T. Rowe Price U.S. Equity Research Fund I Class (PCCOX) NPORT-P T. Rowe Price U.S. Equity Research Fund (Sep 2024 report)

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

September

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 99.2%

COMMUNICATION

SERVICES

 8.7%

Diversified

Telecommunication

Services

 0.1%

AT&T 

362,751‌

7,980‌

Verizon

Communications 

202,759‌

9,106‌

17,086‌

Entertainment

 1.1%

Electronic

Arts 

61,843‌

8,871‌

Netflix (1)

140,709‌

99,801‌

Spotify

Technology (1)

21,894‌

8,069‌

Walt

Disney 

260,168‌

25,025‌

141,766‌

Interactive

Media

&

Services

 6.3%

Alphabet,

Class

A 

1,109,868‌

184,072‌

Alphabet,

Class

C 

1,596,862‌

266,979‌

Meta

Platforms,

Class

A 

583,720‌

334,145‌

785,196‌

Media

 0.4%

Comcast,

Class

A 

1,251,097‌

52,258‌

52,258‌

Wireless

Telecommunication

Services

 0.8%

T-Mobile

U.S. 

460,116‌

94,950‌

94,950‌

Total

Communication

Services

1,091,256‌

CONSUMER

DISCRETIONARY

 10.3%

Automobiles

 1.7%

Ford

Motor 

167,791‌

1,772‌

General

Motors 

119,253‌

5,347‌

Tesla (1)

766,404‌

200,514‌

207,633‌

Broadline

Retail

 3.7%

Amazon.com (1)

2,453,726‌

457,203‌

457,203‌

Hotels,

Restaurants

&

Leisure

 2.3%

Airbnb,

Class

A (1)

107,707‌

13,658‌

Booking

Holdings 

9,893‌

41,671‌

Chipotle

Mexican

Grill (1)

593,075‌

34,173‌

Domino's

Pizza 

23,813‌

10,243‌

Hilton

Worldwide

Holdings 

89,639‌

20,662‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Las

Vegas

Sands 

337,779‌

17,004‌

Marriott

International,

Class

A 

86,345‌

21,465‌

McDonald's 

226,411‌

68,944‌

Norwegian

Cruise

Line

Holdings (1)

279,471‌

5,732‌

Royal

Caribbean

Cruises 

123,141‌

21,840‌

Starbucks 

152,135‌

14,832‌

Wingstop 

24,462‌

10,178‌

Wynn

Resorts 

107,599‌

10,317‌

290,719‌

Household

Durables

 0.3%

NVR (1)

3,490‌

34,243‌

34,243‌

Specialty

Retail

 2.1%

AutoZone (1)

6,037‌

19,017‌

Bath

&

Body

Works 

83,293‌

2,659‌

Burlington

Stores (1)

44,812‌

11,807‌

Home

Depot 

283,705‌

114,957‌

Lowe's 

134,945‌

36,550‌

O'Reilly

Automotive (1)

20,020‌

23,055‌

Ross

Stores 

166,417‌

25,047‌

TJX 

237,093‌

27,868‌

Ulta

Beauty (1)

13,060‌

5,082‌

266,042‌

Textiles,

Apparel

&

Luxury

Goods

 0.2%

Lululemon

Athletica (1)

52,049‌

14,124‌

NIKE,

Class

B 

111,180‌

9,828‌

23,952‌

Total

Consumer

Discretionary

1,279,792‌

CONSUMER

STAPLES

 5.8%

Beverages

 1.7%

Coca-Cola 

1,180,341‌

84,819‌

Constellation

Brands,

Class

A 

55,910‌

14,408‌

Keurig

Dr

Pepper 

1,021,826‌

38,298‌

Monster

Beverage (1)

