# EDGAR Filing Document

**Accession Number:** 0000931151
**File Stem:** 0001193125-25-184730
**Filing Date:** 2025-8
**Character Count:** 130816
**Document Hash:** 4fe6000b19c6ba94968495c226fc6531
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-184730.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-184730

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price U.S. Equity Research Fund, Inc.
- **CENTRAL INDEX KEY:** 0000931151

**ORGANIZATION NAME:**
- **EIN:** 521905304
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07225
- **FILM NUMBER:** 251238522

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Capital Opportunity Fund, Inc.
- **DATE OF NAME CHANGE:** 20190523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price U.S. Equity Research Fund, Inc.
- **DATE OF NAME CHANGE:** 20190523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Capital Opportunity Fund, Inc.
- **DATE OF NAME CHANGE:** 20051018

## Series and Classes Contracts Data

### T. Rowe Price U.S. Equity Research Fund (Series ID: S000002071)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000005429 | T. Rowe Price U.S. Equity Research Fund               | PRCOX           |
| C000005430 | T. Rowe Price U.S. Equity Research Fund-Advisor Class | PACOX           |
| C000005431 | T. Rowe Price U.S. Equity Research Fund-R Class       | RRCOX           |
| C000177207 | T. Rowe Price U.S. Equity Research Fund-I Class       | PCCOX           |
| C000232530 | T. Rowe Price U.S. Equity Research Fund-Z Class       | PCUZX           |

?xml version='1.0' encoding='ASCII'? U.S. Equity Research Fund_COF

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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: June 30, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g10950i0d86555e26bb6f66b349.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### U.S. Equity Research Fund

#### Investor Class (PRCOX)
This semi-annual shareholder report contains important information about U.S. Equity Research Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| U.S. Equity Research Fund - Investor Class | $23 | 0.46% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $14833779 |
| Number of Portfolio Holdings | 308 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 27.1% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Financials | 14.3 |
| Consumer Discretionary | 10.5 |
| Communication Services | 9.7 |
| Health Care | 9.1 |
| Industrials & Business Services | 7.8 |
| Consumer Staples | 5.1 |
| Energy | 3.1 |
| Real Estate | 2.2 |
| Other | 4.4 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA | 7.5% |
| Microsoft | 7.3 |
| Apple | 5.4 |
| Amazon.com | 4.1 |
| Alphabet | 3.4 |
| Meta Platforms | 3.3 |
| Broadcom | 2.8 |
| Tesla | 1.6 |
| JPMorgan Chase | 1.5 |
| Eli Lilly | 1.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F108-053 8/25

U.S. Equity Research Fund

Investor Class (PRCOX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10950idadbec7aa3f33b55a4df.jpg)

![Image](g10950i0d86555e26bb6f66b349.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### U.S. Equity Research Fund

#### Advisor Class (PACOX)
This semi-annual shareholder report contains important information about U.S. Equity Research Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| U.S. Equity Research Fund - Advisor Class | $43 | 0.84% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $14833779 |
| Number of Portfolio Holdings | 308 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 27.1% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Financials | 14.3 |
| Consumer Discretionary | 10.5 |
| Communication Services | 9.7 |
| Health Care | 9.1 |
| Industrials & Business Services | 7.8 |
| Consumer Staples | 5.1 |
| Energy | 3.1 |
| Real Estate | 2.2 |
| Other | 4.4 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA | 7.5% |
| Microsoft | 7.3 |
| Apple | 5.4 |
| Amazon.com | 4.1 |
| Alphabet | 3.4 |
| Meta Platforms | 3.3 |
| Broadcom | 2.8 |
| Tesla | 1.6 |
| JPMorgan Chase | 1.5 |
| Eli Lilly | 1.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F208-053 8/25

U.S. Equity Research Fund

Advisor Class (PACOX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10950idadbec7aa3f33b55a4df.jpg)

![Image](g10950i0d86555e26bb6f66b349.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### U.S. Equity Research Fund

#### R Class (RRCOX)
This semi-annual shareholder report contains important information about U.S. Equity Research Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| U.S. Equity Research Fund - R Class | $59 | 1.17% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $14833779 |
| Number of Portfolio Holdings | 308 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 27.1% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Financials | 14.3 |
| Consumer Discretionary | 10.5 |
| Communication Services | 9.7 |
| Health Care | 9.1 |
| Industrials & Business Services | 7.8 |
| Consumer Staples | 5.1 |
| Energy | 3.1 |
| Real Estate | 2.2 |
| Other | 4.4 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA | 7.5% |
| Microsoft | 7.3 |
| Apple | 5.4 |
| Amazon.com | 4.1 |
| Alphabet | 3.4 |
| Meta Platforms | 3.3 |
| Broadcom | 2.8 |
| Tesla | 1.6 |
| JPMorgan Chase | 1.5 |
| Eli Lilly | 1.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F408-053 8/25

U.S. Equity Research Fund

R Class (RRCOX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10950idadbec7aa3f33b55a4df.jpg)

![Image](g10950i0d86555e26bb6f66b349.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### U.S. Equity Research Fund

#### I Class (PCCOX)
This semi-annual shareholder report contains important information about U.S. Equity Research Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| U.S. Equity Research Fund - I Class | $17 | 0.34% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $14833779 |
| Number of Portfolio Holdings | 308 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 27.1% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Financials | 14.3 |
| Consumer Discretionary | 10.5 |
| Communication Services | 9.7 |
| Health Care | 9.1 |
| Industrials & Business Services | 7.8 |
| Consumer Staples | 5.1 |
| Energy | 3.1 |
| Real Estate | 2.2 |
| Other | 4.4 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA | 7.5% |
| Microsoft | 7.3 |
| Apple | 5.4 |
| Amazon.com | 4.1 |
| Alphabet | 3.4 |
| Meta Platforms | 3.3 |
| Broadcom | 2.8 |
| Tesla | 1.6 |
| JPMorgan Chase | 1.5 |
| Eli Lilly | 1.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F358-053 8/25

