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T. Rowe Price U.S. Equity Research Fund (PRCOX) NPORT-PT. Rowe Price U.S. Equity Research Fund (Mar 2024 report)

Filed: 29 May 24, 12:40pm

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T.

ROWE

PRICE

U.S.

Equity

Research

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.7%

COMMUNICATION

SERVICES

8.8%

Diversified

Telecommunication

Services

0.1%

Verizon

Communications

313,072‌

13,136‌

13,136‌

Entertainment

1.2%

Netflix (1)

159,250‌

96,717‌

Walt

Disney

320,505‌

39,217‌

135,934‌

Interactive

Media

&

Services

6.2%

Alphabet,

Class

A (1)

1,160,521‌

175,158‌

Alphabet,

Class

C (1)

1,630,147‌

248,206‌

Meta

Platforms,

Class

A

579,534‌

281,410‌

704,774‌

Media

0.5%

Comcast,

Class

A

1,307,177‌

56,666‌

56,666‌

Wireless

Telecommunication

Services

0.8%

T-Mobile

U.S.

558,489‌

91,157‌

91,157‌

Total

Communication

Services

1,001,667‌

CONSUMER

DISCRETIONARY

10.4%

Automobile

Components

0.1%

Aptiv (1)

191,234‌

15,232‌

15,232‌

Automobiles

1.1%

General

Motors

215,875‌

9,790‌

Rivian

Automotive,

Class

A (1)(2)

418,317‌

4,581‌

Tesla (1)

635,665‌

111,743‌

126,114‌

Broadline

Retail

3.9%

Amazon.com (1)

2,444,799‌

440,993‌

440,993‌

Hotels,

Restaurants

&

Leisure

2.5%

Airbnb,

Class

A (1)

111,354‌

18,369‌

Booking

Holdings

10,230‌

37,113‌

Chipotle

Mexican

Grill (1)

15,128‌

43,974‌

Domino's

Pizza

25,551‌

12,696‌

Hilton

Worldwide

Holdings

129,074‌

27,533‌

Las

Vegas

Sands

337,637‌

17,456‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Marriott

International,

Class

A

41,308‌

10,422‌

McDonald's

184,312‌

51,967‌

Norwegian

Cruise

Line

Holdings (1)

272,596‌

5,705‌

Royal

Caribbean

Cruises (1)

161,641‌

22,470‌

Starbucks

153,282‌

14,008‌

Wingstop

16,117‌

5,905‌

Wynn

Resorts

106,285‌

10,866‌

278,484‌

Household

Durables

0.3%

NVR (1)

3,526‌

28,560‌

28,560‌

Specialty

Retail

2.2%

AutoZone (1)

6,130‌

19,320‌

Bath

&

Body

Works

78,869‌

3,945‌

Burlington

Stores (1)

44,876‌

10,420‌

Home

Depot

283,984‌

108,936‌

Lowe's

148,532‌

37,836‌

O'Reilly

Automotive (1)

21,828‌

24,641‌

Ross

Stores

165,716‌

24,320‌

TJX

237,804‌

24,118‌

253,536‌

Textiles,

Apparel

&

Luxury

Goods

0.3%

NIKE,

Class

B

356,258‌

33,481‌

33,481‌

Total

Consumer

Discretionary

1,176,400‌

CONSUMER

STAPLES

5.8%

Beverages

1.7%

Coca-Cola

1,158,796‌

70,895‌

Constellation

Brands,

Class

A

84,154‌

22,870‌

Keurig

Dr

Pepper

747,300‌

22,920‌

Monster

Beverage (1)

