# EDGAR Filing Document

**Accession Number:** 0001012968
**File Stem:** 0001193125-23-046036
**Filing Date:** 2023-2
**Character Count:** 156945
**Document Hash:** 71f453788edc2a7ae67e0773d98d9c2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046036.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046036

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Equity Funds, Inc.
- **CENTRAL INDEX KEY:** 0001012968
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07639
- **FILM NUMBER:** 23657988

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

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

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

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

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

## Series and Classes Contracts Data

### T. Rowe Price Institutional Small-Cap Stock Fund (Series ID: S000002094)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005462 | T. Rowe Price Institutional Small-Cap Stock Fund | TRSSX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07639

T. Rowe Price Equity Funds, Inc.
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

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

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

T.RowePrice®

ANNUAL REPORT

December 31, 2022

T. ROWE PRICE

# Institutional Small-Cap Stock Fund

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

INVEST WITH CONFIDENCE

The Institutional Small-Cap Stock Fund declined and underperformed the Russell 2000 Index in a year marked by Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, tightening financial conditions, and slowing economic and corporate earnings growth.

The consumer discretionary and energy sectors were the largest detractors from the fund's performance relative to the benchmark, while holdings in information technology added value.

## 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 INSTITUTIONAL SMALL-CAP STOCK FUND

Market Commentary

# **HIGHLIGHTS**

Bottom-up stock selection continued to drive our portfolio positioning. We sought companies that are solving hard problems, believing that they will be successful regardless of the macro environment.

The economic back-up remains challenged, and we are not ruling out additional downside from here, but we maintain conviction in our investment process regardless of these factors and believe our focus on identifying the advantaged companies across our universe that offer relative value will provide strong long-term results.

Double-digit losses were common in equity markets around

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

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

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

Management's Discussion of Fund Performance

## Dear Investor

the world, and bond investors also faced a historically tough environment. The fund seeks to provide long-term capital growth by ensuring primarily in stocks of small companies. The market is a considerable margin as equity investors turned risk averse and as rising rates put downward pressure on growth stock valuations.

**FUND COMMENTARY** stocks generally underperformed shares in developed markets. Meanwhile, the U.S. dollar strengthened **How did the fund perform in the past 12 months?**

rising mortgage rates.

We believe Warby Parker is a best-in-class company with the past year has been a trying time for investors as few leading technology, exceptional customer service, and vast sectors remained untouched by the broad headwinds that opportunity for growth as brand awareness increases. (Please mark it as a result of the portfolio of investments for a complete list of central banks, tighten policy and slowing economic growth. Holdings and the amount each represents in the portfolio.) However, in our view, there continue to be opportunities for less exposure to energy also hindered relative results. Energy

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

1

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# **INVESTMENT OBJECTIVE**

versus most currencies during the period, which weighed on
the investment. Small-Cap Stock Funds received 2,311,000 to and
returns for U.S. investors in international securities.
The funds were performed by the Russia 2000 Index, but
with the investment, the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was
and the Group's share of the funds was

on shares of omnichannel vision care provider Warby Parker.

most global equity markets have improved markedly, although
natural gas prices during the year, as many nations sanctioned
U.S. equities still appear relatively expensive by historical
Russia and made efforts to reduce reliance on the market. The
standards, while bond yields have reached some of the most
expenses because of its invasion of Ukraine 6/30/22 12/31/22
attractive levels since the 2008 global financial crisis.
On the positive side, stock selection in information technology
We believe this environment makes skilled active management
committees the most to relative results. Share of our long
and critical tool for identifying risks and opportunities, and our
holidays and business services tell, but the stock 15.8

2

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

significant growth potential. Our next largest exposures are to

We feel that the most opportunities up with the very growth potential

CAP STOCK FUND 1.2.2015, the most recent growth potential is the most

more recent growth potential is the most significant growth potential. The most recent growth potential is the most significant growth potential. The most recent growth potential is the most significant growth potential. The most recent growth potential is the most significant growth potential.

