I | T. Rowe Price

Strategy

Manager's Outlook

We believe positive economic growth, low inflation, and accommodative monetary policies should support financial asset prices in the second half of 2019. The reality is it will largely depend on a resolution of the U.S.-China trade dispute, which is weighing on sentiment and corroding business confidence and capital spending. With all the fits and starts, trade and interest rates remain the two key market factors to watch.

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Our investment approach recognizes that it is very difficult to forecast how these macro factors will develop and how much they will affect stock prices. Therefore, we continue to emphasize companies that we believe can continue to generate strong earnings and free cash flow growth in most scenarios. Essentially, we are trying to buy "all season" growth companies that we think can do reasonably well in most economic and regulatory environments. Over reasonable time horizons, we believe the quality and growth prospects of our holdings could provide relatively favorable prospects.

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As always, we maintain a disciplined adherence to our rigorous process, which is rooted in bottom-up, fundamental research. In addition to uncovering underappreciated idiosyncratic stories, this approach also helps prepare us to take advantage of the market's tendency to overshoot on both the downside and the upside. Potential market overreactions often provide opportunities to trim positions into strength and add to our highest-conviction ideas on weakness.

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of large and medium sized “blue chip” companies in the United States.

Investment Approach

Identify high-quality companies with leading market positions in fertile growth fields. Integrate fundamental research — emphasize sustainable growth, not momentum growth.
Focus on high-quality earnings, strong free cash flow growth, shareholder-oriented management, and rational competitive environments.
Avoid overpaying for growth, while broadly diversifying portfolios, to manage portfolio risk.

Portfolio Construction

Typically 100-140 stock portfolio
Active position sizes typically range +/- 3.00% relative to S&P 500 Index
Sector weights vary from 0.5X to 2.0X for primary sectors relative to S&P 500 Index

Performance (Class I)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised
Fund %	1.90%	18.24%	N/A	13.08%
Indicative Benchmark %	3.62%	12.71%	N/A	9.65%
Excess Return %	-1.72%	5.53%	N/A	3.43%

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised
Fund %	1.90%	18.24%	N/A	13.08%
Indicative Benchmark %	3.62%	12.71%	N/A	9.65%
Excess Return %	-1.72%	5.53%	N/A	3.43%

Recent Performance

	Month to DateData as of 09-Oct-2019	Quarter to DateData as of 09-Oct-2019	Year to DateData as of 09-Oct-2019	1 MonthData as of 30-Sep-2019	3 MonthsData as of 30-Sep-2019
Fund %	-1.51%	-1.51%	16.68%	-1.94%	-1.38%
Indicative Benchmark %	-1.88%	-1.88%	17.75%	1.83%	1.55%
Excess Return %	0.37%	0.37%	-1.07%	-3.77%	-2.93%

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Effective 1 June 2019, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

31-Aug-2019 - Larry J. Puglia, Portfolio Manager,

Major U.S. stock indexes declined in August as the deepening trade conflict with China and global growth concerns weighed on sentiment. Within the portfolio, the communication services sector detracted from relative results due to unfavourable stock selection during the month. An underweight to the consumer staples sector and adverse stock selection in the health care sector also cramped relative returns. Within health care, shares of Anthem declined due to investors’ rising concerns over new Medicare-for-All proposals in Congress that could upend the industry by replacing private insurance with a government-run system. Despite these near-term headwinds, we believe that the company is executing a credible plan to drive meaningful earnings growth, fueled by momentum in its commercial segment and the launch of an in-house pharmacy benefit manager that should improve its cost structure. On the positive side, effective stock selection in the industrial and business services sector contributed the most to relative performance. Names in the aerospace and defense industry added notably to relative sector results. A beneficial underweight to the financials sector, and favourable stock selection in the information technology sector, also boosted relative returns.

Holdings

Total
Holdings

128

Largest Holding Amazon.com 9.84% Was (31-Mar-2019) 9.74%

Other View Full Holdings Quarterly data as of 30-Sep-2019

Top 10 Holdings 45.07% View Top 10 Holdings Monthly data as of 30-Sep-2019

Largest Top Contributor^

Amazon.com

By 3.71%

% of fund 9.61%

Largest Top Detractor^

Alphabet

By -1.38%

% of fund 4.81%

Top Purchase

Facebook

5.82%

Was (31-Mar-2019) 4.93%

Top Sale

Eli Lilly

0.05%

Was (31-Mar-2019) 0.83%

30-Jun-2019 - Larry J. Puglia, Portfolio Manager,

Amid the market rally, we sold shares of several companies on relative strength. However, we also identified certain idiosyncratic investment opportunities. We continue to favor many of our high-conviction holdings in the information technology and consumer discretionary sectors, where valuations still look relatively compelling given the trajectories of the underlying businesses.

Information Technology

Within the information technology sector, we focus on innovative business models that can take advantage of transformational change. We favor companies with durable businesses that address large and growing markets, including electronic payment processing and public cloud computing services.