251,320‌

14,898‌

PepsiCo

368,018‌

64,407‌

195,990‌

Consumer

Staples

Distribution

&

Retail

1.8%

Costco

Wholesale

112,382‌

82,335‌

Dollar

General

143,856‌

22,450‌

Sysco

69,953‌

5,679‌

Target

123,572‌

21,898‌

Walmart

1,148,913‌

69,130‌

201,492‌

Food

Products

0.3%

Kraft

Heinz

220,080‌

8,121‌

Mondelez

International,

Class

A

360,482‌

25,234‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tyson

Foods,

Class

A

67,779‌

3,980‌

37,335‌

Household

Products

1.2%

Colgate-Palmolive

401,639‌

36,167‌

Procter

&

Gamble

591,560‌

95,981‌

132,148‌

Personal

Care

Products

0.3%

elf

Beauty (1)

41,948‌

8,223‌

Kenvue

970,502‌

20,827‌

29,050‌

Tobacco

0.5%

Altria

Group

92,241‌

4,024‌

Philip

Morris

International

566,092‌

51,865‌

55,889‌

Total

Consumer

Staples

651,904‌

ENERGY

4.0%

Energy

Equipment

&

Services

0.4%

Halliburton

484,142‌

19,085‌

Schlumberger

553,123‌

30,316‌

49,401‌

Oil,

Gas

&

Consumable

Fuels

3.6%

Chesapeake

Energy

45,627‌

4,053‌

Chevron

401,792‌

63,379‌

ConocoPhillips

483,458‌

61,534‌

Diamondback

Energy

71,851‌

14,239‌

EOG

Resources

200,459‌

25,627‌

EQT

203,333‌

7,538‌

Exxon

Mobil

1,110,093‌

129,037‌

Hess

61,602‌

9,403‌

Marathon

Petroleum

176,948‌

35,655‌

Phillips

66

52,637‌

8,598‌

Pioneer

Natural

Resources

60,709‌

15,936‌

Suncor

Energy

166,257‌

6,136‌

Valero

Energy

59,485‌

10,153‌

Williams

552,955‌

21,549‌

412,837‌

Total

Energy

462,238‌

FINANCIALS

13.9%

Banks

3.4%

Bank

of

America

1,234,804‌

46,824‌

Citigroup

901,058‌

56,983‌

East

West

Bancorp

105,462‌

8,343‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Fifth

Third

Bancorp

591,837‌

22,022‌

Huntington

Bancshares

923,683‌

12,886‌

JPMorgan

Chase

723,185‌

144,854‌

M&T

Bank

7,528‌

1,095‌

PNC

Financial

Services

Group

94,500‌

15,271‌

Truist

Financial

214,985‌

8,380‌

Wells

Fargo

1,116,990‌

64,741‌

Western

Alliance

Bancorp

75,421‌

4,841‌

386,240‌

Capital

Markets

2.7%

Ares

Management,

Class

A

82,614‌

10,986‌

Bank

of

New

York

Mellon

280,795‌

16,179‌

BlackRock

15,465‌

12,893‌

Blackstone

53,900‌

7,081‌

Cboe

Global

Markets

38,225‌

7,023‌

Charles

Schwab

745,838‌

53,954‌

CME

Group

51,854‌

11,164‌

Goldman

Sachs

Group

92,070‌

38,457‌

Intercontinental

Exchange

215,975‌

29,681‌

KKR

83,994‌

8,448‌

LPL

Financial

Holdings

25,010‌

6,608‌

Moody's

23,429‌

9,208‌

Morgan

Stanley

317,522‌

29,898‌

MSCI

24,321‌

13,631‌

S&P

Global

95,660‌

40,699‌

Tradeweb

Markets,

Class

A

78,750‌

8,203‌

304,113‌

Consumer

Finance

0.6%

American

Express

187,628‌

42,721‌

Capital

One

Financial

54,620‌

8,132‌

Discover

Financial

Services

66,047‌

8,658‌

Synchrony

Financial

107,000‌

4,614‌

64,125‌

Financial

Services

5.0%

Apollo

Global

Management

101,066‌

11,365‌

Berkshire

Hathaway,

Class

B (1)

348,523‌

146,561‌

Corebridge

Financial

750,676‌

21,567‌

Corpay (1)

89,213‌

27,526‌

Equitable

Holdings

323,863‌

12,310‌

Fiserv (1)