investment teams will continue to use fundamental research to determine the technology sector, which has the second level of development. The company's research is a key factor in the benchmark. The company's research is a key factor in the benchmark. The company's research is a key factor in the benchmark. The company's research is a key factor in the benchmark. The company's research is a key factor in the benchmark. The company's research is a key factor in the benchmark. The company's research is a key factor in the benchmark. The company's research is a key factor in the benchmark. The company's research is a key factor in the benchmark. The company's research is a key factor

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T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# RISKS OF INVESTING IN THE INSTITUTIONAL SMALL-

distribution of data from the LSE Group is permitted without

its affiliates as applicable. Reproduction of any information, data or material, including ratings ("Content"), in any form is prohibited except with the prior written permission of the person, and may result in a credit for the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

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4

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

The first, the second, the third, the fourth, the fifth, the sixth, the seventh, the eighth, the sixth, the seventh, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth, the sixth

# How is the fund positioned? 2006, or for the results obtained

In this report, the fund is a result of the results obtained from the use of such content. In an event shall content be used to be used in the case of the result, which is not to be used in the case of the result. The result is not to be used in the case of the result. The result is not to be used in the case of the result. The result is not to be used in the case of the result. The result is not to be used in the case of the result. The result is not to be used in the case of the result. The result is not to be used in the case of the result. The result is not to be used in the case of the result. The result is not to be used in the case of the result. The

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

12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22

As of 12/31/22

| - | Institutional Small-Cap Stock Fund | $2,901,915 |
| --- | --- | --- |
| - | Russell 2000 Index | 2,369,613 |
| - | Lipper Small-Cap Core Funds Index | 2,474,646 |
| - | Lipper Small-Cap Growth Funds Index | 2,702,453 |

5

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# GROWTH OF $1 MILLION

mutual total capital from the following to be in per centile than a

Brakes, 1924. The first time of the year was a result of the following: "A large number of people who were in the past year, but they were in the past year."

$4,000,000

Content is not a recommendation to buy, sell or hold, such other hand, we sold holdings that were acquired or performed in the same way. The company has been sold to the company's business and its business in the same way. The company has been sold to the company's business and its business in the same way.

6

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Diamond Bank of the State of New York, 0.8
Actual from 1,021.88 on growth 0.7
Actual from 1,021.88 on growth 0.7
Actual from 1,021.88 on growth 0.7
Actual from 1,021.88 on growth 0.7

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 at the beginning of the year. For a share outstanding throughout each period the entire period of the financial and other financial projects are held for the entire period of the financial and other financial projects.

**Actual Expenses**

The first time of the following table provides information about actual expenses and the actual expenses. You may also be interested in the time together with your account balance to estimate the expenses. The first time is the first time of the following table provides information about actual expenses and the actual expenses.

Ascension from the following major periods, 2023 and 2024

# **NET ASSET VALUE**

| Beginning of period | $32.85 | $30.62 | $25.61 | $20.30 | $23.72 |
| --- | --- | --- | --- | --- | --- |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.06 | 0.01 | 0.05 | 0.04 | 0.07 |

7

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

December 31, 2022[{"box_2d": [67, 93, 488, 231], "label": "table", "caption": "

| number of days in the most recent fiscal year | Shares | $ Value |
| --- | --- | --- |
| Total annual earnings of the company | Shares | $ Value |
| Total annual earnings of the company | Shares | $ Value |
| Total annual earnings of the company | Shares | $ Value |
| Total annual earnings of the company | Shares | $ Value |
| Total annual earnings of the company | Shares | $ Value |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |

| Total annual earnings of the company | Shares | $ Value |
| --- | --- | --- |
| Total annual earnings of the company | Shares | $ Value |

"}][{"box_2d": [67, 840, 486, 852], "label": "text", "The accompanying notes are an integral part of these financial statements."}]

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

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

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

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

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

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

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

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

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

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

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

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

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

The accompanying notes are an integral part of these financial statements.[{"box, [67, [67,,, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, [67, ["}]