U.S. Equity Research Fund

I Class (PCCOX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10950idadbec7aa3f33b55a4df.jpg)

![Image](g10950i0d86555e26bb6f66b349.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### U.S. Equity Research Fund

#### Z Class (PCUZX)
This semi-annual shareholder report contains important information about U.S. Equity Research Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| U.S. Equity Research Fund - Z Class | $0 | 0.00% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $14833779 |
| Number of Portfolio Holdings | 308 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 27.1% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Financials | 14.3 |
| Consumer Discretionary | 10.5 |
| Communication Services | 9.7 |
| Health Care | 9.1 |
| Industrials & Business Services | 7.8 |
| Consumer Staples | 5.1 |
| Energy | 3.1 |
| Real Estate | 2.2 |
| Other | 4.4 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA | 7.5% |
| Microsoft | 7.3 |
| Apple | 5.4 |
| Amazon.com | 4.1 |
| Alphabet | 3.4 |
| Meta Platforms | 3.3 |
| Broadcom | 2.8 |
| Tesla | 1.6 |
| JPMorgan Chase | 1.5 |
| Eli Lilly | 1.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1467-053 8/25

U.S. Equity Research Fund

Z Class (PCUZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10950idadbec7aa3f33b55a4df.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
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 is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2025

#### Financial

#### Statements

#### and

#### Other

#### 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

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

58.47 $

46.54 $

36.28 $

45.23 $

36.67 $

30.93 Investment

activities

Net

investment

income

(1)(2)

0.21 0.41 0.42 0.36 0.34 0.46 Net

realized

and

unrealized

gain/

loss

2.97 11.89 10.38 (8.85)

9.90 5.66 Total

from

investment

activities

3.18 12.30 10.80 (8.49)

10.24 6.12 Distributions

Net

investment

income

—

(0.37)

(0.54)

(0.32)

(0.31)

(0.32)

Net

realized

gain

—

—

—

(0.14)

(1.37)

(0.06)

Total

distributions

—

(0.37)

(0.54)

(0.46)

(1.68)

(0.38)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 61.65

#### $

#### 58.47

#### $

#### 46.54

#### $

#### 36.28

#### $

#### 45.23

#### $

#### 36.67
T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 5.44%

#### 26.42%

#### 29.80%

#### (18.80)%

#### 27.98%

#### 19.81%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.46%

(4) 0.45%

0.44%

0.45%

0.42%

0.45%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.46%

(4) 0.45%

0.44%

0.45%

0.42%

0.45%

Net

investment

income

0.74%

(4) 0.75%

1.02%

0.92%

0.80%

1.47%

Portfolio

turnover

rate

27.1%

37.6%

47.0%

45.4%

27.5%

35.6%

Net

assets,

end

of

period

(in

millions)

$8,021

$7,029

$4,377

$3,155

$4,047

$2,210

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

58.37 $

46.47 $

36.24 $

45.21 $

36.69 $

30.88 Investment

activities

Net

investment

income

(1)(2)

0.10 0.20 0.28 0.22 0.16 0.36 Net

realized

and

unrealized

gain/

loss

2.96 11.86 10.36 (8.85)

9.87 5.64 Total

from

investment

activities

3.06 12.06 10.64 (8.63)

10.03 6.00 Distributions

Net

investment

income

—

(0.16)

(0.41)

(0.20)

(0.14)

(0.13)

Net

realized

gain

—

—

—

(0.14)

(1.37)

(0.06)

Total

distributions

—

(0.16)

(0.41)

(0.34)

(1.51)

(0.19)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 61.43

#### $

#### 58.37

#### $

#### 46.47

#### $

#### 36.24

#### $

#### 45.21

#### $

#### 36.69
T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 5.24%

#### 25.94%

#### 29.37%

#### (19.11)%

#### 27.39%

#### 19.44%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.84%

(4) 0.83%

0.78%

0.82%

0.86%

0.77%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.84%

(4) 0.83%

0.78%

0.82%

0.86%

0.77%

Net

investment

income

0.34%

(4) 0.37%

0.68%

0.55%

0.37%

1.17%

Portfolio

turnover

rate

27.1%

37.6%

47.0%

45.4%

27.5%

35.6%

Net

assets,

end

of

period

(in

thousands)

$62,114

$62,380

$48,264

$36,895

$35,556

$16,053

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### R

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

57.69 $

45.97 $

35.90 $

44.82 $

36.42 $

30.76 Investment

activities

Net

investment

income

(1)(2)

—

(3) 0.01 0.15 0.10 0.07 0.25 Net

realized

and

unrealized

gain/

loss

2.93 11.71 10.26 (8.77)

9.80 5.61 Total

from

investment

activities

2.93 11.72 10.41 (8.67)

9.87 5.86 Distributions

Net

investment

income

—

—

(0.34)

(0.11)

(0.10)

(0.14)

Net

realized

gain

—

—

—

(0.14)

(1.37)

(0.06)

Total

distributions

—

—

(0.34)

(0.25)

(1.47)

(0.20)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 60.62

#### $

#### 57.69

#### $

#### 45.97

#### $

#### 35.90

#### $

#### 44.82

#### $

#### 36.42
T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### R

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 5.08%

#### 25.49%

#### 29.00%

#### (19.35)%

#### 27.15%

#### 19.06%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

1.17%

(5) 1.17%

1.08%

1.12%

1.09%

1.09%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.17%

(5) 1.17%

1.08%

1.12%

1.09%

1.09%

Net

investment

income

0.01%

(5) 0.02%

0.38%

0.25%

0.17%

0.82%

Portfolio

turnover

rate

27.1%

37.6%

47.0%

45.4%

27.5%

35.6%

Net

assets,

end

of

period

(in

thousands)

$129,983

$133,468

$117,609

$81,938

$97,801

$13,750

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Amounts

round

to

less

than

$0.01

per

share.

