# EDGAR Filing Document

**Accession Number:** 0001012968
**File Stem:** 0001193125-23-044881
**Filing Date:** 2023-2
**Character Count:** 126950
**Document Hash:** b9c1deb5311fab39e6c2e96cff23befc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044881.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044881

**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:** 23653732

**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 Large-Cap Growth Fund (Series ID: S000002095)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000005463 | T. Rowe Price Large-Cap Growth Fund-I Class | TRLGX           |
| C000219140 | T. Rowe Price Large-Cap Growth Fund         | TRGOX           |

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

| TRGOX | T. ROWE PRICE Large-Cap Growth Fund |
| --- | --- |
| TRLGX | Large-Cap Growth Fund- I Class |

INVEST WITH CONFIDENCE®

- The Large-Cap Growth Fund generated a negative absolute return in the 12-month period ended December 31, 2022. The fund underperformed its benchmark, the Russell 1000 Growth Index, and 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

# 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.

**It's fast**-receive your statements and confirmations faster than U.S. mail.

**It's convenient**-access your important account documents whenever you need them.

**It's secure**-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

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

T. ROWE PRICE LARGE-CAP GROWTH FUND

Market Commentary

# **HIGHLIGHTS**

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

Double-digit losses were common in equity markets around the world, and despite significant macroeconomic headwinds and expectations of further build investors also faced a historically tough environment, and a sharp rise

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

T. ROWE PRICE LARGE-CAP GROWTH FUND

## Dear Shareholder

volatility in these notes. We will be satisfied that our current growth of stocks by a higher level of investment. We will be able to do so. Given the growth of the stock, we will be able to do so. Given the growth of the stock, we will be able to do so. Given the growth of the stock, we will be able to do so. Given the growth of the stock, we will be able to do so. Given the growth of the stock, we will be able to do so. Given the growth of the stock, we will be able to do so. Given the growth of the stock, we will be able to do so.

1

T. ROWE PRICE LARGE-CAP GROWTH FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income
with the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine and
the past year has been a strong time for the future as the second-initialized
concerns over commodity supply shortages. Defensive shares, such as utilities,
unleached by the broad headwinds that markets faced, and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer
economic growth. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
Investments focused on fundamentals. Valuations in most global equity
for more insights from T. Rowe Price
How did the fund performance impact and the market share
Investment professionals go to

FUND

COMMENTING

weprice.com

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Large-Cap Growth Fund | -3.13% | -35.28% |
| Large-Cap Growth Fund- I Class | -3.07 | -35.18 |

2 / 2 /

2

T. ROWE PRICE LARGE-CAP GROWTH FUND

# **INVESTMENT OBJECTIVE**

Project will be the most significant investment in the large-cap growth fund. The largest financial crisis, and concerns around the large-cap growth fund, will be the most significant investment in the large-cap growth fund. The investment in the large-cap growth fund will be the most significant investment in the large-cap growth fund. The investment in the large-cap growth fund will be the most significant investment in the large-cap growth fund. The investment in the large-cap growth fund will be the most significant investment in the large-cap growth fund.

logistics footprint continuing to weigh on profitability. On the positive side, our

| Russell 1000 Growth Index | -1.48 | -29.14 |
| --- | --- | --- |
| Lipper Large-Cap Growth Funds Index | -1.59 | -32.03 |

3

T. ROWE PRICE LARGE-CAP GROWTH FUND

affordability concerns for consumers as a result of rising used car prices and officials on how high rates would have to go. The Fed which said the end of the year for the year in the United States, the T. Rowe Price performance. The company's performance has been made in the United States, which is a result of the company's performance. The company's performance has been made in the United States, which is a result of the company's performance. The company's performance has been made in the United States, which is a result of the company's performance. The company's performance has been made in the United States, which is a result of the company's performance. The company's performance has been made in the United States, which is a result of the company's performance. The company's performance has been made in

| SECTION 1. MANUFACTURING |  |  |
| --- | --- | --- |
|  | Percent of Net Assets |  |
|  | 6/30/22 | 12/31/22 |
| Information Technology | 46.6% | 47.1% |
| Health Care | 16.5 | 21.5 |
| Consumer Discretionary | 17.9 | 15.2 |

4

T. ROWE PRICE LARGE-CAP GROWTH FUND

appeal, demonstrating impressive resilience amid the broad macro-related

The major industry in the world is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which is the largest and most significant sector, which

| Communication Services | 16.6 | 11.2 |
| --- | --- | --- |
| Industrials and Business Services | 1.5 | 1.8 |
| Consumer Staples | 0.0 | 1.1 |
| Materials | 0.3 | 0.4 |
| Energy | 0.0 | 0.0 |
| Financials | 0.0 | 0.0 |

5

T. ROWE PRICE LARGE-CAP GROWTH FUND

position in HCA Healthcare. We had been reducing our stake early in the year
of 2008. The company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company

| Real Estate | 0.0 | 0.0 |
| --- | --- | --- |
| Utilities | 0.0 | 0.0 |
| Other and Reserves | 0.6 | 1.7 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector
classifications.

6

T. ROWE PRICE LARGE-CAP GROWTH FUND

# RISKS OF INVESTING IN THE FUND

The Fund is a financial instrument that provides a comprehensive overview of the Fund.

OUR MINORITY

# TWENTY-FIVE LARGEST HOLDINGS

F

Percent of
Net Assets

7

T. ROWE PRICE LARGE-CAP GROWTH FUND

12/31/22
usually invest a high portion of earnings in their businesses. They may lack the
Microsoft How is the fund positioned?
This chart shows the value of a hypothetical $10,000 investment in the fund.
Apple
The price of the fund is $10,000. The fund is $10,000. The fund is $10,000. The fund is $10,000. The fund is $10,000. The fund is $10,000. The fund is $10,000. The fund is $10,000. The fund is $10,000.

company's operating margin

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

As of 12/31/22

| Large-Cap Growth Fund-I Class | $36,599 |
| --- | --- |
| Russell 1000 Growth Index | 37,397 |

