T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
November
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.5%
COMMUNICATION
SERVICES
5.9%
Entertainment
0.4%
Electronic
Arts
10,500
1,373
Netflix (1)
4,900
1,497
Spotify
Technology (1)
2,500
199
Take-Two
Interactive
Software (1)
1,152
122
3,191
Interactive
Media
&
Services
5.0%
Alphabet,
Class
C (1)
348,080
35,313
Match
Group (1)
20,123
1,017
ZoomInfo
Technologies (1)
2,934
84
36,414
Media
0.3%
Fox,
Class
B
8,200
250
Omnicom
Group
3,800
303
Trade
Desk,
Class
A (1)
33,800
1,763
2,316
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S. (1)
10,273
1,556
1,556
Total
Communication
Services
43,477
CONSUMER
DISCRETIONARY
14.7%
Auto
Components
0.1%
Aptiv (1)
1,410
150
Mobileye
Global,
Class
A (1)(2)
9,571
273
423
Automobiles
2.2%
Ferrari
2,240
499
Tesla (1)
79,075
15,396
15,895
Distributors
0.2%
Pool
3,481
1,147
1,147
Diversified
Consumer
Services
0.2%
Bright
Horizons
Family
Solutions (1)
700
52
Service
Corp.
International
17,480
1,249
1,301
Hotels,
Restaurants
&
Leisure
3.0%
Airbnb,
Class
A (1)
13,472
1,376
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Booking
Holdings (1)
807
1,678
Caesars
Entertainment (1)
4,500
229
Chipotle
Mexican
Grill (1)
2,700
4,393
Darden
Restaurants
1,600
235
Domino's
Pizza
4,037
1,569
Hilton
Worldwide
Holdings
36,000
5,134
MGM
Resorts
International
53,600
1,976
Papa
John's
International
2,400
200
Restaurant
Brands
International
16,802
1,115
Starbucks
20,275
2,072
Vail
Resorts
1,000
257
Wynn
Resorts (1)
1,300
109
Yum!
Brands
12,500
1,608
21,951
Household
Durables
0.2%
NVR (1)
250
1,160
1,160
Internet
&
Direct
Marketing
Retail
3.0%
Amazon.com (1)
204,580
19,750
Chewy,
Class
A (1)(2)
4,000
173
Etsy (1)
500
66
MercadoLibre (1)
1,900
1,769
21,758
Leisure
Products
0.0%
Mattel (1)
15,000
273
273
Multiline
Retail
0.7%
Dollar
General
19,248
4,921
Dollar
Tree (1)
1,000
150
Ollie's
Bargain
Outlet
Holdings (1)
2,062
126
5,197
Specialty
Retail
4.1%
AutoZone (1)
1,204
3,105
Burlington
Stores (1)(2)
900
176
CarMax (1)
2,000
139
Five
Below (1)
6,700
1,078
Floor
&
Decor
Holdings,
Class
A (1)(2)
2,500
186
Home
Depot
25,840
8,372
O'Reilly
Automotive (1)
7,053
6,098
RH (1)
300
86
Ross
Stores
11,200
1,318
TJX
31,077
2,488
Tractor
Supply
15,752
3,565
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ulta
Beauty (1)
5,900
2,742
Williams-Sonoma
2,800
327
29,680
Textiles,
Apparel
&
Luxury
Goods
1.0%
Lululemon
Athletica (1)
10,060
3,826
NIKE,
Class
B
30,749
3,373
Skechers
USA,
Class
A (1)
3,500
147
7,346
Total
Consumer
Discretionary
106,131
CONSUMER
STAPLES
4.0%
Beverages
2.6%
Brown-Forman,
Class
B
12,512
914
Constellation
Brands,
Class
A
10,500
2,702
Diageo,
ADR (2)
34,800
6,492
Keurig
Dr
39,615
1,532
Monster
Beverage (1)
23,228
2,389
PepsiCo
26,800
4,972
19,001
Food
&
Staples
Retailing
0.4%
BJ's
Wholesale
Club
Holdings (1)
32,800
2,468
Casey's
General
Stores
1,500
364
2,832
Food
Products
0.7%
Darling
Ingredients (1)
26,900
1,932
Hershey
8,583
2,018
McCormick
12,762
1,087
Tyson
Foods,
Class
A
2,500
166
5,203
Household
Products
0.0%
Church
&
Dwight
1,419
116
116
Personal
Products
0.3%
Estee
Lauder,
Class
A
7,700
1,816
1,816
Total
Consumer
Staples
28,968
ENERGY
1.9%
Energy
Equipment
&
Services
0.1%
Halliburton
11,000
417
417
Oil,
Gas
&
Consumable
Fuels
1.8%
APA
3,000
141
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Cheniere
