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, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Annual Shareholder Report
December 31, 2024
Institutional Small-Cap Stock Fund
This annual shareholder report contains important information about Institutional Small-Cap Stock Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Small-Cap Stock Fund | $70 | 0.66% |
|---|
What drove fund performance during the past 12 months?
U.S. equities posted strong returns, lifted by favorable economic data and corporate earnings reports, easing inflationary pressures, and short-term interest rate reductions by the Federal Reserve. The results of the U.S. presidential election ended a lengthy period of uncertainty, boosting stocks further. Small-cap stocks significantly lagged large-cap peers, and growth outperformed value across all market capitalizations.
Versus the Russell 2000 Index, the leading contributor to relative performance was stock selection in energy. Shares of TechnipFMC, a global offshore oilfield service and equipment company, benefited from strong performance in its subsea segment. The communication services sector also added value due to stock choices. Liberty Media Corp-Liberty Live, a tracking stock that reflects the economic contribution of Live Nation, was a key contributor as secular tailwinds in the live entertainment industry boosted its shares.
On the negative side, stock selection in health care was the leading detractor from relative performance. 10X Genomics, the leader in single-cell gene expression analysis, was a large detractor owing to multiple headwinds, including product transition issues, challenges from a sales force reconstitution, and weakness in China. Stock choices in information technology also weighed on relative results.
The fund seeks to opportunistically blend small-cap value and growth stocks to capitalize on valuation anomalies and produce strong and consistent returns. We take a contrarian approach in our assessment of value and growth opportunities, seeking situations in which our view of a company’s prospects is distinctly different from the market’s expectations.
How has the fund performed?
Cumulative Returns of a Hypothetical $1 Million Investment as of December 31, 2024
| Fund | Regulatory Benchmark | Strategy Benchmark |
|---|
| 2014 | 1,000,000 | 1,000,000 | 1,000,000 |
|---|
| 2015 | 1,041,016 | 1,018,003 | 1,043,153 |
|---|
| 2015 | 1,032,715 | 1,019,406 | 1,047,543 |
|---|
| 2015 | 923,828 | 945,507 | 922,699 |
|---|
| 2015 | 969,307 | 1,004,788 | 955,859 |
|---|
| 2016 | 967,739 | 1,014,517 | 941,344 |
|---|
| 2016 | 1,010,087 | 1,041,203 | 977,038 |
|---|
| 2016 | 1,072,303 | 1,086,993 | 1,065,420 |
|---|
| 2016 | 1,153,510 | 1,132,748 | 1,159,533 |
|---|
| 2017 | 1,195,140 | 1,197,805 | 1,188,126 |
|---|
| 2017 | 1,224,123 | 1,233,926 | 1,217,396 |
|---|
| 2017 | 1,288,411 | 1,290,333 | 1,286,405 |
|---|
| 2017 | 1,331,760 | 1,372,105 | 1,329,373 |
|---|
| 2018 | 1,357,587 | 1,363,261 | 1,328,254 |
|---|
| 2018 | 1,447,980 | 1,416,276 | 1,431,243 |
|---|
| 2018 | 1,538,935 | 1,517,171 | 1,482,429 |
|---|
| 2018 | 1,290,861 | 1,300,182 | 1,182,956 |
|---|
| 2019 | 1,517,874 | 1,482,773 | 1,355,480 |
|---|
| 2019 | 1,606,263 | 1,543,493 | 1,383,878 |
|---|
| 2019 | 1,608,807 | 1,561,437 | 1,350,654 |
|---|
| 2019 | 1,729,220 | 1,703,486 | 1,484,905 |
|---|
| 2020 | 1,275,477 | 1,347,463 | 1,030,305 |
|---|
| 2020 | 1,599,579 | 1,644,276 | 1,292,194 |
|---|
| 2020 | 1,732,596 | 1,795,673 | 1,355,924 |
|---|
| 2020 | 2,161,571 | 2,059,307 | 1,781,304 |
|---|
| 2021 | 2,345,820 | 2,190,009 | 2,007,513 |
|---|
| 2021 | 2,470,770 | 2,370,461 | 2,093,687 |
|---|
| 2021 | 2,441,827 | 2,368,050 | 2,002,394 |
|---|
| 2021 | 2,524,150 | 2,587,747 | 2,045,276 |
|---|
| 2022 | 2,239,847 | 2,451,154 | 1,891,351 |
|---|
| 2022 | 1,898,683 | 2,041,783 | 1,566,130 |
|---|
| 2022 | 1,857,191 | 1,950,626 | 1,531,876 |
|---|
| 2022 | 1,935,773 | 2,090,721 | 1,627,294 |
