T.
ROWE
PRICE
U.S.
Equity
Research
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.6%
COMMUNICATION
SERVICES
9.0%
Diversified
Telecommunication
Services
0.2%
Verizon
Communications
502,029
16,271
16,271
Entertainment
1.2%
Activision
Blizzard
250,705
23,474
Netflix (1)
200,647
75,764
Walt
Disney (1)
302,223
24,495
123,733
Interactive
Media
&
Services
6.1%
Alphabet,
Class
A (1)
1,306,939
171,026
Alphabet,
Class
C (1)
1,889,395
249,117
Meta
Platforms,
Class
A (1)
668,016
200,545
620,688
Media
0.6%
Charter
Communications,
Class
A (1)
40,520
17,821
Comcast,
Class
A
891,242
39,518
57,339
Wireless
Telecommunication
Services
0.9%
T-Mobile
U.S. (1)
643,091
90,065
90,065
Total
Communication
Services
908,096
CONSUMER
DISCRETIONARY
10.6%
Automobile
Components
0.2%
Aptiv (1)
148,580
14,649
Magna
International (2)
45,049
2,415
17,064
Automobiles
2.1%
Rivian
Automotive,
Class
A (1)
518,343
12,586
Tesla (1)
799,398
200,025
212,611
Broadline
Retail
3.2%
Amazon.com (1)
2,607,291
331,439
331,439
Hotels,
Restaurants
&
Leisure
2.4%
Airbnb,
Class
A (1)
50,359
6,910
Booking
Holdings (1)
11,889
36,665
Chipotle
Mexican
Grill (1)
15,985
29,282
Hilton
Worldwide
Holdings
145,412
21,838
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Las
Vegas
Sands
387,443
17,760
Marriott
International,
Class
A
46,771
9,193
McDonald's
238,068
62,717
Norwegian
Cruise
Line
Holdings (1)(2)
312,060
5,143
Royal
Caribbean
Cruises (1)
186,042
17,142
Starbucks
289,154
26,391
Wynn
Resorts
120,188
11,106
244,147
Household
Durables
0.2%
NVR (1)
3,931
23,442
23,442
Specialty
Retail
2.1%
AutoZone (1)
8,593
21,826
Bath
&
Body
Works
117,600
3,975
Burlington
Stores (1)
63,041
8,529
Home
Depot
299,713
90,561
Lowe's
106,037
22,039
O'Reilly
Automotive (1)
26,964
24,507
Ross
Stores
211,796
23,922
TJX
268,474
23,862
219,221
Textiles,
Apparel
&
Luxury
Goods
0.4%
Lululemon
Athletica (1)
20,220
7,797
NIKE,
Class
B
401,622
38,403
46,200
Total
Consumer
Discretionary
1,094,124
CONSUMER
STAPLES
6.4%
Beverages
1.9%
Coca-Cola
1,194,950
66,893
Constellation
Brands,
Class
A
108,997
27,394
Keurig
Dr
Pepper
734,638
23,193
Monster
Beverage (1)
318,699
16,875
PepsiCo
334,574
56,690
191,045
Consumer
Staples
Distribution
&
Retail
1.7%
Costco
Wholesale
127,282
71,909
Dollar
General
96,800
10,242
Dollar
Tree (1)
18,582
1,978
Sysco
156,125
10,312
Target
56,715
6,271
Walmart
447,932
71,638
172,350
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
0.5%
Darling
Ingredients (1)
75,517
3,942
Kraft
Heinz
240,264
8,083
Mondelez
International,
Class
A
523,145
36,306
Tyson
Foods,
Class
A
76,398
3,857
52,188
Household
Products
1.3%
Colgate-Palmolive
401,701
28,565
Procter
&
Gamble
697,385
101,721
130,286
Personal
Care
Products
0.3%
elf
Beauty (1)
47,033
5,166
Kenvue
1,406,120
28,235
33,401
Tobacco
0.7%
Altria
Group
265,218
11,153
Philip
Morris
International
662,804
61,362
72,515
Total
Consumer
Staples
651,785
ENERGY
4.8%
Energy
Equipment
&
Services
0.5%
Halliburton
483,009
19,562
Schlumberger
547,103
31,896
51,458
Oil,
Gas
&
Consumable
Fuels
4.3%
Chesapeake
Energy (2)
36,072
3,111
Chevron
492,912
83,115
ConocoPhillips
538,803
64,549
Diamondback
Energy
61,688
9,554
EOG
Resources
245,123
31,072
EQT
156,041
6,332
Exxon
Mobil
1,202,392
141,377
Hess
150,954
23,096
Marathon
Petroleum
201,461
30,489
Pioneer
Natural
Resources
49,241
11,303
Suncor
Energy
217,786
7,487
Valero
Energy
67,366
9,546
Williams
451,340
15,206
436,237
Total
Energy
487,695
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
13.4%
Banks
3.1%
Bank
of
America
1,463,389
40,068
Citigroup
503,957
20,728
Fifth
Third
Bancorp
749,708
18,990
Huntington
Bancshares
1,228,437
12,776
JPMorgan
Chase
817,144
118,502
Regions
Financial
83,535
1,437
Truist
Financial
113,649
3,251
U.S.
