T.
ROWE
PRICE
U.S.
Equity
Research
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.6%
COMMUNICATION
SERVICES
7.9%
Diversified
Telecommunication
Services
0.4%
Verizon
Communications
1,091,730
41,453
41,453
Entertainment
1.3%
Activision
Blizzard
269,599
20,042
Netflix (1)
151,982
35,783
Walt
Disney (1)
910,701
85,906
141,731
Interactive
Media
&
Services
5.0%
Alphabet,
Class
A (1)
1,719,515
164,472
Alphabet,
Class
C (1)
2,662,410
255,991
Meta
Platforms,
Class
A (1)
899,110
121,991
542,454
Media
0.2%
Charter
Communications,
Class
A (1)
26,375
8,001
Comcast,
Class
A
614,527
18,024
26,025
Wireless
Telecommunication
Services
1.0%
T-Mobile
U.S. (1)
783,331
105,100
105,100
Total
Communication
Services
856,763
CONSUMER
DISCRETIONARY
12.4%
Auto
Components
0.1%
Aptiv (1)
35,673
2,790
Magna
International
203,095
9,631
12,421
Automobiles
2.8%
Rivian
Automotive,
Class
A (1)
183,609
6,043
Tesla (1)
1,123,616
298,039
304,082
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (1)
186,260
10,738
10,738
Hotels,
Restaurants
&
Leisure
2.4%
Booking
Holdings (1)
17,887
29,392
Chipotle
Mexican
Grill (1)
28,876
43,394
Hilton
Worldwide
Holdings
195,810
23,619
Las
Vegas
Sands (1)
396,669
14,883
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
1
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Marriott
International,
Class
A
185,583
26,007
McDonald's
290,646
67,064
MGM
Resorts
International
441,120
13,110
Starbucks
434,835
36,639
Wynn
Resorts (1)
122,426
7,716
261,824
Household
Durables
0.1%
NVR (1)
3,889
15,506
15,506
Internet
&
Direct
Marketing
Retail
3.4%
Amazon.com (1)
3,277,639
370,373
370,373
Multiline
Retail
0.4%
Dollar
General
126,420
30,323
Dollar
Tree (1)
118,334
16,105
46,428
Specialty
Retail
2.7%
AutoZone (1)
12,364
26,483
Burlington
Stores (1)
97,663
10,928
Home
Depot
402,868
111,167
Lowe's
196,099
36,829
O'Reilly
Automotive (1)
55,569
39,084
Ross
Stores
330,770
27,874
TJX
335,786
20,859
Ulta
Beauty (1)
34,855
13,984
287,208
Textiles,
Apparel
&
Luxury
Goods
0.4%
NIKE,
Class
B
582,733
48,437
48,437
Total
Consumer
Discretionary
1,357,017
CONSUMER
STAPLES
6.7%
Beverages
2.5%
Coca-Cola
1,504,611
84,288
Constellation
Brands,
Class
A
212,692
48,851
Keurig
Dr
Pepper
729,956
26,147
Monster
Beverage (1)
461,599
40,141
PepsiCo
445,357
72,709
272,136
Food
&
Staples
Retailing
1.5%
Costco
Wholesale
163,084
77,020
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Walmart
613,513
79,572
156,592
Food
Products
0.6%
Conagra
Brands
388,662
12,682
Darling
Ingredients (1)
150,743
9,971
Mondelez
International,
Class
A
765,470
41,971
64,624
Household
Products
1.1%
Colgate-Palmolive
90,561
6,362
Kimberly-Clark
115,975
13,052
Procter
&
Gamble
812,714
102,605
122,019
Personal
Products
0.3%
Estee
Lauder,
Class
A
127,393
27,504
27,504
Tobacco
0.7%
Altria
Group
544,336
21,980
Philip
Morris
International
627,836
52,117
74,097
Total
Consumer
Staples
716,972
ENERGY
3.9%
Energy
Equipment
&
Services
0.3%
Halliburton
1,267,178
31,198
31,198
Oil,
Gas
&
Consumable
Fuels
3.6%
Chevron
585,996
84,190
ConocoPhillips
795,560
81,418
EOG
Resources
316,893
35,406
Exxon
Mobil
820,330
71,623
Hess
208,764
22,753
Marathon
Petroleum
301,048
29,903
Pioneer
Natural
Resources
78,908
17,086
TC
Energy
152,300
6,136
TotalEnergies,
ADR
808,960
37,633
386,148
Total
Energy
417,346
FINANCIALS
11.3%
Banks
4.0%
Bank
of
America
2,853,027
86,161
Citigroup
290,500
12,105
Citizens
Financial
Group
150,465
5,170
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Fifth
Third
Bancorp
938,846
30,006
First
Republic
Bank
164,200
21,436
Huntington
Bancshares
3,122,021
41,148
JPMorgan
Chase
871,804
91,104
Signature
Bank
109,070
16,470
SVB
Financial
Group (1)
43,205
14,507
U.S.