372,266‌

59,496‌

Global

Payments

251,235‌

33,580‌

Mastercard,

Class

A

223,567‌

107,663‌

Visa,

Class

A

467,419‌

130,447‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Voya

Financial

271,800‌

20,091‌

570,606‌

Insurance

2.2%

American

International

Group

575,535‌

44,989‌

Chubb

231,705‌

60,042‌

Hartford

Financial

Services

Group

406,601‌

41,900‌

Marsh

&

McLennan

148,566‌

30,602‌

MetLife

410,016‌

30,386‌

RenaissanceRe

Holdings

89,309‌

20,990‌

Travelers

76,752‌

17,664‌

246,573‌

Total

Financials

1,571,657‌

HEALTH

CARE

12.9%

Biotechnology

1.8%

AbbVie

409,398‌

74,551‌

Amgen

169,993‌

48,332‌

Biogen (1)

60,080‌

12,955‌

Gilead

Sciences

91,734‌

6,720‌

Moderna (1)

22,285‌

2,375‌

Regeneron

Pharmaceuticals (1)

26,842‌

25,835‌

Vertex

Pharmaceuticals (1)

88,274‌

36,900‌

207,668‌

Health

Care

Equipment

&

Supplies

2.6%

Abbott

Laboratories

240,715‌

27,360‌

Baxter

International

240,102‌

10,262‌

Becton

Dickinson

&

Company

109,382‌

27,066‌

Boston

Scientific (1)

313,424‌

21,466‌

Dexcom (1)

125,391‌

17,392‌

Edwards

Lifesciences (1)

280,526‌

26,807‌

Hologic (1)

188,379‌

14,686‌

Intuitive

Surgical (1)

134,162‌

53,543‌

Medtronic

169,603‌

14,781‌

Stryker

125,534‌

44,925‌

Teleflex

27,041‌

6,116‌

Zimmer

Biomet

Holdings

213,249‌

28,144‌

292,548‌

Health

Care

Providers

&

Services

2.8%

Cardinal

Health

77,415‌

8,663‌

Cencora

42,280‌

10,274‌

Centene (1)

40,303‌

3,163‌

Cigna

Group

126,361‌

45,893‌

CVS

Health

110,143‌

8,785‌

Elevance

Health

88,843‌

46,069‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HCA

Healthcare

30,478‌

10,165‌

Humana

14,512‌

5,031‌

McKesson

53,152‌

28,535‌

Molina

Healthcare (1)

25,121‌

10,320‌

Tenet

Healthcare (1)

135,406‌

14,232‌

UnitedHealth

Group

247,515‌

122,446‌

313,576‌

Life

Sciences

Tools

&

Services

1.5%

Agilent

Technologies

114,559‌

16,669‌

Bio-Techne

155,953‌

10,978‌

Charles

River

Laboratories

International (1)

8,500‌

2,303‌

Danaher

142,809‌

35,662‌

ICON (1)

31,886‌

10,712‌

IQVIA

Holdings (1)

11,379‌

2,878‌

Mettler-Toledo

International (1)

9,040‌

12,035‌

Thermo

Fisher

Scientific

131,398‌

76,370‌

167,607‌

Pharmaceuticals

4.2%

AstraZeneca,

ADR

237,986‌

16,124‌

Bristol-Myers

Squibb

391,728‌

21,243‌

Eli

Lilly

240,151‌

186,828‌

Johnson

&

Johnson

517,893‌

81,925‌

Merck

625,006‌

82,470‌

Novo

Nordisk,

ADR

126,499‌

16,242‌

Pfizer

648,162‌

17,987‌

Viatris

1,507,690‌

18,002‌

Zoetis

196,296‌

33,215‌

474,036‌

Total

Health

Care

1,455,435‌

INDUSTRIALS

&

BUSINESS

SERVICES

8.0%

Aerospace

&

Defense

1.7%

Boeing (1)