We bought shares of Marvell Technology Group, a digital semiconductor company focused on data storage and connectivity. We feel the company stands to benefit as fundamentals improve and the market better appreciates its improved business mix and operational execution. We also think recent acquisitions will prove accretive to earnings as management aims to strengthen the company's computing and networking capabilities in communications and enterprise data center markets.
Shares of NVIDIA fell after softer-than-anticipated demand for its data center products caused guidance to decline. We sold shares due to the implied thesis change and redeployed the proceeds to fund other opportunities.

Consumer Discretionary

We remain optimistic about stock-specific opportunities within the consumer discretionary sector. We favor businesses benefiting from the secular shift of consumer spending to online products and services. We believe industries such as physical retail and traditional media are secularly challenged; therefore, we plan to continue emphasizing companies within the sector that we think are on the right side of change and disruption.

We added shares of Alibaba Group Holding during the quarter. While trade tensions are a near-term overhang on the stock, we remain constructive on the long-term fundamentals and expect the Chinese internet giant's investments in its cloud business and offline retail to pay off by expanding the company's total addressable market. Moreover, the company's rich data on user behavior across its different services also create ample opportunity for monetization, while its leadership in online retail offers exposure to rising household incomes in China and other emerging markets.
Booking Holdings, formerly known as Priceline, is a worldwide provider of online travel services. We continued to trim our exposure to the stock as we expect growth to moderate as the business matures. We are modestly overweight in Booking Holdings as we still think the company's expansions internationally and into non-hotel properties present attractive opportunities for growth.

Health Care

Our allocation to the health care sector is composed of select therapeutics and medical device companies that we believe have limited exposure to potential regulatory pressures. We are also emphasizing managed care companies positioned to benefit from industry consolidation as well as the increasing focus on providing cost-effective solutions. Furthermore, we feel a single-payer health care system is extremely unlikely, but we also recognize the meaningful shift in sentiment around stocks in the managed care industry, as well as the reality that political rhetoric is only likely to intensify as the 2020 U.S. presidential election approaches.

Cigna is one of the largest health insurers in the U.S. by enrollment and maintains a leading position in both commercial insurance and Medicare. We increased our position as we believe there is potential for earnings growth based on Cigna's attractive business model, high barriers to entry, and limited substitutes. Cigna's merger with Express Scripts should also present attractive synergies that could help unlock shareholder value for the combined entity. Furthermore, we feel the overhang of democratic proposals for a single-payer health care system is a threat that is unlikely to be realized.
We sold shares of managed care provider Humana during the quarter to moderate our position size as we focus our exposure within the industry amid a highly uncertain and politically charged environment for the group. We have some fog to get through in the near term, but in general, we continue to have a positive long-term view of the company as the underlying business model remains sound and utilization trends remain favorable.

Sectors

Total
Sectors

Largest Sector Information Technology 31.17% Was (31-Aug-2019) 30.94%

Other View complete Sector Diversification

Top Contributor^

Energy

Net Contribution 0.27%

Sector

0.36%

Selection -0.09%

Top Detractor^

Consumer Discretionary

Net Contribution -0.88%

Sector

-0.14%

Selection

-0.74%

Largest Overweight

Consumer Discretionary

By11.28%

Fund 21.39%

Indicative Benchmark 10.11%

Largest Underweight

Consumer Staples

By-7.63%

Fund 0.05%

Indicative Benchmark 7.68%

31-Aug-2019 - Larry J. Puglia, Portfolio Manager,

Our allocation to the health care sector is composed of select therapeutics and medical device companies that we believe have limited exposure to potential regulatory pressures. We are also emphasising managed care companies positioned to benefit from industry consolidation as well as the increasing focus on providing cost-effective solutions. Furthermore, we feel a single-payer health care system is extremely unlikely. However, we also recognise the meaningful shift in sentiment around stocks in the managed care industry, as well as the reality that political rhetoric is only likely to intensify as the 2020 U.S. presidential election approaches.

Team (As of 31-Aug-2019)

Larry Puglia
Lead Portfolio Manager

Larry J. Puglia is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. He has been managing the US Large-Cap Core Growth Equity Strategy since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. Mr. Puglia is a vice president of T. Rowe Price Group, Inc.

Mr. Puglia has 30 years of investment experience, 29 of which have been with T. Rowe Price. He joined the firm in 1990 as an investment analyst specializing in financial services stocks. His coverage included banking, consumer finance, brokerage, investment management, and diversified financial companies. Mr. Puglia also served as an investment analyst covering the pharmaceutical industry. He began his career at Peat Marwick Main & Co. in 1982, ultimately serving as a senior manager.

Mr. Puglia earned a B.B.A., summa cum laude, in accounting from the University of Notre Dame and an M.B.A. in finance from the University of Virginia, Darden School of Business, where he was named a Shermet Scholar. He has earned the Chartered Financial Analyst designation and is a certified public accountant.

