T. Rowe Price Institutional Equity Funds NPORT-P T. Rowe Price Hedged Equity Fund (Sep 2024 report)

T.

ROWE

PRICE

Hedged

Equity

Fund

September

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 92.6%

COMMUNICATION

SERVICES

 7.7%

Diversified

Telecommunication

Services

 0.3%

AT&T 

196,613‌

4,326‌

Verizon

Communications 

133,363‌

5,989‌

10,315‌

Entertainment

 1.0%

Electronic

Arts 

25,883‌

3,713‌

Netflix (1)

35,263‌

25,011‌

Spotify

Technology (1)

5,406‌

1,992‌

Walt

Disney 

65,089‌

6,261‌

36,977‌

Interactive

Media

&

Services

 5.1%

Alphabet,

Class

A 

279,646‌

46,379‌

Alphabet,

Class

C 

400,141‌

66,900‌

Meta

Platforms,

Class

A 

146,075‌

83,619‌

196,898‌

Media

 0.4%

Comcast,

Class

A 

312,630‌

13,059‌

Omnicom

Group 

27,056‌

2,797‌

15,856‌

Wireless

Telecommunication

Services

 0.9%

T-Mobile

U.S. 

168,242‌

34,718‌

34,718‌

Total

Communication

Services

294,764‌

CONSUMER

DISCRETIONARY

 9.1%

Automobile

Components

 0.0%

Autoliv 

18,700‌

1,746‌

1,746‌

Automobiles

 1.4%

Ford

Motor 

42,109‌

444‌

General

Motors 

29,752‌

1,334‌

Tesla (1)

190,646‌

49,879‌

51,657‌

Broadline

Retail

 3.0%

Amazon.com (1)

614,179‌

114,440‌

114,440‌

T.

ROWE

PRICE

Hedged

Equity

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Hotels,

Restaurants

&

Leisure

 2.0%

Airbnb,

Class

A (1)

27,051‌

3,430‌

Booking

Holdings 

2,461‌

10,366‌

Chipotle

Mexican

Grill (1)

148,467‌

8,555‌

Domino's

Pizza 

5,915‌

2,544‌

Hilton

Worldwide

Holdings 

22,307‌

5,142‌

Las

Vegas

Sands 

85,878‌

4,323‌

Marriott

International,

Class

A 

21,474‌

5,339‌

McDonald's 

74,984‌

22,833‌

Norwegian

Cruise

Line

Holdings (1)

73,297‌

1,503‌

Royal

Caribbean

Cruises 

30,859‌

5,473‌

Starbucks 

37,534‌

3,659‌

Wingstop 

6,118‌

2,546‌

Wynn

Resorts 

27,773‌

2,663‌

78,376‌

Household

Durables

 0.2%

NVR (1)

883‌

8,664‌

8,664‌

Specialty

Retail

 2.3%

AutoZone (1)

3,990‌

12,569‌

Bath

&

Body

Works 

20,693‌

660‌

Burlington

Stores (1)

11,468‌

3,022‌

Home

Depot 

82,930‌

33,603‌

Lowe's 

33,756‌

9,143‌

O'Reilly

Automotive (1)

7,435‌

8,562‌

Ross

Stores 

41,703‌

6,277‌

TJX 

102,045‌

11,994‌

Ulta

Beauty (1)

3,263‌

1,270‌

87,100‌

Textiles,

Apparel

&

Luxury

Goods

 0.2%

Lululemon

Athletica (1)

12,951‌

3,514‌

NIKE,

Class

B 

27,567‌

2,437‌

5,951‌

Total

Consumer

Discretionary

347,934‌

CONSUMER

STAPLES

 6.1%

Beverages

 1.8%

Coca-Cola 

358,267‌

25,745‌

Constellation

Brands,

Class

A 

13,874‌

3,575‌

Keurig

Dr

Pepper 

313,140‌

11,736‌

Molson

Coors

Beverage,

Class

B 

60,529‌

3,482‌

Monster

Beverage (1)

40,746‌

2,126‌

T.