Bancorp
127,900
5,157
Wells
Fargo
2,650,401
106,599
429,863
Capital
Markets
2.7%
Ares
Management,
Class
A
84,854
5,257
Bank
of
New
York
Mellon
298,836
11,511
Blue
Owl
Capital
470,135
4,339
Charles
Schwab
776,598
55,814
CME
Group
121,779
21,571
Goldman
Sachs
Group
208,499
61,101
Intercontinental
Exchange
322,084
29,100
Invesco
335,354
4,595
Morgan
Stanley
231,135
18,262
MSCI
45,725
19,286
S&P
Global
145,175
44,329
State
Street
277,962
16,903
292,068
Consumer
Finance
0.3%
American
Express
241,800
32,621
32,621
Diversified
Financial
Services
1.9%
Apollo
Global
Management
205,267
9,545
Berkshire
Hathaway,
Class
B (1)
493,743
131,839
Corebridge
Financial (1)
1,109,074
21,837
Equitable
Holdings
984,207
25,934
Voya
Financial
232,541
14,069
203,224
Insurance
2.4%
American
International
Group
945,550
44,895
Assurant
156,469
22,730
Chubb
328,495
59,747
Hartford
Financial
Services
Group
799,277
49,507
Marsh
&
McLennan
123,443
18,429
MetLife
527,937
32,088
RenaissanceRe
Holdings
235,119
33,008
260,404
Total
Financials
1,218,180
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
15.3%
Biotechnology
2.2%
AbbVie
719,663
96,586
Amgen
76,922
17,338
Biogen (1)
102,008
27,236
Moderna (1)
222,681
26,332
Regeneron
Pharmaceuticals (1)
53,435
36,810
Vertex
Pharmaceuticals (1)
112,389
32,541
236,843
Health
Care
Equipment
&
Supplies
2.5%
Abbott
Laboratories
375,187
36,303
Becton
Dickinson
&
Company
206,265
45,962
Cooper
30,692
8,100
Dexcom (1)
290,856
23,425
Intuitive
Surgical (1)
280,943
52,660
Medtronic
306,537
24,753
STERIS
63,111
10,494
Stryker
233,550
47,303
Zimmer
Biomet
Holdings
242,640
25,368
274,368
Health
Care
Providers
&
Services
3.7%
Centene (1)
336,270
26,165
Cigna
86,088
23,887
CVS
Health
291,425
27,793
Elevance
Health
123,549
56,121
HCA
Healthcare
46,755
8,593
Humana
81,916
39,745
McKesson
22,955
7,802
Molina
Healthcare (1)
73,876
24,367
UnitedHealth
Group
369,966
186,848
401,321
Health
Care
Technology
0.1%
Veeva
Systems,
Class
A (1)
48,949
8,071
8,071
Life
Sciences
Tools
&
Services
2.0%
Agilent
Technologies
180,554
21,947
Charles
River
Laboratories
International (1)
29,900
5,884
Danaher
328,572
84,867
Illumina (1)
27,482
5,243
Thermo
Fisher
Scientific
180,700
91,649
West
Pharmaceutical
Services
25,868
6,366
215,956
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pharmaceuticals
4.8%
AstraZeneca,
ADR
500,717
27,459
Bristol-Myers
Squibb
145,226
10,324
Elanco
Animal
Health (1)
1,886,553
23,412
Eli
Lilly
486,511
157,313
Johnson
&
Johnson
696,900
113,846
Merck
437,419
37,671
Pfizer
1,154,720
50,531
Sanofi,
ADR
275,309
10,467
Viatris
2,246,144
19,137
Zoetis
418,626
62,078
512,238
Total
Health
Care
1,648,797
INDUSTRIALS
&
BUSINESS
SERVICES
7.4%
Aerospace
&
Defense
0.8%
Boeing (1)
288,515
34,933
L3Harris
Technologies
141,077
29,320
Raytheon
Technologies
40,947
3,352
Textron
270,099
15,736
TransDigm
Group
12,214
6,410
89,751
Air
Freight
&
Logistics
0.4%
FedEx
112,432
16,693
United
Parcel
Service,
Class
B
134,346
21,702
38,395
Airlines
0.3%
Southwest
Airlines (1)
624,822
19,270
United
Airlines
Holdings (1)
247,074
8,037
27,307
Building
Products
0.4%
Trane
Technologies
260,310
37,696
37,696
Commercial
Services
&
Supplies
