T.

ROWE

PRICE

Large-Cap

Value

Fund

March

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

98.4%

COMMUNICATION

SERVICES

4.5%

Entertainment

1.2%

Walt

Disney (1)

236,895‌

43,712‌

43,712‌

Interactive

Media

&

Services

0.5%

Alphabet,

Class

C (1)

9,042‌

18,705‌

18,705‌

Media

2.8%

Comcast,

Class

A 

887,494‌

48,022‌

Fox,

Class

B 

631,279‌

22,051‌

News,

Class

A 

1,381,832‌

35,140‌

105,213‌

Total

Communication

Services

167,630‌

CONSUMER

DISCRETIONARY

3.4%

Auto

Components

1.1%

Magna

International 

481,454‌

42,387‌

42,387‌

Hotels,

Restaurants

&

Leisure

0.6%

Las

Vegas

Sands 

383,574‌

23,306‌

23,306‌

Multiline

Retail

0.6%

Kohl's 

373,723‌

22,278‌

22,278‌

Specialty

Retail

1.1%

TJX 

632,744‌

41,856‌

41,856‌

Total

Consumer

Discretionary

129,827‌

CONSUMER

STAPLES

6.9%

Beverages

0.8%

Coca-Cola 

530,311‌

27,953‌

27,953‌

Food

&

Staples

Retailing

0.8%

Walmart 

227,098‌

30,847‌

30,847‌

Food

Products

3.2%

Bunge 

392,028‌

31,076‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

Conagra

Brands 

1,014,732‌

38,154‌

Tyson

Foods,

Class

A 

675,238‌

50,170‌

119,400‌

Household

Products

0.7%

Kimberly-Clark 

195,793‌

27,225‌

27,225‌

Tobacco

1.4%

Philip

Morris

International 

589,508‌

52,313‌

52,313‌

Total

Consumer

Staples

257,738‌

ENERGY

6.0%

Oil,

Gas

&

Consumable

Fuels

6.0%

ConocoPhillips 

826,985‌

43,805‌

Exxon

Mobil 

771,676‌

43,083‌

Pioneer

Natural

Resources 

170,033‌

27,005‌

TC

Energy 

629,739‌

28,810‌

TOTAL,

ADR 

1,790,057‌

83,309‌

Total

Energy

226,012‌

FINANCIALS

22.7%

Banks

8.4%

Bank

of

America 

1,334,139‌

51,618‌

Fifth

Third

Bancorp 

1,641,885‌

61,488‌

JPMorgan

Chase 

355,566‌

54,128‌

Signature

Bank 

140,199‌

31,699‌

Wells

Fargo 

2,938,437‌

114,805‌

313,738‌

Capital

Markets

5.6%

Charles

Schwab 

943,278‌

61,483‌

Goldman

Sachs

Group 

100,614‌

32,901‌

Morgan

Stanley 

1,087,230‌

84,434‌

State

Street 

386,368‌

32,459‌

211,277‌

Diversified

Financial

Services

1.1%

Equitable

Holdings 

1,228,245‌

40,065‌

40,065‌

Insurance

7.6%

American

International

Group 

1,923,119‌

88,867‌

Chubb 

493,988‌

78,035‌

Marsh

&

McLennan 

330,679‌

40,277‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

MetLife 

1,291,413‌

78,505‌

285,684‌

Total

Financials

850,764‌

HEALTH

CARE

14.2%

Biotechnology

1.8%

AbbVie 

484,390‌

52,421‌

Gilead

Sciences 

211,240‌

13,652‌

66,073‌

Health

Care

Equipment

&

Supplies

5.1%

Becton

Dickinson

&

Company 

222,067‌

53,996‌

Hologic

 (1)

448,381‌

33,350‌

Medtronic 

585,123‌

69,121‌

Zimmer

Biomet

Holdings 

217,103‌

34,754‌

191,221‌

Health

Care

Providers

&

Services

2.1%

Anthem 

105,700‌

37,941‌

CVS

Health 

541,133‌

40,709‌

78,650‌

Life

Sciences

Tools

&

Services

0.6%

Thermo

Fisher

Scientific 

50,770‌

23,170‌

23,170‌

Pharmaceuticals

4.6%

Elanco

Animal

Health (1)

1,012,176‌

29,809‌

Johnson

&

Johnson 

363,806‌

59,792‌

Merck 

404,933‌

31,216‌

Perrigo 

491,424‌

19,888‌

Pfizer 

866,332‌

31,387‌

172,092‌

Total

Health

Care

531,206‌

INDUSTRIALS

&

BUSINESS

SERVICES

12.7%

Aerospace

&

Defense

0.8%

Boeing (1)

123,249‌

31,394‌

31,394‌

Air

Freight

&

Logistics

2.4%

United

Parcel

Service,

Class

B 

539,643‌

91,734‌

91,734‌

Airlines

0.9%

Southwest

Airlines 

559,838‌

34,184‌

34,184‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

Building

Products

0.6%

Fortune

Brands

Home

&

Security 

226,145‌

21,669‌

21,669‌

Commercial

Services

&

Supplies

0.4%

Stericycle (1)

224,651‌

15,166‌

15,166‌

Electrical

Equipment

0.7%

Rockwell

Automation 

95,864‌

25,446‌

25,446‌

Industrial

Conglomerates

3.5%

General

Electric 

9,983,190‌

131,079‌

131,079‌

Machinery

2.8%

Caterpillar 

196,814‌

45,635‌

Cummins 

110,684‌

28,679‌

Illinois

Tool

Works 

143,398‌

31,766‌

106,080‌

Professional

Services

0.6%

Nielsen

Holdings 

828,090‌

20,826‌

20,826‌

Total

Industrials

&

Business

Services

477,578‌

INFORMATION

TECHNOLOGY

12.5%

Communications

Equipment

1.7%

Cisco

Systems 

1,256,334‌

64,965‌

64,965‌

Electronic

Equipment,

Instruments

&

Components

0.8%

TE

Connectivity 

243,456‌

31,433‌

31,433‌

IT

Services

0.5%

Fiserv (1)

