T. Rowe Price U.S. Large-Cap Core Fund (RCLIX) NPORT-P T. Rowe Price U.S. Large-Cap Core Fund, Inc. (Sep 2024 report)

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

September

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 99.5%

COMMUNICATION

SERVICES

 5.8%

Entertainment

 1.4%

Netflix (1)

378,177‌

268,230‌

268,230‌

Interactive

Media

&

Services

 3.4%

Alphabet,

Class

C 

3,972,801‌

664,213‌

664,213‌

Wireless

Telecommunication

Services

 1.0%

T-Mobile

U.S. 

961,278‌

198,369‌

198,369‌

Total

Communication

Services

1,130,812‌

CONSUMER

DISCRETIONARY

 10.2%

Broadline

Retail

 4.5%

Amazon.com (1)

4,715,647‌

878,667‌

878,667‌

Hotels,

Restaurants

&

Leisure

 1.8%

Booking

Holdings 

43,574‌

183,539‌

McDonald's 

563,014‌

171,443‌

354,982‌

Specialty

Retail

 3.9%

Lowe's 

880,770‌

238,557‌

O'Reilly

Automotive (1)

135,041‌

155,513‌

TJX 

1,952,172‌

229,458‌

Tractor

Supply 

518,174‌

150,752‌

774,280‌

Total

Consumer

Discretionary

2,007,929‌

CONSUMER

STAPLES

 7.2%

Beverages

 3.0%

Coca-Cola 

3,486,228‌

250,520‌

Keurig

Dr

Pepper 

5,315,378‌

199,220‌

PepsiCo 

862,050‌

146,592‌

596,332‌

Consumer

Staples

Distribution

&

Retail

 1.2%

Walmart 

2,965,194‌

239,439‌

239,439‌

Household

Products

 2.3%

Colgate-Palmolive 

2,079,813‌

215,905‌

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Procter

&

Gamble 

1,368,669‌

237,054‌

452,959‌

Personal

Care

Products

 0.7%

Kenvue 

5,805,220‌

134,275‌

134,275‌

Total

Consumer

Staples

1,423,005‌

ENERGY

 5.2%

Energy

Equipment

&

Services

 1.7%

Schlumberger 

4,922,367‌

206,493‌

TechnipFMC 

4,950,934‌

129,863‌

336,356‌

Oil,

Gas

&

Consumable

Fuels

 3.5%

Chesapeake

Energy (2)

2,282,407‌

187,728‌

ConocoPhillips 

1,434,873‌

151,063‌

Diamondback

Energy 

899,530‌

155,079‌

EQT 

5,479,333‌

200,763‌

694,633‌

Total

Energy

1,030,989‌

FINANCIALS

 11.3%

Banks

 2.7%

Huntington

Bancshares 

12,802,671‌

188,199‌

JPMorgan

Chase 

1,650,125‌

347,946‌

536,145‌

Capital

Markets

 1.8%

CME

Group 

657,560‌

145,091‌

Goldman

Sachs

Group 

414,159‌

205,054‌

350,145‌

Consumer

Finance

 1.0%

American

Express 

704,177‌

190,973‌

190,973‌

Financial

Services

 2.6%

Visa,

Class

A 

1,829,327‌

502,974‌

502,974‌

Insurance

 3.2%

Allstate 

928,951‌

176,176‌

Marsh

&

McLennan 

836,093‌

186,524‌

Progressive 

1,061,901‌

269,468‌

632,168‌

Total

Financials

2,212,405‌

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

 13.6%

Biotechnology

 2.7%

AbbVie 

1,206,223‌

238,205‌

Amgen 

486,911‌

156,887‌

Regeneron

Pharmaceuticals (1)

121,189‌

127,399‌

522,491‌

Health

Care

Providers

&

Services

 5.7%

Cencora 

809,064‌

182,104‌

Elevance

Health 

297,152‌

154,519‌

Molina

Healthcare (1)

501,538‌

172,810‌

Quest

Diagnostics 

1,219,845‌

189,381‌

UnitedHealth

Group 

703,460‌

411,299‌

1,110,113‌

Life

Sciences

Tools

&

Services

 3.0%

Mettler-Toledo

International (1)