Energy
16,600
2,911
Coterra
Energy
54,800
1,529
Devon
Energy
50,000
3,426
Diamondback
Energy
2,100
311
Pioneer
Natural
Resources
14,700
3,469
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $15 (1)(3)(4)
5
74
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $216 (1)(3)(4)
58
858
12,719
Total
Energy
13,136
FINANCIALS
4.9%
Banks
0.1%
First
Republic
Bank
7,100
906
SVB
Financial
Group (1)
500
116
1,022
Capital
Markets
3.5%
BlackRock
2,600
1,862
Blue
Owl
Capital (2)
60,700
686
Cboe
Global
Markets
7,679
974
Charles
Schwab
25,583
2,112
CME
Group
7,310
1,290
FactSet
Research
Systems
1,400
646
MarketAxess
Holdings
4,760
1,275
Moody's
7,461
2,225
Morningstar
614
151
MSCI
8,100
4,113
Nasdaq
3,300
226
S&P
Global
23,437
8,269
Tradeweb
Markets,
Class
A
28,140
1,729
25,558
Consumer
Finance
0.1%
Discover
Financial
Services
3,900
423
423
Diversified
Financial
Services
0.3%
Apollo
Global
Management
34,800
2,415
2,415
Insurance
0.9%
Arthur
J
Gallagher
6,500
1,294
Assurant
800
103
Hartford
Financial
Services
Group
25,900
1,978
Marsh
&
McLennan
12,500
2,165
Progressive
8,833
1,167
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ryan
Specialty
Group
Holdings (1)
4,000
161
6,868
Total
Financials
36,286
HEALTH
CARE
13.7%
Biotechnology
1.7%
Alnylam
Pharmaceuticals (1)
2,801
618
Argenx,
ADR (1)
1,733
690
Ascendis
Pharma,
ADR (1)
600
74
BioMarin
Pharmaceutical (1)
3,113
314
BioNTech,
ADR
16,528
2,761
Blueprint
Medicines (1)
1,200
57
Exact
Sciences (1)
2,600
117
Genmab,
ADR (1)
24,588
1,144
Horizon
Therapeutics (1)
1,700
170
Incyte (1)
2,059
164
Karuna
Therapeutics (1)
802
189
Neurocrine
Biosciences (1)
1,945
247
Regeneron
Pharmaceuticals (1)
2,400
1,804
Seagen (1)
2,898
352
Vertex
Pharmaceuticals (1)
12,099
3,828
12,529
Health
Care
Equipment
&
Supplies
2.0%
Align
Technology (1)
3,800
747
Dexcom (1)
32,860
3,821
IDEXX
Laboratories (1)
3,062
1,304
Insulet (1)
4,200
1,257
Intuitive
Surgical (1)
12,991
3,513
Lantheus
Holdings (1)
1,800
112
Novocure (1)(2)
2,000
154
Penumbra (1)
1,800
377
QuidelOrtho (1)
1,200
105
ResMed
11,200
2,578
Shockwave
Medical (1)
1,000
254
STERIS
1,865
346
Teleflex
700
164
14,732
Health
Care
Providers
&
Services
5.0%
Acadia
Healthcare (1)
2,300
205
Amedisys (1)
814
74
Centene (1)
15,849
1,380
CVS
Health
12,200
1,243
Elevance
Health
7,747
4,128
HCA
Healthcare
3,100
745
Humana
3,053
1,679
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
McKesson
13,500
5,153
Molina
Healthcare (1)
8,814
2,968
UnitedHealth
Group
34,600
18,952
36,527
Health
Care
Technology
0.4%
Veeva
Systems,
Class
A (1)
13,892
2,644
2,644
Life
Sciences
Tools
&
Services
2.8%
Agilent
Technologies
15,008
2,326
Avantor (1)
17,495
390
Bio-Rad
Laboratories,
Class
A (1)
1,800
746
Bio-Techne
20,800
1,768
Bruker
6,200
418
Charles
River
Laboratories
International (1)
1,000
229
Danaher
11,300
3,090
IQVIA
Holdings (1)
3,300
719
Mettler-Toledo
International (1)
2,213
3,252
Repligen (1)
6,800
1,216
Thermo
Fisher
Scientific
10,519
5,893
West
Pharmaceutical
Services
2,200
516
20,563
Pharmaceuticals
1.8%
Catalent (1)
3,200
160
Elanco
Animal
Health (1)
3,614
46
Eli
Lilly
25,600
9,500
Royalty
Pharma,
Class
A
4,200
185
Zoetis
21,368
3,294
13,185
Total
Health
Care
100,180
INDUSTRIALS
&
BUSINESS
SERVICES
8.4%
Aerospace
&
Defense
0.7%
BWX
Technologies
2,800
171
Hexcel
2,000
120
Howmet
Aerospace