ROWE

PRICE

Hedged

Equity

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PepsiCo 

141,647‌

24,087‌

70,751‌

Consumer

Staples

Distribution

&

Retail

 1.7%

Costco

Wholesale 

27,998‌

24,821‌

Dollar

General 

36,400‌

3,078‌

Sysco 

18,764‌

1,465‌

Target 

34,207‌

5,331‌

Walmart 

377,238‌

30,462‌

65,157‌

Food

Products

 0.3%

Campbell

Soup 

12,034‌

588‌

General

Mills 

17,236‌

1,273‌

Ingredion 

16,446‌

2,260‌

Mondelez

International,

Class

A 

63,551‌

4,682‌

Tyson

Foods,

Class

A 

18,046‌

1,075‌

9,878‌

Household

Products

 1.4%

Clorox 

7,750‌

1,262‌

Colgate-Palmolive 

126,208‌

13,102‌

Kimberly-Clark 

50,760‌

7,222‌

Procter

&

Gamble 

194,047‌

33,609‌

55,195‌

Personal

Care

Products

 0.3%

Estee

Lauder,

Class

A 

13,600‌

1,356‌

Kenvue 

412,097‌

9,532‌

10,888‌

Tobacco

 0.6%

Altria

Group 

35,410‌

1,807‌

Philip

Morris

International 

178,507‌

21,671‌

23,478‌

Total

Consumer

Staples

235,347‌

ENERGY

 3.1%

Energy

Equipment

&

Services

 0.2%

Halliburton 

88,983‌

2,585‌

Schlumberger 

136,735‌

5,736‌

8,321‌

Oil,

Gas

&

Consumable

Fuels

 2.9%

Chesapeake

Energy 

11,895‌

978‌

Chevron 

98,383‌

14,489‌

ConocoPhillips 

155,212‌

16,341‌

T.

ROWE

PRICE

Hedged

Equity

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Devon

Energy 

34,870‌

1,364‌

Diamondback

Energy 

48,736‌

8,402‌

EOG

Resources 

75,468‌

9,277‌

EQT 

52,280‌

1,916‌

Exxon

Mobil 

298,227‌

34,958‌

Hess 

8,211‌

1,115‌

Kinder

Morgan 

321,229‌

7,096‌

Marathon

Petroleum 

43,701‌

7,119‌

Phillips

66 

13,656‌

1,795‌

Suncor

Energy 

34,284‌

1,266‌

Targa

Resources 

14,499‌

2,146‌

Valero

Energy 

15,335‌

2,071‌

Williams 

48,058‌

2,194‌

112,527‌

Total

Energy

120,848‌

FINANCIALS

 12.9%

Banks

 2.6%

Bank

of

America 

483,218‌

19,174‌

Citigroup 

211,073‌

13,213‌

Fifth

Third

Bancorp 

95,882‌

4,108‌

Huntington

Bancshares 

271,757‌

3,995‌

JPMorgan

Chase 

173,302‌

36,542‌

KeyCorp 

109,833‌

1,840‌

PNC

Financial

Services

Group 

12,651‌

2,338‌

Popular 

12,037‌

1,207‌

Truist

Financial 

23,161‌

991‌

U.S.

Bancorp 

67,207‌

3,073‌

Wells

Fargo 

200,935‌

11,351‌

Western

Alliance

Bancorp 

20,426‌

1,767‌

99,599‌

Capital

Markets

 2.7%

Ares

Management,

Class

A 

22,781‌

3,550‌

Bank

of

New

York

Mellon 

122,836‌

8,827‌

BlackRock 

8,643‌

8,207‌

Blackstone 

15,304‌

2,343‌

Cboe

Global

Markets 

55,350‌

11,339‌

Charles

Schwab 

170,014‌

11,019‌

CME

Group 

20,711‌

4,570‌

FactSet

Research

Systems 

2,753‌

1,266‌

Goldman

Sachs

Group 

18,564‌

9,191‌

Intercontinental

Exchange 

45,751‌

7,349‌

KKR 

42,018‌

5,487‌

T.