|---|
| 2023 | 2,002,189 | 2,240,841 | 1,671,846 |
|---|
| 2023 | 2,106,672 | 2,428,776 | 1,758,870 |
|---|
| 2023 | 1,985,990 | 2,349,748 | 1,668,673 |
|---|
| 2023 | 2,275,575 | 2,633,405 | 1,902,777 |
|---|
| 2024 | 2,402,898 | 2,897,256 | 2,001,343 |
|---|
| 2024 | 2,292,665 | 2,990,431 | 1,935,745 |
|---|
| 2024 | 2,505,439 | 3,176,709 | 2,115,242 |
|---|
| 2024 | 2,542,954 | 3,260,361 | 2,122,317 |
|---|
202501-4140694, 202502-4108631
Average Annual Total Returns
| | 1 Year | 5 Years | 10 Years |
|---|
| Institutional Small-Cap Stock Fund | 11.75% | 8.02% | 9.78% |
|---|
| Russell 3000 Index (Regulatory Benchmark) | 23.81 | 13.86 | 12.55 |
|---|
| Russell 2000 Index (Strategy Benchmark) | 11.54 | 7.40 | 7.82 |
|---|
The preceding line graph shows the value of a hypothetical $1,000,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
- Total Net Assets (000s)$4,527,684
- Number of Portfolio Holdings315
- Investment Advisory Fees Paid (000s)$28,845
- Portfolio Turnover Rate59.9%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
| Financials | 19.0% |
| Industrials & Business Services | 17.9 |
| Health Care | 17.3 |
| Information Technology | 13.6 |
| Consumer Discretionary | 7.6 |
| Energy | 5.8 |
| Real Estate | 5.1 |
| Materials | 4.2 |
| Communication Services | 3.3 |
| Other | 6.2 |
Top Ten Holdings (as a % of Net Assets)
| Liberty Media Corp-Liberty Live | 1.6% |
| Masimo | 1.4 |
| Cboe Global Markets | 1.3 |
| Lattice Semiconductor | 1.1 |
| TMX Group | 1.1 |
| Mirion Technologies | 1.1 |
| PAR Technology | 1.1 |
| Planet Fitness | 1.0 |
| Esab | 1.0 |
| SiteOne Landscape Supply | 1.0 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Institutional Small-Cap Stock Fund
(TRSSX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
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 has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | | | |
| | | 2024 | | | 2023 | | | |
Audit Fees | | $ | 46,029 | | | $ | 46,733 | |
Audit-Related Fees | | | - | | | | - | |
Tax Fees | | | - | | | | 6,273 | |
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.
(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 $1,262,000 and $1,524,000, 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.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Statements
and
Other
Information
Institutional
Small-Cap
Stock
Fund
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
..
Year
..
..
Ended
.
12/31/24
12/31/23
12/31/22
12/31/21
12/31/20
NET
ASSET
VALUE
Beginning
of
period
$
26.63
$
23.90
$
32.85
$
30.62
$
25.61
Investment
activities
Net
investment
income
(1)(2)
0.06
0.09
0.06
0.01
0.05
Net
realized
and
unrealized
gain/loss
3.08
4.10
(7.73)
5.02
6.35
Total
from
investment
activities
3.14
4.19
(7.67)
5.03
6.40
Distributions
Net
investment
income
(0.18)
(0.12)
(0.05)
(0.02)
(0.05)
Net
realized
gain
(4.71)
(1.34)
(1.23)
(2.78)
(1.34)
Total
distributions
(4.89)
(1.46)
(1.28)
(2.80)
(1.39)
NET
ASSET
VALUE
End
of
period
$
24.88
$
26.63
$
23.90
$
32.85
$
30.62
Ratios/Supplemental
Data
Total
return
(2)(3)
11.75%
17.55%
(23.31)%
16.77%
25.00%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.66%
0.66%
0.66%
0.66%
0.66%
Net
expenses
after
waivers/payments
by
Price
Associates
0.66%
0.66%
0.66%
0.66%
0.66%
Net
investment
income
0.23%
0.37%
0.21%
0.02%
0.19%
Portfolio
turnover
rate
59.9%
26.2%
25.1%
18.9%
22.6%
Net
assets,
end
of
period
(in
millions)
$
4,528
$
4,401
$
4,479
$
6,158
$
6,164
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
December
31,
2024
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.5%
COMMUNICATION
SERVICES
2.9%
Entertainment
2.0%
Liberty
Media
Corp-Liberty
Live,
Class
C (1)
1,090,807
74,240
Madison
Square
Garden
Sports (1)
70,200
15,843
90,083
Interactive
Media
&
Services
0.9%
Reddit,
Class
A (1)
198,622
32,463
Vimeo (1)
1,518,921
9,721
42,184
Total
Communication
Services
132,267
CONSUMER
DISCRETIONARY
7.0%
Automobile
Components
0.5%
Modine
Manufacturing (1)
192,192
22,281
