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T. Rowe Price Institutional Equity Funds NPORT-PMonthly portfolio investment report

Filed: 28 Nov 23, 10:10am

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T.

ROWE

PRICE

Institutional

Large-Cap

Core

Growth

Fund

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

98.7%

COMMUNICATION

SERVICES

15.9%

Entertainment

1.5%

Netflix (1)

91,206‌

34,439‌

Sea,

ADR (1)

131,617‌

5,785‌

40,224‌

Interactive

Media

&

Services

13.4%

Alphabet,

Class

A (1)

313,145‌

40,978‌

Alphabet,

Class

C (1)

1,393,943‌

183,791‌

Meta

Platforms,

Class

A (1)

434,281‌

130,376‌

355,145‌

Wireless

Telecommunication

Services

1.0%

T-Mobile

U.S. (1)

188,534‌

26,404‌

26,404‌

Total

Communication

Services

421,773‌

CONSUMER

DISCRETIONARY

14.8%

Automobiles

2.9%

Tesla (1)

304,736‌

76,251‌

76,251‌

Broadline

Retail

7.7%

Amazon.com (1)

1,607,490‌

204,344‌

204,344‌

Hotels,

Restaurants

&

Leisure

2.1%

Booking

Holdings (1)

7,938‌

24,480‌

Chipotle

Mexican

Grill (1)

12,900‌

23,631‌

DoorDash,

Class

A (1)

80,829‌

6,423‌

54,534‌

Specialty

Retail

1.3%

Carvana (1)

138,100‌

5,797‌

Ross

Stores

136,744‌

15,445‌

TJX

144,821‌

12,872‌

34,114‌

Textiles,

Apparel

&

Luxury

Goods

0.8%

Lululemon

Athletica (1)

33,855‌

13,055‌

NIKE,

Class

B

79,541‌

7,606‌

20,661‌

Total

Consumer

Discretionary

389,904‌

CONSUMER

STAPLES

0.7%

Consumer

Staples

Distribution

&

Retail

0.4%

Dollar

General

92,947‌

9,834‌

9,834‌

Food

Products

0.3%

Mondelez

International,

Class

A

114,100‌

7,919‌

7,919‌

Total

Consumer

Staples

17,753‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ENERGY

0.4%

Energy

Equipment

&

Services

0.4%

Schlumberger

170,096‌

9,917‌

Total

Energy

9,917‌

FINANCIALS

9.9%

Capital

Markets

1.7%

Charles

Schwab

164,945‌

9,055‌

Goldman

Sachs

Group

21,171‌

6,850‌

Morgan

Stanley

153,002‌

12,496‌

MSCI

5,977‌

3,067‌

S&P

Global

37,551‌

13,722‌

45,190‌

Financial

Services

6.5%

Adyen

(EUR) (1)

5,727‌

4,246‌

Affirm

Holdings (1)(2)

102,173‌

2,173‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $2,518 (1)(3)(4)

2,518,496‌

2,466‌

Fiserv (1)

48,517‌

5,481‌

Mastercard,

Class

A

183,439‌

72,626‌

Visa,

Class

A

373,172‌

85,833‌

172,825‌

Insurance

1.7%

Chubb

135,074‌

28,119‌

Marsh

&

McLennan

95,989‌

18,267‌

46,386‌

Total

Financials

264,401‌

HEALTH

CARE

13.1%

Health

Care

Equipment

&

Supplies

2.3%

Align

Technology (1)

8,992‌

2,746‌

Intuitive

Surgical (1)

135,172‌

39,509‌

Stryker

55,982‌

15,298‌

Teleflex

16,105‌

3,163‌

60,716‌

Health

Care

Providers

&

Services

4.6%

Elevance

Health

23,735‌

10,335‌

Humana

38,550‌

18,755‌

UnitedHealth

Group

184,126‌

92,834‌

121,924‌

Health

Care

Technology

0.3%

Veeva

Systems,

Class

A (1)

33,701‌

6,856‌

6,856‌

Life

Sciences

Tools

&

Services

2.0%

Danaher

79,410‌

19,702‌

Thermo

Fisher

Scientific

66,571‌

33,696‌

53,398‌

Pharmaceuticals

3.9%

AstraZeneca,

ADR

101,017‌

6,841‌

Eli

Lilly

152,711‌

82,026‌

Zoetis

89,629‌

15,593‌

104,460‌

Total

Health

Care

347,354‌

T.

ROWE

PRICE

Institutional

Large-Cap

Core

Growth

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INDUSTRIALS

&

BUSINESS

SERVICES

2.1%

Aerospace

&

Defense

0.2%

TransDigm

Group (1)

7,754‌

6,538‌

6,538‌

Commercial

Services

&

Supplies

0.2%

Cintas

9,412‌

4,527‌

4,527‌

Ground

Transportation

0.4%

Old

Dominion

Freight

Line

28,300‌

11,579‌

11,579‌

Industrial

Conglomerates

1.3%

General

Electric

124,864‌

13,804‌

Roper

Technologies

40,572‌

19,648‌

33,452‌

Total

Industrials

&

Business

Services

56,096‌

INFORMATION

TECHNOLOGY

40.4%

Electronic

Equipment,

Instruments

&

Components

0.2%

TE

Connectivity

35,930‌

4,438‌

4,438‌

IT

Services

1.3%

MongoDB (1)

42,793‌

14,801‌

Shopify,

Class

A (1)