ROWE

PRICE

Hedged

Equity

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

LPL

Financial

Holdings 

6,523‌

1,517‌

Moody's 

8,500‌

4,034‌

Morgan

Stanley 

74,766‌

7,794‌

MSCI 

1,849‌

1,078‌

S&P

Global 

20,831‌

10,762‌

TPG 

23,875‌

1,374‌

Tradeweb

Markets,

Class

A 

32,939‌

4,074‌

103,781‌

Consumer

Finance

 0.4%

American

Express 

41,946‌

11,376‌

Discover

Financial

Services 

30,178‌

4,233‌

15,609‌

Financial

Services

 4.2%

Apollo

Global

Management 

20,392‌

2,547‌

Berkshire

Hathaway,

Class

B (1)

89,311‌

41,106‌

Corebridge

Financial 

215,332‌

6,279‌

Corpay (1)

29,680‌

9,283‌

Equitable

Holdings 

59,379‌

2,496‌

Fiserv (1)

81,907‌

14,715‌

Global

Payments 

55,843‌

5,719‌

Mastercard,

Class

A 

67,337‌

33,251‌

Visa,

Class

A 

150,329‌

41,333‌

Voya

Financial 

68,779‌

5,449‌

162,178‌

Insurance

 2.9%

Allstate 

49,254‌

9,341‌

American

Financial

Group 

30,532‌

4,110‌

American

International

Group 

115,504‌

8,458‌

Arthur

J

Gallagher 

3,573‌

1,005‌

Axis

Capital

Holdings 

20,573‌

1,638‌

Chubb 

85,051‌

24,528‌

Hartford

Financial

Services

Group 

111,984‌

13,171‌

Marsh

&

McLennan 

59,401‌

13,252‌

MetLife 

99,180‌

8,180‌

Progressive 

35,707‌

9,061‌

RenaissanceRe

Holdings 

33,984‌

9,257‌

Travelers 

38,279‌

8,962‌

110,963‌

T.

ROWE

PRICE

Hedged

Equity

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Mortgage

Real

Estate

Investment

Trusts

 0.1%

Annaly

Capital

Management,

REIT 

89,441‌

1,795‌

1,795‌

Total

Financials

493,925‌

HEALTH

CARE

 11.6%

Biotechnology

 1.8%

AbbVie 

126,185‌

24,919‌

Amgen 

43,351‌

13,968‌

BeiGene,

ADR (1)

7,834‌

1,759‌

Biogen (1)

15,364‌

2,978‌

Gilead

Sciences 

100,891‌

8,459‌

Regeneron

Pharmaceuticals (1)

11,334‌

11,915‌

Vertex

Pharmaceuticals (1)

12,336‌

5,737‌

69,735‌

Health

Care

Equipment

&

Supplies

 2.1%

Abbott

Laboratories 

54,497‌

6,213‌

Becton

Dickinson

&

Company 

61,811‌

14,903‌

Boston

Scientific (1)

78,876‌

6,610‌

Dexcom (1)

48,673‌

3,263‌

Edwards

Lifesciences (1)

25,384‌

1,675‌

Hologic (1)

90,191‌

7,347‌

IDEXX

Laboratories (1)

3,263‌

1,648‌

Intuitive

Surgical (1)

29,434‌

14,460‌

Medtronic 

79,629‌

7,169‌

Stryker 

33,382‌

12,060‌

Zimmer

Biomet

Holdings 

58,081‌

6,270‌

81,618‌

Health

Care

Providers

&

Services

 2.7%

Cencora 

35,281‌

7,941‌

Cigna

Group 

39,321‌

13,622‌

CVS

Health 

20,503‌

1,289‌

Elevance

Health 

28,809‌

14,981‌

HCA

Healthcare 

1,593‌

647‌

Humana 

7,620‌

2,414‌

McKesson 

24,500‌

12,113‌

Molina

Healthcare (1)

10,009‌

3,449‌

Quest

Diagnostics 

15,766‌

2,448‌

Tenet

Healthcare (1)

28,986‌

4,817‌

UnitedHealth

Group 

70,312‌

41,110‌

104,831‌

T.

