T.
ROWE
PRICE
U.S.
Equity
Research
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.5%
COMMUNICATION
SERVICES
12.1%
Diversified
Telecommunication
Services
0.7%
AT&TÂ
1,181,531‌
31,913‌
Verizon
CommunicationsÂ
475,668‌
25,691‌
57,604‌
Entertainment
1.8%
Electronic
ArtsÂ
112,599‌
16,017‌
Netflix (1)
119,672‌
73,041‌
Playtika
Holding (1)
280,284‌
7,744‌
Walt
Disney (1)
252,548‌
42,724‌
139,526‌
Interactive
Media
&
Services
7.5%
Alphabet,
Class
AÂ (1)
53,163‌
142,132‌
Alphabet,
Class
CÂ (1)
88,600‌
236,147‌
Facebook,
Class
AÂ (1)
628,133‌
213,182‌
591,461‌
Media
1.8%
Charter
Communications,
Class
AÂ (1)
42,686‌
31,057‌
Comcast,
Class
AÂ
1,471,954‌
82,326‌
DISH
Network,
Class
AÂ (1)
42,777‌
1,859‌
Liberty
Broadband,
Class
CÂ (1)
133,632‌
23,078‌
138,320‌
Wireless
Telecommunication
Services
0.3%
T-Mobile
U.S. (1)
173,056‌
22,110‌
22,110‌
Total
Communication
Services
949,021‌
CONSUMER
DISCRETIONARY
11.9%
Auto
Components
0.3%
Aptiv (1)
96,721‌
14,408‌
Magna
InternationalÂ
141,529‌
10,649‌
25,057‌
Automobiles
1.1%
FerrariÂ
91,402‌
19,114‌
General
Motors (1)
161,540‌
8,515‌
Tesla (1)
79,212‌
61,427‌
89,056‌
Hotels,
Restaurants
&
Leisure
2.4%
Airbnb,
Class
AÂ (1)
14,083‌
2,362‌
Booking
Holdings (1)
12,416‌
29,474‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chipotle
Mexican
Grill (1)
13,320‌
24,209‌
Hilton
Worldwide
Holdings (1)
138,480‌
18,295‌
Las
Vegas
Sands (1)
135,593‌
4,963‌
Marriott
International,
Class
AÂ (1)
147,610‌
21,860‌
McDonald'sÂ
128,439‌
30,968‌
MGM
Resorts
InternationalÂ
281,997‌
12,168‌
StarbucksÂ
340,735‌
37,586‌
Wynn
Resorts (1)
59,446‌
5,038‌
186,923‌
Household
Durables
0.1%
NVRÂ (1)
2,357‌
11,300‌
11,300‌
Internet
&
Direct
Marketing
Retail
4.2%
Amazon.com (1)
98,398‌
323,241‌
DoorDash,
Class
AÂ (1)
24,889‌
5,127‌
328,368‌
Multiline
Retail
0.3%
Dollar
GeneralÂ
81,866‌
17,367‌
Dollar
Tree (1)
84,957‌
8,132‌
25,499‌
Specialty
Retail
2.7%
AutoZone (1)
7,597‌
12,900‌
Burlington
Stores (1)
61,038‌
17,308‌
CarMax (1)
34,877‌
4,463‌
Home
DepotÂ
253,756‌
83,298‌
Lowe'sÂ
129,289‌
26,228‌
O'Reilly
Automotive (1)
33,976‌
20,761‌
Ross
StoresÂ
204,436‌
22,253‌
TJXÂ
211,298‌
13,941‌
Ulta
Beauty (1)
25,749‌
9,293‌
210,445‌
Textiles,
Apparel
&
Luxury
Goods
0.8%
Lululemon
Athletica (1)
28,900‌
11,696‌
NIKE,
Class
BÂ
336,355‌
48,849‌
VFÂ
68,474‌
4,587‌
65,132‌
Total
Consumer
Discretionary
941,780‌
CONSUMER
STAPLES
5.4%
Beverages
1.7%
Coca-ColaÂ
1,035,375‌
54,326‌
Keurig
Dr
PepperÂ
495,891‌
16,939‌
Monster
Beverage (1)
189,879‌