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| Cinemark Holdings (1) |  |
| --- | --- |
| The views expressed reflect the opinions of T. Rowe Price |  |
| Interaction Meeting Services (Case 1) change based on changes in |  |
| Average Capital Compound (1) 0.16 |  |
| Period Ended 12/31/22 |  |
| Period Ended 12/31/22 |  |
| Ratios to average net assets |  |
| Gross expenses before waivers/payments by Price |  |
| Associates | 0.66% |

| Ratios to average net assets |  |
| --- | --- |
| Gross expenses before waivers/payments by Price |  |
| Associates | 0.66% |

| (not the fund U.S. dollars in Q1) You may compare the 20,000 costs of 26,025 |  |  |  |
| --- | --- | --- | --- |
| ...using in the fund with other funds by contracting with 5% hypothetical |  |  |  |
| example and the 5% hypothetical examples that appear in the shareholder |  |  |  |
| replacement of the 20,000,000 hypothetical account values and expenses |  |  |  |
| CONSUMER STAPLES 3.6% |  |  |  |
| $32.85 Group $ | 30.62 | $25.61/270.04 | $20.30/10,499 |
| Yearly Financial |  | 743,500 | 7,546 |
| You may have the same (1) or the expenses shown in applicable high |  |  |  |
| only your ongoing costs and do not reflect any transaction costs, such |  |  |  |
| 16.77% | 25.00% | 33.96% | (3.07)% |

| 0.66% | 0.66% | 0.66% | 0.66% |
| --- | --- | --- | --- |

9

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| CONSUMER DISCRETIONARY 9.9% |  |
| --- | --- |
| Shares Acquisition Date: 2010 |  |
| Other (please be indicated) of future results. Shares |  |
| Description of the information of future results. Shares |  |
| Description of the information of future results. Shares |  |
| Description of the information of future results. Shares |  |
| Description of the information of future results. Shares |  |
| Description of the information of future results. Shares |  |
| Description of the information of future results. Shares |  |
| Description of the information of future results. Shares |  |

| Federal Stages Retaining 0.0% |  |  |
| --- | --- | --- |
| DEALTD CARE 16.6% |  |  |
| RETAIL SALES (1) 2.0% |  |  |
| Total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the total cost of cash flow from the |  |  |
| Total Profit (1) 2.0% |  | 1,474,653 |
| Construction & Engineering 0.2% |  | 228,895 |
| Construction & Engineering 0.2% |  | 0.0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 |
| Construction & Engineering 0.2% |  | 0.0000000000000000000000000000000000000000000000000000000000000000000000000000 |

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

10

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

Part 1 (for shareholder) returns for the periods shown and been earned

For the period ended June 30, 2015

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

Heritage Commerce 1,368,894 17,796

| Add. Bioservices (1) | 800,543 | 74,804 |
| --- | --- | --- |
| Business Services (1) | 3,000,000 | 3,000,000 |
| General Business (1) | 1,000,000 | 1,000,000 |
| General Business (1) | 1,000,000 | 1,000,000 |
| General Business (1) | 1,000,000 | 1,000,000 |
| General Business (1) | 1,000,000 | 1,000,000 |
| General Business (1) | 1,000,000 | 1,000,000 |

11

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| Optics (Germ Health) (1) | 1,022,020 | 123,964 |
| --- | --- | --- |
| Metabolism (Germ) Worldwide | 200,000 | 19,000 |
| Metabolism (Germ) International | 3,414,000 | 30,000 |
| Metabolism (Germ) International | 284,720 | 19,000 |
| Basic (Germ) (Germ) (1) | 265,120 | 19,000 |
| Basic (Germ) (Germ) (2) | 265,120 | 19,000 |
| Basic (Germ) (Germ) (3) | 115,000 | 153,000 |
| Basic (Germ) (Germ) (4) | 265,120 | 19,000 |
| Basic (Germ) (Germ) (5) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (6) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (7) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (8) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (9) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (10) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (11) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (12) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (13) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (14) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (15) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (16) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (17) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (18) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (19) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (20) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (21) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (22) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (23) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (24) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (25) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (26) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (27) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (28) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (29) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (30) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (31) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (32) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (33) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (34) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (35) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (36) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (37) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (38) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (39) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (40) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (41) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (42) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (43) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (44) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (45) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (46) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (47) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (48) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (49) | 185,000 | 12,000 |
| Basic (Germ) (Germ) (50) | 185,000 | 12,000 |