ROWE

PRICE

Hedged

Equity

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Life

Sciences

Tools

&

Services

 1.3%

Agilent

Technologies 

12,595‌

1,870‌

Danaher 

51,948‌

14,443‌

ICON (1)

9,256‌

2,659‌

IQVIA

Holdings (1)

4,298‌

1,019‌

Mettler-Toledo

International (1)

3,503‌

5,253‌

Repligen (1)

18,771‌

2,794‌

Thermo

Fisher

Scientific 

32,818‌

20,300‌

48,338‌

Pharmaceuticals

 3.7%

AstraZeneca,

ADR 

17,198‌

1,340‌

Bristol-Myers

Squibb 

128,872‌

6,668‌

Eli

Lilly 

71,313‌

63,179‌

Johnson

&

Johnson 

166,250‌

26,943‌

Merck 

224,833‌

25,532‌

Novo

Nordisk,

ADR 

45,590‌

5,428‌

Pfizer 

252,843‌

7,317‌

Sanofi,

ADR 

24,380‌

1,405‌

Viatris 

32,135‌

373‌

Zoetis 

16,734‌

3,270‌

141,455‌

Total

Health

Care

445,977‌

INDUSTRIALS

&

BUSINESS

SERVICES

 7.7%

Aerospace

&

Defense

 1.9%

Boeing (1)

48,448‌

7,366‌

General

Dynamics 

13,729‌

4,149‌

General

Electric 

92,633‌

17,469‌

Howmet

Aerospace 

45,649‌

4,576‌

L3Harris

Technologies 

22,827‌

5,430‌

Lockheed

Martin 

10,709‌

6,260‌

Northrop

Grumman 

27,226‌

14,377‌

RTX 

52,421‌

6,352‌

TransDigm

Group 

4,072‌

5,811‌

71,790‌

Air

Freight

&

Logistics

 0.1%

FedEx 

16,898‌

4,625‌

4,625‌

Building

Products

 0.4%

Carrier

Global 

78,240‌

6,297‌

Johnson

Controls

International 

38,936‌

3,022‌

T.

ROWE

PRICE

Hedged

Equity

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Trane

Technologies 

11,308‌

4,396‌

13,715‌

Commercial

Services

&

Supplies

 0.8%

Cintas 

21,481‌

4,422‌

Copart (1)

67,568‌

3,541‌

Republic

Services 

32,243‌

6,476‌

Waste

Connections 

58,772‌

10,510‌

Waste

Management 

34,655‌

7,194‌

32,143‌

Electrical

Equipment

 0.6%

AMETEK 

4,079‌

700‌

Emerson

Electric 

21,190‌

2,318‌

GE

Vernova (1)

30,755‌

7,842‌

Hubbell 

10,504‌

4,499‌

Rockwell

Automation 

22,575‌

6,061‌

Sensata

Technologies

Holding 

14,888‌

534‌

Vertiv

Holdings,

Class

A 

17,031‌

1,694‌

23,648‌

Ground

Transportation

 1.3%

Canadian

National

Railway 

4,883‌

572‌

CSX 

409,308‌

14,133‌

JB

Hunt

Transport

Services 

895‌

154‌

Norfolk

Southern 

26,349‌

6,548‌

Old

Dominion

Freight

Line 

43,591‌

8,659‌

Saia (1)

12,013‌

5,253‌

Uber

Technologies (1)

181,626‌

13,651‌

48,970‌

Industrial

Conglomerates

 0.8%

Honeywell

International 

68,560‌

14,172‌

Roper

Technologies 

29,697‌

16,525‌

30,697‌

Machinery

 1.2%

Caterpillar 

10,981‌

4,295‌

Cummins 

28,287‌

9,159‌

Deere 

17,910‌

7,475‌

Dover 

31,700‌

6,078‌

Esab 

13,191‌

1,402‌

Fortive 

33,243‌

2,624‌

IDEX 

10,476‌

2,247‌

Ingersoll

Rand 

36,268‌

3,560‌

Stanley

Black

&

Decker 

93,328‌

10,278‌

T.