162,690‌

8,488‌

PepsiCo 

378,267‌

64,324‌

210,337‌

Consumer

Staples

Distribution

&

Retail

 1.9%

Costco

Wholesale 

112,265‌

99,525‌

Dollar

General 

145,107‌

12,272‌

Sysco 

75,524‌

5,895‌

Target 

136,187‌

21,226‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Walmart 

1,147,598‌

92,669‌

231,587‌

Food

Products

 0.2%

Campbell

Soup 

48,566‌

2,376‌

General

Mills 

69,664‌

5,145‌

Mondelez

International,

Class

A 

258,703‌

19,059‌

Tyson

Foods,

Class

A 

66,915‌

3,985‌

30,565‌

Household

Products

 1.1%

Clorox 

31,050‌

5,058‌

Colgate-Palmolive 

261,942‌

27,192‌

Kimberly-Clark 

78,170‌

11,122‌

Procter

&

Gamble 

563,018‌

97,515‌

140,887‌

Personal

Care

Products

 0.3%

Estee

Lauder,

Class

A 

54,200‌

5,403‌

Kenvue 

1,648,834‌

38,138‌

43,541‌

Tobacco

 0.6%

Altria

Group 

144,625‌

7,381‌

Philip

Morris

International 

572,971‌

69,559‌

76,940‌

Total

Consumer

Staples

733,857‌

ENERGY

 3.4%

Energy

Equipment

&

Services

 0.3%

Halliburton 

358,504‌

10,414‌

Schlumberger 

556,708‌

23,354‌

33,768‌

Oil,

Gas

&

Consumable

Fuels

 3.1%

Chesapeake

Energy 

46,204‌

3,800‌

Chevron 

394,214‌

58,056‌

ConocoPhillips 

498,987‌

52,533‌

Devon

Energy 

138,919‌

5,435‌

Diamondback

Energy 

92,347‌

15,921‌

EOG

Resources 

199,378‌

24,510‌

EQT 

206,604‌

7,570‌

Exxon

Mobil 

1,189,619‌

139,447‌

Hess 

33,421‌

4,539‌

Kinder

Morgan 

697,030‌

15,397‌

Marathon

Petroleum 

175,197‌

28,541‌

Phillips

66 

53,145‌

6,986‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Suncor

Energy 

136,795‌

5,050‌

Targa

Resources 

57,844‌

8,561‌

Valero

Energy 

60,157‌

8,123‌

Williams 

192,134‌

8,771‌

393,240‌

Total

Energy

427,008‌

FINANCIALS

 13.6%

Banks

 3.2%

Bank

of

America 

1,936,359‌

76,835‌

Citigroup 

850,342‌

53,231‌

Fifth

Third

Bancorp 

382,006‌

16,365‌

Huntington

Bancshares 

1,082,243‌

15,909‌

JPMorgan

Chase 

687,189‌

144,901‌

KeyCorp 

442,467‌

7,411‌

PNC

Financial

Services

Group 

52,063‌

9,624‌

Popular 

49,121‌

4,925‌

Truist

Financial 

93,178‌

3,985‌

U.S.

Bancorp 

271,173‌

12,401‌

Wells

Fargo 

810,128‌

45,764‌

Western

Alliance

Bancorp 

75,500‌

6,530‌

397,881‌

Capital

Markets

 2.8%

Ares

Management,

Class

A 

91,822‌

14,309‌

Bank

of

New

York

Mellon 

297,311‌

21,365‌

BlackRock 

34,721‌

32,968‌

Blackstone 

63,042‌

9,654‌

Cboe

Global

Markets 

83,051‌

17,015‌

Charles

Schwab 

680,834‌

44,125‌

FactSet

Research

Systems 

10,889‌

5,007‌

Goldman

Sachs

Group 

71,665‌

35,482‌

Intercontinental

Exchange 

180,976‌

29,072‌

KKR 

169,652‌

22,153‌

LPL

Financial

Holdings 

26,556‌

6,178‌

Moody's 

34,668‌

16,453‌

Morgan

Stanley 

302,730‌

31,557‌

MSCI 

7,545‌

4,398‌

S&P

Global 

84,064‌

43,429‌

TPG (2)

98,540‌

5,672‌

Tradeweb

Markets,

Class

A 

129,485‌

16,013‌

354,850‌

Consumer

Finance

 0.5%

American

Express 

168,835‌

45,788‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Discover

Financial

Services 

121,465‌

17,040‌

62,828‌

Financial

Services

 4.7%

Apollo

Global

Management 

81,910‌

10,231‌

Berkshire

Hathaway,

Class

B (1)

334,274‌

153,853‌

Corebridge

Financial 

864,852‌

25,219‌

Corpay (1)

118,619‌

37,099‌

Equitable

Holdings 

239,296‌

10,058‌

Fiserv (1)

