T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
September
30,
2022
(Unaudited)
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.7%
COMMUNICATION
SERVICES
5.7%
Entertainment
0.9%
Electronic
Arts
558,488
64,623
64,623
Interactive
Media
&
Services
4.8%
Alphabet,
Class
C (1)
3,525,824
339,008
339,008
Total
Communication
Services
403,631
CONSUMER
DISCRETIONARY
9.4%
Hotels,
Restaurants
&
Leisure
1.5%
McDonald's
456,647
105,367
105,367
Internet
&
Direct
Marketing
Retail
1.7%
Amazon.com (1)
1,096,612
123,917
123,917
Multiline
Retail
1.8%
Dollar
General
543,833
130,444
130,444
Specialty
Retail
4.4%
Home
Depot
297,643
82,132
O'Reilly
Automotive (1)
168,909
118,802
Ross
Stores
638,619
53,816
Ulta
Beauty (1)
152,650
61,242
315,992
Total
Consumer
Discretionary
675,720
CONSUMER
STAPLES
10.0%
Beverages
3.1%
Coca-Cola
1,227,283
68,752
Constellation
Brands,
Class
A
282,885
64,973
Keurig
Dr
Pepper
2,345,828
84,028
217,753
Food
&
Staples
Retailing
3.3%
Costco
Wholesale
199,214
94,083
Sysco
793,939
56,140
Walmart
646,170
83,808
234,031
Food
Products
2.2%
Hershey
337,048
74,309
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Mondelez
International,
Class
A
1,516,201
83,133
157,442
Household
Products
1.4%
Procter
&
Gamble
771,309
97,378
97,378
Total
Consumer
Staples
706,604
FINANCIALS
9.0%
Banks
2.8%
Bank
of
America
2,834,652
85,606
JPMorgan
Chase
1,058,725
110,637
196,243
Capital
Markets
1.7%
Charles
Schwab
943,959
67,843
Goldman
Sachs
Group
188,255
55,168
123,011
Insurance
4.5%
Allstate
493,665
61,476
Chubb
448,390
81,553
Hartford
Financial
Services
Group
1,268,184
78,552
Progressive
864,033
100,409
321,990
Total
Financials
641,244
HEALTH
CARE
22.3%
Biotechnology
1.8%
Regeneron
Pharmaceuticals (1)
93,209
64,209
Vertex
Pharmaceuticals (1)
221,233
64,056
128,265
Health
Care
Equipment
&
Supplies
2.8%
ResMed
174,739
38,146
STERIS
522,919
86,951
Stryker
369,262
74,790
199,887
Health
Care
Providers
&
Services
7.2%
Centene (1)
1,171,171
91,129
Elevance
Health
316,207
143,634
Quest
Diagnostics
726,192
89,096
UnitedHealth
Group
367,294
185,498
509,357
Life
Sciences
Tools
&
Services
7.3%
Danaher
583,905
150,817
Mettler-Toledo
International (1)
63,657
69,012
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Thermo
Fisher
Scientific
423,585
214,838
Waters (1)
185,133
49,899
West
Pharmaceutical
Services
126,076
31,024
515,590
Pharmaceuticals
3.2%
AstraZeneca,
ADR
1,324,574
72,640
Eli
Lilly
329,128
106,423
Zoetis
341,498
50,641
229,704
Total
Health
Care
1,582,803
INDUSTRIALS
&
BUSINESS
SERVICES
10.2%
Aerospace
&
Defense
0.9%
L3Harris
Technologies
302,103
62,786
62,786
Commercial
Services
&
Supplies
1.4%
Republic
Services
746,290
101,525
101,525
Electrical
Equipment
1.5%
Eaton
394,476
52,608
Emerson
Electric
689,651
50,496
103,104
Machinery
2.8%
Cummins
526,450
107,138
Dover
339,539
39,583
IDEX
268,767
53,713
200,434
Professional
Services
1.9%
Booz
Allen
Hamilton
Holding
689,280
63,655
Verisk
Analytics
426,972
72,812
136,467
Road
&
Rail
1.7%
CSX
3,285,718
87,531
Old
Dominion
Freight
Line
141,981
35,321
122,852
Total
Industrials
&
Business
Services
727,168
INFORMATION
TECHNOLOGY
25.9%
Electronic
Equipment,
Instruments
&
Components
1.0%
TE
Connectivity
645,445
71,231
71,231
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
6.0%
Accenture,
Class
A
608,462
156,557
Broadridge
Financial
Solutions
690,917
99,713
Visa,
Class
A
950,805
168,911
425,181
Semiconductors
&
Semiconductor
Equipment
6.9%
Analog
Devices
465,311
64,836
Applied
Materials
1,119,408
91,713
Broadcom
146,111
64,875
KLA
436,985
132,245
NVIDIA
356,685
43,298
Texas
Instruments
583,623
90,333
487,300
Software
9.5%
Cadence
Design
Systems (1)
489,016
79,920
Intuit
252,299
97,720
Microsoft
2,147,595
500,175
677,815
Technology
Hardware,
Storage
&
Peripherals
2.5%
Apple
1,272,882
175,912
175,912
Total
Information
Technology
1,837,439
MATERIALS
2.1%
Chemicals
1.4%
Linde
206,294
55,615
Sherwin-Williams
214,279
43,873
99,488
Containers
&
Packaging
0.7%
Packaging
Corp.
of
America
419,532
47,109
47,109
Total
Materials
146,597
UTILITIES
5.1%
Electric
Utilities
1.5%
Southern
1,564,099
106,359
106,359
Multi-Utilities
3.6%
Ameren
1,323,503
106,608
DTE
Energy
775,427
89,213
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
WEC
Energy
Group
692,900
61,966
257,787
Total
Utilities
364,146
Total
Common
Stocks
(Cost
$7,214,851)
7,085,352
SHORT-TERM
INVESTMENTS
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (2)(3)
17,857,192
17,857
Total
Short-Term
Investments
(Cost
$17,857)
17,857
Total
Investments
in
Securities
100.0%
(Cost
$7,232,708)
$
7,103,209
Other
Assets
Less
Liabilities
(0.0)%
(1,803)
Net
Assets
100.0%
$
7,101,406
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Seven-day
yield
(3)
Affiliated
Companies
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
$
—#
$
—
$
289+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
$
108,772
¤
¤
$
17,857^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$289
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$17,857.
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
Unaudited
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
T.
ROWE
PRICE
U.S.
Large-Cap
Core
Fund
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
On
September
30,
2022,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F190-054Q3
09/22