292,281‌

56,407‌

General

Dynamics

44,080‌

12,452‌

Howmet

Aerospace

264,882‌

18,126‌

Huntington

Ingalls

Industries

28,356‌

8,265‌

L3Harris

Technologies

97,638‌

20,807‌

Lockheed

Martin

20,144‌

9,163‌

Northrop

Grumman

27,339‌

13,086‌

RTX

214,578‌

20,928‌

TransDigm

Group

25,717‌

31,673‌

190,907‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Air

Freight

&

Logistics

0.2%

FedEx

85,303‌

24,716‌

24,716‌

Building

Products

0.3%

Carrier

Global

352,375‌

20,483‌

Johnson

Controls

International

134,976‌

8,817‌

Trane

Technologies

26,376‌

7,918‌

37,218‌

Commercial

Services

&

Supplies

0.6%

Cintas

11,772‌

8,088‌

Copart (1)

349,714‌

20,255‌

Republic

Services

49,806‌

9,535‌

Veralto

19,431‌

1,723‌

Waste

Connections

135,182‌

23,252‌

62,853‌

Construction

&

Engineering

0.0%

WillScot

Mobile

Mini

Holdings (1)

38,059‌

1,770‌

1,770‌

Electrical

Equipment

0.3%

Emerson

Electric

41,130‌

4,665‌

Hubbell

19,600‌

8,135‌

Rockwell

Automation

73,978‌

21,552‌

34,352‌

Ground

Transportation

1.6%

Canadian

National

Railway

137,558‌

18,118‌

Canadian

Pacific

Kansas

City (2)

73,890‌

6,515‌

CSX

753,370‌

27,927‌

JB

Hunt

Transport

Services

36,995‌

7,371‌

Norfolk

Southern

77,595‌

19,777‌

Old

Dominion

Freight

Line

173,774‌

38,110‌

Saia (1)

15,912‌

9,308‌

Uber

Technologies (1)

635,415‌

48,921‌

176,047‌

Industrial

Conglomerates

1.5%

3M

57,509‌

6,100‌

General

Electric

505,940‌

88,808‌

Honeywell

International

224,967‌

46,174‌

Roper

Technologies

47,315‌

26,536‌

167,618‌

Machinery

1.5%

Caterpillar

37,773‌

13,841‌

Cummins

114,281‌

33,673‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Deere

65,062‌

26,724‌

Dover

59,199‌

10,489‌

Esab

39,289‌

4,344‌

IDEX

74,055‌

18,071‌

Ingersoll

Rand

234,232‌

22,240‌

Nordson

25,500‌

7,001‌

Otis

Worldwide

49,232‌

4,887‌

Stanley

Black

&

Decker

320,473‌

31,384‌

172,654‌

Passenger

Airlines

0.1%

Southwest

Airlines

221,265‌

6,459‌

United

Airlines

Holdings (1)

104,466‌

5,002‌

11,461‌

Professional

Services

0.2%

Broadridge

Financial

Solutions

69,820‌

14,303‌

Equifax

15,069‌

4,031‌

TransUnion

71,863‌

5,735‌

24,069‌

Trading

Companies

&

Distributors

0.0%

SiteOne

Landscape

Supply (1)

12,790‌

2,232‌

2,232‌

Total

Industrials

&

Business

Services

905,897‌

INFORMATION

TECHNOLOGY

29.6%

Communications

Equipment

0.4%

Arista

Networks (1)

59,933‌

17,380‌

Cisco

Systems

628,959‌

31,391‌

48,771‌

Electronic

Equipment,

Instruments

&

Components

0.8%

Amphenol,

Class

A

351,633‌

40,561‌

TE

Connectivity

172,586‌

25,067‌

Teledyne

Technologies (1)

39,127‌

16,798‌

Zebra

Technologies,

Class

A (1)

34,784‌

10,485‌

92,911‌

IT

Services

0.9%

Accenture,

Class

A

234,142‌

81,156‌

International

Business

Machines

123,633‌

23,609‌

104,765‌

Semiconductors

&

Semiconductor

Equipment

10.4%

Advanced

Micro

Devices (1)

