T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
November 30, 2020 (Unaudited)
| Portfolio of Investments‡ | Shares | $ Value |
| (Cost and value in $000s) | ||
| COMMON STOCKS 99.6% | ||
| COMMUNICATION SERVICES 11.5% | ||
| Entertainment 2.4% | ||
| Activision Blizzard | 9,000 | 715 |
| Electronic Arts | 12,900 | 1,648 |
| Netflix (1) | 12,000 | 5,888 |
| Roku (1) | 11,500 | 3,376 |
| Sea, ADR (1) | 2,000 | 361 |
| Spotify Technology (1) | 13,500 | 3,934 |
| Take-Two Interactive Software (1) | 4,152 | 750 |
| Zynga, Class A (1) | 78,700 | 649 |
| 17,321 | ||
| Interactive Media & Services 8.8% | ||
| Alphabet, Class C (1) | 17,579 | 30,952 |
| Baidu, ADR (1) | 5,800 | 806 |
| Facebook, Class A (1) | 82,686 | 22,901 |
| IAC/InterActiveCorp (1) | 3,246 | 461 |
| Match Group (1) | 22,374 | 3,115 |
| Pinterest, Class A (1) | 31,600 | 2,213 |
| Snap, Class A (1) | 83,600 | 3,713 |
| ZoomInfo Technologies, Class A (1) | 2,434 | 125 |
| 64,286 | ||
| Media 0.2% | ||
| Altice USA, Class A (1) | 10,800 | 367 |
| Cable One | 403 | 798 |
| 1,165 | ||
| Wireless Telecommunication Services 0.1% | ||
| T-Mobile US (1) | 6,773 | 900 |
| 900 | ||
| Total Communication Services | 83,672 | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| CONSUMER DISCRETIONARY 15.5% | ||
| Auto Components 0.0% | ||
| Aptiv | 1,910 | 227 |
| 227 | ||
| Automobiles 1.3% | ||
| Ferrari | 3,740 | 790 |
| Tesla (1) | 14,725 | 8,358 |
| 9,148 | ||
| Distributors 0.1% | ||
| Pool | 2,081 | 720 |
| 720 | ||
| Diversified Consumer Services 0.4% | ||
| Bright Horizons Family Solutions (1) | 6,000 | 1,020 |
| Grand Canyon Education (1) | 1,821 | 152 |
| Service Corp. International | 24,480 | 1,191 |
| Terminix Global Holdings (1) | 7,400 | 363 |
| 2,726 | ||
| Hotels, Restaurants & Leisure 1.5% | ||
| Chipotle Mexican Grill (1) | 2,700 | 3,482 |
| Domino's Pizza | 4,637 | 1,820 |
| MGM Resorts International | 2,500 | 71 |
| Papa John's International | 2,400 | 193 |
| Restaurant Brands International | 12,802 | 729 |
| Starbucks | 23,775 | 2,330 |
| Wynn Resorts | 1,300 | 131 |
| Yum China Holdings | 21,198 | 1,195 |
| Yum! Brands | 12,200 | 1,291 |
| 11,242 | ||
| Household Durables 0.1% | ||
| NVR (1) | 250 | 999 |
| 999 | ||
| Internet & Direct Marketing Retail 7.2% | ||
| Alibaba Group Holding, ADR (1) | 16,463 | 4,336 |
| Amazon.com (1) | 12,079 | 38,267 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Booking Holdings (1) | 607 | 1,231 |
| Chewy, Class A (1)(2) | 24,241 | 1,881 |
| Etsy (1) | 16,098 | 2,587 |
| MercadoLibre (1) | 1,900 | 2,951 |
| Wayfair, Class A (1)(2) | 4,000 | 1,017 |
| 52,270 | ||
| Multiline Retail 0.8% | ||
| Dollar General | 19,248 | 4,207 |
| Dollar Tree (1) | 8,851 | 967 |
| Ollie's Bargain Outlet Holdings (1) | 4,392 | 387 |
| 5,561 | ||
| Specialty Retail 2.9% | ||
