T.
ROWE
PRICE
Large-Cap
Growth
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.2%
COMMUNICATION
SERVICES
24.7%
Entertainment
3.6%
Live
Nation
Entertainment (1)
708,100
59,941
Netflix (1)
787,774
410,950
Sea,
ADR (1)
278,759
62,227
Spotify
Technology (1)
1,000,829
268,172
801,290
Interactive
Media
&
Services
21.1%
Alphabet,
Class
A (1)
684,980
1,412,785
Alphabet,
Class
C (1)
264,034
546,189
Facebook,
Class
A (1)
4,379,749
1,289,967
IAC/InterActiveCorp (1)
809,232
175,045
Match
Group (1)
1,459,657
200,528
Pinterest,
Class
A (1)
954,605
70,669
Snap,
Class
A (1)
9,514,404
497,508
Tencent
Holdings,
ADR
5,447,688
434,726
4,627,417
Total
Communication
Services
5,428,707
CONSUMER
DISCRETIONARY
20.4%
Auto
Components
1.3%
Aptiv
2,039,593
281,260
281,260
Hotels,
Restaurants
&
Leisure
3.2%
Airbnb,
Class
B,
Acquisition
Date:
4/16/14
-
7/14/15,
Cost $37,546 (1)(2)
1,248,676
222,942
Booking
Holdings (1)
99,642
232,150
Chipotle
Mexican
Grill (1)
87,509
124,335
DraftKings
,
Class
A (1)
2,067,701
126,812
706,239
Internet
&
Direct
Marketing
Retail
11.0%
Alibaba
Group
Holding,
ADR (1)
1,631,808
369,980
Amazon.com (1)
613,000
1,896,671
Coupang
(1)
959,665
47,359
DoorDash
,
Class
A (1)
132,923
17,430
DoorDash
,
Class
A,
Acquisition
Date:
6/17/20,
Cost $3,984 (1)(2)
86,784
10,811
Farfetch
,
Class
A (1)
1,634,152
86,643
2,428,894
Multiline
Retail
1.1%
Dollar
General
1,243,373
251,932
251,932
T.
ROWE
PRICE
Large-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Specialty
Retail
2.5%
Carvana
(1)
642,024
168,467
Ross
Stores
3,100,989
371,840
540,307
Textiles,
Apparel
&
Luxury
Goods
1.3%
Lululemon
Athletica
(1)
444,877
136,448
NIKE,
Class
B
1,095,800
145,621
282,069
Total
Consumer
Discretionary
4,490,701
FINANCIALS
1.8%
Capital
Markets
1.8%
Charles
Schwab
1,727,604
112,605
Goldman
Sachs
Group
328,600
107,452
S&P
Global
351,752
124,123
XP,
Class
A (1)
1,253,679
47,226
Total
Financials
391,406
HEALTH
CARE
13.4%
Biotechnology
1.4%
Incyte
(1)
1,259,780
102,383
Vertex
Pharmaceuticals (1)
963,387
207,022
309,405
Health
Care
Equipment
&
Supplies
4.1%
Becton
Dickinson
&
Company
604,004
146,864
Intuitive
Surgical (1)
464,917
343,546
Stryker
1,698,030
413,606
904,016
Health
Care
Providers
&
Services
7.2%
Anthem
280,300
100,614
Centene
(1)
1,971,356
125,989
Cigna
2,189,825
529,368
HCA
Healthcare
1,117,659
210,500
Humana
423,918
177,728
UnitedHealth
Group
1,152,351
428,755
1,572,954
Life
Sciences
Tools
&
Services
0.7%
Avantor
(1)
5,596,376
161,903
161,903
Total
Health
Care
2,948,278
T.
ROWE
PRICE
Large-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
INDUSTRIALS
&
BUSINESS
SERVICES
1.9%
Machinery
0.9%
Ingersoll
Rand (1)
3,997,739
196,729
196,729
Professional
Services
0.6%
CoStar
Group (1)
170,327
139,990
139,990
Road
&
Rail
0.4%
Norfolk
Southern
339,570
91,181
91,181
Total
Industrials
&
Business
Services
427,900
INFORMATION
TECHNOLOGY
33.4%
IT
Services
10.2%
Affirm
Holdings (1)
88,830
6,282
Fidelity
National
Information
Services
784,851
110,358
Global
Payments
3,698,831
745,610
MongoDB (1)
368,343
98,506
PayPal
Holdings (1)
1,744,365
423,602
Shopify,
Class
A (1)
20,446
22,623
Snowflake,
Class
A (1)
106,550
24,430
Stripe,
Class
B,
Acquisition
Date:
12/17/19,
Cost $6,740 (1)(2)(3)
429,606
17,214
Visa,
Class
A
3,743,506
792,613
2,241,238
Semiconductors
&
Semiconductor
Equipment
2.3%
Advanced
Micro
Devices (1)
1,405,400
110,324
ASML
Holding
627,597
387,453
497,777
Software
16.9%
Fortinet (1)
1,092,149
201,414
Intuit
1,423,310
545,213
Microsoft
7,427,195
1,751,110
salesforce.com (1)
1,872,915
396,815
ServiceNow
(1)
503,539
251,825
Splunk
(1)
1,451,915
196,706
Synopsys (1)
689,938
170,953
Uipath
,
Class
A,
Acquisition
Date:
12/11/20,
Cost $5,248 (1)(2)(3)
180,379
11,233
Vimeo,
Class
A,
Acquisition
Date:
1/25/21,
Cost $11,591 (1)(2)(3)
357,639
11,923
Workday,
Class
A (1)
255,800
63,548
Zoom
Video
Communications,
Class
A (1)
334,948
107,615
3,708,355
T.
