T.
ROWE
PRICE
U.S.
Equity
Research
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.3%
COMMUNICATION
SERVICES
7.9%
Diversified
Telecommunication
Services
0.6%
AT&T
1,455,933
28,027
Verizon
Communications
979,076
38,076
66,103
Entertainment
1.4%
Activision
Blizzard
296,194
25,352
Netflix (1)
172,384
59,555
Walt
Disney (1)
826,277
82,735
167,642
Interactive
Media
&
Services
4.9%
Alphabet,
Class
A (1)
1,615,845
167,612
Alphabet,
Class
C (1)
2,336,948
243,043
Meta
Platforms,
Class
A (1)
773,022
163,834
574,489
Media
0.1%
Comcast,
Class
A
432,115
16,382
16,382
Wireless
Telecommunication
Services
0.9%
T-Mobile
U.S. (1)
737,373
106,801
106,801
Total
Communication
Services
931,417
CONSUMER
DISCRETIONARY
10.0%
Automobile
Components
0.1%
Aptiv (1)
33,478
3,756
Magna
International
185,224
9,922
13,678
Automobiles
1.0%
Tesla (1)
572,473
118,765
118,765
Broadline
Retail
2.7%
Amazon.com (1)
3,070,128
317,114
317,114
Distributors
0.1%
Genuine
Parts
51,200
8,566
8,566
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (1)
112,188
8,637
8,637
Hotels,
Restaurants
&
Leisure
2.6%
Booking
Holdings (1)
16,404
43,510
Chipotle
Mexican
Grill (1)
19,772
33,776
Hilton
Worldwide
Holdings
262,891
37,034
Las
Vegas
Sands (1)
471,561
27,091
Marriott
International,
Class
A
72,054
11,964
McDonald's
296,153
82,808
MGM
Resorts
International
411,689
18,287
Starbucks
358,386
37,319
Wynn
Resorts (1)
146,585
16,404
308,193
Household
Durables
0.2%
NVR (1)
3,531
19,675
19,675
Specialty
Retail
2.6%
AutoZone (1)
11,681
28,714
Burlington
Stores (1)
108,893
22,008
Home
Depot
378,419
111,679
Lowe's
131,430
26,282
O'Reilly
Automotive (1)
44,484
37,766
Ross
Stores
317,547
33,701
TJX
347,872
27,259
Ulta
Beauty (1)
32,784
17,889
305,298
Textiles,
Apparel
&
Luxury
Goods
0.6%
NIKE,
Class
B
597,026
73,219
73,219
Total
Consumer
Discretionary
1,173,145
CONSUMER
STAPLES
7.1%
Beverages
2.3%
Coca-Cola
1,423,132
88,277
Constellation
Brands,
Class
A
176,496
39,869
Keurig
Dr
Pepper
682,028
24,062
Monster
Beverage (1)
653,469
35,294
PepsiCo
439,761
80,168
267,670
Consumer
Staples
Distribution
&
Retail
1.9%
Costco
Wholesale
153,758
76,398
Dollar
General
119,354
25,119
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Dollar
Tree (1)
108,647
15,596
Sysco
231,100
17,848
Walmart
574,703
84,740
219,701
Food
Products
0.6%
Conagra
Brands
181,010
6,799
Darling
Ingredients (1)
115,078
6,720
Kraft
Heinz
208,300
8,055
Mondelez
International,
Class
A
714,741
49,832
71,406
Household
Products
1.2%
Colgate-Palmolive
83,508
6,276
Kimberly-Clark
87,009
11,678
Procter
&
Gamble
861,942
128,162
146,116
Personal
Care
Products
0.2%
Estee
Lauder,
Class
A
119,151
29,366
29,366
Tobacco
0.9%
Altria
Group
615,982
27,485
Philip
Morris
International
792,333
77,055
104,540
Total
Consumer
Staples
838,799
ENERGY
4.4%
Energy
Equipment
&
Services
0.4%
Halliburton
633,592
20,047
NOV
350,823
6,494
Schlumberger
407,932
20,029
46,570
Oil,
Gas
&
Consumable
Fuels
4.0%
Chevron
605,385
98,775
ConocoPhillips
729,442
72,368
EOG
Resources
301,539
34,565
Exxon
Mobil
1,519,474
166,626
Hess
196,618
26,021
Marathon
Petroleum
246,856
33,284
Pioneer
Natural
Resources
54,986
11,230
Suncor
Energy
272,084
8,448
TotalEnergies,
ADR
204,526
12,077
Valero
Energy
84,300
11,768
475,162
Total
Energy
521,732
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
13.5%
Banks
3.3%
Bank
of
America
1,968,007
56,285
Citigroup
665,538
31,207
Fifth
Third
Bancorp
1,039,445
27,691
Huntington
Bancshares
1,937,555
21,701
JPMorgan
Chase
968,148
126,159
PNC
Financial
Services
Group
24,412
3,103
Regions
Financial
236,391
4,387
U.S.