ROWE

PRICE

Hedged

Equity

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Xylem 

4,185‌

565‌

47,683‌

Passenger

Airlines

 0.1%

Delta

Air

Lines 

37,427‌

1,901‌

United

Airlines

Holdings (1)

26,478‌

1,511‌

3,412‌

Professional

Services

 0.4%

Booz

Allen

Hamilton

Holding 

6,226‌

1,013‌

Equifax 

9,048‌

2,659‌

Leidos

Holdings 

18,161‌

2,960‌

SS&C

Technologies

Holdings 

40,636‌

3,016‌

Verisk

Analytics 

25,459‌

6,822‌

16,470‌

Trading

Companies

&

Distributors

 0.1%

SiteOne

Landscape

Supply (1)

14,977‌

2,260‌

2,260‌

Total

Industrials

&

Business

Services

295,413‌

INFORMATION

TECHNOLOGY

 27.9%

Communications

Equipment

 0.6%

Arista

Networks (1)

9,815‌

3,767‌

Cisco

Systems 

252,536‌

13,440‌

Motorola

Solutions 

16,377‌

7,364‌

24,571‌

Electronic

Equipment,

Instruments

&

Components

 0.9%

Amphenol,

Class

A 

114,181‌

7,440‌

Keysight

Technologies (1)

46,465‌

7,385‌

TE

Connectivity 

75,327‌

11,374‌

Teledyne

Technologies (1)

11,444‌

5,008‌

Zebra

Technologies,

Class

A (1)

13,408‌

4,965‌

36,172‌

IT

Services

 1.7%

Accenture,

Class

A 

73,236‌

25,887‌

Akamai

Technologies (1)

30,975‌

3,127‌

Amdocs 

32,944‌

2,882‌

Cognizant

Technology

Solutions,

Class

A 

79,972‌

6,172‌

Gartner (1)

2,549‌

1,292‌

GoDaddy,

Class

A (1)

40,158‌

6,296‌

International

Business

Machines 

75,601‌

16,714‌

Shopify,

Class

A (1)

19,273‌

1,545‌

T.

ROWE

PRICE

Hedged

Equity

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

VeriSign (1)

15,864‌

3,013‌

66,928‌

Semiconductors

&

Semiconductor

Equipment

 8.9%

Advanced

Micro

Devices (1)

112,696‌

18,491‌

Analog

Devices 

44,771‌

10,305‌

Broadcom 

323,715‌

55,841‌

Entegris 

30,730‌

3,458‌

KLA 

17,308‌

13,404‌

Marvell

Technology 

72,297‌

5,214‌

Monolithic

Power

Systems 

4,850‌

4,484‌

NVIDIA 

1,565,106‌

190,066‌

ON

Semiconductor (1)

19,177‌

1,392‌

QUALCOMM 

101,018‌

17,178‌

Texas

Instruments 

94,165‌

19,452‌

339,285‌

Software

 9.4%

Adobe (1)

29,199‌

15,119‌

Autodesk (1)

21,754‌

5,993‌

Cadence

Design

Systems (1)

22,867‌

6,198‌

Check

Point

Software

Technologies (1)

15,664‌

3,020‌

Crowdstrike

Holdings,

Class

A (1)

11,627‌

3,261‌

Descartes

Systems

Group (1)

17,775‌

1,830‌

Dynatrace (1)

42,923‌

2,295‌

Fair

Isaac (1)

2,065‌

4,013‌

Fortinet (1)

172,726‌

13,395‌

Gen

Digital 

316,867‌

8,692‌

Intuit 

18,318‌

11,376‌

Microsoft 

513,479‌

220,950‌

Oracle 

111,216‌

18,951‌

Palo

Alto

Networks (1)

9,056‌

3,095‌

Salesforce 

102,109‌

27,948‌

ServiceNow (1)

5,639‌

5,044‌

Synopsys (1)

11,227‌

5,685‌

Workday,

Class

A (1)

10,316‌

2,521‌

Zscaler (1)

7,648‌

1,307‌

360,693‌

Technology

Hardware,

Storage

&

Peripherals

 6.4%

Apple 

1,004,940‌

234,151‌

NetApp 

32,124‌

3,968‌

Pure

Storage,

Class

A (1)

29,544‌

1,484‌

T.