| AutoZone (1) | 1,054 | 1,199 |
| Burlington Stores (1) | 3,700 | 809 |
| CarMax (1) | 14,489 | 1,354 |
| Five Below (1) | 2,200 | 344 |
| Home Depot | 25,840 | 7,168 |
| O'Reilly Automotive (1) | 7,053 | 3,121 |
| RH (1) | 500 | 227 |
| Ross Stores | 11,200 | 1,204 |
| TJX | 31,077 | 1,974 |
| Tractor Supply | 14,252 | 2,007 |
| Ulta Beauty (1) | 4,900 | 1,349 |
| Williams-Sonoma | 2,800 | 306 |
| 21,062 | ||
| Textiles, Apparel & Luxury Goods 1.2% | ||
| Lululemon Athletica (1) | 10,360 | 3,835 |
| NIKE, Class B | 33,449 | 4,506 |
| 8,341 | ||
| Total Consumer Discretionary | 112,296 | |
| CONSUMER STAPLES 3.2% | ||
| Beverages 1.6% | ||
| Brown-Forman, Class B | 12,512 | 1,009 |
| Coca-Cola | 35,600 | 1,837 |
| Constellation Brands, Class A | 10,000 | 2,058 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | ||
| (Cost and value in $000s) | |||
| Diageo, ADR (2) | 22,300 | 3,455 | |
| Keurig Dr Pepper | 24,615 | 750 | |
| Monster Beverage (1) | 15,028 | 1,274 | |
| PepsiCo | 7,277 | 1,050 | |
| 11,433 | |||
| Food & Staples Retailing 0.0% | |||
| Casey's General Stores | 2,000 | 363 | |
| 363 | |||
| Food Products 0.5% | |||
| Conagra Brands | 4,996 | 183 | |
| Hershey | 11,283 | 1,669 | |
| McCormick | 8,581 | 1,604 | |
| Tyson Foods, Class A | 2,500 | 163 | |
| 3,619 | |||
| Household Products 0.5% | |||
| Church & Dwight | 15,915 | 1,397 | |
| Clorox | 5,267 | 1,069 | |
| Colgate-Palmolive | 8,400 | 719 | |
| Reynolds Consumer Products | 5,816 | 177 | |
| 3,362 | |||
| Personal Products 0.2% | |||
| Estee Lauder, Class A | 7,700 | 1,889 | |
| 1,889 | |||
| Tobacco 0.4% | |||
| Philip Morris International | 35,900 | 2,719 | |
| 2,719 | |||
| Total Consumer Staples | 23,385 | ||
| ENERGY 0.1% | |||
| Oil, Gas & Consumable Fuels 0.1% | |||
| Venture Global LNG, Series B, Acquisition Date: 3/8/18, | |||
| Cost $15 (1)(3)(4) | 5 | 28 | |
| Venture Global LNG, Series C, Acquisition Date: 10/16/17 – | |||
| 3/8/18, Cost $216 (1)(3)(4) | 58 | 323 | |
| Total Energy | 351 | ||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| FINANCIALS 3.9% | ||
| Banks 0.2% | ||
| First Republic Bank | 7,100 | 920 |
| SVB Financial Group (1) | 1,000 | 345 |
| 1,265 | ||
| Capital Markets 3.1% | ||
| BlackRock | 2,600 | 1,816 |
| Cboe Global Markets | 10,179 | 930 |
| Charles Schwab | 23,083 | 1,126 |
| CME Group | 8,310 | 1,454 |
| FactSet Research Systems | 800 | 267 |
| Intercontinental Exchange | 8,200 | 865 |
| MarketAxess Holdings | 4,760 | 2,566 |
| Moody's | 7,461 | 2,107 |
| MSCI | 8,100 | 3,316 |
| Nasdaq | 1,700 | 218 |
| S&P Global | 16,910 | 5,949 |
| Tradeweb Markets, Class A | 28,640 | 1,708 |
| 22,322 | ||
| Insurance 0.6% | ||
| Assurant | 2,200 | 284 |
| GoHealth, Class A (1) | 4,019 | 42 |
| Marsh & McLennan | 12,500 | 1,433 |
| Progressive | 22,033 | 1,919 |
