T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
May
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.3%
COMMUNICATION
SERVICES
8.1%
Entertainment
0.4%
Electronic
Arts
10,500
1,456
Netflix (1)
4,900
967
Roku (1)
1,500
142
Spotify
Technology (1)
2,500
282
Take-Two
Interactive
Software (1)
1,152
144
2,991
Interactive
Media
&
Services
7.4%
Alphabet,
Class
C (1)
17,579
40,094
IAC/InterActiveCorp (1)
1,746
149
Match
Group (1)
22,873
1,802
Meta
Platforms,
Class
A (1)
59,486
11,519
Pinterest,
Class
A (1)
12,500
246
Snap,
Class
A (1)
45,600
643
ZoomInfo
Technologies (1)
2,934
118
54,571
Media
0.2%
Cable
One
947
1,234
1,234
Wireless
Telecommunication
Services
0.1%
T-Mobile
U.S. (1)
6,773
903
903
Total
Communication
Services
59,699
CONSUMER
DISCRETIONARY
15.3%
Auto
Components
0.0%
Aptiv (1)
1,410
150
150
Automobiles
2.9%
Ferrari
4,240
827
Tesla (1)
26,625
20,188
21,015
Distributors
0.2%
Pool
3,681
1,467
1,467
Diversified
Consumer
Services
0.2%
Bright
Horizons
Family
Solutions (1)
5,300
480
Service
Corp.
International
17,480
1,224
1,704
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Hotels,
Restaurants
&
Leisure
2.7%
Airbnb,
Class
A (1)
13,472
1,628
Booking
Holdings (1)
607
1,362
Caesars
Entertainment (1)
7,600
381
Chipotle
Mexican
Grill (1)
2,700
3,787
Domino's
Pizza
4,037
1,466
Hilton
Worldwide
Holdings
25,500
3,592
MGM
Resorts
International
67,900
2,375
Papa
John's
International
2,400
211
Restaurant
Brands
International (2)
17,302
909
Starbucks
20,275
1,592
Vail
Resorts
1,000
252
Wynn
Resorts (1)
4,800
317
Yum!
Brands
13,600
1,652
19,524
Household
Durables
0.2%
NVR (1)
250
1,113
1,113
Internet
&
Direct
Marketing
Retail
3.8%
Amazon.com (1)
10,429
25,073
Chewy,
Class
A (1)
5,517
137
Etsy (1)
10,898
884
MercadoLibre (1)
1,900
1,493
27,587
Leisure
Products
0.1%
Mattel (1)
15,000
377
377
Multiline
Retail
0.6%
Dollar
General
19,248
4,241
Dollar
Tree (1)
1,000
160
Ollie's
Bargain
Outlet
Holdings (1)
2,562
121
4,522
Specialty
Retail
3.6%
AutoZone (1)
1,054
2,171
Burlington
Stores (1)
3,200
539
CarMax (1)
12,489
1,240
Carvana (1)
610
18
Five
Below (1)
7,700
1,005
Floor
&
Decor
Holdings,
Class
A (1)
4,200
317
Home
Depot
25,840
7,823
O'Reilly
Automotive (1)
7,053
4,494
RH (1)
300
87
Ross
Stores
11,200
952
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
TJX
31,077
1,976
Tractor
Supply
15,752
2,951
Ulta
Beauty (1)
5,900
2,496
Williams-Sonoma
2,800
358
26,427
Textiles,
Apparel
&
Luxury
Goods
1.0%
Lululemon
Athletica (1)
10,360
3,032
NIKE,
Class
B
33,449
3,976
7,008
Total
Consumer
Discretionary
110,894
CONSUMER
STAPLES
2.3%
Beverages
1.6%
Boston
Beer,
Class
A (1)
350
125
Brown-Forman,
Class
B
12,512
827
Constellation
Brands,
Class
A
9,000
2,209
Diageo,
ADR
28,300
5,291
Keurig
Dr
Pepper
24,615
855
Monster
Beverage (1)
15,028
1,339
PepsiCo
6,800
1,141
11,787
Food
&
Staples
Retailing
0.1%
BJ's
Wholesale
Club
Holdings (1)
10,500
608
Casey's
General
Stores
1,500
314
922
Food
Products
0.5%
Darling
Ingredients (1)
16,900
1,353
Hershey
6,583
1,394
McCormick
10,262
951
Tyson
Foods,
Class
A
2,500
224
3,922
Household
Products
0.0%
Church
&
Dwight
1,419
128
128
Personal
Products
0.1%
Estee
Lauder,
Class
A
2,700
688
688
Total
Consumer
Staples
17,447
ENERGY
1.3%
Energy
Equipment
&
Services
0.1%
Halliburton
11,000
446
446
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Oil,
Gas
&
Consumable
Fuels
1.2%
APA
3,500
164
Coterra
Energy
37,800
1,298
Devon
Energy
50,000
3,745
Pioneer
Natural
Resources
12,700
3,530
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
9,112
Total
Energy
9,558
FINANCIALS
4.7%
Banks
0.2%
First
Republic
Bank
7,100
1,101
SVB
Financial
Group (1)
500
244
1,345
Capital
Markets
3.4%
BlackRock
2,600
1,740
Blue
Owl
Capital
49,700
623
Cboe
Global
Markets
7,679
862
Charles
Schwab
29,083
2,039
CME
Group
7,310
1,453
FactSet
Research
Systems
400
153
Intercontinental
Exchange
6,200
635
MarketAxess
Holdings
4,760
1,341
Moody's
7,461
2,250
MSCI
8,100
3,583
Nasdaq
1,100
171
S&P
Global
23,437
8,191
Tradeweb
Markets,
Class
A
28,640
1,936
24,977
Consumer
Finance
0.1%
Discover
Financial
Services
8,300
942
942
Diversified
Financial
Services
0.3%
Apollo
Global
Management
34,800
2,006
2,006
Insurance
0.7%
Arthur
J
Gallagher
6,500
1,053
Assurant
800
141
Hartford
Financial
Services
Group
15,000
1,088
Marsh
&
McLennan
12,500
1,999
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Progressive
8,833
1,054
5,335
Total
Financials
34,605
HEALTH
CARE
13.5%
Biotechnology
1.3%
Alnylam
Pharmaceuticals (1)
2,301
289
Argenx,
ADR (1)
1,733
536
Ascendis
Pharma,
ADR (1)
1,454
123
BioMarin
Pharmaceutical (1)
3,113
234
BioNTech,
ADR (1)
16,528
2,700
Blueprint
Medicines (1)
1,900
105
Exact
Sciences (1)
4,900
244
Genmab,
ADR (1)
25,088
759
Horizon
Therapeutics (1)
1,700
153
Incyte (1)
2,059
156
Neurocrine
Biosciences (1)
1,945
182
Regeneron
Pharmaceuticals (1)
2,900
1,928
Seagen (1)
2,898
393
United
Therapeutics (1)
1,200
276
Vertex
Pharmaceuticals (1)
6,599
1,773
9,851
Health
Care
Equipment
&
Supplies
2.7%
ABIOMED (1)
2,300
606
Align
Technology (1)
6,786
1,884
Becton
Dickinson
&
Company
3,100
793
Cooper
3,600
1,263
Dexcom (1)
8,215
2,448
Hologic (1)
2,500
188
ICU
Medical (1)
613
111
IDEXX
Laboratories (1)
5,162
2,021
Insulet (1)
4,200
897
Intuitive
Surgical (1)
20,340
4,630
Novocure (1)
2,500
201
Penumbra (1)
2,600
382
QuidelOrtho (1)
1,200
114
ResMed
12,100
2,462
Shockwave
Medical (1)
1,000
164
STERIS
1,865
426
Teleflex
3,600
1,036
19,626
Health
Care
Providers
&
Services
4.5%
Acadia
Healthcare (1)
2,300
164
Amedisys (1)
1,200
139
Anthem
7,247
3,693
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Centene (1)
13,349
1,087
DaVita (1)
1,300
127
Guardant
Health (1)
2,139
88
HCA
Healthcare
11,800
2,483
Humana
3,053
1,387
McKesson
13,500
4,437
Molina
Healthcare (1)
7,314
2,123
UnitedHealth
Group
34,600
17,188
32,916
Health
Care
Technology
0.3%
Veeva
Systems,
Class
A (1)
14,592
2,484
2,484
Life
Sciences
Tools
&
Services
3.0%
Agilent
Technologies
15,008
1,914
Avantor (1)
106,738
3,420
Bio-Rad
Laboratories,
Class
A (1)
3,400
1,829
Bio-Techne
4,700
1,738
Bruker
3,500
219
Illumina (1)
4,319
1,034
IQVIA
Holdings (1)
3,300
710
Mettler-Toledo
International (1)
2,213
2,846
Repligen (1)
8,300
1,365
Thermo
Fisher
Scientific
10,519
5,970
West
Pharmaceutical
Services
2,800
869
21,914
Pharmaceuticals
1.7%
Catalent (1)
6,200
639
Elanco
Animal
Health (1)
33,014
782
Eli
Lilly
17,600
5,517
Royalty
Pharma,
Class
A
4,200
173
Zoetis
32,568
5,567
12,678
Total
Health
Care
99,469
INDUSTRIALS
&
BUSINESS
SERVICES
8.1%
Aerospace
&
Defense
0.7%
BWX
Technologies
2,800
143
Hexcel
2,500
144
Howmet
Aerospace
4,000
143
Huntington
Ingalls
Industries
1,000
210
L3Harris
Technologies
3,617
871
Northrop
Grumman
3,700
1,732
TransDigm
Group (1)
2,928
1,773
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Woodward
1,000
102
5,118
Air
Freight
&
Logistics
1.2%
Expeditors
International
of
Washington
2,700
294
United
Parcel
Service,
Class
B
45,626
8,315
8,609
Airlines
0.1%
Alaska
Air
Group (1)
6,000
290
Southwest
Airlines (1)
6,500
298
588
Building
Products
0.4%
A.O.
Smith
3,500
211
Allegion
5,600
625
Fortune
Brands
Home
&
Security
6,300
437
Trane
Technologies
8,900
1,229
Trex (1)
4,400
280
2,782
Commercial
Services
&
Supplies
1.6%
Cintas
9,100
3,625
Copart (1)
21,026
2,408
IAA (1)
10,300
402
Republic
Services
6,500
870
Ritchie
Bros
Auctioneers
3,000
181
Rollins
23,000
816
Waste
Connections
24,710
3,151
11,453
Construction
&
Engineering
0.1%
Valmont
Industries
2,200
565
565
Electrical
Equipment
0.4%
AMETEK
1,287
156
Generac
Holdings (1)
7,900
1,952
Hubbell
1,600
304
Rockwell
Automation
3,472
740
3,152
Industrial
Conglomerates
0.1%
Roper
Technologies
1,842
815
815
Machinery
0.7%
Cummins
4,163
871
Deere
8,347
2,986
Graco
2,500
158
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
IDEX
925
177
Middleby (1)
2,300
348
Otis
Worldwide
4,000
298
PACCAR
4,000
347
Toro
1,800
149
5,334
Professional
Services
1.2%
Booz
Allen
Hamilton
Holding
3,426
294
CoStar
Group (1)
22,380
1,364
Equifax
10,614
2,150
Leidos
Holdings
1,900
198
TransUnion
35,951
3,121
Upwork (1)
6,521
119
Verisk
Analytics
10,581
1,851
9,097
Road
&
Rail
1.1%
Canadian
Pacific
Railway
21,188
1,514
JB
Hunt
Transport
Services
1,309
226
Landstar
System
1,400
212
Old
Dominion
Freight
Line
9,567
2,470
Union
Pacific
18,200
4,000
8,422
Trading
Companies
&
Distributors
0.5%
Fastenal
10,100
541
Ferguson
8,600
1,028
SiteOne
Landscape
Supply (1)
2,500
336
United
Rentals (1)
4,200
1,252
Watsco
1,068
273
3,430
Total
Industrials
&
Business
Services
59,365
INFORMATION
TECHNOLOGY
42.7%
Communications
Equipment
0.2%
Motorola
Solutions
7,300
1,604
1,604
Electronic
Equipment,
Instruments
&
Components
1.5%
Amphenol,
Class
A
60,294
4,272
CDW
24,493
4,160
Cognex
5,900
286
Keysight
Technologies (1)
3,918
571
Littelfuse
793
214
Zebra
Technologies,
Class
A (1)
5,346
1,808
11,311
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
7.9%
Accenture,
Class
A
21,836
6,517
Automatic
Data
Processing
4,500
1,003
Block,
Class
A (1)
11,300
989
Broadridge
Financial
Solutions
8,261
1,208
Endava,
ADR (1)
2,000
202
EPAM
Systems (1)
2,037
690
Euronet
Worldwide (1)
1,754
213
Fiserv (1)
7,000
701
FleetCor
Technologies (1)
5,800
1,443
Gartner (1)
8,100
2,125
Genpact
6,600
293
Globant (1)
1,300
246
GoDaddy,
Class
A (1)
2,377
178
Mastercard,
Class
A
41,200
14,744
MongoDB (1)
6,000
1,423
Okta (1)
13,100
1,088
Paychex
4,300
532
PayPal
Holdings (1)
28,300
2,411
Shopify,
Class
A (1)
4,100
1,538
Snowflake,
Class
A (1)
4,346
555
SS&C
Technologies
Holdings
19,879
1,272
Twilio,
Class
A (1)
7,500
789
VeriSign (1)
4,292
749
Visa,
Class
A
80,000
16,974
WEX (1)
667
114
57,997
Semiconductors
&
Semiconductor
Equipment
10.2%
Advanced
Micro
Devices (1)
69,550
7,085
Analog
Devices
21,575
3,633
Enphase
Energy (1)
8,100
1,508
Entegris
34,060
3,779
KLA
26,776
9,769
Lam
Research
6,260
3,256
Lattice
Semiconductor (1)
3,827
199
Marvell
Technology
8,302
491
Microchip
Technology
58,822
4,274
MKS
Instruments
900
111
Monolithic
Power
Systems
9,912
4,464
NVIDIA
108,800
20,315
ON
Semiconductor (1)
26,500
1,608
QUALCOMM
56,075
8,031
Silicon
Laboratories (1)
1,000
149
Skyworks
Solutions
18,100
1,971
Synaptics (1)
800
119
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Taiwan
Semiconductor
Manufacturing,
ADR
35,900
3,421
Teradyne
9,000
983
75,166
Software
16.5%
Adobe (1)
15,092
6,286
ANSYS (1)
2,000
521
AppLovin,
Class
A (1)(2)
3,300
126
Aspen
Technology (1)
2,142
414
Atlassian,
Class
A (1)
7,391
1,311
Autodesk (1)
7,791
1,619
Avalara (1)
10,600
897
Bentley
Systems,
Class
B
2,449
84
Bill.com
Holdings (1)
10,692
1,264
Black
Knight (1)
28,528
1,937
Cadence
Design
Systems (1)
22,289
3,426
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $719 (1)(3)(4)
422
403
CCC
Intelligent
Solutions
Holdings (1)
6,257
56
Ceridian
HCM
Holding (1)
5,263
296
Confluent,
Class
A (1)
19,028
402
Coupa
Software (1)
2,600
179
Crowdstrike
Holdings,
Class
A (1)
18,054
2,888
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $82 (1)(3)(4)
1,711
284
Datadog,
Class
A (1)
15,249
1,455
Descartes
Systems
Group (1)
2,500
148
DocuSign (1)
7,855
659
DoubleVerify
Holdings (1)
5,500
122
Dynatrace (1)
3,948
149
Fair
Isaac (1)
1,800
737
Five9 (1)
3,700
358
Fortinet (1)
17,100
5,030
Gitlab,
Class
A (1)
2,720
106
HubSpot (1)
4,000
1,351
Informatica,
Class
A (1)(2)
6,200
126
Intuit
14,500
6,010
Manhattan
Associates (1)
4,600
556
Microsoft
171,225
46,551
nCino (1)
7,534
246
Palo
Alto
Networks (1)
8,800
4,424
Paycom
Software (1)
7,648
2,175
Paycor
HCM (1)(2)
4,435
109
Paylocity
Holding (1)
3,500
612
Procore
Technologies (1)
2,391
109
PTC (1)
12,300
1,433
Qualtrics
International,
Class
A (1)
6,032
86
RingCentral,
Class
A (1)
1,800
114
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Salesforce (1)
40,095
6,425
SentinelOne,
Class
A (1)
24,743
589
ServiceNow (1)
10,300
4,815
Smartsheet,
Class
A (1)
3,200
114
Snyk,
Acquisition
Date:
9/3/21,
Cost $144 (1)(3)(4)
10,031
114
Socure,
Acquisition
Date:
12/22/21,
Cost $159 (1)(3)(4)
9,912
159
Synopsys (1)
18,227
5,818
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $52 (1)(3)(4)
4,598
35
Trade
Desk,
Class
A (1)
43,000
2,238
Tyler
Technologies (1)
6,294
2,240
UiPath,
Class
A (1)
8,454
144
Workday,
Class
A (1)
7,000
1,094
Workiva (1)
1,600
117
Zoom
Video
Communications,
Class
A (1)
6,200
666
Zscaler (1)
11,500
1,761
121,388
Technology
Hardware,
Storage
&
Peripherals
6.4%
Apple
317,300
47,227
47,227
Total
Information
Technology
314,693
MATERIALS
2.5%
Chemicals
1.4%
Air
Products
&
Chemicals
2,400
591
Albemarle
4,400
1,146
CF
Industries
Holdings
7,000
691
Corteva
20,000
1,252
Linde
6,100
1,981
Nutrien
12,000
1,166
PPG
Industries
8,000
1,012
RPM
International
4,300
379
Sherwin-Williams
7,814
2,094
10,312
Construction
Materials
0.2%
Vulcan
Materials
11,100
1,830
1,830
Containers
&
Packaging
0.3%
Ardagh
Metal
Packaging (1)
19,834
120
Avery
Dennison
2,482
428
Ball
17,400
1,233
Sealed
Air
5,000
311
2,092
Metals
&
Mining
0.6%
BHP
Group,
ADR
46,500
3,286
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Steel
Dynamics
10,000
854
4,140
Total
Materials
18,374
REAL
ESTATE
0.8%
Equity
Real
Estate
Investment
Trusts
0.8%
Alexandria
Real
Estate
Equities,
REIT
2,300
382
CubeSmart,
REIT
24,000
1,069
Equity
LifeStyle
Properties,
REIT
9,200
696
Rexford
Industrial
Realty,
REIT
2,400
153
SBA
Communications,
REIT
10,600
3,568
5,868
Real
Estate
Management
&
Development
0.0%
eXp
World
Holdings
4,300
60
60
Total
Real
Estate
5,928
Total
Common
Stocks
(Cost
$380,105)
730,032
CONVERTIBLE
PREFERRED
STOCKS
0.5%
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $137 (1)(3)(4)
16,937
111
Total
Health
Care
111
INFORMATION
TECHNOLOGY
0.5%
Software
0.5%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $43 (1)(3)(4)
25
24
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $223 (1)(3)
(4)
5,191
861
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $252 (1)(3)(4)
1,419
235
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $818 (1)(3)
(4)
3,712
616
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $186 (1)(3)
(4)
6,806
142
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $523 (1)(3)(4)
8,757
451
Snyk,
Series
F,
Acquisition
Date:
9/3/21,
Cost $240 (1)(3)(4)
16,718
190
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $194 (1)(3)(4)
12,046
194
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $159 (1)(3)(4)
9,887
159
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $3 (1)(3)(4)
178
3
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $368 (1)(3)(4)
22,915
368
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Tanium,
Series
G,
1/2/24,
Acquisition
Date:
8/26/15,
Cost $141 (1)(3)(4)
28,431
219
Total
Information
Technology
3,462
Total
Convertible
Preferred
Stocks
(Cost
$3,287)
3,573
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.66% (5)(6)
1,154
1
Total
Short-Term
Investments
(Cost
$1)
1
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,
0.66% (5)(6)
1,158,836
1,159
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
1,159
Total
Securities
Lending
Collateral
(Cost
$1,159)
1,159
Total
Investments
in
Securities
100.0%
(Cost
$384,552)
$
734,765
Other
Assets
Less
Liabilities
0.0%
250
Net
Assets
100.0%
$
735,015
‡
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
May
31,
2022.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
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
$4,943
and
represents
0.7%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
14
.
.
.
.
.
.
.
.
.
.
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
three
months
ended
May
31,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
0.66%
$
—
$
—
$
1++
Totals
$
—#
$
—
$
1+
Supplementary
Investment
Schedule
Affiliate
Value
02/28/22
Purchase
Cost
Sales
Cost
Value
05/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.66%
$
6,286
¤
¤
$
1,160
Total
$
1,160^
#
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
$1
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
$1,160.
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
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
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
17
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
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
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
18
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
728,662
$
—
$
1,370
$
730,032
Convertible
Preferred
Stocks
—
—
3,573
3,573
Short-Term
Investments
1
—
—
1
Securities
Lending
Collateral
1,159
—
—
1,159
Total
$
729,822
$
—
$
4,943
$
734,765
T.
ROWE
PRICE
Tax-Efficient
Equity
Fund
19
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty. The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F136-054Q1
05/22