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 Mid-Cap Equity Growth Fund
This annual shareholder report contains important information about Institutional Mid-Cap Equity Growth 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 Mid-Cap Equity Growth Fund | $64 | 0.61% |
|---|
What drove fund performance during the past 12 months?
U.S. equities posted strong returns over the past 12 months, 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 presidential election ended a lengthy period of uncertainty, boosting stocks further. Within the mid-cap segment, growth stocks strongly outperformed value counterparts, with speculative, high-beta, and growth-at-any price stocks performing especially well.
Versus the style-specific Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in communication services. Shares of social media network Reddit, which went public early in the first quarter of 2025, soared on strong results reflecting broad-based strength. Spotify and Trade Desk were also strong performers in the sector.
On the negative side, the leading detractor from relative performance was health care due to stock choices and an overweight allocation. An uneven post-pandemic recovery continued to frustrate investors in medical device manufacturing company Teleflex. The information technology sector also hindered relative results, with both stock selection and an underweight allocation negatively affecting performance. Not holding high-momentum software names Palantir Technologies and AppLovin hurt relative results.
The fund seeks to provide long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings growth. We pay careful attention to risk and valuation relative to growth prospects, and our focus remains on owning quality companies with durable growth prospects and prudent balance sheets.
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 | 1,067,038 | 1,018,003 | 1,053,781 |
|---|
| 2015 | 1,081,652 | 1,019,406 | 1,041,757 |
|---|
| 2015 | 1,014,614 | 945,507 | 958,526 |
|---|
| 2015 | 1,069,355 | 1,004,788 | 997,999 |
|---|
| 2016 | 1,066,645 | 1,014,517 | 1,003,779 |
|---|
| 2016 | 1,088,821 | 1,041,203 | 1,019,465 |
|---|
| 2016 | 1,137,114 | 1,086,993 | 1,066,278 |
|---|
| 2016 | 1,143,619 | 1,132,748 | 1,071,138 |
|---|
| 2017 | 1,239,709 | 1,197,805 | 1,144,987 |
|---|
| 2017 | 1,317,378 | 1,233,926 | 1,193,247 |
|---|
| 2017 | 1,377,372 | 1,290,333 | 1,256,287 |
|---|
| 2017 | 1,441,239 | 1,372,105 | 1,341,793 |
|---|
| 2018 | 1,499,967 | 1,363,261 | 1,370,969 |
|---|
| 2018 | 1,514,782 | 1,416,276 | 1,414,256 |
|---|
| 2018 | 1,633,033 | 1,517,171 | 1,521,380 |
|---|
| 2018 | 1,409,053 | 1,300,182 | 1,278,049 |
|---|
| 2019 | 1,647,445 | 1,482,773 | 1,528,815 |
|---|
| 2019 | 1,767,079 | 1,543,493 | 1,611,399 |
|---|
| 2019 | 1,754,240 | 1,561,437 | 1,600,547 |
|---|
| 2019 | 1,875,266 | 1,703,486 | 1,731,370 |
|---|
| 2020 | 1,422,637 | 1,347,463 | 1,384,404 |
|---|
| 2020 | 1,829,850 | 1,644,276 | 1,803,337 |
|---|
| 2020 | 1,984,204 | 1,795,673 | 1,972,374 |
|---|
| 2020 | 2,322,911 | 2,059,307 | 2,347,503 |
|---|
| 2021 | 2,395,352 | 2,190,009 | 2,334,234 |
|---|
| 2021 | 2,556,901 | 2,370,461 | 2,592,683 |
|---|
| 2021 | 2,560,427 | 2,368,050 | 2,572,980 |
|---|
| 2021 | 2,683,328 | 2,587,747 | 2,646,299 |
|---|
| 2022 | 2,372,638 | 2,451,154 | 2,313,386 |
|---|
| 2022 | 1,981,735 | 2,041,783 | 1,825,915 |
|---|
| 2022 | 1,900,796 | 1,950,626 | 1,813,992 |
|---|
| 2022 | 2,061,613 | 2,090,721 | 1,939,183 |
|---|
| 2023 | 2,214,380 | 2,240,841 | 2,116,345 |
|---|
| 2023 | 2,333,937 | 2,428,776 | 2,248,283 |
|---|
| 2023 | 2,222,867 | 2,349,748 | 2,130,834 |
|---|
| 2023 | 2,486,697 | 2,633,405 | 2,440,788 |
|---|
| 2024 | 2,699,719 | 2,897,256 | 2,672,579 |
|---|
| 2024 | 2,574,040 | 2,990,431 | 2,586,699 |
|---|
| 2024 | 2,730,941 | 3,176,709 | 2,755,904 |
|---|
| 2024 | 2,727,234 | 3,260,361 | 2,980,278 |
|---|
202501-4140694, 202502-4108629
Average Annual Total Returns
| | 1 Year | 5 Years | 10 Years |
|---|
| Institutional Mid-Cap Equity Growth Fund | 9.67% | 7.78% | 10.55% |
|---|
| Russell 3000 Index (Regulatory Benchmark) | 23.81 | 13.86 | 12.55 |
|---|
| Russell Midcap Growth Index (Strategy Benchmark) | 22.10 | 11.47 | 11.54 |
|---|
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)$4,899,210
- Number of Portfolio Holdings142
- Investment Advisory Fees Paid (000s)$30,805
- Portfolio Turnover Rate26.1%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
| Health Care | 20.4% |
| Information Technology | 18.1 |
| Industrials & Business Services | 15.9 |
| Consumer Discretionary | 13.5 |
| Financials | 8.5 |
| Communication Services | 6.8 |
| Energy | 5.3 |
| Materials | 4.8 |
| Consumer Staples | 4.3 |
| Other | 2.4 |
Top Ten Holdings (as a % of Net Assets)
| Marvell Technology | 3.2% |
| Trade Desk | 2.6 |
| Hologic | 2.0 |
| Agilent Technologies | 1.8 |
| PTC | 1.8 |
| Teleflex | 1.8 |
| Veeva Systems | 1.8 |
| Domino's Pizza | 1.7 |
| Cheniere Energy | 1.7 |
| Microchip Technology | 1.5 |
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 Mid-Cap Equity Growth Fund
(PMEGX)
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 | | $ | 23,525 | | | | | | | $ | 24,714 | |
| | Audit-Related Fees | | | - | | | | | | | | - | |
| | Tax Fees | | | - | | | | | | | | - | |
| | 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
Mid-Cap
Equity
Growth
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
Mid-Cap
Equity
Growth
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
$
62
.92
$
55
.87
$
73
.93
$
72
.47
$
61
.11
Investment
activities
Net
investment
income
(loss)
(1)(2)
0
.03
0
.09
0
.01
(
0
.12
)
0
.03
Net
realized
and
unrealized
gain/loss
6
.06
11
.40
(
17
.15
)
11
.04
14
.55
Total
from
investment
activities
6
.09
11
.49
(
17
.14
)
10
.92
14
.58
Distributions
Net
investment
income
(
0
.03
)
(
0
.10
)
–
–
(
0
.04
)
Net
realized
gain
(
8
.52
)
(
4
.34
)
(
0
.92
)
(
9
.46
)
(
3
.18
)
Total
distributions
(
8
.55
)
(
4
.44
)
(
0
.92
)
(
9
.46
)
(
3
.22
)
NET
ASSET
VALUE
End
of
period
$
60
.46
$
62
.92
$
55
.87
$
73
.93
$
72
.47
Ratios/Supplemental
Data
Total
return
(2)(3)
9
.67
%
20
.62
%
(
23
.17
)
%
15
.52
%
23
.87
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.61
%
0
.61
%
0
.61
%
0
.61
%
0
.61
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.61
%
0
.61
%
0
.61
%
0
.61
%
0
.61
%
Net
investment
income
(loss)
0
.04
%
0
.16
%
0
.01
%
(
0
.15
)
%
0
.05
%
Portfolio
turnover
rate
26
.1
%
28
.6
%
24
.1
%
17
.7
%
25
.3
%
Net
assets,
end
of
period
(in
millions)
$
4,899
$
5,276
$
4,846
$
7,028
$
7,794
(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
Mid-Cap
Equity
Growth
Fund
December
31,
2024
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.9%
COMMUNICATION
SERVICES
6.7%
Entertainment
2.3%
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (1)
638,939
59,204
Roku (1)
155,700
11,575
Spotify
Technology (1)
89,800
40,175
110,954
Interactive
Media
&
Services
1.2%
Match
Group (1)
701,551
22,948
Reddit,
Class
A (1)
225,006
36,775
59,723
Media
3.2%
New
York
Times,
Class
A
551,900
28,726
Trade
Desk,
Class
A (1)
1,084,300
127,438
156,164
Total
Communication
Services
326,841
CONSUMER
DISCRETIONARY
13.2%
Diversified
Consumer
Services
0.7%
Bright
Horizons
Family
Solutions (1)
296,800
32,900
32,900
Hotels,
Restaurants
&
Leisure
7.1%
Domino's
Pizza
200,039
83,969
DraftKings,
Class
A (1)
1,452,100
54,018
Hilton
Worldwide
Holdings
299,400
74,000
Planet
Fitness,
Class
A (1)
451,900
44,679
Viking
Holdings (1)
656,246
28,914
Yum!
Brands
471,862
63,305
348,885
Household
Durables
0.3%
TopBuild (1)
40,200
12,516
12,516
Specialty
Retail
4.2%
Bath
&
Body
Works
701,103
27,182
Burlington
Stores (1)
181,734
51,805
Five
Below (1)
287,879
30,216
Ross
Stores
449,100
67,935
Tractor
Supply
233,095
12,368
Ulta
Beauty (1)
42,403
18,442
207,948
Textiles,
Apparel
&
Luxury
Goods
0.9%
Birkenstock
Holding (1)
327,640
18,564
Lululemon
Athletica (1)
24,600
9,407
On
Holding,
Class
A (1)
256,700
14,060
42,031
Total
Consumer
Discretionary
644,280
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
STAPLES
4.3%
Beverages
0.6%
Boston
Beer,
Class
A (1)
24,300
7,289
Constellation
Brands,
Class
A
106,600
23,559
30,848
Consumer
Staples
Distribution
&
Retail
2.7%
Casey's
General
Stores
126,600
50,163
Dollar
General
114,981
8,718
Dollar
Tree (1)
764,300
57,276
Maplebear (1)
377,500
15,636
131,793
Food
Products
0.6%
McCormick
255,000
19,441
TreeHouse
Foods (1)
287,500
10,100
29,541
Household
Products
0.4%
Reynolds
Consumer
Products
646,400
17,446
17,446
Total
Consumer
Staples
209,628
ENERGY
5.3%
Energy
Equipment
&
Services
1.5%
TechnipFMC
2,029,277
58,727
Weatherford
International
224,200
16,060
74,787
Oil,
Gas
&
Consumable
Fuels
3.8%
Cheniere
Energy
378,000
81,221
EQT
1,186,100
54,691
Expand
Energy
277,600
27,635
Range
Resources
569,500
20,491
184,038
Total
Energy
258,825
FINANCIALS
8.5%
Capital
Markets
4.4%
Cboe
Global
Markets
221,700
43,320
Intercontinental
Exchange
294,500
43,883
KKR
32,800
4,852
MarketAxess
Holdings
172,400
38,969
Raymond
James
Financial
323,600
50,265
TPG
127,800
8,031
Tradeweb
Markets,
Class
A
204,200
26,734
216,054
Financial
Services
1.8%
Corpay (1)
145,600
49,274
Toast,
Class
A (1)
1,068,200
38,936
88,210
Insurance
2.3%
Assurant
321,500
68,550
Axis
Capital
Holdings
241,200
21,375
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Markel
Group (1)
12,200
21,060
110,985
Total
Financials
415,249
HEALTH
CARE
20.1%
Biotechnology
5.0%
Alnylam
Pharmaceuticals (1)
271,322
63,845
Argenx,
ADR (1)
36,900
22,693
Ascendis
Pharma,
ADR (1)
167,900
23,115
Biogen (1)
214,300
32,771
CRISPR
Therapeutics (1)
245,961
9,681
Cytokinetics (1)
327,400
15,401
Exact
Sciences (1)
262,600
14,755
Insmed (1)
42,483
2,933
Ionis
Pharmaceuticals (1)
866,455
30,291
Sarepta
Therapeutics (1)
150,323
18,278
Vaxcyte (1)
135,365
11,081
244,844
Health
Care
Equipment
&
Supplies
7.4%
Alcon
501,700
42,589
Align
Technology (1)
158,400
33,028
Cooper (1)
541,300
49,762
Enovis (1)
466,100
20,453
Hologic (1)
1,380,900
99,549
Penumbra (1)
36,100
8,573
QuidelOrtho (1)
542,700
24,177
Teleflex
484,300
86,196
364,327
Health
Care
Providers
&
Services
0.9%
Acadia
Healthcare (1)
473,100
18,758
Molina
Healthcare (1)
87,100
25,351
44,109
Health
Care
Technology
1.7%
Veeva
Systems,
Class
A (1)
407,600
85,698
85,698
Life
Sciences
Tools
&
Services
5.1%
Agilent
Technologies
648,200
87,079
Avantor (1)
3,260,700
68,703
Bruker
739,665
43,359
Mettler-Toledo
International (1)
28,800
35,242
West
Pharmaceutical
Services
46,000
15,068
249,451
Total
Health
Care
988,429
INDUSTRIALS
&
BUSINESS
SERVICES
15.9%
Aerospace
&
Defense
2.5%
BWX
Technologies
285,100
31,757
Howmet
Aerospace
98,300
10,751
Standardaero (1)
489,121
12,111
Textron
887,500
67,885
122,504
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Services
&
Supplies
0.9%
Veralto
259,300
26,410
Waste
Connections
113,200
19,423
45,833
Construction
&
Engineering
0.4%
Quanta
Services
65,000
20,543
20,543
Ground
Transportation
1.7%
JB
Hunt
Transport
Services
273,400
46,658
Old
Dominion
Freight
Line
114,100
20,127
XPO (1)
139,800
18,335
85,120
Industrial
Conglomerates
0.3%
Roper
Technologies
27,600
14,348
14,348
Machinery
4.5%
Esab
474,800
56,948
Fortive
805,339
60,400
IDEX
135,200
28,296
Ingersoll
Rand
737,100
66,678
ITT
73,400
10,487
222,809
Professional
Services
4.5%
Broadridge
Financial
Solutions
195,600
44,223
Equifax
201,200
51,276
Paylocity
Holding (1)
285,866
57,022
TransUnion
270,529
25,081
UL
Solutions,
Class
A
244,534
12,197
Verisk
Analytics
114,000
31,399
221,198
Trading
Companies
&
Distributors
1.1%
Ferguson
Enterprises
164,200
28,500
United
Rentals
36,600
25,783
54,283
Total
Industrials
&
Business
Services
786,638
INFORMATION
TECHNOLOGY
17.6%
Electronic
Equipment,
Instruments
&
Components
1.9%
Amphenol,
Class
A
451,900
31,384
Cognex
368,600
13,218
Keysight
Technologies (1)
255,400
41,025
Littelfuse
34,100
8,036
93,663
IT
Services
0.2%
MongoDB (1)
41,400
9,638
9,638
Semiconductors
&
Semiconductor
Equipment
6.8%
Lattice
Semiconductor (1)
1,283,300
72,699
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Marvell
Technology
1,418,400
156,662
Microchip
Technology
1,295,600
74,303
Monolithic
Power
Systems
13,000
7,692
NXP
Semiconductors
110,200
22,905
334,261
Software
8.0%
Atlassian,
Class
A (1)
147,900
35,996
CCC
Intelligent
Solutions
Holdings (1)
4,135,387
48,508
Fair
Isaac (1)
24,900
49,574
Fortinet (1)
533,200
50,377
Onestream (1)
200,059
5,705
PTC (1)
471,741
86,739
ServiceTitan,
Class
A (1)
23,776
2,446
Tyler
Technologies (1)
119,400
68,851
Zoom
Communications (1)
509,500
41,580
389,776
Technology
Hardware,
Storage
&
Peripherals
0.7%
Pure
Storage,
Class
A (1)
519,283
31,900
31,900
Total
Information
Technology
859,238
MATERIALS
4.6%
Chemicals
0.4%
RPM
International
164,100
20,194
20,194
Construction
Materials
1.0%
Martin
Marietta
Materials
93,000
48,034
48,034
Containers
&
Packaging
3.2%
Avery
Dennison
332,900
62,296
Ball
1,168,600
64,425
Sealed
Air
827,800
28,004
154,725
Total
Materials
222,953
REAL
ESTATE
0.7%
Real
Estate
Management
&
Development
0.7%
CoStar
Group (1)
510,000
36,511
Total
Real
Estate
36,511
Total
Miscellaneous
Common
Stocks
1.0% (2)
47,080
Total
Common
Stocks
(Cost
$3,100,523)
4,795,672
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.4%
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $5,272 (1)(3)(4)
650,866
3,202
Total
Health
Care
3,202
INFORMATION
TECHNOLOGY
0.2%
Software
0.2%
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $3,789 (1)(3)(4)
51,566
4,770
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $1,250 (1)(3)(4)
17,003
1,573
Databricks,
Series
J,
Acquisition
Date:
12/17/24,
Cost $2,611 (1)(3)(4)
28,226
2,611
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $3,467 (1)(3)(4)
166,336
1,187
Total
Information
Technology
10,141
MATERIALS
0.2%
Chemicals
0.2%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $3,882 (1)(3)(4)
81,901
4,854
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $7,712 (1)(3)(4)
186,841
3,654
Total
Materials
8,508
Total
Convertible
Preferred
Stocks
(Cost
$27,983)
21,851
SHORT-TERM
INVESTMENTS
1.7%
Money
Market
Funds
1.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.52% (5)(6)
82,327,791
82,328
Total
Short-Term
Investments
(Cost
$82,328)
82,328
Total
Investments
in
Securities
100.0%
of
Net
Assets
(Cost
$3,210,834)
$
4,899,851
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$21,851
and
represents
0.4%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
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
Treasury
Reserve
Fund,
4.52%
$
—#
$
—
$
5,170+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
12/31/24
T.
Rowe
Price
Treasury
Reserve
Fund,
4.52%
$
101,964
¤
¤
$
82,328^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$5,170
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
$82,328.
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
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
$3,210,834)
$
4,899,851
Receivable
for
shares
sold
2,264
Dividends
receivable
966
Cash
1
Other
assets
137
Total
assets
4,903,219
Liabilities
Investment
management
fees
payable
2,602
Payable
for
shares
redeemed
1,276
Due
to
affiliates
12
Payable
to
directors
4
Other
liabilities
115
Total
liabilities
4,009
NET
ASSETS
$
4,899,210
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
1,804,491
Paid-in
capital
applicable
to
81,026,750
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
3,094,719
NET
ASSETS
$
4,899,210
NET
ASSET
VALUE
PER
SHARE
$
60.46
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
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
$111)
$
33,498
.
Interest
6
Other
39
Total
income
33,543
Expenses
Investment
management
30,805
Shareholder
servicing
27
Prospectus
and
shareholder
reports
124
Custody
and
accounting
287
Registration
45
Legal
and
audit
36
Directors
17
Miscellaneous
39
Total
expenses
31,380
Net
investment
income
2,163
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
on
securities
748,182
Change
in
net
unrealized
gain
/
loss
Securities
(
273,049
)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(
6
)
Change
in
net
unrealized
gain
/
loss
(
273,055
)
Net
realized
and
unrealized
gain
/
loss
475,127
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
477,290
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
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
$
2,163
$
7,845
Net
realized
gain
748,182
432,939
Change
in
net
unrealized
gain
/
loss
(
273,055
)
511,966
Increase
in
net
assets
from
operations
477,290
952,750
Distributions
to
shareholders
Net
earnings
(
611,883
)
(
347,426
)
Capital
share
transactions
*
Shares
sold
463,543
637,765
Distributions
reinvested
603,297
342,836
Shares
redeemed
(
1,309,083
)
(
1,155,839
)
Decrease
in
net
assets
from
capital
share
transactions
(
242,243
)
(
175,238
)
Net
Assets
Increase
(decrease)
during
period
(
376,836
)
430,086
Beginning
of
period
5,276,046
4,845,960
End
of
period
$
4,899,210
$
5,276,046
*Share
information
(000s)
Shares
sold
7,037
10,329
Distributions
reinvested
9,969
5,477
Shares
redeemed
(
19,839
)
(
18,679
)
Decrease
in
shares
outstanding
(
2,833
)
(
2,873
)
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
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
Mid-Cap
Equity
Growth
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
long-term
capital
appreciation
by
investing
in
mid-cap
stocks
with
potential
for
above-average
earnings
growth.
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. 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. 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
Redemptions
In
accordance
with
guidelines
described
in
the
fund’s
prospectus,
and
when
considered
to
be
in
the
best
interest
of
all
shareholders,
the
fund
may
distribute
portfolio
securities
rather
than
cash
as
payment
for
a
redemption
of
fund
shares
(in-kind
redemption).
Gains
and
losses
realized
on
in-kind
redemptions
are
not
recognized
for
tax
purposes
and
are
reclassified
from
undistributed
realized
gain
(loss)
to
paid-in
capital.
During
the
year ended
December
31,
2024,
the
fund
realized
$54,969,000 of
net
gain
on
$110,067,000
of
in-kind
redemptions.
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
$79,989,000
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.
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
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
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.
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.
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
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):
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 $1,314,244,000 and
$2,121,906,000,
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
4,795,672
$
—
$
—
$
4,795,672
Convertible
Preferred
Stocks
—
—
21,851
21,851
Short-Term
Investments
82,328
—
—
82,328
Total
$
4,878,000
$
—
$
21,851
$
4,899,851
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
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
redemptions
in
kind.
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.
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)
$
2,160
$
31,671
Long-term
capital
gain
609,723
315,755
Total
distributions
$
611,883
$
347,426
($000s)
Cost
of
investments
$
3,218,258
Unrealized
appreciation
$
1,851,084
Unrealized
depreciation
(169,490)
Net
unrealized
appreciation
(depreciation)
$
1,681,594
($000s)
Undistributed
ordinary
income
$
71
Undistributed
long-term
capital
gain
122,826
Net
unrealized
appreciation
(depreciation)
1,681,594
Total
distributable
earnings
(loss)
$
1,804,491
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
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 0.60%
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
$24,000
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.
Expense
limitation
0.05%
Expense
limitation
date
02/28/27
(Waived)/repaid
during
the
period
($000s)
$—
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
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
Mid-Cap
Equity
Growth
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
Mid-Cap
Equity
Growth
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
Mid-Cap
Equity
Growth
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
and
transfer
agent.
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
Mid-Cap
Equity
Growth
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
$609,723,000
from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$28,321,000
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,
$26,669,000
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.
E116-050
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 | | |