| Selectquote (1) | 32,761 | 703 |
| 4,381 | ||
| Total Financials | 27,968 | |
| HEALTH CARE 13.8% | ||
| Biotechnology 3.4% | ||
| ACADIA Pharmaceuticals (1) | 6,600 | 374 |
| Acceleron Pharma (1) | 5,000 | 590 |
| Agios Pharmaceuticals (1) | 3,000 | 139 |
| Alexion Pharmaceuticals (1) | 8,484 | 1,036 |
| Alnylam Pharmaceuticals (1) | 7,801 | 1,013 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Amgen | 15,799 | 3,508 |
| Argenx, ADR (1) | 1,733 | 497 |
| Ascendis Pharma, ADR (1) | 2,154 | 364 |
| Biogen (1) | 2,608 | 626 |
| BioMarin Pharmaceutical (1) | 16,700 | 1,314 |
| Biontech, ADR (1) | 3,428 | 426 |
| Bluebird Bio (1) | 1,500 | 66 |
| Blueprint Medicines (1) | 2,400 | 259 |
| CRISPR Therapeutics (1)(2) | 1,972 | 250 |
| Denali Therapeutics (1) | 1,500 | 92 |
| Exact Sciences (1) | 18,707 | 2,265 |
| Exelixis (1) | 19,800 | 379 |
| FibroGen (1) | 5,100 | 211 |
| Genmab, ADR (1) | 37,588 | 1,451 |
| Incyte (1) | 14,935 | 1,263 |
| Ionis Pharmaceuticals (1) | 7,850 | 397 |
| Kodiak Sciences (1) | 1,745 | 239 |
| Mirati Therapeutics (1) | 900 | 214 |
| Neurocrine Biosciences (1) | 5,745 | 545 |
| Regeneron Pharmaceuticals (1) | 3,900 | 2,013 |
| Sage Therapeutics (1) | 2,000 | 148 |
| Sarepta Therapeutics (1) | 3,500 | 493 |
| Seagen (1) | 12,198 | 2,078 |
| Ultragenyx Pharmaceutical (1) | 4,000 | 474 |
| Vertex Pharmaceuticals (1) | 9,086 | 2,069 |
| 24,793 | ||
| Health Care Equipment & Supplies 3.2% | ||
| ABIOMED (1) | 2,300 | 630 |
| Align Technology (1) | 6,786 | 3,266 |
| Becton Dickinson & Company | 3,100 | 728 |
| Cooper | 4,900 | 1,643 |
| DexCom (1) | 10,215 | 3,266 |
| Hologic (1) | 16,000 | 1,106 |
| ICU Medical (1) | 613 | 116 |
| IDEXX Laboratories (1) | 7,362 | 3,394 |
| Intuitive Surgical (1) | 6,780 | 4,923 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | ||||
| (Cost and value in $000s) | |||||
| Jand, Class A, Acquisition Date: 11/19/20, Cost $10 (1)(3)(4) | 391 | 10 | |||
| Novocure (1) | 2,500 | 314 | |||
| Penumbra (1) | 2,900 | 643 | |||
| Quidel (1) | 2,540 | 495 | |||
| STERIS | 2,365 | 458 | |||
| Teleflex | 4,600 | 1,761 | |||
| West Pharmaceutical Services | 2,200 | 605 | |||
| 23,358 | |||||
| Health Care Providers & Services 3.1% | |||||
| Acadia Healthcare (1) | 5,300 | 225 | |||
| Amedisys (1) | 3,700 | 906 | |||
| Anthem | 7,247 | 2,258 | |||
| Centene (1) | 21,549 | 1,328 | |||
| DaVita (1) | 4,300 | 472 | |||
| Humana | 3,553 | 1,423 | |||
| McKesson | 13,000 | 2,339 | |||
| Molina Healthcare (1) | 9,314 | 1,901 | |||
| UnitedHealth Group | 34,100 | 11,469 | |||
| Universal Health Services, Class B | 1,600 | 209 | |||
| 22,530 | |||||
| Health Care Technology 0.7% | |||||
| Cerner | 2,700 | 202 | |||
| Multiplan (1)(2) | 22,219 | 154 | |||
| Teladoc Health (1) | 3,268 | 650 | |||
| Veeva Systems, Class A (1) | 15,092 | 4,178 | |||
