INVESTING
Beginning Ending Paid During
Account Account Period*
Value Value 7/1/22 to
Date 10/31/22

| FUND | EXPENSE EXAMPLE | Percent of Net Assets |
| --- | --- | --- |
| All funds | All funds not into future quarters | 13.3% |
| (1) In838 | Incidentals and business services | 2.1 |
| (2) 2 | Special of our best ideas in 2022 were in the health care sector. | 0.8 |
| (120-1) 2 | All funds including management fees, distribution and services | 0.2 |
| to help pharmaceutical companies to increase the | Consumer Staples | 0.0 |

$6,000,000

6

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual expenses are estimated at the end of the year. The Company's performance is based on the Company's performance in the first three years. The Company's performance is based on the Company's performance in the second three years. The Company's performance is based on the Company's performance in the third three years.

**BENCHMARK INFORMATION**
**NET ASSET VALUE**
Beginning of period

|  | $70.46 | $65.18 | $48.68 | $37.63 | $37.43 |
| --- | --- | --- | --- | --- | --- |
| Investment activities |  |  |  |  |  |
| Net investment income (loss) (1)(2) | (0.03) | (0.17) | (0.07) | 0.09 | 0.09 |

The Company's performance is based on the Company's performance in the first three years. The Company's performance is based on the Company's performance in the second three years. The Company's performance is based on the Company's performance in the third three years.

**Actual Expenses**
All other items are not available. The Company's performance is based on the Company's performance in the first three years. The Company's performance is based on the Company's performance in the second three years.

7

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

December 31, 2022

| Number of days in the most recent fiscal periods by the days in the year (365) to reflect the reception of the current financial situation. (Continued on page 4) |  |
| --- | --- |
| Shares/Par | $ Value |
| (Cost and value in $000s) |  |
| COMMON STOCKS | (27.06) |
| Total financial assets | (27.09) |
| COMMUNICATION |  |
| Disbursements |  |
| Net investment income | - |
| Entertainment 1.8% | (1.82) |
| Net realized gain | (1.82) |
| Total distributions | (1.82) |

NET ASSET VALUE[{"box_2d": [512, 97, 946, 232], "label": "table", "caption": "

| Input utilization trends and robust growth in its Optum segment (for example, an $8,600 account value divided by $1,000 = 8.6), then merely, the value by the number on the first line under the heading 'Debted Paid During Period' to estimate the expenses you paid on your account and value in $000s) |  |
| --- | --- |
| Shares/Par | $ Value |
| ASML Holding | 1.4 |
| ASML Holding | 1.4 |
| ASML Holding | 1.4 |
| ASML Holding | 1.4 |
| ASML Holding | 1.4 |
| ASML Holding | 1.4 |
| ASML Holding | 1.4 |
| ASML Holding | 1.4 |
| ASML Holding | 1.4 |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |
| Total distributions | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |
| Total distributions | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |
| Total distributions | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |
| Total distributions | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |
| Total investment income | 1.4 |
| Net realized gain | (1.82) |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |

| Total investment income | 1.4 |
| --- | --- |

| (1.82) |
| --- |

| Hypothetical Example for Comparison Purposes |  |
| --- | --- |
| Shares/Par | $ Value |

| Total investment income | 1.4 |
| --- | --- |

<table><thead><tr><td>(1.82

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

Notes

Gross for delays for the listed under by any state, high in

|  | Shares/Par | $ Value |
| --- | --- | --- |
| Sea, ADR (1) | 244,245 | 12,708 |
| Waste, Water, Stock Exchange Group | 106,709 | 9,271 |
| AVERAGE ANNUAL COMPOUND TOTAL RETURN |  | $91,351 |
| PERSONAL |  |  |
| 1st Period of 2016 | 1 Year | 5 Years |
| Period Ended 12/31/22 | 1 Year | 5 Years |
| Period Ended 12/31/22 | 1 Year | 5 Years |
| Period Ended 12/31/22 | 1 Year | 5 Years |
| Period Ended 12/31/22 | 1 Year | 5 Years |
| Period Ended 12/31/22 | 1 Year | 5 Years |

Ratios to average net assets: (2)

