T. Rowe Price U.S. Equity Research Fund I Class (PCCOX) NPORT-P T. Rowe Price U.S. Equity Research Fund (Mar 2023 report)

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