Bancorp
972,007
35,041
Wells
Fargo
2,075,822
77,594
Western
Alliance
Bancorp
71,401
2,538
385,706
Capital
Markets
2.5%
Ares
Management,
Class
A
237,069
19,781
BlackRock
7,164
4,794
Cboe
Global
Markets
116,636
15,657
Charles
Schwab
826,514
43,293
CME
Group
76,972
14,742
Goldman
Sachs
Group
84,945
27,786
Intercontinental
Exchange
299,230
31,207
MarketAxess
Holdings
26,184
10,245
Moody's
78,500
24,022
Morgan
Stanley
561,948
49,339
MSCI
26,124
14,621
S&P
Global
104,202
35,926
State
Street
121,320
9,183
300,596
Consumer
Finance
0.4%
American
Express
179,480
29,605
Capital
One
Financial
53,962
5,189
Discover
Financial
Services
76,939
7,605
42,399
Financial
Services
5.2%
Apollo
Global
Management
308,749
19,501
Berkshire
Hathaway,
Class
B (1)
489,139
151,031
Corebridge
Financial
1,205,854
19,318
Equitable
Holdings
899,928
22,849
Fiserv (1)
514,169
58,117
FleetCor
Technologies (1)
257,171
54,224
Global
Payments
318,123
33,479
Mastercard,
Class
A
308,662
112,171
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Visa,
Class
A
634,575
143,071
613,761
Insurance
2.1%
American
International
Group
866,031
43,613
Assurant
38,409
4,612
Chubb
309,129
60,027
Hartford
Financial
Services
Group
659,159
45,937
Marsh
&
McLennan
195,932
32,632
MetLife
657,901
38,119
Progressive
25,490
3,647
RenaissanceRe
Holdings
124,066
24,855
253,442
Total
Financials
1,595,904
HEALTH
CARE
14.6%
Biotechnology
2.3%
AbbVie
638,496
101,757
Amgen
140,284
33,913
Biogen (1)
73,597
20,462
Gilead
Sciences
150,003
12,446
Moderna (1)
89,906
13,808
Regeneron
Pharmaceuticals (1)
55,083
45,260
Vertex
Pharmaceuticals (1)
125,003
39,385
267,031
Health
Care
Equipment
&
Supplies
2.6%
Abbott
Laboratories
317,167
32,116
Becton
Dickinson
&
Company
248,120
61,420
Boston
Scientific (1)
146,133
7,311
DENTSPLY
SIRONA
230,239
9,044
Dexcom (1)
249,832
29,025
Intuitive
Surgical (1)
214,705
54,851
Medtronic
124,212
10,014
STERIS
118,396
22,647
Stryker
129,305
36,913
Teleflex
48,349
12,247
Zimmer
Biomet
Holdings
214,552
27,720
303,308
Health
Care
Providers
&
Services
3.2%
AmerisourceBergen
121,065
19,384
Cigna
Group
88,355
22,577
CVS
Health
125,139
9,299
Elevance
Health
123,063
56,586
HCA
Healthcare
47,166
12,437
Humana
76,232
37,008
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
McKesson
86,940
30,955
Molina
Healthcare (1)
65,166
17,431
UnitedHealth
Group
361,236
170,716
376,393
Life
Sciences
Tools
&
Services
2.0%
Agilent
Technologies
280,596
38,818
Charles
River
Laboratories
International (1)
47,762
9,639
Danaher
220,144
55,485
Illumina (1)
52,629
12,239
IQVIA
Holdings (1)
36,147
7,189
Mettler-Toledo
International (1)
10,877
16,644
Thermo
Fisher
Scientific
157,812
90,958
West
Pharmaceutical
Services
21,409
7,418
238,390
Pharmaceuticals
4.5%
AstraZeneca,
ADR
228,983
15,894
Bristol-Myers
Squibb
317,373
21,997
Eli
Lilly
399,185
137,088
Johnson
&
Johnson
674,411
104,534
Merck
917,374
97,599
Novo
Nordisk,
ADR
220,369
35,070
Pfizer
1,045,007
42,636
Viatris
2,407,293
23,158
Zoetis
292,386
48,665
526,641
Total
Health
Care
1,711,763
INDUSTRIALS
&
BUSINESS
SERVICES
7.4%
Aerospace
&
Defense
1.5%
Boeing (1)
132,542
28,156
General
Dynamics
102,671
23,430
Huntington
Ingalls
Industries
34,600
7,163
L3Harris
Technologies
117,024
22,965
Northrop
Grumman
58,674
27,091
Raytheon
Technologies
340,862
33,381
TransDigm
Group
43,079
31,751
173,937
Air
Freight
&
Logistics
0.2%
FedEx
106,808
24,405
24,405
Building
Products
0.4%
Carrier
Global
537,627