123,199‌

184,761‌

Thermo

Fisher

Scientific 

651,761‌

403,160‌

587,921‌

Pharmaceuticals

 2.2%

Eli

Lilly 

330,827‌

293,093‌

Merck 

1,205,120‌

136,853‌

429,946‌

Total

Health

Care

2,650,471‌

INDUSTRIALS

&

BUSINESS

SERVICES

 10.5%

Aerospace

&

Defense

 1.0%

General

Dynamics 

623,492‌

188,419‌

188,419‌

Commercial

Services

&

Supplies

 0.7%

Republic

Services 

733,641‌

147,345‌

147,345‌

Electrical

Equipment

 1.0%

AMETEK 

1,190,088‌

204,350‌

204,350‌

Ground

Transportation

 1.4%

CSX 

3,402,628‌

117,493‌

Old

Dominion

Freight

Line 

791,554‌

157,234‌

274,727‌

Machinery

 4.2%

Cummins 

486,836‌

157,633‌

Deere 

474,791‌

198,144‌

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Dover 

852,737‌

163,504‌

Ingersoll

Rand 

1,491,107‌

146,367‌

Parker-Hannifin 

255,641‌

161,519‌

827,167‌

Professional

Services

 2.2%

Booz

Allen

Hamilton

Holding 

1,108,812‌

180,470‌

Broadridge

Financial

Solutions 

229,825‌

49,420‌

Equifax 

654,029‌

192,193‌

422,083‌

Total

Industrials

&

Business

Services

2,064,091‌

INFORMATION

TECHNOLOGY

 30.1%

Electronic

Equipment,

Instruments

&

Components

 2.9%

Amphenol,

Class

A 

2,402,067‌

156,519‌

Keysight

Technologies (1)

1,003,469‌

159,481‌

TE

Connectivity 

1,697,696‌

256,335‌

572,335‌

Semiconductors

&

Semiconductor

Equipment

 10.9%

Analog

Devices 

1,214,560‌

279,555‌

KLA 

371,419‌

287,630‌

NVIDIA 

11,179,972‌

1,357,696‌

QUALCOMM 

1,287,731‌

218,979‌

2,143,860‌

Software

 8.5%

Autodesk (1)

555,940‌

153,150‌

Fair

Isaac (1)

92,590‌

179,951‌

Microsoft 

2,713,117‌

1,167,454‌

PTC (1)

885,194‌

159,919‌

1,660,474‌

Technology

Hardware,

Storage

&

Peripherals

 7.8%

Apple 

6,529,548‌

1,521,385‌

1,521,385‌

Total

Information

Technology

5,898,054‌

MATERIALS

 3.1%

Chemicals

 2.3%

Linde 

338,530‌

161,431‌

Sherwin-Williams 

775,001‌

295,795‌

457,226‌

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Containers

&

Packaging

 0.8%

International

Paper 

3,416,097‌

166,876‌

166,876‌

Total

Materials

624,102‌

REAL

ESTATE

 1.0%

Specialized

Real

Estate

Investment

Trusts

 1.0%

Public

Storage,

REIT 

513,992‌

187,026‌

Total

Real

Estate

187,026‌

UTILITIES

 1.5%

Gas

Utilities

 0.7%

Atmos

Energy 

1,048,528‌

145,441‌

145,441‌

Multi-Utilities

 0.8%

CMS

Energy 

2,093,990‌

147,899‌

147,899‌

Total

Utilities

293,340‌

Total

Common

Stocks

(Cost

$14,441,667)

19,522,224‌

SHORT-TERM

INVESTMENTS

 0.5%

Money

Market

Funds

 0.5%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (3)(4)

97,797,330‌

97,797‌

Total

Short-Term

Investments

(Cost

$97,797)

97,797‌

SECURITIES

LENDING

COLLATERAL

 0.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.0%

Money

Market

Funds 0.0%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (3)(4)

7,088,029‌

7,088‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

7,088‌

Total

Securities

Lending

Collateral

(Cost

$7,088)

7,088‌

Total

Investments

in

Securities

 100.0%

(Cost

$14,546,552)

$

19,627,109‌

Other

Assets

Less

Liabilities

(0.0)%

(

6,422‌

)

Net

Assets

100.0%

$

19,620,687‌

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

6

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2024.

(3)

Seven-day

yield

(4)

Affiliated

Companies

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

7

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,

2024.

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

Government

Reserve

Fund,

4.97%

$

—‌

$

—‌

$

2,743‌

++

Totals

$

—‌

#

$

—‌

$

2,743‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

09/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

$

103,747‌

¤

¤

$

104,885‌

Total

$

104,885‌

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$2,743

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

$104,885.

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

U.S.

Large-Cap

Core

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 fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee 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

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

9

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s 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.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee 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

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

T.

ROWE

PRICE

U.S.

Large-Cap

Core

Fund

10

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.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  On

September

30,

2024

,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

1,

based

on

the

inputs

used

to

determine

their

fair

values.

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F190-054Q3

09/24