22,281
Broadline
Retail
0.2%
Ollie's
Bargain
Outlet
Holdings (1)
16,550
1,816
Savers
Value
Village (1)
779,134
7,986
9,802
Diversified
Consumer
Services
1.2%
Bright
Horizons
Family
Solutions (1)
286,352
31,742
Duolingo (1)
22,648
7,343
Strategic
Education
161,670
15,104
54,189
Hotels,
Restaurants
&
Leisure
3.4%
Caesars
Entertainment (1)
371,600
12,419
Cava
Group (1)
13,335
1,504
Dutch
Bros,
Class
A (1)
363,771
19,054
Papa
John's
International
318,102
13,065
Planet
Fitness,
Class
A (1)
469,464
46,416
Red
Rock
Resorts,
Class
A
292,065
13,505
Shake
Shack,
Class
A (1)
175,120
22,731
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $17,606 (1)(2)(3)(4)
2,059,233
7,660
Wyndham
Hotels
&
Resorts
163,562
16,485
152,839
Household
Durables
0.7%
Champion
Homes (1)
193,522
17,049
Installed
Building
Products
80,954
14,187
31,236
Specialty
Retail
0.7%
Burlington
Stores (1)
52,660
15,011
Floor
&
Decor
Holdings,
Class
A (1)
5,532
552
RH (1)
38,198
15,034
30,597
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Textiles,
Apparel
&
Luxury
Goods
0.3%
Skechers
USA,
Class
A (1)
200,258
13,465
13,465
Total
Consumer
Discretionary
314,409
CONSUMER
STAPLES
2.1%
Beverages
0.3%
Boston
Beer,
Class
A (1)
48,584
14,574
14,574
Food
Products
1.1%
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $6,258 (1)(2)(4)
338,911
1,186
Post
Holdings (1)
131,534
15,055
Simply
Good
Foods (1)
561,827
21,900
Utz
Brands
864,278
13,535
51,676
Personal
Care
Products
0.7%
BellRing
Brands (1)
191,704
14,443
Interparfums
141,895
18,661
33,104
Total
Consumer
Staples
99,354
ENERGY
5.5%
Energy
Equipment
&
Services
1.9%
Cactus,
Class
A
224,819
13,121
Expro
Group
Holdings (1)
1,015,796
12,667
TechnipFMC
1,470,662
42,561
Weatherford
International
269,821
19,327
87,676
Oil,
Gas
&
Consumable
Fuels
3.6%
Antero
Resources (1)
470,616
16,495
DT
Midstream
184,164
18,311
Expand
Energy
359,387
35,777
Kimbell
Royalty
Partners
500,138
8,117
Magnolia
Oil
&
Gas,
Class
A
667,794
15,613
Matador
Resources
30,688
1,727
Range
Resources
1,155,294
41,568
Viper
Energy
475,779
23,346
160,954
Total
Energy
248,630
FINANCIALS
18.4%
Banks
9.7%
Banc
of
California
1,195,029
18,475
Blue
Foundry
Bancorp (1)
380,801
3,736
Cadence
Bank
674,951
23,252
Capitol
Federal
Financial
1,541,647
9,111
Columbia
Banking
System
921,336
24,885
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $1,368 (1)(2)(4)
13,013
823
CrossFirst
Bankshares (1)
304,748
4,617
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Dime
Community
Bancshares
471,665
14,497
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19
-
4/5/24,
Cost $2,479 (1)(2)(4)
247,867
3,958
East
West
Bancorp
408,589
39,126
Eastern
Bankshares
828,394
14,290
Equity
Bancshares,
Class
A
371,439
15,756
FB
Financial
401,905
20,702
First
Bancshares
418,724
14,655
Five
Star
Bancorp
454,532
13,677
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $2,456 (1)(2)(4)
245,627
1,105
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (1)(2)(4)
47,055
32
HarborOne
Bancorp
570,861
6,753
Home
BancShares
498,962
14,121
Kearny
Financial
740,215
5,241
Live
Oak
Bancshares
543,925
21,512
Origin
Bancorp
346,408
11,532
Pacific
Premier
Bancorp
533,694
13,300
Pinnacle
Financial
Partners
290,461
33,226
Popular
121,864
11,463
Prosperity
Bancshares
268,899
20,262
SouthState
318,807
31,715
Texas
Capital
Bancshares (1)
299,235
23,400
Western
Alliance
Bancorp
296,272
24,751
439,973
Capital
Markets
3.7%
Cboe
Global
Markets
291,300
56,920
DigitalBridge
Group
1,272,764
14,357
Hamilton
Lane,
Class
A
114,176
16,904
StepStone
Group,
Class
A
231,457
13,397
Stifel
Financial
153,110
16,242
TMX
Group
(CAD)
1,652,989
50,919
168,739
Consumer
Finance
0.8%
Encore
Capital
Group (1)
328,702
15,702
SLM
656,224
18,099
33,801
Financial
Services
1.2%
PennyMac
Financial
Services
429,685
43,888
Toast,
Class
A (1)
243,588
8,879
52,767
Insurance
3.0%
Assurant
160,220
34,162
First
American
Financial
74,150
4,630
Goosehead
Insurance,
Class
A (1)
183,717
19,698
Hanover
Insurance