327,678‌

58,867‌

Global

Payments 

224,305‌

22,973‌

Mastercard,

Class

A 

230,899‌

114,018‌

Visa,

Class

A 

499,406‌

137,312‌

Voya

Financial 

269,687‌

21,365‌

590,995‌

Insurance

 2.3%

Allstate 

197,807‌

37,514‌

American

International

Group 

444,800‌

32,573‌

Axis

Capital

Holdings 

83,928‌

6,681‌

Chubb 

222,784‌

64,249‌

Hartford

Financial

Services

Group 

293,093‌

34,471‌

Marsh

&

McLennan 

136,779‌

30,514‌

MetLife 

398,323‌

32,854‌

Progressive 

32,445‌

8,233‌

RenaissanceRe

Holdings 

80,108‌

21,821‌

Travelers 

55,345‌

12,957‌

281,867‌

Mortgage

Real

Estate

Investment

Trusts

 0.1%

Annaly

Capital

Management,

REIT 

361,159‌

7,248‌

7,248‌

Total

Financials

1,695,669‌

HEALTH

CARE

 12.1%

Biotechnology

 1.9%

AbbVie 

389,572‌

76,933‌

Amgen 

173,117‌

55,780‌

BeiGene,

ADR (1)(2)

31,266‌

7,019‌

Biogen (1)

60,237‌

11,676‌

Gilead

Sciences 

215,442‌

18,063‌

Regeneron

Pharmaceuticals (1)

37,590‌

39,516‌

Vertex

Pharmaceuticals (1)

49,168‌

22,867‌

231,854‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Health

Care

Equipment

&

Supplies

 2.2%

Abbott

Laboratories 

220,203‌

25,105‌

Becton

Dickinson

&

Company 

149,195‌

35,971‌

Boston

Scientific (1)

314,717‌

26,373‌

Dexcom (1)

196,959‌

13,204‌

Edwards

Lifesciences (1)

101,723‌

6,713‌

Hologic (1)

185,928‌

15,146‌

IDEXX

Laboratories (1)

13,158‌

6,648‌

Intuitive

Surgical (1)

117,875‌

57,908‌

Medtronic 

167,500‌

15,080‌

Stryker 

133,435‌

48,205‌

Zimmer

Biomet

Holdings 

236,479‌

25,528‌

275,881‌

Health

Care

Providers

&

Services

 2.6%

Cencora 

62,883‌

14,154‌

Cigna

Group 

111,799‌

38,732‌

CVS

Health 

83,660‌

5,261‌

Elevance

Health 

88,877‌

46,216‌

HCA

Healthcare 

6,776‌

2,754‌

Humana 

30,967‌

9,808‌

McKesson 

40,694‌

20,120‌

Molina

Healthcare (1)

40,010‌

13,786‌

Quest

Diagnostics 

62,934‌

9,770‌

Tenet

Healthcare (1)

115,957‌

19,272‌

UnitedHealth

Group 

255,686‌

149,494‌

329,367‌

Life

Sciences

Tools

&

Services

 1.5%

Danaher 

207,130‌

57,586‌

ICON (1)

36,893‌

10,600‌

IQVIA

Holdings (1)

17,996‌

4,264‌

Mettler-Toledo

International (1)

14,028‌

21,038‌

Repligen (1)

76,956‌

11,453‌

Thermo

Fisher

Scientific 

131,621‌

81,417‌

186,358‌

Pharmaceuticals

 3.9%

AstraZeneca,

ADR 

69,055‌

5,380‌

Bristol-Myers

Squibb 

336,445‌

17,408‌

Eli

Lilly 

267,961‌

237,397‌

Johnson

&

Johnson 

531,192‌

86,085‌

Merck 

605,966‌

68,814‌

Novo

Nordisk,

ADR 

182,944‌

21,783‌

Pfizer 

1,011,189‌

29,264‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sanofi,

ADR 

99,483‌

5,733‌

Viatris 

129,136‌

1,499‌

Zoetis 

52,031‌

10,166‌

483,529‌

Total

Health

Care

1,506,989‌

INDUSTRIALS

&

BUSINESS

SERVICES

 7.6%

Aerospace

&

Defense

 1.8%

Boeing (1)