Fund manager
since
2015
Years at
T. Rowe Price
29
Years investment
experience
30

Craig Watson
Portfolio Specialist

Craig Watson is a portfolio specialist in the Equity Division of T. Rowe Price. He is a member of the U.S. Large-Cap Growth team working closely with institutional clients, consultants, and prospects. Mr. Watson is a vice president of T. Rowe Price Group, Inc.

Mr. Watson has 24 years of investment experience. Prior to joining the firm in 2007, he was senior vice president of global equity sales for HSBC Securities. Mr. Watson also was employed by UBS as director of institutional equity sales.

Mr. Watson earned a B.S., magna cum laude, in accounting from Hampton University and an M.B.A. from The Wharton School, University of Pennsylvania. He also has earned the certified public accountant accreditation.

Years at
T. Rowe Price
11
Years investment
experience
23

Fee Schedule

Share Class	Minimum Initial Investment and Holding Amount	Minimum Subsequent Investment	Minimum Redemption Amount	Sales Charge (up to)	Investment Management Fee (up to)	Ongoing Charges
Class A	$15,000	$100	$100	5.00%	150 basis points	1.61%
Class I	$2,500,000	$100,000	$0	0.00%	65 basis points	0.72%
Class J	$10,000,000	$0	$0	0.00%	0 basis points	0.03%
Class Q	$15,000	$100	$100	0.00%	65 basis points	0.76%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

Portfolio Characteristics

as of 30-Sep-2019

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	12.9%	9.4%
Price to Earnings (12 Months Forward)	25.7x	19.2x
Return on Equity (Last 12 Months excl. charges)	26.4%	23.9%
Price to Book	7.6x	5.0x
Investment Weighted Median Market Cap (USD mm)	120,661	116,048
Investment Weighted Average Market Cap (USD mm)	316,415	250,920
Number of Holdings	127	500
Top 20 Holdings as % of Total	62.5%	32.8%
Portfolio Holdings Turnover (12 Months)	50.1%	N/A
Percent of Portfolio in Cash	0.3%	0.0%
Active Share Percentage	68.92%	N/A

Statistics are Investment Weighted Median unless otherwise noted.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Equity risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk
Style risk

Risk/Return Characteristics

as of 30-Sep-2019

Risk/Return (3 Years)	Fund	Indicative Benchmark
Alpha	4.93%	0.00%
Beta	1.03	1.00
R-Squared	0.75	1.00
Annualized Std. Deviation	14.22%	12.01%
Information Ratio	0.77	0.00
Sharpe Ratio	1.16	0.92
Tracking Error	7.21%	0.00%

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Purchases - 10 Largest (30-Jun-2019)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Facebook	5.82%	0.89%	Interactive Media & Services	United States
Alibaba Group Holding	3.33%	-0.03%	Internet & Direct Marketing Retail	China
Boeing	3.43%	-0.22%	Aerospace & Defense	United States
Microsoft	5.90%	0.36%	Software	United States
Amazon.com	9.61%	-0.13%	Internet & Direct Marketing Retail	United States
American International Group	0.46%	0.36%	Insurance	United States
Fidelity National Information Services	0.95%	0.30%	IT Services	United States
Visa	3.63%	0.19%	IT Services	United States
Tencent Holdings	2.25%	-0.06%	Interactive Media & Services	China
Marvell Technology Group (N)	0.25%	0.25%	Semiconductors & Semiconductor Equipment	United States

(N) New Position.

30-Jun-2019 - Larry J. Puglia, Portfolio Manager,

We bought shares of Marvell Technology Group, a digital semiconductor company focused on data storage and connectivity. We feel the company stands to benefit as fundamentals improve and the market better appreciates its improved business mix and operational execution. We also think recent acquisitions will prove accretive to earnings as management aims to strengthen the company's computing and networking capabilities in communications and enterprise data center markets.
Shares of NVIDIA fell after softer-than-anticipated demand for its data center products caused guidance to decline. We sold shares due to the implied thesis change and redeployed the proceeds to fund other opportunities.
We added shares of Alibaba Group Holding during the quarter. While trade tensions are a near-term overhang on the stock, we remain constructive on the long-term fundamentals and expect the Chinese internet giant's investments in its cloud business and offline retail to pay off by expanding the company's total addressable market. Moreover, the company's rich data on user behavior across its different services also create ample opportunity for monetization, while its leadership in online retail offers exposure to rising household incomes in China and other emerging markets.
Booking Holdings, formerly known as Priceline, is a worldwide provider of online travel services. We continued to trim our exposure to the stock as we expect growth to moderate as the business matures. We are modestly overweight in Booking Holdings as we still think the company's expansions internationally and into non-hotel properties present attractive opportunities for growth.
Cigna is one of the largest health insurers in the U.S. by enrollment and maintains a leading position in both commercial insurance and Medicare. We increased our position as we believe there is potential for earnings growth based on Cigna's attractive business model, high barriers to entry, and limited substitutes. Cigna's merger with Express Scripts should also present attractive synergies that could help unlock shareholder value for the combined entity. Furthermore, we feel the overhang of democratic proposals for a single-payer health care system is a threat that is unlikely to be realized.
We sold shares of managed care provider Humana during the quarter to moderate our position size as we focus our exposure within the industry amid a highly uncertain and politically charged environment for the group. We have some fog to get through in the near term, but in general, we continue to have a positive long-term view of the company as the underlying business model remains sound and utilization trends remain favorable.