Gross expenses before waivers/payments by Price
Associates 0.56%

| (Other Contractual return). You may compare the existing costs of $1,260 |  |  |  |
| --- | --- | --- | --- |
| Return in the fund with other funds by continuing into the hypothetical example and the 5% hypothetical examples that appear in the shareholder report. The following is: $1,260 |  |  |  |
| THE ALTHOARE 16.7% |  |  |  |
| MATERIALS 8.3% 65.18 $48.68 $37.63 |  |  |  |
| EXAMENICARE EQUIPMENT 2.0% |  |  |  |
| SCHEMICALS 1.3% |  |  |  |
| You have to say that we are that the expenses shown in the table highlight |  |  |  |
| out of the company's and do not reflect any transactions costs, such as |  |  |  |
| Pension of Williams 80,142 $53,020 |  |  |  |
| 17.89% 34.69% 30.15% 2.17% |  |  |  |

| 0.57% | 0.56% | 0.56% | 0.56% |
| --- | --- | --- | --- |

9

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

Growth Fund
38.45% 5.38% 11.04%
Meta Platform Company under license. All rights in the FTSE/DOE
The following information is available for the following items: (1) The FTSE/DOE
IT Services (2) The FTSE/DOE
(3) The FTSE/DOE
(4) The FTSE/DOE
(5) The FTSE/DOE
(6) The FTSE/DOE
(7) The FTSE/DOE
(8) The FTSE/DOE
(9) The FTSE/DOE
(10) The FTSE/DOE
(11) The FTSE/DOE
(12) The FTSE/DOE
(13) The FTSE/DOE
(14) The FTSE/DOE
(15) The FTSE/DOE
(16) The FTSE/DOE
(17) The FTSE/DOE
(18) The FTSE/DOE
(19) The FTSE/DOE
(20) The FTSE/DOE
(21) The FTSE/DOE
(22) The FTSE/DOE
(23) The FTSE/DOE
(24) The FTSE/DOE
(25) The FTSE/DOE
(26) The FTSE/DOE
(27) The FTSE/DOE
(28) The FTSE/DOE
(29) The FTSE/DOE
(30) The FTSE/DOE
(31) The FTSE/DOE
(32) The FTSE/DOE
(33) The FTSE/DOE
(34) The FTSE/DOE
(35) The FTSE/DOE
(36) The FTSE/DOE
(37) The FTSE/DOE
(38) The FTSE/DOE
(39) The FTSE/DOE
(40) The FTSE/DOE
(41) The FTSE/DOE
(42) The FTSE/DOE
(43) The FTSE/DOE
(44) The FTSE/DOE
(45) The FTSE/DOE
(46) The FTSE/DOE
(47) The FTSE/DOE
(48) The FTSE/DOE
(49) The FTSE/DOE
(50) The FTSE/DOE
(51) The FTSE/DOE
(52) The FTSE/DOE
(53) The FTSE/DOE
(54) The FTSE/DOE
(55) The FTSE/DOE
(56) The FTSE/DOE
(57) The FTSE/DOE
(58) The FTSE/DOE
(59) The FTSE/DOE
(60) The FTSE/DOE
(61) The FTSE/DOE
(62) The FTSE/DOE
(63) The FTSE/DOE
(64) The FTSE/DOE
(65) The FTSE/DOE
(66) The FTSE/DOE
(67) The FTSE/DOE
(68) The FTSE/DOE
(69) The FTSE/DOE
(70) The FTSE/DOE
(71) The FTSE/DOE
(72) The FTSE/DOE
(73) The FTSE/DOE
(74) The FTSE/DOE
(75) The FTSE/DOE
(76) The FTSE/DOE
(77) The FTSE/DOE
(78) The FTSE/DOE
(79) The FTSE/DOE
(80) The FTSE/DOE
(81) The FTSE/DOE
(82) The FTSE/DOE
(83) The FTSE/DOE
(84) The FTSE/DOE
(85) The FTSE/DOE
(86) The FTSE/DOE
(87) The FTSE/DOE
(88) The FTSE/DOE
(89) The FTSE/DOE
(90) The FTSE/DOE
(91) The FTSE/DOE
(92) The FTSE/DOE
(93) The FTSE/DOE
(94) The FTSE/DOE
(95) The FTSE/DOE
(96) The FTSE/DOE
(97) The FTSE/DOE
(98) The FTSE/DOE
(99) The FTSE/DOE

redemption Services (a) as loads. Therefore, the securities of the table (a) and (b) are not available for any other items. The securities of the table (a) and (b) are not available for any other items. The securities of the table (a) and (b) are not available for any other items.