16,867‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PepsiCoÂ
276,004‌
41,514‌
129,646‌
Food
&
Staples
Retailing
0.8%
Costco
WholesaleÂ
101,997‌
45,833‌
WalmartÂ
147,484‌
20,556‌
66,389‌
Food
Products
0.7%
Conagra
BrandsÂ
179,940‌
6,095‌
Darling
Ingredients (1)
40,445‌
2,908‌
Mondelez
International,
Class
AÂ
575,211‌
33,466‌
Mowi,
ADRÂ
58,900‌
1,490‌
Tyson
Foods,
Class
AÂ
161,240‌
12,728‌
56,687‌
Household
Products
1.2%
Colgate-PalmoliveÂ
107,170‌
8,100‌
Kimberly-ClarkÂ
129,877‌
17,201‌
Procter
&
GambleÂ
507,240‌
70,912‌
96,213‌
Personal
Products
0.2%
Estee
Lauder,
Class
AÂ
63,083‌
18,920‌
18,920‌
Tobacco
0.8%
Altria
GroupÂ
433,502‌
19,733‌
Philip
Morris
InternationalÂ
422,230‌
40,023‌
59,756‌
Total
Consumer
Staples
427,611‌
ENERGY
2.4%
Energy
Equipment
&
Services
0.3%
HalliburtonÂ
1,032,270‌
22,318‌
22,318‌
Oil,
Gas
&
Consumable
Fuels
2.1%
ChevronÂ
254,096‌
25,778‌
ConocoPhillipsÂ
725,166‌
49,145‌
Devon
EnergyÂ
167,808‌
5,959‌
EOG
ResourcesÂ
321,698‌
25,823‌
Exxon
MobilÂ
438,543‌
25,795‌
Marathon
PetroleumÂ
186,141‌
11,505‌
TotalEnergies,
ADRÂ
474,508‌
22,743‌
166,748‌
Total
Energy
189,066‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
12.2%
Banks
5.4%
Bank
of
AmericaÂ
2,444,636‌
103,775‌
CitigroupÂ
239,900‌
16,836‌
Citizens
Financial
GroupÂ
436,972‌
20,529‌
Fifth
Third
BancorpÂ
1,142,978‌
48,508‌
Huntington
BancsharesÂ
2,556,176‌
39,518‌
JPMorgan
ChaseÂ
197,233‌
32,285‌
PNC
Financial
Services
GroupÂ
172,048‌
33,659‌
Signature
BankÂ
68,476‌
18,645‌
Wells
FargoÂ
2,386,204‌
110,744‌
424,499‌
Capital
Markets
3.1%
Apollo
Global
ManagementÂ
89,432‌
5,508‌
Bank
of
New
York
MellonÂ
187,487‌
9,719‌
Cboe
Global
MarketsÂ
101,192‌
12,534‌
Charles
SchwabÂ
527,935‌
38,455‌
CME
GroupÂ
172,525‌
33,363‌
Goldman
Sachs
GroupÂ
124,095‌
46,912‌
Intercontinental
ExchangeÂ
229,160‌
26,312‌
InvescoÂ
99,895‌
2,408‌
KKRÂ
214,156‌
13,038‌
MarketAxess
HoldingsÂ
16,100‌
6,773‌
Morgan
StanleyÂ
326,811‌
31,802‌
S&P
GlobalÂ
11,095‌
4,714‌
State
StreetÂ
139,479‌
11,817‌
Tradeweb
Markets,
Class
AÂ
38,772‌
3,132‌
246,487‌
Diversified
Financial
Services
1.4%
Berkshire
Hathaway,
Class
BÂ (1)
314,598‌
85,866‌
Equitable
HoldingsÂ
637,671‌
18,901‌
Voya
FinancialÂ
79,553‌
4,884‌
109,651‌
Insurance
2.3%
American
International
GroupÂ
772,975‌
42,429‌
AssurantÂ
95,546‌
15,072‌
ChubbÂ
203,059‌
35,227‌
Hartford
Financial
Services
GroupÂ
420,214‌
29,520‌
Marsh
&
McLennanÂ
91,282‌
13,823‌
MetLifeÂ
338,815‌
20,915‌
ProgressiveÂ
61,347‌
5,545‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
