T. Rowe Price U.S. Large Cap Core Fd USD Class Z (TRZLX) Exchange: NMFQS

The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the stocks of large-cap U.S. companies. The fund defines a large-cap company as one whose market cap is larger than the median market cap of companies in the Russell® 1000 Index. As of December 31, 2019, the median market cap of the Russell 1000® Index was approximately $10.9 billion. The market capitalization of the companies in the fund’s portfolio and the Russell index changes over time; the fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization falls below this level. The fund uses fundamental, bottom-up research and takes a core approach to stock selection, which includes both growth and value styles of investing. Because the fund has the flexibility to look for stocks with either growth or value characteristics, stocks will be selected that we believe have the most favorable combination of company fundamentals, earnings potential, and valuation. Sector allocations are largely the result of the fund’s focus on bottom-up stock selection. In selecting stocks for the fund, the adviser typically seeks out companies with one or more of the following characteristics:experienced and capable management;above-average earnings growth, cash flow growth, or profit margins;leading or improving market position or proprietary advantages;attractive business niche with the potential to sustain earnings momentum even during times of slow economic growth;attractive valuation relative to a company’s peers or its own historical norm;low stock price relative to a company’s underlying asset values; and/orpotential to conduct share repurchases.Through bottom-up fundamental analysis, the fund seeks to identify the most attractively valued large U.S. companies with capital appreciation potential, by placing less emphasis on economic trends, business cycles, or the industry in which the company operates. In pursuing its investment objective(s), the fund has the discretion to deviate from its normal investment criteria. These situations might arise when the adviser believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management. While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with its objective(s). The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.