ROWE

PRICE

Hedged

Equity

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Western

Digital (1)

55,245‌

3,773‌

243,376‌

Total

Information

Technology

1,071,025‌

MATERIALS

 1.8%

Chemicals

 1.0%

CF

Industries

Holdings 

41,846‌

3,590‌

Linde 

45,376‌

21,638‌

Mosaic 

71,675‌

1,920‌

RPM

International 

30,860‌

3,734‌

Sherwin-Williams 

18,171‌

6,935‌

37,817‌

Construction

Materials

 0.1%

Vulcan

Materials 

14,929‌

3,739‌

3,739‌

Containers

&

Packaging

 0.3%

Ball 

55,156‌

3,746‌

International

Paper 

34,953‌

1,707‌

Packaging

Corp.

of

America 

32,276‌

6,952‌

12,405‌

Metals

&

Mining

 0.3%

Agnico

Eagle

Mines 

24,381‌

1,964‌

Franco-Nevada 

11,920‌

1,481‌

Freeport-McMoRan 

116,641‌

5,823‌

Steel

Dynamics 

31,392‌

3,958‌

13,226‌

Paper

&

Forest

Products

 0.1%

West

Fraser

Timber 

38,089‌

3,708‌

3,708‌

Total

Materials

70,895‌

REAL

ESTATE

 1.8%

Health

Care

Real

Estate

Investment

Trusts

 0.2%

Welltower,

REIT 

48,082‌

6,156‌

6,156‌

Industrial

Real

Estate

Investment

Trusts

 0.4%

Prologis,

REIT 

68,442‌

8,643‌

Rexford

Industrial

Realty,

REIT 

94,950‌

4,777‌

13,420‌

Real

Estate

Management

&

Development

 0.1%

CBRE

Group,

Class

A (1)

15,237‌

1,897‌

T.

ROWE

PRICE

Hedged

Equity

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CoStar

Group (1)

17,904‌

1,350‌

3,247‌

Residential

Real

Estate

Investment

Trusts

 0.3%

American

Homes

4

Rent,

Class

A,

REIT 

37,125‌

1,425‌

AvalonBay

Communities,

REIT 

8,910‌

2,007‌

Camden

Property

Trust,

REIT 

5,403‌

668‌

Essex

Property

Trust,

REIT 

13,372‌

3,950‌

Sun

Communities,

REIT 

16,619‌

2,246‌

10,296‌

Retail

Real

Estate

Investment

Trusts

 0.1%

Kimco

Realty,

REIT 

69,161‌

1,606‌

Regency

Centers,

REIT 

18,352‌

1,326‌

Simon

Property

Group,

REIT 

8,835‌

1,493‌

4,425‌

Specialized

Real

Estate

Investment

Trusts

 0.7%

American

Tower,

REIT 

44,463‌

10,340‌

Crown

Castle,

REIT 

3,927‌

466‌

CubeSmart,

REIT 

29,355‌

1,580‌

Equinix,

REIT 

9,013‌

8,000‌

Public

Storage,

REIT 

15,512‌

5,645‌

SBA

Communications,

REIT 

2,448‌

589‌

Weyerhaeuser,

REIT 

26,573‌

900‌

27,520‌

Total

Real

Estate

65,064‌

UTILITIES

 2.9%

Electric

Utilities

 2.1%

Constellation

Energy 

32,280‌

8,393‌

Duke

Energy 

50,324‌

5,802‌

Entergy 

26,411‌

3,476‌

Evergy 

80,475‌

4,990‌

Exelon 

60,591‌

2,457‌

FirstEnergy 

51,448‌

2,282‌

NextEra

Energy 

184,749‌

15,617‌

OGE

Energy 

80,145‌

3,288‌

PG&E 

506,343‌

10,010‌

PPL 

22,450‌

743‌

Southern 

114,844‌

10,357‌

Xcel

Energy 

205,979‌

13,450‌

80,865‌

T.

