T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
November
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.6%
COMMUNICATION
SERVICES
10.6%
Entertainment
1.1%
Electronic
Arts
8,500
1,173
Endeavor
Group
Holdings,
Class
A
2,700
66
Netflix (1)
12,400
5,877
ROBLOX,
Class
A (1)
12,500
491
Spotify
Technology (1)
9,656
1,788
Take-Two
Interactive
Software (1)
1,152
182
9,577
Interactive
Media
&
Services
9.0%
Alphabet,
Class
C (1)
376,080
50,365
Match
Group (1)
14,012
454
Meta
Platforms,
Class
A (1)
83,700
27,382
Pinterest,
Class
A (1)
18,000
613
78,814
Media
0.5%
Omnicom
Group
9,300
750
Trade
Desk,
Class
A (1)
51,300
3,614
4,364
Total
Communication
Services
92,755
CONSUMER
DISCRETIONARY
13.9%
Automobile
Components
0.0%
Mobileye
Global,
Class
A (1)(2)
3,000
123
123
Automobiles
1.3%
Ferrari (2)
2,240
804
Tesla (1)
44,175
10,606
11,410
Broadline
Retail
5.3%
Amazon.com (1)
299,860
43,807
Coupang (1)
24,500
374
MercadoLibre (1)
1,600
2,593
Ollie's
Bargain
Outlet
Holdings (1)
1,792
131
46,905
Distributors
0.1%
Pool
2,281
792
792
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (1)
700
61
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Duolingo (1)
500
106
Service
Corp.
International
12,880
789
956
Hotels,
Restaurants
&
Leisure
3.0%
Airbnb,
Class
A (1)
13,472
1,702
Booking
Holdings (1)
1,007
3,148
Caesars
Entertainment (1)
800
36
Chipotle
Mexican
Grill (1)
2,600
5,726
Churchill
Downs
1,700
197
Darden
Restaurants
1,600
250
Domino's
Pizza
3,337
1,311
DoorDash,
Class
A (1)
6,500
611
DraftKings,
Class
A (1)
30,500
1,166
Hilton
Worldwide
Holdings
36,500
6,115
Hyatt
Hotels,
Class
A (2)
500
57
MGM
Resorts
International
23,800
939
Restaurant
Brands
International (2)
12,802
910
Royal
Caribbean
Cruises (1)
2,300
247
Starbucks
20,275
2,013
Vail
Resorts
300
65
Wingstop
1,000
240
Wynn
Resorts
1,300
110
Yum!
Brands
12,500
1,569
26,412
Household
Durables
0.1%
NVR (1)
150
923
923
Specialty
Retail
3.2%
AutoZone (1)
1,204
3,142
Burlington
Stores (1)
900
153
Five
Below (1)
5,300
999
Floor
&
Decor
Holdings,
Class
A (1)(2)
500
46
Home
Depot
25,840
8,100
O'Reilly
Automotive (1)
7,053
6,929
RH (1)(2)
200
54
Ross
Stores
12,200
1,591
TJX
32,077
2,826
Tractor
Supply (2)
7,152
1,452
Ulta
Beauty (1)
5,400
2,300
Williams-Sonoma (2)
900
169
27,761
Textiles,
Apparel
&
Luxury
Goods
0.8%
Lululemon
Athletica (1)
8,960
4,003
NIKE,
Class
B
23,749
2,619
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Skechers
USA,
Class
A (1)
3,500
206
6,828
Total
Consumer
Discretionary
122,110
CONSUMER
STAPLES
1.9%
Beverages
1.3%
Brown-Forman,
Class
B
4,712
277
Celsius
Holdings (1)(2)
6,300
312
Constellation
Brands,
Class
A
8,000
1,924
Diageo,
ADR
773
Keurig
Dr
Pepper
24,615
777
Monster
Beverage (1)
33,456
1,845
PepsiCo
33,300
5,604
11,512
Consumer
Staples
Distribution
&
Retail
0.4%
BJ's
Wholesale
Club
Holdings (1)
12,500
807
Casey's
General
Stores
500
138
Dollar
General
7,048
924
Dollar
Tree (1)
1,000
124
Performance
Food
Group (1)
24,000
1,561
3,554
Food
Products
0.1%
Hershey
5,583
1,049
1,049
Household
Products
0.0%
Church
&
Dwight
919
89
89
Personal
Care
Products
0.1%
elf
Beauty (1)
1,200
142
Estee
Lauder,
Class
A
5,000
638
780
Total
