UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07225
T. Rowe Price U.S. Equity Research Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2022
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRCOX
U.S.
Equity
Research
Fund
–
.
PACOX
U.S.
Equity
Research
Fund–
.
Advisor Class
RRCOX
U.S.
Equity
Research
Fund–
.
R Class
PCCOX
U.S.
Equity
Research
Fund–
.
I Class
PCUZX
U.S.
Equity
Research
Fund–
.
Z Class
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
HIGHLIGHTS
The
U.S.
Equity
Research
Fund
underperformed
the
S&P
500
Index
during
the
12-month
period
ended
December
31,
2022.
Stock
selection
in
four
of
11
sectors
contributed
to
relative
returns
during
the
reporting
period.
Information
technology,
health
care,
financials,
and
consumer
discretionary
were
the
fund’s
largest
sector
allocations
in
absolute
terms.
Heading
into
2023,
capital
markets
appear
to
have
priced
in
a
significant
global
economic
slowdown.
The
key
question
is
whether
this
deceleration
will
end
in
a
“soft
landing”—with
slower
but
still
positive
growth—or
in
a
full-fledged
recession
that
drags
down
earnings.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Market
Commentary
Dear
Shareholder
Nearly
all
major
global
stock
and
bond
indexes
fell
sharply
in
2022,
as
investors
contended
with
persistently
high
inflation,
tightening
financial
conditions,
and
slowing
economic
and
corporate
earnings
growth.
Double-digit
losses
were
common
in
equity
markets
around
the
world,
and
bond
investors
also
faced
a
historically
tough
environment
amid
a
sharp
rise
in
interest
rates.
Value
shares
declined
but
outperformed
growth
stocks
by
a
considerable
margin
as
equity
investors
turned
risk
averse
and
as
rising
rates
put
downward
pressure
on
growth
stock
valuations.
Emerging
markets
stocks
generally
underperformed
shares
in
developed
markets.
Meanwhile,
the
U.S.
dollar
strengthened
versus
most
currencies
during
the
period,
which
weighed
on
returns
for
U.S.
investors
in
international
securities.
Within
the
S&P
500
Index,
energy
was
a
rare
bright
spot,
gaining
more
than
60%
as
oil
prices
jumped
in
response
to
Russia’s
invasion
of
Ukraine
and
concerns
over
commodity
supply
shortages.
Defensive
shares,
such
as
utilities,
consumer
staples,
and
health
care,
held
up
relatively
well
and
finished
the
year
with
roughly
flat
returns.
Conversely,
communication
services,
consumer
discretionary,
and
information
technology
shares
suffered
the
largest
declines.
Elevated
inflation
remained
a
leading
concern
for
investors
throughout
the
period,
although
there
were
signs
that
price
increases
were
moderating
by
year-
end.
November’s
consumer
price
index
data
showed
headline
inflation
rising
7.1%
on
a
12-month
basis,
the
lowest
level
since
December
2021
but
still
well
above
the
Federal
Reserve’s
2%
long-term
target.
In
response
to
the
high
inflation
readings,
global
central
banks
tightened
monetary
policy,
and
investors
focused
on
communications
from
central
bank
officials
on
how
high
rates
would
have
to
go.
The
Fed,
which
at
the
end
of
2021
had
forecast
that
it
would
only
need
to
raise
interest
rates
0.75
percentage
point
in
all
of
2022,
raised
its
short-term
lending
benchmark
from
near
zero
in
March
to
a
target
range
of
4.25%
to
4.50%
by
December
and
indicated
that
additional
hikes
are
likely.
Bond
yields
increased
considerably
across
the
U.S.
Treasury
yield
curve
as
the
Fed
tightened
monetary
policy,
with
the
yield
on
the
benchmark
10-year
U.S.
Treasury
note
climbing
from
1.52%
at
the
start
of
the
period
to
3.88%
at
the
end
of
the
year.
Significant
inversions
in
the
yield
curve,
which
are
often
considered
a
warning
sign
of
a
coming
recession,
occurred
during
the
period
as
shorter-maturity
Treasuries
experienced
the
largest
yield
increases.
The
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
sharp
increase
in
yields
led
to
historically
weak
results
across
the
fixed
income
market,
with
the
Bloomberg
U.S.
Aggregate
Bond
Index
delivering
its
worst
year
on
record.
(Bond
prices
and
yields
move
in
opposite
directions.)
As
the
period
came
to
an
end,
the
economic
backdrop
appeared
mixed.
Although
manufacturing
gauges
have
drifted
toward
contraction
levels,
the
U.S.
jobs
market
remained
resilient,
and
corporate
and
household
balance
sheets
appeared
strong.
Meanwhile,
the
housing
market
has
weakened
amid
rising
mortgage
rates.
The
past
year
has
been
a
trying
time
for
investors
as
few
sectors
remained
untouched
by
the
broad
headwinds
that
markets
faced,
and
volatility
may
continue
in
the
near
term
as
central
banks
tighten
policy
amid
slowing
economic
growth.
However,
in
our
view,
there
continue
to
be
opportunities
for
selective
investors
focused
on
fundamentals.
Valuations
in
most
global
equity
markets
have
improved
markedly,
although
U.S.
equities
still
appear
relatively
expensive
by
historical
standards,
while
bond
yields
have
reached
some
of
the
most
attractive
levels
since
the
2008
global
financial
crisis.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
to
provide
long-term
capital
growth
by
investing
primarily
in
U.S.
common
stocks.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
The
U.S.
Equity
Research
Fund
returned
-18.80%
for
the
12
months
ended
December
31,
2022.
The
fund
underperformed
its
benchmark,
the
S&P
500
Index,
and
its
Lipper
peer
group.
(Returns
for
the
Advisor,
R,
I,
and
Z
Class
shares
varied
slightly,
reflecting
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results.
)
What
factors
influenced
the
fund’s
performance?
The
fund’s
objective
is
to
outperform
the
S&P
500
by
investing
in
our
research
analysts’
highest-conviction
stocks
while
keeping
sector
and
industry
allocations
close
to
their
weightings
in
the
index.
Stock
selection
in
four
of
11
sectors
contributed
to
relative
performance
during
the
period.
Overall,
the
energy,
industrials
and
business
services,
and
communication
services
sectors
detracted
from
relative
returns,
while
financials
and
health
care
contributed
the
most
on
a
relative
basis.
The
energy
sector
was
the
largest
detractor
from
the
fund’s
relative
performance
versus
the
S&P
500
Index
due
to
our
underweight
position.
An
underweight
position
in
integrated
oil
and
gas
company
ExxonMobil
weighed
on
relative
returns
as
the
company
benefited
from
elevated
oil
and
gas
prices
during
much
of
the
period.
Shares
appreciated
further
on
supply
concerns
after
the
U.S.
announced
it
would
ban
oil
imports
from
Russia,
and
the
European
Union
also
announced
that
it
would
decrease
its
member
nations’
imports
of
Russian
energy
by
the
end
of
2022.
We
added
to
our
position
during
the
year
as
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/22
6
Months
12
Months
U.S.
Equity
Research
Fund
–
.
2.07%
-18.80%
U.S.
Equity
Research
Fund–
.
Advisor Class
1.86
-19.11
U.S.
Equity
Research
Fund–
.
R Class
1.71
-19.35
U.S.
Equity
Research
Fund–
.
I Class
2.11
-18.72
U.S.
Equity
Research
Fund–
.
Z Class
2.29
-18.44
S&P
500
Index
2.31
-18.11
Lipper
Large-Cap
Core
Funds
Index
3.31
-17.00
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
we
believe
the
company
could
be
entering
a
period
of
structural
growth
as
a
big
slate
of
projects
is
set
to
come
online
over
the
next
two
to
three
years.