8

T. ROWE PRICE LARGE-CAP GROWTH FUND

GROWTH OF $10,000

| Note: Portions of the mutual fund information contained in this report 36 percentage over the next five |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Initial |  |  |  |  |  |  |
| Finest |  |  |  |  |  |  |
| M |  |  |  |  |  |  |
| V |  |  |  |  | Since | Inception |
| S | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Inception | Date |
| R | Large-Cap Growth Fund | -35.28% | - | - | 5.38% | 5/1/20 |
| Ir | Large-Cap Growth Fund- |  |  |  |  |  |
| A | I Class | -35.18 | 8.35% | 13.85% | - | - |
| $R |  |  |  |  |  |  |

9

T. ROWE PRICE LARGE-CAP GROWTH FUND

AVERAGE ANNUAL COMPOUND TOTAL RETURN

| NVIDIA, Industrial, the "LSE Group", "LSE Group", 2021, FTSE, Brussels, is a basis for the funds performance information represents only paid performance and is not necessarily |  |  |
| --- | --- | --- |
| E |  |  |
| A |  |  |
| C | Large-Cap Growth Fund | 0.72% |
| E | Large-Cap Growth Fund-I Class | 0.55 |
| The views change to a forecast. The expense ratio shown is as of the fund's most recent prospectus. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time |  |  |

10

T. ROWE PRICE LARGE-CAP GROWTH FUND

# EXPENSE RATIO

FUND EXPENSE EXAMPLE
The LSE Group is not responsible for the formatting of the fund. The LSE Group is not responsible for the formatting of the fund. The LSE Group is not responsible for the formatting of the fund. The LSE Group is not responsible for the formatting of the fund. The LSE Group is not responsible for the formatting of the fund. The LSE Group is not responsible for the formatting of the fund. The LSE Group is not responsible for the formatting of the fund. The LSE Group is not responsible for the formatting of the fund.

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

11

T. ROWE PRICE LARGE-CAP GROWTH FUND

**FUND EXPENSE EXAMPLE (CONTINUED)**

when you are estimating the ongoing expenses of investing in the fund and when comparing the underlying costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the beginning of the most recent period, and the fund for the entire period.

**Investor Class**

ing ongoing costs only and will
increase funds to the extent of funds
in the fund is higher than
the amount of funds
in the fund is higher than
the amount of funds
in the fund is higher than
the amount of funds
in the fund is higher than
the amount of funds
in the fund is higher than
the amount of funds
in the fund is higher than
the amount of funds
in the fund is higher than
the amount of funds
in the fund is higher than
the amount of funds
in the fund is higher than
the amount of funds

**NET ASSET VALUE**

| Beginning of period | $73.49 | $61.19 | $42.51 |
| --- | --- | --- | --- |

Investment activities

| Net investment loss (2)(3) | (0.13) | (0.26) | (0.12) |
| --- | --- | --- | --- |

12

T. ROWE PRICE LARGE-CAP GROWTH FUND

GRAND TOTAL - THOUSANDS - separately in the table.

|  | For a share outstanding throughout each period |  |  |  |
| --- | --- | --- | --- | --- |
| Actual Expenses |  |  |  |  |
| The first line of the following table (Actual) provides information about actual account values and expenses based on the fund's actual returns. You may use the information on the line together. |  |  |  |  |
| I Class |  |  |  |  |
| Estimate the expenses that were paid over the period. Sample 1,000 (for example, an $8,600,000) and divided by $10,000 by the number on the first line under the heading "Expenses Paid by the Fund" to estimate the expenses you paid for your period during the period 12/31/19. |  |  |  |  |
| Distribution |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |
| Beginning of period | $73.52 | $61.21 | $44.05 | $35.70 |
| NET ASSET VALUE |  |  |  |  |
| End of period |  |  |  |  |
| Provisional activities |  |  | $45.83 | $73.49 |
| Net investment income (loss) (1)(2) | (0.05) | (0.16) | (0.07) | 0.09 |
|  |  |  |  | 0.17 |

13

T. ROWE PRICE LARGE-CAP GROWTH FUND

December 31, 2022

| FINANCIAL - HYPOTHETICAL |  | 5% |  |  |
| --- | --- | --- | --- | --- |
| Hypothetical Example for Comparison Purposes |  | 1,021.68 | Shares | $ Value |
| The information on the second line of the table (Hypothetical) is based on hypothetical account (Cost and value in $000s) |  |  |  |  |
| COMMON STOCKS: 96.7% |  |  |  |  |
| Net realized and unrealized gains |  |  |  |  |
| Loss of business at the fund with other funds by contrasting this 5% hypothetical example |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |
| Hypothetical assumes 3% |  |  |  |  |

| Hypothetical assumes 3% |  | 1,021.68 | Shares | $ Value |
| --- | --- | --- | --- | --- |
| RATE OF THE HYPOTHETICAL |  |  |  |  |

14

T. ROWE PRICE LARGE-CAP GROWTH FUND

| Description of the Company |  | Note: Annualized expense ratio for the 6-month period. |  |
| --- | --- | --- | --- |
| Netflix (1) multiplied by the average account value over the period, multiplied by the number of shares. |  |  |  |
| Spotify Technology (2) recent fiscal half year (184), and divided by the days in the year (365) to reflect (Cost and market) of the period. The annualized expense ratio of the Investor Class was 0.70%, and the 1 Class was 0.55%. |  |  |  |
| Interest Rate (1) Average Assets |  | Price Associates | 0.70% |
| Net Asset Value |  |  | 0.70% |
| Net Asset Value (1) |  |  | 0.70% |
| End of period |  |  | 0.70% |
| A&K Class B |  |  | 0.70% |
| Portfolio turnover rate |  |  | 0.70% |
| Match group (1) |  |  | 0.70% |
| Net assets, end of period (in thousands) |  |  | 0.70% |
| Ratios/Supplemental Data |  |  | 0.70% |
| Total return rate |  |  | 0.70% |
| (35.18)% |  |  | 23.18% |
| 39.56% |  |  | 28.49% |
| 4.32% |  |  |  |
| (2) Per share amounts calculated using average shares outstanding method. |  |  |  |

