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