# EDGAR Filing Document

**Accession Number:** 0001462712
**File Stem:** 0001193125-23-045016
**Filing Date:** 2023-2
**Character Count:** 151960
**Document Hash:** 7146fd9b0a1646249befa09af6bcd6fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-045016.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-045016

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price U.S. Large-Cap Core Fund, Inc.
- **CENTRAL INDEX KEY:** 0001462712
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22293
- **FILM NUMBER:** 23655137

**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

## Series and Classes Contracts Data

### T. Rowe Price U.S. Large-Cap Core Fund, Inc. (Series ID: S000026126)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000078270 | T. Rowe Price U.S. Large-Cap Core Fund, Inc.         | TRULX           |
| C000078271 | T. Rowe Price U.S. Large-Cap Core Fund-Advisor Class | PAULX           |
| C000177203 | T. Rowe Price U.S. Large-Cap Core Fund-I Class       | RCLIX           |
| C000219317 | T. Rowe Price U.S. Large-Cap Core Fund-Z Class       | TRZLX           |

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: 811-22293

T. Rowe Price U.S. Large-Cap Core 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

| TRULX | T. ROWE PRICE U.S. Large-Cap Core Fund |
| --- | --- |
| PAULX | U.S. Large-Cap Core Fund- Advisor Class |

INVEST WITH CONFIDENCE®

The U.S. Large-Cap Core Fund declined but outperformed its benchmark, the S&P 500 Index, and its Lipper peer group index for the 12 months ended December 31, 2022.

Our stock selection in consumer discretionary and security choices coupled with an overweight position in industrials and business services contributed to the fund's relative outperformance. Our leading strategy proved making that unfavorable

I Class

TRZLX

U.S. Large-Cap Core Fund-

## Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

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 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. LARGE-CAP CORE FUND

Market Commentary

# **HIGHLIGHTS**

stock selection in materials, detracted.

Our largest allocations were in the information technology, health care and industry in many states, and many regions. We studied in 2022 as investors and business services sectors accounting for more than half of the portfolio. Our analysis of the potential for a significant increase in the market, including financial, economic and corporate earnings growth.

Against this uncertain backlog, we remain defensively positioned and believe our lower-beta higher-quality tilt within the portfolio will produce attractive risk. Our analysis of the potential for a significant increase in the market, including financial, economic and corporate earnings growth.

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

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

## Dear Shareholder

adjusted, approximately 1,000 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, shared in developed markets. Meanwhile, U.S. debt-to-selling market returns, gross losses, def395, down the quarter, which levels the U.S. of its market for rms' investors, its international securities and household balance sheets appeared strong. Meanwhile, the housing market has weakened amid rising

1

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income
Wages, 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 past year has been a tryable time for investors as few sectors remained
concerns over commodity supply shortages. Defensive shares, such as utilities,
untouched 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
and information. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
Selective investors focused on fundamentals. Valuations in most global equity
How did the fund perform at the time of the new Price
Investments, and the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

FUND

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| U.S. Large-Cap Core Fund | 3.53% | -15.16% |
| U.S. Large-Cap Core Fund- Advisor Class | 3.36 | -15.44 |

2

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **INVESTMENT OBJECTIVE**

The U.S. Large-Cap Core Fund is a long-term investment plan that provides investment opportunities for the U.S. and the U.S. in the United States. The fund is based on the U.S. Large-Cap Core Fund's 2021 annual financial statements and the U.S. in the United States. The Fund is based on the U.S. Large-Cap Core Fund's 2021 annual financial statements and the U.S. in the United States. The Fund is based on the U.S. Large-Cap Core Fund's 2021 annual financial statements and the U.S. in the United States. The Fund is based on the U.S. Large-Cap Core Fund's 2021 annual financial statements and the U.S. in the United States.

| U.S. Large-Cap Core Fund- I Class | 3.59 | -15.08 |
| --- | --- | --- |
| U.S. Large-Cap Core Fund- Z Class | 3.87 | -14.62 |
| S&P 500 Index | 2.31 | -18.11 |
| Lipper Large-Cap Core Funds Index | 3.31 | -17.00 |

3

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

results, which reflected steady volume growth and an average yield ahead of
officials on how high rates would have to be. The End of the 2018 and 2019
Thank you for your continued confidence in T. Rowe Price
U.S. Large-Cap Core Fund.

| Section | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Information Technology | 28.5% | 25.1% |
| Health Care | 21.9 | 21.0 |
| Industrials and Business |  |  |

How is the fund positioned?
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4

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

| Services | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consumer | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% |
| Financials | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% |
| Consumer | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% |
| Community | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% |
| Utilities | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% |
| Materials | 2.2 | 1.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

5

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

During the period, we initiated positions in Apple, a multinational technology

Real Estate, that is not limited to the use of the equipment, which is not limited to the
energy, which is not limited to the use of the equipment, which is not limited to the
energy, which is not limited to the use of the equipment, which is not limited to the
other and the other. The use of the equipment is not limited to the use of the equipment, which is not limited to the
other and the other. The use of the equipment is not limited to the use of the equipment, which is not limited to the
other and the other. The use of the equipment is not limited to the use of the equipment, which is not limited to the
other and the other. The use of the equipment is not limited to the use of the equipment, which is not limited to the
other and the other.

Total

Historical weightings reflect current industry/sector
classifications.

6

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# RISKS OF STOCK INVESTING

The following table provides the information in English:

# TWENTY-FIVE LARGEST HOLDINGS

Percent of
Net Assets
12/31/22

7

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

Microsoft White is a portfolio management's outlook. The investment are our largest industry 6.7%.
BENCHMARK INFORMATION
Abstable: This chart shows the value of a hypothetical $10,000 investment in the fund over 2
Thermo: The data shows the value of a hypothetical $10,000 investment in the fund over 2
Visa: The data shows the value of a hypothetical $10,000 investment in the fund over 2
Apple: The data shows the value of a hypothetical $10,000 investment in the fund over 2
Elevance: The data shows the value of a hypothetical $10,000 investment in the fund over 2
Accenture: The data shows the value of a hypothetical $10,000 investment in the fund over 2
Elevance: The data shows the value of a hypothetical $10,000 investment in the fund over 2
Elevance: The data shows the value of a hypothetical $10,000 investment in the fund over 2
Elevance: The data shows the value of a hypothetical $10,000 investment in the fund over 2
Elevance: The data shows the value of a hypothetical $10,000 investment in the fund over 2

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

As of 12/31/22

| - U.S. Large-Cap Core Fund | $31,857 |
| --- | --- |
| - S&P 500 Index | 32,654 |
| - Lipper Large-Cap Core Funds Index | 29,415 |

8

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

GROWTH OF $10,000

United Health Group think Thermo Fisher Scientific has an attractive business mix 24
Presented in the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months of the first 6 months

|  | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- | --- |
| A | U.S. Large-Cap Core |  |  |  |  |  |
| K | Fund | -15.16% | 9.04% | 12.28% | - | - |
| D | U.S. Large-Cap Core |  |  |  |  |  |

$4

9

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

| CRU |  |  |
| --- | --- | --- |
|  | "Dow Jones": T. Rowe Price is not sponsored, endorsed, sold or promoted | 1.5 |
|  | per share of SROJ, Dow Jones S&P or their respective affiliates and none of such |  |
| M |  |  |
| P | U.S. Large-Cap Core Fund | 0.65% |
| A | U.S. Large-Cap Core Fund-Advisor Class | 0.97 |
| The view | U.S. Large-Cap Core Fund-I Class | 0.57 |
| change by | U.S. Large-Cap Core Fund-Z Class | 0.55 |
| a forecast |  |  |

10

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **EXPENSE RATIO**

STERIS
performance data cited. Share price, principal value, and return will vary, and you may have
C. The expense ratio shown is as of the funds most recent prospective. This number may vary
if loan or loss when you sell your shares. For the most recent month-end performance,
E. The amount of interest, which is not a result of the amount of interest, is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest

**FUND** E. The amount of interest, which is not a result of the amount of interest, is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of the amount of interest, which is not a result of

![img-1.jpeg](img-1.jpeg)

11

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

**FUND EXPENSE EXAMPLE (CONTINUED)**

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as redemption fees or sales loads, and (2) ongoing costs including management fees, distribution and service costs. The 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

**Investor Class**

for testing and/or completing the completion, and with an additional portion of the investment funds to the end, and fund for every the total cost of owning that fund is higher.

Please note that the fund has four share classes. The original share class (Investor Class) is

**NET ASSET VALUE**

| Beginning of period | $35.84 | $30.66 | $26.76 | $21.41 | $23.81 |
| --- | --- | --- | --- | --- | --- |

Investment activities

| Net investment income (1)(2) | 0.17 | 0.18 | 0.25 | 0.29 | 0.27 |
| --- | --- | --- | --- | --- | --- |

12

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

| FINANCIAL HIGHLIGHTS |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| and service (12b-1) fee. Advisor Class shares are offered only through unaffiliated brokers and other financial intermediaries and charges and other fixed fee. Advisor classes are available to institutionally oriented clients and impose no 12b-1 or administrative fee payment, and Z Class shares are offered only to funds advised by T. Rowe Price and T. Rowe Price and T. Rowe Price of its affiliates that are subject to a continuing fee for services. Advisor Class is not limited to the tax rate of 12b-1 fee or administrative fee payment each at the time table. 7.79 |  |  |  |  |  |
| Advisor Class | Account Value | Account Value | Account Value | During Period* | 12/31/22 |
|  | 7/1/22 | 12/31/22 | 7/1/22 | 12/31/22 | 12/31/22 |
| Actual | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Distributions |  |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |  |
| Net investment income | $(0.06) | $(0.17) | $(0.12) | $(0.23) | $(0.27) |
| Beginning of period | (1.18) | (2.44) | (0.14) | (0.66) | (1.42) |
| Net realized gain | (1.24) | (2.61) | (0.26) | (0.95) | (1.69) |
| Total distributions |  |  |  |  |  |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.07 | 0.07 | 0.18 | 0.22 | 0.19 |

13

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

| FINANCIAL INFORMATION |  |
| --- | --- |
| The fund will be the following table (Actual) provides information about actual account values and return before expenses: |  |
| 1,000.00 |  |
| For 1,000.00, the outstanding throughout each year expenses based on the fund's actual returns. You may use the information on this line, together with your Class balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,000 account value divided by $1,000) |  |
| by the number on the first line under the heading "Expenses Paid |  |
| E |  |
| E |  |
| 2,000.00 |  |
| 7.68 |  |
| 1,028.28 |  |
| 6.23 |  |
| (0.78) |  |
| 12/31/20 |  |
| 12/31/19 |  |
| 12/31/18 |  |
| Hypothetical Example for Comparison Purposes |  |
| Net Asset Value |  |
| R&D Assessment Income Data |  |
| Beginning of period |  |
| $35.85 |  |
| (1.18) |  |
| (2.44) |  |
| (0.14) |  |
| (0.66) |  |
| (0.42) |  |
| (15.16)% |  |
| (1.19) |  |
| (25.65)% |  |
| (1.18) |  |
| (15.58)% |  |
| (1.18) |  |
| (29.56)% |  |
| (1.18) |  |
| (1.18) |  |
| 0.21 |  |
| 0.21 |  |
| 0.29 |  |
| 0.33 |  |
| 0.32 |  |

14

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

**FINANCIAL HIGHLIGHTS** - The second line of the code (hypothesis) is based on hypothetical account values and expenses derived from the fund's actual return rate and an assumed 5% per year rate of return before expenses (not the fund's actual return). You may compare the ongoing return before expenses 1,000.00 1,022.28 1.96 costs of investing in the fund with other funds by contrasting this 5% hypothetical example

Ratios in millions and dollars (1)

| E | reholder reports of the other funds |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1.2% | 2.1% | 3.2% | 4.3% |
|  | Ending | 6.35 | Through |  |
| Payments (in millions) | 0.64 | 12/31/22 | 12/31/21 | 12/31/20 |
| Debtors' Equity | 0.53% | 0.95% | 1.16% | 1.09% |
| Total Investment Income | (0.15) | (0.21) | (0.30) | (0.30) |
| Beginning of period |  |  | $30.30 | $30.30 |
| Net realized gain | (1.13) | (2.44) | (0.14) | (0.65) |
| Total investment rate | (15.44%) | 25.25% | 15.25% | 25.25% |
| Total distribution | (1.33) | (2.65) | (0.30) | (0.99) |
| Net investment and other period (in |  |  |  |  |
| Net investment income (2)(3) |  |  | 0.39 | 0.41 |
|  |  |  |  | 0.36 |

15

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

December 31, 2022

# FINANCIAL HIGHLIGHTS

* Expenses are equal to the fund's annualized expense ratio for the 6-month period, $ Value
(Cost and Value in 2021)
COMMON STOCKS: 100.0% 1,764,769 63,167,237 6,675,709 6,657,111 2,157,000
NET ASSET VALUE: 1,764,769 63,167,237 6,675,709 6,657,111 2,157,000
EXCISE: 100.0% 1,764,769 63,167,237 6,675,709 6,657,111 2,157,000
EXCISE: 100.0% 1,764,769 63,167,237 6,675,709 6,657,111 2,157,000
COMMONIZATION SERVICES: 5.3% 29.75 35.85 30.89 28.78 21.42
Net investment: 5.3% 0.97% 0.97% 1.01% 1.02% 1.03%
Net investment: 5.3% 0.97% 0.97% 1.01% 1.02% 1.03%
Net investment: 5.3% 0.97% 0.97% 1.01% 1.02% 1.03%
Net investment: 5.3% 0.97% 0.97% 1.01% 1.02% 1.03%
Net investment: 5.3% 0.97% 0.97% 1.01% 1.02% 1.03%
Net investment: 5.3% 0.97% 0.97% 1.01% 1.02% 1.03%
Net investment: 5.3

16

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **PRINCIPLES OF INVESTMENTS**

| Electronic Arts | 657,544 | 80,139 |
| --- | --- | --- |
|  | Shares | $ Value |
|  |  | 96,771 |
| (Cost and value in $000s) |  |  |
| Interactive Media & Services 4.2% |  |  |
| Funded Products | $9,574 | $12,728 |
| Part of period | $19,241 | $19,321 |
| Current expenses before waivers/ | $29.24 | $30.90 |
| Other expenses | 1,223,343 | 1,223,343 |
| Payments by Price Associates | 0.58% | 0.57% |
| Payments by Price Associates | 0.58% | 0.57% |
| Total | 462,153 | 457,021 |
| Total | 1,728,520 | 1,728,520 |
| Proposed | 115,206 | 115,206 |
| Proposed | 0.58% | 0.57% |
| Proposed | 0.58% | 0.57% |
| Proposed | 0.58% | 0.57% |
| Proposed | 0.58% | 0.57% |
| Proposed | 0.58% | 0.57% |
| Proposed | 0.58% | 0.57% |
| Proposed | 0.58% | 0.57% |

| Net investment income | 0.65% | 0.59% | 1.05% | 1.30% | 1.30% |
| --- | --- | --- | --- | --- | --- |
| Net return reflects the rate that an investor would have earned on an investment in the fund | 0.65% | 0.59% | 1.05% | 1.30% | 1.30% |
| Total return | 0.64% | 0.59% | 14.62% | 26.45% | 57.09% |
| Proposed | 0.64% | 0.59% | 14.62% | 26.45% | 57.09% |
| Proposed | 0.64% | 0.59% | 14.62% | 26.45% | 57.09% |
| Proposed | 0.64% | 0.59% | 14.62% | 26.45% | 57.09% |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |
| Proposed | 0.64% | 0.59% | 14.62% |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |
| Proposed | 0.64% | 0.59% | 14.62% |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

| Proposed | 0.64% | 0.59% | 14.62% |
| --- | --- | --- | --- |

| Proposed |
| --- |

</table>

17

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

| Hottler-Bid Products 1.5% |  |  |
| --- | --- | --- |
|  | Shares | $ Value |
| Boiling, 1.5% | 878,369 | 139,870 |
| 1.5% (1.5% and 1.5% 2000s) | 500,948 | 132,015 |
| McDonald's |  |  |
| 1.5% (1.5% and 1.5% 2000s) | 3,564,772 | 5,335,000 |
| 1.5% (1.5% and 1.5% 2000s) | 0.55% | 0.55% |
| 1.5% (1.5% and 1.5% 2000s) | 0.55% | 0.55% |
| 1.5% (1.5% and 1.5% 2000s) | 0.00% | 0.00% |
| 1.5% (1.5% and 1.5% 2000s) | 1,091,531 | 61,680 |
| 1.5% (1.5% and 1.5% 2000s) | 1.27% | 1.16% |
| 1.5% (1.5% and 1.5% 2000s) | 450,279 | 67,284 |
| 1.5% (1.5% and 1.5% 2000s) | 1,095,525 | 61,680 |
| 1.5% (1.5% and 1.5% 2000s) | 90.6% | 244,425 |
| 1.5% (1.5% and 1.5% 2000s) | 95,641 | 93,040 |
| 1.5% (1.5% and 1.5% 2000s) | 95,641 | 93,040 |

18

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

| Bank of America - Additional (1) | 1,194,266 | 194,477 |
| --- | --- | --- |
| Capital Fund - Scientific | 1,888,842 | 2,000 |
| (Cost and value in $000s) |  | 294,005 |
| INFORMATION TECHNOLOGY 25.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% | 225,830 | 122,905 |
| For the first time of the year of expense-related arrangements with Price Associates | 182,502 | 182,502 |
| Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption of account fees, if applicable. Total return is not annualized for periods less than one year. | 182,502 | 182,502 |
| or Annualized |  |  |

19

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

| IT Services 5.8% | 174,025 | 81,630 |
| --- | --- | --- |
| Insurance Costs | 70,000 | 1,820,000 |
| Insurance Costs A | 624,231 | 94,633 |
| Industrials & Business Services 11.4% | 582,715 | 94,633 |
| Insurance Services 0.8% | 1,083,952 | 225,202 |
| Insurance Services 11.2% | 1,084,425 | 174,000 |
| Lease, Liabilities | 986,703 | 221,000 |
| Beverages 2.9% |  | 221,000 |
| Semiconductors & Semiconductor Equipment 8.5% |  | 221,000 |
| Commercial Services & Supplies 1.0% | 1,301,485 | 82,780 |
| Commercial Services & Supplies 1.0% | 525,826 | 92,017 |
| Commercial Services & Supplies 1.0% | 1,598,487 | 8,584,000 |
| Total Common Stocks (Cost $8,078,495) | 1,598,487 | 8,584,000 |

20

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

| HEALTH CARE | 21.0% | 2,674,325 | 95,366 |
| --- | --- | --- | --- |
| PHYSICIAN |  | 177,330 | 99,390 |
| PHYSICIAN INVESTMENTS | 0.2% |  | 1,000 |
| Electrical Equipment | 2.8% | 475,211 | 179,103 |
| Food & Stages Retailing | 3.0% | 120,914 | 60,000 |
| Health Care |  | 499,479 | 60,000 |
| Health Care |  | 21,424,011 | 21,424 |
| Health Care |  | 788,335 | 100,000 |
| Health Care |  | 736,655 | 25,400 |
| Health Care |  |  | 1,000 |
| Health Care |  |  | 1,000 |
| Health Care |  |  | 1,000 |
| Health Care |  |  | 1,000 |
| Health Care |  |  | 1,000 |
| Health Care |  |  | 1,000 |

Total investments in Securities Securities that are considered affiliated companies. As defined in the 2018-2019 Annual Report, the Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.

The Company is one in which the fund owns 5% or more of the outstanding capital.[{"box_2d": [38, 175, 611,

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

December 31, 2022

| Liabilities, or a company that is under common ownership or control. The following securities, including all other securities, are available to the Company and are not available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |
| Liabilities, and other liabilities, including all other liabilities, are available to the Company and are not available to the Company. | 2022 | $1,000,000 |
| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

| Liabilities, and other liabilities, including all other liabilities, are available to the Company. | 2022 | $1,000,000 |
| --- | --- | --- |

<table><tr><td>Liabilities, and other liabilities, including all other liabilities, are available to the Company.</td><td>2022</td><td>$1,000,000</td></tr></tabletable>[{"box_2d": [311, 681, 332, 692], "label": "header_footer", "22"}]

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

December 31, 2022

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **STATEMENT OF ASSETS AND LIABILITIES**

| Goodwill, except in amounts completed, $750 of dividend income and $0 of interest income. | 147,529 |
| --- | --- |
| (Goodwill, except in amounts not shown for cash management funds. |  |
| Multi-Utilities 2.4% |  |
| The cost basis of investments in affiliated companies was $21,404. | 2,030,966 |
| Amount | 180,594 |
| NET ASSETS | 8,654,740 |
| Investor Class | $12/31/22 |
| (Current Income / 52,000,000 shares outstanding) | $29.21 |
| Investment Income (Loss) |  |
| Advisor Class | $85,594 |
| ($8,574,195 / 327,520 shares outstanding) | $29.23 |
| I Class |  |
| Investment management | 36,900 |
| ($1,469,402,893 / 50,397,949 shares outstanding) | $29.16 |
| Investigator servicing |  |
| Z Class | $2,789 |
| Investor Class |  |

The accompanying notes are an integral part of these financial statements.

24

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# STATEMENT OF OPERATIONS

($000s)

| ($5,640,004,192 / 192,897,558 shares outstanding) | Year of Ended 12/31/22 | $ | 29.24 |
| --- | --- | --- | --- |
| Increase (Decrease) in Net Assets |  |  | 3,173 |
| Adviser Class |  |  | 12/31/21 |
| Operations |  |  | 26 |
| Prospectus and shareholder reports | $66,540 | $ | 41,007 |
| Net investment income | 336,283 |  | 516,225 |
| Net realized gain | (1,430,049) |  | 672,710 |
| Change in net unrealized gain / loss | (1,027,226) |  | 1,229,946 |
| Increase (decrease) in net assets from operations |  |  |  |

The accompanying notes are an integral part of these financial statements.

25

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

| Registration | Year | 552 |
| --- | --- | --- |
| Distributions to shareholders | Ended | 271 |
| Balance and accruing | 12/31/22 | 12/31/23 |
| Net Assets Class | (63,424) | (217,565) |
| Increase in one period | 2,046,786 | 4,478,472 |
| Miscellaneous |  |  |
| Beginning of period | 894,884 | 2,257,210 |
| End of period | $8,054,740 | $6,019,854 |
| Total expenses |  | 19,254 |
| Decrease in net assets from distributions | (399,897) | (445,058) |
| Net investment income |  | 66,540 |
| Share information (000s) (1) |  |  |

26

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

INSTRUCTIONS OF GUARANTEE IN THIS SECTION: financial statements.

($000s)

Claims sold
Capital share transactions
Reclassified as of 1940 (the 1940 Act) as a diversified, open-end management
of the United States
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss

The accompanying notes are an integral part of these financial statements.

27

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **NOTICE TO FINANCIAL STATEMENTS**

T. Rowe Price U.S. Large-Cap Core Fund, Inc. (the fund) is registered under the transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the individual waived from the financial intermediaries, eligible retirement plans, and certain costs incurred. The tax-related interest and penalties, if incurred, are recorded as income other than the net of the tax-related interest and penalties. Prior to November 15, 2021, the initial investment of the minimum 4,000 tax and other dividends received from mutual fund investments are reflected as dividend $1 million and was generally waived for financial intermediaries, a eligible retirement plan. The income capital gain distributions are reflected as realized gains and dividend income plans and other certain accounts. As a result of the reduction in the I Class minimum and capital gain distributions are recorded on the ex-dividend basis. Distributions from certain funds transferred from the Investor Class to the I Class may transfer in shares. REINDEAN Class recorded as dividend income and to the extent such represents from Investor Class to I Class is reflected in the Statement (or Changes in Net) of the Investor Class. Investor Class within the Capital shares transactions as Shares redeemed and Shares sold, respectively.

28

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **Investment Transactions, Investment Income, and Distributions** Investment

return of capital or capital gain for tax purposes are reclassified when such information
Update (ASU) ASU 2022-03, Fair Value Measurement (Topic 020) - Fair Value
become available. Non-cash dividends, if any, are recorded at Fair Value Market (AFM) of
Investment Transactions, Interest Income, and Distributions, subject to Companies and Restrictions, whether
the Company or the Company's Directors, or the Company's Directors, if any, are not recorded at Fair Value Market
Classes, that a contractual redemption on the sale of an equity security is not considered
in the event of a certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or certain or

related solely to that class; separate voting rights on matters that relate to all classes; and,

29

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

**New Accounting Guidance** In June 2022, the FASB issued Accounting Standards

impact on the fund's financial statements.
**Class Accounting** Shareholder servicing, prospectus, and shareholder report expenses

and other financial instruments. Expenses
**NOTE** The financial statements are developed using market data, such as publicly available
expenses, and other information about actual events or transactions, and reflect the assumptions that market
participants would use to price the financial instrument. Unobservable inputs are those
of the financial data. The financial data is developed using the best information
average daily net assets.

**Basis of Preparation** The fund is an investment company and follows accounting and
reporting guidance in the Financial Accounting Standards Board (FASB) *Accounting*

30

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

Level 3 - unobservable inputs (including the Valuation Designee’s assumptions in

instrument. GAAP requires valuation techniques to maximize the use of relevant

**In-Kind Redemptions** in accordance with guidelines described in the fund’s

**NOTE** **2. VALUATION** **In-Kind Redemptions** is a value of approximately $100,000, which is a value of approximately $100,000, which is a value of approximately $100,000, which is a value of approximately $100,000, which is a value of approximately $100,000, which is a value of approximately $100,000, which is a value of approximately $100,000, which is a value of approximately $100,000, which is a value of approximately $100,000, which

the value ultimately realized upon sale or maturity.

31

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

from market value of a similar, freely traded security of the same issuer; discounted cash

**Valuation Inputs** On December 31, 2022, all of the fund's financial instruments were **Valuation Techniques** (NAV) and **Valuation** (NAV) are the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of

**NOTE** The following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following is a result of the following: the following

32

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

The tax character of distributions paid for the periods presented was as follows:

Various states have been proposed and NAV purposes have been the deceptive of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value of the tax value

NOTE

33

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **NOTE 5 - ACQUISITION**

The following table provides the information in a tabular format:

34

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

certain mutual funds sponsored by Price Associates (the group) applied to a graduated

Act includes $150,000,000 of value for management fee for any of the expenses (including
provisions) which are not included in the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