275,764‌

49,773‌

Analog

Devices

83,400‌

16,496‌

Applied

Materials

54,800‌

11,301‌

ASML

Holding

11,891‌

11,540‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Broadcom

108,446‌

143,735‌

Entegris

224,627‌

31,569‌

First

Solar (1)

15,120‌

2,552‌

KLA

69,300‌

48,411‌

Lam

Research

92,975‌

90,332‌

Lattice

Semiconductor (1)

72,700‌

5,687‌

Microchip

Technology

121,700‌

10,918‌

Micron

Technology

367,785‌

43,358‌

Monolithic

Power

Systems

19,044‌

12,901‌

NVIDIA

689,514‌

623,017‌

QUALCOMM

428,327‌

72,516‌

1,174,106‌

Software

11.4%

Adobe (1)

132,384‌

66,801‌

Autodesk (1)

157,674‌

41,062‌

Cadence

Design

Systems (1)

91,176‌

28,381‌

Descartes

Systems

Group (1)

112,929‌

10,336‌

Dynatrace (1)

168,700‌

7,834‌

Fair

Isaac (1)

11,055‌

13,814‌

Fortinet (1)

542,993‌

37,092‌

Gen

Digital

905,749‌

20,289‌

Intuit

55,331‌

35,965‌

Microsoft

1,943,334‌

817,600‌

Oracle

190,075‌

23,875‌

Palo

Alto

Networks (1)

35,415‌

10,063‌

Salesforce

342,739‌

103,226‌

ServiceNow (1)

9,972‌

7,603‌

Synopsys (1)

93,570‌

53,475‌

Tyler

Technologies (1)

10,500‌

4,463‌

Workday,

Class

A (1)

35,731‌

9,746‌

Zscaler (1)

32,204‌

6,203‌

1,297,828‌

Technology

Hardware,

Storage

&

Peripherals

5.7%

Apple

3,601,570‌

617,597‌

Pure

Storage,

Class

A (1)

302,687‌

15,737‌

Western

Digital (1)

224,102‌

15,293‌

648,627‌

Total

Information

Technology

3,367,008‌

MATERIALS

2.3%

Chemicals

1.2%

CF

Industries

Holdings

163,381‌

13,595‌

Linde

187,254‌

86,946‌

Mosaic

282,800‌

9,180‌

RPM

International

54,972‌

6,539‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sherwin-Williams

72,394‌

25,144‌

141,404‌

Construction

Materials

0.1%

Vulcan

Materials

59,012‌

16,106‌

16,106‌

Containers

&

Packaging

0.4%

Avery

Dennison

46,562‌

10,395‌

Ball

216,298‌

14,570‌

Packaging

Corp.

of

America

32,003‌

6,074‌

Westrock

175,014‌

8,654‌

39,693‌

Metals

&

Mining

0.5%

Agnico

Eagle

Mines

116,868‌

6,971‌

Franco-Nevada

45,582‌

5,432‌

Freeport-McMoRan

475,555‌

22,361‌

Steel

Dynamics

123,379‌

18,288‌

53,052‌

Paper

&

Forest

Products

0.1%

West

Fraser

Timber (2)

149,497‌

12,921‌

12,921‌

Total

Materials

263,176‌

REAL

ESTATE

1.8%

Health

Care

Real

Estate

Investment

Trusts

0.2%

Welltower,

REIT

191,067‌

17,853‌

17,853‌

Industrial

Real

Estate

Investment

Trusts

0.4%

Prologis,

REIT

261,855‌

34,099‌

Rexford

Industrial

Realty,

REIT

324,861‌

16,340‌

50,439‌

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Class

A (1)

59,162‌

5,753‌

CoStar

Group (1)