(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

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

58.55 $

46.58 $

36.30 $

45.25 $

36.68 $

30.93 Investment

activities

Net

investment

income

(1)(2)

0.24 0.46 0.46 0.40 0.37 0.48 Net

realized

and

unrealized

gain/

loss

2.98 11.92 10.39 (8.85)

9.91 5.68 Total

from

investment

activities

3.22 12.38 10.85 (8.45)

10.28 6.16 Distributions

Net

investment

income

—

(0.41)

(0.57)

(0.36)

(0.34)

(0.35)

Net

realized

gain

—

—

—

(0.14)

(1.37)

(0.06)

Total

distributions

—

(0.41)

(0.57)

(0.50)

(1.71)

(0.41)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 61.77

#### $

#### 58.55

#### $

#### 46.58

#### $

#### 36.30

#### $

#### 45.25

#### $

#### 36.68
T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 5.50%

#### 26.56%

#### 29.91%

#### (18.72)%

#### 28.09%

#### 19.94%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.34%

(4) 0.34%

0.35%

0.35%

0.34%

0.35%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.34%

(4) 0.34%

0.35%

0.35%

0.34%

0.35%

Net

investment

income

0.85%

(4) 0.86%

1.11%

1.03%

0.88%

1.50%

Portfolio

turnover

rate

27.1%

37.6%

47.0%

45.4%

27.5%

35.6%

Net

assets,

end

of

period

(in

millions)

$6,621

$6,386

$4,830

$4,162

$4,519

$3,650

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class
(1) 6

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

11/23/21

(1) Through

12/31/21

12/31/24

12/31/23

12/31/22

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

58.99 $

46.44 $

36.17 $

45.09 $

46.17 Investment

activities

Net

investment

income

(2)(3)

0.34 0.55 0.58 0.54 0.06 Net

realized

and

unrealized

gain/loss

3.00 12.00 10.39 (8.83)

0.70 Total

from

investment

activities

3.34 12.55 10.97 (8.29)

0.76 Distributions

Net

investment

income

—

—

(0.70)

(0.49)

(0.47)

Net

realized

gain

—

—

—

(0.14)

(1.37)

Total

distributions

—

—

(0.70)

(0.63)

(1.84)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 62.33

#### $

#### 58.99

#### $

#### 46.44

#### $

#### 36.17

#### $

#### 45.09
T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
(1) 6

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

11/23/21

(1) Through

12/31/21

12/31/24

12/31/23

12/31/22

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 5.66%

#### 27.02%

#### 30.37%

#### (18.44)%

#### 1.70%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

0.33%

(5) 0.33%

0.34%

0.34%

0.33%

(5) Net

expenses

after

waivers/payments

by

Price

Associates

0.00%

(5) 0.00%

0.00%

0.00%

0.00%

(5) Net

investment

income

1.19%

(5) 1.12%

1.43%

1.42%

1.33%

(5) Portfolio

turnover

rate

27.1%

37.6%

47.0%

45.4%

27.5%

Net

assets,

end

of

period

(in

thousands)

$15

$14

$1,325,814

$3,922,679

$787,784

0%

0%

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

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

June

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### COMMON

#### STOCKS

#### 99.5%

#### COMMUNICATION

#### SERVICES

#### 9.7%

#### Diversified

#### Telecommunication

#### Services

#### 0.2%
AT&T

1,180,164

34,154

34,154

#### Entertainment

#### 1.9%
Electronic

Arts

57,735

9,220

Netflix (1)

148,486

198,842

Spotify

Technology (1)

17,786

13,648

Take-Two

Interactive

Software (1)

34,091

8,279

TKO

Group

Holdings

74,927

13,633

Walt

Disney

274,054

33,986

277,608

#### Interactive

#### Media

#### &

#### Services

#### 6.7%
Alphabet,

Class

A

1,109,993

195,614

Alphabet,

Class

C

1,730,478

306,970

Meta

Platforms,

Class

A

670,603

494,965

997,549

#### Media

#### 0.3%
Charter

Communications,

Class

A (1)

68,904

28,169

Comcast,

Class

A

641,786

22,905

51,074

#### Wireless

#### Telecommunication

#### Services

#### 0.6%
T-Mobile

U.S.

358,969

85,528

85,528

Total

Communication

Services

1,445,913

#### CONSUMER

#### DISCRETIONARY

#### 10.5%

#### Automobiles

#### 1.7%
General

Motors

267,356

13,157

Tesla (1)

760,393

241,546

254,703

#### Broadline

#### Retail

#### 4.2%
Amazon.com (1)

2,751,046

603,552

eBay

175,387

13,059

616,611

#### Distributors

#### 0.1%
Pool

26,500

7,724

7,724

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.1%
Booking

Holdings

12,466

72,169

Chipotle

Mexican

Grill (1)

619,722

34,797

Domino's

Pizza

19,129

8,619

DoorDash,

Class

A (1)

150,228

37,033

Hilton

Worldwide

Holdings

125,979

33,553

Las

Vegas

Sands

367,389

15,985

Marriott

International,

Class

A

115,373

31,521

McDonald's

230,872

67,454

Wingstop

25,586

8,616

Yum!

