t rowe price institutional small cap stock fund december 31 2006 annual report the views and opinions in this were current as of they are not guarantees performance or investment results should be taken advice decisions reflect a variety factors managers reserve right to change their about individual stocks sectors markets at any time result expressed relied upon forecast s future intent is certified under sarbanes oxley act which requires mutual funds other public companies affirm that best knowledge information financial reports fairly accurately stated all material respects table contents highlights 1 manager letter expenses 7 8 portfolio investments 9 notes statements 19 officers directors 24 dear investor once again market defied most observers including ourselves russell 2000 index smaller outperformed large s&p 500