95,159‌

9,192‌

14,945‌

Residential

Real

Estate

Investment

Trusts

0.3%

American

Homes

4

Rent,

Class

A,

REIT

139,546‌

5,132‌

AvalonBay

Communities,

REIT

46,215‌

8,576‌

Camden

Property

Trust,

REIT

20,477‌

2,015‌

Essex

Property

Trust,

REIT

52,790‌

12,924‌

Sun

Communities,

REIT

47,970‌

6,168‌

34,815‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Retail

Real

Estate

Investment

Trusts

0.1%

Kimco

Realty,

REIT

265,519‌

5,207‌

Regency

Centers,

REIT

34,200‌

2,071‌

Simon

Property

Group,

REIT

50,674‌

7,930‌

15,208‌

Specialized

Real

Estate

Investment

Trusts

0.7%

American

Tower,

REIT

126,597‌

25,014‌

CubeSmart,

REIT

112,971‌

5,109‌

Equinix,

REIT

29,842‌

24,629‌

Extra

Space

Storage,

REIT

15,198‌

2,234‌

Public

Storage,

REIT

48,285‌

14,006‌

Weyerhaeuser,

REIT

99,453‌

3,571‌

74,563‌

Total

Real

Estate

207,823‌

UTILITIES

2.2%

Electric

Utilities

1.4%

Constellation

Energy

104,005‌

19,225‌

FirstEnergy

554,727‌

21,424‌

NextEra

Energy

825,614‌

52,765‌

PG&E

2,222,875‌

37,256‌

PPL

86,709‌

2,387‌

Southern

337,153‌

24,187‌

157,244‌

Multi-Utilities

0.8%

Ameren

295,661‌

21,867‌

CenterPoint

Energy

568,604‌

16,200‌

CMS

Energy

79,671‌

4,807‌

Dominion

Energy

812,335‌

39,959‌

NiSource

112,054‌

3,099‌

85,932‌

Total

Utilities

243,176‌

Total

Common

Stocks

(Cost

$8,142,328)

11,306,381‌

SHORT-TERM

INVESTMENTS

0.3%

Money

Market

Funds

0.3%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37% (3)(4)

31,420,329‌

31,420‌

31,420‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Obligations

0.0%

U.S.

Treasury

Bills,

5.229%,

5/9/24 (5)

3,500,000‌

3,481‌

3,481‌

Total

Short-Term

Investments

(Cost

$34,902)

34,901‌

SECURITIES

LENDING

COLLATERAL

0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (3)(4)

11,764,297‌

11,764‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

11,764‌

Total

Securities

Lending

Collateral

(Cost

$11,764)

11,764‌

Total

Investments

in

Securities

100.1%

(Cost

$8,188,994)

$

11,353,046‌

Other

Assets

Less

Liabilities

(0.1)%

(6,432‌)

Net

Assets

100.0%

$

11,346,614‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

(3)

Seven-day

yield

(4)

Affiliated

Companies

(5)

At

March

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

ADR

American

Depositary

Receipts

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

13

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

86

S&P

500

E-Mini

Index

contracts

6/24

22,827

$

338‌

Net

payments

(receipts)

of

variation

margin

to

date

(337‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

1‌

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

14

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌

$

—‌

$

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37%

—‌

—‌

598‌

Totals

$

—‌#

$

—‌

$

598‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

20,562‌

¤

¤

$

11,764‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37%

51,266‌

¤

¤

31,420‌

Total

$

43,184‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$598

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

$43,184.

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

Unaudited

Notes

to

Portfolio

of

Investments

15

T.

Rowe

Price

U.S.

Equity

Research

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

16

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

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

17

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

11,306,381‌

$

—‌

$

—‌

$

11,306,381‌

Short-Term

Investments

31,420‌

3,481‌

—‌

34,901‌

Securities

Lending

Collateral

11,764‌

—‌

—‌

11,764‌

Total

Securities

11,349,565‌

3,481‌

—‌

11,353,046‌

Futures

Contracts*

338‌

—‌

—‌

338‌

Total

$

11,349,903‌

$

3,481‌

$

—‌

$

11,353,384‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

U.S.

Equity

Research

Fund

18

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F108-054Q1

03/24

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