Consumer
Staples
16,984
ENERGY
0.8%
Energy
Equipment
&
Services
0.2%
Halliburton
32,500
1,204
Noble
4,100
189
1,393���
Oil,
Gas
&
Consumable
Fuels
0.6%
APA
7,000
252
Cheniere
Energy
8,100
1,476
Chesapeake
Energy (2)
900
72
Coterra
Energy
16,500
433
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Diamondback
Energy
2,100
324
Hess
3,815
536
Magnolia
Oil
&
Gas,
Class
A (2)
6,500
140
Matador
Resources
2,200
127
Pioneer
Natural
Resources
8,200
1,900
5,260
Total
Energy
6,653
FINANCIALS
9.4%
Banks
0.0%
NU
Holdings,
Class
A (1)
48,500
395
395
Capital
Markets
2.4%
Ares
Management,
Class
A
13,600
1,527
BlackRock
1,600
1,202
Blue
Owl
Capital (2)
13,500
182
Cboe
Global
Markets
6,679
1,217
Charles
Schwab
15,583
955
CME
Group
7,310
1,596
FactSet
Research
Systems
1,100
499
LPL
Financial
Holdings
5,100
1,134
MarketAxess
Holdings
3,760
903
Moody's
4,961
1,810
Morningstar
600
170
MSCI
4,300
2,240
S&P
Global
11,437
4,756
Tradeweb
Markets,
Class
A
28,640
2,775
20,966
Financial
Services
6.2%
Apollo
Global
Management
33,500
3,082
Block (1)
10,000
634
Euronet
Worldwide (1)
700
61
Fiserv (1)
20,200
2,638
FleetCor
Technologies (1)
6,100
1,467
Mastercard,
Class
A
43,700
18,085
Toast,
Class
A (1)(2)
2,000
30
Visa,
Class
A
110,800
28,440
WEX (1)
667
118
54,555
Insurance
0.8%
Arch
Capital
Group (1)
6,700
561
Arthur
J
Gallagher
6,500
1,619
Assurant
800
134
Globe
Life
1,400
172
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Hartford
Financial
Services
Group
15,300
1,196
Kinsale
Capital
Group
1,100
385
Marsh
&
McLennan
12,500
2,493
Ryan
Specialty
Holdings (1)(2)
7,000
321
6,881
Total
Financials
82,797
HEALTH
CARE
10.2%
Biotechnology
1.4%
Alnylam
Pharmaceuticals (1)
387
Apellis
Pharmaceuticals (1)
1,700
91
Argenx,
ADR (1)
633
285
Ascendis
Pharma,
ADR (1)
200
20
BioNTech,
ADR (1)
7,528
756
Exact
Sciences (1)
2,900
186
Genmab,
ADR (1)
22,588
714
Incyte (1)
1,359
74
Karuna
Therapeutics (1)
1,500
287
Legend
Biotech,
ADR (1)
2,500
152
Moderna (1)
1,000
78
Neurocrine
Biosciences (1)
2,945
343
Regeneron
Pharmaceuticals (1)
4,200
3,460
Sarepta
Therapeutics (1)
800
65
Vertex
Pharmaceuticals (1)
14,199
5,038
11,936
Health
Care
Equipment
&
Supplies
1.1%
Align
Technology (1)
2,800
599
Dexcom (1)
21,828
2,521
Globus
Medical,
Class
A (1)
3,900
175
IDEXX
Laboratories (1)
2,762
1,287
Inspire
Medical
Systems (1)(2)
200
29
Insulet (1)
1,700
321
Intuitive
Surgical (1)
8,991
2,795
Lantheus
Holdings (1)
1,600
115
Masimo (1)
1,000
94
Novocure (1)
4,000
49
Penumbra (1)
4,600
1,022
ResMed
2,200
347
Shockwave
Medical (1)
1,200
209
STERIS
865
174
Teleflex
400
90
9,827
Health
Care
Providers
&
Services
3.7%
Acadia
Healthcare (1)
1,300
95
agilon
health (1)
2,000
21
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Cardinal
Health
1,500
161
Cencora
1,600
325
Elevance
Health
7,747
3,715
HCA
Healthcare
5,100
1,277
Humana
3,053
1,480
McKesson
13,500
6,353
Molina
Healthcare (1)
7,514
2,747
Tenet
Healthcare (1)
2,400
166
UnitedHealth
Group
29,100
16,091
32,431
Health
Care
Technology
0.2%
Veeva
Systems,
Class
A (1)
7,692
1,341
1,341
Life
Sciences
Tools
&
Services
1.3%
Agilent
Technologies
11,208
1,432
Bio-Techne
4,000
252
Bruker
3,000
195
Charles
River
Laboratories
International (1)
400
79
Danaher
3,800
849
ICON (1)
600
160
IQVIA
Holdings (1)
4,000
856
Mettler-Toledo
International (1)
1,413
1,543
Repligen (1)
3,100
487
Thermo
Fisher
Scientific
8,019
3,976
West
Pharmaceutical
Services
4,900
1,719
11,548
Pharmaceuticals
2.5%
Eli
Lilly
31,600
18,677
Zoetis
19,068
3,369
22,046
Total
Health
Care
89,129
INDUSTRIALS
&
BUSINESS
SERVICES
6.9%
Aerospace
&
Defense
0.9%
Axon
Enterprise (1)
7,600
1,747
BWX
Technologies
1,400
109
HEICO
1,800
308
Hexcel
1,300
90
Howmet
Aerospace
4,000
210
L3Harris
Technologies
3,617
690
Northrop
Grumman
3,700
1,758
TransDigm
Group
3,428
3,301
8,213
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Building
Products
0.3%
A.O.
Smith
1,400
106
Advanced
Drainage
Systems
1,000
121
Allegion
1,700
180
Carrier
Global
1,600
83
Fortune
Brands
Innovations
1,800
123
Trane
Technologies
6,400
1,443
Trex (1)
2,700
190
2,246
Commercial
Services
&
Supplies
1.6%
Cintas
8,300
4,592
Clean
Harbors (1)
3,100
501
Copart (1)
74,800
3,756
RB
Global (2)
2,500
159
Republic
Services
6,500
1,052
Rollins
21,000
856
Waste
Connections
21,710
2,942
13,858
Construction
&
Engineering
0.2%
Quanta
Services
8,300
1,563
Valmont
Industries
700
154
WillScot
Mobile
Mini
Holdings (1)
3,100
129
1,846
Electrical
Equipment
0.6%
AMETEK
5,287
821
Eaton
10,500
2,391
Hubbell
3,600
1,080
Rockwell
Automation
2,972
818
5,110
Ground
Transportation
1.0%
Canadian
Pacific
Kansas
City
12,000
864
JB
Hunt
Transport
Services
400
74
Landstar
System
600
104
Old
Dominion
Freight
Line
4,867
1,894
Saia (1)
375
146
Uber
Technologies (1)
77,000
4,341
Union
Pacific
7,600
1,712
9,135
Industrial
Conglomerates
0.1%
Roper
Technologies
1,842
991
991
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Machinery
0.5%
Cummins
3,663
821
Deere
8,847
3,224
Graco
1,200
97
IDEX
425
86
Middleby (1)
700
88
Otis
Worldwide
1,000
86
RBC
Bearings (1)
500
129
Toro
1,000
83
Westinghouse
Air
Brake
Technologies
800
93
4,707
Passenger
Airlines
0.0%
Alaska
Air
Group (1)
1,000
38
United
Airlines
Holdings (1)
1,000
39
77
Professional
Services
1.0%
Automatic
Data
Processing
9,500
2,184
Booz
Allen
Hamilton
Holding
3,826
479
Broadridge
Financial
Solutions
7,461
1,446
Ceridian
HCM
Holding (1)(2)
2,063
142
Equifax
4,214
917
FTI
Consulting (1)
700
154
KBR
2,200
114
Paychex
7,900
963
Paycom
Software
1,000
182
Paylocity
Holding (1)
2,500
392
TransUnion
2,600
153
Verisk
Analytics
8,181
1,975
9,101
Trading
Companies
&
Distributors
0.7%
Fastenal
23,600
1,415
Ferguson
10,600
1,816
SiteOne
Landscape
Supply (1)
4,200
592
United
Rentals
2,500
1,190
Watsco (2)
3,268
1,249
6,262
Total
Industrials
&
Business
Services
61,546
INFORMATION
TECHNOLOGY
44.5%
Communications
Equipment
0.7%
Arista
Networks (1)
17,400
3,823
Motorola
Solutions
6,500
2,099
5,922
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Electronic
Equipment,
Instruments
&
Components
0.9%
Amphenol,
Class
A
52,386
4,767
CDW
11,015
2,323
Keysight
Technologies (1)
1,418
193
Littelfuse
393
91
TE
Connectivity
700
92
Zebra
Technologies,
Class
A (1)
246
58
7,524
IT
Services
2.0%
Accenture,
Class
A
23,836
7,941
Cloudflare,
Class
A (1)
8,700
671
EPAM
Systems (1)
400
103
Gartner (1)
7,600
3,305
Globant (1)
100
22
GoDaddy,
Class
A (1)
2,500
250
MongoDB (1)
4,800
1,995
Shopify,
Class
A (1)
35,000
2,549
Snowflake,
Class
A (1)
5,546
1,041
VeriSign (1)
192
41
17,918
Semiconductors
&
Semiconductor
Equipment
11.0%
Advanced
Micro
Devices (1)
34,551
4,186
Analog
Devices
10,675
1,958
Broadcom
13,200
12,220
Entegris
21,860
2,282
First
Solar (1)
400
63
KLA
21,100
11,492
Lam
Research
4,760
3,408
Lattice
Semiconductor (1)
11,457
671
Marvell
Technology
29,400
1,638
Microchip
Technology
52,822
4,407
MKS
Instruments
500
41
Monolithic
Power
Systems
3,412
1,872
NVIDIA
96,000
44,899
ON
Semiconductor (1)
14,500
1,034
Onto
Innovation (1)
1,100
155
QUALCOMM
34,575
4,462
Skyworks
Solutions
1,007
98
Taiwan
Semiconductor
Manufacturing,
ADR
21,800
2,121
Teradyne
3,000
277
97,284
Software
20.0%
Adobe (1)
15,000
9,165
ANSYS (1)
2,000
587
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Appfolio,
Class
A (1)
600
114
AppLovin,
Class
A (1)
3,000
112
Autodesk (1)
7,791
1,702
Bentley
Systems,
Class
B
5,949
310
BILL
Holdings (1)
1,900
124
Cadence
Design
Systems (1)
18,789
5,134
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $719 (1)(3)(4)
422
450
Confluent,
Class
A (1)
9,100
193
Crowdstrike
Holdings,
Class
A (1)
14,054
3,331
Databricks,
Class
A,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $82 (1)(3)(4)
5,133
377
Datadog,
Class
A (1)
18,063
2,106
Descartes
Systems
Group (1)
1,700
138
DoubleVerify
Holdings (1)
1,900
63
Dynatrace (1)
6,448
345
Fair
Isaac (1)
2,000
2,175
Fortinet (1)
83,000
4,363
HubSpot (1)
1,600
790
Intuit
14,500
8,286
Manhattan
Associates (1)
6,900
1,539
Microsoft
252,125
95,533
Monday.com (1)(2)
1,000
180
nCino (1)(2)
200
6
Nutanix,
Class
A (1)
3,400
147
Palantir
Technologies,
Class
A (1)
42,500
852
Palo
Alto
Networks (1)
15,800
4,662
Procore
Technologies (1)
1,200
71
PTC (1)
7,900
1,243
Salesforce (1)
26,095
6,573
Samsara,
Class
A (1)
32,000
881
ServiceNow (1)
8,800
6,035
Snyk,
Acquisition
Date:
9/3/21,
Cost $144 (1)(3)(4)
10,031
102
Socure,
Acquisition
Date:
12/22/21,
Cost $159 (1)(3)(4)
9,912
54
Synopsys (1)
17,328
9,413
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $53 (1)(3)(4)
4,598
23
Tyler
Technologies (1)
6,294
2,573
Workday,
Class
A (1)
12,500
3,384
Workiva (1)
487
47
Zscaler (1)
14,800
2,923
176,106
Technology
Hardware,
Storage
&
Peripherals
9.9%
Apple
457,000
86,807
Pure
Storage,
Class
A (1)
3,000
100
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Super
Micro
Computer (1)
800
219
87,126
Total
Information
Technology
391,880
MATERIALS
1.0%
Chemicals
0.7%
Air
Products
&
Chemicals
2,400
649
CF
Industries
Holdings
2,000
150
Linde
4,600
1,904
PPG
Industries
369
RPM
International
1,300
134
Sherwin-Williams
9,814
2,736
5,942
Construction
Materials
0.2%
Vulcan
Materials
9,000
1,922
1,922
Containers
&
Packaging
0.0%
Avery
Dennison
582
113
113
Metals
&
Mining
0.1%
BHP
Group,
ADR (2)
12,000
732
Steel
Dynamics
2,000
238
970
Total
Materials
8,947
REAL
ESTATE
0.4%
Industrial
Real
Estate
Investment
Trusts
0.0%
Rexford
Industrial
Realty,
REIT
1,500
74
74
Real
Estate
Management
&
Development
0.1%
CoStar
Group (1)
14,380
1,194
1,194
Residential
Real