Group
104,332
16,136
RLI
104,632
17,246
Selective
Insurance
Group
155,396
14,533
TWFG (1)
302,871
9,328
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
White
Mountains
Insurance
Group
10,056
19,560
135,293
Total
Financials
830,573
HEALTH
CARE
15.5%
Biotechnology
6.0%
ACELYRIN (1)
1,912,035
6,004
Akero
Therapeutics (1)
111,687
3,107
Arcellx (1)
118,861
9,116
Arrowhead
Pharmaceuticals (1)
413,869
7,781
Black
Diamond
Therapeutics (1)
1,236,268
2,646
Blueprint
Medicines (1)
150,084
13,090
Celldex
Therapeutics (1)
261,300
6,603
Centessa
Pharmaceuticals,
ADR (1)
442,817
7,417
Crinetics
Pharmaceuticals (1)
237,560
12,146
CRISPR
Therapeutics (1)
87,894
3,460
Cytokinetics (1)
769,788
36,211
Erasca (1)
1,783,704
4,477
Immatics (1)
1,110,685
7,897
Immunocore
Holdings,
ADR (1)
910,217
26,851
Immunome (1)
1,026,667
10,903
Immunovant (1)
1,110,282
27,502
Insmed (1)
302,854
20,909
Ionis
Pharmaceuticals (1)
447,170
15,633
Iovance
Biotherapeutics (1)
913,400
6,759
Merus (1)
123,650
5,200
Nurix
Therapeutics (1)
281,313
5,300
Prime
Medicine (1)
348,418
1,017
Vaxcyte (1)
200,714
16,430
Vera
Therapeutics (1)
265,407
11,224
Xenon
Pharmaceuticals (1)
152,645
5,984
273,667
Health
Care
Equipment
&
Supplies
4.3%
Haemonetics (1)
394,006
30,764
Lantheus
Holdings (1)
185,369
16,583
Masimo (1)
394,214
65,164
Neogen (1)
1,249,053
15,163
Novocure (1)
340,800
10,156
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $7,145 (1)(2)(4)
1,897,440
778
Penumbra (1)
60,892
14,461
PROCEPT
BioRobotics (1)
181,983
14,653
QuidelOrtho (1)
534,735
23,822
West
Affum
DBA
Kestra,
Class
A,
Acquisition
Date:
7/15/24,
Cost $3,395 (1)(2)(4)
231,433
3,395
194,939
Health
Care
Providers
&
Services
2.8%
Alignment
Healthcare (1)
1,280,684
14,408
Concentra
Group
Holdings
Parent
758,829
15,010
Molina
Healthcare (1)
23,677
6,891
NeoGenomics (1)
1,484,637
24,467
Oscar
Health,
Class
A (1)
1,757,948
23,627
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Privia
Health
Group (1)
701,178
13,708
Progyny (1)
765,997
13,213
RadNet (1)
212,956
14,873
126,197
Health
Care
Technology
0.4%
Doximity,
Class
A (1)
303,217
16,189
16,189
Life
Sciences
Tools
&
Services
1.4%
Bruker
408,888
23,969
Repligen (1)
37,977
5,466
Sotera
Health (1)
1,232,019
16,854
Stevanato
Group
805,037
17,542
63,831
Pharmaceuticals
0.6%
Elanco
Animal
Health (1)
1,364,722
16,527
Neumora
Therapeutics (1)
489,113
5,184
Rapport
Therapeutics (1)
196,334
3,483
Third
Harmonic
Bio (1)
285,434
2,937
28,131
Total
Health
Care
702,954
INDUSTRIALS
&
BUSINESS
SERVICES
17.1%
Aerospace
&
Defense
0.5%
Leonardo
DRS (1)
580,834
18,767
Loar
Holdings (1)
63,456
4,690
23,457
Building
Products
1.8%
AAON
132,052
15,540
AZZ
427,212
34,997
CSW
Industrials
27,794
9,805
Simpson
Manufacturing
45,449
7,537
UFP
Industries
104,100
11,727
79,606
Commercial
Services
&
Supplies
1.8%
BrightView
Holdings (1)
915,150
14,633
Casella
Waste
Systems,
Class
A (1)
145,841
15,432
MSA
Safety
74,200
12,300
Rentokil
Initial
(GBP)
94,600
472
Tetra
Tech
117,520
4,682
VSE
338,532
32,194
79,713
Construction
&
Engineering
1.4%
API
Group (1)
660,422
23,755
Arcosa
268,480
25,973
MYR
Group (1)
47,800
7,111
WillScot
Holdings (1)
212,762
7,117
63,956
Electrical
Equipment
0.3%
Thermon
Group
Holdings (1)
456,333
13,129
13,129
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ground
Transportation
0.5%
Landstar
System
2,314
398
Saia (1)
49,684
22,642
23,040
Machinery
5.4%
AGCO
20,000
1,870
Crane
135,726
20,596
Enerpac
Tool
Group
352,391
14,480
Enpro
153,832
26,528
Esab
381,504
45,758
ESCO
Technologies
107,107
14,268
Federal
Signal
245,983
22,726
Graco
241,912
20,391
RBC
Bearings (1)
145,057
43,392
Spirax
Group
(GBP)
5,732
490
SPX
Technologies (1)
238,042
34,640
Toro
5,989
480
245,619
Professional
Services
1.9%
Acuren (1)
831,957
10,607
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $2,271 (1)(2)(4)
291,546
1,790
FTI
Consulting (1)
77,981
14,904
Parsons (1)
243,001
22,417
Paycor
HCM (1)
1,005,535
18,673
Paylocity
Holding (1)
76,546
15,269