Sales - 10 Largest (30-Jun-2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Amazon.com	9.61%	-0.13%	Internet & Direct Marketing Retail	United States
Eli Lilly	0.05%	-0.78%	Pharmaceuticals	United States
Microsoft	5.90%	0.36%	Software	United States
Facebook	5.82%	0.89%	Interactive Media & Services	United States
Boeing	3.43%	-0.22%	Aerospace & Defense	United States
NVIDIA	0.08%	-0.40%	Semiconductors & Semiconductor Equipment	United States
Booking Holdings	1.84%	-0.20%	Internet & Direct Marketing Retail	United States
Visa	3.63%	0.19%	IT Services	United States
Humana	0.08%	-0.45%	Health Care Providers & Services	United States
Alphabet Class C	3.72%	-0.57%	Interactive Media & Services	United States

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (30-Jun-2019)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Facebook	5.82%	Interactive Media & Services	United States
Microsoft	5.90%	Software	United States
Amazon.com	9.61%	Internet & Direct Marketing Retail	United States
Visa	3.63%	IT Services	United States
MasterCard	3.11%	IT Services	United States
Global Payments	1.56%	IT Services	United States
ServiceNow	1.94%	Software	United States
PayPal Holdings	1.83%	IT Services	United States
Northrop Grumman	0.95%	Aerospace & Defense	United States
Booking Holdings	1.84%	Internet & Direct Marketing Retail	United States

30-Jun-2019 - Larry J. Puglia, Portfolio Manager,

Despite continued positive momentum in global procedure growth and system placements, shares of Intuitive Surgical came under pressure as an adverse shift toward operating leases negatively impacted topline results. While this change delays revenue recognition, we view it as a positive development as the company enhances its competitive moat and shifts toward a recurring revenue model. Procedure growth, the engine of the company's business model, should continue to benefit from the rollout of more affordable systems, which could provide opportunities to expand into many more hospitals.
UnitedHealth Group reported better-than-expected topline growth and margin improvement; however, shares sold off after presidential candidate Bernie Sanders revealed his vision for a "Medicare for all" plan. We believe UnitedHealth Group is well diversified and should see accelerated earnings growth as a result of improving Medicare performance, continued growth in its Medicaid business, its exit from insurance exchanges, and disruption among peers due to deal-related distractions. We believe the overhang of Democratic proposals for a single-payer health care system is a threat that is unlikely to be realized and could cause a disconnect between fundamentals and trading activity.
Indications by the Fed of its willingness to cut interest rates weighed on shares of TD Ameritrade Holding. Client cash balances, which provide a source of interest income for the firm, also declined as investors chased rising equity markets. Despite the recent weakness, we continue to like the company as we feel it offers a defensible, capital-light, and scalable model with attractive operating margins that should drive organic growth and return value to shareholders without taking on credit or balance sheet risk.
Despite solid growth in client assets and execution on cost control, shares of Charles Schwab also came under pressure as the Fed gave indications that it would be willing to cut rates if the economic outlook doesn't show signs of improvement. Over the longer term, we believe Charles Schwab is a premier franchise that should deliver durable earnings growth as it continues to gather assets, drive scale efficiencies, and grow its bank with low-cost brokerage sweep deposits. In the near term, however, a sharp pivot in interest rates could weigh on shares.
Shares of Global Payments spiked higher following the announcement of a merger with Total System Services. The combined company is expected to provide significant synergies, improve scale, and enhance exposure to rapidly growing markets.
Microsoft shares rose after management reported robust margin expansion and strong topline growth from Office 365, Azure cloud, and on-premises server licensing. We believe that Microsoft has successfully evolved and positioned itself to benefit from the cloud computing era with Office 365 applications and Azure Cloud driving long-term earnings and cash flow growth.

Detractors (30-Jun-2019)

Detractors	% of Fund	Industry	Country
Alphabet	4.81%	Interactive Media & Services	United States
Alibaba Group Holding	3.33%	Internet & Direct Marketing Retail	China
Intuitive Surgical	1.39%	Health Care Equipment & Supplies	United States
Boeing	3.43%	Aerospace & Defense	United States
Eli Lilly	0.05%	Pharmaceuticals	United States
NVIDIA	0.08%	Semiconductors & Semiconductor Equipment	United States
Salesforce.com	1.77%	Software	United States
VMware	0.73%	Software	United States
Tencent Holdings	2.25%	Interactive Media & Services	China
Charles Schwab	0.51%	Capital Markets	United States

The information shown does not reflect any ETFs that may be held in the portfolio.