24,596
Johnson
Controls
International
148,834
8,963
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Trane
Technologies
47,764
8,788
42,347
Commercial
Services
&
Supplies
0.5%
Cintas
29,100
13,464
Copart (1)
145,000
10,905
Republic
Services
35,273
4,770
Waste
Connections
220,460
30,659
59,798
Construction
&
Engineering
0.0%
WillScot
Mobile
Mini
Holdings (1)
54,651
2,562
2,562
Electrical
Equipment
0.4%
AMETEK
176,524
25,654
Emerson
Electric
54,204
4,723
Rockwell
Automation
79,381
23,295
53,672
Ground
Transportation
1.1%
Canadian
Pacific
Railway
238,511
18,351
CSX
1,125,347
33,693
JB
Hunt
Transport
Services
116,681
20,473
Norfolk
Southern
28,600
6,063
Old
Dominion
Freight
Line
115,628
39,411
Saia (1)
65,721
17,881
135,872
Industrial
Conglomerates
1.8%
General
Electric
941,695
90,026
Honeywell
International
350,812
67,047
Roper
Technologies
134,826
59,417
216,490
Machinery
1.2%
Cummins
199,444
47,643
Ingersoll
Rand
462,851
26,929
Otis
Worldwide
256,750
21,670
PACCAR
197,030
14,422
Stanley
Black
&
Decker
371,924
29,970
140,634
Passenger
Airlines
0.1%
Southwest
Airlines
414,707
13,494
United
Airlines
Holdings (1)
40,015
1,771
15,265
Professional
Services
0.2%
Broadridge
Financial
Solutions
33,238
4,872
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CoStar
Group (1)
216,784
14,925
19,797
Trading
Companies
&
Distributors
0.0%
United
Rentals
8,228
3,256
3,256
Total
Industrials
&
Business
Services
888,035
INFORMATION
TECHNOLOGY
26.3%
Communications
Equipment
0.4%
Arista
Networks (1)
191,325
32,116
Cisco
Systems
345,220
18,046
50,162
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol,
Class
A
10,471
856
Teledyne
Technologies (1)
60,731
27,168
Trimble (1)
300,974
15,777
43,801
IT
Services
1.0%
Accenture,
Class
A
394,893
112,865
Cognizant
Technology
Solutions,
Class
A
107,751
6,565
119,430
Semiconductors
&
Semiconductor
Equipment
7.0%
Advanced
Micro
Devices (1)
1,147,356
112,452
ASML
Holding
60,913
41,464
Broadcom
139,436
89,454
Enphase
Energy (1)
30,281
6,367
Entegris
278,655
22,853
First
Solar (1)
20,405
4,438
KLA
30,391
12,131
Lam
Research
67,556
35,813
Marvell
Technology
1,030,825
44,635
Monolithic
Power
Systems
95,250
47,676
NVIDIA
1,068,665
296,843
ON
Semiconductor (1)
492,270
40,524
Qorvo (1)
51,680
5,249
QUALCOMM
299,549
38,216
Skyworks
Solutions
62,983
7,431
SolarEdge
Technologies (1)
30,646
9,315
Teradyne
108,186
11,631
826,492
Software
10.2%
Adobe (1)
144,167
55,558
Cadence
Design
Systems (1)
165,544
34,779
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Descartes
Systems
Group (1)
135,182
10,897
DocuSign (1)
126,289
7,363
Fortinet (1)
430,505
28,611
Gen
Digital
947,910
16,266
Intuit
113,172
50,455
Microsoft
2,711,319
781,673
Salesforce (1)
693,666
138,581
ServiceNow (1)
63,823
29,660
Synopsys (1)
113,515
43,845
Zoom
Video
Communications,
Class
A (1)
45,800
3,382
1,201,070
Technology
Hardware,
Storage
&
Peripherals
7.3%
Apple
5,028,060
829,127
Pure
Storage,
Class
A (1)
780,323
19,906
Western
Digital (1)
365,252
13,759
862,792
Total
Information
Technology
3,103,747
MATERIALS
2.8%
Chemicals
1.8%
Air
Products
&
Chemicals
92,582
26,590
CF
Industries
Holdings
228,196
16,542
FMC
75,324
9,199
Linde
283,376
100,723
Nutrien
99,891
7,377
RPM
International
144,664
12,621
Sherwin-Williams
184,708
41,517
214,569
Construction
Materials
0.1%
Vulcan
Materials
80,668
13,839
13,839
Containers
&
Packaging
0.5%
Avery
Dennison
98,333
17,595
Ball
302,091
16,648
Packaging
Corp.