Bancorp
791,939
26,181
Wells
Fargo
1,623,524
66,337
Western
Alliance
Bancorp
86,380
3,971
312,241
Capital
Markets
2.6%
Ares
Management,
Class
A
102,699
10,565
Bank
of
New
York
Mellon
411,623
17,556
BlackRock
18,002
11,638
Cboe
Global
Markets
81,391
12,714
Charles
Schwab
803,723
44,124
CME
Group
60,303
12,074
Goldman
Sachs
Group
72,518
23,465
Intercontinental
Exchange
244,323
26,880
LPL
Financial
Holdings
46,875
11,140
Moody's
62,597
19,791
Morgan
Stanley
456,821
37,308
MSCI
10,606
5,442
S&P
Global
77,260
28,232
Tradeweb
Markets,
Class
A
64,632
5,183
266,112
Consumer
Finance
0.3%
American
Express
196,986
29,388
Capital
One
Financial
24,803
2,407
Discover
Financial
Services
52,944
4,587
36,382
Financial
Services
5.2%
Apollo
Global
Management
173,491
15,572
Berkshire
Hathaway,
Class
B (1)
383,656
134,395
Corebridge
Financial
1,539,491
30,405
Equitable
Holdings
690,336
19,599
Fiserv (1)
333,756
37,701
FleetCor
Technologies (1)
130,893
33,422
Global
Payments
325,912
37,607
Mastercard,
Class
A
251,776
99,681
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Visa,
Class
A
526,316
121,058
529,440
Insurance
2.2%
American
International
Group
784,586
47,546
Chubb
270,844
56,384
Hartford
Financial
Services
Group
521,023
36,946
Marsh
&
McLennan
119,143
22,673
MetLife
616,049
38,756
RenaissanceRe
Holdings
119,061
23,564
225,869
Total
Financials
1,370,044
HEALTH
CARE
14.2%
Biotechnology
2.1%
AbbVie
539,510
80,420
Amgen
183,990
49,449
Biogen (1)
35,564
9,140
Gilead
Sciences
76,378
5,724
Moderna (1)
25,261
2,609
Regeneron
Pharmaceuticals (1)
38,398
31,600
Vertex
Pharmaceuticals (1)
107,131
37,254
216,196
Health
Care
Equipment
&
Supplies
2.7%
Abbott
Laboratories
296,198
28,687
Baxter
International
457,435
17,264
Becton
Dickinson
&
Company
56,161
14,519
Boston
Scientific (1)
314,281
16,594
DENTSPLY
SIRONA
188,202
6,429
Dexcom (1)
186,612
17,411
Edwards
Lifesciences (1)
248,662
17,227
Hologic (1)
172,061
11,941
Intuitive
Surgical (1)
146,673
42,871
Medtronic
485,774
38,065
Stryker
132,569
36,227
Teleflex
70,306
13,809
Zimmer
Biomet
Holdings
145,292
16,305
277,349
Health
Care
Providers
&
Services
3.1%
Cencora
58,327
10,497
Cigna
Group
128,753
36,833
CVS
Health
80,212
5,601
Elevance
Health
110,021
47,905
HCA
Healthcare
17,400
4,280
Humana
61,813
30,073
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
McKesson
74,021
32,188
Molina
Healthcare (1)
31,401
10,296
Tenet
Healthcare (1)
97,180
6,403
UnitedHealth
Group
269,298
135,777
319,853
Life
Sciences
Tools
&
Services
1.6%
Agilent
Technologies
149,843
16,755
Avantor (1)
377,346
7,955
Charles
River
Laboratories
International (1)
8,838
1,732
Danaher
195,794
48,577
ICON (1)
27,900
6,870
IQVIA
Holdings (1)
28,802
5,667
Thermo
Fisher
Scientific
135,222
68,445
West
Pharmaceutical
Services
17,139
6,431
162,432
Pharmaceuticals
4.7%
AstraZeneca,
ADR
274,389
18,581
Bristol-Myers
Squibb
201,041
11,668
Eli
Lilly
320,957
172,396
Johnson
&
Johnson
557,335
86,805
Merck
645,360
66,440
Novo
Nordisk,
ADR
244,647
22,248
Pfizer
1,116,662
37,040
Viatris
2,137,909
21,080
Zoetis
233,682
40,656
476,914
Total
Health
Care
1,452,744
INDUSTRIALS
&
BUSINESS
SERVICES
7.7%
Aerospace
&
Defense
1.7%
Boeing (1)
305,868
58,629
General
Dynamics
49,856
11,017
Howmet
Aerospace
212,639
9,834
Huntington
Ingalls
Industries
32,162
6,580
L3Harris
Technologies
110,353
19,214
Northrop
Grumman
49,445
21,765
RTX
288,033
20,730
TransDigm
Group (1)
28,828
24,306
172,075
Air
Freight
&
Logistics
0.2%
FedEx
86,378
22,883
22,883
Building
Products
0.4%
Carrier
Global
398,839
22,016
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Johnson
Controls
International