(Please
refer
to
the
fund’s
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
Not
owning
oil
field
services
company
Schlumberger
also
detracted
from
relative
performance
as
oil
prices
rose
during
much
of
the
period.
Shares
also
advanced
in
the
fourth
quarter
after
the
company
reported
its
highest
profit
in
seven
years,
driven
by
growth
in
international
drilling,
and
raised
its
guidance
for
the
rest
of
2022.
We
prefer
higher-conviction
investments
elsewhere
in
the
portfolio.
Not
owning
defense
contractor
Lockheed
Martin
hurt
relative
results
in
the
industrials
and
business
services
sector.
Shares
advanced
early
in
the
year
as
global
defense
spending
budgets
increased
following
Russia’s
invasion
of
Ukraine.
The
stock
also
received
a
boost
later
in
the
period
after
the
company
reported
better-than-feared
quarterly
results,
leading
investors
to
believe
that
the
business
could
be
back
on
track
after
a
period
of
underperformance.
We
remain
underweight
as
we
believe
Lockheed
Martin’s
product
portfolio
is
overly
levered
to
legacy
Department
of
Defense
programs
that
will
plateau
or
decline
over
the
next
several
years.
An
average
overweight
position
in
Generac
Holdings,
a
dominant
player
in
a
large
and
underpenetrated
home
standby
generator
market,
further
weighed
on
relative
gains.
Shares
were
pressured
by
weakening
demand
as
the
home
standby
generator
market
slowed
during
the
year.
We
eliminated
our
position
in
favor
of
higher-conviction
investments
elsewhere
in
the
portfolio.
Within
the
communication
services
sector,
an
overweight
in
social
media
company
Meta
Platforms
detracted
from
relative
gains.
Shares
were
pressured
by
iOS
privacy
headwinds,
increasing
competitive
threats,
and
engagement
concerns.
The
company
was
also
negatively
affected
by
the
broad
sell-off
in
technology
stocks
later
in
the
period.
We
believe
that
Meta’s
share
of
consumer
time
spent
on
mobile
devices,
coupled
with
its
ad
monetization
and
targeting
capabilities,
should
help
it
generate
advertising-led
revenue
growth
over
the
next
several
years.
Conversely,
stock
selection
in
the
financials
sector
added
value,
led
by
our
underweight
position
in
global
bank
JPMorgan
Chase.
Shares
slumped
after
management
warned
that
the
company
won’t
meet
its
longer-term
target
returns
for
at
least
the
next
year.
In
recent
months,
macroeconomic
headwinds,
including
inflation
and
slowing
growth,
have
weighed
on
the
stock.
While
we
remain
underweight,
we
added
to
our
position
in
mid-2022
as
we
like
the
company’s
offensive
qualities
(including
rate
sensitivity,
scale,
robust
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
loan
growth,
and
capital
markets
businesses)
as
well
as
its
defensive
qualities
(including
lower
density
of
loans
on
balance
sheet,
offsetting
fee
businesses,
and
relatively
conservative
underwriting)
that
will
serve
it
well
in
an
uncertain
macroeconomic
backdrop.
An
overweight
position
in
pharmaceutical
company
Eli
Lilly
contributed
to
relative
results
in
health
care.
During
the
period,
shares
were
boosted
by
better-
than-expected
first-quarter
2022
earnings
and
revenues
and
U.S.
Food
and
Drug
Administration
approval
of
the
company’s
new
diabetes
drug,
tirzepatide.
Positive
results
from
a
number
of
other
drugs
in
the
company’s
pipeline
also
drove
shares
higher
throughout
the
year.
We
believe
the
company
has
several
late-stage
assets
with
high
probabilities
of
success
that
will
benefit
its
visibility
and
revenue
over
the
next
12
to
18
months.
We
also
expect
Eli
Lilly’s
base
business
will
remain
stable
against
competition
and
drug
pricing
pressures,
and
we
are
encouraged
by
management’s
goal
of
increasing
the
company’s
operating
margin
percentage
over
the
next
five
years.
How
is
the
fund
positioned?
Similar
to
the
S&P
500
Index,
information
technology,
health
care,
financials,
and
consumer
discretionary
were
the
fund’s
largest
sector
positions
in
absolute
terms
and
represented
more
than
60%
of
the
fund’s
net
assets
at
the
end
of
the
period.
Enterprise
software-as-a-
service
provider
Salesforce,
industrial
conglomerate
GE,
and
wireless
carrier
T-Mobile
US
represented
the
fund’s
largest
overweight
stocks
versus
the
benchmark.
We
believe
that
Salesforce
offers
a
highly
recurring
subscription
business
model
that
is
well
positioned
to
benefit
from
secular
tailwinds
as
enterprises
migrate
to
the
cloud.
We
see
the
potential
for
strong
free
cash
flow
growth
over
the
next
several
years
SECTOR
DIVERSIFICATION
Percent
of
Net
Assets
6/30/22
12/31/22
Information
Technology
26.5%
26.0%
Health
Care
15.5
16.3
Financials
10.6
11.9
Consumer
Discretionary
11.3
10.1
Industrials
and
Business
Services
6.9
7.6
Consumer
Staples
6.6
7.1
Communication
Services
8.8
7.0
Energy
3.6
4.9
Utilities
3.4
3.2
Materials
3.3
3.0
Real
Estate
2.8
2.5
Other
&
Reserves
0.7
0.4
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
given
its
advantaged
positioning
and
long
runway
for
margin
expansion.
We
are
optimistic
about
the
efforts
of
GE
Chief
Executive
Officer
Larry
Culp
to
strengthen
the
company’s
balance
sheet
and
improve
operations.
We
see
value
in
GE’s
Aerospace
division
and
also
believe
GE’s
plan
to
split
into
three
separate
companies
will
be
beneficial
for
shareholders.
In
our
view,
T-Mobile
has
the
potential
to
become
the
best
wireless
network
in
the
U.S.
as
it
realizes
synergies
from
the
Sprint
merger,
increases
its
exposure
to
suburban
and
rural
areas
as
well
as
the
enterprise
wireless
market
segment,
and
further
expands
its
5G
network
leadership.
Notable
additions
to
the
portfolio
during
the
period
included
software
business
Adobe,
software-as-a-service
provider
ServiceNow,
and
regional
bank
U.S.
Bancorp.
What
is
portfolio
management’s
outlook?
Heading
into
2023,
capital
markets
appear
to
have
priced
in
a
significant
global
economic
slowdown.
The
key
question
is
whether
this
deceleration
will
end
in
a
“soft
landing”—with
slower
but
still
positive
growth—or
in
a
full-fledged
recession
that
drags
down
earnings.
Much
depends
on
the
Federal
Reserve
(Fed)
and
the
world’s
other
major
central
banks
as
they
continue
efforts
to
bring
inflation
under
control
by
hiking
interest
rates
and
draining
liquidity
from
the
markets.
While
Fed
hiking
cycles
don’t
generally
end
well,
especially
when
inflation
is
running
high,
investors
shouldn’t
assume
a
deep
downturn
is
inevitable.
Nevertheless,
geopolitical
risks
will
remain
potential
triggers
for
downside
volatility
in
2023.
Structural
factors,
such
as
bank
capital
requirements
that
constrain
market
liquidity,
could
magnify
price
movements,
both
up
and
down.
Moreover,
with
most
central
banks
seeking
tighter
financial
conditions,
investors
can’t
count
on
them
to
intervene
if
markets
fall.