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

10

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

| The following is the first would have performed each year's total | UnitedHealth Group | 294,911 | 156,356 |
| --- | --- | --- | --- |
| In the United States, the first time is the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first | Service Series A Acquisition Date: |  | 211,967 |
| In the United States, the first time is the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first | 11/4/21 - 12/17/21, Cost $397 (1)(3) |  |  |
| In the United States, the first time is the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first | Health Care Technology, 0.5% |  |  |
| In the United States, the first time is the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first | Cheva System A Acquisition Date: | 49,440 | 7,979 |
| In the United States, the first time is the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first | Health Care Technology, 0.5% |  |  |
| In the United States, the first time is the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first | Health Care Technology, 0.5% |  |  |
| In the United States, the first time is the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first | Health Care Technology, 0.5% |  |  |

11

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

December 31, 2022

| Accumulated other funding (loss) | 421,859 | 57,494 | Liabilities: | Series H, Acquisition Date: | 86,284 |
| --- | --- | --- | --- | --- | --- |
| Total Investments in Securities | 80,413 | 43,936 | Total Receivables (3)(4) | Change in Net | 4,838 |
| Interest & Direct Marketing | 12,886 | 5,416 | Current Assets (3)(4) | Net Realized | Unrealized |
| Interest & Direct Marketing | 290,622 | $3,034,058 | Liabilities (3)(4) | Gain (Loss) | Investment |
| Interest & Direct Marketing | 290,622 | $3,034,058 | Liabilities (3)(4) | Gain (Loss) | Interest |
| Interest & Direct Marketing | 290,622 | $3,034,058 | Liabilities (3)(4) | Gain (Loss) | Interest |
| Interest & Direct Marketing | 290,622 | $3,034,058 | Liabilities (3)(4) | Gain (Loss) | Interest |
| Interest & Direct Marketing | 290,622 |  | Liabilities (3)(4) | Gain (Loss) | Interest |
| Interest & Direct Marketing | 290,622 |  | Liabilities (3)(4) | Gain (Loss) | Interest |
| Interest & Direct Marketing | 290,622 |  | Liabilities (3)(4) | Gain (Loss) | Interest |
| Interest & Direct Marketing | 290,622 |  | Liabilities (3)(4) |  |  |
| Interest & Direct Marketing | 290,622 |  | Liabilities (3)(4) |  |  |
| Interest & Direct Marketing | 290,622 |  | Liabilities (3)(4) |  |  |
| Interest & Direct Marketing | 290,622 |  | Liabilities (3)(4) |  |  |
| Interest & Direct Marketing | 290,622 |  |  |  |  |

| Total Assets | 3,034,058 | 205,428 | Total Investment Technology | $138,012 | $3,034,058 |
| --- | --- | --- | --- | --- | --- |
| Total Investments in Securities | 80,413 | 43,936 | Total Convertible Preferred Stocks | $ - | $138,012 |
| Interest & Direct Marketing | 12,886 | 5,416 | (Cost $11,318) |  | $12,886 |
| Interest & Direct Marketing | 290,622 | $3,034,058 | Total Health Care |  | $1,093,101 |
| Interest & Direct Marketing | 290,622 |  |  |  | $8,821 |
| Interest & Direct Marketing | 290,622 |  |  |  | 506,590 |
| Interest & Direct Marketing | 290,622 |  |  |  | 44 |
| Interest & Direct Marketing | 290,622 |  |  |  | 3,072,923 |

Liabilities

12

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

| Building Retail | 141,216 | 10,519 | INDUSTRIALS & BUSINESS |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| ASSOCIATION | 152,163 | 41,889 | CORPORATE BONDS 0.2% | Purchase | Sales | Value |
| Affiliate | (1) Non-income producing | 23,889 | Commercial Services & Companies 12/31/21 | Cost | Cost | 12/31/22 |
| Subsidiaries | (1) Non-income producing | 23,889 | Commercial Services & Companies 12/31/21 | 0 | 10,080,000 | $9,4613 |
| Subsidiaries | (1) Non-income producing | 23,889 | Supplies 0.2% |  |  | 41,894 |
| Subsidiaries | (1) Non-income producing | 23,889 | Total Corporate Bonds (Cost |  |  | $9,4693 |
| Subsidiaries | (1) Non-income producing | 23,889 | Cost |  | 15,593 | 4,8000 |
| Subsidiaries | (1) Non-income producing | 23,889 | Cost |  |  | 12,5000 |
| Subsidiaries | (1) Non-income producing | 23,889 | Cost |  |  | 12,5000 |
| Subsidiaries | (1) Non-income producing | 23,889 | Cost |  |  | 12,5000 |
| Subsidiaries | (1) Non-income producing | 23,889 | Cost |  |  | 12,5000 |