4,000
151
Huntington
Ingalls
Industries
1,000
232
L3Harris
Technologies
3,617
821
Northrop
Grumman
3,700
1,973
TransDigm
Group
2,928
1,840
5,308
Air
Freight
&
Logistics
0.9%
Expeditors
International
of
Washington
2,700
313
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
United
Parcel
Service,
Class
B
31,426
5,963
6,276
Airlines
0.1%
Alaska
Air
Group (1)
6,000
285
Southwest
Airlines (1)
6,500
259
544
Building
Products
0.4%
A.O.
Smith
3,500
213
Allegion
3,600
409
Fortune
Brands
Home
&
Security
4,300
281
Trane
Technologies
8,900
1,588
Trex (1)
4,400
202
2,693
Commercial
Services
&
Supplies
1.8%
Cintas
9,100
4,202
Clean
Harbors (1)
1,100
132
Copart (1)
41,052
2,732
IAA (1)
10,300
385
Republic
Services
6,500
905
Ritchie
Bros
Auctioneers
3,000
165
Rollins
23,000
930
Waste
Connections
24,710
3,571
13,022
Construction
&
Engineering
0.1%
Valmont
Industries
2,200
745
WillScot
Mobile
Mini
Holdings (1)
3,000
145
890
Electrical
Equipment
0.5%
AMETEK
1,287
183
Eaton
10,500
1,716
Generac
Holdings (1)
6,900
728
Hubbell
1,600
407
Rockwell
Automation
3,472
917
3,951
Industrial
Conglomerates
0.1%
Roper
Technologies
1,842
808
808
Machinery
1.0%
Cummins
4,163
1,045
Deere
10,847
4,783
Graco
2,500
175
IDEX
925
220
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Middleby (1)
2,300
332
Otis
Worldwide
4,000
312
PACCAR
4,000
424
Toro
1,800
200
Westinghouse
Air
Brake
Technologies
1,000
101
7,592
Professional
Services
0.9%
Booz
Allen
Hamilton
Holding
2,426
258
CoStar
Group (1)
22,380
1,814
Equifax
8,614
1,700
FTI
Consulting (1)
1,000
173
Leidos
Holdings
1,900
208
TransUnion
4,000
252
Verisk
Analytics
10,581
1,944
6,349
Road
&
Rail
1.3%
Canadian
Pacific
Railway
21,188
1,735
JB
Hunt
Transport
Services
2,309
425
Landstar
System
1,400
242
Old
Dominion
Freight
Line
9,067
2,744
Union
Pacific
18,200
3,957
9,103
Trading
Companies
&
Distributors
0.6%
Fastenal
23,600
1,216
Ferguson
8,100
949
SiteOne
Landscape
Supply (1)
3,000
377
United
Rentals (1)
3,700
1,306
Watsco
1,068
287
4,135
Total
Industrials
&
Business
Services
60,671
INFORMATION
TECHNOLOGY
42.0%
Communications
Equipment
0.5%
Arista
Networks (1)
12,300
1,713
Motorola
Solutions
6,800
1,851
3,564
Electronic
Equipment,
Instruments
&
Components
1.6%
Amphenol,
Class
A
65,794
5,292
CDW
24,493
4,620
Cognex
3,400
169
Keysight
Technologies (1)
3,918
709
Littelfuse
793
196
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zebra
Technologies,
Class
A (1)
2,846
769
11,755
IT
Services
8.8%
Accenture,
Class
A
24,836
7,474
Automatic
Data
Processing
10,000
2,641
Block (1)
4,000
271
Broadridge
Financial
Solutions
14,161
2,112
Endava,
ADR (1)
1,000
77
EPAM
Systems (1)
2,037
751
Euronet
Worldwide (1)
1,054
98
Fiserv (1)
13,000
1,357
FleetCor
Technologies (1)
6,800
1,334
Gartner (1)
8,100
2,838
Globant (1)
1,300
244
Mastercard,
Class
A
44,200
15,753
MongoDB (1)
5,000
763
Paychex
4,800
595
PayPal
Holdings (1)
9,500
745
Shopify,
Class
A (1)
36,000
1,472
Snowflake,
Class
A (1)
5,046
721
SS&C
Technologies
Holdings
2,500
134
VeriSign (1)
692
138
Visa,
Class
A
112,000
24,304
WEX (1)
667
113
63,935
Semiconductors
&
Semiconductor
Equipment
8.2%
Advanced
Micro
Devices (1)
38,551
2,993
Analog
Devices
19,575
3,365
Enphase
Energy (1)
8,100
2,597
Entegris
33,060
2,555
KLA
26,776
10,527
Lam
Research
4,260
2,012
Lattice
Semiconductor (1)
3,327
242
Marvell
Technology
