T. Rowe Price Tax-Efficient Equity Fund (PREFX) NPORT-P T. Rowe Price Tax-Efficient Equity Fund (Nov 2024 report)

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

November

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 99.6%

COMMUNICATION

SERVICES

 13.1%

Entertainment

 2.0%

Netflix (1)

18,700‌

16,583‌

ROBLOX,

Class

A (1)

17,500‌

877‌

Spotify

Technology (1)

16,256‌

7,754‌

Take-Two

Interactive

Software (1)

652‌

123‌

25,337‌

Interactive

Media

&

Services

 10.3%

Alphabet,

Class

C 

376,080‌

64,118‌

Meta

Platforms,

Class

A 

108,900‌

62,543‌

Pinterest,

Class

A (1)

21,600‌

655‌

Reddit,

Class

A (1)

2,174‌

306‌

127,622‌

Media

 0.8%

Omnicom

Group 

34,500‌

3,616‌

Trade

Desk,

Class

A (1)

49,000‌

6,299‌

9,915‌

Total

Communication

Services

162,874‌

CONSUMER

DISCRETIONARY

 13.1%

Automobiles

 1.3%

Ferrari 

2,240‌

973‌

Tesla (1)

43,175‌

14,902‌

15,875‌

Broadline

Retail

 5.7%

Amazon.com (1)

321,360‌

66,807‌

Coupang (1)

43,200‌

1,096‌

MercadoLibre (1)

1,400‌

2,779‌

Ollie's

Bargain

Outlet

Holdings (1)

2,292‌

227‌

70,909‌

Distributors

 0.0%

Pool 

656‌

247‌

247‌

Diversified

Consumer

Services

 0.2%

Bright

Horizons

Family

Solutions (1)

1,300‌

150‌

Duolingo (1)

1,300‌

453‌

Service

Corp.

International 

15,880‌

1,407‌

2,010‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Hotels,

Restaurants

&

Leisure

 3.1%

Airbnb,

Class

A (1)

15,472‌

2,106‌

Booking

Holdings 

1,607‌

8,360‌

Cava

Group (1)

11,875‌

1,673‌

Chipotle

Mexican

Grill (1)

77,000‌

4,737‌

Churchill

Downs 

2,600‌

370‌

Darden

Restaurants 

1,600‌

282‌

Domino's

Pizza 

500‌

238‌

DoorDash,

Class

A (1)

11,300‌

2,039‌

DraftKings,

Class

A (1)

44,250‌

1,932‌

Hilton

Worldwide

Holdings 

26,500‌

6,716‌

Hyatt

Hotels,

Class

A (2)

1,300‌

205‌

Light

&

Wonder (1)

1,075‌

102‌

Planet

Fitness,

Class

A (1)

2,525‌

251‌

Royal

Caribbean

Cruises 

5,625‌

1,373‌

Starbucks 

15,275‌

1,565‌

Texas

Roadhouse 

2,000‌

411‌

Viking

Holdings (1)

63,776‌

2,962‌

Wingstop 

3,800‌

1,249‌

Yum!

Brands 

10,700‌

1,487‌

38,058‌

Household

Durables

 0.1%

NVR (1)

50‌

462‌

SharkNinja (1)(2)

1,000‌

100‌

TopBuild (1)

300‌

117‌

679‌

Specialty

Retail

 2.5%

AutoZone (1)

454‌

1,439‌

Bath

&

Body

Works 

2,600‌

94‌

Burlington

Stores (1)

3,425‌

965‌

Carvana (1)

7,825‌

2,038‌

Dick's

Sporting

Goods 

500‌

104‌

Floor

&

Decor

Holdings,

Class

A (1)

800‌

90‌

Home

Depot 

28,040‌

12,033‌

O'Reilly

Automotive (1)

2,053‌

2,552‌

RH (1)

175‌

67‌

Ross

Stores 

21,100‌

3,268‌

TJX 

47,577‌

5,980‌

Tractor

Supply 

7,927‌

2,249‌

Ulta

Beauty (1)