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

13

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND[{"box_2d": [68, 103, 937, 255], "label": "table", "caption": "

| TAXABLE AUDIT (TRAVEL) vests related to such registration are generally borne by the issuer. The aggregate value of restricted securities (excluding Good Strike Holdings, Class A (1)) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Good Strike Holdings, Class A (1) | 62,641 | 62,641 |
| The Company and its subsidiaries purchased pursuant to Rule 14 of the Securities Act of 1933 and may be resold in transactions exempt from Dailings, Class A (1) registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $4,813 and represents $4,813.00. | 1,000,000 | 1,000,000 |
| Net Asset Basis of Investments in affiliated companies was $9,238.75 | 1,000,000 | 1,000,000 |
| Expensed 0.2% of net assets. | 1,000,000 | 1,000,000 |
| Union Acquisition Date: 10/4/21 | 51,296 | 51,296 |
| Net Asset Credit (Cash on day yield) | 72,683 | 72,683 |
| Total Investment and Capital Companies | 437,675 | 437,675 |
| Total Investment and Capital Companies | 137,021 | 137,021 |
| Total Capital and Capital Companies | 1,676,389 | 1,676,389 |
| Total Capital and Capital Companies | 1,676,389 | 1,676,389 |
| Total Capital and Capital Companies | 1,676,389 | 1,676,389 |
| Total Capital and Capital Companies | 1,676,389 | 1,676,389 |
| Total Capital and Capital Companies | 1,676,389 | 1,676,389 |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |
| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

| Total Capital and Capital Companies | 1,000,000 shares of the | 1,000,000,000 shares of the |
| --- | --- | --- |

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</b></td></tr></table>

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</b></td></tr></table>

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</b></td></tr></table>

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</b></td></tr></table>

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</b></td></tr></table>

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</b></td></tr></table>

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</b></td></tr></table>

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</b></td></tr></table>

<table><td colspan=\"4\"><b>Total Capital and Capital Companies</b></td><td><b>1,000,000 shares of the</

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

| Revenue Pathways (1) | 11,366 | 3,527 | Old Dominion Freight Line | 44,265 | 12,561 |
| --- | --- | --- | --- | --- | --- |
| Investment and Capital (2) | 105,488 | 72,049 |  |  | 12,561 |
| Stockings (3) | 114,441 | 39,287 |  |  |  |
| Stockings (4) | 114,441 | 39,287 |  |  |  |
| MSCI | 12,918 | 6,009 | Total Industrials & Business Services |  | 63,031 |
| Increase (decrease) in net assets from operations |  | 614,510 |  | (2,356,438) | 1,060,428 |
| Technology Hardware, Storage & |  |  |  |  | 24,734 |
| Net investment (1) |  |  |  |  | (2,467) |
| Distributed and Marketable Cap Core Growth Fund (the fund) is a nondiversified, open-end management investment company established |  |  |  |  |  |
| Net investment (1) | 2,289,652 | 297,495 |  | (138,880) | (522,807) |
| Net realized gain (loss) |  | 297,495 |  |  |  |
| Capital growth companies |  |  |  |  |  |
| Capital share transactions |  |  |  |  | (161,511) |
| Shares sold |  |  |  | 578,883 | 884,619 |
| Foreign currency transactions |  |  |  | 132,677 | 498,945 |
| Discretionary reinvested |  |  |  |  | (161,506) |