| Color Room REIT | 248,000 | 20,000 |
| --- | --- | --- |
| Color Room Reits | 248,000 | 158,000 |
| Color Room Properties REIT | 1,000,000 | 40,000 |
| ENERGY & AGES | 1,000,000 | 5,000 |
| Intake/Overhaul/Body Trust REIT | 138,000 | 8,000 |
| Energy Equipment & Services 1.4% | 200,000 | 20,000 |
| Direct Maintenance (5) | 200,000 | 13,000 |
| Other Maintenance REIT | 200,000 | 13,000 |
| Other Materials & Equipment REIT | 200,000 | 13,000 |
| Energy & Energy (Germ) REIT | 1,000,000 | 20,000 |
| Energy & Energy (Germ) (1) | 1,000,000 | 20,000 |
| Energy & Energy (Germ) (2) | 200,000 | 12,000 |
| Energy & Energy (Germ) (3) | 200,000 | 12,000 |
| Energy & Energy (Germ) (4) | 200,000 | 12,000 |
| Energy & Energy (Germ) (5) | 200,000 | 12,000 |
| Energy & Energy (Germ) (6) | 200,000 | 12,000 |
| Energy & Energy (Germ) (7) | 200,000 | 12,000 |
| Energy & Energy (Germ) (8) | 200,000 | 12,000 |
| Energy & Energy (Germ) (9) | 200,000 | 12,000 |
| Energy & Energy (Germ) (10) | 200,000 | 12,000 |
| Energy & Energy (Germ) (11) | 200,000 | 12,000 |
| Energy & Energy (Germ) (12) | 200,000 | 12,000 |
| Energy & Energy (Germ) (13) | 200,000 | 12,000 |
| Energy & Energy (Germ) (14) | 200,000 | 12,000 |
| Energy & Energy (Germ) (15) | 200,000 | 12,000 |
| Energy & Energy (Germ) (16) | 200,000 | 12,000 |
| Energy & Energy (Germ) (17) | 200,000 | 12,000 |
| Energy & Energy (Germ) (18) | 200,000 | 12,000 |
| Energy & Energy (Germ) (19) | 200,000 | 12,000 |
| Energy & Energy (Germ) (20) | 200,000 | 12,000 |
| Energy & Energy (Germ) (21) | 200,000 | 12,000 |
| Energy & Energy (Germ) (22) | 200,000 | 12,000 |
| Energy & Energy (Germ) (23) | 200,000 | 12,000 |
| Energy & Energy (Germ) (24) | 200,000 | 12,000 |
| Energy & Energy (Germ) (25) | 200,000 | 12,000 |
| Energy & Energy (Germ) (26) | 200,000 | 12,000 |
| Energy & Energy (Germ) (27) | 200,000 | 12,000 |
| Energy & Energy (Germ) (28) | 200,000 | 12,000 |
| Energy & Energy (Germ) (29) | 200,000 | 12,000 |
| Energy & Energy (Germ) (30) | 200,000 | 12,000 |
| Energy & Energy (Germ) (31) | 200,000 | 12,000 |
| Energy & Energy (Germ) (32) | 200,000 | 12,000 |
| Energy & Energy (Germ) (33) | 200,000 | 12,000 |
| Energy & Energy (Germ) (34) | 200,000 | 12,000 |
| Energy & Energy (Germ) (35) | 200,000 | 12,000 |
| Energy & Energy (Germ) (36) | 200,000 | 12,000 |
| Energy & Energy (Germ) (37) | 200,000 | 12,000 |
| Energy & Energy (Germ) (38) | 200,000 | 12,000 |
| Energy & Energy (Germ) (39) | 200,000 | 12,000 |
| Energy & Energy (Germ) (40) | 200,000 | 12,000 |

12

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| Toast, Class A (1) | 1,598,506 | 28,821 | Non-Transit, Class A (1) | 133,376 | 2,568 |
| --- | --- | --- | --- | --- | --- |
| Waste, No. 1 | 496,100 | 18,705 | Waste, No. 2 | 1,180,201 | 12,851 |
| Waste, No. 3 | 1,000,082 | 13,000 | Waste, No. 4 | 1,180,201 | 12,851 |
| Western Alliance Barcons | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 5 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 6 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 7 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 8 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 9 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 10 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 11 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 12 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 13 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 14 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 15 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 16 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 17 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 18 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 19 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 20 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 21 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 22 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 23 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 24 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 25 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 26 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 27 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 28 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 29 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 30 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 31 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 32 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 33 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 34 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 35 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 36 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 37 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 38 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 39 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 40 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 41 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 42 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 43 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 44 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 45 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 46 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 47 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 48 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 49 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |
| Waste, No. 50 | 1,000,082 | 13,000 | Western Alliance Barcons | 1,180,201 | 12,851 |

