T.

ROWE

PRICE

Institutional

Mid-Cap

Equity

Growth

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

96.0%

COMMUNICATION

SERVICES

3.5%

Entertainment

2.0%

Liberty

Media-Liberty

Formula

One,

Class

C (1)

808,600‌

41,570‌

Playtika

Holding (1)

602,229‌

16,640‌

Spotify

Technology (1)

266,100‌

59,963‌

Zynga,

Class

A (1)

4,012,900‌

30,217‌

148,390‌

Interactive

Media

&

Services

1.5%

IAC/InterActiveCorp (1)

244,600‌

31,869‌

Match

Group (1)

301,400‌

47,317‌

Pinterest,

Class

A (1)

200,800‌

10,230‌

Vimeo (1)

703,029‌

20,648‌

110,064‌

Total

Communication

Services

258,454‌

CONSUMER

DISCRETIONARY

13.8%

Auto

Components

0.7%

Aptiv (1)

366,200‌

54,553‌

54,553‌

Diversified

Consumer

Services

1.1%

Bright

Horizons

Family

Solutions (1)

191,600‌

26,713‌

Clear

Secure,

Class

A (1)

103,892‌

4,265‌

Terminix

Global

Holdings (1)

1,225,600‌

51,070‌

82,048‌

Hotels,

Restaurants

&

Leisure

4.8%

Chipotle

Mexican

Grill (1)

45,100‌

81,970‌

Domino's

Pizza 

96,300‌

45,931‌

DraftKings,

Class

A (1)

487,300‌

23,469‌

Hilton

Worldwide

Holdings (1)

785,000‌

103,706‌

MGM

Resorts

International 

1,093,700‌

47,193‌

Vail

Resorts 

165,000‌

55,118‌

357,387‌

Internet

&

Direct

Marketing

Retail

1.4%

Deliveroo

Holdings,

Acquisition

Date:

9/12/17

-

5/16/19,

Cost $10,084

(GBP) (1)(2)

5,675,600‌

21,010‌

Etsy (1)

306,500‌

63,740‌

Farfetch,

Class

A (1)

487,455‌

18,270‌

Wayfair,

Class

A (1)

9,800‌

2,504‌

105,524‌

Multiline

Retail

1.7%

Dollar

General 

402,000‌

85,280‌

Dollar

Tree (1)

401,800‌

38,461‌

123,741‌

Specialty

Retail

3.6%

Bath

&

Body

Works 

301,400‌

18,997‌

Burlington

Stores (1)

406,800‌

115,356‌

Five

Below (1)

100,200‌

17,716‌

O'Reilly

Automotive (1)

135,500‌

82,799‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Ross

Stores 

326,300‌

35,518‌

270,386‌

Textiles,

Apparel

&

Luxury

Goods

0.5%

Lululemon

Athletica (1)

40,200‌

16,269‌

On

Holding,

Class

A (1)

126,011‌

3,797‌

VF 

240,700‌

16,124‌

36,190‌

Total

Consumer

Discretionary

1,029,829‌

CONSUMER

STAPLES

2.2%

Beverages

0.4%

Boston

Beer,

Class

A (1)

62,707‌

31,965‌

31,965‌

Food

&

Staples

Retailing

1.0%

Casey's

General

Stores 

402,800‌

75,908‌

75,908‌

Food

Products

0.4%

TreeHouse

Foods (1)

677,100‌

27,003‌

27,003‌

Household

Products

0.3%

Reynolds

Consumer

Products 

802,600‌

21,943‌

21,943‌

Personal

Products

0.1%

Olaplex

Holdings (1)

399,294‌

9,783‌

9,783‌

Total

Consumer

Staples

166,602‌

ENERGY

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $912 (1)(2)(3)

302‌

1,386‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17

-

3/8/18,

Cost $7,719 (1)(2)(3)

2,097‌

9,626‌

Total

Energy

11,012‌

FINANCIALS

5.9%

Banks

0.4%

Webster

Financial 

552,100‌

30,067‌

30,067‌

Capital

Markets

3.7%

Cboe

Global

Markets 

497,800‌

61,657‌

KKR 

1,374,600‌

83,686‌

MarketAxess

Holdings 

89,300‌

37,568‌

Raymond

James

Financial 

224,000‌

20,671‌

Tradeweb

Markets,

Class

A 

860,800‌

69,535‌

273,117‌

Consumer

Finance

0.3%

SoFi

Technologies,

Class

A (1)

1,480,735‌

23,514‌

23,514‌

Insurance

1.5%

Assurant 

394,000‌

62,153‌

T.

ROWE

PRICE

Institutional

Mid-Cap

Equity

Growth

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Axis

Capital

Holdings 

712,400‌

32,799‌

Bright

Health

Group (1)

360,852‌

2,945‌

Kemper 

250,400‌

16,724‌

114,621‌

Total

Financials

441,319‌

HEALTH

CARE

26.4%

Biotechnology

4.5%

Alkermes (1)

1,324,700‌

40,854‌

Alnylam

Pharmaceuticals (1)

256,400‌

48,411‌

Argenx,

ADR (1)

122,800‌

37,086‌

Exact

Sciences (1)

288,900‌

27,576‌

Exelixis (1)

460,900‌

9,743‌

Incyte (1)

514,898‌

35,415‌

Ionis

Pharmaceuticals (1)

747,700‌

25,078‌

Kodiak

Sciences (1)

59,900‌

5,749‌

Neurocrine

Biosciences (1)

288,900‌

27,708‌

Seagen (1)

338,000‌

57,392‌

Ultragenyx

Pharmaceutical (1)

199,400‌

17,984‌

332,996‌

Health

Care

Equipment

&

Supplies

9.5%

Alcon 

626,900‌

50,447‌

Cooper 

250,800‌

103,658‌

DENTSPLY

SIRONA 

451,500‌

26,210‌

Hologic (1)

2,654,000‌

195,892‌

ICU

Medical (1)

180,600‌

42,148‌

Ortho

Clinical

Diagnostics

Holdings (1)

1,194,721‌

22,078‌

Quidel (1)

348,800‌

49,233‌

Teleflex 

425,313‌

160,152‌

Warby

Parker,

Class

A (1)

51,150‌

2,713‌

West

Pharmaceutical

Services 

134,600‌

57,143‌

709,674‌

Health

Care

Providers

&

Services

1.3%

Acadia

Healthcare (1)

1,014,100‌

64,679‌

agilon

health (1)

266,050‌

6,973‌

Molina

Healthcare (1)

105,100‌

28,515‌

100,167‌

Health

Care

Technology

1.5%

Doximity,

Class

A (1)

150,600‌

12,153‌

Multiplan (1)

2,980,500‌

16,780‌

Veeva

Systems,

Class

A (1)

290,800‌

83,800‌

112,733‌

Life

Sciences

Tools

&

Services

5.5%

Agilent

Technologies 

954,700‌

150,394‌

Avantor (1)

2,894,700‌

118,393‌

Bruker 

1,791,700‌

139,932‌

PPD (1)

115,700‌

5,413‌

414,132‌

Pharmaceuticals

4.1%

Catalent (1)

1,443,500‌

192,087‌

Elanco

Animal

Health (1)

1,609,800‌

51,336‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Perrigo 

1,306,100‌

61,818‌

305,241‌

Total

Health

Care

1,974,943‌

INDUSTRIALS

&

BUSINESS

SERVICES

16.5%

Aerospace

&

Defense

2.8%

BWX

Technologies 

820,500‌

44,192‌

Textron 

2,341,500‌

163,460‌

207,652‌

Airlines

0.8%

Alaska

Air

Group (1)

9,700‌

568‌

Southwest

Airlines (1)

1,206,600‌

62,056‌

62,624‌

Commercial

Services

&

Supplies

0.5%

Waste

Connections 

307,600‌

38,736‌

38,736‌

Electrical

Equipment

0.1%

Shoals

Technologies

Group,

Class

A (1)

380,300‌

10,603‌

10,603‌

Industrial

Conglomerates

0.8%

Roper

Technologies 

129,800‌

57,908‌

57,908‌

Machinery

4.8%

Colfax (1)

1,812,769‌

83,206‌

Fortive 

918,800‌

64,840‌

IDEX 

348,900‌

72,205‌

Ingersoll

Rand (1)

2,744,400‌

138,345‌

358,596‌

Professional

Services

5.3%

Clarivate (1)

3,477,256‌

76,152‌

CoStar

Group (1)

923,700‌

79,494‌

Equifax 

301,100‌

76,305‌

Legalzoom.com (1)

50,134‌

1,323‌

Leidos

Holdings 

220,200‌

21,168‌

TransUnion 

847,000‌

95,126‌

Upwork (1)

250,500‌

11,280‌

Verisk

Analytics 

170,400‌

34,126‌

394,974‌

Road

&

Rail

1.4%

JB

Hunt

Transport

Services 

627,900‌

104,997‌

104,997‌

Total

Industrials

&

Business

Services

1,236,090‌

INFORMATION

TECHNOLOGY

20.4%

Electronic

Equip,

Instr

&

Cmpts

0.1%

Littelfuse 

24,500‌

6,695‌

6,695‌

Electronic

Equipment,

Instruments

&

Components

3.6%

Amphenol,

Class

A 

551,900‌

40,416‌

T.

ROWE

PRICE

Institutional

Mid-Cap

Equity

Growth

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Cognex 

233,800‌

18,755‌

Corning 

1,524,900‌

55,644‌

Keysight

Technologies (1)

637,600‌

104,751‌

National

Instruments 

1,207,700‌

47,378‌

266,944‌

IT

Services

1.9%

Broadridge

Financial

Solutions 

160,300‌

26,713‌

FleetCor

Technologies (1)

338,000‌

88,309‌

Jack

Henry

&

Associates 

96,300‌

15,799‌

Thoughtworks

Holding (1)

221,783‌

6,367‌

Toast,

Class

A (1)

31,643‌

1,581‌

138,769‌

Semiconductors

&

Semiconductor

Equipment

7.2%

Entegris 

609,200‌

76,698‌

KLA 

256,400‌

85,769‌

Lattice

Semiconductor (1)

216,200‌

13,977‌

Marvell

Technology 

2,112,700‌

127,417‌

Microchip

Technology 

1,171,100‌

179,752‌

Skyworks

Solutions 

338,000‌

55,696‌

539,309‌

Software

7.6%

Atlassian,

Class

A (1)

120,400‌

47,127‌

Bill.com

Holdings (1)

118,800‌

31,714‌

Black

Knight (1)

750,700‌

54,050‌

CCC

Intelligent

Solutions

Holdings (1)

965,346‌

10,146‌

Ceridian

HCM

Holding (1)

786,000‌

88,519‌

Citrix

Systems 

348,400‌

37,408‌

Crowdstrike

Holdings,

Class

A (1)

176,800‌

43,454‌

DocuSign (1)

366,600‌

94,374‌

Fortinet (1)

254,400‌

74,295‌

nCino (1)

199,400‌

14,163‌

Procore

Technologies (1)

17,793‌

1,590‌

Procore

Technologies,

Acquisition

Date:

7/15/20

-

5/20/21,

Cost $3,431 (1)(2)

61,191‌

5,193‌

PTC (1)

351,300‌

42,082‌

SentinelOne,

Class

A (1)

63,187‌

3,385‌

Splunk (1)

169,266‌

24,495‌

571,995‌

Total

Information

Technology

1,523,712‌

MATERIALS

5.9%

Chemicals

0.5%

RPM

International 

462,500‌

35,913‌

35,913‌

Construction

Materials

0.5%

Martin

Marietta

Materials 

102,280‌

34,947‌

34,947‌

Containers

&

Packaging

4.4%

Ardagh

Metal

Packaging (1)

932,329‌

9,286‌

Avery

Dennison 

337,000‌

69,830‌

Ball 

1,866,900‌

167,965‌

Packaging

Corp.

of

America 

192,600‌

26,471‌

Sealed

Air 

1,081,800‌

59,272‌

332,824‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Metals

&

Mining

0.5%

Kirkland

Lake

Gold 

906,900‌

37,718‌

37,718‌

Total

Materials

441,402‌

UTILITIES

1.3%

Electric

Utilities

0.2%

Eversource

Energy 

188,700‌

15,428‌

15,428‌

Multi-Utilities

1.1%

Ameren 

346,800‌

28,091‌

Sempra

Energy 

435,300‌

55,065‌

83,156‌

Total

Utilities

98,584‌

Total

Common

Stocks

(Cost

$3,984,222)

7,181,947‌

CONVERTIBLE

PREFERRED

STOCKS

2.1%

CONSUMER

DISCRETIONARY

1.7%

Automobiles

1.7%

Rivian

Automotive,

Series

D,

Acquisition

Date:

12/23/19,

Cost $14,152 (1)(2)(3)

1,317,224‌

93,562‌

Rivian

Automotive,

Series

E,

Acquisition

Date:

7/10/20,

Cost $7,091 (1)(2)(3)

457,762‌

32,515‌

126,077‌

Internet

&

Direct

Marketing

Retail

0.0%

Maplebear

DBA

Instacart,

Series

I,

Acquisition

Date:

2/26/21,

Cost $1,898 (1)(2)(3)

15,187‌

1,898‌

1,898‌

Total

Consumer

Discretionary

127,975‌

HEALTH

CARE

0.1%

Biotechnology

0.1%

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $5,272 (1)(2)(3)

650,866‌

5,272‌

Total

Health

Care

5,272‌

INFORMATION

TECHNOLOGY

0.1%

Software

0.1%

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $2,561 (1)(2)(3)

14,443‌

3,184‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $4,018 (1)(2)(3)

18,224‌

4,018‌

Total

Information

Technology

7,202‌

MATERIALS

0.2%

Chemicals

0.2%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $3,883 (1)(2)(3)

81,901‌

3,883‌

T.

ROWE

PRICE

Institutional

Mid-Cap

Equity

Growth

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $7,711 (1)(2)(3)

186,841‌

7,711‌

Total

Materials

11,594‌

REAL

ESTATE

0.0%

Real

Estate

Management

&

Development

0.0%

WeWork,

Series

D-1,

Acquisition

Date:

12/9/14,

Cost $4,367 (1)(2)

262,263‌

1,952‌

WeWork,

Series

D-2,

Acquisition

Date:

12/9/14,

Cost $1,816 (1)(2)

109,032‌

812‌

Total

Real

Estate

2,764‌

Total

Convertible

Preferred

Stocks

(Cost

$52,769)

154,807‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

2.1%

Money

Market

Funds

2.1%

T.

Rowe

Price

Treasury

Reserve

Fund,

0.05% (4)(5)

156,247,469‌

156,247‌

Total

Short-Term

Investments

(Cost

$156,247)

156,247‌

Total

Investments

in

Securities

100.2%

(Cost

$4,193,238)

$

7,493,001‌

Other

Assets

Less

Liabilities

(0.2)%

(

12,261‌

)

Net

Assets

100.0%

$

7,480,740‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

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

$192,022

and

represents

2.6%

of

net

assets.

(3)

Level

3

in

fair

value

hierarchy.

(4)

Seven-day

yield

(5)

Affiliated

Companies

ADR

American

Depositary

Receipts

GBP

British

Pound

T.

ROWE

PRICE

Institutional

Mid-Cap

Equity

Growth

Fund

5

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

Treasury

Reserve

Fund,

0.05%

$

—‌

$

—‌

$

48‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

—‌

—‌

—‌

++

Totals

$

—‌

#

$

—‌

$

48‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

09/30/21

T.

Rowe

Price

Treasury

Reserve

Fund,

0.05%

$

118,949‌

¤

¤

$

156,247‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

—‌

¤

¤

—‌

Total

$

156,247‌

^

#

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

$48

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

$156,247.

T.

ROWE

PRICE

Institutional

Mid-Cap

Equity

Growth

Fund

Unaudited

6

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Mid-Cap

Equity

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

Mid-Cap

Equity

Growth

Fund

7

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.

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):

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 $96,173,000 for

the

period ended

September

30,

2021.

E116-054Q3

09/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

7,144,732‌

$

26,203‌

$

11,012‌

$

7,181,947‌

Convertible

Preferred

Stocks

—‌

2,764‌

152,043‌

154,807‌

Short-Term

Investments

156,247‌

—‌

—‌

156,247‌

Total

$

7,300,979‌

$

28,967‌

$

163,055‌

$

7,493,001‌

($000s)

Beginning

Balance

12/31/20

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

9/30/21

Investment

in

Securities

Common

Stocks

$

32,264‌

$

(1,792‌)

$

848‌

$

(20,308‌)

$

11,012‌

Convertible

Preferred

Stocks

48,075‌

90,119‌

25,343‌

(11,494‌)

152,043‌

Total

$

80,339‌

$

88,327‌

$

26,191‌

$

(31,802‌)

$

163,055‌