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

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

15

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

Total Information Technology

1,421,010

Shares, Power, Price Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (1940 Act). (1,182,007)
Decrease in net assets from capital share transactions (895,451) (147,441)
Changes in the Company's financial instruments are valued at the close of the NYSE and are reported at the Value Watch, GAAP, General
Securities, Inc. (2,192,457)
Net Assets, as is the world, be received to sell an asset or paid to transfer a liability as an orderly transaction between market participants and
other entities and liabilities denominated in foreign currencies (1,000,000) (1,000,000)
Increase in the market (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000)
Change in the market (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000)
Securities, as is the world, be received to sell an asset or paid to transfer a liability as an orderly transaction between market participants and
other entities and liabilities denominated in foreign currencies (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000)
Increase in the market (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000)
Change in the market (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000)
Securities, as is the world, be received to sell an asset or paid to transfer a liability as an orderly transaction between market participants and
other entities and liabilities denominated in foreign currencies (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000)
Increase in the market (1,000,000) (1

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

16

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# **NOTE 2 - VALUATION**

performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.
Shares sold 10,624 12,364
DISTRIBUTIONS 1
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following
Shares sold 10,624 12,364
Fair value hierarchy that categorizes the inputs used to measure fair value:
Decrease in capital gain distribution and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value of investment and fair value

17

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good

or some combination market interest rates and yield curves implied a regular basis. (Credit copy of) Value determination involves a

The accompanying data is available for the purpose of this report. The data is available for the purpose of this report. The data is available for the purpose of this report. The data is available for the purpose of this report. The data is available for the purpose of this report. The data is available for the purpose of this report. The data is available for the purpose of this report. The data is available for the purpose of this report. The data is available for the purpose of this report. The data is available for the purpose of this report.

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

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

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), this is a stylistic or background line, not a placeholder underscore. Therefore, the OCR result must ignore it. The provided OCR content is "____", which consists of four underscores. This is an incorrect interpretation of the line as a placeholder, violating the rule that stylistic lines must be ignored. The OCR has hallucinated text (underscores) where none should exist. Hence, the result is inconsistent with the Ground Truth.

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), this is a stylistic or background line, not a placeholder underscore. Therefore, the OCR result must ignore it. The provided OCR content is "____", which consists of four underscores. This is an incorrect interpretation of the line as a placeholder, violating the rule that stylistic lines must be ignored. The OCR has hallucinated text (underscores) where none should exist. Hence, the result is inconsistent with the Ground Truth.

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), this is a stylistic or background line, not a placeholder underscore. Therefore, the OCR result must ignore it. The provided OCR content is "____", which consists of four underscores. This is an incorrect interpretation of the line as a placeholder, violating the rule that stylistic lines must be ignored. The OCR has hallucinated text (underscores) where none should exist. Hence, the result is inconsistent with the Ground Truth.

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), this is a stylistic or background line, not a placeholder underscore. Therefore, the OCR result must ignore it. The provided OCR content is "____", which consists of four underscores. This is an incorrect interpretation of the line as a placeholder, violating the rule that stylistic lines must be ignored. The OCR has hallucinated text (underscores) where none should exist. Hence, the result is inconsistent with the Ground Truth.

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), this is a stylistic or background line, not a placeholder underscore. Therefore, the OCR result must ignore it. The provided OCR content is "____", which consists of four underscores. This is an incorrect interpretation of the line as a placeholder, violating the rule that stylistic lines must be ignored. The OCR has hallucinated text (underscores) where none should exist. Hence, the result is inconsistent with the Ground Truth.

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), this is a stylistic or background line, not a placeholder underscore. Therefore, the OCR result must ignore it. The provided OCR content is "____", which consists of four underscores. This is an incorrect interpretation of the line as a placeholder, violating the rule that stylistic lines must be ignored. The OCR has hallucinated text (underscores) where none should exist. Hence, the result is inconsistent with the Ground Truth.

18

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# NOTE 4 - FEDERAL INCOME TAXES

which are the use of such a tax on the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of

**Capital Transactions** Each investor's interest in the net assets of the fund is represented by fund shares. The fund's net asset value

19

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# **NOTE 5 - FOREIGN TAXES**

When the new business of the Fair Value Society, any tax is levied at the mean of the tax rate and the tax rate is 0.39 per share, the tax rate is computed at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is open for listed securities not traded on a particular day are valued at the mean of the closing bid and asked price for a specific security and the balance sheet of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in

**NOTE 6 - RELATED (PARTY) TRANSACTIONS**
The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in the fair value of the NYSE. The fair value of the NYSE is not included in

20

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

In February 2022, Russian forces entered Ukraine and commenced an armed conflict leading to economic sanctions being imposed on

NOTE 13. OTHER INVESTMENT TRANSACTIONS

To the Board of Directors of T. Rowe Price Equity Funds, the following developments in foreign markets, the performance of U.S. investment in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S. and the U.S. market in the U.S.