Brands

51,395

7,616

317,363

#### Household

#### Durables

#### 0.2%
NVR (1)

3,223

23,804

23,804

#### Specialty

#### Retail

#### 1.9%
AutoZone (1)

6,947

25,789

Bath

&

Body

Works

86,300

2,586

Carvana (1)

30,330

10,220

Home

Depot

321,135

117,741

Lowe's

146,876

32,587

O'Reilly

Automotive (1)

340,710

30,708

Ross

Stores

180,173

22,986

TJX

259,005

31,985

Tractor

Supply

78,042

4,118

Ulta

Beauty (1)

21,042

9,844

288,564

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.3%
Deckers

Outdoor (1)

143,546

14,795

Lululemon

Athletica (1)

84,965

20,186

NIKE,

Class

B

208,100

14,784

49,765

Total

Consumer

Discretionary

1,558,534

#### CONSUMER

#### STAPLES

#### 5.1%

#### Beverages

#### 1.3%
Coca-Cola

1,327,441

93,916

Keurig

Dr

Pepper

1,401,714

46,341

Monster

Beverage (1)

256,086

16,041

PepsiCo

254,612

33,619

189,917

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.7%
Costco

Wholesale

122,662

121,428

Walmart

1,305,587

127,660

249,088

#### Food

#### Products

#### 0.1%
Lamb

Weston

Holdings

35,597

1,846

Mondelez

International,

Class

A

200,086

13,494

Tyson

Foods,

Class

A

85,600

4,788

20,128

#### Household

#### Products

#### 1.1%
Colgate-Palmolive

239,101

21,734

Kimberly-Clark

193,531

24,950

Procter

&

Gamble

744,722

118,649

165,333

#### Personal

#### Care

#### Products

#### 0.1%
Kenvue

910,586

19,059

19,059

#### Tobacco

#### 0.8%
Altria

Group

435,763

25,549

Philip

Morris

International

497,422

90,595

116,144

Total

Consumer

Staples

759,669

#### ENERGY

#### 3.1%

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
Baker

Hughes

101,175

3,879

Schlumberger

836,722

28,281

32,160

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.9%
Chevron

475,790

68,128

ConocoPhillips

580,367

52,082

Diamondback

Energy

121,986

16,761

EOG

Resources

208,566

24,947

EQT

224,110

13,070

Expand

Energy

101,028

11,814

Exxon

Mobil

1,172,305

126,374

Hess

34,979

4,846

Phillips

112,696

13,445

Targa

Resources

146,648

25,529

Texas

Pacific

Land

5,603

5,919

Valero

Energy

212,188

28,522

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Williams

546,734

34,340

425,777

Total

Energy

457,937

#### FINANCIALS

#### 14.3%

#### Banks

#### 3.7%
Bank

of

America

2,585,365

122,339

Citigroup

884,077

75,253

Fifth

Third

Bancorp

388,788

15,991

Huntington

Bancshares

1,016,728

17,040

JPMorgan

Chase

755,532

219,036

KeyCorp

648,023

11,289

Popular

66,569

7,337

Truist

Financial

99,160

4,263

U.S.

Bancorp

483,600

21,883

Wells

Fargo

656,259

52,579

Western

Alliance

Bancorp

80,888

6,308

553,318

#### Capital

#### Markets

#### 3.1%
Ares

Management,

Class

A

92,684

16,053

Bank

of

New

York

Mellon

276,648

25,205

Blackrock

41,359

43,396

Blackstone

50,300

7,524

Cboe

Global

Markets

41,296

9,631

Charles

Schwab

767,039

69,985

CME

Group

168,896

46,551

Goldman

Sachs

Group

68,888

48,755

Intercontinental

Exchange

23,600

4,330

KKR

236,958

31,522

Moody's

37,983

19,052

Morgan

Stanley

301,052

42,406

S&P

Global

100,151

52,809

State

Street

183,502

19,514

TPG (2)

335,218

17,582

Tradeweb

Markets,

Class

A

81,573

11,942

466,257

#### Consumer

#### Finance

#### 0.5%
American

Express

150,447

47,990

Capital

One

Financial

143,346

30,498

78,488

#### Financial

#### Services

#### 4.8%
Apollo

Global

Management

98,048

13,910

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Berkshire

Hathaway,

Class

B (1)

362,722

176,199

Block (1)

534,161

36,286

Corebridge

Financial

647,263

22,978

Corpay (1)

142,761

47,371

Equitable

Holdings

256,302

14,379

Fiserv (1)

239,046

41,214

Global

Payments

26,514

2,122

Mastercard,

Class

A

267,335

150,226

Visa,

Class

A

532,727

189,145

Voya

Financial

333,582

23,684

717,514

#### Insurance

#### 2.2%
Allstate

258,178

51,974

American

International

Group

331,216

28,349

Axis

Capital

Holdings

123,384

12,810

Chubb

253,376

73,408

Hartford

Insurance

Group

236,527

30,008

Marsh

&

McLennan

174,647

38,185

MetLife

422,870

34,007

Progressive

113,431

30,270

RenaissanceRe

Holdings

109,792

26,668

325,679

Total

Financials

2,141,256

#### HEALTH

#### CARE

#### 9.1%

#### Biotechnology

#### 1.7%
AbbVie

535,591

99,416

Amgen

34,011

9,496

Gilead

Sciences

571,166

63,325

Regeneron

Pharmaceuticals

46,626

24,479

Vertex

Pharmaceuticals (1)

