NPORT-EX 2 70K2TRP033122.htm
T.
ROWE
PRICE
Large-Cap
Growth
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.8%
COMMUNICATION
SERVICES
19.6%
Entertainment
2.7%
Live
Nation
Entertainment (1)
1,085,879‌
127,743‌
Netflix (1)
638,826‌
239,298‌
Spotify
Technology (1)
1,224,564‌
184,933‌
551,974‌
Interactive
Media
&
Services
16.9%
Alphabet,
Class
A (1)
634,676‌
1,765,256‌
Alphabet,
Class
C (1)
233,477‌
652,099‌
IAC/InterActiveCorp (1)
820,918‌
82,322‌
Match
Group (1)
1,352,375‌
147,057‌
Meta
Platforms,
Class
A (1)
3,002,634‌
667,666‌
Snap,
Class
A (1)
5,802,379‌
208,827‌
3,523,227‌
Total
Communication
Services
4,075,201‌
CONSUMER
DISCRETIONARY
20.3%
Automobiles
3.8%
Rivian
Automotive,
Acquisition
Date:
12/23/19
-
1/19/21,
Cost $205,998 (1)(2)
12,808,189‌
611,309‌
Rivian
Automotive,
Class
A (1)
970,363‌
48,751‌
Tesla (1)
117,500‌
126,618‌
786,678‌
Hotels,
Restaurants
&
Leisure
1.9%
Booking
Holdings (1)
92,302‌
216,767‌
Chipotle
Mexican
Grill (1)
108,190‌
171,160‌
387,927‌
Internet
&
Direct
Marketing
Retail
10.0%
Amazon.com (1)
602,064‌
1,962,698‌
Coupang (1)
3,171,593‌
56,074‌
DoorDash,
Class
A (1)
490,246‌
57,452‌
2,076,224‌
Leisure
Products
0.6%
Peloton
Interactive,
Class
A (1)
4,519,257‌
119,399‌
119,399‌
Multiline
Retail
1.1%
Dollar
General 
1,011,388‌
225,165‌
225,165‌
Specialty
Retail
1.7%
Carvana (1)
731,343‌
87,242‌
T.
ROWE
PRICE
Large-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ross
Stores 
3,056,640‌
276,504‌
363,746‌
Textiles,
Apparel
&
Luxury
Goods
1.2%
Lululemon
Athletica (1)
380,491‌
138,967‌
NIKE,
Class
B 
762,831‌
102,646‌
241,613‌
Total
Consumer
Discretionary
4,200,752‌
FINANCIALS
0.1%
Capital
Markets
0.1%
MarketAxess
Holdings 
85,926‌
29,232‌
Total
Financials
29,232‌
HEALTH
CARE
13.5%
Biotechnology
0.9%
Vertex
Pharmaceuticals (1)
722,525‌
188,557‌
188,557‌
Health
Care
Equipment
&
Supplies
5.2%
Becton
Dickinson
&
Company 
559,379‌
148,795‌
Embecta (1)
110,120‌
3,670‌
Insulet (1)
467,200‌
124,458‌
Intuitive
Surgical (1)
1,292,062‌
389,789‌
Stryker 
1,573,113‌
420,572‌
1,087,284‌
Health
Care
Providers
&
Services
6.5%
Cigna 
2,034,865‌
487,574‌
HCA
Healthcare 
232,024‌
58,150‌
Humana 
421,855‌
183,578‌
UnitedHealth
Group 
1,243,159‌
633,974‌
1,363,276‌
Life
Sciences
Tools
&
Services
0.9%
Avantor (1)
5,423,021‌
183,407‌
183,407‌
Total
Health
Care
2,822,524‌
INDUSTRIALS
&
BUSINESS
SERVICES
1.0%
Commercial
Services
&
Supplies
0.1%
Aurora
Innovation (1)
745,806‌
4,169‌
Aurora
Innovation,
Acquisition
Date:
3/1/19,
Cost $14,738 (1)(2)
3,462,448‌
18,387‌
22,556‌
T.
ROWE
PRICE
Large-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Machinery
0.9%
Ingersoll
Rand 
3,703,703‌
186,482‌
186,482‌
Total
Industrials
&
Business
Services
209,038‌
INFORMATION
TECHNOLOGY
43.3%
Communications
Equipment
0.0%
Magic
Leap,
Class
A,
Acquisition
Date:
1/20/16
-
10/12/17,
Cost $22,585 (1)(2)(3)
46,476‌
892‌
892‌
Electronic
Equipment,
Instruments
&
Components
1.1%
Amphenol,
Class
A 
3,157,217‌
237,896‌
237,896‌
IT
Services
9.2%
Affirm
Holdings (1)
1,025,508‌
47,461‌
Block,
Class
A (1)
438,800‌
59,501‌
Fiserv (1)
3,994,181‌
405,010‌
Global
Payments 
2,457,112‌
336,231‌
Mastercard,
Class
A 
764,691‌
273,285‌
MongoDB (1)
460,587‌
204,312‌
PayPal
Holdings (1)
868,810‌
100,478‌
Snowflake,
Class
A (1)
262,149‌
60,066‌
Stripe,
Class
B,
Acquisition
Date:
12/17/19
-
5/18/21,
Cost $17,445 (1)(2)(3)
696,358‌
28,600‌
Visa,
Class
A 
1,862,742‌
413,100‌
1,928,044‌
Semiconductors
&
Semiconductor
Equipment
4.4%
Advanced
Micro
Devices (1)
1,393,445‌
152,359‌
ASML
Holding 
506,261‌
338,147‌
NVIDIA 
1,550,000‌
422,933‌
913,439‌
Software
22.1%
Atlassian,
Class
A (1)
571,300‌
167,865‌
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $34,224 (1)(2)
(3)
20,080‌
27,409‌
Celonis,
Acquisition
Date:
6/17/21,
Cost $9,559 (1)(2)(3)
25,851‌
9,559‌
Fortinet (1)
875,763‌
299,283‌
HashiCorp,
Class
A (1)
185,502‌
10,017‌
Intuit 
1,381,920‌
664,482‌
Microsoft 
7,538,648‌
2,324,241‌
Salesforce (1)
1,880,048‌
399,172‌
SentinelOne,
Class
A (1)
2,241,265‌
86,827‌
ServiceNow (1)
549,194‌
305,841‌
T.