172,886
9,199
Trane
Technologies
34,673
7,036
38,251
Commercial
Services
&
Supplies
0.6%
Cintas
23,210
11,164
Copart (1)
395,164
17,028
Republic
Services
63,201
9,007
Waste
Connections
152,767
20,516
57,715
Construction
&
Engineering
0.0%
WillScot
Mobile
Mini
Holdings (1)
43,683
1,817
1,817
Electrical
Equipment
0.3%
AMETEK
135,530
20,026
Emerson
Electric
43,324
4,184
Rockwell
Automation
26,429
7,555
31,765
Ground
Transportation
1.2%
Canadian
National
Railway (2)
89,287
9,672
Canadian
Pacific
Kansas
City (2)
52,215
3,885
CSX
946,720
29,112
JB
Hunt
Transport
Services
77,923
14,690
Norfolk
Southern
90,672
17,856
Old
Dominion
Freight
Line
80,361
32,879
Saia (1)
39,048
15,567
123,661
Industrial
Conglomerates
1.7%
3M
89,980
8,424
General
Electric
699,638
77,345
Honeywell
International
203,324
37,562
Roper
Technologies
94,724
45,873
169,204
Machinery
1.3%
Caterpillar
23,818
6,502
Cummins
160,988
36,779
Deere
36,107
13,626
Ingersoll
Rand
339,764
21,650
Otis
Worldwide
170,775
13,715
PACCAR
143,489
12,200
Stanley
Black
&
Decker
356,591
29,804
134,276
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Passenger
Airlines
0.1%
Alaska
Air
Group (1)
40,897
1,517
Southwest
Airlines
276,744
7,491
United
Airlines
Holdings (1)
118,686
5,020
14,028
Professional
Services
0.2%
Broadridge
Financial
Solutions
78,518
14,059
Equifax
22,702
4,158
18,217
Trading
Companies
&
Distributors
0.0%
United
Rentals
6,537
2,906
2,906
Total
Industrials
&
Business
Services
786,798
INFORMATION
TECHNOLOGY
27.0%
Communications
Equipment
0.4%
Arista
Networks (1)
82,089
15,099
Cisco
Systems
447,591
24,062
39,161
Electronic
Equipment,
Instruments
&
Components
0.3%
Amphenol,
Class
A
8,213
690
Teledyne
Technologies (1)
49,871
20,376
Trimble (1)
64,810
3,491
Zebra
Technologies,
Class
A (1)
20,543
4,859
29,416
IT
Services
0.9%
Accenture,
Class
A
295,901
90,874
90,874
Semiconductors
&
Semiconductor
Equipment
7.4%
Advanced
Micro
Devices (1)
213,456
21,948
Analog
Devices
59,229
10,370
Applied
Materials
155,979
21,595
ASML
Holding
29,035
17,092
Broadcom
143,149
118,897
Entegris
96,767
9,087
First
Solar (1)
16,881
2,728
KLA
56,448
25,890
Lam
Research
51,236
32,113
Lattice
Semiconductor (1)
81,470
7,001
Marvell
Technology
164,647
8,912
Monolithic
Power
Systems
21,398
9,886
NVIDIA
838,639
364,800
ON
Semiconductor (1)
456,045
42,389
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
QUALCOMM
505,280
56,116
Texas
Instruments
61,805
9,828
758,652
Software
10.9%
Adobe (1)
145,688
74,286
BILL
Holdings (1)
19,171
2,081
Cadence
Design
Systems (1)
122,401
28,679
Descartes
Systems
Group (1)
138,316
10,150
DocuSign (1)
642,668
26,992
Fair
Isaac (1)
11,530
10,014
Fortinet (1)
292,494
17,164
Gen
Digital
992,981
17,556
Intuit
115,303
58,913
Microsoft
2,190,633
691,692
Palo
Alto
Networks (1)
54,135
12,691
Salesforce (1)
452,010
91,659
Samsara,
Class
A (1)
63,207
1,594
ServiceNow (1)
25,065
14,010
Synopsys (1)
82,397
37,818
Zoom
Video
Communications,
Class
A (1)
37,437
2,618
Zscaler (1)
83,161
12,939
1,110,856
Technology
Hardware,
Storage
&
Peripherals
7.1%
Apple
4,051,247
693,614
Pure
Storage,
Class
A (1)
493,953
17,594
Western
Digital (1)
291,841
13,317
724,525
Total
Information
Technology
2,753,484
MATERIALS
2.1%
Chemicals
1.3%
CF
Industries
Holdings
184,840
15,848
FMC
43,821
2,935
Linde
217,226
80,884
Nutrien
79,548
4,913
RPM
International
61,690
5,849
Sherwin-Williams
81,543
20,797
131,226
Construction
Materials
0.1%
Vulcan
Materials
66,398
13,414
13,414
Containers
&
Packaging
0.3%
Avery
Dennison
52,727
9,632
Ball
244,708
12,181
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Packaging
Corp.
