T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.2%
COMMUNICATION
SERVICES
9.1%
Interactive
Media
&
Services
6.3%
Alphabet,
Class
C (1)
98,715
263,106
Facebook,
Class
A (1)
280,834
95,312
358,418
Media
1.4%
Charter
Communications,
Class
A (1)
107,028
77,869
77,869
Wireless
Telecommunication
Services
1.4%
T-Mobile
U.S. (1)
613,558
78,388
78,388
Total
Communication
Services
514,675
CONSUMER
DISCRETIONARY
11.1%
Hotels,
Restaurants
&
Leisure
5.1%
Booking
Holdings (1)
29,264
69,469
Las
Vegas
Sands (1)
627,320
22,960
McDonald's
306,478
73,895
Starbucks
575,654
63,500
Yum!
Brands
459,224
56,168
285,992
Internet
&
Direct
Marketing
Retail
5.1%
Amazon.com (1)
88,459
290,591
290,591
Specialty
Retail
0.9%
TJX
810,184
53,456
53,456
Total
Consumer
Discretionary
630,039
CONSUMER
STAPLES
6.6%
Beverages
4.3%
Coca-Cola
1,893,011
99,326
PepsiCo
935,603
140,724
240,050
Food
Products
1.4%
Mondelez
International,
Class
A
1,403,007
81,627
81,627
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Household
Products
0.9%
Kimberly-Clark
401,320
53,151
53,151
Total
Consumer
Staples
374,828
FINANCIALS
11.2%
Banks
2.9%
Bank
of
America
1,726,932
73,308
Wells
Fargo
1,937,198
89,906
163,214
Capital
Markets
4.3%
Bank
of
New
York
Mellon
1,471,370
76,276
Charles
Schwab
1,020,822
74,357
Goldman
Sachs
Group
246,802
93,298
243,931
Insurance
4.0%
Chubb
331,577
57,522
Marsh
&
McLennan
771,619
116,846
RenaissanceRe
Holdings
362,014
50,465
224,833
Total
Financials
631,978
HEALTH
CARE
14.9%
Health
Care
Equipment
&
Supplies
5.7%
Boston
Scientific (1)
1,455,133
63,138
Danaher
355,564
108,248
Medtronic
683,082
85,625
Zimmer
Biomet
Holdings
426,579
62,434
319,445
Health
Care
Providers
&
Services
3.1%
Cigna
296,620
59,371
UnitedHealth
Group
300,595
117,455
176,826
Pharmaceuticals
6.1%
Eli
Lilly
501,079
115,774
Johnson
&
Johnson
969,502
156,574
Zoetis
360,578
70,003
342,351
Total
Health
Care
838,622
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
10.2%
Aerospace
&
Defense
1.5%
Howmet
Aerospace
2,778,002
86,674
86,674
Air
Freight
&
Logistics
1.1%
United
Parcel
Service,
Class
B
346,052
63,016
63,016
Airlines
0.8%
Delta
Air
Lines (1)
1,119,665
47,709
47,709
Commercial
Services
&
Supplies
1.5%
Waste
Connections
656,674
82,695
82,695
Industrial
Conglomerates
1.7%
General
Electric
915,321
94,306
94,306
Machinery
2.1%
Caterpillar
368,103
70,665
Illinois
Tool
Works
220,050
45,469
116,134
Road
&
Rail
1.5%
Union
Pacific
421,312
82,581
82,581
Total
Industrials
&
Business
Services
573,115
INFORMATION
TECHNOLOGY
25.1%
Electronic
Equipment,
Instruments
&
Components
2.3%
Amphenol,
Class
A
1,191,542
87,256
TE
Connectivity
302,264
41,477
128,733
IT
Services
8.2%
Accenture,
Class
A
235,659
75,392
Broadridge
Financial
Solutions
419,990
69,987
Fidelity
National
Information
Services
462,433
56,269
Fiserv (1)
666,677
72,335
VeriSign (1)
317,708
65,133
Visa,
Class
A
543,660
121,100
460,216
Semiconductors
&
Semiconductor
Equipment
2.9%
Advanced
Micro
Devices (1)
805,439
82,880
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
QUALCOMM
648,737
83,674
166,554
Software
11.7%
Intuit
156,031
84,180
Microsoft
1,405,226
396,161
salesforce.com (1)
360,386
97,744
ServiceNow (1)
64,040
39,850
Zoom
Video
Communications,
Class
A (1)
156,870
41,022
658,957
Total
Information
Technology
1,414,460
MATERIALS
2.9%
Chemicals
2.2%
Linde
378,941
111,174
Sherwin-Williams
46,900
13,119
124,293
Containers
&
Packaging
0.7%
Westrock
751,086
37,427
37,427
Total
Materials
161,720
REAL
ESTATE
2.0%
Equity
Real
Estate
Investment
Trusts
2.0%
American
Tower,
REIT
176,550
46,858
Equity
Residential,
REIT
842,477
68,173
Total
Real
Estate
115,031
UTILITIES
4.1%
Electric
Utilities
3.1%
NextEra
Energy
1,217,955
95,634
Xcel
Energy
1,275,441
79,715
175,349
Multi-Utilities
1.0%
Sempra
Energy
448,983
56,796
56,796
Total
Utilities
232,145
Total
Common
Stocks
(Cost
$3,987,599)
5,486,613
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
3.2%
Money
Market
Funds
3.2%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (2)(3)
181,495,917
181,496
Total
Short-Term
Investments
(Cost
$181,496)
181,496
Total
Investments
in
Securities
100.4%
(Cost
$4,169,095)
$
5,668,109
Other
Assets
Less
Liabilities
(0.4)%
(21,031)
Net
Assets
100.0%
$
5,647,078
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Seven-day
yield
(3)
Affiliated
Companies
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
U.S.
Large-Cap
Core
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
nine
months
ended
September
30,
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,
0.05%
$
—#
$
—
$
40+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
60,574
¤
¤
$
181,496^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$40
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
$181,496
.
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
Unaudited
Notes
to
Portfolio
of
Investments
7
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund,
Inc. (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
U.S.
Large-Cap
Core
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
U.S.
Large-Cap
Core
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
On
September
30,
2021,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
F190-054Q3
09/21