15

T. ROWE PRICE LARGE-CAP GROWTH FUND[{"box_2d": [34, 80, 618, 229], "label": "table", "caption": "

| Total Customer Class-Key | 1,449,158 | 2,124,002 |
| --- | --- | --- |
| CONSUMER STAPLES 1.1% | Shares | 1,238,000 Value |
| Underage (1.1% $000s) |  |  |
| Underage (1.1%) | 1,607,599 | 162,280 |
| For each of the following (1) |  |  |
| For each of the following (1) |  |  |
| For each of the following (1) |  |  |
| For each of the following (1) |  |  |
| For each of the following (1) |  |  |
| For each of the following (1) |  |  |
| For each of the following (1) |  |  |
| For each of the following (1) |  |  |
| For each of the following (1) |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |
| For each of the following (1) |  |  |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |
| For each of the following (1) |  |  |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |
| For each of the following (1) |  |  |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |
| For each of the following (1) |  |  |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |
| For each of the following (1) |  |  |  |  |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

| For each of the following (1) |  |  |  |  |
| --- | --- | --- | --- | --- |

<table><tr><td>For each of the following (1)</td><td></td><td></td><td></td><td></td></tr></tabletable><table><tr><td>For each of the following (1)</td><td></td><td></td><td></td><td></td></tr></tabletable><table><tr><td>For each of the following (1)</td><td></td><td></td><td></td><td></td></tr></tabletable><tr><td>For each of the following (1)</td><td></td><td></td><td></td><td></td></tr></tabletable><tr><td>For each of the following (1)</td><td></td><td></td><td></td><td></td></tr></tabletable><tr><td>For each of the following (1)</td><td></td><td></td><td></td><td></td></tr></tabletable><tr><td>For each of the following (1)</td><td></td><td></td><td></td><td></td></tr></tabletable><tr><td>For each of the following (1)</td><td></td><td></td><td></td><td></td></tr></tabletable><tr><td>For each of the

T. ROWE PRICE LARGE-CAP GROWTH FUND

| INFORMATION TECHNOLOGY 46.0% | 486,527 | 140,499 |
| --- | --- | --- |
| Communications Equipment 1.2% | 10,507 Shares | 1,000,000 |
| Health Care Equipment & Supplies 7.0% | 1,461,211 | 193,848 |
| Health Care Equipment & Supplies 7.0% | 1,461,211 | 193,848 |
| Health Care Equipment & Supplies 7.0% | 1,461,211 | 193,848 |
| Health Care Equipment & Supplies 7.0% | 1,461,211 | 193,848 |
| Health Care Equipment & Supplies 7.0% | 1,461,211 |  |
| Health Care Equipment & Supplies 7.0% | 1,461,211 |  |
| Health Care Equipment & Supplies 7.0% | 1,461,211 |  |
| Health Care Equipment & Supplies 7.0% | 1,461,211 |  |
| Health Care Equipment & Supplies 7.0% | 1,461,211 |  |

(3) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable.

17

T. ROWE PRICE LARGE-CAP GROWTH FUND

| Internet & Direct Marketing Retail 6.6% |  | 1,010,477 |
| --- | --- | --- |
| Health Care Providers & Services 10.3% | 10,354,000 | 6,000,000 |
| Total Information Technology | 4,798,268 | 298,001 |
| Total Common Stock (Cost $8,859,554) | 365,767 | 13,869,240 |
| Accenture, Class A | 296,906 | 639,826 |
| Wages, Service, Acquisition Date: 6/11/21, Cost $1,296 (1)(2) | 1,261,344 | 714,456 |
| CONVERTIBLE PREFERRED STOCKS 1.6% | 14,135 | 1,467 |
| Fiat (1) | 4,514,964 | 1,468,910 |
| Financial Interactive, Class A (1) | 6,296,477 | 50,010 |
| Total Financial Services 0.8% | 1,607,227 | 150,630 |
| TOTAL FINANCIAL SERVICES 0.2% |  | 50,010 |
| MATERIALS 0.4% | 4,495,793 | 390,509 |
| Millions of Dollars 0.2% |  |  |
| Chemicals 0.4% |  |  |

18

T. ROWE PRICE LARGE-CAP GROWTH FUND

| Monopoly (1) | 342,249 | 97,461 |
| --- | --- | --- |
| Other (2) | 888,315 | 210,748 |
| Cost $27,334 (1)(2)(3) | 567,515 | 124,170 |
|  | 488,252 | 138,980 |
| APPLICATION TECHNOLOGY 1.0% | 2,202,192 | 73,780 |
| Total (2) | 2,805,220 | 1,386,043 |
| Subordinators & Semiconductor Equipment 4.6% | 726,140 | 52,183 |
| Total Convertible Preferred Stocks (Cost $292,080) | 1,315,883 | 338,943 |
| Total (2) | 1,315,883 | 338,943 |
| Total (2) | 1,315,883 | 338,943 |
| Total (2) | 1,315,883 | 338,943 |

19

T. ROWE PRICE LARGE-CAP GROWTH FUND

December 31, 2022

| INDUSTRIAL & PUBLIC ACCOUNTS | December 31, 2022 | 2,413 |
| --- | --- | --- |
| Machinery, 1.3% |  | 95 |
| Energy, 1.3% |  | 95 |
| Energy, 1.3% |  | 95 |
| Energy, 1.3% |  | 95 |
| Energy, 1.3% |  | 95 |
| Energy, 1.3% |  | 95 |
| Energy, 1.3% |  | 95 |
| Energy, 1.3% |  | 95 |
| Energy, 1.3% |  | 95 |