ROWE

PRICE

Hedged

Equity

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Gas

Utilities

 0.1%

Atmos

Energy 

34,149‌

4,737‌

4,737‌

Independent

Power

&

Renewable

Electricity

Producers

 0.1%

Vistra 

20,529‌

2,433‌

2,433‌

Multi-Utilities

 0.6%

Ameren 

126,243‌

11,041‌

CenterPoint

Energy 

44,172‌

1,300‌

CMS

Energy 

34,836‌

2,460‌

Consolidated

Edison 

22,932‌

2,388‌

Dominion

Energy 

27,546‌

1,592‌

Sempra 

17,750‌

1,484‌

WEC

Energy

Group 

7,755‌

746‌

21,011‌

Total

Utilities

109,046‌

Total

Common

Stocks

(Cost

$2,776,829)

3,550,238‌

SHORT-TERM

INVESTMENTS

 7.3%

Money

Market

Funds

 6.5%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94% (2)(3)

249,973,592‌

249,974‌

249,974‌

U.S.

Treasury

Obligations

 0.8%

U.S.

Treasury

Bills,

4.636%,

12/12/24 (4)

700,000‌

694‌

U.S.

Treasury

Bills,

4.688%,

3/13/25 (4)

32,000,000‌

31,376‌

32,070‌

Total

Short-Term

Investments

(Cost

$282,004)

282,044‌

T.

ROWE

PRICE

Hedged

Equity

Fund

14

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED 0.1%

OTC

Options

Purchased 0.1%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Wells

Fargo

Bank

S&P

500

Index,

Put,

12/20/24

@

$5,200.00 (1)

686‌

395,306‌

2,823‌

Total

Options

Purchased

(Cost

$4,004)

2,823‌

Total

Investments

in

Securities

 100.0%

(Cost

$3,062,837)

$

3,835,105‌

Other

Assets

Less

Liabilities

0.0%

150‌

Net

Assets

100.0%

$

3,835,255‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Seven-day

yield

(3)

Affiliated

Companies

(4)

At

September

30,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

ADR

American

Depositary

Receipts

OTC

Over-the-counter

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Hedged

Equity

Fund

15

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

1,510

S&P

500

E-Mini

Index

contracts

12/24

(438,976)

$

(

8,541‌

)

Long,

4,161

U.S.

Treasury

Notes

ten

year

contracts

12/24

475,524

804‌

Net

payments

(receipts)

of

variation

margin

to

date

4,127‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(

3,610‌

)

T.

ROWE

PRICE

Hedged

Equity

Fund

16

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,

2024.

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,

4.97%

$

—‌

$

—‌

$

—‌

++

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94%

—‌

—‌

9,346‌

Totals

$

—‌

#

$

—‌

$

9,346‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

09/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

$

—‌

¤

¤

$

—‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94%

226,763‌

¤

¤

249,974‌

Total

$

249,974‌

^

#

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

$9,346

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

$249,974.

T.

ROWE

PRICE

Hedged

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

17

T.

Rowe

Price

Hedged

Equity

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)

T.

ROWE

PRICE

Hedged

Equity

Fund

18

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.

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

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

T.

ROWE

PRICE

Hedged

Equity

Fund

19

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.

T.

ROWE

PRICE

Hedged

Equity

Fund

20

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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.

The

fund’s

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

3,550,238‌

$

—‌

$

—‌

$

3,550,238‌

Short-Term

Investments

249,974‌

32,070‌

—‌

282,044‌

Options

Purchased

—‌

2,823‌

—‌

2,823‌

Total

Securities

3,800,212‌

34,893‌

—‌

3,835,105‌

Futures

Contracts*

804‌

—‌

—‌

804‌

Total

$

3,801,016‌

$

34,893‌

$

—‌

$

3,835,909‌

Liabilities

Futures

Contracts*

$

8,541‌

$

—‌

$

—‌

$

8,541‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Hedged

Equity

Fund

21

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F1544-054Q3

09/24