T.
ROWE
PRICE
U.S.
Equity
Research
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.0%
COMMUNICATION
SERVICES
11.4%
Diversified
Telecommunication
Services
0.9%
AT&T
1,112,429
33,673
Verizon
Communications
453,080
26,347
60,020
Entertainment
1.8%
Electronic
Arts
124,180
16,810
Netflix (1)
113,134
59,018
Playtika
Holding (1)
115,584
3,145
Walt
Disney (1)
240,537
44,384
123,357
Interactive
Media
&
Services
6.7%
Alphabet,
Class
A (1)
50,276
103,695
Alphabet,
Class
C (1)
86,738
179,429
Facebook,
Class
A (1)
598,458
176,264
459,388
Media
1.8%
Charter
Communications,
Class
A (1)
34,840
21,497
Comcast,
Class
A
1,456,011
78,785
DISH
Network,
Class
A (1)
42,777
1,548
Liberty
Broadband,
Class
C (1)
126,358
18,973
120,803
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S. (1)
119,906
15,023
15,023
Total
Communication
Services
778,591
CONSUMER
DISCRETIONARY
12.4%
Auto
Components
0.4%
Aptiv (1)
101,228
13,959
Magna
International
168,346
14,821
28,780
Automobiles
1.1%
Ferrari
86,133
18,026
General
Motors
93,278
5,360
Tesla (1)
78,730
52,586
75,972
Hotels,
Restaurants
&
Leisure
2.6%
Airbnb,
Class
A (1)
14,083
2,647
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Booking
Holdings (1)
11,690
27,236
Chipotle
Mexican
Grill (1)
2,420
3,438
Domino's
Pizza
7,704
2,833
Hilton
Worldwide
Holdings (1)
131,310
15,878
Las
Vegas
Sands
129,012
7,839
Marriott
International,
Class
A (1)
138,402
20,499
McDonald's
197,030
44,162
Starbucks
212,343
23,203
Wynn
Resorts (1)
120,318
15,084
Yum!
Brands
165,790
17,935
180,754
Household
Durables
0.2%
NVR (1)
2,264
10,665
10,665
Internet
&
Direct
Marketing
Retail
4.2%
Amazon.com (1)
93,120
288,121
DoorDash,
Class
A (1)
23,076
3,026
291,147
Multiline
Retail
0.4%
Dollar
General
77,887
15,782
Dollar
Tree (1)
81,331
9,309
25,091
Specialty
Retail
2.7%
AutoZone (1)
7,294
10,243
Burlington
Stores (1)
38,664
11,553
CarMax (1)
61,167
8,114
Home
Depot
240,428
73,391
Lowe's
121,168
23,044
O'Reilly
Automotive (1)
32,596
16,534
Ross
Stores
194,698
23,346
TJX
200,589
13,269
Ulta
Beauty (1)
24,602
7,606
187,100
Textiles,
Apparel
&
Luxury
Goods
0.8%
NIKE,
Class
B
341,773
45,418
VF
129,924
10,384
55,802
Total
Consumer
Discretionary
855,311
CONSUMER
STAPLES
5.5%
Beverages
1.7%
Coca-Cola
978,244
51,563
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Keurig
Dr
Pepper
436,057
14,988
Monster
Beverage (1)
114,735
10,451
PepsiCo
302,589
42,801
119,803
Food
&
Staples
Retailing
0.9%
Costco
Wholesale
97,042
34,205
Walmart
182,376
24,772
58,977
Food
Products
0.8%
Conagra
Brands
363,540
13,669
Darling
Ingredients (1)
32,545
2,395
Mondelez
International,
Class
A
505,803
29,604
Tyson
Foods,
Class
A
148,763
11,053
56,721
Household
Products
1.1%
Clorox
20,353
3,926
Colgate-Palmolive
102,301
8,064
Procter
&
Gamble
457,868
62,009
73,999
Personal
Products
0.2%
Estee
Lauder,
Class
A
52,028
15,132
15,132
Tobacco
0.8%
Altria
Group
406,027
20,772
Philip
Morris
International
401,462
35,626
56,398
Total
Consumer
Staples
381,030
ENERGY
2.6%
Energy
Equipment
&
Services
0.3%
Halliburton
967,331
20,759
20,759
Oil,
Gas
&
Consumable
Fuels
2.3%
Chevron
237,977
24,938
ConocoPhillips
899,605
47,652
EOG
Resources
303,868