We’ve
come
out
of
a
period
where
central
banks
had
strong
motivation
to
suppress
volatility
as
controlling
inflation
has
become
the
priority.
Regardless
of
the
stock
market’s
day-to-day
performance,
our
investment
strategy
remains
the
same,
relying
on
the
insights
of
our
research
analysts
to
identify
favorable
long-term
investment
opportunities
in
each
sector
of
the
S&P
500
Index
while
keeping
sector
weights
close
to
those
of
the
benchmark.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Risks
of
Stock
Investing
As
with
all
stock
mutual
funds,
the
fund’s
share
price
can
fall
because
of
weakness
in
the
stock
market,
a
particular
industry,
or
specific
holdings.
Stock
markets
can
decline
for
many
reasons,
including
adverse
political
or
economic
developments,
changes
in
investor
psychology,
or
heavy
institutional
selling.
The
prospects
for
an
industry
or
company
may
deteriorate
because
of
a
variety
of
factors,
including
disappointing
earnings
or
changes
in
the
competitive
environment.
In
addition,
the
investment
manager’s
assessment
of
companies
held
in
a
fund
may
prove
incorrect,
resulting
in
losses
or
poor
performance
even
in
rising
markets.
BENCHMARK
INFORMATION
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2023
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
The
S&P
500
Index
is
a
product
of
S&P
Dow
Jones
Indices
LLC,
a
division
of
S&P
Global,
or
its
affiliates
(“SPDJI”)
and
has
been
licensed
for
use
by
T.
Rowe
Price.
Standard
& Poor’s
®
and
S&P
®
are
registered
trademarks of
Standard
&
Poor’s
Financial
Services
LLC,
a
division
of
S&P
Global (“S&P”);
Dow
Jones
®
is
a
registered
trademark
of
Dow
Jones
Trademark
Holdings
LLC
(“Dow
Jones”);
T.
Rowe
Price
is
not
sponsored,
endorsed,
sold
or
promoted
by
SPDJI,
Dow
Jones,
S&P,
or
their
respective
affiliates,
and
none
of
such
parties
make
any
representation
regarding
the
advisability
of
investing
in
such
product(s)
nor
do
they
have
any
liability
for
any
errors,
omissions,
or
interruptions
of
the
S&P
500
Index.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
12/31/22
Apple
5.9%
Microsoft
5.8
Alphabet
3.2
Amazon.com
2.4
UnitedHealth
Group
1.7
Berkshire
Hathaway
1.4
NVIDIA
1.3
Visa
1.3
Johnson
&
Johnson
1.3
ExxonMobil
1.3
Eli
Lilly
1.1
Home
Depot
1.1
JPMorgan
Chase
1.1
Broadcom
1.1
Procter
&
Gamble
1.1
Salesforce
1.1
Chevron
1.0
MasterCard
1.0
AbbVie
1.0
General
Electric
0.9
Merck
0.9
T-Mobile
U.S.
0.9
Thermo
Fisher
Scientific
0.9
Accenture
0.9
Meta
Platforms
0.9
Total
40.6%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
U.S.
EQUITY
RESEARCH
FUND
Note:
Performance
for
the Advisor,
R,
I,
and
Z Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/22
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
U.S.
Equity
Research
Fund
–
.
-18.80%
9.48%
12.64%
–
–
U.S.
Equity
Research
Fund–
.
Advisor Class
-19.11
9.10
12.28
–
–
U.S.
Equity
Research
Fund–
.
R Class
-19.35
8.80
11.95
–
–
U.S.
Equity
Research
Fund–
.
I Class
-18.72
9.60
–
11.89%
11/29/16
U.S.
Equity
Research
Fund–
.
Z Class
-18.44
–
–
-15.59
11/23/21
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor,
0.03
R,
0.04
I
,
and
0.05
Z
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
five
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
R
Class
shares
are
available
to
retirement
plans
serviced
by
intermediaries
and
charge
a
0.50%
12b-1
fee,
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
"Expenses
Paid
During
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
U.S.
Equity
Research
Fund
0.42%
U.S.
Equity
Research
Fund–Advisor
Class
0.86
U.S.
Equity
Research
Fund–R
Class
1.09
U.S.
Equity
Research
Fund–I
Class
0.34
U.S.
Equity
Research
Fund–Z
Class
0.33
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
U.S.
EQUITY
RESEARCH
FUND
Beginning
Account
Value
7/1/22
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period*
7/1/22
to
12/31/22
Investor
Class
Actual
$1,000.00
$1,020.70
$2.29
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.94
2.29
Advisor
Class
Actual
1,000.00
1,018.60
4.22
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.02
4.23
R
Class
Actual
1,000.00
1,017.10
5.59
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,019.66
5.60
I
Class
Actual
1,000.00
1,021.10
1.78
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.44
1.79
Z
Class
Actual
1,000.00
1,022.90
0.00
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,025.21
0.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.45%,
the
2
Advisor Class
was
0.83%,
the
3
R
Class
was
1.10%,
the
4
I Class
was
0.35%,
and
the
5
Z Class
was
0.00%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
45.23
$
36.67
$
30.93
$
23.58
$
26.06
Investment
activities
Net
investment
income
(1)(2)
0.36
0.34
0.46
0.36
0.37
Net
realized
and
unrealized
gain/
loss
(8.85)
9.90
5.66
7.29
(1.53)
Total
from
investment
activities
(8.49)
10.24
6.12
7.65
(1.16)
Distributions
Net
investment
income
(0.32)
(0.31)
(0.32)
(0.17)
(0.29)
Net
realized
gain
(0.14)
(1.37)
(0.06)
(0.13)
(1.03)
Total
distributions
(0.46)
(1.68)
(0.38)
(0.30)
(1.32)
NET
ASSET
VALUE
End
of
period
$
36.28
$
45.23
$
36.67
$
30.93
$
23.58
Ratios/Supplemental
Data
Total
return
(2)(3)
(18.80)%
27.98%
19.81%
32.46%
(4.63)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.45%
0.42%
0.45%
0.54%
0.70%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.45%
0.42%
0.45%
0.53%
0.69%
Net
investment
income
0.92%
0.80%
1.47%
1.28%
1.38%
Portfolio
turnover
rate
45.4%
27.5%
35.6%
32.3%
33.5%
Net
assets,
end
of
period
(in
millions)
$3,155
$4,047
$2,210
$1,792
$633
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
45.21
$
36.69
$
30.88
$
23.54
$
25.99
Investment
activities
Net
investment
income
(1)(2)
0.22
0.16
0.36
0.27
0.28
Net
realized
and
unrealized
gain/
loss
(8.85)
9.87
5.64
7.27
(1.50)
Total
from
investment
activities
(8.63)
10.03
6.00
7.54
(1.22)
Distributions
Net
investment
income
(0.20)
(0.14)
(0.13)
(0.07)
(0.20)
Net
realized
gain
(0.14)
(1.37)
(0.06)
(0.13)
(1.03)
Total
distributions
(0.34)
(1.51)
(0.19)
(0.20)
(1.23)
NET
ASSET
VALUE
End
of
period
$
36.24
$
45.21
$
36.69
$
30.88
$
23.54
Ratios/Supplemental
Data
Total
return
(2)(3)
(19.11)%
27.39%
19.44%
32.04%
(4.86)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.82%
0.86%
0.77%
0.86%
0.99%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.82%
0.86%
0.77%
0.85%
0.98%
Net
investment
income
0.55%
0.37%
1.17%
0.96%
1.04%
Portfolio
turnover
rate
45.4%
27.5%
35.6%
32.3%
33.5%
Net
assets,
end
of
period
(in
