T.
ROWE
PRICE
Large-Cap
Growth
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.6%
COMMUNICATION
SERVICES
26.0%
Entertainment
3.9%
Live
Nation
Entertainment (1)
1,235,910
112,628
Netflix (1)
760,721
464,298
Sea,
ADR (1)
269,136
85,782
Spotify
Technology (1)
1,221,588
275,273
937,981
Interactive
Media
&
Services
22.1%
Alphabet,
Class
A (1)
661,349
1,768,130
Alphabet,
Class
C (1)
254,899
679,385
Facebook,
Class
A (1)
4,126,932
1,400,639
IAC/InterActiveCorp (1)
855,424
111,453
Match
Group (1)
1,409,139
221,221
Pinterest,
Class
A (1)
1,526,401
77,770
Snap,
Class
A (1)
9,189,679
678,842
Tencent
Holdings,
ADR
4,633,432
276,940
Vimeo (1)
2,035,416
59,780
5,274,160
Total
Communication
Services
6,212,141
CONSUMER
DISCRETIONARY
17.2%
Auto
Components
0.9%
Aptiv (1)
1,365,803
203,464
203,464
Hotels,
Restaurants
&
Leisure
2.2%
Airbnb,
Class
A (1)
357,340
59,944
Booking
Holdings (1)
96,164
228,281
Chipotle
Mexican
Grill (1)
84,395
153,389
DraftKings,
Class
A (1)
1,996,537
96,153
537,767
Internet
&
Direct
Marketing
Retail
9.5%
Alibaba
Group
Holding,
ADR (1)
859,033
127,180
Amazon.com (1)
591,864
1,944,297
Coupang (1)
3,304,754
92,037
DoorDash,
Class
A (1)
213,069
43,888
Farfetch,
Class
A (1)
1,859,697
69,702
2,277,104
Multiline
Retail
1.1%
Dollar
General
1,200,308
254,633
254,633
T.
ROWE
PRICE
Large-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Specialty
Retail
2.2%
Carvana (1)
619,818
186,900
Ross
Stores
3,184,926
346,679
533,579
Textiles,
Apparel
&
Luxury
Goods
1.3%
Lululemon
Athletica (1)
429,553
173,840
NIKE,
Class
B
954,009
138,551
312,391
Total
Consumer
Discretionary
4,118,938
ENERGY
0.0%
Oil,
Gas
&
Consumable
Fuels
0.0%
Reinvent
Technology
Partners
SPAC/Aurora
PIPE (1)(2)
745,806
6,665
Total
Energy
6,665
FINANCIALS
1.4%
Capital
Markets
1.4%
Charles
Schwab
1,396,073
101,690
MarketAxess
Holdings
89,556
37,675
S&P
Global
339,636
144,308
XP,
Class
A (1)
1,068,112
42,906
Total
Financials
326,579
HEALTH
CARE
12.3%
Biotechnology
0.9%
Incyte (1)
895,645
61,603
Vertex
Pharmaceuticals (1)
821,738
149,055
210,658
Health
Care
Equipment
&
Supplies
4.3%
Becton
Dickinson
&
Company
582,977
143,307
Intuitive
Surgical (1)
448,808
446,183
Stryker
1,639,281
432,311
1,021,801
Health
Care
Providers
&
Services
6.1%
Anthem
270,606
100,882
Centene (1)
1,534,030
95,585
Cigna
1,977,741
395,864
HCA
Healthcare
1,055,232
256,126
Humana
409,155
159,223
UnitedHealth
Group
1,141,559
446,053
1,453,733
T.
ROWE
PRICE
Large-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Life
Sciences
Tools
&
Services
1.0%
Avantor (1)
5,650,941
231,124
231,124
Total
Health
Care
2,917,316
INDUSTRIALS
&
BUSINESS
SERVICES
1.4%
Machinery
0.8%
Ingersoll
Rand (1)
3,859,225
194,544
194,544
Professional
Services
0.6%
CoStar
Group (1)
1,644,664
141,540
141,540
Total
Industrials
&
Business
Services
336,084
INFORMATION
TECHNOLOGY
36.1%
Communications
Equipment
0.0%
Magic
Leap,
Acquisition
Date:
1/20/16
-
10/12/17,
Cost $22,587 (1)(3)(4)
46,480
553
553
Electronic
Equip,
Instr
&
Cmpts
0.6%
Amphenol,
Class
A
2,118,390
155,130
155,130
IT
Services
9.2%
Affirm
Holdings (1)
85,669
10,206
Fidelity
National
Information
Services
657,635
80,021
Global
Payments
4,024,340
634,155
MongoDB (1)
388,287
183,081
PayPal
Holdings (1)
1,422,655
370,189
Shopify,
Class
A (1)
36,902
50,031
Snowflake,
Class
A (1)
102,849
31,105
Stripe,
Class
B,
Acquisition
Date:
12/17/19
-
5/18/21,
Cost $17,445 (1)(3)(4)
696,358
34,658
Visa,
Class
A
3,613,558
804,920
2,198,366
Semiconductors
&
Semiconductor
Equipment
2.2%
Advanced
Micro
Devices (1)
1,357,259
139,662
ASML
Holding
527,493
393,040
532,702
Software
20.0%
Canva,
Acquisition
Date:
8/16/21,
Cost $6,948 (1)(3)(4)
4,077
6,948
Celonis,
Acquisition
Date:
6/17/21,
Cost $9,559 (1)(3)(4)
25,851
9,559
Celonis,
EC,
Acquisition
Date:
8/27/21,
Cost $34 (1)(3)(4)
34,444
34
Fortinet (1)
1,054,243
307,881
T.
