T.
ROWE
PRICE
U.S.
Equity
Research
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.5%
COMMUNICATION
SERVICES
9.5%
Diversified
Telecommunication
Services
0.3%
AT&T
655,713
15,495
Verizon
Communications
474,604
24,176
39,671
Entertainment
1.2%
Activision
Blizzard
151,100
12,105
Electronic
Arts
136,949
17,325
Netflix (1)
172,084
64,461
Walt
Disney (1)
365,352
50,112
144,003
Interactive
Media
&
Services
6.3%
Alphabet,
Class
A (1)
76,243
212,058
Alphabet,
Class
C (1)
124,818
348,615
Meta
Platforms,
Class
A (1)
861,970
191,668
752,341
Media
1.1%
Charter
Communications,
Class
A (1)
125,819
68,637
Comcast,
Class
A
1,038,822
48,637
Liberty
Broadband,
Class
C (1)
91,059
12,322
129,596
Wireless
Telecommunication
Services
0.6%
T-Mobile
U.S. (1)
592,093
75,995
75,995
Total
Communication
Services
1,141,606
CONSUMER
DISCRETIONARY
12.8%
Auto
Components
0.1%
Aptiv (1)
33,062
3,958
Magna
International
206,702
13,293
17,251
Automobiles
2.9%
Ferrari
43,184
9,418
General
Motors (1)
177,004
7,742
Rivian
Automotive,
Class
A (1)
600,544
30,172
Tesla (1)
280,518
302,286
349,618
Hotels,
Restaurants
&
Leisure
2.3%
Airbnb,
Class
A (1)
18,811
3,231
Booking
Holdings (1)
17,730
41,638
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chipotle
Mexican
Grill (1)
26,346
41,680
Hilton
Worldwide
Holdings (1)
175,773
26,672
Las
Vegas
Sands (1)
353,686
13,748
Marriott
International,
Class
A (1)
164,772
28,959
McDonald's
185,744
45,931
MGM
Resorts
International
397,124
16,655
Starbucks
488,210
44,412
Wynn
Resorts (1)
109,503
8,732
271,658
Household
Durables
0.1%
NVR (1)
3,458
15,448
15,448
Internet
&
Direct
Marketing
Retail
3.9%
Amazon.com (1)
144,723
471,790
471,790
Leisure
Products
0.1%
Peloton
Interactive,
Class
A (1)
324,344
8,569
8,569
Multiline
Retail
0.4%
Dollar
General
117,593
26,180
Dollar
Tree (1)
120,847
19,353
45,533
Specialty
Retail
2.3%
AutoZone (1)
10,980
22,450
Burlington
Stores (1)
86,838
15,819
Home
Depot
364,970
109,246
Lowe's
184,532
37,311
O'Reilly
Automotive (1)
49,269
33,747
Ross
Stores
294,830
26,670
TJX
302,339
18,316
Ulta
Beauty (1)
36,720
14,623
278,182
Textiles,
Apparel
&
Luxury
Goods
0.7%
Lululemon
Athletica (1)
45,621
16,662
NIKE,
Class
B
507,011
68,223
84,885
Total
Consumer
Discretionary
1,542,934
CONSUMER
STAPLES
5.7%
Beverages
2.2%
Coca-Cola
1,552,035
96,226
Constellation
Brands,
Class
A
182,077
41,936
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Keurig
Dr
Pepper
737,353
27,946
Monster
Beverage (1)
376,777
30,105
PepsiCo
432,688
72,423
268,636
Food
&
Staples
Retailing
1.2%
Costco
Wholesale
147,442
84,905
Walmart
385,498
57,408
142,313
Food
Products
0.5%
Conagra
Brands
258,374
8,674
Darling
Ingredients (1)
134,533
10,814
Mondelez
International,
Class
A
682,097
42,822
Mowi,
ADR
46,339
1,247
63,557
Household
Products
1.0%
Kimberly-Clark
96,226
11,851
Procter
&
Gamble
706,281
107,920
119,771
Personal
Products
0.3%
Estee
Lauder,
Class
A
112,967
30,763
30,763
Tobacco
0.5%
Altria
Group
616,765
32,226
Philip
Morris
International
270,916
25,450
57,676
Total
Consumer
Staples
682,716
ENERGY
3.1%
Energy
Equipment
&
Services
0.4%
Halliburton
1,127,404
42,695
42,695
Oil,
Gas
&
Consumable
Fuels
2.7%
Chevron
362,061
58,954
ConocoPhillips
961,581
96,158
EOG
Resources