N/A indicates Not Available.

Holdings (30-Jun-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Amazon.com	9.84%	0.11	$73,357,574.40	38,593	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Microsoft	5.90%	0.36	$43,978,060.49	329,399	Information Technology	Software	United States
Facebook	5.78%	0.85	$43,108,781.68	226,376	Communication Services	Interactive Media & Services	United States
Alphabet Class C	3.75%	-0.53	$27,981,819.75	26,025	Communication Services	Interactive Media & Services	United States
Visa	3.59%	0.15	$26,770,915.37	156,491	Information Technology	IT Services	United States
Boeing	3.44%	-0.20	$25,668,968.96	70,768	Industrials & Business Services	Aerospace & Defense	United States
Alibaba Group Holding	3.36%	-0.01	$25,008,525.96	147,822	Consumer Discretionary	Internet & Direct Marketing Retail	China
MasterCard	3.09%	0.13	$23,006,913.84	87,816	Information Technology	IT Services	United States
UnitedHealth Group	2.34%	-0.31	$17,424,524.00	72,845	Health Care	Health Care Providers & Services	United States
Tencent Holdings	2.29%	-0.01	$17,085,038.60	378,490	Communication Services	Interactive Media & Services	China
Stryker	2.07%	-0.06	$15,412,797.40	75,985	Health Care	Health Care Equipment & Supplies	United States
ServiceNow	1.97%	0.08	$14,700,428.40	53,220	Information Technology	Software	United States
Intuit	1.88%	-0.02	$14,046,462.48	54,372	Information Technology	Software	United States
PayPal Holdings	1.84%	0.05	$13,682,755.44	120,468	Information Technology	IT Services	United States
Booking Holdings	1.83%	-0.21	$13,612,138.00	7,346	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Becton, Dickinson & Company	1.76%	-0.12	$13,147,702.50	52,350	Health Care	Health Care Equipment & Supplies	United States
Salesforce.com	1.76%	-0.19	$13,097,003.49	87,261	Information Technology	Software	United States
Netflix	1.65%	0.05	$12,332,122.66	33,473	Communication Services	Entertainment	United States
Global Payments	1.56%	0.24	$11,612,532.88	72,742	Information Technology	IT Services	United States
Anthem	1.54%	0.05	$11,444,008.04	41,207	Health Care	Health Care Providers & Services	United States
Vertex Pharmaceuticals	1.47%	-0.13	$10,944,447.00	60,735	Health Care	Biotechnology	United States
Cigna	1.37%	-0.01	$10,230,711.68	65,114	Health Care	Health Care Providers & Services	United States
Intuitive Surgical	1.37%	-0.37	$10,217,044.81	19,807	Health Care	Health Care Equipment & Supplies	United States
Danaher	1.25%	0.05	$9,283,990.73	65,653	Health Care	Health Care Equipment & Supplies	United States
Workday	1.22%	-0.00	$9,112,216.95	44,439	Information Technology	Software	United States
Thermo Fisher Scientific	1.20%	-0.02	$8,980,625.25	30,941	Health Care	Life Sciences Tools & Services	United States
Fiserv	1.19%	0.18	$8,881,843.80	97,410	Information Technology	IT Services	United States
TD Ameritrade Holding	1.17%	-0.14	$8,714,132.73	174,039	Financials	Capital Markets	United States
Alphabet Class A	1.09%	-0.43	$8,098,515.00	7,530	Communication Services	Interactive Media & Services	United States
Dollar General	1.06%	0.19	$7,915,689.40	58,255	Consumer Discretionary	Multiline Retail	United States
Roper Technologies	0.96%	0.05	$7,170,289.92	19,584	Industrials & Business Services	Industrial Conglomerates	United States
Fidelity National Information Services	0.95%	N/A	$7,087,155.83	58,249	Information Technology	IT Services	United States
Northrop Grumman	0.95%	0.21	$7,044,103.68	22,168	Industrials & Business Services	Aerospace & Defense	United States
Willis Towers Watson	0.89%	0.08	$6,639,921.30	35,130	Financials	Insurance	United States
Ross Stores	0.83%	0.03	$6,189,220.80	61,110	Consumer Discretionary	Specialty Retail	United States
Intercontinental Exchange	0.76%	0.11	$5,650,329.78	66,078	Financials	Capital Markets	United States
VMware	0.75%	-0.03	$5,568,293.90	32,929	Information Technology	Software	United States
Worldpay	0.74%	0.11	$5,490,856.52	44,428	Information Technology	IT Services	United States
Splunk	0.71%	-0.02	$5,291,373.27	42,807	Information Technology	Software	United States
Honeywell International	0.69%	0.07	$5,174,585.54	29,681	Industrials & Business Services	Industrial Conglomerates	United States
Aptiv	0.66%	-0.01	$4,886,065.38	60,018	Consumer Discretionary	Auto Components	United States