112,497

50,084

246,800

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.0%
Abbott

Laboratories

353,984

48,145

Boston

Scientific (1)

608,450

65,354

Cooper (1)

282,242

20,084

Intuitive

Surgical (1)

144,578

78,565

Medtronic

171,957

14,989

Stryker

148,820

58,878

Zimmer

Biomet

Holdings

191,984

17,511

303,526

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.9%
Cardinal

Health

55,300

9,291

Cencora

92,338

27,688

Cigna

Group

100,231

33,134

CVS

Health

518,743

35,783

Elevance

Health

59,881

23,291

McKesson

26,576

19,474

Molina

Healthcare (1)

40,820

12,160

Quest

Diagnostics

86,687

15,572

Tenet

Healthcare (1)

119,898

21,102

UnitedHealth

Group

275,930

86,082

Universal

Health

Services,

Class

B

21,700

3,931

287,508

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.9%
Danaher

293,940

58,065

Mettler-Toledo

International (1)

17,307

20,331

Repligen (1)

67,932

8,449

Thermo

Fisher

Scientific

129,165

52,371

139,216

#### Pharmaceuticals

#### 2.6%
Bristol-Myers

Squibb

199,402

9,230

Chugai

Pharmaceutical,

ADR

1,243,300

32,413

Eli

Lilly

272,949

212,772

Johnson

&

Johnson

449,603

68,677

Merck

451,504

35,741

Pfizer

461,901

11,196

Viatris

2,070,404

18,489

388,518

Total

Health

Care

1,365,568

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 7.8%

#### Aerospace

#### &

#### Defense

#### 2.0%
Boeing (1)

296,039

62,029

General

Electric

371,531

95,628

Howmet

Aerospace

146,040

27,182

L3Harris

Technologies

103,727

26,019

Northrop

Grumman

97,767

48,882

RTX

117,987

17,229

TransDigm

Group

12,898

19,613

296,582

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%
FedEx

30,999

7,046

7,046

#### Building

#### Products

#### 0.5%
Carrier

Global

299,332

21,908

Johnson

Controls

International

142,180

15,017

Trane

Technologies

58,154

25,437

Trex (1)

76,267

4,148

66,510

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
Cintas

89,837

20,022

Waste

Connections

72,697

13,574

Waste

Management

80,931

18,519

52,115

#### Construction

#### &

#### Engineering

#### 0.1%
API

Group (1)

174,200

8,893

8,893

#### Electrical

#### Equipment

#### 1.1%
AMETEK

122,164

22,107

Emerson

Electric

106,431

14,190

GE

Vernova

81,653

43,207

Hubbell

72,503

29,611

Rockwell

Automation

108,985

36,202

Vertiv

Holdings,

Class

A

182,363

23,417

168,734

#### Ground

#### Transportation

#### 0.9%
Canadian

National

Railway

123,114

12,809

CSX

858,886

28,025

Norfolk

Southern

120,722

30,901

Old

Dominion

Freight

Line

207,971

33,754

Saia (1)

74,731

20,476

Uber

Technologies (1)

68,737

6,413

132,378

#### Industrial

#### Conglomerates

#### 0.4%
Honeywell

International

126,325

29,418

Roper

Technologies

44,428

25,184

54,602

#### Machinery

#### 1.7%
Caterpillar

109,939

42,679

Cummins

87,418

28,629

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Deere

88,401

44,951

Dover

131,088

24,019

Esab

61,486

7,412

Fortive

239,775

12,500

Ingersoll

Rand

221,783

18,448

Middleby (1)

25,300

3,643

Parker-Hannifin

46,166

32,246

Stanley

Black

&

Decker

417,438

28,282

Xylem

98,631

12,759

255,568

#### Passenger

#### Airlines

#### 0.1%
United

Airlines

Holdings (1)

136,420

10,863

10,863

#### Professional

#### Services

#### 0.4%
Automatic

Data

Processing

21,600

6,661

Booz

Allen

Hamilton

Holding

46,938

4,888

Dayforce (1)

186,495

10,330

Equifax

50,403

13,073

SS&C

Technologies

Holdings

65,518

5,425

Verisk

Analytics

55,890

17,410

57,787

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
Ferguson

Enterprises

113,920

24,806

SiteOne

Landscape

Supply (1)

31,641

3,827

28,633

Total

Industrials

&

Business

Services

1,139,711

#### INFORMATION

#### TECHNOLOGY

#### 33.8%

#### Communications

#### Equipment

#### 0.6%
Arista

Networks (1)

299,368

30,628

Cisco

Systems

767,783

53,269

83,897

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1.0%
Amphenol,

Class

A

509,554

50,319

CDW

65,145

11,634

Jabil

13,800

3,010

Keysight

Technologies (1)

246,523

40,395

Ralliant (1)

72,258

3,504

Teledyne

Technologies (1)

59,053

30,253

Zebra

Technologies,

Class

A (1)

27,500

8,480

147,595

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### IT

#### Services

#### 0.8%
Accenture,

Class

A

223,399

66,772

International

Business

Machines

135,360

39,901

Okta (1)

46,200

4,619

Shopify,

Class

A (1)

38,800

4,475

115,767

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 13.6%
Advanced

Micro

Devices (1)

652,373

92,572

Analog

Devices

144,141

34,308

Applied

Materials

308,754

56,524

Broadcom

1,505,790

415,071

First

Solar (1)

