FOR VALIDATION PURPOSES ONLY - [839825.G1AIII

0001752724-20-048366.txt : 20200312 0001752724-20-048366.hdr.sgml : 20200312 20200311192255 ACCESSION NUMBER: 0001752724-20-048366 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200312 DATE AS OF CHANGE: 20200311 EFFECTIVENESS DATE: 20200312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price U.S. Equity Research Fund, Inc. CENTRAL INDEX KEY: 0000931151 IRS NUMBER: 521905304 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-07225 FILM NUMBER: 20706816 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price Capital Opportunity Fund, Inc. DATE OF NAME CHANGE: 20190523 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price U.S. Equity Research Fund, Inc. DATE OF NAME CHANGE: 20190523 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price Capital Opportunity Fund, Inc. DATE OF NAME CHANGE: 20051018

0000931151 S000002071 T. Rowe Price U.S. Equity Research Fund

C000005429 T. Rowe Price U.S. Equity Research Fund PRCOX

C000005430 T. Rowe Price U.S. Equity Research Fund-Advisor Class PACOX

C000005431 T. Rowe Price U.S. Equity Research Fund-R Class RRCOX

C000177207 T. Rowe Price U.S. Equity Research Fund-I Class PCCOX

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of T. Rowe Price U.S. Equity Research Fund, Inc. (formerly known as T. Rowe Price Capital Opportunity Fund, Inc.)

In planning and performing our audit of the financial statements of T. Rowe Price U.S. Equity Research Fund, Inc. (formerly known as T. Rowe Price Capital Opportunity Fund, Inc.) (the “Fund”) as of and for the year ended December 31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund’s internal control over financial reporting.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

PricewaterhouseCoopers LLP, 100 East Pratt Street Suite 2600 Baltimore, Maryland 21202-1096

T: 410 783 7600; F: 410 783 7680, www.pwc.com/us

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2019.

This report is intended solely for the information and use of the Board of Directors of T. Rowe Price U.S. Equity Research Fund, Inc. (formerly known as T. Rowe Price Capital Opportunity Fund, Inc.) and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 20, 2020