Marriott	0.65%	0.07	$4,856,137.30	34,861	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Alexion Pharmaceuticals	0.61%	-0.04	$4,578,420.88	35,912	Health Care	Biotechnology	United States
L3Harris Technologies	0.61%	N/A	$4,571,118.92	24,214	Industrials & Business Services	Aerospace & Defense	United States
McDonald's	0.61%	0.19	$4,557,375.90	21,921	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Electronic Arts	0.59%	0.06	$4,420,454.61	43,989	Communication Services	Entertainment	United States
WellCare Health Plans	0.56%	0.05	$4,159,094.94	14,638	Health Care	Health Care Providers & Services	United States
Charles Schwab	0.53%	-0.12	$3,924,254.49	96,967	Financials	Capital Markets	United States
Hilton Worldwide Holdings	0.52%	0.06	$3,879,753.36	40,047	Consumer Discretionary	Hotels Restaurants & Leisure	United States
United Airlines Holdings	0.52%	N/A	$3,848,926.14	44,134	Industrials & Business Services	Airlines	United States
IAC/InterActiveCorp	0.48%	0.04	$3,551,654.64	16,392	Communication Services	Interactive Media & Services	United States
American International Group	0.46%	0.36	$3,463,341.30	65,223	Financials	Insurance	United States
Royal Caribbean Cruises	0.46%	-0.03	$3,411,175.68	28,512	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Morgan Stanley	0.42%	0.01	$3,158,492.40	71,330	Financials	Capital Markets	United States
Yum! Brands	0.42%	0.01	$3,158,228.43	28,719	Consumer Discretionary	Hotels Restaurants & Leisure	United States
CSX	0.41%	0.01	$3,089,394.60	40,044	Industrials & Business Services	Road & Rail	United States
Canadian Pacific Railway	0.41%	0.06	$3,027,094.29	12,969	Industrials & Business Services	Road & Rail	Canada
S&P Global	0.40%	0.05	$2,996,769.89	13,157	Financials	Capital Markets	United States
FleetCor Technologies	0.39%	0.12	$2,902,129.34	10,406	Information Technology	IT Services	United States
Fortive	0.38%	-0.04	$2,865,802.16	35,503	Industrials & Business Services	Machinery	United States
Maxim Integrated Products	0.36%	-0.03	$2,717,451.17	45,073	Information Technology	Semiconductors & Semiconductor Equipment	United States
Sempra Energy	0.36%	0.07	$2,662,874.88	19,534	Utilities	Multi-Utilities	United States
Centene	0.34%	-0.10	$2,539,985.25	49,025	Health Care	Health Care Providers & Services	United States
Texas Instruments	0.33%	-0.18	$2,474,117.30	21,347	Information Technology	Semiconductors & Semiconductor Equipment	United States
Marsh & McLennan	0.26%	0.06	$1,960,694.48	19,813	Financials	Insurance	United States
Marvell Technology Group	0.26%	N/A	$1,907,615.33	80,051	Information Technology	Semiconductors & Semiconductor Equipment	United States
Linde	0.25%	N/A	$1,853,035.11	9,287	Materials	Chemicals	United States
Analog Devices	0.24%	0.17	$1,767,535.56	15,606	Information Technology	Semiconductors & Semiconductor Equipment	United States
Abbott Laboratories	0.24%	-0.04	$1,762,561.68	21,043	Health Care	Health Care Equipment & Supplies	United States
Restaurant Brands International	0.23%	-0.11	$1,694,454.30	24,451	Consumer Discretionary	Hotels Restaurants & Leisure	Canada
Pioneer Natural Resources	0.22%	N/A	$1,625,904.34	10,774	Energy	Oil, Gas & Consumable Fuels	United States
Concho Resources	0.22%	N/A	$1,614,154.84	15,754	Energy	Oil, Gas & Consumable Fuels	United States
Apple	0.19%	-0.03	$1,427,952.24	7,236	Information Technology	Technology Hardware, Storage & Peripherals	United States
Ulta Beauty	0.19%	0.07	$1,379,753.15	3,995	Consumer Discretionary	Specialty Retail	United States
HCA Healthcare	0.18%	-0.03	$1,361,403.32	10,181	Health Care	Health Care Providers & Services	United States
Ctrip.com International	0.18%	0.05	$1,318,117.35	35,673	Consumer Discretionary	Internet & Direct Marketing Retail	China
Air Products & Chemicals	0.16%	0.01	$1,207,755.12	5,414	Materials	Chemicals	United States
Sherwin-Williams	0.16%	-0.03	$1,205,108.92	2,657	Materials	Chemicals	United States
V. F.	0.15%	0.05	$1,150,526.13	13,229	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United States
Union Pacific	0.14%	-0.08	$1,046,178.50	6,218	Industrials & Business Services	Road & Rail	United States
Cintas	0.14%	0.05	$1,028,287.84	4,369	Industrials & Business Services	Commercial Services & Supplies	United States
KLA	0.13%	N/A	$1,001,205.18	8,469	Information Technology	Semiconductors & Semiconductor Equipment	United States
Elanco Animal Health	0.13%	-0.10	$996,546.60	29,190	Health Care	Pharmaceuticals	United States