ROWE
PRICE
Large-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Socure,
Acquisition
Date:
12/22/21,
Cost $5,161 (1)(2)(3)
321,182‌
5,161‌
Synopsys (1)
639,084‌
212,987‌
Trade
Desk,
Class
A (1)
1,043,000‌
72,228‌
UiPath,
Class
A (1)
1,316,514‌
28,424‌
4,613,496‌
Technology
Hardware,
Storage
&
Peripherals
6.5%
Apple 
7,809,157‌
1,363,557‌
1,363,557‌
Total
Information
Technology
9,057,324‌
Total
Common
Stocks
(Cost
$9,638,946)
20,394,071‌
CONVERTIBLE
PREFERRED
STOCKS
1.3%
INDUSTRIALS
&
BUSINESS
SERVICES
0.2%
Aerospace
&
Defense
0.2%
ABL
Space
Systems,
Series
B-2,
Acquisition
Date:
10/22/21,
Cost $38,324 (1)(2)(3)
563,615‌
38,324‌
Total
Industrials
&
Business
Services
38,324‌
INFORMATION
TECHNOLOGY
1.0%
Software
1.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $2,322 (1)(2)(3)
1,362‌
1,859‌
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $552 (1)(2)(3)
324‌
442‌
Canva,
Series
A-4,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $56 (1)(2)(3)
33‌
45‌
Canva,
Series
A-5,
Acquisition
Date:
11/4/21,
Cost $2 (1)(2)(3)
1‌
1‌
Celonis,
Series
D,
Acquisition
Date:
6/17/21
-
11/18/21,
Cost $35,731 (1)(2)(3)
96,626‌
35,731‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $22,390 (1)
(2)(3)
101,562‌
16,847‌
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $27,654 (1)(2)(3)
2,118,369‌
44,159‌
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $11,163 (1)(2)(3)
535,481‌
11,163‌
Rappi,
Series
E,
Acquisition
Date:
9/8/20
-
9/24/20,
Cost $23,981 (1)(2)(3)
401,388‌
22,771‌
Rappi,
Series
F,
Acquisition
Date:
7/8/21,
Cost $35,081 (1)(2)(3)
544,536‌
30,892‌
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $6,272 (1)(2)
(3)
390,346‌
6,272‌
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $5,148 (1)
(2)(3)
320,373‌
5,148‌
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $93 (1)(2)(3)
5,796‌
93‌
T.
ROWE
PRICE
Large-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $11,932 (1)(2)
(3)
742,561‌
11,932‌
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $16,210 (1)(2)
(3)
188,785‌
17,316‌
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $1,296 (1)(2)
(3)
14,135‌
1,296‌
Total
Information
Technology
205,967‌
MATERIALS
0.1%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $23,334 (1)(2)(3)
492,252‌
25,671‌
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $16,932 (1)(2)
(3)
410,238‌
12,787‌
Total
Materials
38,458‌
Total
Convertible
Preferred
Stocks
(Cost
$278,473)
282,749‌
SHORT-TERM
INVESTMENTS
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (4)(5)
119,761,834‌
119,762‌
Total
Short-Term
Investments
(Cost
$119,762)
119,762‌
Total
Investments
in
Securities
99.7%
(Cost
$10,037,181)
$
20,796,582‌
Other
Assets
Less
Liabilities
0.3%
54,118‌
Net
Assets
100.0%
$
20,850,700‌
‡
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
$984,066
and
represents
4.7%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
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,
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,
0.29%
$
—‌
#
$
—‌
$
51‌
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
185,138‌
¤
¤
$
119,762‌
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$51
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
$119,762.
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
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)
T.
ROWE
PRICE
Large-Cap
Growth
Fund
8
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
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
T.
ROWE
PRICE
Large-Cap
Growth
Fund
9
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,
2022
(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,
2022.
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,
2022,
totaled $(38,440,000) for
the
period ended
March
31,
2022.
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
19,692,754‌
$
629,696‌
$
71,621‌
$
20,394,071‌
Convertible
Preferred
Stocks
—‌
—‌
282,749‌
282,749‌
Short-Term
Investments
119,762‌
—‌
—‌
119,762‌
Total
$
19,812,516‌
$
629,696‌
$
354,370‌
$
20,796,582‌
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
94,852‌
$
(23,231‌)
$
71,621‌
Convertible
Preferred
Stocks
297,960‌
(15,211‌)
282,749‌
Total
$
392,812‌
$
(38,442‌)
$
354,370‌
T.
ROWE
PRICE
Large-Cap
Growth
Fund
10
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
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.
F1232-054Q1
03/22