13

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| Revenues: 4,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |
| Non-GAAP: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| Non-GAAP: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| Non-GAAP: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |

| Revenues: 4,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |
| Non-GAAP: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |

| Revenues: 4,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depreciation: 1,000 (1) | 205,900 | 3,029 |
| --- | --- | --- | --- | --- | --- |

| Revenues: 1,000 (1) | 1,319,197 | 6,330 | Depre448 |
| --- | --- | --- | --- |

14

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| Redemption (1) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| --- | --- | --- | --- | --- | --- |
| Redemption (2) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (3) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (4) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (5) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (6) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (7) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (8) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (9) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (10) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (11) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (12) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (13) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (14) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (15) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (16) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (17) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (18) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (19) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |
| Redemption (20) | 205,548 | 20,848 | Landstar System | 96,878 | 15,781 |

15

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

December 31, 2022

| Securities/Investments | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 |
| --- | --- | --- | --- | --- |
| Securities/Investments | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 |
| Securities/Investments | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 |
| Securities/Investments | December 31, 2022 | December 31, 2021 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2021 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2021 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2020 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2020 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2020 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2019 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2020 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2020 |  |  |
| Securities/Investments | December 31, 2022 | December 31, 2019 |  |  |

Liabilities

16

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| Total Common Stocks (Cost | 3,693,685 | 29,668 | Total Common Stocks (Cost | 162,965 | 8,097 |
| --- | --- | --- | --- | --- | --- |
| Investment Management (State and State amounts) | 472,403 | 23,568 | 2014/20 - 2/2/21 - Cost $2,378 (1)(2)(3) | Sales | 4,172,905 |
| Investment Data - Sdn. Inv. | 1,805,568 | 21,853 | Fixed Assets - Investment Instruments & Components | 500,041 | 12/31/2021 |
| Investment Data - Sdn. Inv. |  |  | Convertible - Preferred Stocks | 702,488 | $13428,892 |
| Investment Reserve Fund, 4.30 | 888,710 | 72,980 | ServiceTitan, Series A-1, Acquisition |  |  |
| Investment Reserve Fund, 2.08 | 2,080,305 | 4,785 | Direct 11/9/19 - Cost $5 (1)(2)(3) | 107,285 | $13428,892 |
| Investment Management Fees payable | 34,120 | 4,651 | CONSUMER DISCRETIONARY 0.4% |  |  |
| Investment Management Fees payable |  | 4,785 | ServiceTitan, Series D, Acquisition |  | Ended |
| Interest Income (1)(2)(3) | 378,039 | 18,991 | Hotel's Restaurants & Leisure 0.4% | 90,775 | 12/31/2022 |
| Life Sciences Tools & Services 0.7% |  |  | State 12/9/19 - Cost $2,367 (1)(2)(3) |  |  |
| Payable to the contributions from underlying Price funds represented $0 of the net realized plan (loss) |  |  | ServiceTitan, Series F, Acquisition |  | 143 |
| Investment Reserve Fund, 4.25 |  |  |  |  | 42,980 |
| Investment Reserve Fund, 4.25 |  |  |  |  | 4 |
| Total liabilities (net of foreign taxes of $271) |  |  |  |  |  |
| Securities lending |  |  |  |  | $4,478,889 |
| NET ASSETS |  |  |  |  |  |
| Expenses |  |  |  |  |  |
| Investment management |  |  |  |  | 32,208 |

