<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0001012968
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 INSTITUTIONAL EQUITY FUNDS, INC.
001 B000000 811-07639
001 C000000 4103452000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 MID CAP EQUITY GROWTH FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 80
019 C00AA00 TROWEPRICE
020 A000001 PAINE WEBBER
020 B000001 13-2638166
020 C000001 8
020 A000002 ESI SECURITIES
020 B000002 13-3747159
020 C000002 7
020 A000003 BRIDGE TRADING
<PAGE> PAGE 2
020 B000003 43-1450530
020 C000003 6
020 A000004 MORGAN STANLEY
020 B000004 13-2655998
020 C000004 6
020 A000005 INSTINET
020 B000005 13-3443395
020 C000005 5
020 A000006 BEAR STEARNS
020 B000006 13-3299429
020 C000006 4
020 A000007 MERRILL LYNCH
020 B000007 13-5674085
020 C000007 4
020 A000008 GOLDMAN SACHS
020 B000008 13-5108880
020 C000008 3
020 A000009 SALOMON BROTHERS
020 B000009 13-3082694
020 C000009 3
020 A000010 PRUDENTIAL SECURITIES
020 B000010 22-2347336
020 C000010 3
021 000000 79
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 152813
022 D000001 568
022 A000002 CHASE SECURITIES
022 B000002 13-3379014
022 C000002 11376
022 D000002 996
022 A000003 FIRST BOSTON
022 B000003 13-5659485
022 C000003 9164
022 D000003 1019
022 A000004 BANK OF AMERICA
022 B000004 36-0947896
022 C000004 2002
022 D000004 0
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 1452
022 D000005 115
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 1145
022 D000006 267
022 A000007 MORGAN STANLEY
022 B000007 13-2655998
022 C000007 704
<PAGE> PAGE 3
022 D000007 697
022 A000008 BT ALEX BROWN
022 B000008 13-3311934
022 C000008 1205
022 D000008 84
022 A000009 SMITH BARNEY SHEARSON
022 B000009 13-1912900
022 C000009 410
022 D000009 300
022 A000010 DONALDSON LUFKIN JENRETTE
022 B000010 13-2741729
022 C000010 530
022 D000010 177
023 C000000 184790
023 D000000 5128
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.600
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
<PAGE> PAGE 4
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 Y
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
<PAGE> PAGE 5
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 N/A
080 C00AA00 60000
081 A00AA00 Y
081 B00AA00 125
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
<PAGE> PAGE 6
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 318
028 A020100 0
028 A030100 0
028 A040100 94
028 B010100 92
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 1766
028 C020100 0
028 C030100 0
028 C040100 22
028 D010100 8120
028 D020100 0
028 D030100 0
028 D040100 54
028 E010100 8155
028 E020100 0
028 E030100 0
028 E040100 7
028 F010100 5744
028 F020100 100
028 F030100 0
028 F040100 40
028 G010100 24195
028 G020100 100
028 G030100 0
028 G040100 217
028 H000100 0
071 A000100 48532
071 B000100 12061
071 C000100 29411
071 D000100 41
072 A000100 12
072 B000100 135
072 C000100 90
072 D000100 0
072 E000100 0
<PAGE> PAGE 7
072 F000100 117
072 G000100 0
072 H000100 0
072 I000100 6
072 J000100 41
072 K000100 0
072 L000100 3
072 M000100 7
072 N000100 10
072 O000100 0
072 P000100 0
072 Q000100 64
072 R000100 9
072 S000100 3
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 3
072 X000100 263
072 Y000100 0
072 Z000100 -38
072AA000100 543
072BB000100 0
072CC010100 5325
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 114
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0300
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 8231
074 D000100 0
074 E000100 0
074 F000100 55268
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 142
074 K000100 0
074 L000100 30
074 M000100 9
074 N000100 63680
074 O000100 5647
074 P000100 6
074 Q000100 0
074 R010100 0
074 R020100 0
<PAGE> PAGE 8
074 R030100 0
074 R040100 53
074 S000100 0
074 T000100 57974
074 U010100 4234
074 U020100 0
074 V010100 13.69
074 V020100 0.00
074 W000100 0.0000
074 X000100 32
074 Y000100 0
075 A000100 0
075 B000100 30920
076 000100 0.00
SIGNATURE JAMES RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001012968
<NAME> TROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC
<SERIES>
<NUMBER> 01
<NAME> TROWE PRICE MID-CAP EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 57642
<INVESTMENTS-AT-VALUE> 63499
<RECEIVABLES> 172
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63680
<PAYABLE-FOR-SECURITIES> 5647
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59
<TOTAL-LIABILITIES> 5706
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51668
<SHARES-COMMON-STOCK> 4234
<SHARES-COMMON-PRIOR> 1240
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 449
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5857
<NET-ASSETS> 57974
<DIVIDEND-INCOME> 90
<INTEREST-INCOME> 135
<OTHER-INCOME> 0
<EXPENSES-NET> 263
<NET-INVESTMENT-INCOME> (38)
<REALIZED-GAINS-CURRENT> 543
<APPREC-INCREASE-CURRENT> 5325
<NET-CHANGE-FROM-OPS> 5830
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 114
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3023
<NUMBER-OF-SHARES-REDEEMED> 37
<SHARES-REINVESTED> 8
<NET-CHANGE-IN-ASSETS> 43607
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 58
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 263
<AVERAGE-NET-ASSETS> 30920
<PER-SHARE-NAV-BEGIN> 11.59
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 2.14
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.69
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