193,325‌

29,393‌

General

Dynamics 

13,575‌

4,102‌

General

Electric 

369,423‌

69,666‌

Howmet

Aerospace 

179,735‌

18,018‌

L3Harris

Technologies 

92,326‌

21,962‌

Lockheed

Martin 

12,631‌

7,384‌

Northrop

Grumman 

60,518‌

31,958‌

RTX 

210,594‌

25,515‌

TransDigm

Group 

16,430‌

23,448‌

231,446‌

Air

Freight

&

Logistics

 0.2%

FedEx 

68,211‌

18,668‌

18,668‌

Building

Products

 0.4%

Carrier

Global 

307,584‌

24,757‌

Johnson

Controls

International 

153,476‌

11,911‌

Trane

Technologies 

45,053‌

17,514‌

54,182‌

Commercial

Services

&

Supplies

 0.5%

Cintas 

85,734‌

17,651‌

Copart (1)

265,391‌

13,907‌

Republic

Services 

16,562‌

3,326‌

Waste

Connections 

75,875‌

13,568‌

Waste

Management 

80,392‌

16,689‌

65,141‌

Electrical

Equipment

 0.8%

AMETEK 

16,473‌

2,829‌

Emerson

Electric 

85,001‌

9,297‌

GE

Vernova (1)

122,719‌

31,291‌

Hubbell 

42,345‌

18,138‌

Rockwell

Automation 

89,793‌

24,106‌

Sensata

Technologies

Holding 

59,712‌

2,141‌

Vertiv

Holdings,

Class

A 

68,721‌

6,837‌

94,639‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ground

Transportation

 1.5%

Canadian

National

Railway 

19,608‌

2,297‌

CSX 

1,267,046‌

43,751‌

JB

Hunt

Transport

Services 

3,676‌

634‌

Norfolk

Southern 

105,105‌

26,119‌

Old

Dominion

Freight

Line 

173,829‌

34,529‌

Saia (1)

48,551‌

21,229‌

Uber

Technologies (1)

724,637‌

54,464‌

183,023‌

Industrial

Conglomerates

 0.6%

Honeywell

International 

190,494‌

39,377‌

Roper

Technologies 

59,413‌

33,060‌

72,437‌

Machinery

 1.4%

Caterpillar 

43,252‌

16,917‌

Cummins 

114,669‌

37,129‌

Deere 

70,681‌

29,497‌

Dover 

65,171‌

12,496‌

Esab 

52,997‌

5,634‌

Fortive 

133,357‌

10,526‌

IDEX 

42,080‌

9,026‌

Ingersoll

Rand 

145,480‌

14,280‌

Stanley

Black

&

Decker 

363,363‌

40,017‌

Xylem 

17,729‌

2,394‌

177,916‌

Passenger

Airlines

 0.1%

Delta

Air

Lines 

150,873‌

7,663‌

United

Airlines

Holdings (1)

106,839‌

6,096‌

13,759‌

Professional

Services

 0.2%

Booz

Allen

Hamilton

Holding 

26,097‌

4,248‌

Equifax 

36,224‌

10,645‌

Verisk

Analytics 

51,849‌

13,893‌

28,786‌

Trading

Companies

&

Distributors

 0.1%

SiteOne

Landscape

Supply (1)

60,351‌

9,108‌

9,108‌

Total

Industrials

&

Business

Services

949,105‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

 31.1%

Communications

Equipment

 0.4%

Arista

Networks (1)

39,653‌

15,220‌

Cisco

Systems 

744,561‌

39,625‌

54,845‌

Electronic

Equipment,

Instruments

&

Components

 0.9%

Amphenol,

Class

A 

202,085‌

13,168‌

Keysight

Technologies (1)

160,045‌

25,436‌

TE

Connectivity 

193,648‌

29,239‌

Teledyne

Technologies (1)

45,229‌

19,795‌

Zebra

Technologies,

Class

A (1)

53,496‌

19,810‌

107,448‌

IT

Services

 1.0%

Accenture,

Class

A 

230,561‌

81,499‌

Gartner (1)

10,160‌

5,149‌

International

Business

Machines 

124,006‌

27,415‌

Shopify,

Class

A (1)

77,408‌

6,203‌

120,266‌

Semiconductors

&

Semiconductor

Equipment

 10.6%

Advanced

Micro

Devices (1)

453,901‌

74,476‌

Analog

Devices 

179,121‌

41,228‌

Broadcom 

1,226,580‌

211,585‌

Entegris 

124,998‌

14,066‌

KLA 

69,342‌

53,699‌

Marvell

Technology 

289,703‌

20,893‌

Monolithic

Power

Systems 

19,128‌

17,684‌

NVIDIA 

6,245,881‌

758,500‌

ON

Semiconductor (1)