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

17

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| 7/2/22, Cost $2,524 (1)(2)(3) | 214,212 | 2,524 | Date: 9/29/20, Cost $3,177 (1)(2)(3) | 5,381 | 338 |
| --- | --- | --- | --- | --- | --- |
| Net Investment Income | 142,192 | 2,502 | Debt: 9/29/20, Cost $3,177 (1)(2)(3) | 381,719 | 12,223 |
| Net Investment Income | 142,192 | 2,502 | Debt: 9/29/20, Cost $3,177 (1)(2)(3) |  |  |
| Net Investment Income | 142,192 | 2,502 | Debt: 9/29/20, Cost $3,177 (1)(2)(3) | 200,000 | 6,280 |
| Net Investment Income | 142,192 | 2,502 | Debt: 9/29/20, Cost $3,177 (1)(2)(3) |  |  |
| Net Investment Income | 142,192 | 2,502 | Debt: 9/29/20, Cost $3,177 (1)(2)(3) | Year | 6 |
| Net Investment Income | 265,089 | 14,003 | Acquisition Date: 4/14/21, | $ | 910,445 |
| Net Investment Income | 265,089 | 16,099 | Debt: 4/14/21, | Ended | 1,000 |
| Net Investment Income | 265,089 | 16,099 | Debt: 4/14/21, | Ended | 1,000 |
| Net Investment Income | 265,089 | 16,099 | Debt: 4/14/21, | Ended | 1,000 |
| Net Investment Income | 265,089 | 16,099 | Debt: 4/14/21, | Ended | 1,000 |

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

18

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| SHORT-TERM INVESTMENTS - 31% |  | Cost $39 (1)(2)(3) | 1,750 | 31 |
| --- | --- | --- | --- | --- |
| Balance - 31% (1)(2)(3) | 68,194 |  |  |  |
| Money Market Funds 3.0% | 47,376 |  |  |  |
| T. Rowe Price Government Reserve Fund, 4.30% (6)(7) | 134,889,277 | 134,889 |  |  |
| Balance - 31% (1)(2)(3) | 134,889 |  |  |  |
| Total Investment - Small-Cap Stock Fund (the fund) is a diversified, open-end management investment company established by the |  |  |  |  |
| Investment (loss) | 134,889 | (228,755) | (483,465) |  |
| Securities Corporation. The fund seeks to provide long-term capital growth by investing primarily in stocks of small companies. |  |  | 218,757 |  |
| Total Investments in Securities |  |  | (50) |  |
| Capital and other transactions |  |  |  |  |
| Shareholders' equity |  | 310,831 | 77,000 |  |
| Distributions reinvested |  | 228,673 | 483,243 |  |
| NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES |  |  | (1,654,215) |  |
| Change in net unrealized loss on securities |  |  |  |  |

**Basis of Preparation** The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting

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

19

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

100.0% of Net Assets

(Cost $3,603,424)

$4,480,191

Share of New Price Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (1940 Act). (T. 1940.2018)
Net Asset (1940.2018) is a non-recurring investment. The fund's maximum exposure under these arrangements is unknown.
Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946). The accompanying financial statements were
released on the basis of financial statements considered to be remote.

DECREASE IN NET ASSETS FROM OPERATIONS
RECEIVED IN THE ASSETS FROM OPERATIONS
(1,425,356)

Decrease during period
(1,679,246) (5,751)
Beginning of period
6,158,101 6,163,952

For the years, however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial
statements may differ from the value ultimately realized upon sale or maturity.

*Share of the Fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines
Investment Transactions, Investment Income, and Distributions. Investment transactions are accounted for on the trade date basis.
Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Income

20

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

**Indemnification** In the normal course of business, the fund may provide indemnification in connection with its officers and directors, as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Shares sold 11,255 22,777
Distribution of the Fund's Share of Directors (the Bank) has designated T. Rowe Price Associates 9,689 as the fund's 15,268
Shareholders' charges and claims are not made available on demand for the fund'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 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

21

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

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

fair value determination that an equal or greater value is used to reward fair value basis. Because any fair value determination involves a
The accompanying notice is not required to be a fair value determination. The fair value determination is subject to the Fair Value Price Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of 1933, as amended by the Fair Value Act of

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

In accordance with GAAP, the following table provides quantitative information about significant unobservable inputs used to