thousands)
$36,895
$35,556
$16,053
$25,556
$9,526
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
R
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
44.82
$
36.42
$
30.76
$
23.45
$
25.94
Investment
activities
Net
investment
income
(1)(2)
0.10
0.07
0.25
0.17
0.21
Net
realized
and
unrealized
gain/
loss
(8.77)
9.80
5.61
7.27
(1.52)
Total
from
investment
activities
(8.67)
9.87
5.86
7.44
(1.31)
Distributions
Net
investment
income
(0.11)
(0.10)
(0.14)
—
(0.15)
Net
realized
gain
(0.14)
(1.37)
(0.06)
(0.13)
(1.03)
Total
distributions
(0.25)
(1.47)
(0.20)
(0.13)
(1.18)
NET
ASSET
VALUE
End
of
period
$
35.90
$
44.82
$
36.42
$
30.76
$
23.45
Ratios/Supplemental
Data
Total
return
(2)(3)
(19.35)%
27.15%
19.06%
31.73%
(5.22)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.12%
1.09%
1.09%
1.19%
1.29%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.12%
1.09%
1.09%
1.18%
1.29%
Net
investment
income
0.25%
0.17%
0.82%
0.63%
0.80%
Portfolio
turnover
rate
45.4%
27.5%
35.6%
32.3%
33.5%
Net
assets,
end
of
period
(in
thousands)
$81,938
$97,801
$13,750
$10,782
$6,766
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
45.25
$
36.68
$
30.93
$
23.58
$
26.05
Investment
activities
Net
investment
income
(1)(2)
0.40
0.37
0.48
0.43
0.42
Net
realized
and
unrealized
gain/
loss
(8.85)
9.91
5.68
7.24
(1.53)
Total
from
investment
activities
(8.45)
10.28
6.16
7.67
(1.11)
Distributions
Net
investment
income
(0.36)
(0.34)
(0.35)
(0.19)
(0.33)
Net
realized
gain
(0.14)
(1.37)
(0.06)
(0.13)
(1.03)
Total
distributions
(0.50)
(1.71)
(0.41)
(0.32)
(1.36)
NET
ASSET
VALUE
End
of
period
$
36.30
$
45.25
$
36.68
$
30.93
$
23.58
Ratios/Supplemental
Data
Total
return
(2)(3)
(18.72)%
28.09%
19.94%
32.55%
(4.45)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.35%
0.34%
0.35%
0.40%
0.55%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.35%
0.34%
0.35%
0.40%
0.54%
Net
investment
income
1.03%
0.88%
1.50%
1.47%
1.55%
Portfolio
turnover
rate
45.4%
27.5%
35.6%
32.3%
33.5%
Net
assets,
end
of
period
(in
thousands)
$4,161,650
$4,518,724
$3,649,570
$1,280,904
$55,693
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
.
.
Year
Ended
12/31/22
11/23/21
(1)
Through
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
45.09
$
46.17
Investment
activities
Net
investment
income
(2)(3)
0.54
0.06
Net
realized
and
unrealized
gain/loss
(8.83)
0.70
Total
from
investment
activities
(8.29)
0.76
Distributions
Net
investment
income
(0.49)
(0.47)
Net
realized
gain
(0.14)
(1.37)
Total
distributions
(0.63)
(1.84)
NET
ASSET
VALUE
End
of
period
$
36.17
$
45.09
Ratios/Supplemental
Data
Total
return
(3)(4)
(18.44)%
1.70%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.34%
0.33%
(5)
Net
expenses
after
waivers/payments
by
Price
Associates
0.00%
0.00%
(5)
Net
investment
income
1.42%
1.33%
(5)
Portfolio
turnover
rate
45.4%
27.5%
Net
assets,
end
of
period
(in
thousands)
$3,922,679
$787,784
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
December
31,
2022
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.6%
COMMUNICATION
SERVICES
7.0%
Diversified
Telecommunication
Services
0.6%
Verizon
Communications
1,636,712
64,487
64,487
Entertainment
1.3%
Activision
Blizzard
263,403
20,163
Netflix (1)
181,560
53,538
Walt
Disney (1)
882,660
76,686
150,387
Interactive
Media
&
Services
4.1%
Alphabet,
Class
A (1)
1,690,143
149,121
Alphabet,
Class
C (1)
2,438,832
216,398
Meta
Platforms,
Class
A (1)
811,703
97,680
463,199
Media
0.1%
Comcast,
Class
A
456,532
15,965
15,965
Wireless
Telecommunication
Services
0.9%
T-Mobile
U.S. (1)
725,794
101,611
101,611
Total
Communication
Services
795,649
CONSUMER
DISCRETIONARY
10.0%
Auto
Components
0.2%
Aptiv (1)
35,432
3,300
Magna
International
204,419
11,484
Mobileye
Global,
Class
A (1)
180,089
6,314
21,098
Automobiles
0.7%
Tesla (1)
624,256
76,896
76,896
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (1)
185,006
11,674
11,674
Hotels,
Restaurants
&
Leisure
2.6%
Booking
Holdings (1)
17,255
34,774
Chipotle
Mexican
Grill (1)
25,192
34,954
Hilton
Worldwide
Holdings
193,528
24,454
Las
Vegas
Sands (1)
391,318
18,811
Marriott
International,
Class
A
181,620
27,041
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
McDonald's
284,899
75,079
MGM
Resorts
International
433,233
14,526
Starbucks
478,260
47,443
Wynn
Resorts (1)
215,394
17,764
294,846
Household
Durables
0.1%
NVR (1)
3,719
17,154
17,154
Internet
&
Direct
Marketing
Retail
2.4%
Amazon.com (1)
3,223,953
270,812
270,812
Multiline
Retail
0.4%
Dollar
General
125,196
30,829
Dollar
Tree (1)
116,734
16,511
47,340
Specialty
Retail
2.9%
AutoZone (1)
12,211
30,114
Burlington
Stores (1)
113,769
23,068
Home
Depot
397,642
125,599
Lowe's
137,985
27,492
O'Reilly
Automotive (1)
46,980
39,653
Ross
Stores
334,842
38,865
TJX
365,151
29,066
Ulta
Beauty (1)
34,333
16,105
329,962
Textiles,
Apparel
&
Luxury
Goods
0.6%
NIKE,
Class
B
636,084
74,428
74,428
Total
Consumer
Discretionary
1,144,210
CONSUMER
STAPLES
7.2%
Beverages
2.5%
Coca-Cola
1,496,477
95,191
Constellation
Brands,
Class
A
167,065
38,717
Keurig
Dr
Pepper
750,887
26,777
Monster
Beverage (1)
404,885
41,108
PepsiCo
433,678
78,348
280,141
Food
&
Staples
Retailing
1.4%
Costco
Wholesale
161,525
73,736
Walmart
604,386
85,696
159,432
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
0.8%
Conagra
Brands
582,544
22,544
Darling
Ingredients (1)
120,327
7,531
Kraft
Heinz
279,903
11,395
Mondelez
International,
Class
A
716,826
47,777
89,247
Household
Products
1.3%
Colgate-Palmolive
89,229
7,030
Kimberly-Clark
112,791
15,311
Procter
&
Gamble
800,162
121,273
143,614
Personal
Products
0.3%
Estee
Lauder,
Class
A
124,625
30,921
30,921
Tobacco
0.9%
Altria
Group
641,092
29,304
Philip
Morris
International
747,342
75,639
104,943
Total
Consumer
Staples
808,298
ENERGY
4.8%
Energy
Equipment
&
Services
0.4%
Halliburton
1,246,870
49,064
49,064
Oil,
Gas
&
Consumable
Fuels
4.4%
Chevron
636,332
114,215
ConocoPhillips
767,527
90,568
EOG
Resources
319,482
41,379
Exxon
Mobil
1,312,479
144,767
Hess
206,136
29,234
Marathon
Petroleum
294,699
34,300
Pioneer
Natural
Resources
76,863
17,555
TotalEnergies,
ADR
489,687
30,400
502,418
Total
Energy
551,482
FINANCIALS
12.0%
Banks
4.1%
Bank
of
America
2,337,286
77,411
Citigroup
540,247
24,435
Citizens
Financial
Group
142,444
5,608
Fifth
Third
Bancorp
923,995
30,316
Huntington
Bancshares
3,075,218
43,360
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase
934,904
125,371
Signature
Bank
106,135
12,229
SVB
Financial
Group (1)
48,250
11,104
U.S.