22,040
Exxon
Mobil
416,913
23,276
Hess
194,924
13,793
Marathon
Petroleum
178,785
9,563
Pioneer
Natural
Resources
24,893
3,953
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
TOTAL,
ADR
224,533
10,450
155,665
Total
Energy
176,424
FINANCIALS
11.8%
Banks
5.1%
Bank
of
America
2,207,070
85,391
Citizens
Financial
Group
385,600
17,024
Fifth
Third
Bancorp
1,161,415
43,495
Huntington
Bancshares
2,042,100
32,102
JPMorgan
Chase
189,375
28,829
PNC
Financial
Services
Group
260,036
45,613
Signature
Bank
49,792
11,258
Wells
Fargo
2,293,753
89,617
353,329
Capital
Markets
2.7%
Apollo
Global
Management
83,100
3,906
Bank
of
New
York
Mellon
136,587
6,459
Cboe
Global
Markets
97,142
9,587
Charles
Schwab
549,612
35,824
CME
Group
94,378
19,275
Goldman
Sachs
Group
117,572
38,446
Intercontinental
Exchange
120,271
13,432
Invesco
99,895
2,519
KKR
206,506
10,088
Morgan
Stanley
349,974
27,179
Raymond
James
Financial
25,878
3,172
S&P
Global
19,783
6,981
State
Street
29,453
2,474
Tradeweb
Markets,
Class
A
124,311
9,199
188,541
Consumer
Finance
0.4%
Capital
One
Financial
189,895
24,160
24,160
Diversified
Financial
Services
1.5%
Berkshire
Hathaway,
Class
B (1)
323,333
82,602
Equitable
Holdings
570,214
18,600
Voya
Financial
81,300
5,174
106,376
Insurance
2.1%
American
International
Group
651,858
30,122
Chubb
196,667
31,068
Hartford
Financial
Services
Group
318,580
21,278
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Marsh
&
McLennan
14,915
1,817
MetLife
373,622
22,712
Progressive
138,966
13,287
RenaissanceRe
Holdings
21,400
3,429
Travelers
45,160
6,792
Willis
Towers
Watson
57,848
13,240
143,745
Total
Financials
816,151
HEALTH
CARE
12.5%
Biotechnology
2.1%
AbbVie
673,921
72,932
Amgen
92,051
22,903
Biogen (1)
44,202
12,365
Incyte (1)
95,995
7,802
Regeneron
Pharmaceuticals (1)
13,444
6,361
Seagen (1)
27,282
3,788
Vertex
Pharmaceuticals (1)
84,558
18,171
144,322
Health
Care
Equipment
&
Supplies
3.0%
Abbott
Laboratories
228,797
27,419
Becton
Dickinson
&
Company
181,742
44,190
Cooper
9,661
3,711
Danaher
140,604
31,647
Hologic (1)
165,072
12,278
Intuitive
Surgical (1)
63,453
46,888
Medtronic
86,913
10,267
Stryker
111,227
27,093
203,493
Health
Care
Providers
&
Services
2.8%
Anthem
69,170
24,829
Centene (1)
336,753
21,522
Cigna
144,623
34,961
CVS
Health
171,241
12,882
HCA
Healthcare
93,195
17,552
Humana
37,228
15,608
McKesson
19,486
3,801
UnitedHealth
Group
159,231
59,245
190,400
Life
Sciences
Tools
&
Services
1.0%
Agilent
Technologies
184,917
23,510
Thermo
Fisher
Scientific
99,648
45,478
68,988
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Pharmaceuticals
3.6%
AstraZeneca,
ADR
676,979
33,660
Elanco
Animal
Health (1)
676,204
19,914
Eli
Lilly
376,685
70,372
Johnson
&
Johnson
292,404
48,057
Merck
314,732
24,263
Sanofi,
ADR
366,746
18,139
Zoetis
203,361
32,025
246,430
Total
Health
Care
853,633
INDUSTRIALS
&
BUSINESS
SERVICES
8.9%
Aerospace
&
Defense
1.4%
Boeing (1)
130,324
33,196
L3Harris
Technologies
95,129
19,281
Teledyne
Technologies (1)
46,730
19,330
Textron
378,085
21,203
TransDigm
Group (1)
4,142
2,435
95,445
Air
Freight
&
Logistics
1.1%
FedEx
116,253
33,021
United
Parcel
Service,
Class
B
232,128
39,459
72,480
Airlines
0.2%
United
Airlines
Holdings (1)
232,803
13,395
13,395
Building
Products
0.1%
Johnson
Controls
International
71,741
4,281
4,281
Commercial
Services
&
Supplies
0.3%
Waste
Connections
167,254
18,060
18,060
Industrial
Conglomerates
2.2%
3M
112,392
21,656
General
Electric
5,024,468
65,971
Honeywell
International
165,760
35,982
Roper
Technologies
71,945
29,018
152,627
Machinery
2.1%
Cummins
117,227
30,375
Flowserve
162,596
6,310
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Fortive
300,589
21,234
Illinois
Tool
Works
16,098
3,566
Ingersoll
Rand (1)
268,814
13,228
Otis
Worldwide
304,701
20,857
PACCAR
285,213
26,502
Parker-Hannifin
50,253
15,851
Snap-on
26,274
6,063
143,986
Professional
Services
0.7%
Clarivate (1)
217,458
5,739
CoStar
Group (1)
6,884
5,658
Equifax
116,700
21,138
Leidos
Holdings
161,086
15,509
48,044
Road
&
Rail
0.8%
CSX
223,018
21,503
JB
Hunt
Transport
Services
82,550
13,874
Norfolk
Southern
79,110
21,243
56,620
Total
Industrials
&
Business
Services
604,938
INFORMATION
TECHNOLOGY
26.4%
Communications
Equipment
1.0%
Cisco
Systems
1,061,746
54,903
Motorola
Solutions
80,810
15,196
70,099
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol,
Class
A
460,861
30,403
CDW
67,901
11,255
Keysight
Technologies (1)
26,049
3,735
Trimble (1)
104,900
8,160
53,553
IT
Services
6.0%
Accenture,
Class
A
158,891
43,894
Broadridge
Financial
Solutions
8,483
1,299
Cognizant
Technology
Solutions,
Class
A
277,419
21,672
Fidelity
National
Information
Services
281,239
39,545
Fiserv (1)
460,075
54,767
FleetCor
Technologies (1)
90,873
24,411
Global
Payments
185,070
37,306
Mastercard,
Class
A
184,213
65,589
PayPal
Holdings (1)
42,565
10,337
Snowflake,
Class
A (1)
12,566
2,881
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
VeriSign (1)
78,416
15,586
Visa,
Class
A
443,211
93,841
411,128
Semiconductors
&
Semiconductor
Equipment
5.1%
Advanced
Micro
Devices (1)
532,787
41,824
Analog
Devices
12,300
1,907
Applied
Materials
38,165
5,099
Broadcom
94,411
43,775
Lam
Research
6,177
3,677
Marvell
Technology
Group
10,357
507
Maxim
Integrated
Products
69,375
6,339
Microchip
Technology
220,713
34,259
Micron
Technology (1)
441,196
38,918
Monolithic
Power
Systems
6,613
2,336
NVIDIA
102,167
54,550
QUALCOMM
319,975
42,425
Texas
Instruments
287,046
54,249
Xilinx
176,457
21,863
351,728
Software
7.9%
Citrix
Systems
126,994
17,825
Fortinet (1)
21,414
3,949
Intuit
76,597
29,341
Microsoft
1,597,045
376,536
NortonLifeLock
1,221,933
25,978
salesforce.com (1)
324,456
68,743
Workday,
Class
A (1)
32,014
7,953
Zoom
Video
Communications,
Class
A (1)
47,500
15,261
545,586
Technology
Hardware,
Storage
&
Peripherals
5.6%
Apple
3,128,560
382,154
382,154
Total
Information
Technology
1,814,248
MATERIALS
2.3%
Chemicals
1.8%
Albemarle
26,654
3,894
Celanese
51,570
7,726
CF
Industries
Holdings
75,222
3,414
International
Flavors
&
Fragrances
80,464
11,234
Linde
149,998
42,020
PPG
Industries
83,862
12,601
RPM
International
29,656
2,724
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sherwin-Williams
40,623
29,980
Westlake
Chemical
94,716
8,410
122,003
Containers
&
Packaging
0.5%
International
Paper
165,106
8,927
Packaging
Corp.
of
America
54,332
7,307
Sealed
Air
363,318
16,647
Westrock
89,852
4,677
37,558
Total
Materials
159,561
REAL
ESTATE
2.3%
Equity
Real
Estate
Investment
Trusts
2.2%
Alexandria
Real
Estate
Equities,
REIT
23,757
3,903
American
Tower,
REIT
121,023
28,932
Apartment
Income
REIT,
REIT
106,302
4,546
AvalonBay
Communities,
REIT
84,524
15,596
Camden
Property
Trust,
REIT
45,800
5,034
Crown
Castle
International,
REIT
20,700
3,563
Equinix,
REIT
25,689
17,458
Equity
LifeStyle
Properties,
REIT
46,299
2,946
Equity
Residential,
REIT
122,649
8,785
Prologis,
REIT
248,256
26,315
Public
Storage,
REIT
10,463
2,582
SBA
Communications,
REIT
6,236
1,731
Simon
Property
Group,
REIT
37,646
4,283
Sun
Communities,
REIT
18,677
2,802
Welltower,
REIT
205,613
14,728
Weyerhaeuser,
REIT
160,227
5,704
148,908
Real
Estate
Management
&
Development
0.1%
Opendoor
Technologies (1)
235,548
4,991
4,991
Total
Real
Estate
153,899
UTILITIES
2.9%
Electric
Utilities
1.4%
American
Electric
Power
120,263
10,186
Entergy
139,474
13,873
Evergy
85,500
5,090
NextEra
Energy
427,187
32,300
Southern
533,506
33,163
94,612
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Gas
Utilities
0.0%
Atmos
Energy
25,485
2,519
2,519
Multi-Utilities
1.5%
Ameren
382,586
31,127
DTE
Energy
110,606
14,726
Public
Service
Enterprise
Group
222,033
13,369
Sempra
Energy
287,473
38,113
WEC
Energy
Group
81,174
7,597
104,932
Total
Utilities
202,063
Total
Common
Stocks
(Cost
$4,786,563)
6,795,849
SHORT-TERM
INVESTMENTS
0.9%
Money
Market
Funds
0.8%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (2)(3)
56,492,905
56,493
56,493
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
0.053%,
12/30/21 (4)
3,580,000
3,579
3,579
Total
Short-Term
Investments
(Cost
$60,071)
60,072
Total
Investments
in
Securities
99.9%
(Cost
$4,846,634)
$
6,855,921
Other
Assets
Less
Liabilities
0.1%
9,222
Net
Assets
100.0%
$
6,865,143
‡
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
March
31,
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,
304
S&P
500
E-Mini
Index
contracts
6/21
60,304
$
605
Net
payments
(receipts)
of
variation
margin
to
date
(
327
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
278
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
three
months
ended
March
31,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
$
—
#
$
—
$
8
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
$
43,920
¤
¤
$
56,493
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$8
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
$56,493.
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) 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.
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
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.
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
March
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F108-054Q1
03/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
6,795,849
$
—
$
—
$
6,795,849
Short-Term
Investments
56,493
3,579
—
60,072
Total
Securities
6,852,342
3,579
—
6,855,921
Futures
Contracts*
605
—
—
605
Total
$
6,852,947
$
3,579
$
—
$
6,856,526
*
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.