83,660
Trading
Companies
&
Distributors
3.5%
Beacon
Roofing
Supply (1)
217,396
22,083
Custom
Truck
One
Source (1)
1,040,614
5,005
FTAI
Aviation
174,842
25,184
GMS (1)
221,673
18,805
McGrath
RentCorp
142,900
15,979
Rush
Enterprises,
Class
A
253,996
13,916
SiteOne
Landscape
Supply (1)
343,282
45,234
Transcat (1)
122,153
12,917
159,123
Total
Industrials
&
Business
Services
771,303
INFORMATION
TECHNOLOGY
13.1%
Electronic
Equipment,
Instruments
&
Components
4.1%
CTS
317,789
16,757
Insight
Enterprises (1)
138,066
21,000
Mirion
Technologies (1)
2,905,385
50,699
Novanta (1)
163,518
24,981
PAR
Technology (1)
653,394
47,482
Teledyne
Technologies (1)
48,799
22,649
183,568
IT
Services
0.4%
Globant (1)
76,477
16,398
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $1,603 (1)(2)(4)
71,410
2,485
18,883
Semiconductors
&
Semiconductor
Equipment
1.8%
Entegris
4,246
421
Lattice
Semiconductor (1)
900,307
51,002
MACOM
Technology
Solutions
Holdings (1)
110,336
14,334
Onto
Innovation (1)
2,478
413
Power
Integrations
236,371
14,584
80,754
Software
6.8%
Amplitude,
Class
A (1)
2,057,108
21,703
Appfolio,
Class
A (1)
2,021
499
Aurora
Innovation (1)
3,133,548
19,741
Braze,
Class
A (1)
385,061
16,126
CCC
Intelligent
Solutions
Holdings (1)
2,427,258
28,472
Descartes
Systems
Group (1)
361,536
41,071
Intapp (1)
527,749
33,823
JFrog (1)
373,997
10,999
nCino (1)
320,203
10,752
Onestream (1)
197,491
5,632
QXO
2,562,021
40,736
ServiceTitan,
Class
A (1)
25,054
2,577
ServiceTitan,
Class
A,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $3,551 (1)(4)
109,037
11,217
Socure,
Acquisition
Date:
12/22/21,
Cost $1,200 (1)(2)(4)
74,692
311
Varonis
Systems (1)
215,884
9,592
Vertex,
Class
A (1)
279,072
14,889
Workiva (1)
364,157
39,875
308,015
Total
Information
Technology
591,220
MATERIALS
3.4%
Chemicals
0.8%
Element
Solutions
820,435
20,864
HB
Fuller
246,253
16,617
37,481
Containers
&
Packaging
0.7%
DS
Smith
(GBP)
4,936,240
33,385
33,385
Metals
&
Mining
1.3%
Constellium (1)
2,313,819
23,763
Osisko
Gold
Royalties
518,761
9,390
Royal
Gold
122,136
16,104
Warrior
Met
Coal
201,300
10,918
60,175
Paper
&
Forest
Products
0.6%
Louisiana-Pacific
145,493
15,066
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
West
Fraser
Timber
(CAD)
150,232
13,017
28,083
Total
Materials
159,124
REAL
ESTATE
4.9%
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.2%
Ryman
Hospitality
Properties,
REIT
99,400
10,371
10,371
Industrial
Real
Estate
Investment
Trusts
1.1%
EastGroup
Properties,
REIT
143,490
23,029
Terreno
Realty,
REIT
428,750
25,356
48,385
Real
Estate
Management
&
Development
1.6%
Colliers
International
Group
78,733
10,705
FirstService
167,957
30,404
Howard
Hughes
Holdings (1)
197,413
15,185
Landbridge
Company
PIPE,
Class
A,
Acquisition
Date:
11/18/24,
Cost $15,973 (1)(4)
266,087
16,330
72,624
Residential
Real
Estate
Investment
Trusts
0.9%
Flagship
Communities
504,969
7,529
Independence
Realty
Trust,
REIT
1,648,816
32,713
40,242
Retail
Real
Estate
Investment
Trusts
0.4%
Curbline
Properties,
REIT
685,200
15,910
15,910
Specialized
Real
Estate
Investment
Trusts
0.7%
CubeSmart,
REIT
683,459
29,286
29,286
Total
Real
Estate
216,818
UTILITIES
3.0%
Electric
Utilities
1.7%
IDACORP
211,559
23,119
OGE
Energy
572,390
23,611
TXNM
Energy
656,309
32,271
79,001
Gas
Utilities
0.8%
Chesapeake
Utilities
301,867
36,632
36,632
Independent
Power
&
Renewable
Electricity
Producers
0.0%
Talen
Energy (1)
2,156
434
434
Water
Utilities
0.5%
California
Water
Service
Group
316,979
14,369
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Middlesex
Water
184,022
9,685
24,054
Total
Utilities
140,121
Total
Miscellaneous
Common
Stocks
4.6% (5)
209,617
Total
Common
Stocks
(Cost
$3,331,331)
4,416,390
CONVERTIBLE
BONDS
0.1%
Kardium,
10.00%,
12/31/26,
Acquisition
Date:
5/31/24,
Cost $2,301 (1)(2)(4)
2,300,700
2,301
Total
Convertible
Bonds
(Cost
$2,301)
2,301
CONVERTIBLE
PREFERRED
STOCKS
2.1%
CONSUMER
DISCRETIONARY
0.0%
Hotels,
Restaurants
&
Leisure
0.0%