0.3%
Waste
Connections
261,831
35,381
35,381
Construction
&
Engineering
0.1%
WillScot
Mobile
Mini
Holdings (1)
320,017
12,906
12,906
Electrical
Equipment
0.4%
AMETEK
34,403
3,902
Generac
Holdings (1)
93,263
16,614
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Rockwell
Automation
84,206
18,113
38,629
Industrial
Conglomerates
1.8%
General
Electric
1,424,931
88,217
Honeywell
International
370,971
61,941
Roper
Technologies
123,044
44,252
194,410
Machinery
1.4%
Cummins
199,246
40,548
Fortive
218,806
12,756
Ingersoll
Rand
704,582
30,480
Otis
Worldwide
242,612
15,479
PACCAR
365,860
30,619
Stanley
Black
&
Decker
220,630
16,594
146,476
Professional
Services
0.2%
CoStar
Group (1)
226,966
15,808
TransUnion
114,010
6,783
22,591
Road
&
Rail
1.1%
Canadian
Pacific
Railway
349,053
23,289
CSX
887,100
23,632
JB
Hunt
Transport
Services
84,601
13,233
Norfolk
Southern
42,344
8,877
Old
Dominion
Freight
Line
135,806
33,785
Saia (1)
60,734
11,540
114,356
Trading
Companies
&
Distributors
0.2%
United
Rentals (1)
86,912
23,477
23,477
Total
Industrials
&
Business
Services
781,375
INFORMATION
TECHNOLOGY
25.9%
Communications
Equipment
0.4%
Arista
Networks (1)
165,198
18,649
Cisco
Systems
635,133
25,406
44,055
Electronic
Equipment,
Instruments
&
Components
0.3%
Amphenol,
Class
A
8,730
584
Teledyne
Technologies (1)
96,192
32,462
33,046
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
4.6%
Accenture,
Class
A
358,144
92,150
Cognizant
Technology
Solutions,
Class
A
148,234
8,515
Fiserv (1)
840,968
78,689
FleetCor
Technologies (1)
275,088
48,462
Global
Payments
411,396
44,451
Mastercard,
Class
A
320,232
91,055
MongoDB (1)
21,800
4,329
Visa,
Class
A
723,226
128,481
496,132
Semiconductors
&
Semiconductor
Equipment
3.8%
Advanced
Micro
Devices (1)
902,071
57,155
ASML
Holding
22,600
9,387
Broadcom
153,123
67,988
KLA
128,764
38,968
Lam
Research
25,550
9,351
Marvell
Technology
383,697
16,464
Monolithic
Power
Systems
33,232
12,077
NVIDIA
1,065,961
129,397
ON
Semiconductor (1)
436,642
27,216
QUALCOMM
416,609
47,069
415,072
Software
9.4%
Adobe (1)
136,939
37,686
Black
Knight (1)
155,097
10,039
Cadence
Design
Systems (1)
120,354
19,670
Descartes
Systems
Group (1)
144,635
9,189
Fortinet (1)
464,345
22,813
Intuit
121,502
47,060
Microsoft
2,794,732
650,893
NortonLifeLock
474,100
9,548
Salesforce (1)
865,923
124,554
ServiceNow (1)
74,065
27,968
Synopsys (1)
126,314
38,590
Workday,
Class
A (1)
64,905
9,880
Zoom
Video
Communications,
Class
A (1)
110,261
8,114
1,016,004
Technology
Hardware,
Storage
&
Peripherals
7.4%
Apple
5,671,850
783,850
Pure
Storage,
Class
A (1)
348,391
9,535
793,385
Total
Information
Technology
2,797,694
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
2.8%
Chemicals
2.0%
Air
Products
&
Chemicals
116,763
27,174
CF
Industries
Holdings
150,124
14,449
Corteva
183,342
10,478
FMC
98,807
10,444
Linde
294,364
79,358
Nutrien
62,462
5,208
PPG
Industries
39,803
4,406
RPM
International
207,914
17,321
Sherwin-Williams
234,120
47,936
216,774
Construction
Materials
0.1%
Vulcan
Materials
87,393
13,783
13,783
Containers
&
Packaging
0.7%
Avery
Dennison
117,967
19,193
Ball
213,348
10,309
International
Paper
228,958
7,258
Packaging
Corp.