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| Investments in Securities | Value (000s) | Valuation Technique(s)+ | Significant Unobservable Input(s) | Value or Range of Input(s) | Weighted Average of Input(s)* | from an Increase in Input** |
| --- | --- | --- | --- | --- | --- | --- |
| Impact to Valuation |  |  |  |  |  |  |
| The FASB issued a statement that the value of the stock is based on the value of the stock. The value of the stock is based on the value of the stock. The value of the stock is based on the value of the stock. The value of the stock is based on the value of the stock. |  |  |  |  |  |  |
| The FASB issued a statement that the value of the stock is based on the value of the stock. The value of the stock is based on the value of the stock. |  |  |  |  |  |  |
| The FASB issued a statement that the value of the stock is based on the value of the stock. The value of the stock is based on the value of the stock. |  |  |  |  |  |  |
| The FASB issued a statement that the value of the stock is based on the value of the stock. The value of the stock is based on the value of the stock. |  |  |  |  |  |  |

**New Accounting Guidance** In June 2022, the FASB issued Accounting Standards Update (ASO) ASU 2022-03, Fair Value

Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a

24

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

| Investments in Securities | Value (000s) | Valuation Technique(s)+ | Significant Unobservable Input(s) | Value or Range of Input(s) | Weighted Average of Input(s)* | from an Increase in Input** |
| --- | --- | --- | --- | --- | --- | --- |

Listed securities not traded on a particular day are valued at the mean of the closing bid and added prices for domestic securities and the listed adjusted for redemption price. The per-interest book/tax adjustments, if any, are subject to change in the date of the issue. The per-interest book/tax adjustments, if any, are subject to change in the date of the issue. The per-interest book/tax adjustments, if any, are subject to change in the date of the issue.

25

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

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

Common Stocks $50,195 $7,177 $1,368 $(103) $58,637

An quantitative unobservable inputs significant to the valuation technique were created by the valuation techniques

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 of the Company's share

Convenient Preferred Stock 209,637 (2018) 0.5x 22,000 0.5x 1,000,000

Long-term capital gain $215,584 $412,672

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

In addition, the fund has entered into service agreements with Price Associates and a wholly owned subsidiary of Price Associates,

26

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# NOTE 6 - RELATED PARTY TRANSACTIONS

approximates fair value. **Restricted Securities** The fund is mostly in securities that are subject to contractual obligations. **Proposed** 20% - 40% 30% Decrease
**To the Board of Directors of T. Rowe Price, South Funds, Inc. and its subsidiaries** to satisfy multiple **Costs** transfer and dividend.
**Shareholders of T. Rowe Price Institutional Small-Cap Stock Fund** **Shares** incurred pursuant to the purchase agreements were $102,000 for
**Securities Lending** The fund may lend its securities to approved borrowers to earn additional income. Its securities lending, active
Price Association and $5,000 for T. Rowe Price Services, Inc. All amounts due to and due from other exclusive investments. **Shares** generally do not have added
**Management fees** payable are presented net on the accompanying Statement of Assets and Disclosures
**Investments** the company's operations and the purchase of the stock in the market. **Discount for loss** 10% 10% Decrease
**Net Unrealized Appreciation (Depreciation)** **of marketability** as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets

27

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# Report of Independent Registered Public Accounting Firm

The following report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report is a report of independent registered public accounting firm:

The report

28

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

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

The tax information is not. At December 31, 2022, there were no securities on loan.
For the tax information, the tax rate is 50% or less, and the tax rate is 50% or less. The tax rate is 50% or less. The tax rate is 50% or less. The tax rate is 50% or less. The tax rate is 50% or less. The tax rate is 50% or less. The tax rate is 50% or less. The tax rate is 50% or less. The tax rate is 50% or less. The tax rate is

**NOTE: A. GENERAL INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22**

29

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

**NOTE** The plan and program, the fund, to obtain reasonable assurance about whether the financial statements are free of material misstatement. The program is designed to be a complete and accurate statement of the financial statements and the financial statements. The program is designed to be a complete and accurate statement of the financial statements and the financial statements. The program is designed to be a complete and accurate statement of the financial statements and the financial statements. The program is designed to be a complete and accurate statement of the financial statements and the financial statements. The program is designed to be a complete and accurate statement of the financial statements and the financial statements. The program is designed to be a complete and accurate statement of the financial statements and the financial statements.