1,300‌

503‌

Williams-Sonoma 

800‌

137‌

31,519‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Textiles,

Apparel

&

Luxury

Goods

 0.2%

Birkenstock

Holding (1)

2,100‌

109‌

Deckers

Outdoor (1)

5,500‌

1,078‌

On

Holding,

Class

A (1)(2)

9,000‌

525‌

Skechers

USA,

Class

A (1)

3,500‌

223‌

1,935‌

Total

Consumer

Discretionary

161,232‌

CONSUMER

STAPLES

 2.0%

Beverages

 0.1%

Brown-Forman,

Class

B 

4,712‌

198‌

Celsius

Holdings (1)

4,000‌

114‌

Diageo,

ADR 

7,100‌

848‌

Primo

Brands,

Class

A 

4,000‌

114‌

1,274‌

Consumer

Staples

Distribution

&

Retail

 1.9%

BJ's

Wholesale

Club

Holdings (1)

15,425‌

1,485‌

Casey's

General

Stores 

1,250‌

526‌

Costco

Wholesale 

21,700‌

21,090‌

Performance

Food

Group (1)

2,900‌

256‌

U.S.

Foods

Holding (1)

6,200‌

433‌

23,790‌

Food

Products

 0.0%

Freshpet (1)

1,600‌

245‌

245‌

Personal

Care

Products

 0.0%

elf

Beauty (1)(2)

800‌

104‌

104‌

Total

Consumer

Staples

25,413‌

ENERGY

 0.7%

Energy

Equipment

&

Services

 0.1%

Halliburton 

38,400‌

1,223‌

Noble 

1,400‌

47‌

TechnipFMC 

3,574‌

112‌

1,382‌

Oil,

Gas

&

Consumable

Fuels

 0.6%

Cheniere

Energy 

4,250‌

952‌

Coterra

Energy 

44,550‌

1,191‌

Diamondback

Energy 

6,300‌

1,119‌

Expand

Energy 

800‌

79‌

Magnolia

Oil

&

Gas,

Class

A 

3,900‌

108‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Matador

Resources 

1,400‌

84‌

Permian

Resources 

88,900‌

1,392‌

Targa

Resources 

7,950‌

1,624‌

Viper

Energy 

13,078‌

708‌

7,257‌

Total

Energy

8,639‌

FINANCIALS

 7.3%

Banks

 0.1%

NU

Holdings,

Class

A (1)

118,300‌

1,482‌

1,482‌

Capital

Markets

 2.3%

Ameriprise

Financial 

3,000‌

1,722‌

Ares

Management,

Class

A 

19,950‌

3,526‌

Blackrock 

2,200‌

2,250‌

Blue

Owl

Capital (2)

14,600‌

346‌

Cboe

Global

Markets 

6,679‌

1,442‌

CME

Group 

6,310‌

1,502‌

Coinbase

Global,

Class

A (1)

5,700‌

1,688‌

KKR 

15,500‌

2,524‌

LPL

Financial

Holdings 

2,200‌

715‌

Moody's 

6,711‌

3,355‌

Morningstar 

600‌

213‌

MSCI 

3,975‌

2,423‌

Robinhood

Markets,

Class

A (1)

9,000‌

338‌

S&P

Global 

2,337‌

1,221‌

StepStone

Group,

Class

A 

5,700‌

376‌

TPG 

4,000‌

280‌

Tradeweb

Markets,

Class

A 

38,240‌

5,182‌

29,103‌

Financial

Services

 4.2%

Apollo

Global

Management 

22,600‌

3,956‌

Block (1)

4,400‌

390‌

Corebridge

Financial 

4,500‌

146‌

Corpay (1)

1,900‌

724‌

Fiserv (1)

30,400‌

6,717‌

Mastercard,

Class

A 

36,200‌

19,292‌

Mr.

Cooper

Group (1)

2,100‌

207‌

Shift4

Payments,

Class

A (1)(2)

2,100‌

239‌

Toast,

Class

A (1)

12,900‌

562‌

Visa,

Class

A 

64,800‌

20,417‌

WEX (1)

667‌

126‌

52,776‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Insurance

 0.7%

Allstate 

1,850‌

384‌

Arch

Capital

Group 

2,200‌

221‌

Arthur

J

Gallagher 

5,900‌

1,842‌

Brown

&

Brown 

5,850‌

662‌

Hartford

Financial

Services

Group 

14,300‌

1,763‌

Kinsale

Capital

Group 

900‌

458‌

Marsh

&

McLennan 

12,500‌

2,915‌

Ryan

Specialty

Holdings 

5,400‌

407‌

8,652‌

Total

Financials

92,013‌

HEALTH

CARE

 6.9%

Biotechnology

 1.0%

Alkermes (1)

2,150‌

62‌

Alnylam

Pharmaceuticals (1)

3,801‌

962‌

Argenx,

ADR (1)

2,743‌

1,691‌

Ascendis

Pharma,

ADR (1)

600‌

82‌

Avidity

Biosciences (1)

2,000‌

86‌

BeiGene,

ADR (1)

500‌

107‌

BioNTech,

ADR (1)

1,028‌

122‌

Blueprint

Medicines (1)

800‌

77‌

Exact

Sciences (1)

3,700‌

230‌

Insmed (1)

1,000‌

75‌

Krystal

Biotech (1)(2)

500‌

99‌

Legend

Biotech,

ADR (1)

1,500‌

63‌

Madrigal

Pharmaceuticals (1)

500‌

164‌

Natera (1)

4,650‌

780‌

Neurocrine

Biosciences (1)

3,945‌

500‌

Nuvalent,

Class

A (1)

1,500‌

145‌

Regeneron

Pharmaceuticals (1)

4,200‌

3,151‌

REVOLUTION

Medicines (1)

2,000‌

116‌

Sarepta

Therapeutics (1)

2,550‌

340‌

United

Therapeutics (1)

400‌

148‌

Vaxcyte (1)

1,300‌

123‌

Vertex

Pharmaceuticals (1)

7,199‌

3,370‌

12,493‌

Health

Care

Equipment

&

Supplies

 1.1%

Alcon 

1,000‌

89‌

Dexcom (1)

26,928‌

2,100‌

Globus

Medical,

Class

A (1)

2,700‌

231‌

IDEXX

Laboratories (1)

4,562‌

1,924‌

Inspire

Medical

Systems (1)(2)

650‌

125‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Insulet (1)

1,525‌

407‌

Intuitive

Surgical (1)

15,191‌

8,234‌

Lantheus

Holdings (1)

1,900‌

170‌

Penumbra (1)

1,000‌

244‌

ResMed 

1,800‌

448‌

TransMedics

Group (1)(2)

600‌

52‌

14,024‌

Health

Care

Providers

&

Services

 1.5%

Cardinal

Health 

5,975‌

730‌

Cencora 

6,600‌

1,660‌

Chemed 

175‌

100‌

Elevance

Health 

4,247‌

1,728‌

Encompass

Health 

4,200‌

432‌

HCA

Healthcare 

7,900‌

2,585‌

McKesson 

9,500‌

5,971‌

Molina

Healthcare (1)

4,614‌

1,375‌

Quest

Diagnostics 

600‌

98‌

Tenet

Healthcare (1)

2,900‌

414‌

UnitedHealth

Group 

6,600‌

4,027‌

19,120‌

Health

Care

Technology

 0.1%

Veeva

Systems,

Class

A (1)

7,992‌

1,821‌

1,821‌

Life

Sciences

Tools

&

Services

 0.7%

Agilent

Technologies 

8,708‌

1,201‌

Bio-Rad

Laboratories,

Class

A (1)