Bancorp
890,820
38,849
Wells
Fargo
2,289,583
94,537
463,220
Capital
Markets
2.9%
Ameriprise
Financial
55,081
17,151
Ares
Management,
Class
A
84,282
5,768
Bank
of
New
York
Mellon
164,113
7,471
BlackRock
30,991
21,961
Blue
Owl
Capital
443,234
4,698
Charles
Schwab
748,872
62,351
CME
Group
126,244
21,229
Goldman
Sachs
Group
166,974
57,336
Intercontinental
Exchange
317,135
32,535
Invesco
318,275
5,726
Morgan
Stanley
265,954
22,611
MSCI
44,883
20,878
S&P
Global
162,136
54,306
334,021
Consumer
Finance
0.4%
American
Express
238,210
35,196
Capital
One
Financial
63,000
5,856
41,052
Diversified
Financial
Services
2.0%
Apollo
Global
Management
201,742
12,869
Berkshire
Hathaway,
Class
B (1)
521,984
161,241
Corebridge
Financial
1,149,110
23,051
Equitable
Holdings
931,955
26,747
Voya
Financial
73,752
4,535
228,443
Insurance
2.6%
American
International
Group
870,393
55,044
Assurant
136,180
17,031
Chubb
307,158
67,759
Hartford
Financial
Services
Group
676,934
51,332
Marsh
&
McLennan
184,463
30,525
MetLife
533,509
38,610
RenaissanceRe
Holdings
165,323
30,457
290,758
Total
Financials
1,357,494
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
16.2%
Biotechnology
2.4%
AbbVie
675,508
109,169
Amgen
164,792
43,281
Biogen (1)
76,438
21,167
Gilead
Sciences
147,000
12,620
Moderna (1)
183,783
33,011
Regeneron
Pharmaceuticals (1)
46,551
33,586
Vertex
Pharmaceuticals (1)
88,858
25,661
278,495
Health
Care
Equipment
&
Supplies
2.7%
Abbott
Laboratories
370,276
40,653
Becton
Dickinson
&
Company
273,920
69,658
Boston
Scientific (1)
99,600
4,609
Dexcom (1)
285,741
32,357
Intuitive
Surgical (1)
220,336
58,466
Medtronic
132,118
10,268
STERIS
61,288
11,319
Stryker
143,886
35,179
Zimmer
Biomet
Holdings
311,929
39,771
302,280
Health
Care
Providers
&
Services
3.9%
AmerisourceBergen
83,500
13,837
Centene (1)
330,272
27,085
Cigna
84,574
28,023
CVS
Health
229,597
21,396
Elevance
Health
122,217
62,694
HCA
Healthcare
46,440
11,144
Humana
80,512
41,237
McKesson
60,700
22,770
Molina
Healthcare (1)
72,604
23,975
UnitedHealth
Group
364,406
193,201
445,362
Health
Care
Technology
0.0%
Veeva
Systems,
Class
A (1)
34,848
5,624
5,624
Life
Sciences
Tools
&
Services
2.2%
Agilent
Technologies
211,039
31,582
Charles
River
Laboratories
International (1)
29,699
6,472
Danaher
327,214
86,849
Illumina (1)
26,642
5,387
Mettler-Toledo
International (1)
11,622
16,799
Thermo
Fisher
Scientific
180,319
99,300
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
West
Pharmaceutical
Services
22,499
5,295
251,684
Pharmaceuticals
5.0%
AstraZeneca,
ADR
325,574
22,074
Bristol-Myers
Squibb
416,088
29,937
Eli
Lilly
356,393
130,383
Johnson
&
Johnson
831,135
146,820
Merck
927,243
102,877
Novo
Nordisk,
ADR
43,000
5,820
Pfizer
1,338,953
68,608
Viatris
2,415,295
26,882
Zoetis
234,444
34,358
567,759
Total
Health
Care
1,851,204
INDUSTRIALS
&
BUSINESS
SERVICES
7.7%
Aerospace
&
Defense
1.0%
Boeing (1)
155,366
29,596
L3Harris
Technologies
170,334
35,465
Raytheon
Technologies
61,814
6,238
Textron
248,154
17,570
TransDigm
Group
39,241
24,708
113,577
Air
Freight
&
Logistics
0.3%
FedEx
112,101
19,416
United
Parcel
Service,
Class
B
66,611
11,580
30,996
Airlines
0.2%
Southwest
Airlines (1)
443,416
14,930
United
Airlines
Holdings (1)
239,353
9,023
23,953
Building
Products
0.4%
Carrier
Global
190,835
7,872
Trane
Technologies
209,258
35,174
43,046
Commercial
Services
&
Supplies
0.3%
Waste
Connections
233,324
30,929
30,929
Construction
&
Engineering
0.2%
WillScot
Mobile
Mini
Holdings (1)
408,623
18,458
18,458
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Electrical
Equipment
0.4%
AMETEK
168,274
23,511
Rockwell
Automation
83,087
21,401
44,912
Industrial
Conglomerates
2.0%
General
Electric
1,263,467
105,866
Honeywell
International
338,670
72,577
Roper
Technologies
121,448
52,476
230,919
Machinery
1.3%
Cummins
200,419
48,559
Ingersoll
Rand
647,247
33,819
Otis
Worldwide
240,978
18,871
PACCAR
230,017
22,765
Stanley
Black
&
Decker
307,183
23,076
147,090
Professional
Services
0.2%
CoStar
Group (1)
155,057
11,983
TransUnion
158,458
8,992
20,975
Road
&
Rail
1.2%
Canadian
Pacific
Railway
343,698
25,636
CSX
1,189,531
36,852
JB
Hunt
Transport
Services
122,798
21,411
Old
Dominion
Freight
Line
122,013
34,625
Saia (1)
69,278
14,526
133,050
Trading
Companies
&
Distributors
0.2%
United
Rentals (1)
57,531
20,448
20,448
Total
Industrials
&
Business
Services
858,353
INFORMATION
TECHNOLOGY
26.0%
Communications
Equipment
0.4%
Arista
Networks (1)
191,682
23,261
Cisco
Systems
411,568
19,607
42,868
Electronic
Equipment,
Instruments
&
Components
0.5%
Amphenol,
Class
A
10,932
832
Teledyne
Technologies (1)
94,779
37,903
Trimble (1)
275,389
13,924
52,659
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
4.8%
Accenture,
Class
A
367,690
98,114
Cognizant
Technology
Solutions,
Class
A
112,032
6,407
Fiserv (1)
827,641
83,650
FleetCor
Technologies (1)
272,271
50,011
Global
Payments
405,977
40,322
Mastercard,
Class
A
316,700
110,126
MongoDB (1)
39,433
7,762
Visa,
Class
A
714,935
148,535
544,927
Semiconductors
&
Semiconductor
Equipment
5.2%
Advanced
Micro
Devices (1)
771,385
49,963
Analog
Devices
77,748
12,753
Applied
Materials
173,221
16,868
ASML
Holding
43,000
23,495
Broadcom
217,409
121,560
Enphase
Energy (1)
48,700
12,903
First
Solar (1)
21,900
3,280
KLA
131,876
49,721
Lam
Research
46,209
19,422
Marvell
Technology
433,134
16,043
Micron
Technology
450,300
22,506
Monolithic
Power
Systems
48,329
17,090
NVIDIA
1,047,794
153,125
QUALCOMM
315,282
34,662
Texas
Instruments
237,065
39,168
592,559
Software
9.1%
Adobe (1)
135,050
45,448
Black
Knight (1)
64,140
3,961
Cadence
Design
Systems (1)
174,650
28,056
Descartes
Systems
Group (1)
143,735
10,011
Fortinet (1)
450,924
22,046
Gen
Digital
470,908
10,091
Intuit
119,295
46,432
Microsoft
2,747,597
658,929
Salesforce (1)
913,019
121,057
ServiceNow (1)
96,127
37,323
Synopsys (1)
119,831
38,261
Workday,
Class
A (1)
42,236
7,067
Zoom
Video
Communications,
Class
A (1)
83,595
5,663
1,034,345
Technology
Hardware,
Storage
&
Peripherals
6.0%
Apple
5,118,453
665,041
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pure
Storage,
Class
A (1)
268,670
7,190
Western
Digital (1)
314,567
9,924
682,155
Total
Information
Technology
2,949,513
MATERIALS
2.9%
Chemicals
2.1%
Air
Products
&
Chemicals
105,629
32,561
CF
Industries
Holdings
169,304
14,425
Corteva
112,535
6,615
FMC
99,442
12,410
Linde
297,858
97,155
Nutrien
89,662
6,548
PPG
Industries
39,536
4,971
RPM
International
159,857
15,578
Sherwin-Williams
202,117
47,969
238,232
Construction
Materials
0.1%
Vulcan
Materials
86,567
15,159
15,159
Containers
&
Packaging
0.7%
Avery
Dennison
117,195
21,212
Ball
234,757
12,006
International
Paper
227,416
7,876
Packaging
Corp.
