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