300‌

102‌

Bio-Techne 

15,700‌

1,183‌

Bruker 

1,500‌

87‌

Danaher 

3,800‌

911‌

ICON (1)

400‌

84‌

IQVIA

Holdings (1)

800‌

161‌

Medpace

Holdings (1)

3,050‌

1,039‌

Mettler-Toledo

International (1)

1,113‌

1,393‌

Repligen (1)

700‌

105‌

Thermo

Fisher

Scientific 

5,019‌

2,658‌

West

Pharmaceutical

Services 

300‌

98‌

9,022‌

Pharmaceuticals

 2.5%

Eli

Lilly 

34,400‌

27,360‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Zoetis 

22,568‌

3,955‌

31,315‌

Total

Health

Care

87,795‌

INDUSTRIALS

&

BUSINESS

SERVICES

 7.9%

Aerospace

&

Defense

 1.3%

Axon

Enterprise (1)

11,600‌

7,505‌

BWX

Technologies 

1,400‌

183‌

HEICO 

4,000‌

1,094‌

Howmet

Aerospace 

9,000‌

1,065‌

L3Harris

Technologies 

4,417‌

1,088‌

Loar

Holdings (1)

3,935‌

362‌

Northrop

Grumman 

2,200‌

1,077‌

Standardaero (1)

3,676‌

105‌

TransDigm

Group 

2,928‌

3,669‌

16,148‌

Building

Products

 0.3%

AAON 

2,000‌

273‌

Advanced

Drainage

Systems 

1,000‌

135‌

Carlisle 

225‌

103‌

Lennox

International 

1,000‌

667‌

Trane

Technologies 

5,200‌

2,164‌

Trex (1)

1,700‌

128‌

3,470‌

Commercial

Services

&

Supplies

 1.1%

Cintas 

16,700‌

3,771‌

Clean

Harbors (1)

1,500‌

390‌

Copart (1)

43,800‌

2,776‌

GFL

Environmental (2)

2,500‌

118‌

RB

Global 

2,500‌

244‌

Republic

Services 

11,300‌

2,467‌

Rollins 

21,650‌

1,090‌

Waste

Connections 

13,710‌

2,639‌

13,495‌

Construction

&

Engineering

 0.3%

API

Group (1)

3,025‌

114‌

Comfort

Systems

USA 

1,300‌

641‌

Quanta

Services 

7,200‌

2,481‌

WillScot

Holdings (1)

2,000‌

76‌

3,312‌

Electrical

Equipment

 1.0%

AMETEK 

13,887‌

2,699‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Eaton 

14,100‌

5,293‌

Hubbell 

6,600‌

3,037‌

Rockwell

Automation 

472‌

139‌

Vertiv

Holdings,

Class

A 

11,525‌

1,471‌

12,639‌

Ground

Transportation

 1.4%

Canadian

Pacific

Kansas

City 

12,000‌

919‌

Lyft,

Class

A (1)

13,500‌

234‌

Norfolk

Southern 

650‌

179‌

Old

Dominion

Freight

Line 

16,634‌

3,745‌

Saia (1)

875‌

498‌

Uber

Technologies (1)

104,000‌

7,484‌

Union

Pacific 

13,400‌

3,279‌

XPO (1)

3,700‌

564‌

16,902‌

Industrial

Conglomerates

 0.2%

Roper

Technologies 

3,942‌

2,233‌

2,233‌

Machinery

 0.6%

Cummins 

3,363‌

1,261‌

Deere 

2,347‌

1,094‌

Esab 

2,675‌

345‌

Parker-Hannifin 

5,300‌

3,725‌

RBC

Bearings (1)

600‌

201‌

Toro 

1,000‌

87‌

Westinghouse

Air

Brake

Technologies 

800‌

161‌

6,874‌

Professional

Services

 1.0%

Automatic

Data

Processing 

7,000‌

2,149‌

Booz

Allen

Hamilton

Holding 

4,826‌

715‌

Broadridge

Financial

Solutions 

8,061‌

1,903‌

Equifax 

4,664‌

1,220‌

FTI

Consulting (1)

500‌

101‌

KBR 

3,000‌

182‌

Paychex 

4,100‌

600‌

Paylocity

Holding (1)

7,498‌

1,556‌

Verisk

Analytics 

11,681‌

3,437‌

Verra

Mobility (1)

3,100‌

73‌

11,936‌

Trading

Companies

&

Distributors

 0.7%

Fastenal 

44,100‌

3,685‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Ferguson

Enterprises 

6,600‌

1,425‌

FTAI

Aviation 

1,000‌

169‌

SiteOne

Landscape

Supply (1)

7,500‌

1,149‌

United

Rentals 

1,900‌

1,646‌

Watsco (2)

2,268‌

1,251‌

9,325‌

Total

Industrials

&

Business

Services

96,334‌

INFORMATION

TECHNOLOGY

 46.6%

Communications

Equipment

 0.7%

Arista

Networks (1)

11,900‌

4,829‌

Ciena (1)

1,800‌

126‌

Motorola

Solutions 

6,500‌

3,248‌

8,203‌

Electronic

Equipment,

Instruments

&

Components

 0.6%

Amphenol,

Class

A 

65,100‌

4,730‌

Badger

Meter 

500‌

108‌

CDW 

8,015‌

1,410‌

Celestica (1)

2,000‌

171‌

Corning 

2,200‌

107‌

Keysight

Technologies (1)

818‌

140‌

TE

Connectivity 

1,200‌

181‌

Zebra

Technologies,

Class

A (1)

546‌

222‌

7,069‌

IT

Services

 1.6%

Accenture,

Class

A 

5,836‌

2,115‌

Cloudflare,

Class

A (1)

11,425‌

1,141‌

Gartner (1)

6,675‌

3,457‌

Globant (1)

250‌

57‌

GoDaddy,

Class

A (1)

13,600‌

2,687‌

MongoDB (1)

6,150‌

1,983‌

Shopify,

Class

A (1)

72,500‌

8,381‌

19,821‌

Semiconductors

&

Semiconductor

Equipment

 15.7%

Advanced

Micro

Devices (1)

44,951‌

6,166‌

Analog

Devices 

19,475‌

4,246‌

Broadcom 

185,000‌

29,985‌

Entegris 

13,460‌

1,422‌

First

Solar (1)

400‌

80‌

Impinj (1)

800‌

154‌

KLA 

8,300‌

5,370‌

Lam

Research 

47,600‌

3,517‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Lattice

Semiconductor (1)

3,727‌

211‌

Microchip

Technology 

14,822‌

1,010‌

Micron

Technology 

9,000‌

882‌

MKS

Instruments 

675‌

77‌

Monolithic

Power

Systems 

3,712‌

2,107‌

NVIDIA 

912,000‌

126,084‌

ON

Semiconductor (1)

17,000‌

1,209‌

Onto

Innovation (1)

1,600‌

263‌

QUALCOMM 

46,375‌

7,352‌

Rambus (1)

2,100‌

121‌

Taiwan

Semiconductor

Manufacturing,

ADR 

20,300‌

3,749‌

Teradyne 

3,700‌

407‌

194,412‌

Software

 19.2%

Adobe (1)

21,575‌

11,131‌

Appfolio,

Class

A (1)

1,000‌

254‌

AppLovin,

Class

A (1)

24,500‌

8,250‌

Autodesk (1)

7,791‌

2,274‌

Bentley

Systems,

Class

B 

3,949‌

196‌

Braze,

Class

A (1)

2,300‌

91‌

Cadence

Design

Systems (1)

16,589‌

5,090‌

Canva,

Acquisition

Date:

8/16/21

-

11/4/21,

Cost $719 (1)(3)(4)

422‌

559‌

Confluent,

Class

A (1)

2,000‌

62‌

Crowdstrike

Holdings,

Class

A (1)

10,900‌

3,771‌

CyberArk

Software (1)

700‌

227‌

Databricks,

Class

A,

Acquisition

Date:

7/24/20

-

8/28/20,

Cost $82 (1)(3)(4)

5,133‌

475‌

Datadog,

Class

A (1)

35,963‌

5,493‌

Descartes

Systems

Group (1)

1,700‌

199‌

DocuSign (1)

8,100‌

646‌

Dynatrace (1)

6,798‌

382‌

Elastic (1)

800‌

88‌

Fair

Isaac (1)

2,010‌

4,774‌

Fortinet (1)

48,000‌

4,562‌

Guidewire

Software (1)

1,825‌

370‌

HubSpot (1)

1,825‌

1,316‌

Intuit 

16,700‌

10,717‌

Manhattan

Associates (1)

10,000‌

2,854‌

Microsoft 

252,125‌

106,765‌

Monday.com (1)

1,000‌

285‌

Nutanix,

Class

A (1)

4,800‌

313‌

Oracle 

40,200‌

7,431‌

Palantir

Technologies,

Class

A (1)

71,800‌

4,816‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Palo

Alto

Networks (1)

12,800‌

4,964‌

Procore

Technologies (1)

1,200‌

97‌

PTC (1)

8,100‌

1,621‌

Salesforce 

36,295‌

11,977‌

Samsara,

Class

A (1)

59,900‌

3,204‌

ServiceNow (1)

12,400‌

13,013‌

Snyk,

Acquisition

Date:

9/3/21,

Cost $144 (1)(3)(4)

10,031‌

97‌

Socure,

Acquisition

Date:

12/22/21,

Cost $159 (1)(3)(4)

9,912‌

41‌

Synopsys (1)

10,728‌

5,992‌

Tanium,

Class

B,

Acquisition

Date:

9/24/20,

Cost $52 (1)(3)(4)

4,598‌

24‌

Tyler

Technologies (1)

6,719‌

4,227‌

Workday,

Class

A (1)

22,900‌

5,725‌

Zscaler (1)

20,400‌

4,214‌

238,587‌

Technology

Hardware,

Storage

&

Peripherals

 8.8%

Apple 

457,000‌

108,460‌

Pure

Storage,

Class

A (1)

7,700‌

408‌

Super

Micro

Computer (1)

2,000‌

65‌

108,933‌

Total

Information

Technology

577,025‌

MATERIALS

 1.0%

Chemicals

 0.8%

Linde 

6,750‌

3,112‌

RPM

International 

800‌

111‌

Sherwin-Williams 

17,452‌

6,935‌

10,158‌

Construction

Materials

 0.1%

Vulcan

Materials 

6,500‌

1,873‌

1,873‌

Containers

&

Packaging

 0.0%

Avery

Dennison 

1,282‌

264‌

264‌

Metals

&

Mining

 0.1%

BHP

Group,

ADR 

16,000‌

843‌

Steel

Dynamics 

1,400‌

203‌

1,046‌

Paper

&

Forest

Products

 0.0%

Louisiana-Pacific 

2,700‌

319‌

319‌

Total

Materials

13,660‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

‡

REAL

ESTATE

 0.7%

Industrial

Real

Estate

Investment

Trusts

 0.0%

Rexford

Industrial

Realty,

REIT 

300‌

12‌

Terreno

Realty,

REIT 

1,000‌

61‌

73‌

Real

Estate

Management

&

Development

 0.1%

CBRE

Group,

Class

A (1)

900‌

126‌

CoStar

Group (1)

14,380‌

1,170‌

FirstService 

500‌

97‌

1,393‌

Residential

Real

Estate

Investment

Trusts

 0.1%

Equity

LifeStyle

Properties,

REIT 

15,850‌

1,130‌

1,130‌

Retail

Real

Estate

Investment

Trusts

 0.0%

Simon

Property

Group,

REIT 

2,625‌

482‌

482‌

Specialized

Real

Estate

Investment

Trusts

 0.5%

CubeSmart,

REIT 

21,100‌

1,046‌

Iron

Mountain,

REIT 

15,350‌

1,898‌

Lamar

Advertising,

Class

A,

REIT 

28,300‌

3,793‌

6,737‌

Total

Real

Estate

9,815‌

UTILITIES

 0.3%

Independent

Power

&

Renewable

Electricity

Producers

 0.3%

Vistra 

20,900‌

3,341‌

Total

Utilities

3,341‌

Total

Common

Stocks

(Cost

$528,793)

1,238,141‌

CONVERTIBLE

PREFERRED

STOCKS

 0.3%

HEALTH

CARE

 0.0%

Biotechnology

 0.0%

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $137 (1)(3)(4)

16,937‌

83‌

Total

Health

Care

83‌

INFORMATION

TECHNOLOGY

 0.3%

Software

 0.3%

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $43 (1)(3)(4)

25‌

33‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Databricks,

Series

F,

Acquisition

Date:

10/22/19,

Cost $223 (1)

(3)(4)

15,573‌

1,440‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $252 (1)

(3)(4)

4,257‌

394‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $818 (1)

(3)(4)

11,136‌

1,030‌

DataRobot,

Series

G,

Acquisition

Date:

6/11/21,

Cost $186 (1)

(3)(4)

6,806‌

24‌

Rappi,

Series

E,

Acquisition

Date:

9/8/20,

Cost $523 (1)(3)(4)

8,757‌

191‌

Snyk,

Series

F,

Acquisition

Date:

9/3/21

-

12/14/22,

Cost $240 (1)(3)(4)

16,810‌

163‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $194 (1)(3)

(4)

12,046‌

50‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $159 (1)

(3)(4)

9,887‌

41‌

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

95‌

Tanium,

Series

G,

Acquisition

Date:

8/26/15,

Cost $141 (1)(3)

(4)

28,431‌

150‌

Total

Information

Technology

3,612‌

Total

Convertible

Preferred

Stocks

(Cost

$3,287)

3,695‌

SHORT-TERM

INVESTMENTS

 0.1%

Money

Market

Funds

 0.1%

T.

Rowe

Price

Government

Reserve

Fund,

4.67% (5)(6)

713,136‌

713‌

Total

Short-Term

Investments

(Cost

$713)

713‌

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

 0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.2%

Money

Market

Funds 0.2%

T.

Rowe

Price

Government

Reserve

Fund,

4.67% (5)(6)

2,657,269‌

2,657‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

2,657‌

Total

Securities

Lending

Collateral

(Cost

$2,657)

2,657‌

Total

Investments

in

Securities

 100.2%

(Cost

$535,450)

$

1,245,206‌

Other

Assets

Less

Liabilities

(0.2)%

(3,049‌)

Net

Assets

100.0%

$

1,242,157‌

‡

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,

2024.

(3)

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

$4,891

and

represents

0.4%

of

net

assets.

(4)

Level

3

in

fair

value

hierarchy.

(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

15

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,

2024.

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,

4.67%

$

—‌

$

—‌

$

23‌++

Totals

$

—‌#

$

—‌

$

23‌+

Supplementary

Investment

Schedule

Affiliate

Value

2/29/24

Purchase

Cost

Sales

Cost

Value

11/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.67%

$

5,160‌

 ¤

 ¤

$

3,370‌

Total

$

3,370‌^

#

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

$23

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

$3,370.

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

16

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.

Eastern

time,

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)

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

17

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s 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 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;

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

18

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

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,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund’s

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

1,236,945

$

—

$

1,196

$

1,238,141

Convertible

Preferred

Stocks

—

—

3,695

3,695

Short-Term

Investments

713

—

—

713

Securities

Lending

Collateral

2,657

—

—

2,657

Total

$

1,240,315

$

—

$

4,891

$

1,245,206

T.

ROWE

PRICE

Tax-Efficient

Equity

Fund

19

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F136-054Q3

11/24