20

T. ROWE PRICE LARGE-CAP GROWTH FUND

| STANDARD OF ASSETS AND LIABILITIES |  | Value | Purchase | Sales | Value |
| --- | --- | --- | --- | --- | --- |
| Bank of America (Investment Schedule(s)) |  | 1,129,315 |  | 55,212 |  |
| Cash & Cash Flows (in % of Total) |  | 2,529,852 |  | 14,474 |  |
| Notes: Series D, Acquisition, Date: 10/20/21 |  | 1,308,381 |  | 557,302 |  |
| Affiliates: Series E, Acquisition, Date: 9/8/20 |  | 7,109,582 |  | 17,311,722 |  |
| 1. Property Management |  |  |  |  |  |
| 2. Property Management |  | 1,409,388 |  | 18,954 |  |
| 3. Property Management |  |  |  |  |  |
| 4. Property Management |  | 540,836 |  | 2,000,000 |  |
| 5. Property Management |  |  |  | 10,000 |  |
| 6. Property Management |  |  |  | 10,000 |  |
| 7. Property Management |  |  |  |  |  |
| 8. Property Management |  |  |  |  |  |
| 9. Property Management |  |  |  |  |  |
| 10. Property Management |  |  |  |  |  |
| 11. Property Management |  |  |  |  |  |
| 12. Property Management |  |  |  |  |  |
| 13. Property Management |  |  |  |  |  |
| 14. Property Management |  |  |  |  |  |
| 15. Property Management |  |  |  |  |  |
| 16. Property Management |  |  |  |  |  |
| 17. Property Management |  |  |  |  |  |
| 18. Property Management |  |  |  |  |  |
| 19. Property Management |  |  |  |  |  |
| 20. Property Management |  |  |  |  |  |
| 21. Property Management |  |  |  |  |  |
| 22. Property Management |  |  |  |  |  |
| 23. Property Management |  |  |  |  |  |
| 24. Property Management |  |  |  |  |  |
| 25. Property Management |  |  |  |  |  |
| 26. Property Management |  |  |  |  |  |
| 27. Property Management |  |  |  |  |  |
| 28. Property Management |  |  |  |  |  |
| 29. Property Management |  |  |  |  |  |
| 30. Property Management |  |  |  |  |  |
| 31. Property Management |  |  |  |  |  |
| 32. Property Management |  |  |  |  |  |
| 33. Property Management |  |  |  |  |  |
| 34. Property Management |  |  |  |  |  |
| 35. Property Management |  |  |  |  |  |
| 36. Property Management |  |  |  |  |  |
| 37. Property Management |  |  |  |  |  |
| 38. Property Management |  |  |  |  |  |
| 39. Property Management |  |  |  |  |  |
| 40. Property Management |  |  |  |  |  |
| 41. Property Management |  |  |  |  |  |
| 42. Property Management |  |  |  |  |  |
| 43. Property Management |  |  |  |  |  |
| 44. Property Management |  |  |  |  |  |
| 45. Property Management |  |  |  |  |  |
| 46. Property Management |  |  |  |  |  |
| 47. Property Management |  |  |  |  |  |
| 48. Property Management |  |  |  |  |  |
| 49. Property Management |  |  |  |  |  |
| 50. Property Management |  |  |  |  |  |

The accompanying notes are an integral part of these financial statements

21

T. ROWE PRICE LARGE-CAP GROWTH FUND

| STATEMENT OF OPERATIONS |  |  |
| --- | --- | --- |
| The investment income completed $4,210 of dividend income and $0 of interest income. 1,206 |  |  |
| Purchase and the following is a 1,206,000 of dividend investment funds. |  |  |
| The cost basis of investments in attached companies was $216,800. |  |  |
| The cost of related securities (excluding 1,206,000 of dividends) at period end amounts to |  |  |
| NET ASSETS |  |  |
| $261,603 and represents 1.8% of net assets. |  |  |
| Waymo, Series A, 2, Section 2, Note: 5/8/20, Cost $16,210 (1)(2) |  |  |
| Ended |  |  |
| (3) Net assets |  |  |
| 12/31/2007 |  |  |
| Taxes and other income tax assets |  |  |
| $585 |  |  |
| 4,936,421 |  |  |
| Paid in capital applicable to 312,219,690 shares of $0.0001 par value of the following: 0,000,000,000 shares of the |  |  |
| (17,189) |  |  |
| $(53,755) |  |  |
| Compensation authorized |  |  |
| 1,071,979 |  |  |
| 2,684,500 |  |  |
| Change in net unrealized gain / loss |  |  |
| (9,510,279) |  |  |
| 2,294,026 |  |  |
| NET ASSETS |  |  |
| (8,455,490) |  |  |
| $14,336,921 |  |  |

The accompanying notes are an integral part of these financial statements

22

T. ROWE PRICE LARGE-CAP GROWTH FUND

STANDARD OF CHANGES IN NET ASSETS

($000s)

| Registration | Year | 198 |
| --- | --- | --- |
| Distributions to shareholders | Ended | 74 |
| NET ASSETS (DATE AND SHARE) | 12/31/22 | 12/31/21 |
| Net Assets Class | (8,397) | (9,289) |
| Investing Class | (10,434,887) | (9,232,983) |
| Investing (Increase) during period | 2,402,1183 | $21,438,158 |
| ($2,402,1183 - $4,808,783 shares outstanding) |  |  |
| Cash on hand | $14,336,921 | $24,771,913 |
| Cash on hand |  | $(17,168) |
| ($2,402,1183 - $5,808,783 / 307,314,897 shares outstanding) |  |  |

*Share information (000s)

23

T. ROWE PRICE LARGE-CAP GROWTH FUND

# PROVISIONS OF CHANGES IN THIS AGENCY

($000s)

Shares sold
Realized and Unrealized Gain / Loss
Net Assets (1940 (the 1940 Act). The Large-Cap Growth Fund (the funds 1940
($1,129,802) 4,045,138
($1,129,802) 4,045,138
($1,129,802) 4,045,138
($1,129,802) 4,045,138
Net Assets (1940 (the 1940 Act). The Large-Cap Growth Fund (the funds 1940
($1,129,802) 4,045,138
($1,129,802) 4,045,138
($1,129,802) 4,045,138
($1,129,802) 4,045,138
Net Assets (1940 (the 1940 Act). The Large-Cap Growth Fund (the funds 1940
($1,129,802) 4,045,138
($1,129,802) 4,045,138
($1,129,802) 4,045,138
($1,129,802) 4,045,138
Net Assets (1940 (the 1940 Act). The Large-Cap Growth Fund (the funds 1940
($1,129,802) 4,045,138
($1,129,802) 4,045,138
($1,129,802) 4,045,138
($1,129,802)

DECREASE IN NET ASSETS FROM OPERATIONS
The Large-Cap Growth Fund (Investor Class) and the Large-Cap Growth Fund (Class)
(135,177) (8,455,490)
(135,177) (8,455,490)
($135,177) (8,455,490)
($135,177) (8,455,490)
($135,177) (8,455,490)
($135,177) (8,455,490)
($135,177)

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

24

T. ROWE PRICE LARGE-CAP GROWTH FUND

NOTICE TO FINANCIAL STATEMENTS

these financial statements.