8,302
386
Microchip
Technology
58,822
4,658
MKS
Instruments
900
76
Monolithic
Power
Systems
9,912
3,786
NVIDIA
96,000
16,246
ON
Semiconductor (1)
29,500
2,218
QUALCOMM
38,775
4,905
Silicon
Laboratories (1)
800
116
Skyworks
Solutions
1,507
144
Synaptics (1)
800
85
Taiwan
Semiconductor
Manufacturing,
ADR
22,800
1,892
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Teradyne
4,000
374
59,177
Software
15.0%
Adobe (1)
10,500
3,622
ANSYS (1)
2,000
509
AppLovin,
Class
A (1)(2)
1,500
22
Aspen
Technology (1)
2,142
494
Atlassian,
Class
A (1)
5,391
709
Autodesk (1)
7,791
1,573
Bentley
Systems,
Class
B
2,449
97
Bill.com
Holdings (1)
7,392
890
Black
Knight (1)
23,000
1,426
Cadence
Design
Systems (1)
18,789
3,233
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $719 (1)(3)(4)
422
233
CCC
Intelligent
Solutions
Holdings (1)
6,257
58
Ceridian
HCM
Holding (1)
3,663
251
Confluent,
Class
A (1)
2,528
58
Coupa
Software (1)
1,600
101
Crowdstrike
Holdings,
Class
A (1)
18,054
2,124
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $82 (1)(3)(4)
5,133
240
Datadog,
Class
A (1)
13,449
1,019
Descartes
Systems
Group (1)
2,500
174
DoubleVerify
Holdings (1)
4,000
105
Dynatrace (1)
3,948
153
Fair
Isaac (1)
1,300
806
Five9 (1)
1,500
96
Fortinet (1)
83,000
4,412
Gitlab,
Class
A (1)(2)
2,720
108
HubSpot (1)
2,600
788
Informatica,
Class
A (1)(2)
5,200
89
Intuit
14,500
5,910
Manhattan
Associates (1)
3,400
428
Microsoft
212,725
54,275
nCino (1)
2,500
65
Palo
Alto
Networks (1)
18,800
3,194
Paycom
Software (1)
7,648
2,593
Paycor
HCM (1)
3,700
107
Paylocity
Holding (1)
3,500
762
Procore
Technologies (1)
1,582
78
PTC (1)
10,600
1,348
Salesforce (1)
11,095
1,778
SentinelOne,
Class
A (1)
16,443
238
ServiceNow (1)
8,800
3,664
Snyk,
Acquisition
Date:
9/3/21,
Cost $144 (1)(3)(4)
10,031
114
Socure,
Acquisition
Date:
12/22/21,
Cost $159 (1)(3)(4)
9,912
74
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Synopsys (1)
18,227
6,189
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $52 (1)(3)(4)
4,598
20
Tyler
Technologies (1)
6,294
2,157
Workday,
Class
A (1)
7,000
1,175
Workiva (1)
487
39
Zscaler (1)
8,500
1,134
108,732
Technology
Hardware,
Storage
&
Peripherals
7.9%
Apple
388,500
57,509
Pure
Storage,
Class
A (1)
4,000
117
57,626
Total
Information
Technology
304,789
MATERIALS
2.4%
Chemicals
1.6%
Air
Products
&
Chemicals
2,400
744
Albemarle
4,400
1,223
CF
Industries
Holdings
7,000
757
Corteva
22,000
1,478
Linde
6,100
2,053
Nutrien
18,400
1,479
PPG
Industries
4,500
609
RPM
International
4,300
446
Sherwin-Williams
9,814
2,445
11,234
Construction
Materials
0.3%
Vulcan
Materials
11,100
2,035
2,035
Containers
&
Packaging
0.2%
Avery
Dennison
2,482
480
Ball
17,400
976
Sealed
Air
5,000
266
1,722
Metals
&
Mining
0.3%
BHP
Group,
ADR (2)
13,300
835
Steel
Dynamics
10,000
1,040
1,875
Total
Materials
16,866
REAL
ESTATE
1.6%
Equity
Real
Estate
Investment
Trusts
1.6%
Alexandria
Real
Estate
Equities,
REIT
500
78
CubeSmart,
REIT
47,000
1,945
Equity
LifeStyle
Properties,
REIT
15,200
1,009
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Rexford
Industrial
Realty,
REIT
2,400
133
SBA
Communications,
REIT
26,934
8,061
Simon
Property
Group,
REIT
4,000
478
Total
Real
Estate
11,704
UTILITIES
0.0%
Independent
Power
&
Renewable
Electricity
Producer
0.0%
Vistra
2,000
49
Total
Utilities
49
Total
Common
Stocks
(Cost
$382,303)
722,257