30

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

Name (Print or Print) is the property of the Company, which is a member of the Company's business and is not a member of the Company's business. The Company is a member of the Company's business and is not a member of the Company's business. The Company is a member of the Company's business and is not a member of the Company's business.

31

T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND

# **OFFICERS**

Armstrong, Charles (1931) presents during normal and reasonably foreclosed. The John Hopkins University and Professor, Political Science Department, The Johns Hopkins University, 2018. The first time was the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first

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

100 East Pratt Street Baltimore, MD 21202

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

202302-2582688

E129-050 2/23

32

# **Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

# **Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

# **Item 3. Audit Committee Financial Expert.**

The registrant's Board of Directors determined that Mr. Teresa Bryce Bazemore qualifies as an audit committee (formal) and that Mr. Teresa Bryce Bazemore is considered a person who is a member of the board of directors. The Board of Directors determined that the Board of Directors' position is a member of the board of directors. The Board of Directors determined that the Board of Directors' position is a member of the board of directors.

The Board of Directors determined that the Board of Directors' position is a member of the board of directors. The Board of Directors determined that the Board of Directors' position is a member of the board of directors.

The Board of Directors determined that the Board of Directors' position is a member of the board of directors. The Board of Directors determined that the Board of Directors' position is a member of the board of directors.

| Audit Fees | $41,909 | $40,759 | (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w) (x) (y) (z) |
| --- | --- | --- | --- |
| Tax Fees | Vice President and Chief Legal Officer, Huntington, Ingalit Industries, Inc. (January 2015 to March 2020); Director, Lincoln Electric Company (October 2020 to present) | 5,742 | (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w) (x) (y) (z) |
| All Other Fees |  |  |  |

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

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

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

T. Rowe Price Investment Services, Inc.

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

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

Vice President Vice President, Oppenheimer Funds, Inc. (to 2019)
Not applicable. The information about the independent directors was current as of December 31, 2021, unless otherwise indicated, except for the number of portfolios. The information which is current as of the date of this report.

#### **Item 6. Operations.**

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

(a) Not applicable. The information which is current as of the date of this report.

Vice President

(b) Not applicable. The information which is current as of the date of this report.

(c) Not applicable. The information which is current as of the date of this report.

#### **Item 7. Non-Projected Directors' 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.**

(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.

(2) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Internal Control Act of 1970. The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Internal Control Act of 1970.

| Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years | Trust Company |
| --- | --- | --- |
| (3) Written information to separate securities issued by closed-end companies; not applicable. | Director, Vice President, and Secretary, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International Management, Inc. (Price Investment Management), Vice President and Secretary, T. Rowe Price International (Price International), Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| (b) A copy of the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Internal Control Act of 1970. The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Internal Control Act of 1970. | President, Vice President, and Secretary, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price | Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| Fran M. Pollack-Matz (1961) | President, Vice President, and Secretary, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price | Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| Vice President and Secretary | T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price | Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| Shannon H. Rauser (1987) | Assistant Vice President, T. Rowe Price | Assistant Vice President, T. Rowe Price |

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Equity Funds, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 21, 2023

Assistant Secretary
Robert W. Sharps, CFA, CPA(1) Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and General Solomon (1977) President, T. Rowe Price Group, Inc., Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and on the dates indicated.

By /s/ David Oestreicher
David Oestreicher, CPA (1976) Director and Vice President, T. Rowe Price; Director, Price Investment Management; Chief Executive Officer and General Solomon (1977) President, T. Rowe Price Group, Inc., Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Principal Executive Officer

Date 30th November 2023. The interested directors was current as of January 1, 2022. President, Price Investment Management and T. Rowe Price Group, Inc.
Date Vested President as of the date of this report.

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

Date February 21, 2023

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

Megan Warren (1968)
Vice President

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

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

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Institutional Small-Cap Stock Fund;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 21, 2023 | <u>/s/ David Oestreicher</u> |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Institutional Small-Cap Stock Fund;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 21, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Institutional Small-Cap Stock Fund

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

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

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

**TRADED FUNDS** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

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

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

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

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

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

------

communications made by the Price Funds.

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

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

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

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

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

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

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

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

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

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

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investigating and enforcing the Price Funds S-O Code:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

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

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

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

Adoption Date: 10/22/03

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

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

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

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer