# EDGAR Filing Document

**Accession Number:** 0000931151
**File Stem:** 0001193125-23-044880
**Filing Date:** 2023-2
**Character Count:** 273275
**Document Hash:** 16ebf3aa9cf4d3ff822b952fc12b81ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044880.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044880

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price U.S. Equity Research Fund, Inc.
- **CENTRAL INDEX KEY:** 0000931151
- **IRS NUMBER:** 521905304
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07225
- **FILM NUMBER:** 23653705

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**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           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07225

T. Rowe Price U.S. Equity Research Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| PRCOX | T. ROWE PRICE U.S. Equity Research Fund |
| --- | --- |
| PACOX | U.S. Equity Research |

INVEST WITH CONFIDENCE®

- The U.S. Equity Research Fund underperformed the S&P 500 Index during the 12-month period ended December 31, 2022.
- Stock selection in four of 11 sectors contributed to relative returns during the reporting period.
- **Fund-Advisor Class**
  Information technology, health care, financials, and consumer discretionary were

- RRCOX
  U.S. Equity Research
  Fund-R Class

## Go Paperless

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TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

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**It's secure**-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

Market Commentary

# **HIGHLIGHTS**

the fund's largest sector allocations in absolute terms.

Heading into 2023, capital markets appear to have priced in a significant global economic slowdown. The key question is whether this deceleration will end at a 'soft landing' with slower but still positive growth-for in a full-fledged recession that draws down earnings.

PCCOX

Double-digit losses were common in equity markets around the world, and bond investors also face a decrease in cash environment amid a sharp rise

PCUZX

U.S. Equity Research Fund- Z Class

Log in to your account at troweprice.com for more information.

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

## Dear Shareholder

In interest rates Value shares declined but outperformed growth stocks by a market, with the Bloomberg U.S. Aggregate Bond Index delivering its worst considerable margin as equity investors turned risk averse and as rising rates year on record. (Bond prices and yields move in opposite directions.) Put downward pressure on growth stock valuations. Emerging markets stocks generally underperformed shares in developed markets. Meanwhile, the U.S. debt-to-bond market returns, as a result, have shifted to the U.S. market. The U.S. market for research, investment, and corporate and household balance sheets appeared strong. Meanwhile, the housing market has weakened amid rising

1

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income

with the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine and
The plan was based on the 2018 financial crisis. The financial crisis in
concerns over commodity supply shortages. Defensive shares, such as utilities,
unlicensed by the broad headwinds that markets faced and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer
economic growth. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.

FUND

COMMENTARY
For more insights from T. Rowe Price
How did the fund performance improve? You can see that it is a real estate
investment professionals, go to

troweprice.com.

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| U.S. Equity Research Fund | 2.07% | -18.80% |
| U.S. Equity Research Fund- Advisor Class | 1.86 | -19.11 |

2

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **INVESTMENT OBJECTIVE**

The U.S. Equity Research Fund is a non-funding, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional, non-institutional

| U.S. Equity Research Fund- R Class | 1.71 | -19.35 |
| --- | --- | --- |
| U.S. Equity Research Fund- I Class | 2.11 | -18.72 |
| U.S. Equity Research Fund- Z Class | 2.29 | -18.44 |
| S&P 500 Index | 2.31 | -18.11 |

3

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

we believe the company could be entering a period of structural growth as a big
officials on how high rates would have to go. The Fed, which at the end of
the year, served by the Fed's International Trade Commission, was raised its guidance
Thank you for your continued confidence in T. Rowe Price's performance.
The Fed's performance is a major part of the global market, which is a major part of the
period of 2022, where its interest in the world's leading market is a major part of the
market's performance. The Fed's performance is a major part of the global market, which is a major part of the
market's performance. The Fed's performance is a major part of the global market, which is a major part of the
market's performance. The Fed's performance is a major part of the global market, which is a major part of the
market's performance. The Fed's performance is a major part of the global market, which is a major part of the
market's performance.

Lipper Large-Cap
Core Funds Index 3.31 -17.00

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Information Technology | 26.5% | 26.0% |
| Health Care | 15.5 | 16.3 |
| Financials | 10.6 | 11.9 |

4

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

loan growth, and capital markets businesses) as well as its defensive qualities

Drug Administration approval of the company's new industry and corporate
management system is made available to the company's business in the United
States. The company's business is a major business in the United States. The company's
company is a major business in the United States. The company's business is a major business in the
United States. The company's business is a major business in the United States. The company's
company is a major business in the United States. The company's business is a major business in the
United States. The company's business is a major business in the United States. The company's
company is a major business in the United States. The company's business is a major business in the
United States. The company's business is a major business in the United States. The company's
company is a major business in the United States. The company's business is a major business in the
United States. The company's business is a major business in the United States. The company's
company is a major business in the United States.

| Consumer Discretionary | 11.3 | 10.1 |
| --- | --- | --- |
| Industrials and Business Services | 6.9 | 7.6 |
| Consumer Staples | 6.6 | 7.1 |
| Communication Services | 8.8 | 7.0 |
| Energy | 3.6 | 4.9 |
| Utilities | 3.4 | 3.2 |

5

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

given its advantaged positioning and long runway for margin expansion. We
margin percentage over the next five years. The results of the
marketing development as the home standby generator market slowed during the
services, and communication
and communication. The results of the
marketing development as the home standby generator market slowed during the
services, and communication
and communication. The results of the
marketing development as the home standby generator market slowed during the
services, and communication
and communication. The results of the
marketing development as the home standby generator market slowed during the
services, and communication
and communication. The results of the
marketing development as the home standby generator market slowed during the
services, and communication

| Materials | 3.3 | 3.0 |
| --- | --- | --- |
| Real Estate | 2.8 | 2.5 |
| Other & Reserves | 0.7 | 0.4 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector
classifications.

6

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# RISKS OF STOCK INVESTING

# TWENTY-FIVE LARGEST HOLDINGS

|  | Percent of Net Assets |
| --- | --- |
| E | 12/31/22 |

7

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

Apple
when inflation is running high, investors shouldn't assume a deep downturn
Microsoft was expected by UpperLabs, Inc. and Company's major business
is inevitable
Alphabet
Amazon
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth
Berkshire
NVIDIA
Moreover
5.9%
5.8
5.2%
5.4%
5.4%
5.4%
UnitedHealth

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| - U.S. Equity Research Fund | $32,872 |
| --- | --- |
| - S&P 500 Index | 32,654 |
| - Lipper Large-Cap Core Funds Index | 29,415 |

8

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

GROWTH OF $10,000

| Johnson division of S&P Global, or its affiliates ("SPDJI") and has been licensed for use in period where central banks had strong motivation sub-interest business model |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| E |  |  |  |  |  |  |
| E |  |  |  |  |  |  |
| H |  |  |  |  | Since | Inception |
| J | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Inception | Date |
| B | U.S. Equity Research Fund | -18.80% | 9.48% | 12.64% | - | - |
| P | U.S. Equity Research |  |  |  |  |  |
| $4 |  |  |  |  |  |  |

9

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

|  | Short-term credit credit(s) nor do they have any liability for any errors, omissions, or | 1.1 - |
| --- | --- | --- |
|  | Change in assumptions of the S&P 500 Index | 1.0 |
| M |  |  |
| A | U.S. Equity Research Fund | 0.42% |
| C | U.S. Equity Research Fund-Advisor Class | 0.86 |
| The views | U.S. Equity Research Fund-R Class | 1.09 |
| change to | U.S. Equity Research Fund-I Class | 0.34 |
| a forecast |  |  |

10

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **EXPENSE RATIO**

Thermo Fisher Scientific
U.S. Equity Research Fund T. Clark
0.9
0.9
The future performance information represents only past performance and is not necessarily
Accenture
0.9
0.9
The collection of future results, current performance, may be lower or higher than the
Maturity of the Future for Commercial Purposes.
The summary may only
The information on the second line of the table should be given to the following statement
To be in the first place of the last year's annual report and performance, 40.0%
Total of the year's annual report and performance, 40.0%
Total of the year's annual report and performance, 40.0%
Total of the year's annual report and performance, 40.0%
Total of the year's annual report and performance, 40.0%
Total of the year's annual report and performance, 40.0%
Total of the year's annual report and performance, 40.0%
Total of the year's annual report

11

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

**FUND EXPENSE EXAMPLE** is a fund for the period of 1/1/22 and capital gain distributions. Returns do not include any pay on fund distributions or the redemption of fund in the future. If the fund is not available, the fund will be paid as follows:

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 7/1/22 | 12/31/22 | 7/1/22 to 12/31/22 |

**Investor Class**

12

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

When you are estimating the ongoing liabilities of investment fund and when comparing the expenses of the fund with other funds. For a more outstanding investment each period charged for investment and service (12b-1) fee, Advisor Class shares are offered only through the investment fund. The investment fund is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that

| NET ASSET VALUE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Beginning of period | $45.23 | $36.67 | $30.93 | $23.58 | $26.06 |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.36 | 0.34 | 0.46 | 0.36 | 0.37 |

13

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

FINANCIAL - HOW LONG: How close is presented separately in the table

| Actual | 1,000.00 | For a close outstanding throughout each period | 1,017.10 | 5.59 |
| --- | --- | --- | --- | --- |
| Actual Expenses |  |  |  |  |
| The first line of the following table (Actual) provides information about actual account values and actual return before surrogates | 1,000.00 | 1,017.10 | 1,017.10 | 5.59 |
| Advisor Class |  |  |  |  |
| = 0.0), then multiply the result by the number on the first line under the heading "Expenses Paid | 1,000.00 | 1,017.10 | 1,017.10 | 5.59 |
| NET ASSET VALUE |  |  |  |  |
| Net investment income | $(0.32) | $(0.31) | $(0.32) | $(0.17) |
| Beginning of period | (0.14) | (1.37) | (0.06) | (0.13) |
| Net realized gain | (0.46) | (1.68) | (0.38) | (0.30) |
| Total distributions | (0.46) | (1.68) | (0.38) | (0.30) |
| Investment activities |  |  |  |  |
| Net investment income (1)(2) | 0.22 | 0.16 | 0.36 | 0.27 |
|  |  |  |  | 0.28 |

14

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

| FINANCIAL HOLDINGS |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Note: The expenses you paid on your account during this period. |  |  |  |  |  |
|  | 1,000.00 | 1,023.94 |  |  | 1.79 |
|  |  | For a share outstanding | throughout | each | period |
| Z Class |  |  |  |  |  |
| Actual | 1,000.00 | 1,022.90 |  |  | 0.00 |
| NR Class |  |  |  |  |  |
| E | 38.28 | 45.23 | $1,266.64 | $30.27 | $23.56 |
|  | 6.66 | 10.03 | 6.00 | 7.54 | (1.22) |
| * Expenses are equal to the full annualized expense rate for the 6-month period 12/31/18 |  |  |  |  |  |
| Distribution |  |  |  |  |  |
| Rate of Asset Value |  |  |  |  |  |
| Total investment income | $(0.20) | $(0.14) | $(0.13) | $(0.07) | $(0.20) |
| Beginning of period | 36.92 | 36.32 | 32.76 | 32.35 | 32.54 |
| Net realized gain | (0.14) | (1.37) | (0.06) | (0.13) | (1.03) |
| Total return | (15.80)% | 27.98% | 19.81% | 32.46% | (4.63)% |
| Total distributions | (0.39) | (1.51) | (0.19) | (0.20) | (1.23) |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.10 | 0.07 | 0.25 | 0.17 | 0.21 |

15

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

**SUMMARY: INCREASE:** Average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), and divided by the days in the year (365) to reflect the half-year period. The annualized expense ratio of the Investor Class was 0.45%, the Advisor Class was 0.83%, the R Class was 1.10%, the I Class was 0.35%, and the Z Class was 0.00%.

Ratio to the Z Class was 0.00%.

**N Class**

|  | 38(27) 0.45% | $45(25) 0.35% | $36(49) 0.35% | $30(28) 0.35% | $23(54) 0.35% |
| --- | --- | --- | --- | --- | --- |
| Payments by Price Associates | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| Debt Account Value | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Real Estate Investment Data | 0.92% | 0.80% | 1.47% | 1.28% | 1.38% |
| Beginning of period | $0.21 | $0.26 | $0.21 | $23.58 | $0.25 |
| Net realized gain | (0.23) | (1.37) | (0.05) | (0.13) | (1.03) |
| Total investment rate | (13.13%) | 22.59% | 19.34% | 32.53% | 23.56% |
| Net investment ratio (in Net investment income (1)(2) ) | (0.25) | (1.47) | (0.20) | (0.13) | (1.18) |
|  | 0.40 | 0.37 | 0.48 | 0.43 | 0.42 |

16

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

|  | 83,155 | 84,047 | 82,210 | $1,792 | $633 |
| --- | --- | --- | --- | --- | --- |
| FZ Class |  |  |  |  |  |
| E |  |  |  | 30.75% | $1,231.00 (1) |
|  |  |  |  | 0.85% | 0.15% |
|  |  |  |  | Ended | Through |
| Total |  |  |  | 12/31/22 | 12/31/21 |
| Per share amounts calculated using average shares outstanding method. |  |  |  |  |  |
| Investments by Price Associates | 0.25% | 0.38% | 0.32% | 12/31/22 | 12/31/21 |
| Investments by Program of expense-related arrangements with Price Associates | 0.25% | 0.38% | 0.32% | 12/31/22 | 12/31/21 |
| Price Associates |  |  |  |  |  |
| Price Associates |  |  |  |  |  |
| Investments by Price Associates | 0.25% | 0.38% | 0.32% | 12/31/22 | 12/31/21 |
| Investments by Program of expense-related arrangements with Price Associates | 0.25% | 0.38% | 0.32% | 12/31/22 | 12/31/21 |
| Price Associates |  |  |  |  |  |
| Investments by Price Associates | 0.25% | 0.38% | 0.32% | 12/31/22 | 12/31/21 |
| Investments by Program of expense-related arrangements with Price Associates | 0.25% | 0.38% | 0.32% | 12/31/22 | 12/31/21 |
| Price Associates |  |  |  |  |  |

Net investment income (2)(3)

|  | 0.54 | 0.06 |
| --- | --- | --- |

![img-0.jpeg](img-0.jpeg)

17

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

December 31, 2022

FINANCIAL HIGHLIGHTS

|  | Shares/Par | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| COMMON STOCKS 99.6% | $36,895 | $35,556 |
| Net asset value realized gain/loss | $16,053 | $25,556 |
| Net asset value actual growth | (8.83) | (8.83) |
| End of financial statement activities | $36.30 | $45.25 |
| COMMUNICATION SERVICES 7.0% | 1.12% | 1.05% |
|  | $1.05% | $1.15% |
|  | $36.68 | $30.23 |
|  | 1.15% | 1.15% |
|  | $1.25% | $1.25% |
| The Company's data are an integral part of these financial statements. |  |  |
| Deferred tax information services 6.6% |  |  |
| Depreciation and amortization | 1.12% | 1.05% |
| Depreciation and amortization | 1.05% | 1.15% |
| Depreciation and amortization | 1.05% | 1.15% |
| Depreciation and amortization | 1.05% | 1.15% |
| Depreciation and amortization | 1.05% | 1.15% |
| Depreciation and amortization | 0.25% | 0.17% |
| Depreciation and amortization | 0.25% | 0.17% |
| Depreciation and amortization | 0.25% | 0.17% |
| Depreciation and amortization | 0.25% | 0.17% |
| Depreciation and amortization | 0.25% | 0.17% |
| Depreciation and amortization | 0.25% | 0.17% |

|  | Shares | Par | $ Value |
| --- | --- | --- | --- |
| Total in cash period, assuming reinvestment of all distributions, and payment of an redemption or |  |  |  |
| accruals less if applicable. | (18.72)% | 25.05% | 19.34% |
| Net assets and all period (in |  |  | 12.55% |
| NET ASSET VALUE |  |  | (4.45)% |

18

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **CONTROL OF INVESTMENTS**

|  | Shares/Par | 54,487 Value |
| --- | --- | --- |
| Entertainment 1.3% (cost and value in $000s) |  |  |
| Activision Blizzard | 263,403 | 20,163 |
| Multi-average net assets: (2) | $81,938 | $97,801 |
| End of period | $13,750 | $45,000 |
| With Shares (1) | 182,660 | 74,080 |
| Surfaces by Price Associates | 0.35% | 0.34% |
| 0.35% | 478,000 | 150,307 |
| The net assets are not an integral part of these financial statements: |  |  |
| Net assets are not a calculated using average shares outstanding method. | 215,394 | 17,764 |
| Reclassified in the balance of expense-related arrangements with Price Associates | 0.35% | 0.34% |
| 0.35% | 0.34% | 0.34% |
| Net investment income | 1.03% | 0.88% |
| 1.53% | 1.52% | 1.52% |
| Total return reflects the rate that an investor would have earned on an investment in the fund: |  |  |
| Portfolio turnover rate | 45.4% | 27.5% |
| 35.6% | 32.3% | 33.5% |
| Total return |  |  |

19

T. ROWE PRICE U.S. EQUITY RESEARCH FUND[{"box_2d": [31, 89, 617, 235], "label": "table", "caption": "

| Household Durables 0.1% | 1,698,142 | 149,101 |
| --- | --- | --- |
| Alphabet, Class C (1) | 2,708,000 | 2,108,000 |
| New Economic Class A (1) | 4,739 | 17,154 |
| Total Economic Class A (1) | 811,703 | 97,680 |
| Share of the Company |  | 17,154 |
| Share of the Company |  | 17,154 |
| Share of the Company |  | 17,154 |
| Share of the Company |  | 17,154 |
| Share of the Company |  | 17,154 |
| Share of the Company |  | 17,154 |
| Share of the Company |  | 17,154 |

| Share of the Company |  | 17,154 |
| --- | --- | --- |
| Share of the Company |  | 17,154 |
| Share of the Company |  | 17,154 |
| Share of the Company |  | 17,154 |

| Share of the Company |  | 17,154 |
| --- | --- | --- |
| Share of the Company |  | 17,154 |

| Share of the Company |  | 17,154 |
| --- | --- | --- |
| Share of the Company |  | 17,154 |

| Share of the Company |  | 17,154 |
| --- | --- | --- |
| Share of the Company |  | 17,154 |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

| Share of the Company |  | 17,154 |
| --- | --- | --- |

<table><tr><td>Share of the Company</td><td></td><td>17,154</td></tr></tabletable[{"box_2d": [31, 679, 332, 691], "label": "image"}, "</tabletabletable><tr><tr><td>Share of the Company</td><td></td><td>17,154</td></tr></tabletabletable><tr><td>Share of the Company</td><td></td><td>17,154</td></tr></tabletabletable><tr><tr><td>Share of the Company</td><td></td><td>17,154</td></tr></tabletable

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

Wireless Telecommunication Services 0.9%

| Data General | 125,296 | 89,849 |
| --- | --- | --- |
| 7-Monthly (1) | Shares/Par | 10,000 Value |
| Household Products 1.3% | 128,787 | 101,511 |
| (Cost and value in $000s) |  |  |
| Colgate-Palmolive | 89,229 | 71,830 |
| Data General/Health Services | 1,594,904 | 7,555,471 |
| Data General/Health Services, using average shares outstanding, method 1.3% | 1,594,904 | 7,555,471 |
| CONSUMER DISCRETIONARY 10.0% | 1,594,904 | 7,555,471 |
| Data General/Health Services, using average shares outstanding, method 1.3% | 1,594,904 | 7,555,471 |
| Data General/Health Services, using average shares outstanding, method 1.3% | 1,594,904 | 7,555,471 |
| Data General/Health Services, using average shares outstanding, method 1.3% | 1,594,904 | 7,555,471 |

(5) Annualized

21

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

| Milton International A | 137,985 | 27,492 |
| --- | --- | --- |
| Calvin Automotive (1) | 134,815 | 28,000 |
| Capital Markets 2.9% | Shares/Par | 3,000 due |
| Capital Markets 2.9% | 334,842 | 30,000 |
| Total (not listed in 3000s) | 365,084 | 31,000 |
| Automobiles 0.7% | 64,000 | 15,000 |
| Automobiles 16.2% A | 64,000 | 15,000 |
| Total (not listed in 3000s) | 184,815 | 28,000 |
| Blackhorse | 30,951 | 24,000 |
| Textiles, Apparel & Luxury Goods 0.6% | 678,908 | 1,002,159 |
| Distribution/Consumer Services 0.1% | 424,250 | 2,000 |
| Total (not listed in 3000s) | 616,672 | 824,281 |
| Biogen (1) | 76,438 | 21,167 |

22

T. ROWE PRICE U.S. EQUITY RESEARCH FUND[{"box_2d": [39, 81, 617, 198], "label": "table", "caption": "

| Public Mortgage Family Solutions (1) | 185,006 | 11,674 |
| --- | --- | --- |
| Energy Services | 129,006 | 12,880 |
| Energy Equipment & Services 0.4% | Shares/Par | 150/Blue |
| Roof & Products Development | 185,785 | 1,186,000 |
| Roof & Restaurants & Leisure 2.6% | 1,249,870 | 84,000 |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |
| Roof & Public Works 2.2% | 1,249,870 | 84,000 |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

| Roof & Public Works 2.2% | 1,249,870 | 84,000 |
| --- | --- | --- |

<table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletable><table><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable><tr><td>Roof &amp; Public Works 2.2%</td><td>1,249,870</td><td>84,000</td></tr></tabletabletable

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

| Non-Profit Sector Company | 100,000 | 41,000 |
| --- | --- | --- |
| Consumer Finance 0.4% | 1,000,000 | 100,000 |
| Consumer Services (2) | 1,000,000 | 100,000 |
| Consumer & Services | 100,000 | 100,000 |
| Consumer & Services (2000s) | 100,000 | 100,000 |
| Consumer Services (2000s) | 100,000 | 100,000 |
| Food & Snacks Retailing 1.4% | 100,000 | 100,000 |
| Consumer & Services | 100,000 | 100,000 |
| Consumer & Services | 100,000 | 100,000 |
| Consumer & Services | 100,000 | 100,000 |
| Consumer & Services | 100,000 | 100,000 |
| Consumer & Services | 100,000 |  |
| Consumer & Services | 100,000 |  |
| Consumer & Services | 100,000 |  |
| Consumer & Services | 100,000 |  |
| Consumer & Services | 100,000 |  |
| Consumer & Services | 100,000 |  |

Industrial Conglomerates 2.0%

24

T. ROWE PRICE U.S. EQUITY RESEARCH FUND[{"box_2d": [31, 81, 619, 195], "label": "table", "caption": "

| FINANCIALS | 1,149,110 | 567,750 |
| --- | --- | --- |
| Equity | 1,149,110 | 567,750 |
| Equity of the Bankers & Services 3.9% | 1,149,110 | 1,850,000 |
| Equity of the Bankers & Services 7.7% | 1,149,110 | 1,850,000 |
| Equity of the Bankers & Services 3.9% | 1,149,110 | 1,850,000 |
| Equity of the Bankers & Services 7.7% | 1,149,110 | 1,850,000 |
| Equity of the Bankers & Services 3.9% | 1,149,110 | 1,850,000 |
| Equity of the Bankers & Services 7.7% | 1,149,110 | 1,850,000 |

| REVENUES & REVENUES | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |
| Revenues & Expenses 4.8% | 2,127,250 | 22,210 |
| Revenues & Expenses 2.6% | 2,127,250 | 22,210 |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |
| Revenues & Expenses 4.8% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |
| Revenues & Expenses 4.8% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |
| Revenues & Expenses 4.8% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |
| Revenues & Expenses 4.8% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 4.8% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 4.8% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 1.0% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| Revenues & Expenses 4.8% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |
| REVENUES 2.6% | 2,127,250 | 22,210 |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

| REVENUES 2.6% | 2,127,250 | 22,210 |
| --- | --- | --- |

<table><tr><td><b>REVENUES 2.6%</b></td><td><b>2,127,250</b></

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

| Business Services Group | 300,000 | 40,000 |
| --- | --- | --- |
| Materials & Materials | 500,000 | 100,000 |
| Materials & Materials | 100,000 | 100,000 |
| Manufacturing & Equipment 0.3% | 200,000 | 20,000 |
| Manufacturing & Equipment | 200,000 | 100,000 |
| Plant Storage (Class A(1)) | 100,000 | 100,000 |
| Plant Storage (Class A(2)) | 100,000 | 100,000 |
| Plant Storage (Class A(3)) | 100,000 | 100,000 |
| Health Care Technology | 100,000 | 100,000 |
| Health Care Technology | 100,000 | 100,000 |
| Health Care Technology | 100,000 | 100,000 |

MATERIALS 2.9%

26

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

| Analyte Devices | 77,768 | 78,888 |
| --- | --- | --- |
| Suppliers' Names (1) | 461,415 | 38,131 |
| General Specifications & Services 2.2% | 1,000,000 | 10,000 |
| General Specifications (1) | Shares/Par | $ Value |
| General Specifications | 248,000 | 28,000 |
| Financial Services | 234,000 | 123,000 |
| Financial Services International (1) | 1,186,000 | 16,000 |
| Financial Services - S&P REIT | 1,000,000 | 12,000 |
| Financial Services | 127,000 | 26,000 |
| Financial Services | 126,000 | 26,000 |
| Financial Services Freight Line | 126,000 | 26,000 |
| Financial Services - REIT | 126,000 | 26,000 |
| Financial Services - REIT | 126,000 | 26,000 |
| Financial Services - S&P REIT | 126,000 | 26,000 |
| Financial Services - S&P REIT | 126,000 | 26,000 |
| Financial Services - S&P REIT | 126,000 | 26,000 |
| Commercial Services & Supplies 0.3% | 4,152,367 | 182,123 |

27

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

| Project Companies & Distributors 0.2% | 329,526 | 34,971 |
| --- | --- | --- |
| Asset Management | 1,000,000 | 10,000 |
| Asset Management REIT | 1,000,000 | 10,000 |
| Market & Other Systems | 1,000,000 | 10,000 |
| Share of Capital Stock REIT | 1,000,000 | 10,000 |
| NYHA | 1,047,782 | 120,240 |
| Construction & Engineering 0.2% | 219,806 | 281,213 |
| Other Industry Obligations 0.4% | 213,282 | 824,904 |
| Construction & Engineering REIT | 144,688 | 18,768 |
| RECOMMENDED TO EXPLOR (2.2%) | 2,710,000 | 23,991 |
| Vacant Materials | 66,507 | 16,256 |
| Communications Equipment 0.4% | 279,286 | 15,1691 |
| Software 0.1% | 144,689 | 15,159 |
| Consultants & Investments (Cost $67,038) |  | 49,035 |

28

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

| Total Investments in Securities | 175,050 | 48,440 |
| --- | --- | --- |
| Bank, Bank of America | 112,100 | 23,262 |
| Other on Cash and Systems (1) | 174,750 | 42,000 |
|  | 174,750 | $11,374,000 |
| Accounts Receivables | 100,000 | 10,000 |
| Accounts Receivables | 100,000 | 10,000 |
| Accounts Receivables | 100,000 | 10,000 |
| Shares/Par and Notional Amount are denominated in US dollars unless otherwise noted. | 100,000 | 10,000 |
| Other | 100,000 | 10,000 |
| Expiration Date | Notional Amount | Unrealized Gains (loss) |
| (1) Non-income producing | 100,000 | 10,000 |

29

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

| Balance of Investments | 3/23 | 913,019 | 121,057 |
| --- | --- | --- | --- |
| Deposits to be paid on open contracts |  | 100,125 | 37,000 |
| Net Assets (1) |  | 50,222 | 5,000 |
| Net Assets (2) |  | 119,631 | 20,000 |
| Net Assets (3) |  |  |  |
| Variation (1) |  |  |  |
| Variation (2) |  |  |  |
| Variation (3) |  |  |  |
| Variation (4) |  |  |  |
| Variation (5) |  |  |  |
| Variation (6) |  |  |  |
| Variation (7) |  |  |  |
| Variation (8) |  |  |  |
| Variation (9) |  |  |  |
| Variation (10) |  |  |  |
| Variation (11) |  |  |  |
| Variation (12) |  |  |  |
| Variation (13) |  |  |  |
| Variation (14) |  |  |  |
| Variation (15) |  |  |  |
| Variation (16) |  |  |  |
| Variation (17) |  |  |  |
| Variation (18) |  |  |  |
| Variation (19) |  |  |  |
| Variation (20) |  |  |  |
| Variation (21) |  |  |  |
| Variation (22) |  |  |  |
| Variation (23) |  |  |  |
| Variation (24) |  |  |  |
| Variation (25) |  |  |  |
| Variation (26) |  |  |  |
| Variation (27) |  |  |  |
| Variation (28) |  |  |  |
| Variation (29) |  |  |  |
| Variation (30) |  |  |  |
| Variation (31) |  |  |  |
| Variation (32) |  |  |  |
| Variation (33) |  |  |  |
| Variation (34) |  |  |  |
| Variation (35) |  |  |  |
| Variation (36) |  |  |  |
| Variation (37) |  |  |  |
| Variation (38) |  |  |  |
| Variation (39) |  |  |  |
| Variation (40) |  |  |  |
| Variation (41) |  |  |  |
| Variation (42) |  |  |  |
| Variation (43) |  |  |  |
| Variation (44) |  |  |  |
| Variation (45) |  |  |  |
| Variation (46) |  |  |  |
| Variation (47) |  |  |  |
| Variation (48) |  |  |  |
| Variation (49) |  |  |  |
| Variation (50) |  |  |  |
| Variation (51) |  |  |  |
| Variation (52) |  |  |  |
| Variation (53) |  |  |  |
| Variation (54) |  |  |  |
| Variation (55) |  |  |  |
| Variation (56) |  |  |  |
| Variation (57) |  |  |  |
| Variation (58) |  |  |  |
| Variation (59) |  |  |  |
| Variation (60) |  |  |  |
| Variation (61) |  |  |  |
| Variation (62) |  |  |  |
| Variation (63) |  |  |  |
| Variation (64) |  |  |  |
| Variation (65) |  |  |  |
| Variation (66) |  |  |  |
| Variation (67) |  |  |  |
| Variation (68) |  |  |  |
| Variation (69) |  |  |  |
| Variation (70) |  |  |  |
| Variation (71) |  |  |  |
| Variation (72) |  |  |  |
| Variation (73) |  |  |  |
| Variation (74) |  |  |  |
| Variation (75) |  |  |  |
| Variation (76) |  |  |  |
| Variation (77) |  |  |  |
| Variation (78) |  |  |  |
| Variation (79) |  |  |  |
| Variation (80) |  |  |  |
| Variation (81) |  |  |  |
| Variation (82) |  |  |  |
| Variation (83) |  |  |  |
| Variation (84) |  |  |  |
| Variation (85) |  |  |  |
| Variation (86) |  |  |  |
| Variation (87) |  |  |  |
| Variation (88) |  |  |  |
| Variation (89) |  |  |  |
| Variation (90) |  |  |  |
| Variation (91) |  |  |  |
| Variation (92) |  |  |  |
| Variation (93) |  |  |  |
| Variation (94) |  |  |  |
| Variation (95) |  |  |  |
| Variation (96) |  |  |  |
| Variation (97) |  |  |  |
| Variation (98) |  |  |  |
| Variation (99) |  |  |  |
| Variation (100) |  |  |  |

30

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

December 31, 2022

| Securities (as a company that is under common ownership or control. The following securities 24,643 |
| --- |
| RETAIL ESTATES 2.5% |
| RETAIL ESTATES 2.5% |
| Real Estate, Investment Income, change in net unrealized gain/loss, and purchase and sales |
| Equity Real Estate Investment Trusts 2.5% |
| Total Liabilities |
| Total Assets |
| Total Common Stock (Cost $9,982,771) |
| Investments in securities, at value (cost $10,049,000) |
| Affiliates |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |
| Stockholders' Equity |

| Net Realized Gain (Loss) | Change in Net | Change in Net Investment Income |
| --- | --- | --- |
| Net Realized Gain (Loss) | Unrealized Gain/Loss | 11,308,000 |
| Net Realized Gain (Loss) | Unrealized Gain/Loss | 11,308,000 |
| Net Realized Gain (Loss) | Unrealized Gain/Loss | 11,308,000 |

| Receivable for shares sold | $ | 56,596 | $ | 9,187 |
| --- | --- | --- | --- | --- |
| Receivable for investment securities sold |  |  |  | 4,650 |
| Due from affiliates |  |  |  | 1,032 |
| Other assets |  |  |  | 538 |
| Total assets |  |  |  | 11,400,198 |

31

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

December 31, 2022

| STATIONARY INVESTMENT (SCHEDULE) |  |  |  |  |
| --- | --- | --- | --- | --- |
| (Margin Model Funds: $50) |  |  |  |  |
| Supplementary Investment (Schedule) |  | Value | Purchase | 63,343,959 |
| T. Rowe Price Treasury Reserve Fund, 4.27% (2)(3) |  |  |  | 63,344 |
| Affiliate |  |  | Cost | Value |
|  |  | 12/31/21 |  | 12/31/22 |
| Net Assets Consist of: |  |  |  |  |
| Fund, Liabilities | $74,067 | ☐ | ☐ | $63,344 |
| Payable for shares redeemed |  |  |  | 718,470 |
| Paid in capital applicable to 313,367,831 shares of $0.0001 |  |  |  | 28,296 |
| # Capital gain adjustments (net interest) for 30,000,000 shares |  |  |  | 9,816 |
| Authorized management fees payable |  |  |  | 10,638,233 |
| Variation margin payable on futures contracts |  |  |  | 185 |
| NET ASSETS |  |  |  | $11,357,703 |
| Other liabilities |  |  |  | 970 |
| NET ASSET VALUE PER SHARE |  |  |  |  |

32

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **STATEMENT OF ASSETS AND LIABILITIES**

The investment income, combined, $564 of dividend income and $0 of interest income.
(bonds, except shares and per share amounts)
B Purchase and sale information not shown for cash management funds.
^ The cost basis of investments in affiliated companies was $63,344.

| Total liabilities | 42,495 |
| --- | --- |
|  | 1996 |
| Investor Class | Ended |
| K | $11,357,703 |
| (Investment Income (Loss) / 2015/2016 shares outstanding) | $36.28 |
| Advisor Class |  |
| ($36,894,955 / 1,018,060 shares outstanding) | $36.24 |
| Dividend (net of foreign taxes of $542) | $156,668 |
| R Class |  |
| Interest | 47 |
| ($81,937,782 / 2,282,263 shares outstanding) | $35.00 |
| Total Income | 156,715 |
| I Class |  |
| Expenses |  |

The accompanying notes are an integral part of these financial statements.

33

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# STATEMENT OF OPERATIONS

($000s)

| ($4,161,649,740 - 114,655,534 shares outstanding) | $ | Year 36.8 36.30 |
| --- | --- | --- |
| Z-Checkholder services |  | Ended |
| (See reverse side of 1,000,000 shares outstanding) | $ | 12/31/22 |
| Realized and unrealized gain / Loss | $3,651 | $36.17 |
| Net realized gain (loss) |  |  |
| -R Class | 87 |  |
| -Securities | 227 | (370,589) |
| -I Class | 209 | 4,174 |
| -Futures |  | (8,921) |
| Rule 12b-1 fees |  |  |
| Foreign currency transactions |  | 3 |
| Adviser Class | 94 |  |
| Net realized loss |  | (379,507) |

34

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# STATEMENT OF OPERATIONS

($000s)

| R Class | Year Ended | 501 |
| --- | --- | --- |
| Prospectus and shareholder reports | 12/31/22 | 12/31/21 |
| Changes in net unrealized gain / loss | 110 |  |
| Increase (decrease) in Net Assets | 1 | (1,959,373) |
| Cashflow Class | 1 | (846) |
| Operating | 1 | (846) |
| Net investment income | $124,781 | $63,530 |
| Other assets and liabilities denominated in foreign currencies | 252 | 215,237 |
| Net realized gain (loss) | (379,507) | (1,963,228) |
| Change in net unrealized gain / loss | 1 | (1,963,228) |
| Change in net unrealized gain / loss | (1,960,220) | (2,182,428) |
| Net unrealized and unrealized gain / loss | (2,214,946) | (2,182,428) |
| Increase (decrease) in net assets from operations |  | 1,876,766 |

The accompanying notes are an integral part of these financial statements.

35

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Custody and accounting | Year | 337 |
| --- | --- | --- |
| DECREASE IN NET ASSETS FROM OPERATIONS | Ended | $(2,214,946) |
|  | 12/31/22 | 12/31/21 |
| Net Assets |  |  |
| Net Assets Class | (40,346) | (145,084) |
| Increase in net period | 1,570,865 | 3,597,853 |
| Wasted / paid by Price Associates |  |  |
| Revenues of period | 9,485,908 | 5,683,067 |
| End of period |  |  |
| End of period | $11,387,703 | $9,489,258 |
| Net investment income |  | 124,781 |
| 2 Class | (67,664) | (30,712) |
| *Decrease in net assets from distributions | (165,613) | (344,472) |

36

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

# Shares sold

Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management capital share transactions
Advisory Class 548 431
Advisory Fund 1,200
Invesing Fund Company. The fund seeks to provide long-term capital growth by investing
R Class 663 1,276
Invesing Fund (Invesing Common stocks). The fund has five classes: 1,735 shares; the US$2,536
1 Class 40,000 11,231
Advisory Class 1,735
Research Fund (Investor Class), the U.S. Equity Research Fund Advisor Class 1,735
R Class 25,267 85,063
(Advisory Class) and U.S. Equity Research Fund-R Class (R Class), the U.S. Equity
1 Class 1,640,574 663,595
Advisory Class 1,640,574 663,595
Research Fund R Class (I Class) and the U.S. Equity Research Fund-Z Class (Z Class).
Advisory Class 9 26
Advisory Class shares are sold only through various brokers and other financial

The accompanying notes are an integral part of these financial statements.

37

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **NOTICE TO FINANCIAL STATEMENTS**

T. Rowe Price U.S. Equity Research Fund, Inc. (the fund) is concerned under the conditions requested. The fund is authorized under the Internal Revenue Plan, and the Company is authorized to purchase and sell the items in the United States and Canada. The Company is authorized to purchase and sell the items in the United States and Canada. The Company is authorized to purchase and sell the items in the United States and Canada.

38

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

and valuations are appropriate; however, actual results may differ from those estimates, reporting purposes. Income tax-related interest and penalties, if incurred, are recorded as income tax expense. Dividends received from Boston fund investments are recorded as R Class and R Class 1.00% of interest and liabilities of R Class 1.00% of interest and liabilities of R Class 1.00%. (22,416) (10,177) R Class 1.00% of interest and liabilities of R Class 1.00%. (10,177) R Class 1.00% of interest and liabilities of R Class 1.00%. (10,177) R Class 1.00% of interest and liabilities of R Class 1.00%. (10,177) R Class 1.00% of interest and liabilities of R Class 1.00%. (10,177) R Class 1.00% of interest and liabilities

Board-approved Rule 12b-1 plans, pursuant to which each class compensates financial

39

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

not recognized for tax purposes and are reclassified from undistributed realized gain
formal analysis of the U.S. assets and other financial instruments. The results of the U.S. assets are, in
addition to the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt and the U.S. debt

40

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

and evaluates pricing vendors and pricing agents. The duties and responsibilities of

NOTE: The following table provides the information in a specific format:

United States of America (GAAP), including, but not limited to, ASC 946, GAAP

41

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

Debt securities generally are traded in the over-the-counter (OTC) market and are

Investments for which market quotations are not readily available or deemed unreliable and shall not be used to replace the value of the Company's assets. Level 2 - Undesirable inputs (including the Valuation Designee's assumptions in the market) are not available to the Company's assets. Level 3 - Undesirable inputs (including the Valuation Designee's assumptions in the market) are not available to the Company's assets.

Investments for which market quotations are not readily available or deemed unreliable and shall not be used to replace the value of the Company's assets.

Investments for which market quotations are not readily available or deemed unreliable and shall not be used to replace the value of the Company's assets. Level 3 - Undesirable inputs are those are listed at fair value as determined in good faith by the Valuation Designee. The for which data are not available and are developed using the best information of the Valuation Designee.

NOTE 2. VALUATION DESIGNS: 1.308,070

42

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

**Valuation Inputs** The following table summarizes the fund's financial instruments.

available about the assumptions that market participants would use to price the financial instruments. The fund's financial instruments are based on the results of the financial instruments. The fund's financial instruments are based on the results of the financial instruments. The fund's financial instruments are based on the results of the financial instruments. The fund's financial instruments are based on the results of the financial instruments. The fund's financial instruments are based on the results of the financial instruments. The fund's financial instruments are based on the results of the financial instruments. The fund's financial instruments are based on the results of the financial instruments. The fund's financial instruments are based on the results

| Location on Statement of |
| --- |

![img-0.jpeg](img-0.jpeg)

43

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

liabilities against the fair value of derivative assets on its financial statements, nor

judgment used in determining those values. Assets and Liabilities Fair Value
Note: Fair Value is a fair value of derivative assets on the financial statements, not for any other purpose. The
centrally cleared, except the fund is required to deposit collateral in an amount specified
under the Fair Value Act of 1933, and the fair value of derivative assets on the financial statements, not for any other purpose.
The fair value of derivative assets on the financial statements, not for any other purpose, is not
the fair value of derivative assets on the financial statements, not for any other purpose.
The fair value of derivative assets on the financial statements, not for any other purpose, is not
the fair value of derivative assets on the financial statements, not for any other purpose.
The fair value of derivative assets on the financial statements, not for any other purpose, is not
the fair value of derivative assets on the financial statements, not for any other purpose.
The fair value of derivative assets on the financial statements, not for any other purpose.

NOTE: The fair value of derivative assets on the financial statements, not for any other purpose.
The fair value of derivative assets on the financial statements, not for any other purpose.
The fair value of derivative assets on the financial statements, not for any other purpose.

44

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

the clearinghouse provides protection against counterparty defaults. For futures and
for default purposes, funds created by the fund is reflected as cash deposits on the
repayment of the loan. The fund is reflected as cash deposits on the
repayment of the loan. The fund is reflected as cash deposits on the
repayment of the loan. The fund is reflected as cash deposits on the
repayment of the loan. The fund is reflected as cash deposits on the
repayment of the loan. The fund is reflected as cash deposits on the
repayment of the loan. The fund is reflected as cash deposits on the
repayment of the loan.

![img-1.jpeg](img-1.jpeg)

45

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# NOTE 4 - OTHER INVESTMENT TRANSACTIONS

December 31, 2021, the following information is available for the following information:
Company: No provision for federal, county, taxes is required since the form allows to
acknowledge and discontinue the transaction. There as follows:
Contract: To qualify as a regulated investment company under Subchapter M of the
Contract (Section 1) direct investment to enhance return of to adjust credit purposes.
The risks associated with the use of derivatives are different from and common to
the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance

46

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

At December 31, 2022, the tax-basis cost of investments (including derivatives, if any)

The fund values as derivatives at fair value and recognizes changes in fair value and contractual obligations of the fund. The fund's tax structure is a tax-based, non-taxable, and other tax-related tax. The fund's tax structure is a tax-based, non-taxable, and other tax-related tax. The fund's tax structure is a tax-based, non-taxable, and other tax-related tax. The fund's tax structure is a tax-based, non-taxable, and other tax-related tax. The fund's tax structure is a tax-based, non-taxable, and other tax-related tax. The fund's tax structure is a tax-based, non-taxable, and other tax-related tax.

# **NOTE 7 - RELATED PARTY TRANSACTIONS**

The fund's tax structure is a tax-based, non-taxable, and other tax-related tax. The fund's tax structure is a tax-based, non-taxable, and other tax-related tax. The fund's tax structure is a tax-based, non-taxable, and other tax-related tax.

47

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

extent that the fund has country specific capital loss carryforwards, such carryforwards

The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price, Inc. (T. Rowe) and a subsidiary of T. Rowe Price, Inc. (T. Rowe) and a subsidiary of T. Rowe Price, Inc. (T. Rowe) and a subsidiary of T. Rowe Price, Inc. (T. Rowe) and a subsidiary of T. Rowe Price, Inc. (T. Rowe) and a subsidiary of T. Rowe Price, Inc. (T. Rowe) and a subsidiary of T. Rowe Price, Inc. (T. Rowe) and a subsidiary of T. Rowe Price, Inc. (T. Rowe) and a subsidiary

48

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

The I Class is also subject to an operating expense limitation (I Class Limit) pursuant

distributable earnings (loss) arise when certain items of income, gain, or loss are
fee schedule, with rates ranging from 0.40% for the first $1 billion, or assets to 0.260%

December 31, 2022, expenses incurred pursuant to these service agreements

The I Class is a non-operating company that is a member of the I Class

and is a member of the I Class. The I Class is a member of the I Class

and is a member of the I Class. The I Class is a member of the I Class

and is a member of the I Class. The I Class is a member of the I Class

and is a member of the I Class. The I Class is a member of the I Class

and is a member of the I Class. The I Class is a member of the I Class

and is a member of the I Class.

49

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

In addition, the fund has entered into service agreements with Price Associates and two

NOTE: Price Associates has not agreed. The fund shall not be obligated to the 2nd class of the Fund to be a member of the Fund. Price Associates: $940,000 for T. Rowe Price Services, Inc. and the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member of the Fund. The Fund is not a member

50

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

purchase by members of the public. Cash collateral from securities lending, if any, is

The Company is a member of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm

51

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

and disruptions in trading markets, while some events may affect certain geographic
was for shareholder servicing costs related to the college savings plans. All amounts
of the
and due from Price, excluding adjustment, adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale, are
and due from Price, excluding adjustment from adjustment from sale

52

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

the portfolio of investments, of T. Rowe Price U.S. Equity Research Fund, Inc. (the

(CONTINUED) as of December 31, 2023, the related statement of operations for the year ended December 31, 2022, by Price Associates. The program permits the borrowing and lending of accounts, may invest for the purpose of executing management of control over the fund. The fund is based on the basis of the financial statements and the basis of the financial statements. The fund is based on the basis of the financial statements and the basis of the financial statements. The fund is based on the basis of the financial statements and the basis of the financial statements. The fund is based on the basis of the financial statements and the basis of the financial statements. The fund is based on the basis of the financial statements and the basis of the financial statements. The fund is based on the basis of the financial statements and the basis of the financial statements.

53

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

By management, we are developing the overall presentation of the financial statements. We are providing information as required by the Internal Revenue Code. The information shown may be obtained from those documents in this report because of differences in the information provided. The report includes information that are not available for review purposes. We believe that our opinion is based on the basis for our opinion.

NOTE: The financial statements are available for review purposes. We believe that our opinion is based on the basis for our opinion.

The financial statements are the responsibility of the Fund's management. Our information is based on the information provided for natural disasters and terrorism. We believe that our opinion is based on the basis for our opinion. The information provided for natural disasters and terrorism is based on our opinion. The information provided for human disaster is based on our opinion.

54

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

RECORDS $16,964,000 from long-term capital gains, subject to a long-term capital gains tax rate
$16,964,000 from long-term capital gains, subject to a long-term capital gains tax rate
$16,964,000 from long-term capital gains, subject to a long-term capital gains tax rate
$16,964,000 from long-term capital gains, subject to a long-term capital gains tax rate
$16,964,000 from long-term capital gains, subject to a long-term capital gains tax rate
$16,964,000 from long-term capital gains

55

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND**

reasonable assurance about whether the financial statements are free of material corporate website. To access it, please visit the following Web page:

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says
surrounding. The Adviser is responsible for overseeing the day-to-day operations of the
United States, including management and portfolio management, and the
Liquidity Program, and among other things, is responsible for managing, managing,
during the period, cash flow projections, and other relevant data for the period of April 1,
and reviewing with the Board at least annually the liquidity risk of each T. Rowe Price
U.S. Equity Research Fund. In 2024, the fund describes the methodology for classifying
the T. Rowe Price U.S. Equity Research Fund. The Liquidity Program to a Liquidity Risk
and a fund's investments (including any derivative transactions) into one of four liquidity
companies (LRC) which is a non-committal committee composed of personnel from
the Liquidity Program to a Liquidity Risk and a fund's investment, as defined by each category.
In some departments within the Adviser, the LRC is responsible for managing the LRC's investment and
the LRC's investment, as defined by each category. In some departments within the Adviser,
the LRC is responsible for managing the LRC's investment and the LRC's investment, as defined by each category.

57

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

For the fund and other T. Rowe Price funds, the annual assessment incorporated a report electronically on the SEC's website (see text) in addition to the T. Rowe Price funds. The fund, which was a member of the SEC, was established by the SEC's Office of the United States, and the SEC's Office of the United States. The fund, which was a member of the SEC, was established by the SEC's Office of the United States. The fund, which was a member of the SEC, was established by the SEC's Office of the United States. The fund, which was a member of the SEC, was established by the SEC's Office of the United States. The fund, which was a member of the SEC, was established by the SEC's Office of the United States.

58

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. This statement is not a monthly statement of funding. The data is based on the basis of the directors' investment ability to be kept during the significant time frame in current fund conditions. **Name** (Year of Birth) without significantly changing the investment's market value.

**INDEPENDENT DIRECTORS** (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and **Name** (Year of Birth) **Other Investment Companies During the Past Five Years** (Year of Birth) **Year Elected** (1958) and the determination of each fund's highly Liquid Investment Minimum (HLIM). The

59

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**

60

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

# **INTERESTED DIRECTORS** (CONTINUED)[{"box_2d": [30, 92, 614, 204], "label": "text", "caption": "2000. cash and cash equivalents, as well as available borrowing arrangements.
Department: The South Rogers University (2009 to present); Director,
Deputy: Executive April 27, 2022, Mr. Daniels reviewed from his role as an independent director of the Price
Lyndhurst Holdings (2015 to present); Director, Biogestio Pharma, Inc.
Fund.
2000. Information about the interest of a person was current as of January 1, 2022, unless otherwise
Effective November 8, 2021. No change was appointed as an independent director of the Price Funds.
Department: Chief Executive Director, The South Rogers University (2009 to present); Director,
Deputy: General Director, The South Rogers University (2015 to present); Director,
Deputy: General Director, The South Rogers University (2020 to present).
Department: Chief Executive Director, The South Rogers University (2020 to present); Director,
Deputy: General Director, The South Rogers University (2025 to present).
Department: Chief Executive Director, The South Rogers University (2025 to present); Director,
Deputy: General Director, The South Rogers University (2030 to present).
Department: Chief Executive Director, The South Rogers University (2030 to present); Director,
Deputy: General Director, The South Rogers University (2035 to present).
Department: Chief Executive Director, The South Rogers University (2035 to present); Director,
Deputy: General Director, The South Rogers University (2040 to present).
Department: Chief Executive Director, The South Rogers University (2040 to present); Director,
Deputy: General Director, The South Rogers University (2045 to present).
Department: Chief Executive Director, The South Rogers University (2045 to present); Director,
Deputy: General Director, The South Rogers University (2050 to present).
Department: Chief Executive Director, The South Rogers University (2050 to present); Director,
Deputy: General Director, The South Rogers University (2055 to present).
Department: Chief Executive Director, The South Rogers University (2055 to present); Director,
Deputy: General Director, The South Rogers University (2060 to present).
Department: Chief Executive Director, The South Rogers University (2060 to present); Director,
Deputy: General Director, The South Rogers University (2065 to present).
Department: Chief Executive Director, The South Rogers University (2065 to present); Director,
Deputy: General Director, The South Rogers University (2070 to present).
Department: Chief Executive Director, The South Rogers University (2070 to present); Director,
Deputy: General Director, The South Rogers University (2075 to present).
Department: Chief Executive Director, The South Rogers University (2075 to present); Director,
Deputy: General Director, The South Rogers University (2080 to present).
Department: Chief Executive Director, The South Rogers University (2080 to present); Director,
Deputy: General Director, The South Rogers University (2085 to present).
Department: Chief Executive Director, The South Rogers University (2085 to present); Director,
Deputy: General Director, The South Rogers University (2090 to present).
Department: Chief Executive Director, The South Rogers University (2090 to present); Director,
Deputy: General Director, The South Rogers University (2095 to present).
Department: Chief Executive Director, The South Rogers University (2095 to present); Director,
Deputy: General Director, The South Rogers University (2100 to present).
Department: Chief Executive Director, The South Rogers University (2100 to present); Director,
Deputy: General Director, The South Rogers University (2105 to present).
Department: Chief Executive Director, The South Rogers University (2105 to present); Director,
Deputy: General Director, The South Rogers University (2110 to present).
Department: Chief Executive Director, The South Rogers University (2110 to present); Director,
Deputy: General Director, The South Rogers University (2115 to present).
Department: Chief Executive Director, The South Rogers University (2115 to present); Director,
Deputy: General Director, The South Rogers University (2120 to present).
Department: Chief Executive Director, The South Rogers University (2120 to present); Director,
Deputy: General Director, The South Rogers University (2125 to present).
Department: Chief Executive Director, The South Rogers University (2125 to present); Director,
Deputy: General Director, The South Rogers University (2130 to present).
Department: Chief Executive Director, The South Rogers University (2130 to present); Director,
Deputy: General Director, The South Rogers University (2135 to present).
Department: Chief Executive Director, The South Rogers University (2135 to present); Director,
Deputy: General Director, The South Rogers University (2140 to present).
Department: Chief Executive Director, The South Rogers University (2140 to present); Director,
Deputy: General Director, The South Rogers University (2145 to present).
Department: Chief Executive Director, The South Rogers University (2145 to present); Director,
Deputy: General Director, The South Rogers University (2150 to present).
Department: Chief Executive Director, The South Rogers University (2150 to present); Director,
Deputy: General Director, The South Rogers University (2155 to present).
Department: Chief Executive Director, The South Rogers University (2155 to present); Director,
Deputy: General Director, The South Rogers University (2160 to present).
Department: Chief Executive Director, The South Rogers University (2160 to present); Director,
Deputy: General Director, The South Rogers University (2165 to present).
Department: Chief Executive Director, The South Rogers University (2165 to present); Director,
Deputy: General Director, The South Rogers University (2170 to present).
Department: Chief Executive Director, The South Rogers University (2170 to present); Director,
Deputy: General Director, The South Rogers University (2175 to present).
Department: Chief Executive Director, The South Rogers University (2175 to present); Director,
Deputy: General Director, The South Rogers University (2180 to present).
Department: Chief Executive Director, The South Rogers University (2180 to present); Director,
Deputy: General Director, The South Rogers University (2185 to present).
Department: Chief Executive Director, The South Rogers University (2185 to present); Director,
Deputy: General Director, The South Rogers University (2190 to present).
Department: Chief Executive Director, The South Rogers University (2190 to present); Director,
Deputy: General Director, The South Rogers University (2195 to present).
Department: Chief Executive Director, The South Rogers University (2195 to present); Director,
Deputy: General Director, The South Rogers University (2200 to present).
Department: Chief Executive Director, The South Rogers University (2200 to present); Director,
Deputy: General Director, The South Rogers University (2205 to present).
Department: Chief Executive Director, The South Rogers University (2205 to present); Director,
Deputy: General Director, The South Rogers University (2210 to present).
Department: Chief Executive Director, The South Rogers University (2210 to present); Director,
Deputy: General Director, The South Rogers University (2215 to present).
Department: Chief Executive Director, The South Rogers University (2215 to present); Director,
Deputy: General Director, The South Rogers University (2220 to present).
Department: Chief Executive Director, The South Rogers University (2220 to present); Director,
Deputy: General Director, The South Rogers University (2225 to present).
Department: Chief Executive Director, The South Rogers University (2225 to present); Director,
Deputy: General Director, The South Rogers University (2230 to present).
Department: Chief Executive Director, The South Rogers University (2230 to present); Director,
Deputy: General Director, The South Rogers University (2235 to present).
Department: Chief Executive Director, The South Rogers University (2235 to present); Director,
Deputy: General Director, The South Rogers University (2240 to present).
Department: Chief Executive Director, The South Rogers University (2240 to present); Director,
Deputy: General Director, The South Rogers University (2245 to present).
Department: Chief Executive Director, The South Rogers University (2245 to present); Director,
Deputy: General Director, The South Rogers University (2250 to present).
Department: Chief Executive Director, The South Rogers University (2250 to present); Director,
Deputy: General Director, The South Rogers University (2255 to present).
Department: Chief Executive Director, The South Rogers University (2255 to present); Director,
Deputy: General Director, The South Rogers University (2260 to present).
Department: Chief Executive Director, The South Rogers University (2260 to present); Director,
Deputy: General Director, The South Rogers University (2265 to present).
Department: Chief Executive Director, The South Rogers University (2265 to present); Director,
Deputy: General Director, The South Rogers University (2270 to present).
Department: Chief Executive Director, The South Rogers University (2270 to present); Director,
Deputy: General Director, The South Rogers University (2275 to present).
Department: Chief Executive Director, The South Rogers University (2275 to present); Director,
Deputy: General Director, The South Rogers University (2280 to present).
Department: Chief Executive Director, The South Rogers University (2280 to present); Director,
Deputy: General Director, The South Rogers University (2285 to present).
Department: Chief Executive Director, The South Rogers University (2285 to present); Director,
Deputy: General Director, The South Rogers University (2290 to present).
Department: Chief Executive Director, The South Rogers University (2290 to present); Director,
Deputy: General Director, The South Rogers University (2295 to present).
Department: Chief Executive Director, The South Rogers University (2295 to present); Director,
Deputy: General Director, The South Rogers University (2300 to present).
Department: Chief Executive Director, The South Rogers University (2300 to present); Director,
Deputy: General Director, The South Rogers University (2305 to present).
Department: Chief Executive Director, The South Rogers University (2305 to present); Director,
Deputy: General Director, The South Rogers University (2310 to present).
Department: Chief Executive Director, The South Rogers University (2310 to present); Director,
Deputy: General Director, The South Rogers University (2315 to present).
Department: Chief Executive Director, The South Rogers University (2315 to present); Director,
Deputy: General Director, The South Rogers University (2320 to present).
Department: Chief Executive Director, The South Rogers University (2320 to present); Director,
Deputy: General Director, The South Rogers University (2325 to present).
Department: Chief Executive Director, The South Rogers University (2325 to present); Director,
Deputy: General Director, The South Rogers University (2330 to present).
Department: Chief Executive Director, The South Rogers University (2330 to present); Director,
Deputy: General Director, The South Rogers University (2335 to present).
Department: Chief Executive Director, The South Rogers University (2335 to present); Director,
Deputy: General Director, The South Rogers University (2340 to present).
Department: Chief Executive Director, The South Rogers University (2340 to present); Director,
Deputy: General Director, The South Rogers University (2345 to present).
Department: Chief Executive Director, The South Rogers University (2345 to present); Director,
Deputy: General Director, The South Rogers University (2350 to present).
Department: Chief Executive Director, The South Rogers University (2350 to present); Director,
Deputy: General Director, The South Rogers University (2355 to present).
Department: Chief Executive Director, The South Rogers University (2355 to present); Director,
Deputy: General Director, The South Rogers University (2360 to present).
Department: Chief Executive Director, The South Rogers University (2360 to present); Director,
Deputy: General Director, The South Rogers University (2365 to present).
Department: Chief Executive Director, The South Rogers University (2365 to present); Director,
Deputy: General Director, The South Rogers University (2370 to present).
Department: Chief Executive Director, The South Rogers University (2370 to present); Director,
Deputy: General Director, The South Rogers University (2375 to present).
Department: Chief Executive Director, The South Rogers University (2375 to present); Director,
Deputy: General Director, The South Rogers University (2380 to present).
Department: Chief Executive Director, The South Rogers University (2380 to present); Director,
Deputy: General Director, The South Rogers University (2385 to present).
Department: Chief Executive Director, The South Rogers University (2385 to present); Director,
Deputy: General Director, The South Rogers University (2390 to present).
Department: Chief Executive Director, The South Rogers University (2390 to present); Director,
Deputy: General Director, The South Rogers University (2395 to present).
Department: Chief Executive Director, The South Rogers University (2395 to present); Director,
Deputy: General Director, The South Rogers University (2400 to present).
Department: Chief Executive Director, The South Rogers University (2400 to present); Director,
Deputy: General Director, The South Rogers University (2405 to present).
Department: Chief Executive Director, The South Rogers University (2405 to present); Director,
Deputy: General Director, The South Rogers University (2410 to present).
Department: Chief Executive Director, The South Rogers University (2410 to present); Director,
Deputy: General Director, The South Rogers University (2415 to present).
Department: Chief Executive Director, The South Rogers University (2415 to present); Director,
Deputy: General Director, The South Rogers University (2420 to present).
Department: Chief Executive Director, The South Rogers University (2420 to present); Director,
Deputy: General Director, The South Rogers University (2425 to present).
Department: Chief Executive Director, The South Rogers University (2425 to present); Director,
Deputy: General Director, The South Rogers University (2430 to present).
Department: Chief Executive Director, The South Rogers University (2430 to present); Director,
Deputy: General Director, The South Rogers University (2435 to present).
Department: Chief Executive Director, The South Rogers University (2435 to present); Director,
Deputy: General Director, The South Rogers University (2440 to present).
Department: Chief Executive Director, The South Rogers University (2440 to present); Director,
Deputy: General Director, The South Rogers University (2445 to present).
Department: Chief Executive Director, The South Rogers University (2445 to present); Director,
Deputy: General Director, The South Rogers University (2450 to present).
Department: Chief Executive Director, The South Rogers University (2450 to present); Director,
Deputy: General Director, The South Rogers University (2455 to present).
Department: Chief Executive Director, The South Rogers University (2455 to present); Director,
Deputy: General Director, The South Rogers University (2460 to present).
Department: Chief Executive Director, The South Rogers University (2460 to present); Director,
Deputy: General Director, The South Rogers University (2465 to present).
Department: Chief Executive Director, The South Rogers University (2465 to present); Director,
Deputy: General Director, The South Rogers University (2470 to present).
Department: Chief Executive Director, The South Rogers University (2470 to present); Director,
Deputy: General Director, The South Rogers University (2475 to present).
Department: Chief Executive Director, The South Rogers University (2475 to present); Director,
Deputy: General Director, The South Rogers University (2480 to present).
Department: Chief Executive Director, The South Rogers University (2480 to present); Director,
Deputy: General Director, The South Rogers University (2485 to present).
Department: Chief Executive Director, The South Rogers University (2485 to present); Director,
Deputy: General Director, The South Rogers University (2490 to present).
Department: Chief Executive Director, The South Rogers University (2490 to present); Director,
Deputy: General Director, The South Rogers University (2495 to present).
Department: Chief Executive Director, The South Rogers University (2495 to present); Director,
Deputy: General Director, The South Rogers University (2500 to present).
Department: Chief Executive Director, The South Rogers University (2500 to present); Director,
Deputy: General Director, The South Rogers University (2505 to present).
Department: Chief Executive Director, The South Rogers University (2505 to present); Director,
Deputy: General Director, The South Rogers University (2510 to present).
Department: Chief Executive Director, The South Rogers University (2510 to present); Director,
Deputy: General Director, The South Rogers University (2515 to present).
Department: Chief Executive Director, The South Rogers University (2515 to present); Director,
Deputy: General Director, The South Rogers University (2520 to present).
Department: Chief Executive Director, The South Rogers University (2520 to present); Director,
Deputy: General Director, The South Rogers University (2525 to present).
Department: Chief Executive Director, The South Rogers University (2525 to present); Director,
Deputy: General Director, The South Rogers University (2530 to present).
Department: Chief Executive Director, The South Rogers University (2530 to present); Director,
Deputy: General Director, The South Rogers University (2535 to present).
Department: Chief Executive Director, The South Rogers University (2535 to present); Director,
Deputy: General Director, The South Rogers University (2540 to present).
Department: Chief Executive Director, The South Rogers University (2540 to present); Director,
Deputy: General Director, The South Rogers University (2545 to present).
Department: Chief Executive Director, The South Rogers University (2545 to present); Director,
Deputy: General Director, The South Rogers University (2550 to present).
Department: Chief Executive Director, The South Rogers University (2550 to present); Director,
Deputy: General Director, The South Rogers University (2555 to present).
Department: Chief Executive Director, The South Rogers University (2555 to present); Director,
Deputy: General Director, The South Rogers University (2560 to present).
Department: Chief Executive Director, The South Rogers University (2560 to present); Director,
Deputy: General Director, The South Rogers University (2565 to present).
Department: Chief Executive Director, The South Rogers University (2565 to present); Director,
Deputy: General Director, The South Rogers University (2570 to present).
Department: Chief Executive Director, The South Rogers University (2570 to present); Director,
Deputy: General Director, The South Rogers University (2575 to present).
Department: Chief Executive Director, The South Rogers University (2575 to present); Director,
Deputy: General Director, The South Rogers University (2580 to present).
Department: Chief Executive Director, The South Rogers University (2580 to present); Director,
Deputy: General Director, The South Rogers University (2585 to present).
Department: Chief Executive Director, The South Rogers University (2585 to present); Director,
Deputy: General Director, The South Rogers University (2590 to present).
Department: Chief Executive Director, The South Rogers University (2590 to present); Director,
Deputy: General Director, The South Rogers University (2595 to present).
Department: Chief Executive Director, The South Rogers University (2595 to present); Director,
Deputy: General Director, The South Rogers University (2600 to present).
Department: Chief Executive Director, The South Rogers University (2600 to present); Director,
Deputy: General Director, The South Rogers University (2605 to present).
Department: Chief Executive Director, The South Rogers University (2605 to present); Director,
Deputy: General Director, The South Rogers University (2610 to present).
Department: Chief Executive Director, The South Rogers University (2610 to present); Director,
Deputy: General Director, The South Rogers University (2615 to present).
Department: Chief Executive Director, The South Rogers University (2615 to present); Director,
Deputy: General Director, The South Rogers University (2620 to present).
Department: Chief Executive Director, The South Rogers University (2620 to present); Director,
Deputy: General Director, The South Rogers University (2625 to present).
Department: Chief Executive Director, The South Rogers University (2625 to present); Director,
Deputy: General Director, The South Rogers University (2630 to present).
Department: Chief Executive Director, The South Rogers University (2630 to present); Director,
Deputy: General Director, The South Rogers University (2635 to present).
Department: Chief Executive Director, The South Rogers University (2635 to present); Director,
Deputy: General Director, The South Rogers University (2640 to present).
Department: Chief Executive Director, The South Rogers University (2640 to present); Director,
Deputy: General Director, The South Rogers University (2645 to present).
Department: Chief Executive Director, The South Rogers University (2645 to present); Director,
Deputy: General Director, The South Rogers University (2650 to present).
Department: Chief Executive Director, The South Rogers University (2650 to present); Director,
Deputy: General Director, The South Rogers University (2655 to present).
Department: Chief Executive Director, The South Rogers University (2655 to present); Director,
Deputy: General Director, The South Rogers University (2660 to present).
Department: Chief Executive Director, The South Rogers University (2660 to present); Director,
Deputy: General Director, The South Rogers University (2665 to present).
Department: Chief Executive Director, The South Rogers University (2665 to present); Director,
Deputy: General Director, The South Rogers University (2670 to present).
Department: Chief Executive Director, The South Rogers University (2670 to present); Director,
Deputy: General Director, The South Rogers University (2675 to present).
Department: Chief Executive Director, The South Rogers University (2675 to present); Director,
Deputy: General Director, The South Rogers University (2680 to present).
Department: Chief Executive Director, The South Rogers University (2680 to present); Director,
Deputy: General Director, The South Rogers University (2685 to present).
Department: Chief Executive Director, The South Rogers University (2685 to present); Director,
Deputy: General Director, The South Rogers University (2690 to present).
Department: Chief Executive Director, The South Rogers University (2690 to present); Director,
Deputy: General Director, The South Rogers University (2695 to present).
Department: Chief Executive Director, The South Rogers University (2695 to present); Director,
Deputy: General Director, The South Rogers University (2700 to present).
Department: Chief Executive Director, The South Rogers University (2700 to present); Director,
Deputy: General Director, The South Rogers University (2705 to present).
Department: Chief Executive Director, The South Rogers University (2705 to present); Director,
Deputy: General Director, The South Rogers University (2710 to present).
Department: Chief Executive Director, The South Rogers University (2710 to present); Director,
Deputy: General Director, The South Rogers University (2715 to present).
Department: Chief Executive Director, The South Rogers University (2715 to present); Director,
Deputy: General Director, The South Rogers University (2720 to present).
Department: Chief Executive Director, The South Rogers University (2720 to present); Director,
Deputy: General Director, The South Rogers University (2725 to present).
Department: Chief Executive Director, The South Rogers University (2725 to present); Director,
Deputy: General Director, The South Rogers University (2730 to present).
Department: Chief Executive Director, The South Rogers University (2730 to present); Director,
Deputy: General Director, The South Rogers University (2735 to present).
Department: Chief Executive Director, The South Rogers University (2735 to present); Director,
Deputy: General Director, The South Rogers University (2740 to present).
Department: Chief Executive Director, The South Rogers University (2740 to present); Director,
Deputy: General Director, The South Rogers University (2745 to present).
Department: Chief Executive Director, The South Rogers University (2745 to present); Director,
Deputy: General Director, The South Rogers University (2750 to present).
Department: Chief Executive Director, The South Rogers University (2750 to present); Director,
Deputy: General Director, The South Rogers University (2755 to present).
Department: Chief Executive Director, The South Rogers University (2755 to present); Director,
Deputy: General Director, The South Rogers University (2760 to present).
Department: Chief Executive Director, The South Rogers University (2760 to present); Director,
Deputy: General Director, The South Rogers University (2765 to present).
Department: Chief Executive Director, The South Rogers University (2765 to present); Director,
Deputy: General Director, The South Rogers University (2770 to present).
Department: Chief Executive Director, The South Rogers University (2770 to present); Director,
Deputy: General Director, The South Rogers University (2775 to present).
Department: Chief Executive Director, The South Rogers University (2775 to present); Director,
Deputy: General Director, The South Rogers University (2780 to present).
Department: Chief Executive Director, The South Rogers University (2780 to present); Director,
Deputy: General Director, The South Rogers University (2785 to present).
Department: Chief Executive Director, The South Rogers University (2785 to present); Director,
Deputy: General Director, The South Rogers University (2790 to present).
Department: Chief Executive Director, The South Rogers University (2790 to present); Director,
Deputy: General Director, The South Rogers University (2795 to present).
Department: Chief Executive Director, The South Rogers University (2795 to present); Director,
Deputy: General Director, The South Rogers University (2800 to present).
Department: Chief Executive Director, The South Rogers University (2800 to present); Director,
Deputy: General Director, The South Rogers University (2805 to present).
Department: Chief Executive Director, The South Rogers University (2805 to present); Director,
Deputy: General Director, The South Rogers University (2810 to present).
Department: Chief Executive Director, The South Rogers University (2810 to present); Director,
Deputy: General Director, The South Rogers University (2815 to present).
Department: Chief Executive Director, The South Rogers University (2815 to present); Director,
Deputy: General Director, The South Rogers University (2820 to present).
Department: Chief Executive Director, The South Rogers University (2820 to present); Director,
Deputy: General Director, The South Rogers University (2825 to present).
Department: Chief Executive Director, The South Rogers University (2825 to present); Director,
Deputy: General Director, The South Rogers University (2830 to present).
Department: Chief Executive Director, The South Rogers University (2830 to present); Director,
Deputy: General Director, The South Rogers University (2835 to present).
Department: Chief Executive Director, The South Rogers University (2835 to present); Director,
Deputy: General Director, The South Rogers University (2840 to present).
Department: Chief Executive Director, The South Rogers University (2840 to present); Director,
Deputy: General Director, The South Rogers University (2845 to present).
Department: Chief Executive Director, The South Rogers University (2845 to present); Director,
Deputy: General Director, The South Rogers University (2850 to present).
Department: Chief Executive Director, The South Rogers University (2850 to present); Director,
Deputy: General Director, The South Rogers University (2855 to present).
Department: Chief Executive Director, The South Rogers University (2855 to present); Director,
Deputy: General Director, The South Rogers University (2860 to present).
Department: Chief Executive Director, The South Rogers University (2860 to present); Director,
Deputy: General Director, The South Rogers University (2865 to present).
Department: Chief Executive Director, The South Rogers University (2865 to present); Director,
Deputy: General Director, The South Rogers University (2870 to present).
Department: Chief Executive Director, The South Rogers University (2870 to present); Director,
Deputy: General Director, The South Rogers University (2875 to present).
Department: Chief Executive Director, The South Rogers University (2875 to present); Director,
Deputy: General Director, The South Rogers University (2880 to present).
Department: Chief Executive Director, The South Rogers University (2880 to present); Director,
Deputy: General Director, The South Rogers University (2885 to present).
Department: Chief Executive Director, The South Rogers University (2885 to present); Director,
Deputy: General Director, The South Rogers University (2890 to present).
Department: Chief Executive Director, The South Rogers University (2890 to present); Director,
Deputy: General Director, The South Rogers University (2895 to present).
Department: Chief Executive Director, The South Rogers University (2895 to present); Director,
Deputy: General Director, The South Rogers University (2900 to present).
Department: Chief Executive Director, The South Rogers University (2900 to present); Director,
Deputy: General Director, The South Rogers University (2905 to present).
Department: Chief Executive Director, The South Rogers University (2905 to present); Director,
Deputy: General Director, The South Rogers University (2910 to present).
Department: Chief Executive Director, The South Rogers University (2910 to present); Director,
Deputy: General Director, The South Rogers University (2915 to present).
Department: Chief Executive Director, The South Rogers University (2915 to present); Director,
Deputy: General Director, The South Rogers University (2920 to present).
Department: Chief Executive Director, The South Rogers University (2920 to present); Director,
Deputy: General Director, The South Rogers University (2925 to present).
Department: Chief Executive Director, The South Rogers University (2925 to present); Director,
Deputy: General Director, The South Rogers University (2930 to present).
Department: Chief Executive Director, The South Rogers University (2930 to present); Director,
Deputy: General Director, The South Rogers University (2935 to present).
Department: Chief Executive Director, The South Rogers University (2935 to present); Director,
Deputy: General Director, The South Rogers University (2940 to present).
Department: Chief Executive Director, The South Rogers University (2940 to present); Director,
Deputy: General Director, The South Rogers University (2945 to present).
Department: Chief Executive Director, The South Rogers University (2945 to present); Director,
Deputy: General Director, The South Rogers University (2950 to present).
Department: Chief Executive Director, The South Rogers University (2950 to present); Director,
Deputy: General Director, The South Rogers University (2955 to present).
Department: Chief Executive Director, The South Rogers University (2955 to present); Director,
Deputy: General Director, The South Rogers University (2960 to present).
Department: Chief Executive Director, The South Rogers University (2960 to present); Director,
Deputy: General Director, The South Rogers University (2965 to present).
Department: Chief Executive Director, The South Rogers University (2965 to present); Director,
Deputy: General Director, The South Rogers University (2970 to present).
Department: Chief Executive Director, The South Rogers University (2970 to present); Director,
Deputy: General Director, The South Rogers University (2975 to present).
Department: Chief Executive Director, The South Rogers University (2975 to present); Director,
Deputy: General Director, The South Rogers University (2980 to present).
Department: Chief Executive Director, The South Rogers University (2980 to present); Director,
Deputy: General Director, The South Rogers University (2985 to present).
Department: Chief Executive Director, The South Rogers University (2985 to present); Director,
Deputy: General Director, The South Rogers University (2990 to present).
Department: Chief Executive Director, The South Rogers University (2990 to present); Director,
Deputy: General Director, The South Rogers University (2995 to present).
Department: Chief Executive Director, The South Rogers University (2995 to present); Director,
Deputy: General Director, The South Rogers University (2890 to present).
Department: Chief Executive Director, The South Rogers University (2890 to present); Director,
Deputy: General Director, The South Rogers University (2895 to present).
Department: Chief Executive Director, The South Rogers University (2895 to present); Director,
Deputy: General Director, The South Rogers University (2900 to present).
Department: Chief Executive Director, The South Rogers University (2900 to present); Director,
Deputy: General Director, The South Rogers University (2905 to present).
Department: Chief Executive Director, The South Rogers University (2905 to present); Director,
Deputy: General Director, The South Rogers University (2910 to present).
Department: Chief Executive Director, The South Rogers University (2910 to present); Director,
Deputy: General Director, The South Rogers University (2915 to present).
Department: Chief Executive Director, The South Rogers University (2915 to present); Director,
Deputy: General Director, The South Rogers University (2920 to present).
Department: Chief Executive Director, The South Rogers University (2920 to present); Director,
Deputy: General Director, The South Rogers University (2925 to present).
Department: Chief Executive Director, The South Rogers University (2925 to present); Director,
Deputy: General Director, The South Rogers University (2930 to present).
Department: Chief Executive Director, The South Rogers University (2930 to present); Director,
Deputy: General Director, The South Rogers University (2935 to present).
Department: Chief Executive Director, The South Rogers University (2935 to present); Director,
Deputy: General Director, The South Rogers University (2940 to present).
Department: Chief Executive Director, The South Rogers University (2940 to present); Director,
Deputy: General Director, The South Rogers University (2945 to present).
Department: Chief Executive Director, The South Rogers University (2945 to present); Director,
Deputy: General Director, The South Rogers University (2950 to present).
Department: Chief Executive Director, The South Rogers University (2950 to present); Director,
Deputy: General Director, The South Rogers University (2955 to present).
Department: Chief Executive Director, The South Rogers University (2955 to present); Director,
Deputy: General Director, The South Rogers University (2960 to present).
Department: Chief Executive Director, The South Rogers University (2960 to present); Director,
Deputy: General Director, The South Rogers University (2965 to present).
Department: Chief Executive Director, The South Rogers University (2965 to present); Director,
Deputy: General Director, The South Rogers University (2970 to present).
Department: Chief Executive Director, The South Rogers University (2970 to present); Director,
Deputy: General Director, The South Rogers University (2975 to present).
Department: Chief Executive Director, The South Rogers University (2975 to present); Director,
Deputy: General Director, The South Rogers University (2980 to present).
Department: Chief Executive Director, The South Rogers University (2980 to present); Director,
Deputy: General Director, The South Rogers University (2985 to present).
Department: Chief Executive Director, The South Rogers University (2985 to present); Director,
Deputy: General Director, The South Rogers University (2990 to present).
Department: Chief Executive Director, The South Rogers University (2990 to present); Director,
Deputy: General Director, The South Rogers University (2995 to present).
Department: Chief Executive Director, The South Rogers University (2995 to present); Director,
Deputy: General Director, The South Rogers University (2890 to present).
Department: Chief Executive Director, The South Rogers University (2890 to present); Director,
Deputy: General Director, The South Rogers University (2895 to present).
Department: Chief Executive Director, The South Rogers University (2895 to present); Director,
Deputy: General Director, The South Rogers University (2900 to present).
Department: Chief Executive Director, The South Rogers University (2900 to present); Director,
Deputy: General Director, The South Rogers University (2905 to present).
Department: Chief Executive Director, The South Rogers University (2905 to present); Director,
Deputy: General Director, The South Rogers University (2910 to present).
Department: Chief Executive Director, The South Rogers University (2910 to present); Director,
Deputy: General Director, The South Rogers University (2915 to present).
Department: Chief Executive Director, The South Rogers University (2915 to present); Director,
Deputy: General Director, The South Rogers University (2920 to present).
Department: Chief Executive Director, The South Rogers University (2920 to present); Director,
Deputy: General Director, The South Rogers University (2925 to present).
Department: Chief Executive Director, The South Rogers University (2925 to present); Director,
Deputy: General Director, The South Rogers University (2930 to present).
Department: Chief Executive Director, The South Rogers University (2930 to present); Director,
Deputy: General Director, The South Rogers University (2935 to present).
Department: Chief Executive Director, The South Rogers University (2935 to present); Director,
Deputy: General Director, The South Rogers University (2940 to present).
Department: Chief Executive Director, The South Rogers University (2940 to present); Director,
Deputy: General Director, The South Rogers University (2945 to present).
Department: Chief Executive Director, The South Rogers University (2945 to present); Director,
Deputy: General Director, The South Rogers University (2950 to present).
Department: Chief Executive Director, The South Rogers University (2950 to present); Director,
Deputy: General Director, The South Rogers University (2955 to present).
Department: Chief Executive Director, The South Rogers University (2955 to present); Director,
Deputy: General Director, The South Rogers University (2960 to present).
Department: Chief Executive Director, The South Rogers University (2960 to present); Director,
Deputy: General Director, The South Rogers University (2965 to present).
Department: Chief Executive Director, The South Rogers University (2965 to present); Director,
Deputy: General Director, The South Rogers University (2970 to present).
Department: Chief Executive Director, The South Rogers University (2970 to present); Director,
Deputy: General Director, The South Rogers University (2975 to present).
Department: Chief Executive Director, The South Rogers University (2975 to present); Director,
Deputy: General Director, The South Rogers University (2980 to present).
Department: Chief Executive Director, The South Rogers University (2980 to present); Director,
Deputy: General Director, The South Rogers University (2985 to present).
Department: Chief Executive Director, The South Rogers University (2985 to present); Director,
Deputy: General Director, The South Rogers University (2990 to present).
Department: Chief Executive Director, The South Rogers University (2990 to present); Director,
Deputy: General Director, The South Rogers University (2995 to present).
Department: Chief Executive Director, The South Rogers University (2995 to present); Director,
Deputy: General Director, The South Rogers University (2890 to present).
Department: Chief Executive Director, The South Rogers University (2890 to present); Director,
Deputy: General Director, The South Rogers University (2895 to present).
Department: Chief Executive Director, The South Rogers University (2895 to present); Director,
Deputy: General Director, The South Rogers University (2900 to present).
Department: Chief Executive Director, The South Rogers University (2900 to present); Director,
Deputy: General Director, The South Rogers University (2905 to present).
Department: Chief Executive Director, The South Rogers University (2905 to present); Director,
Deputy: General Director, The South Rogers University (2910 to present).
Department: Chief Executive Director, The South Rogers University (2910 to present); Director,
Deputy: General Director, The South Rogers University (2915 to present).
Department: Chief Executive Director, The South Rogers University (2915 to present); Director,
Deputy: General Director, The South Rogers University (2920 to present).
Department: Chief Executive Director, The South Rogers University (2920 to present); Director,
Deputy: General Director, The South Rogers University (2925 to present).
Department: Chief Executive Director, The South Rogers University (2925 to present); Director,
Deputy: General Director, The South Rogers University (2930 to present).
Department: Chief Executive Director, The South Rogers University (2930 to present); Director,
Deputy: General Director, The South Rogers University (2935 to present).
Department: Chief Executive Director, The South Rogers University (2935 to present); Director,
Deputy: General Director, The South Rogers University (2940 to present).
Department: Chief Executive Director, The South Rogers University (2940 to present); Director,
Deputy: General Director, The South Rogers University (2945 to present).
Department: Chief Executive Director, The South Rogers University (2945 to present); Director,
Deputy: General Director, The South Rogers University (2950 to present).
Department: Chief Executive Director, The South Rogers University (2950 to present); Director,
Deputy: General Director, The South Rogers University (2955 to present).
Department: Chief Executive Director, The South Rogers University (2955 to present); Director,
Deputy: General Director, The South Rogers University (2960 to present).
Department: Chief Executive Director, The South Rogers University (2960 to present); Director,
Deputy: General Director, The South Rogers University (2965 to present).
Department: Chief Executive Director, The South Rogers University (2965 to present); Director,
Deputy: General Director, The South Rogers University (2970 to present).
Department: Chief Executive Director, The South Rogers University (2970 to present); Director,
Deputy: General Director, The South Rogers University (2975 to present).
Department: Chief Executive Director, The South Rogers University (2975 to present); Director,
Deputy: General Director, The South Rogers University (2980 to present).
Department: Chief Executive Director, The South Rogers University (2980 to present); Director,
Deputy: General Director, The South Rogers University (2985 to present).
Department: Chief Executive Director, The South Rogers University (2985 to present); Director,
Deputy: General Director, The South Rogers University (2990 to present).
Department: Chief Executive Director, The South Rogers University (2990 to present); Director,
Deputy: General Director, The South Rogers University (2995 to present).
Department: Chief Executive Director, The South Rogers University (2995 to present); Director,
Deputy: General Director, The South Rogers University (2890 to present).
Department: Chief Executive Director, The South Rogers University (2890 to present); Director,
Deputy: General Director, The South Rogers University (2895 to present).
Department: Chief Executive Director, The South Rogers University (2895 to present); Director,
Deputy: General Director, The South Rogers University (2900 to present).
Department: Chief Executive Director, The South Rogers University (2900 to present); Director,
Deputy: General Director, The South Rogers University (2905 to present).
Department: Chief Executive Director, The South Rogers University (2905 to present); Director,
Deputy: General Director, The South Rogers University (2910 to present).
Department: Chief Executive Director, The South Rogers University (2910 to present); Director,
Deputy: General Director, The South Rogers University (2915 to present).
Department: Chief Executive Director, The South Rogers University (2915 to present); Director,
Deputy: General Director, The South Rogers University (2920 to present).
Department: Chief Executive Director, The South Rogers University (2920 to present); Director,
Deputy: General Director, The South Rogers University (2925 to present).
Department: Chief Executive Director, The South Rogers University (2925 to present); Director,
Deputy: General Director, The South Rogers University (2930 to present).
Department: Chief Executive Director, The South Rogers University (2930 to present); Director,
Deputy: General Director, The South Rogers University (2935 to present).
Department: Chief Executive Director, The South Rogers University (2935 to present); Director,
Deputy: General Director, The South Rogers University (2940 to present).
Department: Chief Executive Director, The South Rogers University (2940 to present); Director,
Deputy: General Director, The South Rogers University (2945 to present).
Department: Chief Executive Director, The South Rogers University (2945 to present); Director,
Deputy: General Director, The South Rogers University (2950 to present).
Department: Chief Executive Director, The South Rogers University (2950 to present); Director,
Deputy: General Director, The South Rogers University (2955 to present).
Department: Chief Executive Director, The South Rogers University (2955 to present); Director,
Deputy: General Director, The South Rogers University (2960 to present).
Department: Chief Executive Director, The South Rogers University (2960 to present); Director,
Deputy: General Director, The South Rogers University (2965 to present).
Department: Chief Executive Director, The South Rogers University (2965 to present); Director,
Deputy: General Director, The South Rogers University (2970 to present).
Department: Chief Executive Director, The South Rogers University (2970 to present); Director,
Deputy: General Director, The South Rogers University (2975 to present).
Department: Chief Executive Director, The South Rogers University (2975 to present); Director,
Deputy: General Director, The South Rogers University (2980 to present).
Department: Chief Executive Director, The South Rogers University (2980 to present); Director,
Deputy: General Director, The South Rogers University (2985 to present).
Department: Chief Executive Director, The South Rogers University (2985 to present); Director,
Deputy: General Director, The South Rogers University (2990 to present).
Department: Chief Executive Director, The South Rogers University (2990 to present); Director,
Deputy: General Director, The South Rogers University (2995 to present).
Department: Chief Executive Director, The South Rogers University (2995 to present); Director,
Deputy: General Director, The South Rogers University (2890 to present).
Department: Chief Executive Director, The South Rogers University (2890 to present); Director,
Deputy: General Director, The South Rogers University (2895 to present).
Department: Chief Executive Director, The South Rogers University (2895 to present); Director,
Deputy: General Director, The South Rogers University (2900 to present).
Department: Chief Executive Director, The South Rogers University (2900 to present); Director,
Deputy: General Director, The South Rogers University (2905 to present).
Department: Chief Executive Director, The South Rogers University (2905 to present); Director,
Deputy: General Director, The South Rogers University (2910 to present).
Department: Chief Executive Director, The South Rogers University (2910 to present); Director,
Deputy: General Director, The South Rogers University (2915 to present).
Department: Chief Executive Director, The South Rogers University (2915 to present); Director,
Deputy: General Director, The South Rogers University (2920 to present).
Department: Chief Executive Director, The South Rogers University (2920 to present); Director,
Deputy: General Director, The South Rogers University (2925 to present).
Department: Chief Executive Director, The South Rogers University (2925 to present); Director,
Deputy: General Director, The South Rogers University (2930 to present).
Department: Chief Executive Director, The South Rogers University (2930 to present); Director,
Deputy: General Director, The South Rogers University (2935 to present).
Department: Chief Executive Director, The South Rogers University (2935 to present); Director,
Deputy: General Director, The South Rogers University (2940 to present).
Department: Chief Executive Director, The South Rogers University (2940 to present); Director,
Deputy: General Director, The South Rogers University (2945 to present).
Department: Chief Executive Director, The South Rogers University (2945 to present); Director,
Deputy: General Director, The South Rogers University (2950 to present).
Department: Chief Executive Director, The South Rogers University (2950 to present); Director,
Deputy: General Director, The South Rogers University (2955 to present).
Department: Chief Executive Director, The South Rogers University (2955 to present); Director,
Deputy: General Director, The South Rogers University (2960 to present).
Department: Chief Executive Director, The South Rogers University (2960 to present); Director,
Deputy: General Director, The South Rogers University (2965 to present).
Department: Chief Executive Director, The South Rogers University (2965 to present); Director,
Deputy: General Director, The South Rogers University (2970 to present).
Department: Chief Executive Director, The South Rogers University (2970 to present); Director,
Deputy: General Director, The South Rogers University (2975 to present).
Department: Chief Executive Director, The South Rogers University (2975 to present); Director,
Deputy: General Director, The South Rogers University (2980 to present).
Department: Chief Executive Director, The South Rogers University (2980 to present); Director,
Deputy: General Director, The South Rogers University (2985 to present).
Department: Chief Executive Director, The South Rogers University (2985 to present); Director,
Deputy: General Director, The South Rogers University (2990 to present).
Department: Chief Executive Director, The South Rogers University (2990 to present); Director,
Deputy: General Director, The South Rogers University (2995 to present).
Department: Chief Executive Director, The South Rogers University (2995 to present); Director,
Deputy: General Director, The South Rogers University (2890 to present).
Department: Chief Executive Director, The South Rogers University (2890 to present); Director,
Deputy: General Director, The South Rogers University (2895 to present).
Department: Chief Executive Director, The South Rogers University (2895 to present); Director,
Deputy: General Director, The South Rogers University (2900 to present).
Department: Chief Executive Director, The South Rogers University (2900 to present); Director,
Deputy: General Director, The South Rogers University (2905 to present).
Department: Chief Executive Director, The South Rogers University (2905 to present); Director,
Deputy: General Director, The South Rogers University (2910 to present).
Department: Chief Executive Director, The South Rogers University (2910 to present); Director,
Deputy: General Director, The South Rogers University (2915 to present).
Department: Chief Executive Director, The South Rogers University (2915 to present); Director,
Deputy: General Director, The South Rogers University (2920 to present).
Department: Chief Executive Director, The South Rogers University (2920 to present); Director,
Deputy: General Director, The South Rogers University (2925 to present).
Department: Chief Executive Director, The South Rogers University (2925 to present); Director,
Deputy: General Director, The South Rogers University (2930 to present).
Department: Chief Executive Director, The South Rogers University (2930 to present); Director,
Deputy: General Director, The South Rogers University (2935 to present).
Department: Chief Executive Director, The South Rogers University (2935 to present); Director,
Deputy: General Director, The South Rogers University (2940 to present).
Department: Chief Executive Director, The South Rogers University (2940 to present); Director,
Deputy: General Director, The South Rogers University (2945 to present).
Department: Chief Executive Director, The South Rogers University (2945 to present); Director,
Deputy: General Director, The South Rogers University (2950 to present).
Department: Chief Executive Director, The South Rogers University (2950 to present); Director,
Deputy: General Director, The South Rogers University (2955 to present).
Department: Chief Executive Director, The South Rogers University (2955 to present); Director,
Deputy: General Director, The South Rogers University (2960 to present).
Department: Chief Executive Director, The South Rogers University (2960 to present); Director,
Deputy: General Director, The South Rogers University (2965 to present).
Department: Chief Executive Director, The South Rogers University (2965 to present); Director,
Deputy: General Director, The South Rogers University (2970 to present).
Department: Chief Executive Director, The South Rogers University (2970 to present); Director,
Deputy: General Director, The South Rogers University (2975 to present).
Department: Chief Executive Director, The South Rogers University (2975 to present); Director,
Deputy: General Director, The South Rogers University (2980 to present).
Department: Chief Executive Director, The South Rogers University (2980 to present);
Deputy: General Director, The South Rogers University (2985 to present).
Department: Chief Executive Director, The South Rogers University (2985 to present);
Deputy: General Director, The South Rogers University (2990 to present).
Department: Chief Executive Director, The South Rogers University (2990 to present);
Deputy: General Director, The South Rogers University (2995 to present).
Department: Chief Executive Director, The South Rogers University (2995 to present);
Deputy: General Director, The South Rogers University (2000 to present).
Department: Chief Executive Director, The South Rogers University (2000 to present);
Deputy: General Director, The South Rogers University (2005 to present).
Department: Chief Executive Director, The South Rogers University (2005 to present);
Deputy: General Director, The South Rogers University (2010 to present).
Department: Chief Executive Director, The South Rogers University (2010 to present);
Deputy: General Director, The South Rogers University (2015 to present).
Department: Chief Executive Director, The South Rogers University (2015 to present);
Deputy: General Director, The South Rogers University (2020 to present).
Department: Chief Executive Director, The South Rogers University (2020 to present);
Deputy: General Director, The South Rogers University (2025 to present).
Department: Chief Executive Director, The South Rogers University (2025 to present);
Deputy: General Director, The South Rogers University (2030 to present).
Department: Chief Executive Director, The South Rogers University (2030 to present);
Deputy: General Director, The South Rogers University (2035 to present).
Department: Chief Executive Director, The South Rogers University (2035 to present);
Deputy: General Director, The South Rogers University (2040 to present).
Department: Chief Executive Director, The South Rogers University (2040 to present);
Deputy: General Director, The South Rogers University (2045 to present).
Department: Chief Executive Director, The South Rogers University (2045 to present);
Deputy: General Director, The South Rogers University (2050 to present).
Department: Chief Executive Director, The South Rogers University (2050 to present);
Deputy: General Director, The South Rogers University (2055 to present).
Department: Chief Executive Director, The South Rogers University (2055 to present);
Deputy: General Director, The South Rogers University (2060 to present).
Department: Chief Executive Director, The South Rogers University (2060 to present);
Deputy: General Director, The South Rogers University (2065 to present).
Department: Chief Executive Director, The South Rogers University (2065 to present);
Deputy: General Director, The South Rogers University (2070 to present).
Department: Chief Executive Director, The South Rogers University (2070 to present);
Deputy: General Director, The South Rogers University (2075 to present).
Department: Chief Executive Director, The South Rogers University (2075 to present);
Deputy: General Director, The South Rogers University (2080 to present).
Department: Chief Executive Director, The South Rogers University (2080 to present);
Deputy: General Director, The South Rogers University (2085 to present).
Department: Chief Executive Director, The South Rogers University (2085 to present);
Deputy: General Director, The South Rogers University (2090 to present).
Department: Chief Executive Director, The South Rogers University (2090 to present);
Deputy: General Director, The South Rogers University (2095 to present).
Department: Chief Executive Director, The South Rogers University (2095 to present);
Deputy: General Director, The South Rogers University (2100 to present).
Department: Chief Executive Director, The South Rogers University (2100 to present);
Deputy: General Director, The South Rogers University (2105 to present).
Department: Chief Executive Director, The South Rogers University (2105 to present);
Deputy: General Director, The South Rogers University (2110 to present).
Department: Chief Executive Director, The South Rogers University (2110 to present);
Deputy: General Director, The South Rogers University (2115 to present).
Department: Chief Executive Director, The South Rogers University (2115 to present);
Deputy: General Director, The South Rogers University (2120 to present).
Department: Chief Executive Director, The South Rogers University (2120 to present);
Deputy: General Director, The South Rogers University (2125 to present).
Department: Chief Executive Director, The South Rogers University (2125 to present);
Deputy: General Director, The South Rogers University (2130 to present).
Department: Chief Executive Director, The South Rogers University (2130 to present);
Deputy: General Director, The South