of
America
109,227
13,971
Sealed
Air
377,533
18,831
Westrock
149,566
5,259
79,155
Paper
&
Forest
Products
0.0%
West
Fraser
Timber
55,222
3,992
3,992
Total
Materials
336,538
MATERIALS
0.0%
Metals
&
Mining
0.0%
Steel
Dynamics
57,800
5,647
Total
MATERIALS
5,647
REAL
ESTATE
2.5%
Equity
Real
Estate
Investment
Trusts
2.5%
Alexandria
Real
Estate
Equities,
REIT
62,462
9,099
American
Homes
4
Rent,
Class
A,
REIT
129,065
3,890
American
Tower,
REIT
68,439
14,499
AvalonBay
Communities,
REIT
56,596
9,141
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Camden
Property
Trust,
REIT
30,370
3,398
Equinix,
REIT
60,734
39,783
Equity
LifeStyle
Properties,
REIT
101,817
6,577
Essex
Property
Trust,
REIT
57,866
12,263
Extra
Space
Storage,
REIT
82,367
12,123
Prologis,
REIT
349,722
39,424
Public
Storage,
REIT
68,189
19,106
Rexford
Industrial
Realty,
REIT
242,026
13,224
SBA
Communications,
REIT
219,806
61,614
Simon
Property
Group,
REIT
117,323
13,783
Sun
Communities,
REIT
15,570
2,227
Welltower,
REIT
279,286
18,307
Weyerhaeuser,
REIT
116,100
3,599
Total
Real
Estate
282,057
UTILITIES
3.3%
Electric
Utilities
1.9%
American
Electric
Power
91,235
8,663
Exelon
769,243
33,254
NextEra
Energy
789,531
66,005
PG&E (1)
2,718,365
44,201
Southern
759,144
54,210
Xcel
Energy
100,448
7,042
213,375
Multi-Utilities
1.4%
Ameren
394,101
35,043
CMS
Energy
197,717
12,521
Dominion
Energy
750,802
46,039
DTE
Energy
124,900
14,680
Sempra
Energy
159,463
24,643
WEC
Energy
Group
227,426
21,324
154,250
Total
Utilities
367,625
Total
Common
Stocks
(Cost
$9,982,771)
11,308,070
SHORT-TERM
INVESTMENTS
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.27% (2)(3)
63,343,959
63,344
63,344
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
3.439%,
2/16/23 (4)
3,710,000
3,691
3,691
Total
Short-Term
Investments
(Cost
$67,038)
67,035
Total
Investments
in
Securities
100.2%
of
Net
Assets
(Cost
$10,049,809)
$
11,375,105
‡
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
December
31,
2022,
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
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
199
S&P
500
E-Mini
Index
contracts
3/23
38,417
$
23
Net
payments
(receipts)
of
variation
margin
to
date
(208)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(185)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
year
ended
December
31,
2022.
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,
4.27%
$
—#
$
—
$
564+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
12/31/22
T.
Rowe
Price
Treasury
Reserve
Fund,
4.27%
$
74,067
¤
¤
$
63,344^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$564
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
$63,344.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
December
31,
2022
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$10,049,809)
$
11,375,105
Dividends
receivable
9,686
Receivable
for
shares
sold
9,187
Receivable
for
investment
securities
sold
4,650
Due
from
affiliates
1,032
Other
assets
538
Total
assets
11,400,198
Liabilities
Payable
for
shares
redeemed
28,296
Payable
for
investment
securities
purchased
9,816
Investment
management
fees
payable
3,221
Variation
margin
payable
on
futures
contracts
185
Payable
to
directors
7
Other
liabilities
970
Total
liabilities
42,495
NET
ASSETS
$
11,357,703
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
December
31,
2022
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
718,470
Paid-in
capital
applicable
to
313,367,831
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
10,639,233
NET
ASSETS
$
11,357,703
NET
ASSET
VALUE
PER
SHARE
Investor
Class
($3,154,541,233
/
86,955,872
shares
outstanding)
$
36.28
Advisor
Class
($36,894,955
/
1,018,060
shares
outstanding)
$
36.24
R
Class
($81,937,782
/
2,282,263
shares
outstanding)
$
35.90
I
Class
($4,161,649,740
/
114,655,534
shares
outstanding)
$
36.30
Z
Class
($3,922,678,861
/
108,456,102
shares
outstanding)
$
36.17
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Year
Ended
12/31/22
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$842)
$
156,668
Interest
47
Total
income
156,715
Expenses
Investment
management
36,813
Shareholder
servicing
Investor
Class
$
3,651
Advisor
Class
87
R
Class
227
I
Class
209
4,174
Rule
12b-1
fees
Advisor
Class
94
R
Class
407
501
Prospectus
and
shareholder
reports
Investor
Class
110
Advisor
Class
1
R
Class
1
I
Class
212
Z
Class
1
325
Registration
810
Custody
and
accounting
337
Legal
and
audit
28
Directors
28
Miscellaneous
182
Waived
/
paid
by
Price
Associates
(11,264)
Total
expenses
31,934
Net
investment
income
124,781
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/22
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(370,589)
Futures
(8,921)
Foreign
currency
transactions
3
Net
realized
loss
(379,507)
Change
in
net
unrealized
gain
/
loss
Securities
(1,959,373)
Futures
(846)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(1)
Change
in
net
unrealized
gain
/
loss
(1,960,220)
Net
realized
and
unrealized
gain
/
loss
(2,339,727)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(2,214,946)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
124,781
$
63,933
Net
realized
gain
(loss)
(379,507)
315,337
Change
in
net
unrealized
gain
/
loss
(1,960,220)
1,497,498
Increase
(decrease)
in
net
assets
from
operations
(2,214,946)
1,876,768
Distributions
to
shareholders
Net
earnings
Investor
Class
(40,346)
(145,084)
Advisor
Class
(345)
(1,145)
R
Class
(590)
(3,108)
I
Class
(56,668)
(164,423)
Z
Class
(67,664)
(30,712)
Decrease
in
net
assets
from
distributions
(165,613)
(344,472)
Capital
share
transactions
*
Shares
sold
Investor
Class
1,733,645
1,632,113
Advisor
Class
21,595
17,848
R
Class
25,267
85,063
I
Class
1,640,674
663,595
Z
Class
3,927,421
754,979
Distributions
reinvested
Investor
Class
39,970
143,399
Advisor
Class
344
1,145
R
Class
590
3,099
I
Class
56,186
163,458
Z
Class
67,664
30,707
Shares
redeemed
Investor
Class
(1,874,812)
(606,636)
Advisor
Class
(12,252)
(4,537)
R
Class
(22,416)
(10,177)
I
Class
(1,073,449)
(808,922)
Z
Class
(279,023)
(77)
Increase
in
net
assets
from
capital
share
transactions
4,251,404
2,065,057
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Net
Assets
Increase
during
period
1,870,845
3,597,353
Beginning
of
period
9,486,858
5,889,505
End
of
period
$
11,357,703
$
9,486,858
*Share
information
(000s)
Shares
sold
Investor
Class
45,406
40,428
Advisor
Class
548
431
R
Class
663
1,975
I
Class
40,943
15,931
Z
Class
96,561
16,785
Distributions
reinvested
Investor
Class
1,054
3,211
Advisor
Class
9
26
R
Class
16
70
I
Class
1,481
3,659
Z
Class
1,790
689
Shares
redeemed
Investor
Class
(48,986)
(14,422)
Advisor
Class
(326)
(108)
R
Class
(579)
(241)
I
Class
(27,632)
(19,219)
Z
Class
(7,368)
(1)
Increase
in
shares
outstanding
103,580
49,214
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
U.S.