| 5,184 | |||||
| Life Sciences Tools & Services 2.5% | |||||
| Adaptive Biotechnologies (1) | 4,527 | 218 | |||
| Agilent Technologies | 20,508 | 2,397 | |||
| Avantor (1) | 111,238 | 3,035 | |||
| Bruker | 4,000 | 202 | |||
| Illumina (1) | 4,319 | 1,391 | |||
| IQVIA Holdings (1) | 3,300 | 558 | |||
| Mettler-Toledo International (1) | 2,213 | 2,545 | |||
| PPD (1) | 6,426 | 225 | |||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| PRA Health Sciences (1) | 3,200 | 359 |
| Repligen (1) | 9,800 | 1,859 |
| Thermo Fisher Scientific | 10,519 | 4,891 |
| 17,680 | ||
| Pharmaceuticals 0.9% | ||
| Catalent (1) | 9,700 | 932 |
| Elanco Animal Health (1) | 40,114 | 1,227 |
| GW Pharmaceuticals, ADR (1)(2) | 500 | 70 |
| Horizon Therapeutics (1) | 10,700 | 754 |
| Jazz Pharmaceuticals (1) | 2,500 | 352 |
| Perrigo | 3,421 | 165 |
| Royalty Pharma, Class A | 4,200 | 179 |
| Zoetis | 18,568 | 2,978 |
| 6,657 | ||
| Total Health Care | 100,202 | |
| INDUSTRIALS & BUSINESS SERVICES 7.7% | ||
| Aerospace & Defense 0.6% | ||
| BWX Technologies | 6,200 | 353 |
| L3Harris Technologies | 7,617 | 1,462 |
| Northrop Grumman | 3,700 | 1,118 |
| TransDigm Group | 2,928 | 1,696 |
| 4,629 | ||
| Air Freight & Logistics 0.4% | ||
| Expeditors International of Washington | 3,700 | 331 |
| United Parcel Service, Class B | 16,626 | 2,844 |
| 3,175 | ||
| Building Products 0.5% | ||
| A. O. Smith | 4,000 | 225 |
| Allegion | 6,600 | 753 |
| Fortune Brands Home & Security | 6,300 | 526 |
| Trane Technologies | 14,400 | 2,106 |
| 3,610 | ||
| Commercial Services & Supplies 1.4% | ||
| Cintas | 10,100 | 3,589 |
| Copart (1) | 10,426 | 1,204 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| IAA (1) | 28,000 | 1,678 |
| Ritchie Bros Auctioneers | 3,000 | 215 |
| Rollins | 23,000 | 1,315 |
| Waste Connections | 17,710 | 1,841 |
| 9,842 | ||
| Construction & Engineering 0.0% | ||
| Valmont Industries | 1,200 | 196 |
| 196 | ||
| Electrical Equipment 0.4% | ||
| AMETEK | 1,787 | 212 |
| Array Technologies (1) | 8,900 | 405 |
| Generac Holdings (1) | 5,000 | 1,078 |
| Hubbell | 1,100 | 178 |
| Rockwell Automation | 3,972 | 1,015 |
| 2,888 | ||
| Industrial Conglomerates 0.1% | ||
| Roper Technologies | 1,842 | 786 |
| 786 | ||
| Machinery 0.6% | ||
| Cummins | 4,163 | 962 |
| Deere | 4,347 | 1,137 |
| Graco | 5,500 | 373 |
| IDEX | 925 | 179 |
| Middleby (1) | 700 | 95 |
| Nordson | 1,800 | 367 |
| Otis Worldwide | 4,000 | 268 |
| PACCAR | 4,000 | 348 |
| Toro | 4,900 | 444 |
| 4,173 | ||
| Professional Services 2.5% | ||
| CoStar Group (1) | 8,041 | 7,322 |
| Dun & Bradstreet Holdings (1) | 13,748 | 369 |
| Equifax | 11,614 | 1,938 |
| IHS Markit | 23,923 | 2,379 |
| TransUnion | 38,651 | 3,521 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Verisk Analytics | 12,581 | 2,495 |
| 18,024 | ||