of
America
62,415
8,665
Sealed
Air
160,902
7,387
Westrock
241,362
7,354
57,649
Metals
&
Mining
0.3%
Freeport-McMoRan
234,500
9,593
Reliance
Steel
&
Aluminum
66,872
17,169
Steel
Dynamics
55,775
6,306
33,068
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Paper
&
Forest
Products
0.1%
West
Fraser
Timber
120,885
8,612
8,612
Total
Materials
327,737
REAL
ESTATE
2.4%
Health
Care
Real
Estate
Investment
Trusts
0.2%
Welltower,
REIT
266,027
19,072
19,072
Industrial
Real
Estate
Investment
Trusts
0.5%
Prologis,
REIT
349,607
43,620
Rexford
Industrial
Realty,
REIT
223,768
13,348
56,968
Office
Real
Estate
Investment
Trusts
0.1%
Alexandria
Real
Estate
Equities,
REIT
59,192
7,434
7,434
Residential
Real
Estate
Investment
Trusts
0.3%
American
Homes
4
Rent,
Class
A,
REIT
118,407
3,724
AvalonBay
Communities,
REIT
53,386
8,972
Camden
Property
Trust,
REIT
28,553
2,993
Equity
LifeStyle
Properties,
REIT
97,536
6,548
Essex
Property
Trust,
REIT
53,819
11,256
Sun
Communities,
REIT
15,966
2,249
35,742
Retail
Real
Estate
Investment
Trusts
0.1%
Simon
Property
Group,
REIT
108,834
12,186
12,186
Specialized
Real
Estate
Investment
Trusts
1.2%
American
Tower,
REIT
109,625
22,401
Equinix,
REIT
46,043
33,199
Extra
Space
Storage,
REIT
77,009
12,547
Public
Storage,
REIT
64,870
19,600
SBA
Communications,
REIT
185,398
48,402
Weyerhaeuser,
REIT
174,756
5,265
141,414
Total
Real
Estate
272,816
UTILITIES
2.9%
Electric
Utilities
1.7%
Evergy
375,445
22,947
Exelon
35,032
1,467
FirstEnergy
501,057
20,072
NextEra
Energy
412,769
31,816
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PG&E (1)
2,980,193
48,190
Southern
1,038,340
72,248
Xcel
Energy
80,005
5,396
202,136
Multi-Utilities
1.2%
Ameren
372,701
32,197
CMS
Energy
283,279
17,388
Dominion
Energy
822,793
46,002
DTE
Energy
116,311
12,741
Sempra
Energy
122,365
18,497
WEC
Energy
Group
152,347
14,441
141,266
Total
Utilities
343,402
Total
Common
Stocks
(Cost
$9,509,478)
11,708,497
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83% (2)(3)
53,240,772
53,241
53,241
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
4.687%,
6/22/23 (4)
2,430,000
2,405
2,405
Total
Short-Term
Investments
(Cost
$55,645)
55,646
Total
Investments
in
Securities
99.8%
(Cost
$9,565,123)
$
11,764,143
Other
Assets
Less
Liabilities
0.2%
22,356
Net
Assets
100.0%
$
11,786,499
‡
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,
2023,
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
12
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
171
S&P
500
E-Mini
Index
contracts
6/23
35,378
$
1,758
Net
payments
(receipts)
of
variation
margin
to
date
(1,264)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
494
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
13
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,
2023.
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,
4.83%
$
—
$
—
$
416++
Totals
$
—#
$
—
$
416+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83%
$
63,344
¤
¤
$
53,241
Total
$
53,241^
#
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
$416
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
$53,241.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
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 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.
Equity
Research
Fund
15
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.
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
factors
such
as,
but
not
limited
to,
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 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
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
16
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;
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
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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
the 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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
11,708,497
$
—
$
—
$
11,708,497
Short-Term
Investments
53,241
2,405
—
55,646
Total
Securities
11,761,738
2,405
—
11,764,143
Futures
Contracts*
1,758
—
—
1,758
Total
$
11,763,496
$
2,405
$
—
$
11,765,901
*
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
17
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F108-054Q1
03/23