78,109‌

5,672‌

QUALCOMM 

406,634‌

69,148‌

Texas

Instruments 

306,915‌

63,400‌

1,330,351‌

Software

 10.6%

Adobe (1)

116,432‌

60,286‌

Autodesk (1)

87,606‌

24,134‌

Cadence

Design

Systems (1)

89,918‌

24,370‌

Crowdstrike

Holdings,

Class

A (1)

47,166‌

13,229‌

Descartes

Systems

Group (1)

70,791‌

7,289‌

Dynatrace (1)

170,608‌

9,122‌

Fair

Isaac (1)

8,275‌

16,083‌

Fortinet (1)

578,603‌

44,871‌

Gen

Digital 

808,757‌

22,184‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Intuit 

73,584‌

45,696‌

Microsoft 

1,959,901‌

843,345‌

Oracle 

391,255‌

66,670‌

Palo

Alto

Networks (1)

35,410‌

12,103‌

Salesforce 

370,742‌

101,476‌

ServiceNow (1)

10,109‌

9,041‌

Synopsys (1)

44,646‌

22,608‌

Workday,

Class

A (1)

12,463‌

3,046‌

Zscaler (1)

30,752‌

5,257‌

1,330,810‌

Technology

Hardware,

Storage

&

Peripherals

 7.6%

Apple 

3,971,977‌

925,471‌

Pure

Storage,

Class

A (1)

118,843‌

5,971‌

Western

Digital (1)

225,415‌

15,393‌

946,835‌

Total

Information

Technology

3,890,555‌

MATERIALS

 2.0%

Chemicals

 1.1%

CF

Industries

Holdings 

164,316‌

14,099‌

Linde 

182,056‌

86,815‌

Mosaic 

285,099‌

7,635‌

RPM

International 

23,324‌

2,822‌

Sherwin-Williams 

71,546‌

27,307‌

138,678‌

Construction

Materials

 0.1%

Vulcan

Materials 

58,062‌

14,540‌

14,540‌

Containers

&

Packaging

 0.3%

Ball 

217,381‌

14,762‌

International

Paper 

141,628‌

6,919‌

Packaging

Corp.

of

America 

64,402‌

13,872‌

35,553‌

Metals

&

Mining

 0.4%

Agnico

Eagle

Mines 

99,722‌

8,034‌

Franco-Nevada (2)

45,719‌

5,680‌

Freeport-McMoRan 

475,477‌

23,736‌

Steel

Dynamics 

124,995‌

15,759‌

53,209‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Paper

&

Forest

Products

 0.1%

West

Fraser

Timber (2)

149,608‌

14,566‌

14,566‌

Total

Materials

256,546‌

REAL

ESTATE

 2.0%

Health

Care

Real

Estate

Investment

Trusts

 0.2%

Welltower,

REIT 

189,213‌

24,225‌

24,225‌

Industrial

Real

Estate

Investment

Trusts

 0.4%

Prologis,

REIT 

271,389‌

34,271‌

Rexford

Industrial

Realty,

REIT 

377,161‌

18,975‌

53,246‌

Real

Estate

Management

&

Development

 0.1%

CBRE

Group,

Class

A (1)

59,684‌

7,429‌

CoStar

Group (1)