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

OFFICERS (CONTINUED)

Resorts, a hotel and leisure company, Member, Investment Company
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past Five Years
Position Held With U.S. Equity Research Fund Principal Occupation(s)
(1968) A. Weaver (1968)
Robert P. S. (1969)
Robert P. S. (1977)
W. A. President
[205]
Resorts, a hotel and leisure company, Member, Investment Company
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past Five Years
Position Held With U.S. Equity Research Fund Principal Occupation(s)
(1968) A. Weaver (1968)
Robert P. S. (1969)
Robert P. S. (1977)
W. A. President
[205]
Resorts, a hotel and leisure company, Member, Investment Company
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past Five Years
Position Held With U.S. Equity Research Fund Principal Occupation(s)
(1968) A. Weaver (1968)
Robert P. S. (1969)
Robert P. S. (1977)
W. A. President
[205]

62

Name (Year of Birth)
Position Held With U.S. Equity Research Fund Principal Occupation(s)

T. ROWE PRICE U.S. EQUITY RESEARCH FUND

**OFFICERS (CONTINUED)**

Ryan B. H. (1974) (CFA 1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA (1972)
Vice President, CFA

![img-0.jpeg](img-0.jpeg)

Name (Year of Birth)
Position Held With U.S. Equity Research Fund Principal Occupation(s)

**Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.[{"box_2d": [31, 840, 595, 850], "label": "text", "text"}]

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.[{"

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.[{"

The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.[{"box_2d": [31, 900, 595, 910], "label": "text", "caption": "The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were non-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in accordance with the principal accountant's independence.

| RETIREMENT | GENERAL INVESTING | COLLEGE SAVINGS |
| --- | --- | --- |
| Work performed by the registrant's management and management of the non-audit services rendered in (g) above were non-approved by the registrant's audit committee in accordance with the principal accountant's independence. | Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price | Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| Work performed by the registrant's management and management of the non-audit services rendered in (g) above were non-approved by the registrant's audit committee in accordance with the principal accountant's independence. | Senior Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price | Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| Work performed by the registrant's management and management of the non-audit services rendered in (g) above were non-approved by the registrant's audit committee in accordance with the principal accountant's independence. | Senior Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price | Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |

(h) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

Anthony Brown, Winn (1989)  
Gifts and transfers to a  
T. Rowe Price  
VICE PRESIDENT, T. Rowe Price and T. Rowe Price  
related expenses  
T. Rowe Price  
child (UGMA/UTMAS)

Unless otherwise noted, officers have been employed at T. Rowe Price or Price International for at least 5 years. 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.

(3) Written declaration to report base securities issued by closed-end companies: not applicable.

(b) A certificate to be made with a member of the office 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.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price U.S. Equity Research Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023
Call 1-800-328-5182 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.

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 capacity and on the dates indicated.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582067  
F108-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<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: February 16, 2023 | /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: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (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;&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;&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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

&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;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&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;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&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;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

------

## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer