T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
November
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.5%
COMMUNICATION
SERVICES
11.6%
Entertainment
1.9%
Activision
Blizzard
9,000
527
Electronic
Arts
11,400
1,416
Netflix (1)
12,000
7,703
Roku (1)
12,000
2,731
Sea,
ADR (1)
5,700
1,642
Spotify
Technology (1)
13,500
3,220
Take-Two
Interactive
Software (1)
3,152
523
Zynga,
Class
A (1)
68,700
414
18,176
Interactive
Media
&
Services
9.2%
Alphabet,
Class
C (1)
17,579
50,083
Baidu,
ADR (1)
5,800
869
Bumble,
Class
A (1)
6,959
239
IAC/InterActiveCorp (1)
3,246
434
Match
Group (1)
24,374
3,168
Meta
Platforms,
Class
A (1)
83,186
26,991
Pinterest,
Class
A (1)
41,373
1,657
Snap,
Class
A (1)
83,600
3,980
Vimeo (1)
23,345
451
ZoomInfo
Technologies,
Class
A (1)
5,434
335
88,207
Media
0.4%
Altice
USA,
Class
A (1)
14,800
234
Cable
One
2,143
3,798
4,032
Wireless
Telecommunication
Services
0.1%
T-Mobile
U.S. (1)
6,773
737
737
Total
Communication
Services
111,152
CONSUMER
DISCRETIONARY
15.8%
Auto
Components
0.0%
Aptiv (1)
2,410
386
386
Automobiles
2.2%
Ferrari
4,240
1,104
Rivian
Automotive,
Class
A (1)
29,687
3,555
Tesla (1)
14,725
16,857
21,516
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Distributors
0.0%
Pool
581
322
322
Diversified
Consumer
Services
0.2%
Bright
Horizons
Family
Solutions (1)
5,300
652
Service
Corp.
International
18,480
1,223
Terminix
Global
Holdings (1)
3,900
145
2,020
Hotels,
Restaurants
&
Leisure
2.5%
Airbnb,
Class
A (1)
13,472
2,325
Booking
Holdings (1)
607
1,276
Caesars
Entertainment (1)
1,300
117
Chipotle
Mexican
Grill (1)
2,700
4,437
Domino's
Pizza
4,637
2,430
DraftKings,
Class
A (1)(2)
37,000
1,278
Hilton
Worldwide
Holdings (1)
22,500
3,039
MGM
Resorts
International
67,500
2,672
Papa
John's
International
2,400
293
Restaurant
Brands
International (2)
16,302
913
Starbucks
20,275
2,223
Wynn
Resorts (1)
5,300
429
Yum
China
Holdings
21,698
1,087
Yum!
Brands
14,700
1,806
24,325
Household
Durables
0.1%
NVR (1)
250
1,306
1,306
Internet
&
Direct
Marketing
Retail
5.4%
Alibaba
Group
Holding,
ADR (1)
6,463
824
Amazon.com (1)
12,079
42,362
Chewy,
Class
A (1)(2)
26,541
1,812
Coupang (1)
8,741
231
Etsy (1)
16,098
4,420
MercadoLibre (1)
1,900
2,258
Wayfair,
Class
A (1)(2)
1,500
372
52,279
Multiline
Retail
0.6%
Dollar
General
19,248
4,260
Dollar
Tree (1)
4,851
649
Ollie's
Bargain
Outlet
Holdings (1)
9,392
581
5,490
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Specialty
Retail
3.7%
AutoZone (1)
1,054
1,915
Burlington
Stores (1)
4,200
1,231
CarMax (1)
14,489
2,047
Carvana (1)
9,181
2,574
Five
Below (1)
9,400
1,912
Floor
&
Decor
Holdings,
Class
A (1)
5,200
670
Home
Depot
25,840
10,352
O'Reilly
Automotive (1)
7,053
4,501
RH (1)
500
292
Ross
Stores
12,200
TJX
31,077
2,157
Tractor
Supply
15,752
3,549
Ulta
Beauty (1)
6,900
2,649
Warby
Parker,
Class
A (1)
1,201
61
Williams-Sonoma
2,800
546
35,787
Textiles,
Apparel
&
Luxury
Goods
1.1%
Lululemon
Athletica (1)
10,360
4,708
NIKE,
Class
B
33,449
5,661
10,369
Total
Consumer
Discretionary
153,800
CONSUMER
STAPLES
2.2%
Beverages
1.2%
Boston
Beer,
Class
A (1)
350
158
Brown-Forman,
Class
B
12,512
880
Constellation
Brands,
Class
A
9,000
2,028
Diageo,
ADR
23,800
4,835
Keurig
Dr
Pepper
24,615
837
Monster
Beverage (1)
16,028
1,343
PepsiCo
6,800
1,087
11,168
Food
&
Staples
Retailing
0.1%
BJ's
Wholesale
Club
Holdings (1)
10,500
694
Casey's
General
Stores
2,000
389
1,083
Food
Products
0.5%
Darling
Ingredients (1)
22,000
1,485
Hershey
11,283
2,003
McCormick
11,162
958
Tyson
Foods,
Class
A
2,500
197
4,643
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Household
Products
0.2%
Church
&
Dwight
8,519
761
Clorox
3,767
614
Colgate-Palmolive
8,400
630
2,005
Personal
Products
0.1%
Estee
Lauder,
Class
A
2,700
897
897
Tobacco
0.1%
Philip
Morris
International
9,100
782
782
Total
Consumer
Staples
20,578
ENERGY
0.4%
Oil,
Gas
&
Consumable
Fuels
0.4%
Devon
Energy
50,000
2,103
Pioneer
Natural
Resources
9,700
1,729
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $15 (1)(3)(4)
5
30
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $216 (1)(3)(4)
58
345
Total
Energy
4,207
FINANCIALS
3.8%
Banks
0.2%
First
Republic
Bank
7,100
1,489
SVB
Financial
Group (1)
500
346
1,835
Capital
Markets
3.0%
BlackRock
2,600
2,352
Cboe
Global
Markets
8,479
1,093
Charles
Schwab
23,083
1,786
CME
Group
7,310
1,612
FactSet
Research
Systems
800
375
Intercontinental
Exchange
6,200
811
MarketAxess
Holdings
5,260
1,855
Moody's
7,461
2,915
MSCI
8,100
5,099
Nasdaq
1,700
346
S&P
Global
16,910
7,706
Tradeweb
Markets,
Class
A
28,640
2,749
28,699
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Consumer
Finance
0.1%
Discover
Financial
Services
11,300
1,219
1,219
Insurance
0.5%
Arthur
J
Gallagher
7,000
1,140
Assurant
1,300
198
Hartford
Financial
Services
Group
15,500
1,025
Marsh
&
McLennan
12,500
2,050
Progressive
8,833
821
5,234
Total
Financials
36,987
HEALTH
CARE
12.9%
Biotechnology
2.4%
Agios
Pharmaceuticals (1)
2,000
71
Alnylam
Pharmaceuticals (1)
4,801
882
Amgen
4,080
811
Argenx,
ADR (1)
1,733
484
Ascendis
Pharma,
ADR (1)
1,454
199
Biogen (1)
3,108
733
BioMarin
Pharmaceutical (1)
5,900
509
BioNTech,
ADR (1)
19,028
6,693
Blueprint
Medicines (1)
3,100
298
Denali
Therapeutics (1)
2,500
116
Exact
Sciences (1)
17,207
1,469
Exelixis (1)
11,000
185
Fate
Therapeutics (1)
2,300
127
Genmab,
ADR (1)
66,088
2,546
Horizon
Therapeutics (1)
7,200
747
Incyte (1)
8,359
566
Kodiak
Sciences (1)
1,545
142
Mirati
Therapeutics (1)
400
55
Natera (1)
3,000
274
Neurocrine
Biosciences (1)
5,245
437
Regeneron
Pharmaceuticals (1)
3,400
2,164
Seagen (1)
11,698
1,872
Ultragenyx
Pharmaceutical (1)
3,500
263
United
Therapeutics (1)
1,200
227
Vertex
Pharmaceuticals (1)
6,599
1,234
23,104
Health
Care
Equipment
&
Supplies
2.8%
ABIOMED (1)
2,300
724
Align
Technology (1)
6,786
4,150
Becton
Dickinson
&
Company
3,100
735
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Cooper
3,600
1,355
Dexcom (1)
7,215
4,059
Hologic (1)
13,500
1,009
ICU
Medical (1)
613
139
IDEXX
Laboratories (1)
5,162
3,139
Intuitive
Surgical (1)
20,340
6,597
Novocure (1)
4,000
374
Ortho
Clinical
Diagnostics
Holdings (1)
11,618
222
Penumbra (1)
2,900
712
Quidel (1)
1,200
177
ResMed
6,600
1,682
Shockwave
Medical (1)
2,500
451
STERIS
2,365
517
Teleflex
3,600
1,071
27,113
Health
Care
Providers
&
Services
3.1%
Acadia
Healthcare (1)
3,300
185
Amedisys (1)
2,900
405
Anthem
7,247
2,944
Centene (1)
13,349
953
DaVita (1)
2,800
265
Guardant
Health (1)
3,939
414
HCA
Healthcare
12,300
2,775
Humana
3,053
1,282
McKesson
13,500
2,926
Molina
Healthcare (1)
8,314
2,371
UnitedHealth
Group
34,600
15,370
29,890
Health
Care
Technology
0.5%
Multiplan (1)(2)
10,000
40
Teladoc
Health (1)
500
51
Veeva
Systems,
Class
A (1)
15,092
4,265
4,356
Life
Sciences
Tools
&
Services
3.0%
Adaptive
Biotechnologies (1)
4,527
118
Agilent
Technologies
15,008
2,265
Avantor (1)
106,738
4,214
Bio-Rad
Laboratories,
Class
A (1)
3,400
2,561
Bio-Techne
3,700
1,746
Bruker
3,500
283
Illumina (1)
4,319
1,578
IQVIA
Holdings (1)
3,300
855
Mettler-Toledo
International (1)
2,213
3,351
Pacific
Biosciences
of
California (1)
6,400
149
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Repligen (1)
12,700
3,639
Thermo
Fisher
Scientific
10,519
6,657
West
Pharmaceutical
Services
3,200
1,416
28,832
Pharmaceuticals
1.1%
Catalent (1)
7,200
926
Elanco
Animal
Health (1)
38,114
1,095
Eli
Lilly
and
Company
17,600
4,366
Royalty
Pharma,
Class
A
4,200
167
Zoetis
18,568
4,123
10,677
Total
Health
Care
123,972
INDUSTRIALS
&
BUSINESS
SERVICES
7.1%
Aerospace
&
Defense
0.5%
BWX
Technologies
6,200
296
Hexcel (1)
3,500
180
Huntington
Ingalls
Industries
1,000
177
L3Harris
Technologies
3,617
756
Northrop
Grumman
3,700
1,291
TransDigm
Group (1)
2,928
1,692
4,392
Air
Freight
&
Logistics
0.6%
Expeditors
International
of
Washington
2,700
329
United
Parcel
Service,
Class
B
28,126
5,579
5,908
Airlines
0.1%
Alaska
Air
Group (1)
6,000
291
Southwest
Airlines (1)
6,500
289
580
Building
Products
0.3%
A.O.
Smith
3,500
277
Allegion
5,600
693
Fortune
Brands
Home
&
Security
6,300
633
Trane
Technologies
8,900
1,661
3,264
Commercial
Services
&
Supplies
1.2%
Cintas
9,100
3,842
Copart (1)
12,426
1,804
IAA (1)
28,000
1,352
Republic
Services
6,500
860
Ritchie
Bros
Auctioneers
3,000
204
Rollins
23,000
765
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Waste
Connections
21,710
2,889
11,716
Construction
&
Engineering
0.1%
Valmont
Industries
2,200
526
526
Electrical
Equipment
0.5%
AMETEK
1,787
244
Generac
Holdings (1)
7,900
3,328
Hubbell
1,600
313
Rockwell
Automation
3,472
1,167
Shoals
Technologies
Group,
Class
A (1)
6,039
170
5,222
Industrial
Conglomerates
0.1%
Roper
Technologies
1,842
855
855
Machinery
0.4%
Cummins
4,163
873
Deere
4,347
1,502
Graco
2,500
182
IDEX
925
208
Middleby (1)
2,300
402
Otis
Worldwide
5,000
402
PACCAR
4,000
333
Toro
1,800
181
Woodward
1,500
159
4,242
Professional
Services
2.1%
Booz
Allen
Hamilton
Holding
9,200
772
Clarivate (1)
4,263
99
CoStar
Group (1)
73,910
5,747
Equifax
10,614
2,958
IHS
Markit
23,000
2,940
Legalzoom.com (1)
8,863
160
Leidos
Holdings
2,400
211
TransUnion
37,651
4,186
Upwork (1)
7,100
265
Verisk
Analytics
10,581
2,379
19,717
Road
&
Rail
1.1%
Canadian
Pacific
Railway (2)
14,200
994
JB
Hunt
Transport
Services
1,309
250
Kansas
City
Southern
7,000
2,036
Landstar
System
1,400
236
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Old
Dominion
Freight
Line
9,067
3,220
Union
Pacific
18,200
4,289
11,025
Trading
Companies
&
Distributors
0.1%
Fastenal
4,100
242
United
Rentals (1)
2,500
847
Watsco
1,068
313
1,402
Total
Industrials
&
Business
Services
68,849
INFORMATION
TECHNOLOGY
43.3%
Communications
Equipment
0.2%
Motorola
Solutions
7,300
1,848
1,848
Electronic
Equipment,
Instruments
&
Components
1.5%
Amphenol,
Class
A
61,294
4,939
CDW
24,493
4,638
Cognex
7,912
611
IPG
Photonics (1)
800
131
Keysight
Technologies (1)
3,918
762
Littelfuse
793
237
Zebra
Technologies,
Class
A (1)
5,846
3,442
14,760
IT
Services
8.2%
Accenture,
Class
A
15,836
5,660
Affirm
Holdings (1)
5,800
735
Akamai
Technologies (1)
2,000
225
Automatic
Data
Processing
4,500
1,039
Broadridge
Financial
Solutions
8,261
1,393
EPAM
Systems (1)
4,537
2,761
Euronet
Worldwide (1)
2,054
208
Fidelity
National
Information
Services
5,003
523
Fiserv (1)
7,000
676
FleetCor
Technologies (1)
6,300
1,305
Gartner (1)
8,100
2,529
Genpact
6,600
319
Global
Payments
3,857
459
GoDaddy,
Class
A (1)
4,377
307
Mastercard,
Class
A
40,700
12,817
MongoDB (1)
6,000
2,989
Okta (1)
13,100
2,819
Paychex
4,300
513
PayPal
Holdings (1)
48,673
8,999
Shopify,
Class
A (1)
5,100
7,761
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Snowflake,
Class
A (1)
2,846
968
Square,
Class
A (1)
20,500
4,271
Squarespace,
Class
A (1)(2)
758
25
Toast,
Class
A (1)
3,734
149
Twilio,
Class
A (1)
13,248
3,791
VeriSign (1)
4,292
1,030
Visa,
Class
A
76,000
14,726
WEX (1)
667
84
Wix.com (1)
1,100
168
79,249
Semiconductors
&
Semiconductor
Equipment
10.4%
Advanced
Micro
Devices (1)
31,000
4,909
Analog
Devices
19,575
3,528
Enphase
Energy (1)
8,600
2,150
Entegris
34,560
5,049
KLA
26,776
10,928
Lam
Research
6,260
4,256
Lattice
Semiconductor (1)
5,727
435
Marvell
Technology
8,302
591
Microchip
Technology
61,822
5,158
MKS
Instruments
2,000
304
Monolithic
Power
Systems
9,912
5,486
NVIDIA
108,800
35,552
ON
Semiconductor (1)
14,300
878
QUALCOMM
41,575
7,507
Silicon
Laboratories (1)
1,500
294
Skyworks
Solutions
19,100
2,897
Taiwan
Semiconductor
Manufacturing,
ADR
27,400
3,210
Teradyne
10,000
1,529
Xilinx
22,369
5,110
99,771
Software
18.2%
Adobe (1)
16,092
10,779
Anaplan (1)
10,400
445
ANSYS (1)
4,000
1,566
AppLovin,
Class
A (1)(2)
8,400
765
Aspen
Technology (1)
3,100
450
Atlassian,
Class
A (1)
7,391
2,781
Autodesk (1)
7,791
1,980
Avalara (1)
13,100
1,830
Bentley
Systems,
Class
B
2,449
118
Bill.com
Holdings (1)
12,392
3,480
Black
Knight (1)
28,528
2,039
Cadence
Design
Systems (1)
18,289
3,246
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $719 (1)(3)(4)
422
719
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CCC
Intelligent
Solutions
Holdings (1)
6,257
80
Ceridian
HCM
Holding (1)
6,263
685
Citrix
Systems
1,500
121
Confluent,
Class
A (1)
2,528
197
Coupa
Software (1)
10,249
2,016
Crowdstrike
Holdings,
Class
A (1)
16,054
3,486
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $82 (1)(3)(4)
1,711
377
Datadog,
Class
A (1)
11,749
2,095
DocuSign (1)
17,355
4,276
DoubleVerify
Holdings (1)
7,000
216
Dynatrace (1)
8,948
562
Five9 (1)
8,000
1,139
Fortinet (1)
17,100
5,679
Gitlab,
Class
A (1)
6,922
668
Gitlab,
Class
B,
Acquisition
Date:
12/15/20,
Cost $190 (1)(4)
4,720
433
Guidewire
Software (1)
1,896
221
HubSpot (1)
7,000
5,648
Informatica,
Class
A (1)
11,600
373
Intuit
14,500
9,458
Manhattan
Associates (1)
5,400
843
Microsoft
132,325
43,745
Monday.com (1)
449
162
nCino (1)
7,534
468
Palo
Alto
Networks (1)
5,800
3,172
Paycom
Software (1)
7,648
3,346
Paycor
HCM (1)(2)
7,200
212
Paylocity
Holding (1)
3,500
883
Procore
Technologies (1)
2,391
203
PTC (1)
14,300
1,567
Qualtrics
International,
Class
A (1)
10,232
331
RingCentral,
Class
A (1)
4,612
996
salesforce.com (1)
48,503
13,821
SentinelOne,
Class
A (1)
30,143
1,627
ServiceNow (1)
9,800
6,348
Smartsheet,
Class
A (1)
8,200
525
Snyk,
Acquisition
Date:
9/3/21,
Cost $144 (1)(3)(4)
10,031
144
Splunk (1)
5,000
605
SS&C
Technologies
Holdings
19,879
1,517
Synopsys (1)
18,227
6,215
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $52 (1)(3)(4)
4,598
52
Trade
Desk,
Class
A (1)
51,000
5,275
Tyler
Technologies (1)
6,294
3,267
UiPath,
Class
A (1)
40,107
1,935
Workday,
Class
A (1)
14,074
3,860
Workiva (1)
2,100
293
Zendesk (1)
6,179
631
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zoom
Video
Communications,
Class
A (1)
7,500
1,586
Zscaler (1)
10,500
3,643
175,200
Technology
Hardware,
Storage
&
Peripherals
4.8%
Apple
279,200
46,152
46,152
Total
Information
Technology
416,980
MATERIALS
1.9%
Chemicals
0.9%
Air
Products
&
Chemicals
2,400
690
Albemarle
1,300
346
CF
Industries
Holdings
7,000
424
Linde
6,100
1,941
PPG
Industries
11,500
1,773
RPM
International
7,300
664
Sherwin-Williams
7,314
2,423
8,261
Construction
Materials
0.3%
Vulcan
Materials
12,600
2,415
2,415
Containers
&
Packaging
0.4%
Ardagh
Metal
Packaging (1)
22,534
211
Avery
Dennison
2,482
509
Ball
24,900
2,327
Sealed
Air
5,000
310
3,357
Metals
&
Mining
0.3%
BHP
Group,
ADR (2)
32,500
1,826
Steel
Dynamics
10,000
598
2,424
Total
Materials
16,457
REAL
ESTATE
0.5%
Equity
Real
Estate
Investment
Trusts
0.5%
Alexandria
Real
Estate
Equities,
REIT
2,500
500
CubeSmart,
REIT
15,500
836
Equity
LifeStyle
Properties,
REIT
12,200
992
SBA
Communications,
REIT
7,100
2,441
4,769
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Real
Estate
Management
&
Development
0.0%
eXp
World
Holdings
4,300
158
158
Total
Real
Estate
4,927
Total
Common
Stocks
(Cost
$388,381)
957,909
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
137
Total
Health
Care
137
INFORMATION
TECHNOLOGY
0.4%
Software
0.4%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $43 (1)(3)(4)
25
43
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $223 (1)(3)
(4)
5,191
1,145
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $252 (1)(3)(4)
1,419
313
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $818 (1)(3)
(4)
3,712
818
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $186 (1)(3)
(4)
6,806
186
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $523 (1)(3)(4)
8,757
564
Snyk,
Series
F,
Acquisition
Date:
9/3/21,
Cost $240 (1)(3)(4)
16,718
240
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $368 (1)(3)(4)
22,915
368
Tanium,
Series
G,
1/2/24,
Acquisition
Date:
8/26/15,
Cost $141 (1)(3)(4)
28,431
324
Total
Information
Technology
4,001
Total
Convertible
Preferred
Stocks
(Cost
$2,931)
4,138
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.06% (5)(6)
1,030
1
Total
Short-Term
Investments
(Cost
$1)
1
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
14
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.8%
Short-Term
Funds
0.8%
T.
Rowe
Price
Short-Term
Fund,
0.06% (5)(6)
746,206
7,462
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
7,462
Total
Securities
Lending
Collateral
(Cost
$7,462)
7,462
Total
Investments
in
Securities
100.7%
(Cost
$398,775)
$
969,510
Other
Assets
Less
Liabilities
(0.7)%
(
6,837
)
Net
Assets
100.0%
$
962,673
‡
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,
2021.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$6,238
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
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,
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,
0.06%
$
—
$
—
$
—
T.
Rowe
Price
Short-Term
Fund,
0.06%
—
—
—
++
Totals
$
—
#
$
—
$
—
+
Supplementary
Investment
Schedule
Affiliate
Value
02/28/21
Purchase
Cost
Sales
Cost
Value
11/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.06%
$
777
¤
¤
$
1
T.
Rowe
Price
Short-Term
Fund,
0.06%
4,652
¤
¤
7,462
Total
$
7,463
^
#
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
$7,463.
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
November
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F136-054Q3
11/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
955,809
$
433
$
1,667
$
957,909
Convertible
Preferred
Stocks
—
—
4,138
4,138
Short-Term
Investments
1
—
—
1
Securities
Lending
Collateral
7,462
—
—
7,462
Total
$
963,272
$
433
$
5,805
$
969,510