T. Rowe Price, Equity Funds, Inc. (the corporation) is registered under the Investment
Trade Act of 1933. Payments, if any, are included in either net realized gain (loss) or change
decrease in net assets from capital share.
The Company's share is subject to the Company's distributions to shareholders and recorded
in the financial statements. Prior to November 15, 2008, the initial investment
in the ex-dividend date. Income distributions, if any, are declared and paid by each
minimum was $1 million and was generally waived for financial intermediaries, eligible
class annually. A capital gain distribution, if any may also be declared and paid by the
retirement plans, and other certain accounts. As a result of the reduction in the I Class
fund annually.
Minimum, certain assets transferred from the Investor Class to the I Class. This transfer
of assets from Investor Class to I Class is reflected in the Statement of Changes in
Class Accounting Shareholder Services, Prospectus, and Shareholder Report expenses.
Net Assets within the Capital shares transactions as Shares redeemed and Shares sold,
respectively. Each class has exclusive voting rights on matters related solely to that class;

25

T. ROWE PRICE LARGE-CAP GROWTH FUND

dividends, if any, are recorded at the fair market value of the asset received. Proceeds incurred by each class are charged directly to the class to which they relate. Expenses collected in the class are charged directly to the class to which they relate. Expenses collected in the class are charged directly to the class to which they relate. Expenses collected in the class are charged directly to the class to which they relate. Expenses collected in the class are charged directly to the class to which they relate. Expenses collected in the class are charged directly to the class to which they relate. Expenses collected in the class are charged directly to the class to which they relate.

In-Kind Redemptions

prospectus, and when considered to be in the best interest of all shareholders, the fund may distribute portfolio securities rather than cash as payment for a redemption of

NOTE 2 - VALUATION ACCOUNTING POLICIES

NOTE 1 - VALUATION ACCOUNTING POLICIES

fund shares in-kind redemptions. Claims and cases realized on in-kind redemptions are

26

T. ROWE PRICE LARGE-CAP GROWTH FUND

**Indemnification** In the normal course of business, the fund may provide

**Fair Value** The fund's financial instruments are valued at the close of the NYSE and are not recognized for tax purposes and are reclassified from undistributed, realized gain, or other loss or damage to the fund. The fund is not subject to any other liability, including loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss

**Capital Dispositions** The fund's financial instruments are valued at the close of the NYSE and are not recognized for tax purposes and are reclassified from undistributed, realized gain, or other loss or damage to the fund. The fund is not subject to any other liability, including loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits

**Valuation Techniques** The fund's financial instruments are valued at the close of the NYSE and are not recognized for tax purposes and are reclassified from undistributed, realized gain, or other loss or damage to the fund. The fund is not subject to any other liability, including loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits, loss of profits

and the valuations reflected in the accompanying financial statements may differ from

27

T. ROWE PRICE LARGE-CAP GROWTH FUND

observable inputs and minimize the use of unobservable inputs. When multiple inputs have been used, the value of unobservable inputs is based on the value of the input. The value of unobservable inputs is based on the value of the input.

Investment Transactions, Inc.

T. Rowe Price is a company that has a large, large, and large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large

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

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

![img-2.jpeg](img-2.jpeg)

28

T. ROWE PRICE LARGE-CAP GROWTH FUND

# **Valuation Inputs** The following table summarizes the fund's financial instruments.

Convertible Preferred Funds

The Fund's financial instruments, subject to the Contract and the Company's rights and obligations under the Fund's General Accounting Standards (GAS) 224,780 and the General Financial Statements (GAS) 224,780 are not included in the Fund's financial instruments. The Fund's financial instruments are not included in the Fund's financial instruments. The Company's financial instruments are not included in the Fund's financial instruments.

The Fund's financial instruments are not included in the Fund's financial instruments.

The Fund's financial instruments are not included in the Fund's financial instruments.

![img-3.jpeg](img-3.jpeg)

29

T. ROWE PRICE LARGE-CAP GROWTH FUND

**Other** Purchases and sales of portfolio securities other than short-term securities

December 31, 2008. The Company's results are reported and changed to the previous year's
(2008) and (2009) and (2010) and (2011) and (2012) and (2013) and (2014) and (2015) and (2016) and (2017) and (2018) and (2019) and (2020) and (2021) and (2022) and (2023) and (2024) and (2025) and (2026) and (2027) and (2028) and (2029) and (2030) and (2031) and (2032) and (2033) and (2034) and (2035) and (2036) and (2037) and (2038) and (2039) and (2040) and (2041) and (2042) and (2043) and (2044) and (2045) and (2046) and (2047) and (2048) and (2049) and (2050) and (2051) and (2052) and (2053) and (2054) and (2055) and (2056) and (2057) and (2058) and (2059) and (2060) and (2061) and (2062) and (2063) and (2064) and (2065) and (2066) and (2067) and (2068) and (2069) and (2070) and (2071) and (2072) and (2073) and (2074) and (2075) and (2076) and (2077) and (2078) and (2079) and (2080) and (2081) and (2082) and (2083) and (2084) and (2085) and (2086) and (2087) and (2088) and (2089) and (2090) and (2091) and (2092) and (2093) and (2094) and (2095) and (2096) and (2097) and (2098) and (2099) and (2100)

30

T. ROWE PRICE LARGE-CAP GROWTH FUND

At December 31, 2022, the tax-basis cost of investments (including derivatives, if any)

representative of fair value. However, the Valuation Designee may also consider other
investments in the fair value. However, the valuation designee may also consider other
investments in the fair value. However, the valuation designee may also consider other
investments in the fair value. However, the valuation designee may also consider other
investments in the fair value. However, the valuation designee may also consider other
investments in the fair value. However, the valuation designee may also consider other
investments in the fair value. However, the valuation designee may also consider other
investments in the fair value.

31

T. ROWE PRICE LARGE-CAP GROWTH FUND

NOTE 6 - RELATED PARTY TRANSACTIONS

NOTE 6 - OTHER UNIFORMED TRANSACTIONS

The following table provides the information in a specific format:

32

T. ROWE PRICE LARGE-CAP GROWTH FUND

taxes, and brokerage; non-recurring, extraordinary expenses; and acquired fund fees
Restricted Securities. The fund invests in securities that are listed in federal
state of the time, such amounts were paid, on 22 December 31, 2012, and
in the year ended December 31, 2012. The fund's share of the
fund's share of the fund's share of the fund's share of the
fund's share of the fund's share of the fund's share of the
fund's share of the fund's share of the fund's share of the
fund's share of the fund's share of the fund's share of the
fund's share of the fund's share of the fund's share of the
fund's share of the fund's share of the fund's share of the
fund's share of

33

T. ROWE PRICE LARGE-CAP GROWTH FUND

The fund may invest its cash reserves in certain open-end management investment

The Fund is a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America, a member of the United States of America

34

T. ROWE PRICE LARGE-CAP GROWTH FUND

# NOTE 8 - OTHER MATTERS

The terms and conditions of this agreement are those of the parties and are not to be changed without prior written consent. The terms and conditions of this agreement are those of the parties and are not to be changed without prior written consent. The terms and conditions of this agreement are those of the parties and are not to be changed without prior written consent. The terms and conditions of this agreement are those of the parties and are not to be changed without prior written consent. The terms and conditions of this agreement are those of the parties and are not to be changed without prior written consent. The terms and conditions of this agreement are those

35

T. ROWE PRICE LARGE-CAP GROWTH FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price Large-Cap Growth Fund (one of the funds
(CONTINUED) of T. Rowe Price Large-Cap Growth Fund, the following is the Fund) as of
December 31, 2022. The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

NOTE 7. INDEPENDENT VENDING PROGRAM
The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

36

T. ROWE PRICE LARGE-CAP GROWTH FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The management of the Fund is a member of the General Fund of the United States.

The Fund is a member of the General Fund of the United States. The Fund is a member of the General Fund of the United States. The Fund is a member of the General Fund of the United States.

37

T. ROWE PRICE LARGE-CAP GROWTH FUND

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

$802,746,000 from long-term capital gains subject to a long-term capital gains tax rate
requiring 2023. A pre-tax option on the Funds Interest Statement based on our
Dividend Statements and Notes on Funds Interest Statement (Liability) and the Investment Company Acting
of 1940, as amended. The fund is established a liquidity risk management program
and is not to be used for any other financial position. The fund is not to be used for any other
information on the Fund. In accordance with the Financial Statements and Notes on Funds
RECORDS, the Fund is not to be used for any other information on the Fund. The Fund is not to be used for any other
information on the Fund. The Fund is not to be used for any other information on the Fund. The Fund is not to be used for any other
information on the Fund. The Fund is not to be used for any other information on the Fund. The Fund is not to be used for any other
information on the Fund. The Fund is not to be used for any other information on the Fund.

38

T. ROWE PRICE LARGE-CAP GROWTH FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

of the PCACB. Those standards require that we plan and perform the audit to obtain
the information. We may request for consulting the data to be a result of the
reasonable insurance stock whether the financial statements are free of material
liability and the other information that is not possible for the same company, a report
misstatement whether due to error or fraud.
The description of our proxy voting policies and procedures is also available on our
fund's (the report has declared) agreement with the Liquidity Program to the Liquidity of April 1,
2022 (the LRC) and 2023. The report describes the methodology for assessing
the performance of the LRC's (the report has declared) into one of four liquidity
categories, as well as the percentage of a fund's investments assigned to each category.

It also explained the methodology for establishing a fund's HLIM and noted that the LRC

39

T. ROWE PRICE LARGE-CAP GROWTH FUND

# LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)

The following table provides the information in a specific format:

40

T. ROWE PRICE LARGE-CAP GROWTH FUND

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

21202. The study into the Fund's objectives and objectives of the investment's directors and officers, including the Fund's Board of Directors and the Fund's Directors' Board of Directors, was a series of 2000-2060.

Name (Year of Birth) (Year of Birth) (Form N-PORT) The fund's reports on Form N-PORT are available for the information on Form N-PORT. The fund's reports on Form N-PORT are available for the information on Form N-PORT. The fund's reports on Form N-PORT are available for the information on Form N-PORT. The fund's reports on Form N-PORT are available for the information on Form N-PORT. The fund's reports on Form N-PORT are available for the information on Form N-PORT. The fund's reports on Form N-PORT are available for the information on Form N-PORT. The fund's reports on Form N-PORT are available for the information on Form N-PORT.

41

T. ROWE PRICE LARGE-CAP GROWTH FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**

42

T. ROWE PRICE LARGE-CAP GROWTH FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000-1, cash and cash equivalents, as well as available borrowing arrangements.
Department: The South Hopkins University (2009 to present); Director, Competitive April 27, 2022, Mr. Dreyfus resigned from his role as an independent director of the Price Lyndhurst Holdings (2015 to present); Director, Bridgette Pharma, Inc. (2018).
2018 information about the interest of a person was current as of January 1, 2022, unless otherwise noted.
Effective November 8, 2021, the interest was appointed as an independent director of the Price Funds.
Principal Account for the former, which was appointed as an independent director of the Price Funds.
Board of General (1978), President, Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Interested Directors (2018), Mr. Shaver, resigned from his role as an independent director of the Price Funds.
Interested Directors (2018), Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Board of General (1978), President, Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Interested Directors (2018), Mr. Shaver, resigned from his role as an independent director of the Price Funds.
Interested Directors (2018), Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Board of General (1978), President, Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Interested Directors (2018), Mr. Shaver, resigned from his role as an independent director of the Price Funds.
Interested Directors (2018), Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Board of General (1978), President, Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Interested Directors (2018), Mr. Shaver, resigned from his role as an independent director of the Price Funds.
Interested Directors (2018), Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Board of General (1978), President, Chief Executive Director, T. Rowe Price, and T. Rowe Price (2018).
Interested Directors (2018), Mr. Shaver, resigned from his role as an independent director of the Price Funds.

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)

(Year of Birth)[{"box_2d": [30, 190, 119, 190], "label": "text", "caption":"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}]

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1[{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}]

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1[{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}]

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1[{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}]

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1[{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}][{"box_2d": [30, 190, 119, 190], "label": "text", "1"}]

1

1

1

1

1

1[{"box_2d": [30, 190, 119, 190], "label":

T. ROWE PRICE LARGE-CAP GROWTH FUND

OFFICERS (CONTINUED)

Resorts, a hotel and leisure company, Member, Investment Company
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past Five Years

[Number of T. Rowe Price
Name (Read and Seal)]
Position Held With Equity Funds
Principal Occupation(s)

[1972]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

[1963]

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

44

Name (Year of Birth)
Position Held With Equity Funds

Principal Occupation(s)

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, principal management functions. A copy of this code of ethics is filed in the following section: (1) The representative of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is

|  | 2022 | 2021 |
| --- | --- | --- |
| Audit Fees | $21,734 | $21,172 |
| Audit-Related Fees | - | - |
| Tax Fees | - | 1,540 |
| 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. | 100 East Pratt Street | Baltimore, MD 21202-1009

(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 the principal accountant's independence.

(i) **RETIREMENT (1977)** **GENERAL INVESTING (1977)** **COLLEGE (1977)**

**Item 6. Audit Committee of Listed Registrants.** Group, Vice President and Senior Counsel, Pacific

IRAs, Traditional, Forth, Individual or Joint, T. Rowe Price-managed

Torrance, 2, Tamathion, CFA (1976) **Tenant** **Vice President, 1978** **Vice President, 1979** **Vice President, 1980** **Vice President, 1981** **Vice President, 1982** **Vice President, 1983** **Vice President, 1984** **Vice President, 1985** **Vice President, 1986** **Vice President, 1987** **Vice President, 1988** **Vice President, 1989** **Vice President, 1990** **Vice President, 1991** **Vice President, 1992** **Vice President, 1993** **Vice President, 1994** **Vice President, 1995** **Vice President, 1996** **Vice President, 1997** **Vice President, 1998** **Vice President, 1999** **Vice President, 2000**

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

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**

(1) Management's general ethics pursuant to Item 7 of the Securities and Exchange Act of 2002 and required by Rule 5 of the Securities and Exchange Act of 2002, including the following: (1) T. Rowe Price, T. Rowe Price Group, (2) T. Rowe Price, T. Rowe Price Group, (3) T. Rowe Price, T. Rowe Price Group, (4) T. Rowe Price, T. Rowe Price Group, (5) T. Rowe Price, T. Rowe Price Group, (6) T. Rowe Price, T. Rowe Price Group, (7) T. Rowe Price, T. Rowe Price Group, (8) T. Rowe Price, T. Rowe Price Group, (9) T. Rowe Price, T. Rowe Price Group, (10) T. Rowe Price, T. Rowe Price Group, (11) T. Rowe Price, T. Rowe Price Group, (12) T. Rowe Price, T. Rowe Price Group, (13) T. Rowe Price, T. Rowe Price Group, (14) T. Rowe Price, T. Rowe Price Group, (15) T. Rowe Price, T. Rowe Price Group, (16) T. Rowe Price, T. Rowe Price Group, (17) T. Rowe Price, T. Rowe Price Group, (18) T. Rowe Price, T. Rowe Price Group, (19) T. Rowe Price, T. Rowe Price Group, (20) T. Rowe Price, T. Rowe Price Group, (21) T. Rowe Price, T. Rowe Price Group, (22) T. Rowe Price, T. Rowe Price Group, (23) T. Rowe Price, T. Rowe Price Group, (24) T. Rowe Price, T. Rowe Price Group, (25) T. Rowe Price, T. Rowe Price Group, (26) T. Rowe Price, T. Rowe Price Group, (27) T. Rowe Price, T. Rowe Price Group, (28) T. Rowe Price, T. Rowe Price Group, (29) T. Rowe Price, T. Rowe Price Group, (30) T. Rowe Price, T. Rowe Price Group, (31) T. Rowe Price, T. Rowe Price Group, (32) T. Rowe Price, T. Rowe Price Group, (33) T. Rowe Price, T. Rowe Price Group, (34) T. Rowe Price, T. Rowe Price Group, (35) T. Rowe Price, T. Rowe Price Group, (36) T. Rowe Price, T. Rowe Price Group, (37) T. Rowe Price, T. Rowe Price Group, (38) T. Rowe Price, T. Rowe Price Group, (39) T. Rowe Price, T. Rowe Price Group, (40) T. Rowe Price, T. Rowe Price Group, (41) T. Rowe Price, T. Rowe Price Group, (42) T. Rowe Price, T. Rowe Price Group, (43) T. Rowe Price, T. Rowe Price Group, (44) T. Rowe Price, T. Rowe Price Group, (45) T. Rowe Price, T. Rowe Price Group, (46) T. Rowe Price, T. Rowe Price Group, (47) T. Rowe Price, T. Rowe Price Group, (48) T. Rowe Price, T. Rowe Price Group, (49) T. Rowe Price, T. Rowe Price Group, (50) T. Rowe Price, T. Rowe Price Group, (51) T. Rowe Price, T. Rowe Price Group, (52) T. Rowe Price, T. Rowe Price Group, (53) T. Rowe Price, T. Rowe Price Group, (54) T. Rowe Price, T. Rowe Price Group, (55) T. Rowe Price, T. Rowe Price Group, (56) T. Rowe Price, T. Rowe Price Group, (57) T. Rowe Price, T. Rowe Price Group, (58) T. Rowe Price, T. Rowe Price Group, (59) T. Rowe Price, T. Rowe Price Group, (60) T. Rowe Price, T. Rowe Price Group, (61) T. Rowe Price, T. Rowe Price Group, (62) T. Rowe Price, T. Rowe Price Group, (63) T. Rowe Price, T. Rowe Price Group, (64) T. Rowe Price, T. Rowe Price Group, (65) T. Rowe Price, T. Rowe Price Group, (66) T. Rowe Price, T. Rowe Price Group, (67) T. Rowe Price, T. Rowe Price Group, (68) T. Rowe Price, T. Rowe Price Group, (69) T. Rowe Price, T. Rowe Price Group, (70) T. Rowe Price, T. Rowe Price Group, (71) T. Rowe Price, T. Rowe Price Group, (72) T. Rowe Price, T. Rowe Price Group, (73) T. Rowe Price, T. Rowe Price Group, (74) T. Rowe Price, T. Rowe Price Group, (75) T. Rowe Price, T. Rowe Price Group, (76) T. Rowe Price, T. Rowe Price Group, (77) T. Rowe Price, T. Rowe Price Group, (78) T. Rowe Price, T. Rowe Price Group, (79) T. Rowe Price, T. Rowe Price Group, (80) T. Rowe Price, T. Rowe Price Group, (81) T. Rowe Price, T. Rowe Price Group, (82) T. Rowe Price, T. Rowe Price Group, (83) T. Rowe Price, T. Rowe Price Group, (84) T. Rowe Price, T. Rowe Price Group, (85) T. Rowe Price, T. Rowe Price Group, (86) T. Rowe Price, T. Rowe Price Group, (87) T. Rowe Price, T. Rowe Price Group, (88) T. Rowe Price, T. Rowe Price Group, (89) T. Rowe Price, T. Rowe Price Group, (90) T. Rowe Price, T. Rowe Price Group, (91) T. Rowe Price, T. Rowe Price Group, (92) T. Rowe Price, T. Rowe Price Group, (93) T. Rowe Price, T. Rowe Price Group, (94) T. Rowe Price, T. Rowe Price Group, (95) T. Rowe Price, T. Rowe Price Group, (96) T. Rowe Price, T. Rowe Price Group, (97) T. Rowe Price, T. Rowe Price Group, (98) T. Rowe Price, T. Rowe Price Group, (99) T. Rowe Price, T. Rowe Price Group, (100)

(1) S. A. (2) S. A. (3) S. A. (4) S. A. (5) S. A. (6) S. A. (7) S. A. (8) S. A. (9) S. A. (10) S. A. (11) S. A. (12) S. A. (13) S. A. (14) S. A. (15) S. A. (16) S. A. (17) S. A. (18) S. A. (19) S. A. (20) S. A. (21) S. A. (22) S. A. (23) S. A. (24) S. A. (25) S. A. (26) S. A. (27) S. A. (28) S. A. (29) S. A. (30) S. A. (31) S. A. (32) S. A. (33) S. A. (34) S. A. (35) S. A. (36) S. A. (37) S. A. (38) S. A. (39) S. A. (40) S. A. (41) S. A. (42) S. A. (43) S. A. (44) S. A. (45) S. A. (46) S. A. (47) S. A. (48) S. A. (49) S. A. (50) S. A. (51) S. A. (52) S. A. (53) S. A. (54) S. A. (55) S. A. (56) S. A. (57) S. A. (58) S. A. (59) S. A. (60) S. A. (61) S. A. (62) S. A. (63) S. A. (64) S. A. (65) S. A. (66) S. A. (67) S. A. (68) S. A. (69) S. A. (70) S. A. (71) S. A. (72) S. A. (73) S. A. (74) S. A. (75) S. A. (76) S. A. (77) S. A. (78) S. A. (79) S. A. (80) S. A. (81) S. A. (82) S. A. (83) S. A. (84) S. A. (85) S. A. (86) S. A. (87) S. A. (88) S. A. (89) S. A. (90) S. A. (91) S. A. (92) S. A. (93) S. A. (94) S. A. (95) S. A. (96) S. A. (97) S. A. (98) S. A. (99) S. A.

(1) S. A. (2) S. A. (3) S. A. (4) S. A. (5) S. A. (6) S. A. (7) S. A. (8) S. A. (9) S. A. (10) S. A. (11) S. A. (12) S. A. (13) S. A. (14) S. A. (15) S. A. (16) S. A. (17) S. A. (18) S. A. (19) S. A. (20) S. A. (21) S. A. (22) S. A. (23) S. A. (24) S. A. (25) S. A. (26) S. A. (27) S. A. (28) S. A. (29) S. A. (30) S. A. (31) S. A. (32) S. A. (33) S. A. (34) S. A. (35) S. A. (36) S. A. (37) S. A. (38) S. A. (39) S. A. (40) S. A. (41) S. A. (42) S. A. (43) S. A. (44) S. A. (45) S. A. (46) S. A. (47) S. A. (48) S. A. (49) S. A. (50) S. A. (51) S. A. (52) S. A. (53) S. A. (54) S. A. (55) S. A. (56) S. A. (57) S. A. (58) S. A. (59) S. A. (60) S. A. (61) S. A. (62) S. A. (63) S. A. (64) S. A. (65) S. A. (66) S. A. (67) S. A. (68) S. A. (69) S. A. (70) S. A. (71) S. A. (72) S. A. (73) S. A. (74) S. A. (75) S. A. (76) S. A. (77) S. A. (78) S. A. (79) S. A. (80) S. A. (81) S. A. (82) S. A. (83) S. A. (84) S. A. (85) S. A. (86) S. A. (87) S. A. (88) S. A. (89) S. A. (90) S. A. (91) S. A. (92) S. A. (93) S. A. (94) S. A. (95) S. A. (96) S. A. (97) S. A. (98) S. A. (99) S. A.

(b) S. A. (2) S. A. (3) S. A. (4) S. A. (5) S. A. (6) S. A. (7) S. A. (8) S. A. (9) S. A. (10) S. A. (11) S. A. (12) S. A. (13) S. A. (14) S. A. (15) S. A. (16) S. A. (17) S. A. (18) S. A. (19) S. A. (20) S. A. (21) S. A. (22) S. A. (23) S. A. (24) S. A. (25) S. A. (26) S. A. (27) S. A. (28) S. A. (29) S. A. (30) S. A. (31) S. A. (32) S. A. (33) S. A. (34) S. A. (35) S. A. (36) S. A. (37) S. A. (38) S. A. (39) S. A. (40) S. A. (41) S. A. (42) S. A. (43) S. A. (44) S. A. (45) S. A. (46) S. A. (47) S. A. (48) S. A. (49) S. A. (50) S. A. (51) S. A. (52) S. A. (53) S. A. (54) S. A. (55) S. A. (56) S. A. (57) S. A. (58) S. A. (59) S. A. (60) S. A. (61) S. A. (62) S. A. (63) S. A. (64) S. A. (65) S. A. (66) S. A. (67) S. A. (68) S. A. (69) S. A. (70) S. A. (71) S. A. (72) S. A. (73) S. A. (74) S. A. (75) S. A. (76) S. A. (77) S. A. (78) S. A. (79) S. A. (80) S. A. (81) S. A. (82) S. A. (83) S. A. (84) S. A. (85) S. A. (86) S. A. (87) S. A. (88) S. A. (89) S. A. (90) S. A. (91) S. A. (92) S. A. (93) S. A. (94) S. A. (95) S. A. (96) S. A. (97) S. A. (98) S. A. (99) S. A.

Visit troweprice.com/broadrange

# 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.

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

T. Rowe Price Equity Funds, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date 1-800-555-5132, a 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.

All mutual funds are subject to market risk and other possible loss of personal investment. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

1 The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

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

Date February 16, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582562  
F1232-050 2/23

## 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 Large-Cap Growth Fund;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Large-Cap Growth Fund;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Large-Cap Growth Fund

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

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

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

**TRADED FUNDS** 

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

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

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

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

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

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

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

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

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

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

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

------

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

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

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

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

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

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

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

------

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

------

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)

------

## 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