35

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

indefinitely, and the agreement may only be amended or terminated with approval by the undersigned. The undersigned hereby certifies that the undersigned has been a duly authorized representative of the United States Department of Labor, and that the undersigned has been a duly authorized representative of the United States Department of Labor, and that the undersigned has been a duly authorized representative of the United States Department of Labor, and that the undersigned has been a duly authorized representative of the United States Department of Labor, and that the undersigned has been a duly authorized representative of the United States Department of Labor, and that the undersigned has been a duly authorized representative of the United States Department of Labor, and that the undersigned has been a duly authorized representative of the United States Department of Labor, and that the undersigned has been a duly authorized representative

36

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

arrangement at any time without prior notice. For the year ended December 31, 2022,

Mutual funds, trusts, and other accounts managed by Price Associates or its affiliates (collectively, Price Funds and accounts) may invest in the fund. No Price fund or and expenses to the extent such operating expenses, or an annualized, basic exceed account may invest for the purpose of exercising management or control over the fund. At December 31, 2025, approximately 100% of the 4 Class outstanding shares were

NOTE: **SECRETATES' PARTY TRANSACTIONS**  
The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). The investment

37

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# NOTE 7 - OTHER MATTERS

management agreement, the Fund and Price Associates provides for an annual
funding, Price Associates, through funds collected in the event of an938,000,000
investment management fee, which is computed daily and paid monthly. The fee
is based on the amount of funds collected in the event of an938,000,000
funding, Price Associates, and the Fund and Price Associates, through funds collected
in the event of an938,000,000 fee equal to 0.25% of the funds. Average daily net assets
and a group fee. The group fee rate is calculated based on the combined net assets of
the fund and Price Associates, in other states. Funds and net assets for the
Fund and Price Associates, in other states, are not available for the
Fund and Price Associates, in other states. The Fund and Price Associates, for the
Fund and Price Associates, in other states, are not available for the
Fund and Price Associates, in other states. The Fund and Price Associates, for the
Fund and Price Associates, in other states, are not available for the
Fund and Price Associates, in other states.

38

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price U.S. Large-Cap Core Fund, Inc. (the "Fund")

(CONTINUED) Series 31, 2017, the original statement of investment, for the year ended December 31, 2017. The Company's share of investment management fees payable are presented net on the basis of the Company's share of investment, including the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of the Company's share of investment, the amount of

39

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

By its signature, for the above mentioned, the charges in its net assets for each of the two
of the following described information, in which case the financial statements for each of the
the following described information are required by the Internal Revenue Code. The
interests, whether the financial statements, and the statements contained in the report, are
not included in the report. The information contained in the report, which is not included in the report, is
not included in the report. The information contained in the report, which is not included in the report, is
not included in the report. The information contained in the report, which is not included in the report, is
not included in the report. The information contained in the report, which is not included in the report, is
not included in the report. The information contained in the report, which is not included in the report, is
not included in the report.

40

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

The information contained in this report is for the public domain. The information contained in this report is for the public domain. The information contained in this report is for the public domain.

41

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

# **RECORDS**

A reasonable assurance about whether the financial statements are free of material
administrator, the Adviser is responsible for overseeing the day-to-day operations of the
management, whether due to error or fraud. In addition, the Adviser is responsible for overseeing the day-to-day operations of the
management, whether due to error or fraud. In addition, the Adviser is responsible for overseeing the day-to-day operations of the
management, whether due to error or fraud. In addition, the Adviser is responsible for overseeing the day-to-day operations of the
management, whether due to error or fraud. In addition, the Adviser is responsible for overseeing the day-to-day operations of the
management, whether due to error or fraud. In addition, the Adviser is responsible for overseeing the day-to-day operations of the
management, whether due to error or fraud. In addition, the Adviser is responsible for overseeing the day-to-day operations of the
management, whether due to error or fraud. In addition, the Adviser is responsible

42

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

The following table provides the information in a specific format:

43

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The following section of the Treasury Department is a list of the directors and officers of the Treasury Department. The following section of the Treasury Department is a list of the directors and officers of the Treasury Department.

**Name** significantly changing the investment's market value.

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS INDEPENDENT DIRECTORS**
Independent Operating Profitability Rule, at a meeting held on July 25, 2022, the Board was formed. The following section of the Treasury Department is a list of the directors and officers of the Treasury Department.

44

T. ROWE PRICE U.S. LARGE-CAP CORE 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 Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

45

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000. cash and cash equivalents, as well as available borrowing arrangements.
Department: The South Rogers University (2009 to present); Director, Department of the South Rogers University (2009 to present); Director, The South Rogers University (2009 to present); Director, The South Rogers University (2009 to present); Director, The South Rogers University (2009 to present); Director, The South Rogers University (2009 to present); Director, The South Rogers University (2009 to present); Director, The South Rogers University (2009 to present); Director, The South Rogers University (2009 to present); Director, The South Rogers University (2009 to present); Director

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.

2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000. 2000.[{"box_2d": [28, 100, 619, 200], "label": "text", "caption": [Table 1]"}][{"box_2d": [28, 100, 619, 200], "label": "text", "[Table 2]"}][{"box_2d": [28, 100, 619, 200], "label": "text", "[Table 3]"}]

[Table 5]

[Table 6]

[Table 7]

[Table 8]

[Table 9]

[Table 10]

[Table 11]

[Table 12]

[Table 13]

[Table 14]

[Table 15]

[Table 16]

[Table 17]

[Table 18]

[Table 19]

[Table 20]

[Table 21]

[Table 22][{"box_2d": [28, 100, 619, 200], "label": "text", " [Table 24]"}]

[Table 25]

[Table 26][{"[{"

[Table 27][{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"box_2d": [28, 200,,, 200], "label":], "header_footer", "caption": "46"}]

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

**OFFICERS (CONTINUED)**

Year Ended
[Number of T. Rowe Price
Funded in the Year] (1980)
Position Held With U.S. Large-Cap Core Fund (Principal Occupation(s))
Robert A. Clark (1990)
Vice President
Robert A. Clark, Jr.
William Warren (1968)
2012 President
Joseph H. Kann, CFA (1987)
Resorts, a hotel and lecture company, Member, Investment Company
Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the 2013-2014 period. KKR
Morgan, New York, 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980; 1980

47

Name (Year of Birth)
Position Held With U.S. Large-Cap Core Fund Principal Occupation(s)

T. ROWE PRICE U.S. LARGE-CAP CORE FUND

**OFFICERS (CONTINUED)**

Vice President: [Redacted] Capasso (1974)
Chief Compliance Officer: [Redacted] Singapore; General Manager: [Redacted] Chief Executive Officer, President, [Redacted] Secretary, T. Rowe Price Trust Company, Principal Executive Officer, [Redacted] Management; Chief Executive Officer, T. Rowe Price Trust Company, Principal Executive Officer, [Redacted] Management; Chief Executive Officer, T. Rowe Price Trust Company, Principal Executive Officer, [Redacted] Management; Chief Executive Officer, T. Rowe Price Trust Company, Principal Executive Officer, [Redacted] Management; Chief Executive Officer, T. Rowe Price Trust Company, Principal Executive Officer, [Redacted] Management; Chief Executive Officer, T. Rowe Price Trust Company, Principal Executive Officer, [Redacted] Management; Chief Executive Officer, T. Rowe Price Trust Company, Principal Executive Officer, [Redacted] Management; Chief Executive Officer, T. Rowe Price Trust Company, Principal Executive Officer, [Redacted] Management

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

48

Name (Year of Birth)
Position Held With U.S. Large-Cap Core 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

of ethics. The registrant's name is: The registrant's name, LLC and ASTIS (to 2019);

Vice President, The President and Senior Counsel, Pacific

Item 3. Audit Committee Financial Expert, Inc. (the 2019) and the 2020

The registrant's name is: The registrant's name, LLC and ASTIS (to 2019).

The registrant's name is: The registrant's name, LLC and ASTIS (to 2019).

The registrant's name is: The registrant's name, LLC and ASTIS (to 2019).

The registrant's name is: The registrant's name, LLC and ASTIS (to 2019).

(a) - (b) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

the investment goals that are important to you:

| Audit Fees | $21,734 | $38,077 |
| --- | --- | --- |
| Audit-Related Fees | - | - |
| Tax Fees | - | 1,586 |
| All Other Fees | - | - |

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in accordance with the principal accountant's independence.

OFFICE OF THE SECRETARY GENERAL INVESTING COLLEGE SAVINGS
(1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991) (1991)
Item 5. Audit Committee of Listed Registrants.
(1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1

**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.**

(a)(1) The registrant's code of ethics pursuant to Item 4 of Form 2A-3B is attached. (b) All related expenses (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w) (x) (y) (z) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w) (x) (y) (z) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w) (x) (y) (z)

(b) An entity that is not a member of the company's business 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. Large-Cap Core Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023
*Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.*

All mutual funds are subject to market risk including applicable risk information. Investing internationally, which is subject to market risk, 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 capacities and on the dates indicated.

1 The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by

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.

202302-2582856  
F190-050 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. Large-Cap Core 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;(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;(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;(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;(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;(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;(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. Large-Cap Core 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;(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;(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;(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;(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;(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;(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. Large-Cap Core Fund

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

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

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

---

| | |
|:---|:---|
| &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.

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**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.

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**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

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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

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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)

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## 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