Equity
Research
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified,
open-end
management
investment
company. The
fund
seeks
to
provide
long-term
capital
growth
by
investing
primarily
in
U.S.
common
stocks.
The
fund
has
five classes
of
shares:
the
U.S.
Equity
Research
Fund
(Investor
Class),
the
U.S.
Equity
Research
Fund–Advisor
Class
(Advisor
Class),
the
U.S.
Equity
Research
Fund–R
Class
(R
Class),
the
U.S.
Equity
Research
Fund–I
Class
(I
Class)
and
the
U.S.
Equity
Research
Fund–Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries,
and
R
Class
shares
are
available
through
financial
intermediaries
for
employer-sponsored
defined
contribution
retirement
plans
and
certain
other
retirement
accounts.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
Prior
to
November
15,
2021,
the
initial
investment
minimum
was
$1
million
and
was
generally
waived
for
financial
intermediaries,
eligible
retirement
plans,
and
other
certain
accounts.
As
a
result
of
the
reduction
in
the
I
Class
minimum,
certain
assets
transferred
from
the
Investor
Class
to
the
I
Class.
This
transfer
of
shares
from
Investor
Class
to
I
Class
is
reflected
in
the
Statement
of
Changes
in
Net
Assets
within
the
Capital
shares
transactions
as
Shares
redeemed
and
Shares
sold,
respectively.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services.
The
Advisor
Class
and
R
Class
each
operate
under
separate
Board-approved
Rule
12b-1
plans,
pursuant
to
which
each
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from
mutual
fund
investments
are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/loss.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available.
Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received.
Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
The
Advisor
Class
and
R
Class
each
pay
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
and
0.50%,
respectively,
of
the
class’s
average
daily
net
assets.
In-Kind
Redemptions
In
accordance
with
guidelines
described
in
the
fund’s
prospectus,
and
when
considered
to
be
in
the
best
interest
of
all
shareholders,
the
fund
may
distribute
portfolio
securities
rather
than
cash
as
payment
for
a
redemption
of
fund
shares
(in-kind
redemption).
Gains
and
losses
realized
on
in-kind
redemptions
are
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
not
recognized
for
tax
purposes
and
are
reclassified
from
undistributed
realized
gain
(loss)
to
paid-in
capital.
During
the
year ended
December
31,
2022,
the
fund
realized
$162,628,000 of
net
gain
on
$269,461,000
of
in-kind
redemptions.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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;
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
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)
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.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
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.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
December
31,
2022,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
11,308,070
$
—
$
—
$
11,308,070
Short-Term
Investments
63,344
3,691
—
67,035
Total
Securities
11,371,414
3,691
—
11,375,105
Futures
Contracts*
23
—
—
23
Total
$
11,371,437
$
3,691
$
—
$
11,375,128
*
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
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
December
31,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Equity
derivatives
Futures
$
23
*
Total
$
23
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Realized
Gain
(Loss)
Equity
derivatives
$
(8,921)
Total
$
(8,921)
Change
in
Unrealized
Gain
(Loss)
Equity
derivatives
$
(846)
Total
$
(846)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
December
31,
2022,
securities
valued
at $3,653,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Futures
Contracts
The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rates,
security
prices,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2022,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $9,427,228,000 and
$5,081,279,000,
respectively,
for
the
year ended
December
31,
2022.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required. The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
redemptions
in
kind.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
December
31,
2022
December
31,
2021
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
148,649
$
184,831
Long-term
capital
gain
16,964
159,641
Total
distributions
$
165,613
$
344,472
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
At
December
31,
2022,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were
as
follows:
At
December
31,
2022,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards. Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
($000s)
Cost
of
investments
$
10,271,554
Unrealized
appreciation
$
1,816,706
Unrealized
depreciation
(713,155)
Net
unrealized
appreciation
(depreciation)
$
1,103,551
($000s)
Undistributed
ordinary
income
$
7,860
Net
unrealized
appreciation
(depreciation)
1,103,551
Loss
carryforwards
and
deferrals
(392,941)
Total
distributable
earnings
(loss)
$
718,470
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.04%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
December
31,
2022,
the
effective
annual
group
fee
rate
was
0.29%. Effective
November
1,
2019,
Price
Associates
has
agreed
to
permanently
waive
a
portion
of
the
fund’s
annual
investment
management
fee
in
order
to
limit
the
fund’s
management
fees
to
0.33%
of
the
fund’s
average
daily
net
assets.
This
agreement
can
only
be
modified
or
terminated
with
approval
by
the
fund’s
shareholders.
The
fund
has
no
obligation
to
repay
fees
waived
under
this
arrangement. No
management
fees
were
waived
under
this
arrangement
for
the
year ended
December
31,
2022.
Prior
to
April
30,
2022,
the
contractual
expense
limitation
for
the Advisor
Class
and R Class
were
0.97%
and
1.31%,
respectively.
During
the
limitation
period,
Price
Associates
was
required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
was
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended December
31,
2022
as
indicated
in
the
table
below.
At
December
31,
2022,
there
were
no
amounts
subject
to
repayment
by
the
fund.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
Advisor
Class
R
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.97%
1.31%
0.04%
0.00%
Expense
limitation
date
04/30/22
04/30/22
04/30/24
N/A
(Waived)/repaid
during
the
period
($000s)
$—
$—
$—
$(11,264)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class,
R
Class
and
Advisor Class.