| Road & Rail 1.1% | ||
| JB Hunt Transport Services | 2,809 | 380 |
| Kansas City Southern | 9,319 | 1,735 |
| Landstar System | 1,400 | 184 |
| Old Dominion Freight Line | 9,067 | 1,844 |
| Union Pacific | 18,200 | 3,714 |
| 7,857 | ||
| Trading Companies & Distributors 0.1% | ||
| Fastenal | 5,600 | 277 |
| United Rentals (1) | 2,000 | 454 |
| Watsco | 1,068 | 243 |
| 974 | ||
| Total Industrials & Business Services | 56,154 | |
| INFORMATION TECHNOLOGY 42.2% | ||
| Communications Equipment 0.1% | ||
| Motorola Solutions | 4,800 | 823 |
| 823 | ||
| Electronic Equipment, Instruments & Components 1.4% | ||
| Amphenol, Class A | 29,647 | 3,878 |
| CDW | 24,493 | 3,196 |
| Cognex | 7,912 | 595 |
| Coherent (1) | 1,400 | 171 |
| IPG Photonics (1) | 1,300 | 269 |
| Keysight Technologies (1) | 4,918 | 590 |
| Littelfuse | 1,722 | 414 |
| Zebra Technologies, Class A (1) | 2,846 | 1,077 |
| 10,190 | ||
| IT Services 11.3% | ||
| Accenture, Class A | 15,836 | 3,945 |
| Akamai Technologies (1) | 10,500 | 1,087 |
| Automatic Data Processing | 4,500 | 782 |
| Black Knight (1) | 28,528 | 2,614 |
| Booz Allen Hamilton Holding | 10,200 | 885 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Broadridge Financial Solutions | 8,261 | 1,213 |
| EPAM Systems (1) | 3,037 | 979 |
| Euronet Worldwide (1) | 1,554 | 209 |
| Fidelity National Information Services | 6,503 | 965 |
| Fiserv (1) | 13,000 | 1,497 |
| FleetCor Technologies (1) | 6,200 | 1,644 |
| Gartner (1) | 8,100 | 1,231 |
| Genpact | 6,600 | 268 |
| Global Payments | 6,357 | 1,241 |
| GoDaddy, Class A (1) | 20,377 | 1,621 |
| Leidos Holdings | 3,900 | 393 |
| Mastercard, Class A | 41,700 | 14,032 |
| MongoDB (1) | 2,000 | 575 |
| Okta (1) | 13,100 | 3,210 |
| Paychex | 4,300 | 401 |
| PayPal Holdings (1) | 46,173 | 9,887 |
| Shopify, Class A (1) | 5,100 | 5,561 |
| Snowflake, Class A (1)(2) | 2,346 | 764 |
| Square, Class A (1) | 18,000 | 3,797 |
| StoneCo, Class A (1) | 12,466 | 913 |
| Twilio, Class A (1) | 13,248 | 4,241 |
| VeriSign (1) | 7,792 | 1,564 |
| Visa, Class A | 72,300 | 15,208 |
| WEX (1) | 1,167 | 202 |
| Wix. com (1) | 5,800 | 1,482 |
| 82,411 | ||
| Semiconductors & Semiconductor Equipment 8.1% | ||
| Advanced Micro Devices (1) | 31,000 | 2,872 |
| Analog Devices | 6,345 | 883 |
| Enphase Energy (1) | 9,600 | 1,311 |
| Entegris | 33,060 | 3,062 |
| Inphi (1) | 6,700 | 1,039 |
| KLA | 26,776 | 6,747 |
| Lam Research | 6,260 | 2,834 |
| Marvell Technology Group | 9,302 | 431 |
| Maxim Integrated Products | 21,000 | 1,744 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Microchip Technology | 29,411 | 3,953 |
| MKS Instruments | 3,000 | 414 |
| Monolithic Power Systems | 9,912 | 3,171 |
| NVIDIA | 27,200 | 14,581 |
| ON Semiconductor (1) | 14,300 | 411 |
| QUALCOMM | 37,575 | 5,530 |