ROWE
PRICE
Large-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Technology
Hardware,
Storage
&
Peripherals
4.0%
Apple
7,132,660
871,254
871,254
Total
Information
Technology
7,318,624
UTILITIES
0.6%
Electric
Utilities
0.6%
NextEra
Energy
1,759,732
133,053
Total
Utilities
133,053
Total
Common
Stocks
(Cost
$9,090,665)
21,138,669
CONVERTIBLE
PREFERRED
STOCKS
3.4%
CONSUMER
DISCRETIONARY
2.2%
Automobiles
2.2%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $48,920 (1)(2)(3)
4,553,218
167,786
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $106,688 (1)(2)(3)
6,887,531
253,806
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $50,390 (1)(2)(3)
1,367,440
50,390
Total
Consumer
Discretionary
471,982
INFORMATION
TECHNOLOGY
1.1%
Communications
Equipment
0.0%
Magic
Leap,
Series
C,
Acquisition
Date:
1/20/16,
Cost $16,738 (1)
(2)(3)
726,712
1,674
Magic
Leap,
Series
D,
Acquisition
Date:
10/12/17,
Cost $5,850 (1)
(2)(3)
216,680
585
2,259
Software
1.1%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost $14,738 (1)(2)(3)
1,594,980
31,352
Nuro
,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $27,654 (1)(2)(3)
2,118,369
27,654
Rappi
,
Series
E,
Acquisition
Date:
9/8/20
-
9/24/20,
Cost $23,981 (1)(2)(3)
401,388
23,981
Uipath
,
Series
D-1,
Acquisition
Date:
4/26/19,
Cost $22,196 (1)(2)
(3)
1,692,123
105,378
Uipath
,
Series
D-2,
Acquisition
Date:
4/26/19,
Cost $3,727 (1)(2)
(3)
284,139
17,695
Uipath
,
Series
E,
Acquisition
Date:
7/9/20,
Cost $685 (1)(2)(3)
36,827
2,294
Uipath
,
Series
F,
Acquisition
Date:
2/2/21,
Cost $18,324 (1)(2)(3)
294,230
18,323
T.
ROWE
PRICE
Large-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Waymo
,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $16,211 (1)(2)
(3)
188,785
16,211
242,888
Total
Information
Technology
245,147
MATERIALS
0.1%
Chemicals
0.1%
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $16,932 (1)(2)
(3)
410,238
16,932
Total
Materials
16,932
Total
Convertible
Preferred
Stocks
(Cost
$373,034)
734,061
SHORT-TERM
INVESTMENTS
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (4)(5)
72,180,037
72,180
Total
Short-Term
Investments
(Cost
$72,180)
72,180
Total
Investments
in
Securities
99.9%
(Cost
$9,535,879)
$
21,944,910
Other
Assets
Less
Liabilities
0.1%
23,285
Net
Assets
100.0%
$
21,968,195
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,008,184
and
represents
4.6%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Large-Cap
Growth
Fund
6
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
March
31,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
—#
$
—
$
15+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
108,415
¤
¤
$
72,180^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$15
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
$72,180.
T.
ROWE
PRICE
Large-Cap
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
7
T.
Rowe
Price
Large-Cap
Growth
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
Large-Cap
Growth
Fund
8
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
Large-Cap
Growth
Fund
9
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
March
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2021,
totaled $323,504,000 for
the
period ended
March
31,
2021.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
20,864,546
$
233,753
$
40,370
$
21,138,669
Convertible
Preferred
Stocks
—
—
734,061
734,061
Short-Term
Investments
72,180
—
—
72,180
Total
$
20,936,726
$
233,753
$
774,431
$
21,944,910
T.
ROWE
PRICE
Large-Cap
Growth
Fund
10
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
11,988
$
16,791
$
11,591
$
40,370
Convertible
Preferred
Stocks
332,253
306,713
95,095
734,061
Total
$
344,241
$
323,504
$
106,686
$
774,431
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
40,370
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Convertible
Preferred
Stocks
$
734,061
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
Uncertainty
90%
90%
Decrease
T.
ROWE
PRICE
Large-Cap
Growth
Fund
11
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F1232-054Q1
03/21