280,665

46,461

KLA

44,099

39,501

Lam

Research

369,323

35,950

Marvell

Technology

217,085

16,802

Microchip

Technology

114,648

8,068

Micron

Technology

313,360

38,622

Monolithic

Power

Systems

50,014

36,579

NVIDIA

7,042,423

1,112,632

NXP

Semiconductors

65,773

14,371

QUALCOMM

410,497

65,376

Texas

Instruments

32,556

6,759

2,019,596

#### Software

#### 12.2%
Adobe (1)

121,131

46,863

Autodesk (1)

61,253

18,962

Cadence

Design

Systems (1)

116,295

35,836

Crowdstrike

Holdings,

Class

A (1)

47,097

23,987

Descartes

Systems

Group (1)

123,675

12,571

Dynatrace (1)

184,721

10,198

Fair

Isaac (1)

16,841

30,785

Fortinet (1)

338,340

35,769

Gen

Digital

891,393

26,207

HubSpot (1)

4,176

2,325

Intuit

94,483

74,418

Microsoft

2,174,564

1,081,650

Monday.com (1)

12,204

3,838

Oracle

488,174

106,729

Palantir

Technologies,

Class

A (1)

457,215

62,328

Palo

Alto

Networks (1)

211,025

43,184

Salesforce

397,165

108,303

ServiceNow (1)

54,391

55,918

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Synopsys (1)

36,810

18,872

Workday,

Class

A (1)

32,240

7,738

1,806,481

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5.6%
Apple

3,924,668

805,224

Pure

Storage,

Class

A (1)

183,039

10,540

Sandisk (1)

81,943

3,716

Western

Digital

103,690

6,635

826,115

Total

Information

Technology

4,999,451

#### MATERIALS

#### 1.8%

#### Chemicals

#### 1.0%
CF

Industries

Holdings

90,554

8,331

Corteva

182,534

13,604

Linde

177,609

83,331

Mosaic

295,248

10,771

RPM

International

24,324

2,672

Sherwin-Williams

78,616

26,993

145,702

#### Construction

#### Materials

#### 0.1%
Vulcan

Materials

64,034

16,701

16,701

#### Containers

#### &

#### Packaging

#### 0.2%
Ball

123,900

6,950

International

Paper

404,258

18,931

Packaging

Corp.

of

America

28,544

5,379

31,260

#### Metals

#### &

#### Mining

#### 0.4%
Franco-Nevada (2)

102,380

16,782

Freeport-McMoRan

590,712

25,608

Steel

Dynamics

134,951

17,275

59,665

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
West

Fraser

Timber (2)

163,867

12,011

12,011

Total

Materials

265,339

#### REAL

#### ESTATE

#### 2.2%

#### Health

#### Care

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.3%
Alexandria

Real

Estate

Equities,

REIT

26,134

1,898

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Ventas,

REIT

118,207

7,465

Welltower,

REIT

208,131

31,996

41,359

#### Industrial

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.4%
Prologis,

REIT

325,634

34,231

Rexford

Industrial

Realty,

REIT

578,588

20,580

54,811

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
CBRE

Group,

Class

A (1)

130,467

18,281

CoStar

Group (1)

66,511

5,348

23,629

#### Residential

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.3%
AvalonBay

Communities,

REIT

52,246

10,632

Camden

Property

Trust,

REIT

33,076

3,727

Equity

Residential,

REIT

118,933

8,027

Essex

Property

Trust,

REIT

43,111

12,218

Sun

Communities,

REIT

109,479

13,848

48,452

#### Retail

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.2%
Kimco

Realty,

REIT

338,669

7,119

Regency

Centers,

REIT

97,351

6,934

Simon

Property

Group,

REIT

72,155

11,600

25,653

#### Specialized

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.8%
American

Tower,

REIT

218,951

48,393

Crown

Castle,

REIT

114,458

11,758

CubeSmart,

REIT

120,210

5,109

Equinix,

REIT

43,919

34,936

Public

Storage,

REIT

44,202

12,970

113,166

Total

Real

Estate

307,070

#### UTILITIES

#### 2.1%

#### Electric

#### Utilities

#### 1.4%
Constellation

Energy

150,207

48,481

Exelon

430,566

18,695

NextEra

Energy

786,370

54,590

PG&E

2,256,256

31,452

Southern

190,942

17,534

Xcel

Energy

588,107

40,050

210,802

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Gas

#### Utilities

#### 0.1%
Atmos

Energy

121,662

18,749

18,749

#### Multi-Utilities

#### 0.6%
Ameren

153,102

14,704

CMS

Energy

184,472

12,780

Consolidated

Edison

241,134

24,198

Dominion

Energy

232,939

13,166

DTE

Energy

114,178

15,124

Sempra

128,726

9,753

89,725

Total

Utilities

319,276

#### Total

#### Common

#### Stocks

#### (Cost

#### $10,068,733)

#### 14,759,724

#### SHORT-TERM

#### INVESTMENTS

#### 0.5%

#### Money

#### Market

#### Funds

#### 0.4%
T. Rowe

Price

Treasury

Reserve

Fund,

4.38% (3)(4)

55,026,955

55,027

55,027

#### U.S.

#### Treasury

#### Obligations

#### 0.1%
U.S.

Treasury

Bills,

4.226%,

7/10/25 (5)

6,210,000

6,203

6,203

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $61,230)

#### 61,230

#### 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,

4.37% (3)(4)

21,750,711

21,751

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 21,751

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $21,751)

#### 21,751

#### Total

#### Investments

#### in

#### Securities

#### 100.1%

#### of

#### Net

#### Assets

#### (Cost

#### $10,151,714)

#### $

#### 14,842,705
T. ROWE

PRICE

U.S.