ROWE
PRICE
Large-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Intuit
1,374,115
741,349
Microsoft
7,312,820
2,061,630
salesforce.com (1)
1,959,050
531,334
SentinelOne,
Class
A (1)
1,292,577
69,243
ServiceNow (1)
572,241
356,089
Splunk (1)
1,136,872
164,517
Synopsys (1)
665,981
199,401
UiPath,
Class
A (1)
2,487,698
130,878
Workday,
Class
A (1)
246,941
61,708
Zoom
Video
Communications,
Class
A (1)
561,580
146,853
4,787,424
Technology
Hardware,
Storage
&
Peripherals
4.1%
Apple
6,886,857
974,490
974,490
Total
Information
Technology
8,648,665
Total
Miscellaneous
Common
Stocks
0.2% (5)
43,253
Total
Common
Stocks
(Cost
$9,427,304)
22,609,641
CONVERTIBLE
PREFERRED
STOCKS
4.7%
CONSUMER
DISCRETIONARY
3.8%
Automobiles
3.8%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $48,920 (1)(3)(4)
4,553,218
323,415
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $106,688 (1)(3)(4)
6,887,531
489,222
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $50,390 (1)(3)(4)
1,367,440
97,129
Total
Consumer
Discretionary
909,766
INFORMATION
TECHNOLOGY
0.8%
Software
0.8%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost $14,738 (1)(4)
1,594,980
30,903
Celonis,
Series
D,
Acquisition
Date:
6/17/21,
Cost $24,937 (1)(3)
(4)
67,436
24,937
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $22,390 (1)
(3)(4)
101,562
22,390
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $27,654 (1)(3)(4)
2,118,369
27,654
Rappi,
Series
E,
Acquisition
Date:
9/8/20
-
9/24/20,
Cost $23,981 (1)(3)(4)
401,388
25,859
Rappi,
Series
F,
Acquisition
Date:
7/8/21,
Cost $35,081 (1)(3)(4)
544,536
35,081
T.
ROWE
PRICE
Large-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $16,211 (1)(3)
(4)
188,785
17,316
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $1,296 (1)(3)
(4)
14,135
1,296
Total
Information
Technology
185,436
MATERIALS
0.1%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $23,334 (1)(3)(4)
492,252
23,334
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $16,932 (1)(3)
(4)
410,238
16,932
Total
Materials
40,266
Total
Convertible
Preferred
Stocks
(Cost
$412,552)
1,135,468
SHORT-TERM
INVESTMENTS
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (6)(7)
133,735,871
133,736
Total
Short-Term
Investments
(Cost
$133,736)
133,736
Total
Investments
in
Securities
99.9%
(Cost
$9,973,592)
$
23,878,845
Other
Assets
Less
Liabilities
0.1%
35,661
Net
Assets
100.0%
$
23,914,506
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
September
30,
2021,
was
$7,458
and
was
valued
at
$6,665
(0.0%
of
net
assets).
(3)
Level
3
in
fair
value
hierarchy.
(4)
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
$1,187,220
and
represents
5.0%
of
net
assets.
(5)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Large-Cap
Growth
Fund
6
.
.
.
.
.
.
.
.
.
.
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
PIPE
Private
Investment
in
Public
Equity
SPAC
Special
Purpose
Acquisition
Company
T.
ROWE
PRICE
Large-Cap
Growth
Fund
7
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%
$
—#
$
—
$
56+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
108,415
¤
¤
$
133,736^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$56
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
$133,736.
T.
ROWE
PRICE
Large-Cap
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
Large-Cap
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
T.
ROWE
PRICE
Large-Cap
Growth
Fund
9
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.
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
T.
ROWE
PRICE
Large-Cap
Growth
Fund
10
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 $675,858,000 for
the
period ended
September
30,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
22,551,224
$
6,665
$
51,752
$
22,609,641
Convertible
Preferred
Stocks
—
30,903
1,104,565
1,135,468
Short-Term
Investments
133,736
—
—
133,736
Total
$
22,684,960
$
37,568
$
1,156,317
$
23,878,845
T.
ROWE
PRICE
Large-Cap
Growth
Fund
11
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
11,988
$
(4,823)
$
49,835
$
(5,248)
$
—
$
51,752
Convertible
Preferred
Stocks
332,253
669,052
183,809
(49,197)
(31,352)
1,104,565
Total
$
344,241
$
664,229
$
233,644
$
(54,445)
$
(31,352)
$
1,156,317
T.
ROWE
PRICE
Large-Cap
Growth
Fund
12
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F1232-054Q3
09/21
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
51,752
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
gross
profit
multiple
36.0x
-
48.2x
42.1x
Increase
Gross
profit
growth
rate
40%
40%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
1,104,565
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Capital
conversion
reference
point
$55
Billion
$55
Billion
Increase