252,024‌

13,753‌

Snowflake,

Class

A (1)

33,032‌

5,046‌

33,600‌

Semiconductors

&

Semiconductor

Equipment

9.4%

Advanced

Micro

Devices (1)

142,078‌

14,609‌

ASML

Holding

45,778‌

26,948‌

Lam

Research

7,536‌

4,723‌

Marvell

Technology

124,318‌

6,729‌

Monolithic

Power

Systems

30,568‌

14,122‌

NVIDIA

380,891‌

165,684‌

Taiwan

Semiconductor

Manufacturing,

ADR

94,474‌

8,210‌

Texas

Instruments

53,375‌

8,487‌

249,512‌

Software

19.4%

Atlassian,

Class

A (1)

48,226‌

9,718‌

BILL

Holdings (1)

80,335‌

8,722‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $6,320 (1)(3)(4)

3,708‌

3,955‌

Confluent,

Class

A (1)

119,609‌

3,542‌

Crowdstrike

Holdings,

Class

A (1)

26,204‌

4,386‌

Datadog,

Class

A (1)

49,376‌

4,498‌

Fortinet (1)

47,264‌

2,773‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $2,092 (1)(3)(4)

72,683‌

1,118‌

Intuit

63,942‌

32,671‌

Microsoft

1,118,663‌

353,218‌

ServiceNow (1)

104,333‌

58,318‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Synopsys (1)

71,706‌

32,911‌

515,830‌

Technology

Hardware,

Storage

&

Peripherals

10.1%

Apple

1,569,238‌

268,669‌

268,669‌

Total

Information

Technology

1,072,049‌

MATERIALS

0.9%

Chemicals

0.9%

Linde

34,633‌

12,896‌

Sherwin-Williams

45,960‌

11,722‌

Total

Materials

24,618‌

UTILITIES

0.5%

Electric

Utilities

0.5%

Constellation

Energy

113,721‌

12,405‌

Total

Utilities

12,405‌

Total

Common

Stocks

(Cost

$1,026,060)

2,616,270‌

CONVERTIBLE

PREFERRED

STOCKS

0.4%

INFORMATION

TECHNOLOGY

0.4%

Software

0.4%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $397 (1)(3)

(4)

233‌

249‌

Canva,

Series

A-3,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $45 (1)(3)(4)

26‌

28‌

Canva,

Series

A-4,

Acquisition

Date:

12/17/21,

Cost $3 (1)(3)(4)

2‌

2‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $1,958 (1)(3)(4)

33,114‌

2,434‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $5,925 (1)(3)(4)

80,631‌

5,926‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $542 (1)(3)(4)

7,379‌

542‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $2,990 (1)(3)(4)

98,373‌

1,513‌

Total

Information

Technology

10,694‌

Total

Convertible

Preferred

Stocks

(Cost

$11,860)

10,694‌

CORPORATE

BONDS

0.2%

Carvana,

12.00%,

12/1/28,

(12.00%

PIK) (5)(6)

1,950,000‌

1,516‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK) (5)(6)

2,925,000‌

2,274‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (5)(6)

3,461,000‌

2,691‌

Total

Corporate

Bonds

(Cost

$7,212)

6,481‌

T.

ROWE

PRICE

Institutional

Large-Cap

Core

Growth

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (7)(8)

6,266,489‌

6,266‌

Total

Short-Term

Investments

(Cost

$6,266)

6,266‌

SECURITIES

LENDING

COLLATERAL

0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (7)(8)

1,977,033‌

1,977‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

1,977‌

Total

Securities

Lending

Collateral

(Cost

$1,977)

1,977‌

Total

Investments

in

Securities

99.6%

(Cost

$1,053,375)

$

2,641,688‌

Other

Assets

Less

Liabilities

0.4%

10,238‌

Net

Assets

100.0%

$

2,651,926‌

‡

Shares/Par

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2023.

(3)

Level

3

in

fair

value

hierarchy.

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$18,233

and

represents

0.7%

of

net

assets.

(5)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$6,481

and

represents

0.2%

of

net

assets.

(6)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(7)

Seven-day

yield

(8)

Affiliated

Companies

ADR

American

Depositary

Receipts

EUR

Euro

PIK

Payment-in-kind

T.

ROWE

PRICE

Institutional

Large-Cap

Core

Growth

Fund

4

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

—‌

$

—‌

$

278‌++

Totals

$

—‌#

$

—‌

$

278‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

9,279‌

¤

¤

$

8,243‌

Total

$

8,243‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$278

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$8,243.

T.

ROWE

PRICE

Institutional

Large-Cap

Core

Growth

Fund

Unaudited

5

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Large-Cap

Core

Growth

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T.

ROWE

PRICE

Institutional

Large-Cap

Core

Growth

Fund

6

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Corporate

Bonds

$

—‌

$

6,481‌

$

—‌

$

6,481‌

Common

Stocks

2,604,485‌

4,246‌

7,539‌

2,616,270‌

Convertible

Preferred

Stocks

—‌

—‌

10,694‌

10,694‌

Short-Term

Investments

6,266‌

—‌

—‌

6,266‌

Securities

Lending

Collateral

1,977‌

—‌

—‌

1,977‌

Total

$

2,612,728‌

$

10,727‌

$

18,233‌

$

2,641,688‌

T.

ROWE

PRICE

Institutional

Large-Cap

Core

Growth

Fund

7

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

E148-054Q3

09/23

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