Equity

Research

Fund

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) Non-income

producing

(2) See

Note

.

All

or

a

portion

of

this

security

is

on

loan

at

June

30,

2025. (3) Seven-day

yield

(4) Affiliated

Companies

(5) At

June

30,

2025,

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,

S&P

500

E-Mini

Index

contracts

9/25

57,535

$

1,863

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (1,587)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### 276
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

six

months

ended

June

30,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. Rowe

Price

Government

Reserve

Fund,

4.37%

$

—

$

—

$

—++

T. Rowe

Price

Treasury

Reserve

Fund,

4.38%

—

—

1,072

Totals

$

—#

$

—

$

1,072+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 6/30/25
T. Rowe

Price

Government

Reserve

Fund,

4.37%

$

8,557

¤

¤

$

21,751

T. Rowe

Price

Treasury

Reserve

Fund,

4.38%

86,822

¤

¤

55,027

Total

$

76,778^

#

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

as

described

in

Note

.

+

Investment

income

comprised

$1,072

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

$76,778.

T. ROWE

PRICE

U.S.

Equity

Research

Fund

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$10,151,714)

$

14,842,705

Receivable

for

investment

securities

sold

26,574

Receivable

for

shares

sold

19,988

Dividends

receivable

7,776

Variation

margin

receivable

on

futures

contracts

Foreign

currency

(cost

$68)

Other

assets

734

Total

assets

14,898,121

#### Liabilities
Payable

for

investment

securities

purchased

26,373

Obligation

to

return

securities

lending

collateral

21,751

Payable

for

shares

redeemed

11,397

Investment

management

fees

payable

3,793

Due

to

affiliates

Payable

to

directors

Other

liabilities

865

Total

liabilities

64,342

#### NET

#### ASSETS

#### $

#### 14,833,779
T. ROWE

PRICE

U.S.

Equity

Research

Fund

June

30,

2025

(Unaudited)

#### 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)

$

4,735,627

Paid-in

capital

applicable

to

240,452,892

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

10,098,152

#### NET

#### ASSETS

#### $

#### 14,833,779

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $8,020,633;

#### Shares

#### outstanding:

#### 130,109,399)

#### $

#### 61.65

#### Advisor

#### Class

#### (Net

#### assets:

#### $62,114;

#### Shares

#### outstanding:

#### 1,011,133)

#### $

#### 61.43

#### R

#### Class

#### (Net

#### assets:

#### $129,983;

#### Shares

#### outstanding:

#### 2,144,236)

#### $

#### 60.62

#### I

#### Class

#### (Net

#### assets:

#### $6,621,034;

#### Shares

#### outstanding:

#### 107,187,890)

#### $

#### 61.77

#### Z

#### Class

#### (Net

#### assets:

#### $15;

#### Shares

#### outstanding:

#### 234)

#### $

#### 62.33
T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

Months

Ended

6/30/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$70)

$

80,965

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

Securities

lending

Total

income

81,090

Expenses

Investment

management

22,055

Shareholder

servicing

Investor

Class

$

4,425

Advisor

Class

R

Class

I

Class

4,930

Rule

12b-1

fees

Advisor

Class

R

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

R

Class

I

Class

Registration

Custody

and

accounting

Directors

Legal

and

audit

Miscellaneous

Total

expenses

28,016

Net

investment

income

53,074

T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

145,421

Futures

(827) Foreign

currency

transactions

(1) Net

realized

gain

144,593

Change

in

net

unrealized

gain

/

loss

Securities

532,233

Futures

4,479

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

536,713

Net

realized

and

unrealized

gain

/

loss

681,306

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 734,380
T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

53,074

$

95,020

Net

realized

gain

144,593

884,777

Change

in

net

unrealized

gain

/

loss

536,713

1,714,129

Increase

in

net

assets

from

operations

734,380

2,693,926

Distributions

to

shareholders

Net

earnings

Investor

Class

–

(44,295)

Advisor

Class

–

(173) I

Class

–

(44,644)

Decrease

in

net

assets

from

distributions

–

(89,112)

Capital

share

transactions

\*

Shares

sold

Investor

Class

1,965,320

2,656,920

Advisor

Class

8,306

15,279

R

Class

11,813

19,844

I

Class

1,650,426

1,934,975

Z

Class

–

6,727

Distributions

reinvested

Investor

Class

–

43,783

Advisor

Class

–

I

Class

–

44,020

Shares

redeemed

Investor

Class

(1,377,420)

(1,309,537)

Advisor

Class

(11,392)

(14,471)

R

Class

(21,420)

(33,099)

I

Class

(1,737,047)

(1,654,670)

Z

Class

–

(1,403,050)

Increase

in

net

assets

from

capital

share

transactions

488,586

306,893

T. ROWE

PRICE

U.S.

Equity

Research

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Net

#### Assets
Increase

during

period

1,222,966

2,911,707

Beginning

of

period

13,610,813

10,699,106

#### End

#### of

#### period

#### $

#### 14,833,779

#### $

#### 13,610,813
\*Share

information

(000s)

Shares

sold

Investor

Class

34,308

49,890

Advisor

Class

R

Class

I

Class

28,613

35,503

Z

Class

–

Distributions

reinvested

Investor

Class

–

729

Advisor

Class

–

I

Class

–

732

Shares

redeemed

Investor

Class

(24,427)

(24,452)

Advisor

Class

(202) (267) R

Class

(376) (624) I

Class

(30,483)

(30,864)

Z

Class

–

(28,687)

Increase

in

shares

outstanding

7,784

2,775

T. ROWE

PRICE

U.S.