Ferrari	0.13%	0.01	$988,729.98	6,118	Consumer Discretionary	Automobiles	Italy
Qualcomm	0.13%	N/A	$953,689.28	12,704	Information Technology	Semiconductors & Semiconductor Equipment	United States
Motorola Solutions	0.12%	0.05	$918,543.00	5,618	Information Technology	Communications Equipment	United States
Delta Air Lines	0.12%	0.01	$913,006.08	15,984	Industrials & Business Services	Airlines	United States
Xilinx	0.12%	-0.14	$899,191.86	7,729	Information Technology	Semiconductors & Semiconductor Equipment	United States
Domino's Pizza	0.12%	0.08	$890,117.88	3,219	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Dollar Tree	0.11%	N/A	$809,052.24	7,494	Consumer Discretionary	Multiline Retail	United States
Broadcom	0.11%	-0.16	$794,706.50	2,786	Information Technology	Semiconductors & Semiconductor Equipment	United States
Automatic Data Processing	0.11%	-0.02	$791,733.60	4,830	Information Technology	IT Services	United States
Wynn Resorts	0.10%	0.00	$759,835.37	6,157	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Atlassian	0.09%	N/A	$684,502.65	5,265	Information Technology	Software	United States
Progressive	0.09%	-0.07	$655,645.36	8,168	Financials	Insurance	United States
Zoetis	0.09%	-0.02	$639,788.72	5,686	Health Care	Pharmaceuticals	United States
Zoom Video Communications	0.08%	N/A	$621,392.00	7,100	Information Technology	Software	United States
CoStar Group	0.08%	0.01	$616,805.28	1,134	Industrials & Business Services	Professional Services	United States
Chubb	0.08%	-0.04	$614,674.17	4,167	Financials	Insurance	United States
Humana	0.08%	-0.45	$607,806.72	2,322	Health Care	Health Care Providers & Services	United States
NVIDIA	0.08%	-0.40	$596,832.76	3,662	Information Technology	Semiconductors & Semiconductor Equipment	United States
Norfolk Southern	0.07%	-0.01	$550,060.62	2,802	Industrials & Business Services	Road & Rail	United States
Agilent Technologies	0.07%	-0.04	$536,336.50	7,322	Health Care	Life Sciences Tools & Services	United States
Citigroup	0.07%	0.01	$535,374.73	7,711	Financials	Banks	United States
Norwegian Cruise Line Holdings	0.07%	-0.12	$505,284.00	9,717	Consumer Discretionary	Hotels Restaurants & Leisure	United States
IHS Markit	0.06%	0.02	$458,929.35	7,337	Industrials & Business Services	Professional Services	United States
Ball	0.06%	-0.11	$454,576.45	6,641	Materials	Containers & Packaging	United States
Eli Lilly	0.05%	-0.78	$358,179.20	3,235	Health Care	Pharmaceuticals	United States
Kansas City Southern	0.05%	0.02	$343,921.53	2,829	Industrials & Business Services	Road & Rail	United States
Microchip Technology	0.05%	-0.00	$341,478.48	3,912	Information Technology	Semiconductors & Semiconductor Equipment	United States
Applied Materials	0.04%	N/A	$301,701.00	6,700	Information Technology	Semiconductors & Semiconductor Equipment	United States
Raymond James Financial	0.04%	-0.05	$265,401.00	3,188	Financials	Capital Markets	United States
Lam Research	0.03%	0.01	$238,658.40	1,270	Information Technology	Semiconductors & Semiconductor Equipment	United States
JPMorgan Chase	0.03%	N/A	$223,520.00	2,000	Financials	Banks	United States
Pfizer	0.03%	-0.11	$209,794.12	4,814	Health Care	Pharmaceuticals	United States
Philip Morris International	0.03%	-0.17	$203,579.67	2,611	Consumer Staples	Tobacco	United States
Ameriprise Financial	0.02%	0.02	$182,535.80	1,258	Financials	Capital Markets	United States
Moody's	0.02%	0.00	$176,427.00	900	Financials	Capital Markets	United States
American Tower	0.01%	-0.01	$109,553.37	537	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Illumina	0.01%	0.00	$105,500.34	297	Health Care	Life Sciences Tools & Services	United States
Constellation Brands	0.01%	0.00	$86,264.10	438	Consumer Staples	Beverages	United States
Goldman Sachs	0.01%	-0.01	$85,284.84	417	Financials	Capital Markets	United States
J.B. Hunt Transport Services	0.01%	-0.00	$72,217.80	795	Industrials & Business Services	Road & Rail	United States
NextEra Energy	0.01%	0.00	$69,041.19	337	Utilities	Electric Utilities	United States
Boston Scientific	0.01%	0.00	$63,105.00	1,500	Health Care	Health Care Equipment & Supplies	United States
Corning	0.01%	-0.01	$55,227.71	1,667	Information Technology	Electronic Equip, Instr & Cmpts	United States
Xylem	0.01%	-0.07	$52,279.55	635	Industrials & Business Services	Machinery	United States
Merck	0.01%	-0.07	$46,345.92	552	Health Care	Pharmaceuticals	United States