71,284‌

5,378‌

12,807‌

Residential

Real

Estate

Investment

Trusts

 0.3%

American

Homes

4

Rent,

Class

A,

REIT 

139,601‌

5,359‌

AvalonBay

Communities,

REIT 

35,957‌

8,099‌

Camden

Property

Trust,

REIT 

21,354‌

2,638‌

Essex

Property

Trust,

REIT 

51,932‌

15,342‌

Sun

Communities,

REIT 

66,064‌

8,929‌

40,367‌

Retail

Real

Estate

Investment

Trusts

 0.1%

Kimco

Realty,

REIT 

263,842‌

6,126‌

Regency

Centers,

REIT 

73,082‌

5,279‌

Simon

Property

Group,

REIT 

35,148‌

5,941‌

17,346‌

Specialized

Real

Estate

Investment

Trusts

 0.9%

American

Tower,

REIT 

177,840‌

41,358‌

Crown

Castle,

REIT 

15,530‌

1,842‌

CubeSmart,

REIT 

115,138‌

6,198‌

Equinix,

REIT 

35,515‌

31,524‌

Public

Storage,

REIT 

62,219‌

22,640‌

SBA

Communications,

REIT 

10,052‌

2,420‌

Weyerhaeuser,

REIT 

97,840‌

3,313‌

109,295‌

Total

Real

Estate

257,286‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

UTILITIES

 2.6%

Electric

Utilities

 1.9%

Constellation

Energy 

128,720‌

33,470‌

Duke

Energy 

52,473‌

6,050‌

Entergy 

105,989‌

13,949‌

Evergy 

121,614‌

7,541‌

Exelon 

246,961‌

10,014‌

FirstEnergy 

210,387‌

9,331‌

NextEra

Energy 

744,736‌

62,953‌

PG&E 

2,041,929‌

40,369‌

PPL 

86,084‌

2,848‌

Southern 

275,776‌

24,869‌

Xcel

Energy 

446,774‌

29,174‌

240,568‌

Gas

Utilities

 0.2%

Atmos

Energy 

138,509‌

19,213‌

19,213‌

Independent

Power

&

Renewable

Electricity

Producers

 0.1%

Vistra 

81,988‌

9,719‌

9,719‌

Multi-Utilities

 0.4%

Ameren 

296,856‌

25,963‌

CenterPoint

Energy 

180,591‌

5,313‌

CMS

Energy 

139,064‌

9,822‌

Dominion

Energy 

110,446‌

6,383‌

Sempra 

72,508‌

6,064‌

53,545‌

Total

Utilities

323,045‌

Total

Common

Stocks

(Cost

$8,522,766)

12,411,108‌

SHORT-TERM

INVESTMENTS

 0.6%

Money

Market

Funds

 0.6%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94% (3)(4)

80,936,677‌

80,937‌

80,937‌

U.S.

Treasury

Obligations

 0.0%

U.S.

Treasury

Bills,

4.589%,

12/12/24 (5)

230,000‌

228‌

U.S.

Treasury

Bills,

4.688%,

3/13/25 (5)

2,000,000‌

1,961‌

U.S.

Treasury

Bills,

5.077%,

11/21/24 (5)

240,000‌

238‌

U.S.

Treasury

Bills,

5.184%,

10/29/24 (5)

1,830,000‌

1,823‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Bills,

5.239%,

10/24/24 (5)

170,000‌

170‌

U.S.

Treasury

Bills,

5.262%,

10/10/24 (5)

30,000‌

30‌

4,450‌

Total

Short-Term

Investments

(Cost

$85,384)

85,387‌

SECURITIES

LENDING

COLLATERAL

 0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.2%

Money

Market

Funds 0.2%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (3)(4)

22,761,865‌

22,762‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

22,762‌

Total

Securities

Lending

Collateral

(Cost

$22,762)

22,762‌

Total

Investments

in

Securities

 100.0%

(Cost

$8,630,912)

$

12,519,257‌

Other

Assets

Less

Liabilities

(0.0)%

(

1,202‌

)

Net

Assets

100.0%

$

12,518,055‌

‡

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,

2024.

(3)

Seven-day

yield

(4)

Affiliated

Companies

(5)

At

September

30,

2024,

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

14

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

300

S&P

500

E-Mini

Index

contracts

12/24

87,214

$

696‌

Net

payments

(receipts)

of

variation

margin

to

date

(

351‌

)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

345‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

15

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%

$

—‌

$

—‌

$

—‌

++

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94%

—‌

—‌

1,961‌

Totals

$

—‌

#

$

—‌

$

1,961‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

09/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

$

20,562‌

¤

¤

$

22,762‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94%

51,266‌

¤

¤

80,937‌

Total

$

103,699‌

^

#

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

$1,961

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

$103,699.

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

Unaudited

Notes

to

Portfolio

of

Investments

16

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

17

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

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

18

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;

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,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

12,411,108‌

$

—‌

$

—‌

$

12,411,108‌

Short-Term

Investments

80,937‌

4,450‌

—‌

85,387‌

Securities

Lending

Collateral

22,762‌

—‌

—‌

22,762‌

Total

Securities

12,514,807‌

4,450‌

—‌

12,519,257‌

Futures

Contracts*

696‌

—‌

—‌

696‌

Total

$

12,515,503‌

$

4,450‌

$

—‌

$

12,519,953‌

*

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

19

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.

F108-054Q3

09/24