Equity

Research

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

U.S.

Equity

Research

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

U.S.

Equity

Research

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. 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.

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

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.

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### 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 other

investment

companies 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

T. ROWE

PRICE

U.S.

Equity

Research

Fund

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

six

months ended

June

30,

2025,

the

fund

realized

$193,130,000 of

net

gain

on

$435,963,000

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

p.m.

Eastern

time,

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 December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

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
&nbsp;&nbsp;&nbsp;&nbsp;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

T. ROWE

PRICE

U.S.

Equity

Research

Fund

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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

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

T. ROWE

PRICE

U.S.

Equity

Research

Fund

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.

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
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

six

months ended

June

30,

2025,

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

or

delivery

of

cash

or

other

assets.

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

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

14,759,724

$

—

$

—

$

14,759,724

Short-Term

Investments

55,027

6,203

—

61,230

Securities

Lending

Collateral

21,751

—

—

21,751

Total

Securities

14,836,502

6,203

—

14,842,705

Futures

Contracts\*

1,863

—

—

1,863

Total

$

14,838,365

$

6,203

$

—

$

14,844,568

\*

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

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

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

June

30,

2025,

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

six

months ended

June

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Equity

derivatives

Futures

$

1,863

\*

Total

$

1,863

\*

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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Futures

#### Realized

#### Gain
(Loss)

Equity

derivatives

$

(827) Total

$

(827) T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### 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

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

June

30,

2025,

securities

valued

at $3,996,000

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,

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Futures

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Equity

derivatives

$

4,479

Total

$

4,479

T. ROWE

PRICE

U.S.

Equity

Research

Fund

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.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

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

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Securities

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

T. ROWE

PRICE

U.S.

Equity

Research

Fund

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

June

30,

2025,

the

value

of

loaned

securities

was

$21,574,000;

the

value

of

cash

collateral

and

related

investments

was

$21,751,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $4,763,532,000 and

$3,729,493,000,

respectively,

for

the

six

months ended

June

30,

2025. #### 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.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

December

31,

2024,

the

fund

had

$49,498,000

of

available

capital

loss

carryforwards.

At

June

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$10,266,389,000.

Net

unrealized

gain

aggregated

$4,578,179,000

at

period-end,

of

which

$4,857,736,000

related

to

appreciated

investments

and

$279,557,000

related

to

depreciated

investments.

#### 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

T. ROWE

PRICE

U.S.

Equity

Research

Fund

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

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

0.26%

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

June

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%. 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

six

months ended

June

30,

2025. The

Investor

Class,

Advisor

Class,

and

R

Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

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

T. ROWE

PRICE

U.S.

Equity

Research

Fund

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

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.

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 six

months

ended June

30,

2025 as

indicated

in

the

table

below.

At

June

30,

2025,

there

were

no

amounts

subject

to

repayment

T. ROWE

PRICE

U.S.

Equity

Research

Fund

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.

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

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$63,000

for

Price

Associates;

$834,000

for

T. Rowe

Price

Services,

Inc.;

and

$18,000

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.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

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

#### Investor

#### Class

#### Advisor

#### Class

#### R

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.68%

0.93%

1.18%

0.04%

0.00%

Expense

limitation

date

02/28/28

02/28/28

02/28/28

02/28/28

N/A

(Waived)/

repaid

during

the

period

($000s)

$—

$—

$—

$—

$—

(1) (1) Amount

rounds

to

less

than

$1,000

T. ROWE

PRICE

U.S.

Equity

Research

Fund

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

six

months ended

June

30,

2025,

the

fund

was

reimbursed $7,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$3,000

was

for

services

provided

by

Price.

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

June

30,

2025,

no

shares

of

the

I

Class

were

held

by

college

savings

plans.

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

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.

As

of

June

30,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

shares

of

the

Z

Class,

representing

100%

of

the

Z

Class's

net

assets.

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

six

months

ended

June

30,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### NOTE

#### 8

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

12-13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

as

well

as

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

T. ROWE

PRICE

U.S.

Equity

Research

Fund

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-

dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

U.S.

Equity

Research

Fund

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund

is

subject

to

a

permanent

expense

limitation

under

which

the

Adviser

has

agreed

to

waive

a

portion

of

the

management

fee

it

is

entitled

to

receive

from

the

fund

in

order

to

limit

the

fund's

overall

management

fee

rate

to

0.33%

of

the

fund's

average

daily

net

assets.

The

fund's

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T. Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class's

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-

subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

covered

by

the

all-inclusive

fees

charged

by

the

investing

T. Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T. Rowe

Price

funds

of

funds'

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

U.S.

Equity

Research

Fund

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group,

Expense

Universe,

and

Advisor

Class

Expense

Group),

and

the

fund's

total

expenses

ranked

in

the

first

quintile

(Investor

Class

Expense

Group,

Expense

Universe,

and

Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

U.S.

Equity

Research

Fund

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business. The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business. In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### Approval

#### of

#### the

#### Advisory

#### Contract
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F108-051

8/25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. 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 16. 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.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| (3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d10950dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d10950dex99906ce.htm) |

---

------

#### 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. | T. Rowe Price U.S. Equity Research Fund, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | August 19, 2025 |

---

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 |
| Date | August 19, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | August 19, 2025 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price U.S. Equity
Research Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price U.S. Equity
Research Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price U.S. Equity Research Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

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| | |
|:---|:---|
| Date: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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