of
America
36,215
5,561
Westrock
197,294
7,063
34,437
Metals
&
Mining
0.3%
Freeport-McMoRan
534,364
19,926
Newmont
121,521
4,490
Steel
Dynamics
44,632
4,786
29,202
Paper
&
Forest
Products
0.1%
West
Fraser
Timber (2)
125,647
9,114
9,114
Total
Materials
217,393
REAL
ESTATE
2.0%
Health
Care
Real
Estate
Investment
Trusts
0.2%
Welltower,
REIT
215,210
17,630
17,630
Industrial
Real
Estate
Investment
Trusts
0.5%
Prologis,
REIT
293,605
32,946
Rexford
Industrial
Realty,
REIT
298,993
14,755
47,701
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Class
A (1)
67,146
4,960
CoStar
Group (1)
107,678
8,279
13,239
Residential
Real
Estate
Investment
Trusts
0.3%
American
Homes
4
Rent,
Class
A,
REIT
158,442
5,338
AvalonBay
Communities,
REIT
66,259
11,379
Equity
LifeStyle
Properties,
REIT
30,800
1,962
Essex
Property
Trust,
REIT
49,762
10,554
Sun
Communities,
REIT
16,357
1,936
31,169
Retail
Real
Estate
Investment
Trusts
0.1%
Simon
Property
Group,
REIT
89,835
9,705
9,705
Specialized
Real
Estate
Investment
Trusts
0.8%
American
Tower,
REIT
133,435
21,943
Crown
Castle,
REIT
31,400
2,890
Equinix,
REIT
33,724
24,492
Extra
Space
Storage,
REIT
87,899
10,687
Public
Storage,
REIT
54,701
14,415
SBA
Communications,
REIT
19,027
3,809
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Weyerhaeuser,
REIT
111,956
3,432
81,668
Total
Real
Estate
201,112
UTILITIES
2.4%
Electric
Utilities
1.6%
Evergy
339,012
17,188
FirstEnergy
682,400
23,324
NextEra
Energy
938,719
53,779
PG&E (1)
1,821,923
29,388
Southern
587,409
38,017
Xcel
Energy
50,229
2,874
164,570
Multi-Utilities
0.8%
Ameren
166,404
12,452
CMS
Energy
308,121
16,364
Dominion
Energy
918,484
41,029
DTE
Energy
75,706
7,516
77,361
Total
Utilities
241,931
Total
Common
Stocks
(Cost
$8,479,418)
10,165,206
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40% (3)(4)
36,318,585
36,319
36,319
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
5.27%,
12/14/23 (5)
4,620,000
4,570
4,570
Total
Short-Term
Investments
(Cost
$40,890)
40,889
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (3)(4)
29,586,124
29,586
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
29,586
Total
Securities
Lending
Collateral
(Cost
$29,586)
29,586
Total
Investments
in
Securities
100.3%
(Cost
$8,549,894)
$
10,235,681
Other
Assets
Less
Liabilities
(0.3)%
(31,712)
Net
Assets
100.0%
$
10,203,969
‡
Shares/Par
and
Notional
Amount
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,
2023.
(3)
Seven-day
yield
(4)
Affiliated
Companies
(5)
At
September
30,
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
13
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
112
S&P
500
E-Mini
Index
contracts
12/23
24,223
$
(1,071)
Net
payments
(receipts)
of
variation
margin
to
date
1,004
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(67)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
14
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,
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
Government
Reserve
Fund,
5.40%
$
—
$
—
$
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40%
—
—
1,538
Totals
$
—#
$
—
$
1,538+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
—
¤
¤
$
29,586
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40%
63,344
¤
¤
36,319
Total
$
65,905^
#
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
$1,538
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
$65,905.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
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
16
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
17
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
September
30,
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
10,165,206
$
—
$
—
$
10,165,206
Short-Term
Investments
36,319
4,570
—
40,889
Securities
Lending
Collateral
29,586
—
—
29,586
Total
$
10,231,111
$
4,570
$
—
$
10,235,681
Liabilities
Futures
Contracts*
$
1,071
$
—
$
—
$
1,071
*
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
18
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.
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.
F108-054Q3
09/23