of
America
112,389
12,620
Sealed
Air
380,092
16,918
Westrock
150,580
4,652
70,950
Paper
&
Forest
Products
0.0%
West
Fraser
Timber
55,622
4,032
4,032
Total
Materials
305,539
REAL
ESTATE
2.7%
Equity
Real
Estate
Investment
Trusts
2.7%
Alexandria
Real
Estate
Equities,
REIT
62,116
8,708
American
Homes
4
Rent,
Class
A,
REIT
126,407
4,147
American
Tower,
REIT
112,639
24,184
AvalonBay
Communities,
REIT
58,184
10,717
Camden
Property
Trust,
REIT
31,541
3,768
Equinix,
REIT
57,289
32,588
Equity
LifeStyle
Properties,
REIT
106,325
6,681
Essex
Property
Trust,
REIT
57,465
13,920
Extra
Space
Storage,
REIT
82,867
14,312
Prologis,
REIT
334,040
33,938
Public
Storage,
REIT
68,431
20,037
Rexford
Industrial
Realty,
REIT
202,126
10,511
SBA
Communications,
REIT
227,861
64,861
Simon
Property
Group,
REIT
179,123
16,076
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sun
Communities,
REIT
15,670
2,121
Welltower,
REIT
283,403
18,229
Weyerhaeuser,
REIT
79,000
2,256
Total
Real
Estate
287,054
UTILITIES
3.3%
Electric
Utilities
1.9%
American
Electric
Power
93,100
8,049
Exelon
629,313
23,574
NextEra
Energy
1,020,653
80,029
PG&E (1)
2,518,164
31,477
Southern
806,870
54,867
Xcel
Energy
118,329
7,573
205,569
Multi-Utilities
1.4%
Ameren
400,225
32,238
CMS
Energy
159,290
9,277
Dominion
Energy
677,737
46,838
Sempra
Energy
289,049
43,340
WEC
Energy
Group
244,827
21,895
153,588
Total
Utilities
359,157
Total
Common
Stocks
(Cost
$10,381,888)
10,745,894
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06% (2)(3)
7,984,584
7,985
7,985
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
3.279%,
2/16/23 (4)
2,900,000
2,861
2,861
Total
Short-Term
Investments
(Cost
$10,849)
10,846
Total
Investments
in
Securities
99.7%
(Cost
$10,392,737)
$
10,756,740
Other
Assets
Less
Liabilities
0.3%
27,041
Net
Assets
100.0%
$
10,783,781
‡
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
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
11
.
.
.
.
.
.
.
.
.
.
(4)
At
September
30,
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
12
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
116
S&P
500
E-Mini
Index
contracts
12/22
20,889
$
(2,055)
Net
payments
(receipts)
of
variation
margin
to
date
1,749
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(306)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
13
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
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,
3.06%
$
—#
$
—
$
329+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
$
74,067
¤
¤
$
7,985^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$329
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
$7,985.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
T.
Rowe
Price
U.S.
Equity
Research
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
15
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
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
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
16
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
10,745,894
$
—
$
—
$
10,745,894
Short-Term
Investments
7,985
2,861
—
10,846
Total
$
10,753,879
$
2,861
$
—
$
10,756,740
Liabilities
Futures
Contracts*
$
2,055
$
—
$
—
$
2,055
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
U.S.
Equity
Research
Fund
17
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
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F108-054Q3
09/22