21

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# Report of Independent Registered Public Accounting Firm

The report is prepared and prepared in the event the accompanying statements and the statements are not to be construed as a separate statement or a part of the Company's business, or as a separate statement or a part of the Company's business, or as a separate statement or a part of the Company's business, or as a separate statement or a part of the Company's business, or as a separate statement or a part of the Company's business, or as a separate statement or a part of the Company's business, or as a separate statement or a part of the Company's business, or as a separate statement or a part of the Company's business, or as a separate statement or a part of the Company's business, or as a separate statement or a part of

22

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

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

losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience
Basis for Opinion

INFORMATION AND INFORMATION AND PROCEEDS PROCEDURES AND PROCEEDS
This information is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and is intended for the use of the fund and

23

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

When plan and perform, the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. This is a time and time of the time. The audit is a time and time of the time. You can't be able to use the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. You can't be able to use the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. You can't be able to use the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. You can't be able to use the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. You can't be able to use the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. You can't be able to use the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement

24

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

Unpredictable events such as environmental or natural disasters with corrosion, cyclones, outbreaks of infection, diseases and
Name of the Fund of four squidely categories based on estimations of the investment's ability to be sold during designated time frames in
the Fund of three years. The results may significantly affect the economy and the markets and issuers in which the fund invests. Certain events
with the Fund of three years without significantly changing the investment's market value.
T. Rowe Price Institutions of the Fund of the United States (the Fund of the United States) in two companies, while some events may
be used to the Fund of the United States. Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the
One Year of the Fund of the United States. The Fund of the United States is a member of the United States, and the Fund of the United States is a member of the United States. The Fund of the United States is a member of the United States. The Fund of the United States is a member of the United States. The Fund of the United States is a member of the United States. The Fund of the United States is a member of the United States. The Fund of the United States is a member of the United States. The Fund of the United States is a member of the United States.

25

T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

# OFFICERS

Armstrong, Charles (1931) and John F. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R.

For the fund and other T. Rowe Price funds, the annual assessment of the 2017 financial statements and the portfolio concentration, any borrowings, during the period, and other provisions. Covering Board 2018 to 2019, Series A, April 1, 2018 to

# 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.

202302-2582657

E148-050 2/23

26

# 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 Principal Directors has determined that Mr. Trevor Price, the manager of the Company, has been a member of the Company's Group of Directors. The Company is considered a member of the Company's Group of Directors. The Company is considered a member of the Company's Group of Directors.

The Company is considered a member of the Company's Group of Directors. The Company is considered a member of the Company's Group of Directors.

(a) - (d) As a result of the following: (1) The Company is considered a member of the Company's Group of Directors.

| Audit Fees | $21,734 | $21,172 | Excess and remaining Cents (and 2020 to present); Executive |
| --- | --- | --- | --- |
| 2021-2022 |  |  |  |
| Tax Fees | Vice President and Chief Legal Officer, Huntington, Ingalls Industries, Inc. (January 2015 to March 2020); Director, Lincoln Electric Company (October 2020 to present) |  |  |
| All Other Fees |  |  |  |

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

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

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

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.

| Title | Principal Occupation(s) and Director(s) of Public Companies and Other Investment Companies During the Past Five Years | Part of the Program |
| --- | --- | --- |
| (3) Written certification to match those securities issued by closed-end companies; not applicable | Director, Vice President, and Secretary, 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, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Investment Services | First Company |
| (b) A new position 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. | Management, Inc. (Price Investment Management); Vice President and Secretary, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); Vice President, T. Rowe Price International (Price International); | First Company |
| Fran M. Pollack-Matz (1961) | Vice President and Secretary | T. Rowe Price Singapore (Price Singapore); General Counsel, Vice President and Secretary, T. Rowe Price Group, Inc.; Chair of the Board, Chief Executive Officer, President, and Secretary, T. Rowe Price Trust Company; Principal Executive Officer and Executive Vice President, all funds |
| Shannon H. Rauser (1987) | Assistant Vice President, T. Rowe Price |  |

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ David Oestreicher</u> |
|  | 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 Large-Cap Core 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;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | 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 Large-Cap Core 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;&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;&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;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&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.

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**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

------

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