T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
98.8%
COMMUNICATION
SERVICES
27.0%
Entertainment
5.4%
Netflix (1)
212,127
129,470
Roku (1)
25,989
8,144
Sea,
ADR (1)
501,042
159,697
Spotify
Technology (1)
89,039
20,064
Walt
Disney (1)
184,964
31,290
348,665
Interactive
Media
&
Services
21.4%
Alphabet,
Class
A (1)
39,910
106,700
Alphabet,
Class
C (1)
210,883
562,069
Facebook,
Class
A (1)
1,416,963
480,903
Pinterest,
Class
A (1)
889,787
45,335
Snap,
Class
A (1)
1,839,346
135,872
Tencent
Holdings
(HKD)
1,051,800
62,791
1,393,670
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S. (1)
113,666
14,522
14,522
Total
Communication
Services
1,756,857
CONSUMER
DISCRETIONARY
18.1%
Hotels,
Restaurants
&
Leisure
1.6%
Booking
Holdings (1)
14,305
33,958
Chipotle
Mexican
Grill (1)
28,537
51,866
Starbucks
141,898
15,653
101,477
Internet
&
Direct
Marketing
Retail
12.1%
Alibaba
Group
Holding,
ADR (1)
179,631
26,594
Amazon.com (1)
207,543
681,787
Coupang (1)
364,123
10,141
Delivery
Hero
(EUR) (1)
75,875
9,678
DoorDash,
Class
A (1)
283,005
58,294
786,494
Multiline
Retail
0.6%
Dollar
General
194,606
41,284
41,284
Specialty
Retail
2.2%
Carvana (1)
279,675
84,333
Ross
Stores
440,462
47,944
TJX
153,507
10,129
142,406
Textiles,
Apparel
&
Luxury
Goods
1.6%
Lululemon
Athletica (1)
134,343
54,369
NIKE,
Class
B
340,606
49,466
103,835
Total
Consumer
Discretionary
1,175,496
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
2.6%
Capital
Markets
2.2%
Charles
Schwab
391,960
28,550
Goldman
Sachs
Group
177,550
67,119
MSCI
13,426
8,168
S&P
Global
98,730
41,950
145,787
Insurance
0.4%
Chubb
98,992
17,173
Marsh
&
McLennan
70,014
10,602
27,775
Total
Financials
173,562
HEALTH
CARE
9.6%
Biotechnology
0.0%
Exact
Sciences (1)
3,836
366
366
Health
Care
Equipment
&
Supplies
4.2%
Align
Technology (1)
16,930
11,266
Danaher
246,944
75,179
DENTSPLY
SIRONA
250,106
14,519
Intuitive
Surgical (1)
106,504
105,881
Stryker
183,000
48,261
Teleflex
43,703
16,456
271,562
Health
Care
Providers
&
Services
2.7%
HCA
Healthcare
222,438
53,990
Humana
48,086
18,713
UnitedHealth
Group
268,410
104,878
177,581
Health
Care
Technology
0.3%
Veeva
Systems,
Class
A (1)
74,168
21,373
21,373
Life
Sciences
Tools
&
Services
0.6%
Thermo
Fisher
Scientific
65,937
37,672
37,672
Pharmaceuticals
1.8%
AstraZeneca,
ADR
249,803
15,003
Eli
Lilly
281,718
65,091
Zoetis
184,459
35,811
115,905
Total
Health
Care
624,459
INDUSTRIALS
&
BUSINESS
SERVICES
1.8%
Commercial
Services
&
Supplies
0.4%
Cintas
16,624
6,328
Copart (1)
118,265
16,406
22,734
Industrial
Conglomerates
0.7%
General
Electric
194,551
20,045
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Roper
Technologies
61,754
27,550
47,595
Professional
Services
0.7%
CoStar
Group (1)
325,643
28,025
Equifax
30,395
7,703
TransUnion
87,314
9,806
45,534
Total
Industrials
&
Business
Services
115,863
INFORMATION
TECHNOLOGY
39.4%
Electronic
Equipment,
Instruments
&
Components
0.2%
TE
Connectivity
75,908
10,416
10,416
IT
Services
12.2%
Affirm
Holdings (1)
311,591
37,120
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $6,963 (1)(2)(3)
1,241,204
6,690
Fidelity
National
Information
Services
112,126
13,644
Fiserv (1)
471,615
51,170
Global
Payments
344,972
54,361
Mastercard,
Class
A
361,186
125,577
MongoDB (1)
86,966
41,005
PayPal
Holdings (1)
543,621
141,456
Shopify,
Class
A (1)
33,142
44,933
Snowflake,
Class
A (1)
38,548
11,658
Square,
Class
A (1)
238,165
57,122
Toast,
Class
A (1)
27,155
1,356
Twilio,
Class
A (1)
33,801
10,784
Visa,
Class
A
872,035
194,246
791,122
Semiconductors
&
Semiconductor
Equipment
4.9%
Advanced
Micro
Devices (1)
575,811
59,251
ASML
Holding
75,070
55,935
Marvell
Technology
407,831
24,596
Monolithic
Power
Systems
44,180
21,413
NVIDIA
508,129
105,264
Taiwan
Semiconductor
Manufacturing,
ADR
187,832
20,972
Texas
Instruments
175,203
33,676
321,107
Software
17.5%
Atlassian,
Class
A (1)
80,466
31,496
Bill.com
Holdings (1)
93,600
24,986
Canva,
Acquisition
Date:
8/16/21,
Cost $1,825 (1)(2)(3)
1,071
1,825
Coupa
Software (1)
64,439
14,124
Crowdstrike
Holdings,
Class
A (1)
29,754
7,313
Datadog,
Class
A (1)
104,637
14,790
DocuSign (1)
135,765
34,950
Fortinet (1)
130,695
38,168
Intuit
240,431
129,715
Microsoft
1,970,682
555,575
Paycom
Software (1)
12,061
5,979
salesforce.com (1)
68,504
18,580
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ServiceNow (1)
249,150
155,039
Synopsys (1)
195,882
58,649
Zoom
Video
Communications,
Class
A (1)
179,852
47,031
1,138,220
Technology
Hardware,
Storage
&
Peripherals
4.6%
Apple
2,136,950
302,378
302,378
Total
Information
Technology
2,563,243
MATERIALS
0.3%
Chemicals
0.3%
Linde
53,584
15,720
Sherwin-Williams
9,401
2,630
Total
Materials
18,350
Total
Common
Stocks
(Cost
$2,965,790)
6,427,830
CONVERTIBLE
BONDS
0.3%
Rivian
Automotive,
0.00%,
7/23/26,
Acquisition
Date:
7/23/21,
Cost $18,957 (1)(2)(3)
18,956,871
18,957
Total
Convertible
Bonds
(Cost
$18,957)
18,957
CONVERTIBLE
PREFERRED
STOCKS
0.6%
CONSUMER
DISCRETIONARY
0.4%
Automobiles
0.4%
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $14,255 (1)(2)(3)
386,836
27,477
Total
Consumer
Discretionary
27,477
INFORMATION
TECHNOLOGY
0.2%
Software
0.2%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $1,958 (1)(2)(3)
11,038
2,433
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $5,925 (1)(2)(3)
26,877
5,925
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $2,990 (1)(2)(3)
98,373
2,990
Total
Information
Technology
11,348
Total
Convertible
Preferred
Stocks
(Cost
$25,128)
38,825
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (4)(5)
23,060,885
23,061
Total
Short-Term
Investments
(Cost
$23,061)
23,061
Total
Investments
in
Securities
100.1%
(Cost
$3,032,936)
$
6,508,673
Other
Assets
Less
Liabilities
(0.1)%
(3,474)
Net
Assets
100.0%
$
6,505,199
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$66,297
and
represents
1.0%
of
net
assets.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
EUR
Euro
HKD
Hong
Kong
Dollar
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
4
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
2021.
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,
0.05%
$
—
$
—
$
12
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Totals
$
—#
$
—
$
12+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
11,292
¤
¤
$
23,061
T.
Rowe
Price
Short-Term
Fund,
0.07%
1,363
¤
¤
—
Total
$
23,061^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$12
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
$23,061.
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
Unaudited
5
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Institutional
Large-Cap
Core
Growth
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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 fund’s
own
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
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
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
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
6
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2021
(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
$
6,346,846
$
72,469
$
8,515
$
6,427,830
Convertible
Bonds
—
—
18,957
18,957
Convertible
Preferred
Stocks
—
—
38,825
38,825
Short-Term
Investments
23,061
—
—
23,061
Total
$
6,369,907
$
72,469
$
66,297
$
6,508,673
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
7
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
September
30,
2021,
totaled $9,590,000 for
the
period ended
September
30,
2021.
E148-054Q3
09/21
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
10,798
$
(4,108)
$
1,825
$
8,515
Convertible
Bonds
—
—
18,957
18,957
Convertible
Preferred
Stocks
—
13,698
25,127
38,825
Total
$
10,798
$
9,590
$
45,909
$
66,297