T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
May
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.7%
COMMUNICATION
SERVICES
13.2%
Entertainment
2.4%
Activision
Blizzard
9,000
875
Electronic
Arts
12,900
1,844
Netflix (1)
12,000
6,034
Roku (1)
12,000
4,161
Sea,
ADR (1)
5,700
1,443
Spotify
Technology (1)
13,500
3,261
Take-Two
Interactive
Software (1)
4,152
770
Zynga,
Class
A (1)
94,700
1,027
19,415
Interactive
Media
&
Services
10.2%
Alphabet,
Class
C (1)
17,579
42,393
Baidu,
ADR (1)
5,800
1,138
Bumble,
Class
A (1)
6,959
332
Facebook,
Class
A (1)
83,186
27,346
IAC/InterActiveCorp (1)
4,746
757
Match
Group (1)
22,374
3,208
Pinterest,
Class
A (1)
41,473
2,708
Snap,
Class
A (1)
83,600
5,193
Vimeo (1)
20,841
875
ZoomInfo
Technologies,
Class
A (1)
2,434
107
84,057
Media
0.5%
Altice
USA,
Class
A (1)
13,800
498
Cable
One
1,843
3,346
3,844
Wireless
Telecommunication
Services
0.1%
T-Mobile
U.S. (1)
6,773
958
958
Total
Communication
Services
108,274
CONSUMER
DISCRETIONARY
14.5%
Auto
Components
0.0%
Aptiv
1,410
212
212
Automobiles
1.2%
Ferrari
4,240
894
Tesla (1)
14,725
9,207
10,101
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Distributors
0.0%
Pool
581
254
254
Diversified
Consumer
Services
0.3%
Bright
Horizons
Family
Solutions (1)
6,000
829
Grand
Canyon
Education (1)
1,821
166
Service
Corp.
International
20,480
1,086
Terminix
Global
Holdings (1)
3,900
192
2,273
Hotels,
Restaurants
&
Leisure
2.1%
Airbnb,
Class
B,
Acquisition
Date:
4/16/14
-
7/14/15,
Cost $337 (1)(2)
13,472
1,891
Booking
Holdings (1)
607
1,433
Chipotle
Mexican
Grill (1)
2,700
3,704
Domino's
Pizza
4,637
1,979
MGM
Resorts
International
31,500
1,350
Papa
John's
International
2,400
226
Restaurant
Brands
International (3)
12,802
893
Starbucks
23,775
2,708
Wynn
Resorts
1,300
171
Yum
China
Holdings
21,198
1,434
Yum!
Brands
12,200
1,464
17,253
Household
Durables
0.2%
NVR (1)
250
1,222
1,222
Internet
&
Direct
Marketing
Retail
6.0%
Alibaba
Group
Holding,
ADR (1)
6,463
1,383
Amazon.com (1)
12,079
38,931
Chewy,
Class
A (1)(3)
24,241
1,785
Coupang (1)(3)
8,741
357
Etsy (1)
16,098
2,652
MercadoLibre (1)
1,900
2,581
Wayfair,
Class
A (1)(3)
4,000
1,226
48,915
Multiline
Retail
0.6%
Dollar
General
19,248
3,907
Dollar
Tree (1)
7,851
765
Ollie's
Bargain
Outlet
Holdings (1)
6,392
552
5,224
Specialty
Retail
3.1%
AutoZone (1)
1,054
1,482
Burlington
Stores (1)
3,700
1,196
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
CarMax (1)
14,489
1,669
Five
Below (1)
2,200
405
Home
Depot
25,840
8,241
O'Reilly
Automotive (1)
7,053
3,774
RH (1)
500
320
Ross
Stores
11,200
1,416
TJX
31,077
2,099
Tractor
Supply
14,252
2,590
Ulta
Beauty (1)
4,900
1,692
Williams-Sonoma
2,800
475
25,359
Textiles,
Apparel
&
Luxury
Goods
1.0%
Lululemon
Athletica (1)
10,360
3,348
NIKE,
Class
B
33,449
4,564
7,912
Total
Consumer
Discretionary
118,725
CONSUMER
STAPLES
3.3%
Beverages
1.7%
Boston
Beer,
Class
A (1)
650
688
Brown-Forman,
Class
B
12,512
1,005
Coca-Cola
35,600
1,968
Constellation
Brands,
Class
A
10,000
2,397
Diageo,
ADR
23,300
4,503
Keurig
Dr
Pepper
24,615
910
Monster
Beverage (1)
16,028
1,511
PepsiCo
6,800
1,006
13,988
Food
&
Staples
Retailing
0.1%
Casey's
General
Stores
2,000
442
442
Food
Products
0.5%
Darling
Ingredients (1)
7,500
513
Hershey
11,283
1,953
McCormick
16,662
1,484
Tyson
Foods,
Class
A
2,500
199
4,149
Household
Products
0.4%
Church
&
Dwight
15,915
1,364
Clorox
5,267
931
Colgate-Palmolive
8,400
704
2,999
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Personal
Products
0.3%
Estee
Lauder,
Class
A
7,700
2,360
2,360
Tobacco
0.3%
Philip
Morris
International
21,600
2,083
2,083
Total
Consumer
Staples
26,021
ENERGY
0.0%
Oil,
Gas
&
Consumable
Fuels
0.0%
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $15 (1)(2)(4)
5
28
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $216 (1)(2)(4)
58
323
Total
Energy
351
FINANCIALS
3.9%
Banks
0.2%
First
Republic
Bank
7,100
1,359
SVB
Financial
Group (1)
500
292
1,651
Capital
Markets
3.1%
BlackRock
2,600
2,280
Cboe
Global
Markets
8,979
999
Charles
Schwab
23,083
1,705
CME
Group
7,310
1,599
FactSet
Research
Systems
800
267
Intercontinental
Exchange
8,200
926
MarketAxess
Holdings
4,760
2,221
Moody's
7,461
2,502
MSCI
8,100
3,792
Nasdaq
1,200
201
S&P
Global
16,910
6,417
Tradeweb
Markets,
Class
A
28,640
2,399
25,308
Insurance
0.6%
Assurant
1,300
210
Marsh
&
McLennan
12,500
1,729
Oscar
Health,
Class
A (1)
2,964
75
Progressive
22,033
2,183
Selectquote (1)
16,261
330
4,527
Total
Financials
31,486
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
HEALTH
CARE
14.3%
Biotechnology
3.4%
ACADIA
Pharmaceuticals (1)
3,000
67
Acceleron
Pharma (1)
4,500
589
Agios
Pharmaceuticals (1)
2,000
112
Alnylam
Pharmaceuticals (1)
6,801
966
Amgen
18,299
4,354
Argenx,
ADR (1)
1,733
483
Ascendis
Pharma,
ADR (1)
2,154
289
Biogen (1)
3,108
831
BioMarin
Pharmaceutical (1)
6,900
533
Biontech,
ADR (1)
19,028
3,882
Blueprint
Medicines (1)
3,400
311
CRISPR
Therapeutics (1)
1,972
233
Denali
Therapeutics (1)
2,500
159
Exact
Sciences (1)
18,707
2,068
Exelixis (1)
19,800
447
Fate
Therapeutics (1)
2,300
176
Genmab,
ADR (1)
66,088
2,685
Horizon
Therapeutics (1)
10,700
981
Incyte (1)
14,035
1,176
Ionis
Pharmaceuticals (1)
3,850
143
Kodiak
Sciences (1)(3)
1,545
129
Mirati
Therapeutics (1)
900
142
Neurocrine
Biosciences (1)
5,745
553
Regeneron
Pharmaceuticals (1)
3,400
1,708
Sage
Therapeutics (1)
2,000
139
Seagen (1)
12,198
1,895
TG
Therapeutics (1)
2,729
95
Ultragenyx
Pharmaceutical (1)
3,500
356
United
Therapeutics (1)
1,200
223
Vertex
Pharmaceuticals (1)
9,399
1,961
27,686
Health
Care
Equipment
&
Supplies
3.3%
ABIOMED (1)
2,300
655
Align
Technology (1)
6,786
4,005
Becton
Dickinson
&
Company
3,100
750
Cooper
3,600
1,416
DexCom (1)
7,215
2,665
Hologic (1)
13,500
851
ICU
Medical (1)
613
128
IDEXX
Laboratories (1)
7,362
4,109
Intuitive
Surgical (1)
6,780
5,710
JAND,
Class
A,
Acquisition
Date:
11/19/20,
Cost $10 (1)(2)(4)
391
10
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Novocure (1)
7,300
1,489
Ortho
Clinical
Diagnostics
Holdings (1)
11,618
239
Penumbra (1)
2,900
722
Quidel (1)
1,200
142
ResMed
4,700
967
STERIS
2,365
451
Teleflex
4,600
1,850
West
Pharmaceutical
Services
3,200
1,112
27,271
Health
Care
Providers
&
Services
3.2%
Acadia
Healthcare (1)
3,300
212
agilon
health (1)
6,890
248
Amedisys (1)
3,700
956
Anthem
7,247
2,886
Centene (1)
13,349
983
DaVita (1)
2,800
336
Humana
3,053
1,336
McKesson
15,000
2,886
Molina
Healthcare (1)
8,314
2,090
UnitedHealth
Group
34,600
14,252
26,185
Health
Care
Technology
0.6%
Multiplan (1)(3)
10,000
84
Teladoc
Health (1)(3)
5,268
793
Veeva
Systems,
Class
A (1)
15,092
4,397
5,274
Life
Sciences
Tools
&
Services
2.7%
Adaptive
Biotechnologies (1)
4,527
171
Agilent
Technologies
20,008
2,764
Avantor (1)
109,738
3,528
Bio-Rad
Laboratories,
Class
A (1)
3,400
2,048
Bruker
3,500
243
Illumina (1)
4,319
1,752
IQVIA
Holdings (1)
3,300
793
Mettler-Toledo
International (1)
2,213
2,879
Pacific
Biosciences
of
California (1)
6,400
173
Repligen (1)
14,300
2,611
Thermo
Fisher
Scientific
10,519
4,939
21,901
Pharmaceuticals
1.1%
Catalent (1)
7,200
755
Elanco
Animal
Health (1)
38,114
1,371
Eli
Lilly
and
Company
17,600
3,515
Royalty
Pharma,
Class
A
4,200
169
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Zoetis
18,568
3,281
9,091
Total
Health
Care
117,408
INDUSTRIALS
&
BUSINESS
SERVICES
7.6%
Aerospace
&
Defense
0.6%
BWX
Technologies
6,200
388
Hexcel (1)
2,500
148
Huntington
Ingalls
Industries
1,000
216
L3Harris
Technologies
5,617
1,225
Northrop
Grumman
3,700
1,354
TransDigm
Group (1)
2,928
1,900
5,231
Air
Freight
&
Logistics
0.7%
Expeditors
International
of
Washington
2,700
339
United
Parcel
Service,
Class
B
26,126
5,607
5,946
Building
Products
0.5%
A.O.
Smith
3,500
249
Allegion
5,600
786
Fortune
Brands
Home
&
Security
6,300
650
Trane
Technologies
14,400
2,684
4,369
Commercial
Services
&
Supplies
1.2%
Cintas
10,100
3,571
Copart (1)
10,926
1,409
IAA (1)
28,000
1,595
Ritchie
Bros
Auctioneers
3,000
179
Rollins
23,000
784
Waste
Connections
17,710
2,151
9,689
Construction
&
Engineering
0.0%
Valmont
Industries
1,200
298
298
Electrical
Equipment
0.4%
AMETEK
1,787
241
Generac
Holdings (1)
5,000
1,644
Hubbell
1,100
210
Rockwell
Automation
3,472
916
Shoals
Technologies
Group,
Class
A (1)
6,539
180
3,191
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
Industrial
Conglomerates
0.1%
Roper
Technologies
1,842
829
829
Machinery
0.5%
Cummins
4,163
1,071
Deere
4,347
1,570
Graco
2,500
189
IDEX
925
206
Middleby (1)
700
115
Otis
Worldwide
4,000
314
PACCAR
4,000
366
Toro
1,800
200
Woodward
1,000
127
4,158
Professional
Services
2.4%
Booz
Allen
Hamilton
Holding
9,200
781
Clarivate (1)
6,352
191
CoStar
Group (1)
8,041
6,867
Equifax
11,614
2,730
IHS
Markit
23,923
2,519
Leidos
Holdings
2,400
247
TransUnion
37,651
4,029
Upwork (1)
7,100
334
Verisk
Analytics
12,581
2,174
19,872
Road
&
Rail
1.1%
JB
Hunt
Transport
Services
1,309
224
Kansas
City
Southern
7,619
2,268
Landstar
System
1,400
239
Old
Dominion
Freight
Line
9,067
2,407
Union
Pacific
18,200
4,090
9,228
Trading
Companies
&
Distributors
0.1%
Fastenal
4,100
218
United
Rentals (1)
2,000
668
Watsco
1,068
311
1,197
Total
Industrials
&
Business
Services
64,008
INFORMATION
TECHNOLOGY
41.0%
Communications
Equipment
0.2%
Motorola
Solutions
6,800
1,396
1,396
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Electronic
Equipment,
Instruments
&
Components
1.4%
Amphenol,
Class
A
60,294
4,055
CDW
24,493
4,052
Cognex
7,912
628
IPG
Photonics (1)
800
167
Keysight
Technologies (1)
3,918
558
Littelfuse
793
207
Zebra
Technologies,
Class
A (1)
2,846
1,415
11,082
IT
Services
10.9%
Accenture,
Class
A
15,836
4,468
Akamai
Technologies (1)
6,800
776
Automatic
Data
Processing
4,500
882
Black
Knight (1)
28,528
2,094
Broadridge
Financial
Solutions
8,261
1,317
EPAM
Systems (1)
4,537
2,167
Euronet
Worldwide (1)
2,054
307
Fidelity
National
Information
Services
5,503
820
Fiserv (1)
7,000
806
FleetCor
Technologies (1)
7,200
1,976
Gartner (1)
8,100
1,878
Genpact
6,600
302
Global
Payments
4,357
844
GoDaddy,
Class
A (1)
19,377
1,569
Mastercard,
Class
A
41,700
15,036
MongoDB (1)
6,000
1,752
Okta (1)
13,100
2,914
Paychex
4,300
435
PayPal
Holdings (1)
48,673
12,656
Shopify,
Class
A (1)
5,100
6,339
Snowflake,
Class
A (1)
2,346
558
Square,
Class
A (1)
20,500
4,562
Squarespace,
Class
A (1)(3)
758
40
StoneCo,
Class
A (1)
12,466
822
Twilio,
Class
A (1)
13,248
4,451
VeriSign (1)
6,792
1,494
Visa,
Class
A
75,300
17,116
WEX (1)
667
131
Wix.com (1)
5,300
1,377
89,889
Semiconductors
&
Semiconductor
Equipment
8.1%
Advanced
Micro
Devices (1)
31,000
2,482
Analog
Devices
6,345
1,044
Enphase
Energy (1)
8,600
1,230
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
Entegris
33,060
3,784
KLA
26,776
8,485
Lam
Research
6,260
4,068
Lattice
Semiconductor (1)
3,727
198
Marvell
Technology
8,302
401
Maxim
Integrated
Products
21,000
2,142
Microchip
Technology
30,911
4,851
MKS
Instruments
2,000
376
Monolithic
Power
Systems
9,912
3,401
NVIDIA
27,200
17,674
ON
Semiconductor (1)
14,300
573
QUALCOMM
41,575
5,594
Skyworks
Solutions
18,100
3,077
Taiwan
Semiconductor
Manufacturing,
ADR
27,400
3,216
Teradyne
10,000
1,324
Xilinx
22,369
2,841
66,761
Software
16.2%
Adobe (1)
16,092
8,120
Anaplan (1)
10,900
561
ANSYS (1)
5,000
1,690
Aspen
Technology (1)
4,200
573
Atlassian,
Class
A (1)
10,391
2,424
Autodesk (1)
7,791
2,227
Avalara (1)
13,100
1,731
Bentley
Systems,
Class
B
2,449
141
Bill.com
Holdings (1)
12,392
1,845
Cadence
Design
Systems (1)
18,289
2,323
Ceridian
HCM
Holding (1)
6,263
560
Citrix
Systems
2,700
310
Coupa
Software (1)
11,249
2,680
Crowdstrike
Holdings,
Class
A (1)
15,554
3,455
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $82 (1)(2)(4)
1,711
304
Datadog,
Class
A (1)
10,249
933
DocuSign (1)
17,355
3,499
Dragoneer
Growth
Opportunities
SPAC/CCC
Intelligent
Solutions
Holdings
PIPE (1)(5)
6,257
56
Dynatrace (1)
8,948
463
Five9 (1)
8,706
1,542
Fortinet (1)
16,100
3,519
Gitlab,
Class
B,
Acquisition
Date:
12/15/20,
Cost $190 (1)(2)(4)
4,720
189
Guidewire
Software (1)
1,896
185
HubSpot (1)
7,000
3,531
Intuit
14,500
6,367
Manhattan
Associates (1)
5,400
734
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
Microsoft
132,325
33,039
nCino (1)
5,834
357
NortonLifeLock
7,600
210
Palo
Alto
Networks (1)
5,800
2,107
Paycom
Software (1)
7,648
2,521
Paylocity
Holding (1)
3,500
594
Procore
Technologies (1)
809
70
Procore
Technologies,
Acquisition
Date:
7/15/20
-
12/9/20,
Cost $85 (1)(2)
1,582
130
PTC (1)
15,200
2,039
Qualtrics
International,
Class
A (1)(3)
10,232
352
RingCentral,
Class
A (1)
7,712
2,024
salesforce.com (1)
48,503
11,549
ServiceNow (1)
9,800
4,644
Smartsheet,
Class
A (1)
8,200
484
Splunk (1)
9,982
1,210
SS&C
Technologies
Holdings
20,879
1,542
Synopsys (1)
18,227
4,636
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $52 (1)(2)(4)
4,598
52
Trade
Desk,
Class
A (1)
4,700
2,764
Tyler
Technologies (1)
6,294
2,538
UiPath,
Class
A (1)(3)
1,722
137
UiPath,
Class
A,
Acquisition
Date:
4/26/19
-
2/2/21,
Cost $706 (1)
(2)
39,685
3,009
Workday,
Class
A (1)
15,074
3,448
Workiva (1)
2,100
199
Zendesk (1)
6,179
844
Zoom
Video
Communications,
Class
A (1)
8,200
2,719
133,180
Technology
Hardware,
Storage
&
Peripherals
4.2%
Apple
279,200
34,791
Pure
Storage,
Class
A (1)
6,700
128
34,919
Total
Information
Technology
337,227
MATERIALS
1.6%
Chemicals
0.8%
Air
Products
&
Chemicals
2,400
719
Albemarle
1,300
217
Linde
6,100
1,834
PPG
Industries
5,500
988
RPM
International
7,300
683
Sherwin-Williams
7,314
2,074
6,515
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
Construction
Materials
0.2%
Vulcan
Materials
9,300
1,705
1,705
Containers
&
Packaging
0.4%
Avery
Dennison
2,482
547
Ball
28,900
2,375
Gores
Holdings
V
SPAC/Ardagh
Group
PIPE (1)(5)
22,534
205
Sealed
Air
5,000
284
3,411
Metals
&
Mining
0.2%
BHP
Group,
ADR (3)
24,500
1,816
Kirkland
Lake
Gold (3)
4,475
194
2,010
Total
Materials
13,641
REAL
ESTATE
0.3%
Equity
Real
Estate
Investment
Trusts
0.3%
Equinix,
REIT
1,000
737
Equity
LifeStyle
Properties,
REIT
7,700
545
SBA
Communications,
REIT
3,800
1,133
2,415
Real
Estate
Management
&
Development
0.0%
WeWork,
Class
A,
Acquisition
Date:
12/9/14,
Cost $3 (1)(2)
199
2
2
Total
Real
Estate
2,417
Total
Common
Stocks
(Cost
$356,942)
819,558
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)(2)(4)
16,937
137
137
Health
Care
Equipment
&
Supplies
0.0%
JAND,
Series
AA,
Acquisition
Date:
11/19/20,
Cost $20 (1)(2)(4)
809
20
JAND,
Series
B,
Acquisition
Date:
11/19/20,
Cost $0 (1)(2)(4)
1
—
20
Total
Health
Care
157
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
INFORMATION
TECHNOLOGY
0.3%
Software
0.3%
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $223 (1)(2)
(4)
5,191
921
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $252 (1)(2)(4)
1,419
252
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $523 (1)(2)(4)
8,757
523
Tanium,
Series
G
,
Acquisition
Date:
8/26/15,
Cost $141 (1)(2)(4)
28,431
324
Total
Information
Technology
2,020
REAL
ESTATE
0.0%
Real
Estate
Management
&
Development
0.0%
WeWork,
Series
D-1,
Acquisition
Date:
12/9/14,
Cost $51 (1)(2)
3,081
28
WeWork,
Series
D-2,
Acquisition
Date:
12/9/14,
Cost $40 (1)(2)
2,420
22
WeWork,
Series
E,
Acquisition
Date:
6/23/15,
Cost $136 (1)(2)
4,118
38
Total
Real
Estate
88
Total
Convertible
Preferred
Stocks
(Cost
$1,523)
2,265
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.02% (6)(7)
457,847
458
Total
Short-Term
Investments
(Cost
$458)
458
SECURITIES
LENDING
COLLATERAL
0.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.7%
Short-Term
Funds
0.7%
T.
Rowe
Price
Short-Term
Fund,
0.08% (6)(7)
599,927
5,999
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
5,999
Total
Securities
Lending
Collateral
(Cost
$5,999)
5,999
Total
Investments
in
Securities
100.8%
(Cost
$364,922)
$
828,280
Other
Assets
Less
Liabilities
(0.8)%
(6,174)
Net
Assets
100.0%
$
822,106
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
14
.
.
.
.
.
.
.
.
.
.
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
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
$8,203
and
represents
1.0%
of
net
assets.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
May
31,
2021.
(4)
Level
3
in
fair
value
hierarchy.
(5)
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
May
31,
2021,
was
$288
and
was
valued
at
$261
(Less
than
0.1%
of
net
assets).
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
PIPE
Private
Investment
in
Public
Equity
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SPAC
Special
Purpose
Acquisition
Company
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
three
months
ended
May
31,
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,
0.02%
$
—
$
—
$
—
T.
Rowe
Price
Short-Term
Fund,
0.08%
—
—
—++
Totals
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
02/28/21
Purchase
Cost
Sales
Cost
Value
05/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.02%
$
777
¤
¤
$
458
T.
Rowe
Price
Short-Term
Fund,
0.08%
4,652
¤
¤
5,999
Total
$
6,457^
#
Capital
gain
distributions
from
mutual
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
$0
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
$6,457.
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.
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
Tax-Efficient
Equity
Fund
17
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
Tax-Efficient
Equity
Fund
18
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
May
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F136-054Q1
05/21
($000s)
Lev
el
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
813,359
$
5,293
$
906
$
819,558
Convertible
Preferred
Stocks
—
88
2,177
2,265
Short-Term
Investments
458
—
—
458
Securities
Lending
Collateral
5,999
—
—
5,999
Total
$
819,816
$
5,381
$
3,083
$
828,280