| Skyworks Solutions | 18,100 | 2,555 |
| Taiwan Semiconductor Manufacturing, ADR | 27,400 | 2,658 |
| Teradyne | 10,000 | 1,103 |
| Xilinx | 22,369 | 3,256 |
| 58,555 | ||
| Software 16.7% | ||
| Adobe (1) | 15,092 | 7,221 |
| Anaplan (1) | 7,400 | 518 |
| ANSYS (1) | 5,500 | 1,859 |
| Aspen Technology (1) | 5,200 | 699 |
| Atlassian, Class A (1) | 13,391 | 3,014 |
| Autodesk (1) | 7,791 | 2,183 |
| Avalara (1) | 12,600 | 2,164 |
| Bentley Systems, Class B | 2,449 | 86 |
| Bill.com Holdings (1) | 5,192 | 637 |
| Cadence Design Systems (1) | 18,289 | 2,127 |
| Ceridian HCM Holding (1) | 11,763 | 1,134 |
| Citrix Systems | 3,700 | 459 |
| Coupa Software (1) | 10,249 | 3,371 |
| Crowdstrike Holdings, Class A (1) | 14,054 | 2,154 |
| Databricks, Acquisition Date: 7/24/20 - 8/28/20, Cost $82 | ||
| (1)(3)(4) | 1,711 | 82 |
| Datadog, Class A (1) | 10,249 | 1,014 |
| DocuSign (1) | 17,355 | 3,955 |
| Dynatrace (1) | 8,948 | 340 |
| Five9 (1) | 8,706 | 1,351 |
| Fortinet (1) | 8,900 | 1,097 |
| Guidewire Software (1) | 3,396 | 416 |
| HubSpot (1) | 2,600 | 1,025 |
| Intuit | 14,500 | 5,104 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Manhattan Associates (1) | 975 | 100 |
| Microsoft | 132,325 | 28,327 |
| nCino (1) | 3,170 | 258 |
| NortonLifeLock | 7,600 | 139 |
| Palo Alto Networks (1) | 5,300 | 1,558 |
| Paycom Software (1) | 7,648 | 3,190 |
| Paylocity Holding (1) | 3,500 | 688 |
| Procore Technologies, Acquisition Date: 7/15/20, Cost $23 | ||
| (1)(3)(4) | 503 | 23 |
| Proofpoint (1) | 4,400 | 455 |
| PTC (1) | 7,500 | 809 |
| RealPage (1) | 5,187 | 358 |
| RingCentral, Class A (1) | 4,812 | 1,429 |
| salesforce. com (1) | 48,503 | 11,922 |
| ServiceNow (1) | 9,800 | 5,239 |
| Slack Technologies, Class A (1) | 9,968 | 428 |
| Smartsheet, Class A (1) | 8,200 | 476 |
| Splunk (1) | 18,382 | 3,753 |
| SS&C Technologies Holdings | 25,379 | 1,748 |
| Synopsys (1) | 18,227 | 4,147 |
| Tanium, Class B, Acquisition Date: 9/24/20, Cost $52 (1)(3)(4) | 4,598 | 52 |
| Trade Desk, Class A (1) | 4,200 | 3,785 |
| Tyler Technologies (1) | 6,294 | 2,691 |
| Workday, Class A (1) | 16,074 | 3,613 |
| Zendesk (1) | 7,679 | 1,025 |
| Zoom Video Communications, Class A (1) | 6,200 | 2,966 |
| 121,189 | ||
| Technology Hardware, Storage & Peripherals 4.6% | ||
| Apple | 279,200 | 33,239 |
| Pure Storage, Class A (1)(2) | 9,200 | 168 |
| 33,407 | ||
| Total Information Technology | 306,575 | |
| MATERIALS 1.5% | ||
| Chemicals 0.8% | ||
| Air Products & Chemicals | 2,400 | 672 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | ||||
| (Cost and value in $000s) | |||||
| Linde | 6,100 | 1,564 | |||
| PPG Industries | 5,500 | 807 | |||
| RPM International | 7,300 | 643 | |||
| Sherwin-Williams | 2,438 | 1,823 | |||
| 5,509 | |||||
| Construction Materials 0.2% | |||||
| Vulcan Materials | 10,800 | 1,508 | |||