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $3,632 (1)(2)(3)(4)
404,324
1,504
1,504
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $6,391 (1)(2)(4)
1,098,082
977
977
Total
Consumer
Discretionary
2,481
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $17 (1)(2)(4)
919
3
Total
Consumer
Staples
3
FINANCIALS
0.1%
Banks
0.1%
CRB
Group,
Series
D,
Acquisition
Date:
1/28/22,
Cost $4,795 (1)(2)(4)
45,609
2,886
Total
Financials
2,886
HEALTH
CARE
0.9%
Biotechnology
0.2%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $2,356 (1)(2)(4)
853,615
4,200
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $4,729 (1)(2)(4)
583,832
2,873
Metsera,
Series
B,
Acquisition
Date:
11/12/24,
Cost $3,417 (1)(2)(4)
677,998
3,417
10,490
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Equipment
&
Supplies
0.1%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $2,939 (1)(2)(4)
2,892,844
2,459
2,459
Health
Care
Providers
&
Services
0.1%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $5,009 (1)(2)(4)
2,080,305
3,557
3,557
Life
Sciences
Tools
&
Services
0.5%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $2,524 (1)(2)(4)
214,212
2,523
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $3,365 (1)(2)(4)
381,143
713
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $3,621 (1)(2)(4)
265,089
12,319
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $6,907 (1)(2)(4)
155,519
7,227
22,782
Total
Health
Care
39,288
INDUSTRIALS
&
BUSINESS
SERVICES
0.2%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
A-8,
Acquisition
Date:
3/24/21,
Cost $3,410 (1)(2)(4)
85,921
60
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $6,074 (1)(2)(4)
1,087,799
3,003
3,063
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $2,725 (1)(2)(4)
223,990
1,713
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $1,607 (1)(2)(4)
78,800
603
2,316
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $2,969 (1)(2)(4)
142,571
282
282
Professional
Services
0.1%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $1,791 (1)(2)(4)
393,660
2,417
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $6,330 (1)(2)(4)
627,795
3,855
6,272
Total
Industrials
&
Business
Services
11,933
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
0.4%
IT
Services
0.1%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $2,376 (1)(2)(4)
162,965
728
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $959 (1)(2)(4)
50,834
227
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $361 (1)(2)(4)
16,080
560
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $36 (1)(2)(4)
1,600
56
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $39 (1)(2)(4)
1,750
61
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $1,286 (1)(2)(4)
57,265
1,993
3,625
Semiconductors
&
Semiconductor
Equipment
0.1%
Lightmatter,
Series
D,
Acquisition
Date:
10/11/24,
Cost $4,513 (1)(2)(4)
56,255
4,513
4,513
Software
0.2%
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $6,214 (1)
(2)(4)
475,993
3,399
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $3,216 (1)(2)(4)
154,275
1,101
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $3,099 (1)(2)(4)
613,641
3,234
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $1,459 (1)(2)(4)
90,776
378
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $1,197 (1)(2)(4)
74,504
310
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $22 (1)(2)(4)
1,348
6
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $2,775 (1)(2)(4)
172,687
718
9,146
Total
Information
Technology
17,284
MATERIALS
0.4%
Chemicals
0.2%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $4,206 (1)(2)(4)
88,718
5,258
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $5,284 (1)(4)
128,029
2,504
7,762
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Metals
&
Mining
0.2%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $3,092 (1)(2)(4)
112,792
9,582
9,582
Total
Materials
17,344
MISCELLANEOUS
0.1%
Miscellaneous
0.1%
Kobold
Metals,
Series
C-1,
Acquisition
Date:
9/20/24,