CONVERTIBLE
PREFERRED
STOCKS
0.4%
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $137 (1)(3)(4)
16,937
112
Total
Health
Care
112
INFORMATION
TECHNOLOGY
0.4%
Software
0.4%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $43 (1)(3)(4)
25
14
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $223 (1)(3)
(4)
15,573
728
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $252 (1)(3)(4)
4,257
199
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $818 (1)(3)
(4)
11,136
520
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $186 (1)(3)
(4)
6,806
36
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $523 (1)(3)(4)
8,757
451
Snyk,
Series
F,
Acquisition
Date:
9/3/21,
Cost $240 (1)(3)(4)
16,718
190
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $194 (1)(3)(4)
12,046
90
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $159 (1)(3)(4)
9,887
74
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $3 (1)(3)(4)
178
1
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $368 (1)(3)(4)
22,915
172
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $141 (1)(3)(4)
28,431
125
Total
Information
Technology
2,600
Total
Convertible
Preferred
Stocks
(Cost
$3,287)
2,712
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.86% (5)(6)
45,089
45
Total
Short-Term
Investments
(Cost
$45)
45
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
3.86% (5)(6)
2,838,259
2,838
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
2,838
Total
Securities
Lending
Collateral
(Cost
$2,838)
2,838
Total
Investments
in
Securities
100.3%
(Cost
$388,473)
$
727,852
Other
Assets
Less
Liabilities
(0.3)%
(2,310)
Net
Assets
100.0%
$
725,542
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2022.
(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
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$4,325
and
represents
0.6%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
14
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
November
30,
2022.
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,
3.86%
$
—
$
—
$
12++
Totals
$
—#
$
—
$
12+
Supplementary
Investment
Schedule
Affiliate
Value
02/28/22
Purchase
Cost
Sales
Cost
Value
11/30/22
T.
Rowe
Price
Government
Reserve
Fund,
3.86%
$
6,286
¤
¤
$
2,883
Total
$
2,883^
#
Capital
gain
distributions
from
underlying
Price
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
$2,883.
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
T.
Rowe
Price
Tax-Efficient
Equity
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 fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee 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 Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
16
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 are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee 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
Designee 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.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
17
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
720,644
$
—
$
1,613
$
722,257
Convertible
Preferred
Stocks
—
—
2,712
2,712
Short-Term
Investments
45
—
—
45
Securities
Lending
Collateral
2,838
—
—
2,838
Total
$
723,527
$
—
$
4,325
$
727,852
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
18
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F136-054Q3
11/22