| 1,508 | |||||
| Containers & Packaging 0.5% | |||||
| Avery Dennison | 3,482 | 520 | |||
| Ball | 28,900 | 2,775 | |||
| Sealed Air | 7,000 | 315 | |||
| 3,610 | |||||
| Metals & Mining 0.0% | |||||
| Kirkland Lake Gold | 5,475 | 225 | |||
| 225 | |||||
| Total Materials | 10,852 | ||||
| REAL ESTATE 0.2% | |||||
| Equity Real Estate Investment Trusts 0.2% | |||||
| Equinix, REIT | 1,000 | 698 | |||
| SBA Communications, REIT | 3,800 | 1,091 | |||
| 1,789 | |||||
| Real Estate Management & Development 0.0% | |||||
| WeWork, Class A, Acquisition Date: 12/9/14, Cost $26 (1)(3)(4) | 1,753 | — | |||
| — | |||||
| Total Real Estate | 1,789 | ||||
| Total Common Stocks (Cost $329,100) | 723,244 | ||||
| CONVERTIBLE PREFERRED STOCKS 0.4% | |||||
| CONSUMER DISCRETIONARY 0.1% | |||||
| Internet & Direct Marketing Retail 0.1% | |||||
| Airbnb, Series D, Acquisition Date: 4/16/14, Cost $225 (1)(3)(4) | 5,529 | 437 | |||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | ||||||
| (Cost and value in $000s) | |||||||
| Airbnb, Series E, Acquisition Date: 7/14/15, Cost $112 (1) (3)(4) | 1,207 | 95 | |||||
| Total Consumer Discretionary | 532 | ||||||
| HEALTH CARE 0.0% | |||||||
| Health Care Equipment & Supplies 0.0% | |||||||
| Jand, Series AA, Acquisition Date: 11/19/20, Cost $20 (1) (3)(4) | 809 | 20 | |||||
| Jand, Series B, Acquisition Date: 11/19/20, Cost $- (1)(3)(4) | 1 | — | |||||
| Total Health Care | 20 | ||||||
| INFORMATION TECHNOLOGY 0.3% | |||||||
| Software 0.3% | |||||||
| Databricks, Series F, Acquisition Date: 10/22/19, Cost $223 | |||||||
| (1)(3)(4) | 5,191 | 249 | |||||
| Procore Technologies, Series B, Acquisition Date: 7/15/20, | |||||||
| Cost $15 (1)(3)(4) | 336 | 15 | |||||
| Rappi, Series E, Acquisition Date: 9/8/20, Cost $523 (1)(3)(4) | 8,757 | 523 | |||||
| Tanium, Series G, Acquisition Date: 8/26/15, Cost $141 | |||||||
| (1)(3)(4) | 28,431 | 324 | |||||
| Uipath, Series D-1, Acquisition Date: 4/26/19, Cost $395 | |||||||
| (1)(3)(4) | 30,081 | 875 | |||||
| Uipath, Series D-2, Acquisition Date: 4/26/19, Cost $66 | |||||||
| (1)(3)(4) | 5,052 | 147 | |||||
| Uipath, Series E, Acquisition Date: 7/9/20, Cost $17 (1)(3)(4) | 873 | 26 | |||||
| Total Information Technology | 2,159 | ||||||
| REAL ESTATE 0.0% | |||||||
| Real Estate Management & Development 0.0% | |||||||
| WeWork, Series D-1, Acquisition Date: 12/9/14, Cost $51 | |||||||
| (1)(3)(4) | 3,081 | — | |||||
| WeWork, Series D-2, Acquisition Date: 12/9/14, Cost $40 | |||||||
| (1)(3)(4) | 2,420 | — | |||||
| WeWork, Series E, Acquisition Date: 6/23/15, Cost $209 | |||||||
| (1)(3)(4) | 6,344 | — | |||||
| Total Real Estate | — | ||||||
| Total Convertible Preferred Stocks (Cost $2,037) | 2,711 | ||||||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
| Shares | $ Value | ||||
| (Cost and value in $000s) | |||||
| SHORT-TERM INVESTMENTS 0.1% | |||||
| Money Market Funds 0.1% | |||||
| T. Rowe Price Government Reserve Fund, 0.09% (5)(6) | 377,143 | 377 | |||
| Total Short-Term Investments (Cost $377) | 377 | ||||
| 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, 0.12% (5)(6) | 554,064 | 5,541 | |||
| Total Investments in a Pooled Account through Securities Lending Program with | |||||
| State Street Bank and Trust Company | 5,541 | ||||
| Total Securities Lending Collateral (Cost $5,541) | 5,541 | ||||
| Total Investments in Securities 100.8% | |||||
| (Cost $337,055) | $ | 731,873 | |||
| Other Assets Less Liabilities (0.8)% | (5,561 | ) | |||
| Net Assets 100.0% | $ | 726,312 | |||
| ‡ | 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, 2020. | |||
| (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 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 $3,229 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 | |||||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
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, 2020. 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.
| Change in Net | |||||||||
| Net Realized Gain | Unrealized | Investment | |||||||
| Affiliate | (Loss) | Gain/Loss | Income | ||||||
| T. Rowe Price Government | |||||||||
| Reserve Fund | $ | — | $ | — | $ | 1 | |||
| T. Rowe Price Short-Term Fund | — | — | —++ | ||||||
| Totals | $ | —# | $ | — | $ | 1+ | |||
| Supplementary Investment Schedule | |||||||||
| Value | Purchase | Sales | Value | ||||||
| Affiliate | 2/29/20 | Cost | Cost | 11/30/20 | |||||
| T. Rowe Price Government | |||||||||
| Reserve Fund | $ | 827 | ¤ | ¤ | $ | 377 | |||
| T. Rowe Price Short-Term | |||||||||
| Fund | 5,602 | ¤ | ¤ | 5,541 | |||||
| Total | $ | 5,918^ | |||||||
| # | 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 $5,918. | ||||||||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
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
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.
Fair Value
The fund’s financial instruments 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 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
T. ROWE PRICE TAX-EFFICIENT EQUITY FUND
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 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, 2020 (for further detail by category, please refer to the accompanying Portfolio of Investments):
| ($000s) | Level 1 | Level 2 | Level 3 | Total Value | ||||
| Assets | ||||||||
| Common Stocks | $ | 722,726 | $ | — | $ | 518 | $ | 723,244 |
| Convertible Preferred Stocks | — | — | 2,711 | 2,711 | ||||
| Short-Term Investments | 377 | — | — | 377 | ||||
| Securities Lending Collateral | 5,541 | — | — | 5,541 | ||||
| Total | $ | 728,644 | $ | — | $ | 3,229 | $ | 731,873 |