Cost $4,476 (1)(2)(4)
52,690
4,476
Total
Miscellaneous
4,476
Total
Convertible
Preferred
Stocks
(Cost
$119,218)
95,695
SHORT-TERM
INVESTMENTS
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.53% (6)(7)
30,877,787
30,878
Total
Short-Term
Investments
(Cost
$30,878)
30,878
Total
Investments
in
Securities
100.4%
of
Net
Assets
(Cost
$3,483,728)
$
4,545,264
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(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
$149,066
and
represents
3.3%
of
net
assets.
(5)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
CAD
Canadian
Dollar
GBP
British
Pound
PIPE
Private
Investment
in
Public
Equity
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
year
ended
December
31,
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,
4.53%
$
—
#
$
—
$
2,266
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
12/31/24
T.
Rowe
Price
Government
Reserve
Fund,
4.53%
$
42,076
¤
¤
$
30,878
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$2,266
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
$30,878.
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
December
31,
2024
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$3,483,728)
$
4,545,264
Receivable
for
investment
securities
sold
7,730
Dividends
and
interest
receivable
2,725
Receivable
for
shares
sold
795
Cash
2
Other
assets
86
Total
assets
4,556,602
Liabilities
Payable
for
investment
securities
purchased
25,337
Investment
management
fees
payable
2,594
Payable
for
shares
redeemed
867
Due
to
affiliates
11
Payable
to
directors
4
Other
liabilities
105
Total
liabilities
28,918
NET
ASSETS
$
4,527,684
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
1,127,361
Paid-in
capital
applicable
to
182,006,826
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
3,400,323
NET
ASSETS
$
4,527,684
NET
ASSET
VALUE
PER
SHARE
$
24.88
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/24
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$277)
$
39,149
.
Interest
157
Other
69
Total
income
39,375
Expenses
Investment
management
28,845
Shareholder
servicing
9
Prospectus
and
shareholder
reports
43
Custody
and
accounting
300
Legal
and
audit
58
Registration
35
Directors
15
Miscellaneous
70
Total
expenses
29,375
Net
investment
income
10,000
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
772,003
Foreign
currency
transactions
(167)
Net
realized
gain
771,836
Change
in
net
unrealized
gain
/
loss
Securities
(292,844)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(8)
Change
in
net
unrealized
gain
/
loss
(292,852)
Net
realized
and
unrealized
gain
/
loss
478,984
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
488,984
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
..
.
.
.
.
.
.
.
. ..
.
..
Ended
.
.
.
.
.
.
. .
.
.
.
.
..
..
.
12/31/24
12/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
10,000
$
15,880
Net
realized
gain
771,836
207,950
Change
in
net
unrealized
gain
/
loss
(292,852)
477,613
Increase
in
net
assets
from
operations
488,984
701,443
Distributions
to
shareholders
Net
earnings
(745,310)
(228,171)
Capital
share
transactions
*
Shares
sold
361,430
387,492
Distributions
reinvested
745,148
228,108
Shares
redeemed
(723,173)
(1,167,122)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
383,405
(551,522)
Net
Assets
Increase
(decrease)
during
period
127,079
(78,250)
Beginning
of
period
4,400,605
4,478,855
End
of
period
$
4,527,684
$
4,400,605
*Share
information
(000s)
Shares
sold
13,075
15,509
Distributions
reinvested
29,914
8,647
Shares
redeemed
(26,256)
(46,312)
Increase
(decrease)
in
shares
outstanding
16,733
(22,156)
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Equity
Funds,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Institutional
Small-Cap
Stock
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
long-term
capital
growth
by
investing
primarily
in
stocks
of
small
companies.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
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.