Estate
Investment
Trusts
0.1%
Equity
LifeStyle
Properties,
REIT
10,900
775
775
Retail
Real
Estate
Investment
Trusts
0.0%
Simon
Property
Group,
REIT
2,000
250
250
Specialized
Real
Estate
Investment
Trusts
0.2%
CubeSmart,
REIT
19,600
779
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Lamar
Advertising,
Class
A,
REIT
10,200
1,033
1,812
Total
Real
Estate
4,105
UTILITIES
0.0%
Independent
Power
&
Renewable
Electricity
Producer
0.0%
Vistra
2,000
71
Total
Utilities
71
Total
Common
Stocks
(Cost
$402,387)
876,977
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
62
Total
Health
Care
62
INFORMATION
TECHNOLOGY
0.4%
Software
0.4%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $43 (1)(3)(4)
25
27
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $223 (1)(3)
(4)
15,573
1,145
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $252 (1)(3)(4)
4,257
313
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $818 (1)(3)
(4)
11,136
818
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $186 (1)(3)
(4)
6,806
26
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $523 (1)(3)(4)
8,757
199
Snyk,
Series
F,
Acquisition
Date:
9/3/21
-
12/14/22,
Cost $240 (1)
(3)(4)
16,810
171
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $194 (1)(3)(4)
12,046
66
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $159 (1)(3)(4)
9,887
54
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
126
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $141 (1)(3)(4)
28,431
139
Total
Information
Technology
3,085
Total
Convertible
Preferred
Stocks
(Cost
$3,287)
3,147
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (5)(6)
242,183
242
Total
Short-Term
Investments
(Cost
$242)
242
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (5)(6)
6,147,615
6,148
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
6,148
Total
Securities
Lending
Collateral
(Cost
$6,148)
6,148
Total
Investments
in
Securities
100.7%
(Cost
$412,064)
$
886,514
Other
Assets
Less
Liabilities
(0.7)%
(5,834)
Net
Assets
100.0%
$
880,680
‡
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,
2023.
(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
$4,153
and
represents
0.5%
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,
2023.
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,
5.42%
$
—
$
—
$
21++
Totals
$
—#
$
—
$
21+
Supplementary
Investment
Schedule
Affiliate
Value
02/28/23
Purchase
Cost
Sales
Cost
Value
11/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
7,761
¤
¤
$
6,390
Total
$
6,390^
#
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
$21
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
$6,390.
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,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
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
$
875,971
$
—
$
1,006
$
876,977
Convertible
Preferred
Stocks
—
—
3,147
3,147
Short-Term
Investments
242
—
—
242
Securities
Lending
Collateral
6,148
—
—
6,148
Total
$
882,361
$
—
$
4,153
$
886,514
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
18
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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
11/23