281,195
33,527
Exxon
Mobil
633,967
52,359
Marathon
Petroleum
267,352
22,859
Pioneer
Natural
Resources
70,139
17,537
TotalEnergies,
ADR
828,123
41,853
323,247
Total
Energy
365,942
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
10.8%
Banks
4.0%
Bank
of
America
1,747,054
72,014
Citigroup
1,000,487
53,426
Citizens
Financial
Group
135,014
6,120
Fifth
Third
Bancorp
1,013,115
43,604
Huntington
Bancshares
2,602,456
38,048
JPMorgan
Chase
707,917
96,503
PNC
Financial
Services
Group
70,854
13,069
Signature
Bank
79,148
23,229
SVB
Financial
Group (1)
38,360
21,461
Wells
Fargo
2,320,559
112,454
479,928
Capital
Markets
2.6%
Bank
of
New
York
Mellon
269,664
13,384
Cboe
Global
Markets
93,693
10,720
Charles
Schwab
688,130
58,016
CME
Group
222,455
52,913
Goldman
Sachs
Group
185,502
61,234
Intercontinental
Exchange
327,046
43,209
Invesco
301,070
6,943
KKR
309,610
18,103
MarketAxess
Holdings
23,111
7,862
Morgan
Stanley
208,329
18,208
State
Street
250,626
21,835
Tradeweb
Markets,
Class
A
54,598
4,798
317,225
Diversified
Financial
Services
1.9%
Apollo
Global
Management
124,641
7,726
Berkshire
Hathaway,
Class
B (1)
485,021
171,169
Equitable
Holdings
824,254
25,478
Voya
Financial
308,582
20,474
224,847
Insurance
2.3%
American
International
Group
1,017,058
63,841
Assurant
138,704
25,221
Chubb
290,810
62,204
Hartford
Financial
Services
Group
535,246
38,436
Marsh
&
McLennan
162,587
27,708
MetLife
451,011
31,697
RenaissanceRe
Holdings
201,079
31,873
280,980
Total
Financials
1,302,980
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
13.9%
Biotechnology
2.0%
AbbVie
785,272
127,301
Amgen
198,398
47,977
Biogen (1)
25,410
5,351
Moderna (1)
83,779
14,432
Regeneron
Pharmaceuticals (1)
25,930
18,110
Vertex
Pharmaceuticals (1)
99,741
26,029
239,200
Health
Care
Equipment
&
Supplies
2.7%
Abbott
Laboratories
346,781
41,045
Becton
Dickinson
&
Company
233,732
62,173
Cooper
27,860
11,634
Dexcom (1)
64,442
32,968
Hologic (1)
248,361
19,079
Intuitive
Surgical (1)
270,309
81,547
Medtronic
131,179
14,554
STERIS
56,161
13,578
Stryker
168,505
45,050
Teleflex
15,646
5,552
327,180
Health
Care
Providers
&
Services
3.2%
Anthem
105,342
51,746
Centene (1)
346,712
29,190
Cigna
80,101
19,193
CVS
Health
279,451
28,283
HCA
Healthcare
103,291
25,887
Humana
74,649
32,485
McKesson
23,403
7,164
Molina
Healthcare (1)
57,761
19,268
UnitedHealth
Group
326,179
166,342
379,558
Life
Sciences
Tools
&
Services
1.9%
Agilent
Technologies
278,759
36,888
Danaher
239,101
70,136
Illumina (1)
24,955
8,719
Thermo
Fisher
Scientific
163,893
96,803
West
Pharmaceutical
Services
24,177
9,930
222,476
Pharmaceuticals
4.1%
AstraZeneca,
ADR
876,758
58,164
Elanco
Animal
Health (1)
1,153,225
30,088
Eli
Lilly
428,395
122,679
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Johnson
&
Johnson
546,397
96,838
Merck
183,758
15,077
Pfizer
830,747
43,008
Roche
Holding,
ADR
719,480
35,549
Sanofi,
ADR
584,760
30,022
Zoetis
296,128
55,847
487,272
Total
Health
Care
1,655,686
INDUSTRIALS
&
BUSINESS
SERVICES
7.3%
Aerospace
&
Defense
1.0%
Boeing (1)
255,855
48,996
L3Harris
Technologies
111,649
27,742
Raytheon
Technologies
37,976
3,762
Textron
424,641
31,585
TransDigm
Group (1)
10,948
7,133
119,218
Air
Freight
&
Logistics
1.0%
FedEx
186,869
43,240
United