162,254‌

19,315‌

19,315‌

Semiconductors

&

Semiconductor

Equipment

6.6%

Applied

Materials 

632,300‌

84,475‌

NXP

Semiconductors 

155,646‌

31,338‌

QUALCOMM 

566,820‌

75,155‌

Texas

Instruments 

306,861‌

57,993‌

248,961‌

Software

2.9%

Citrix

Systems 

208,369‌

29,247‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

Microsoft 

336,671‌

79,377‌

108,624‌

Total

Information

Technology

473,298‌

MATERIALS

5.1%

Chemicals

3.0%

CF

Industries

Holdings 

948,129‌

43,026‌

DuPont

de

Nemours 

396,875‌

30,670‌

International

Flavors

&

Fragrances 

281,789‌

39,341‌

113,037‌

Containers

&

Packaging

2.1%

International

Paper 

1,441,952‌

77,966‌

77,966‌

Total

Materials

191,003‌

REAL

ESTATE

3.3%

Equity

Real

Estate

Investment

Trusts

3.3%

AvalonBay

Communities,

REIT 

129,422‌

23,880‌

Welltower

,

REIT 

435,010‌

31,160‌

Weyerhaeuser,

REIT 

1,978,069‌

70,419‌

Total

Real

Estate

125,459‌

UTILITIES

7.1%

Electric

Utilities

4.8%

Edison

International 

390,908‌

22,907‌

Entergy 

284,570‌

28,306‌

NextEra

Energy 

511,300‌

38,659‌

Southern 

1,464,019‌

91,004‌

180,876‌

Multi-Utilities

2.3%

Ameren 

448,575‌

36,496‌

Sempra

Energy 

368,967‌

48,918‌

85,414‌

Total

Utilities

266,290‌

Total

Common

Stocks

(Cost

$2,465,622)

3,696,805‌

CONVERTIBLE

PREFERRED

STOCKS

0.7%

HEALTH

CARE

0.2%

Health

Care

Equipment

&

Supplies

0.2%

Becton

Dickinson

&

Company,

Series

B,

6.00%,

6/1/23 (2)

143,714‌

7,712‌

7,712‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

Pharmaceuticals

0.0%

Elanco

Animal

Health,

5.00%,

2/1/23 (2)

21,589‌

986‌

986‌

Total

Health

Care

8,698‌

UTILITIES

0.5%

Electric

Utilities

0.4%

Southern,

Series

A,

6.75%,

8/1/22 

251,087‌

12,740‌

12,740‌

Multi-Utilities

0.1%

Sempra

Energy,

Series

B,

6.75%,

7/15/21 (2)

44,830‌

4,618‌

4,618‌

Total

Utilities

17,358‌

Total

Convertible

Preferred

Stocks

(Cost

$25,305)

26,056‌

SHORT-TERM

INVESTMENTS

1.0%

Money

Market

Funds

1.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.04% (3)(4)

37,649,982‌

37,650‌

Total

Short-Term

Investments

(Cost

$37,650)

37,650‌

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.2%

Short-Term

Funds

0.2%

T.

Rowe

Price

Short-Term

Fund,

0.08% (3)(4)

780,529‌

7,805‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

7,805‌

Total

Securities

Lending

Collateral

(Cost

$7,805)

7,805‌

Total

Investments

in

Securities

100.3%

(Cost

$2,536,382)

$

3,768,316‌

Other

Assets

Less

Liabilities

(0.3)%

(10,698‌)

Net

Assets

100.0%

$

3,757,618‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

(3)

Seven-day

yield

T.

ROWE

PRICE

Large-Cap

Value

Fund

7

.

.

.

.

.

.

.

.

.

.

.

(4)

Affiliated

Companies

ADR

American

Depositary

Receipts

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Large-Cap

Value

Fund

8

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2021.

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,

0.04%

$

—‌

$

—‌

$

5‌

T.

Rowe

Price

Short-Term

Fund,

0.08%

—‌

—‌

—‌++

Totals

$

—‌#

$

—‌

$

5‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

$

33,727‌

 ¤

 ¤

$

37,650‌

T.

Rowe

Price

Short-Term

Fund,

0.08%

19,375‌

 ¤

 ¤

7,805‌

Total

$

45,455‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$5

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

$45,455.

T.

ROWE

PRICE

Large-Cap

Value

Fund

Unaudited

Notes

to

Portfolio

of

Investments

9

T.

Rowe

Price

Large-Cap

Value

Fund (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

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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

T.

ROWE

PRICE

Large-Cap

Value

Fund

10

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)

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

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

T.

ROWE

PRICE

Large-Cap

Value

Fund

11

considerations.

The

Valuation

Committee

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

Committee

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

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

F1233-054Q1

03/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

3,696,805‌

$

—‌

$

—‌

$

3,696,805‌

Convertible

Preferred

Stocks

—‌

26,056‌

—‌

26,056‌

Short-Term

Investments

37,650‌

—‌

—‌

37,650‌

Securities

Lending

Collateral

7,805‌

—‌

—‌

7,805‌

Total

$

3,742,260‌

$

26,056‌

$

—‌

$

3,768,316‌