For
the
year ended
December
31,
2022,
expenses
incurred
pursuant
to
these
service
agreements
were
$102,000 for
Price
Associates;
$940,000 for
T.
Rowe
Price
Services,
Inc.;
and
$21,000 for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates may
invest.
As
approved
by
the
fund’s
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund’s
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
year ended
December
31,
2022,
the
fund
was
for
shareholder
servicing
costs
related
to
the
college
savings
plans,
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
December
31,
2022,
approximately 4%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
December
31,
2022,
approximately
100%
of
the
Z
Class’s
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year ended
December
31,
2022,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has
voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
investment
research
embedded
in
the
cost
of
the
fund’s
securities
trades.
This
agreement
may
be
rescinded
at
any
time.
For
the
year ended
December
31,
2022,
this
reimbursement
amounted
to
$240,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
NOTE
8
-
BORROWING
To
provide
temporary
liquidity,
the
fund
may
borrow
from
other
T.
Rowe
Price-
sponsored
mutual
funds
under
an
interfund
borrowing
program
developed
and
managed
by
Price
Associates.
The
program
permits
the
borrowing
and
lending
of
cash
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Pursuant
to
program
guidelines,
loans
totaling
10%
or
more
of
a
borrowing
fund’s
total
assets
require
collateralization
at
102%
of
the
value
of
the
loan;
loans
of
less
than
10%
are
unsecured.
During
the
year ended
December
31,
2022,
the
fund
incurred
$2,000
in
interest
expense
related
to
outstanding
borrowings
on
one
days
in
the
average
amount
of
$29,500,000
and
at
an
average
annual
rate
of
2.61%.
At
December
31,
2022,
there
were
no
borrowings
outstanding.
NOTE
9
-
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
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
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.
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.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
and
Shareholders
of
T.
Rowe
Price
U.S.
Equity
Research
Fund,
Inc.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
U.S.
Equity
Research
Fund,
Inc.
(the
"Fund")
as
of
December
31,
2022,
the
related
statement
of
operations
for
the
year
ended
December
31,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2022,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
the
financial
highlights
for
each
of
the
periods
indicated
therein,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2023
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/22
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included:
$27,926,000 from
short-term
capital
gains
$16,964,000 from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%
For
taxable
non-corporate
shareholders,
$116,281,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$116,281,000
of
the
fund's
income
qualifies
for
the
dividends-received
deduction.
For
individuals
and
certain
trusts
and
estates
which
are
entitled
to
claim
a
deduction
of
up
to
20%
of
their
combined
qualified
real
estate
investment
trust
(REIT)
dividends,
$2,449,000 of
the
fund's
income
qualifies
as
qualified
real
estate
investment
trust
(REIT)
dividends.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity Program’s principal
objectives
include
supporting
the T.
Rowe
Price
funds’ compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable to timely
meet
its
redemption
obligations. The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the fund’s liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
25,
2022,
the
Board
was
presented
with
an
annual
assessment
prepared
by
the
LRC,
on
behalf
of
the
Adviser,
that
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
For
the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2021,
through
March
31,
2022.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[205]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
President,
Radian
Guaranty
(2008
to
2017);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Ronald
J.
Daniels
(b)
(1959)
2018
[0]
President,
The
Johns
Hopkins
University
and
Professor,
Political
Science
Department,
The
Johns
Hopkins
University
(2009
to
present);
Director,
Lyndhurst
Holdings
(2015
to
present);
Director,
BridgeBio
Pharma,
Inc.
(2020
to
present)
Bruce
W.
Duncan
(1951)
2013
[205]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chief
Executive
Officer
and
Director
(2009
to
2016),
Chair
of
the
Board
(2016
to
2020),
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Chair
of
the
Board
(2005
to
2016)
and
Director
(1999
to
2016),
Starwood
Hotels
&
Resorts,
a
hotel
and
leisure
company;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
present);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[205]
Advisory
Board
Member,
Pipeline
Crisis/Winning
Strategies,
a
collaborative
working
to
improve
opportunities
for
young
African
Americans
(1997
to
2016);
Chair
of
the
Board,
all
funds
(July
2018
to
present)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
INTERESTED DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Paul
F.
McBride
(1956)
2013
[205]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
Kellye
L.
Walker
(c)
(1966)
2021
[205]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2021,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
April
27,
2022,
Mr.
Daniels
resigned
from
his
role
as
an
independent
director
of
the
Price
Funds.
(c)
Effective
November
8,
2021,
Ms.
Walker
was
appointed
as
an
independent
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[205]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
Robert
W.
Sharps,
CFA,
CPA
(b)
(1971)
2017
[0]
Director
and
Vice
President,
T.
Rowe
Price;
Director,
Price
Investment
Management;
Chief
Executive
Officer
and
President,
T.
Rowe
Price
Group,
Inc.;
Vice
President,
T.
Rowe
Price
Trust
Company
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[205]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
(a)
All
information
about
the
interested
directors
was
current
as
of
January
1,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
February
3,
2022,
Mr.
Sharps
resigned
from
his
role
as
an
interested
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Position
Held
With
U.S.
Equity
Research
Fund
Principal
Occupation(s)
Jason Adams
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Kennard
W.
Allen
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019);
Senior
Vice
President
and
Senior
Counsel,
Pacific
Investment
Management
Company
LLC
(to
2017)
Christopher
W.
Carlson
(1967)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Joseph
B.
Fath,
CPA
(1971)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Name
(Year
of
Birth)
Position
Held
With
U.S.
Equity
Research
Fund
Principal
Occupation(s)
Mark
S.
Finn,
CFA,
CPA
(1963)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Jon
Michael Friar
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Alexa
M.
Gagliardi
(1988)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Gary
J.
Greb
(1961)
Vice
President
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
Price
International,
and
T.
Rowe
Price
Trust
Company
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Ryan
S.
Hedrick,
CFA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ann
M.
Holcomb,
CFA
(1972)
Co-president
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Jason
Nogueira,
CFA
(1974)
Co-president
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.
Jason
Benjamin
Polun,
CFA
(1974)
Co-president
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Shannon
H.
Rauser
(1987)
Assistant
Secretary
Assistant
Vice
President,
T.
Rowe
Price
Vivian
Si (1983)
Vice
President
Vice
President,
T.
Rowe
Price and
T.
Rowe
Price
Group,
Inc.
Matthew
J.
Snowling,
CFA
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
James
Stillwagon
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Anthony
Bruce Wang
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Name
(Year
of
Birth)
Position
Held
With
U.S.
Equity
Research
Fund
Principal
Occupation(s)
Megan
Warren
(1968)
Vice
President
OFAC
Sanctions
Compliance
Officer
and
Vice
President,
Price
Investment
Management;
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Justin
P.
White
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
Rowe
Price
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
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Rowe
Price-managed
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fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
All
mutual
funds
are
subject
to
market
risk,
including
possible
loss
of
principal.
Investing
internationally
involves
special
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including
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Rowe
Price
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T.
Rowe
Price
Advisory
Services,
Inc.,
a
registered
investment
adviser
under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
202302-2582067
F108-050
2/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | | | |
| | | | 2022 | | | 2021 | |
| | Audit Fees | | | $26,234 | | | | $21,172 | |
| | Audit-Related Fees | | | - | | | | - | |
| | Tax Fees | | | - | | | | 1,540 | |
| | All Other Fees | | | - | | | | - | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
T. Rowe Price U.S. Equity Research Fund, Inc. |
| |
By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
Date | | February 16, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
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Date | | February 16, 2023 |
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By | | /s/ Alan S. Dupski |
| | Alan S. Dupski |
| | Principal Financial Officer |
| |
Date | | February 16, 2023 |