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sector Diversification (30-Sep-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Discretionary	21.39%	10.11%
Information Technology	31.17%	21.93%
Communication Services	15.53%	10.36%
Health Care	14.92%	13.65%
Industrials & Business Services	9.49%	9.34%
Materials	0.78%	2.64%
Real Estate	0.03%	3.22%
Utilities	0.39%	3.59%
Energy	0.46%	4.52%
Financials	5.54%	12.94%
Consumer Staples	0.05%	7.68%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Sector Attribution - Top and Bottom Five by Total Value Added (30-Sep-2019)

Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Energy	0.27%	0.36%	-0.09%
Industrials & Business Services	0.18%	0.01%	0.17%
Materials	0.06%	0.03%	0.02%
Financials	-0.08%	-0.04%	-0.05%
Real Estate	-0.17%	-0.17%	-0.00%
Consumer Staples	-0.31%	-0.30%	-0.02%
Health Care	-0.41%	-0.08%	-0.33%
Communication Services	-0.79%	0.04%	-0.83%
Information Technology	-0.81%	0.15%	-0.95%
Consumer Discretionary	-0.88%	-0.14%	-0.74%
Total	-3.23%	-0.42%	-2.81%

Past performance is not a reliable indicator of future performance.

Numbers may not add to 100% due to rounding; all numbers are percentages.

Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

30-Jun-2019 - Larry J. Puglia, Portfolio Manager,

Information Technology

We bought shares of Marvell Technology Group, a digital semiconductor company focused on data storage and connectivity. We feel the company stands to benefit as fundamentals improve and the market better appreciates its improved business mix and operational execution. We also think recent acquisitions will prove accretive to earnings as management aims to strengthen the company's computing and networking capabilities in communications and enterprise data center markets.
Shares of NVIDIA fell after softer-than-anticipated demand for its data center products caused guidance to decline. We sold shares due to the implied thesis change and redeployed the proceeds to fund other opportunities.

Consumer Discretionary

We added shares of Alibaba Group Holding during the quarter. While trade tensions are a near-term overhang on the stock, we remain constructive on the long-term fundamentals and expect the Chinese internet giant's investments in its cloud business and offline retail to pay off by expanding the company's total addressable market. Moreover, the company's rich data on user behavior across its different services also create ample opportunity for monetization, while its leadership in online retail offers exposure to rising household incomes in China and other emerging markets.
Booking Holdings, formerly known as Priceline, is a worldwide provider of online travel services. We continued to trim our exposure to the stock as we expect growth to moderate as the business matures. We are modestly overweight in Booking Holdings as we still think the company's expansions internationally and into non-hotel properties present attractive opportunities for growth.

Health Care

Cigna is one of the largest health insurers in the U.S. by enrollment and maintains a leading position in both commercial insurance and Medicare. We increased our position as we believe there is potential for earnings growth based on Cigna's attractive business model, high barriers to entry, and limited substitutes. Cigna's merger with Express Scripts should also present attractive synergies that could help unlock shareholder value for the combined entity. Furthermore, we feel the overhang of democratic proposals for a single-payer health care system is a threat that is unlikely to be realized.
We sold shares of managed care provider Humana during the quarter to moderate our position size as we focus our exposure within the industry amid a highly uncertain and politically charged environment for the group. We have some fog to get through in the near term, but in general, we continue to have a positive long-term view of the company as the underlying business model remains sound and utilization trends remain favorable.

Indicative Benchmark Data Source: Standard & Poor's

Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Net Asset figure applies to all share classes.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

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Top Sale

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Information Technology

Consumer Discretionary

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Team (As of 31-Aug-2019)

Larry PugliaLead Portfolio Manager

Craig WatsonPortfolio Specialist

Fee Schedule

Portfolio Characteristics

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Purchases - 10 Largest (30-Jun-2019)

Sales - 10 Largest (30-Jun-2019)

Contributors (30-Jun-2019)

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Holdings (30-Jun-2019)

Sector Diversification (30-Sep-2019)

Sector Attribution - Top and Bottom Five by Total Value Added (30-Sep-2019)

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Larry Puglia
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Portfolio Specialist

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