Parcel
Service,
Class
B
380,590
81,621
124,861
Airlines
0.3%
Southwest
Airlines (1)
423,844
19,412
United
Airlines
Holdings (1)
220,848
10,239
29,651
Building
Products
0.3%
Trane
Technologies
244,905
37,397
37,397
Commercial
Services
&
Supplies
0.3%
Waste
Connections
233,455
32,614
32,614
Construction
&
Engineering
0.2%
Quanta
Services
154,328
20,311
20,311
Electrical
Equipment
0.2%
Generac
Holdings (1)
71,776
21,336
21,336
Industrial
Conglomerates
1.9%
General
Electric
1,117,520
102,253
Honeywell
International
366,761
71,364
Roper
Technologies
107,801
50,907
224,524
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Machinery
1.5%
Cummins
191,448
39,268
Fortive
319,036
19,439
Ingersoll
Rand
621,521
31,293
Otis
Worldwide
277,450
21,350
PACCAR
468,050
41,221
Parker-Hannifin
74,511
21,143
173,714
Professional
Services
0.1%
Leidos
Holdings
61,632
6,657
TransUnion
61,095
6,314
12,971
Road
&
Rail
0.5%
Canadian
Pacific
Railway
203,074
16,762
CSX
393,385
14,732
Norfolk
Southern
96,357
27,483
Saia (1)
22,557
5,500
64,477
Trading
Companies
&
Distributors
0.0%
United
Rentals (1)
9,815
3,486
3,486
Total
Industrials
&
Business
Services
864,560
INFORMATION
TECHNOLOGY
27.7%
Communications
Equipment
0.8%
Cisco
Systems
1,102,246
61,461
Motorola
Solutions
143,009
34,637
96,098
Electronic
Equipment,
Instruments
&
Components
0.3%
Amphenol,
Class
A
7,488
564
Teledyne
Technologies (1)
70,958
33,537
Trimble (1)
4,283
309
34,410
IT
Services
5.2%
Accenture,
Class
A
307,530
103,708
Cognizant
Technology
Solutions,
Class
A
201,137
18,036
Fidelity
National
Information
Services
426,819
42,861
Fiserv (1)
846,130
85,798
FleetCor
Technologies (1)
198,265
49,380
Global
Payments
366,964
50,215
Mastercard,
Class
A
268,777
96,056
PayPal
Holdings (1)
102,127
11,811
VeriSign (1)
118,468
26,354
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Visa,
Class
A
616,795
136,787
621,006
Semiconductors
&
Semiconductor
Equipment
5.0%
Advanced
Micro
Devices (1)
1,176,432
128,631
Broadcom
157,868
99,406
KLA
141,146
51,668
NVIDIA
865,576
236,181
QUALCOMM
527,907
80,675
Texas
Instruments
33,803
6,202
602,763
Software
9.0%
Cadence
Design
Systems (1)
73,700
12,121
Citrix
Systems
88,859
8,966
Fortinet (1)
32,468
11,096
HashiCorp,
Class
A (1)
20,763
1,121
Intuit
76,480
36,775
Microsoft
2,433,476
750,265
NortonLifeLock
1,118,245
29,656
salesforce.com (1)
579,946
123,134
Synopsys (1)
137,469
45,814
Workday,
Class
A (1)
88,943
21,298
Zoom
Video
Communications,
Class
A (1)
362,885
42,541
1,082,787
Technology
Hardware,
Storage
&
Peripherals
7.4%
Apple
4,967,611
867,394
Pure
Storage,
Class
A (1)
567,055
20,023
887,417
Total
Information
Technology
3,324,481
MATERIALS
3.0%
Chemicals
2.1%
Air
Products
&
Chemicals
154,179
38,531
Albemarle
39,882
8,820
CF
Industries
Holdings
92,806
9,565
Corteva
284,087
16,329
FMC
88,683
11,668
International
Flavors
&
Fragrances
114,473
15,034
Linde
258,491
82,570
Nutrien
55,300
5,751
RPM
International
173,728
14,148
Sherwin-Williams
185,480
46,299
248,715
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
Materials
0.1%
Vulcan
Materials
79,247
14,558
14,558
Containers
&
Packaging
0.8%
Avery
Dennison
56,700
9,864
Ball
276,132
24,852
International
Paper
252,866
11,670
Packaging
Corp.
of
America
99,978
15,607
Sealed
Air
424,517
28,426
Westrock
182,378
8,577
98,996
Paper
&
Forest
Products
0.0%
West
Fraser
Timber
39,842
3,284
3,284
Total
Materials
365,553
REAL
ESTATE
2.5%
Equity
Real
Estate
Investment
Trusts
2.5%
Alexandria
Real
Estate
Equities,
REIT
29,839
6,005
American
Tower,
REIT
86,423
21,711
AvalonBay
Communities,
REIT
51,972
12,908
Camden
Property
Trust,
REIT
28,500
4,737
Equinix,
REIT
47,543
35,259
Equity
LifeStyle
Properties,
REIT
95,331
7,291
Equity
Residential,
REIT
47,710
4,290
Essex
Property
Trust,
REIT
62,554
21,611
Extra
Space
Storage,
REIT
37,448
7,699
Prologis,
REIT
297,594
48,056
Public
Storage,
REIT
80,461
31,402
Rexford
Industrial
Realty,
REIT
83,583
6,235
SBA
Communications,
REIT
132,087
45,451
Simon
Property
Group,
REIT
55,976
7,364
Sun
Communities,
REIT
28,039
4,915
Welltower,
REIT
340,635
32,749
Weyerhaeuser,
REIT
47,048
1,783
299,466
Real
Estate
Management
&
Development
0.0%
Opendoor
Technologies,
Class
A (1)
325,001
2,811
2,811
Total
Real
Estate
302,277
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UTILITIES
3.2%
Electric
Utilities
1.4%
NextEra
Energy
1,045,912
88,599
Southern
713,320
51,723
Xcel
Energy
310,298
22,394
162,716
Multi-Utilities
1.8%
Ameren
476,164
44,645
CMS
Energy
624,147
43,653
Dominion
Energy
617,755
52,491
Sempra
Energy
257,662
43,318
WEC
Energy
Group
290,491
28,994
213,101
Total
Utilities
375,817
Total
Common
Stocks
(Cost
$9,083,599)
11,924,552
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29% (2)(3)
56,498,008
56,498
56,498
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
0.21%,
6/23/22 (4)
4,540,000
4,535
4,535
Total
Short-Term
Investments
(Cost
$61,036)
61,033
Total
Investments
in
Securities
100.0%
(Cost
$9,144,635)
$
11,985,585
Other
Assets
Less
Liabilities
0.0%
3,730
Net
Assets
100.0%
$
11,989,315
‡
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,
2022,
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,
223
S&P
500
E-Mini
Index
contracts
6/22
50,518
$
2,907
Net
payments
(receipts)
of
variation
margin
to
date
(3,635)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(728)
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,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
$
—#
$
—
$
27+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
$
74,067
¤
¤
$
56,498^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$27
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
$56,498.
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
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
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
14
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.
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
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
15
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
11,924,552
$
—
$
—
$
11,924,552
Short-Term
Investments
56,498
4,535
—
61,033
Total
Securities
11,981,050
4,535
—
11,985,585
Futures
Contracts*
2,907
—
—
2,907
Total
$
11,983,957
$
4,535
$
—
$
11,988,492
*
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.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
16
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F108-054Q1
03/22