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. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/
loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
In-Kind
Subscriptions
Under
certain
circumstances,
and
when
considered
to
be
in
the
best
interest
of
all
shareholders,
the
fund
may
accept
portfolio
securities
rather
than
cash
as
payment
for
the
purchase
of
fund
shares
(in-kind
subscription).
For
financial
reporting
and
tax
purposes,
the
cost
basis
of
contributed
securities
is
equal
to
the
market
value
of
the
securities
on
the
date
of
contribution.
In-kind
subscriptions
result
in
no
gain
or
loss
and
no
tax
consequences
for
the
fund.
During
the
year ended
December
31,
2024,
the
fund
accepted
$24,394,000
of
in-kind
subscriptions,
all
of
which
were
from
other
T.
Rowe
Price
funds.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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
the
fund’s 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
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
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.
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
December
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
4,230,380
$
162,487
$
23,523
$
4,416,390
Convertible
Bonds
—
—
2,301
2,301
Convertible
Preferred
Stocks
—
—
95,695
95,695
Short-Term
Investments
30,878
—
—
30,878
Total
$
4,261,258
$
162,487
$
121,519
$
4,545,264
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
year ended
December
31,
2024.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
December
31,
2024,
totaled $(2,803,000) for
the
year ended
December
31,
2024.
Additionally,
during
the
period,
transfers
into
and/or
out
of
Level
3
include
securities
acquired
or
exchanged
as
a
result
of
a
corporate
action.
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $2,646,466,000 and
$2,988,308,000,
respectively,
for
the
year ended
December
31,
2024.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
income
on
passive
foreign
investment
companies.
($000s)
Beginning
Balance
12/31/23
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Into
Level 3
Transfer
Out
of
Level
3
Ending
Balance
12/31/24
Investment
in
Securities
Common
Stocks
$
23,866
$
(3,310)
$
5,356
$
(2,389)
$
—
$
—
$
23,523
Convertible
Bonds
—
—
2,301
—
—
—
2,301
Convertible
Preferred
Stocks
98,158
(3,077)
12,407
(11,793)
3,410
(3,410)
95,695
Total
$
122,024
$
(6,387)
$
20,064
$
(14,182)
$
3,410
$
(3,410)
$
121,519
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2024,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2024,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales
and
the
realization
of
gains/losses
on
passive
foreign
investment
companies.
NOTE
5
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
($000s)
December
31,
2024
December
31,
2023
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
27,341
$
18,312
Long-term
capital
gain
717,969
209,859
Total
distributions
$
745,310
$
228,171
($000s)
Cost
of
investments
$
3,504,810
Unrealized
appreciation
$
1,288,726
Unrealized
depreciation
(248,280)
Net
unrealized
appreciation
(depreciation)
$
1,040,446
($000s)
Undistributed
ordinary
income
$
6,804
Undistributed
long-term
capital
gain
80,111
Net
unrealized
appreciation
(depreciation)
1,040,446
Total
distributable
earnings
(loss)
$
1,127,361
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund. The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.65%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The fund
is
subject
to
an
operating
expense
limitation
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
fund,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
nonrecurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses,
to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
limit.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
fund
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
fund’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
fund’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
year
ended
December
31,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$116,000
for
Price
Associates
and
$8,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
brokerage
commissions
embedded
in
the
cost
of
the
fund’s
foreign
currency
transactions. This
agreement
may
be
rescinded
at
any
time. For
the
year ended
December
31,
2024,
this
reimbursement
amounted
to
$77,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
Expense
limitation
0.05%
Expense
limitation
date
02/28/27
(Waived)/repaid
during
the
period
($000s)
$—
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
NOTE
7
-
SEGMENT
REPORTING
Operating
segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The
accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
8
-
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
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.
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Directors
of
T.
Rowe
Price
Equity
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
Institutional
Small-Cap
Stock
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Institutional
Small-Cap
Stock
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
Equity
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2024,
the
related
statement
of
operations
for
the
year
ended
December
31,
2024,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2024
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2024,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2024
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2024
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
18,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/24
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$717,969,000
from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$33,144,000
of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$29,621,000
of
the
fund's
income
qualifies
for
the
dividends-received
deduction.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
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.
E129-050
2/25
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2) Listing standards relating to recovery of erroneously awarded compensation: not applicable.
(3) 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 Investment Company Act of 1940, are attached.
(b) A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.
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 18, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
Date February 18, 2025
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
Date February 18, 2025