RenaissanceRe
HoldingsÂ
132,400‌
18,456‌
180,987‌
Total
Financials
961,624‌
HEALTH
CARE
12.8%
Biotechnology
2.2%
AbbVieÂ
763,356‌
82,343‌
AmgenÂ
121,226‌
25,779‌
Biogen (1)
80,863‌
22,883‌
Incyte (1)
79,301‌
5,454‌
Moderna (1)
46,200‌
17,781‌
Regeneron
Pharmaceuticals (1)
14,342‌
8,680‌
Seagen (1)
47,918‌
8,136‌
Vertex
Pharmaceuticals (1)
23,940‌
4,343‌
175,399‌
Health
Care
Equipment
&
Supplies
3.1%
Abbott
LaboratoriesÂ
240,021‌
28,354‌
Becton
Dickinson
&
CompanyÂ
192,392‌
47,294‌
CooperÂ
9,661‌
3,993‌
DanaherÂ
147,772‌
44,988‌
Hologic (1)
172,129‌
12,705‌
Intuitive
Surgical (1)
67,114‌
66,721‌
MedtronicÂ
89,721‌
11,246‌
StrykerÂ
117,836‌
31,076‌
246,377‌
Health
Care
Providers
&
Services
2.6%
AnthemÂ
73,723‌
27,484‌
Centene (1)
239,214‌
14,906‌
CignaÂ
74,072‌
14,826‌
CVS
HealthÂ
200,404‌
17,006‌
HCA
HealthcareÂ
71,052‌
17,246‌
HumanaÂ
52,511‌
20,435‌
McKessonÂ
19,486‌
3,885‌
UnitedHealth
GroupÂ
226,773‌
88,609‌
204,397‌
Life
Sciences
Tools
&
Services
1.2%
Agilent
TechnologiesÂ
194,691‌
30,670‌
Thermo
Fisher
ScientificÂ
105,406‌
60,221‌
90,891‌
Pharmaceuticals
3.7%
AstraZeneca,
ADRÂ
643,855‌
38,670‌
Bristol-Myers
SquibbÂ
64,200‌
3,799‌
Elanco
Animal
Health (1)
824,908‌
26,306‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Eli
LillyÂ
335,943‌
77,620‌
Johnson
&
JohnsonÂ
324,390‌
52,389‌
MerckÂ
326,708‌
24,539‌
Roche
Holding,
ADRÂ
162,800‌
7,402‌
Sanofi,
ADRÂ
487,429‌
23,499‌
ZoetisÂ
180,780‌
35,097‌
289,321‌
Total
Health
Care
1,006,385‌
INDUSTRIALS
&
BUSINESS
SERVICES
7.4%
Aerospace
&
Defense
1.1%
Boeing (1)
138,182‌
30,392‌
L3Harris
TechnologiesÂ
97,417‌
21,455‌
Raytheon
TechnologiesÂ
47,600‌
4,092‌
TextronÂ
332,424‌
23,206‌
TransDigm
Group (1)
7,642‌
4,773‌
83,918‌
Air
Freight
&
Logistics
1.0%
FedExÂ
123,613‌
27,107‌
United
Parcel
Service,
Class
BÂ
265,313‌
48,313‌
75,420‌
Airlines
0.2%
Southwest
Airlines (1)
235,800‌
12,127‌
United
Airlines
Holdings (1)
152,331‌
7,246‌
19,373‌
Commercial
Services
&
Supplies
0.3%
Waste
ConnectionsÂ
174,656‌
21,994‌
21,994‌
Industrial
Conglomerates
2.0%
3MÂ
159,128‌
27,914‌
General
ElectricÂ
672,351‌
69,273‌
Honeywell
InternationalÂ
127,473‌
27,060‌
Roper
TechnologiesÂ
68,707‌
30,652‌
154,899‌
Machinery
1.8%
CumminsÂ
141,173‌
31,702‌
FlowserveÂ
171,412‌
5,943‌
FortiveÂ
317,815‌
22,428‌
Ingersoll
Rand (1)
281,625‌
14,197‌
Otis
WorldwideÂ
275,707‌
22,685‌
PACCARÂ
372,123‌
29,368‌
Parker-HannifinÂ
54,295‌
15,182‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Snap-onÂ
14,814‌
3,095‌
144,600‌
Professional
Services
0.4%
Clarivate (1)
232,289‌
5,087‌
CoStar
Group (1)
74,210‌
6,387‌
EquifaxÂ
12,668‌
3,210‌
Leidos
HoldingsÂ
158,481‌
15,235‌
29,919‌
Road
&
Rail
0.6%
Canadian
Pacific
RailwayÂ
139,700‌
9,090‌
CSXÂ
701,445‌
20,861‌
Norfolk
SouthernÂ
83,739‌
20,035‌
49,986‌
Trading
Companies
&
Distributors
0.0%
United
Rentals (1)
7,700‌
2,702‌
2,702‌
Total
Industrials
&
Business
Services
582,811‌
INFORMATION
TECHNOLOGY
27.7%
Communications
Equipment
1.0%
Cisco
SystemsÂ
1,019,239‌
55,477‌
Motorola
SolutionsÂ
84,956‌
19,737‌
75,214‌
Electronic
Equipment,
Instruments
&
Components
1.1%
Amphenol,
Class
AÂ
511,060‌
37,425‌
CDWÂ
70,541‌
12,840‌
Keysight
Technologies (1)
26,049‌
4,280‌
Teledyne
Technologies (1)
49,851‌
21,415‌
Trimble (1)
110,983‌
9,128‌
85,088‌
IT
Services
5.8%
Accenture,
Class
AÂ
168,108‌
53,781‌
Cognizant
Technology
Solutions,
Class
AÂ
296,345‌
21,992‌
Fidelity
National
Information
ServicesÂ
298,057‌
36,268‌
Fiserv (1)
672,033‌
72,916‌
FleetCor
Technologies (1)
143,755‌
37,559‌
Global
PaymentsÂ
287,078‌
45,238‌
Mastercard,
Class
AÂ
174,400‌
60,635‌
VeriSign (1)
81,764‌
16,762‌
Visa,
Class
AÂ
484,841‌
107,998‌
453,149‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Semiconductors
&
Semiconductor
Equipment
5.0%
Advanced
Micro
Devices (1)
499,604‌
51,409‌
Analog
DevicesÂ
85,567‌
14,331‌
Applied
MaterialsÂ
40,899‌
5,265‌
BroadcomÂ
89,927‌
43,608‌
Lam
ResearchÂ
6,177‌
3,516‌
Marvell
TechnologyÂ
10,357‌
625‌
Microchip
TechnologyÂ
99,277‌
15,238‌
NVIDIAÂ
432,934‌
89,686‌
QUALCOMMÂ
368,118‌
47,480‌
Texas
InstrumentsÂ
461,204‌
88,648‌
XilinxÂ
242,239‌
36,576‌
396,382‌
Software
8.8%
Citrix
SystemsÂ
174,670‌
18,754‌
Fortinet (1)
23,053‌
6,733‌
IntuitÂ
76,038‌
41,023‌
MicrosoftÂ
1,689,672‌
476,352‌
NortonLifeLockÂ
887,527‌
22,455‌
salesforce.com (1)
342,249‌
92,825‌
Workday,
Class
AÂ (1)
72,277‌
18,061‌
Zoom
Video
Communications,
Class
AÂ (1)
73,491‌
19,218‌
695,421‌
Technology
Hardware,
Storage
&
Peripherals
6.0%
AppleÂ
3,314,335‌
468,978‌
468,978‌
Total
Information
Technology
2,174,232‌
MATERIALS
2.6%
Chemicals
1.5%
AlbemarleÂ
28,905‌
6,329‌
CF
Industries
HoldingsÂ
82,352‌
4,597‌
International
Flavors
&
FragrancesÂ
73,892‌
9,881‌
LindeÂ
159,454‌
46,781‌
RPM
InternationalÂ
128,556‌
9,982‌
Sherwin-WilliamsÂ
153,837‌
43,033‌
120,603‌
Construction
Materials
0.2%
Vulcan
MaterialsÂ
106,308‌
17,983‌
17,983‌
Containers
&
Packaging
0.9%
BallÂ
304,706‌
27,415‌
International
PaperÂ
171,983‌
9,617‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Packaging
Corp.
of
AmericaÂ
56,723‌
7,796‌
Sealed
AirÂ
330,939‌
18,132‌
WestrockÂ
109,599‌
5,461‌
68,421‌
Paper
&
Forest
Products
0.0%
West
Fraser
TimberÂ
20,600‌
1,735‌
1,735‌
Total
Materials
208,742‌
REAL
ESTATE
2.3%
Equity
Real
Estate
Investment
Trusts
2.2%
Alexandria
Real
Estate
Equities,
REITÂ
38,352‌
7,328‌
American
Tower,
REITÂ
119,400‌
31,690‌
AvalonBay
Communities,
REITÂ
62,715‌
13,900‌
Camden
Property
Trust,
REITÂ
68,704‌
10,132‌
Equinix,
REITÂ
27,396‌
21,646‌
Equity
LifeStyle
Properties,
REITÂ
46,299‌
3,616‌
Equity
Residential,
REITÂ
109,003‌
8,821‌
Essex
Property
Trust,
REITÂ
25,600‌
8,185‌
Prologis,
REITÂ
262,994‌
32,987‌
Public
Storage,
REITÂ
10,463‌
3,109‌
SBA
Communications,
REITÂ
7,431‌
2,457‌
Simon
Property
Group,
REITÂ
40,159‌
5,219‌
Sun
Communities,
REITÂ
20,323‌
3,762‌
Welltower,
REITÂ
215,286‌
17,740‌
Weyerhaeuser,
REITÂ
47,327‌
1,683‌
172,275‌
Real
Estate
Management
&
Development
0.1%
Opendoor
Technologies (1)
257,609‌
5,289‌
5,289‌
Total
Real
Estate
177,564‌
UTILITIES
2.7%
Electric
Utilities
1.2%
Eversource
EnergyÂ
209,171‌
17,102‌
NextEra
EnergyÂ
473,739‌
37,198‌
SouthernÂ
507,650‌
31,459‌
Xcel
EnergyÂ
80,200‌
5,012‌
90,771‌
Gas
Utilities
0.0%
Atmos
EnergyÂ
20,476‌
1,806‌
1,806‌
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Multi-Utilities
1.5%
AmerenÂ
342,482‌
27,741‌
CMS
EnergyÂ
167,000‌
9,975‌
Dominion
EnergyÂ
431,985‌
31,544‌
Public
Service
Enterprise
GroupÂ
144,670‌
8,810‌
Sempra
EnergyÂ
261,442‌
33,072‌
WEC
Energy
GroupÂ
99,840‌
8,806‌
119,948‌
Total
Utilities
212,525‌
Total
Common
Stocks
(Cost
$5,347,700)
7,831,361‌
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%Â (2)(3)
29,627,379‌
29,627‌
29,627‌
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
0.052%,
12/30/21Â (4)
4,050,000‌
4,050‌
4,050‌
Total
Short-Term
Investments
(Cost
$33,677)
33,677‌
Total
Investments
in
Securities
99.9%
(Cost
$5,381,377)
$
7,865,038‌
Other
Assets
Less
Liabilities
0.1%
4,210‌
Net
Assets
100.0%
$
7,869,248‌
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Seven-day
yield
(3)
Affiliated
Companies
(4)
At
September
30,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
ADR
American
Depositary
Receipts
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
11
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
148
S&P
500
E-Mini
Index
contracts
12/21
31,803
$
(1,103‌)
Net
payments
(receipts)
of
variation
margin
to
date
748‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(355‌)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
12
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
Treasury
Reserve
Fund,
0.05%
$
—‌#
$
—‌
$
14‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
$
43,920‌
 ¤
 ¤
$
29,627‌^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$14
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
$29,627.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Unaudited
Notes
to
Portfolio
of
Investments
13
T.
Rowe
Price
U.S.
Equity
Research
Fund,
Inc. (the
fund)Â 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.Â
VALUATIONÂ
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.
Equity
Research
Fund
14
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
TechniquesÂ
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.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
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.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
15
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
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
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F108-054Q3
09/21Â
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,831,361‌
$
—‌
$
—‌
$
7,831,361‌
Short-Term
Investments
29,627‌
4,050‌
—‌
33,677‌
Total
$
7,860,988‌
$
4,050‌
$
—‌
$
7,865,038‌
Liabilities
Futures
Contracts*
$
1,103‌
$
—‌
$
—‌
$
1,103‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.