T.

ROWE

PRICE

Large-Cap

Value

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

97.0%

COMMUNICATION

SERVICES

4.5%

Entertainment

1.3%

Walt

Disney (1)

349,967‌

48,001‌

48,001‌

Interactive

Media

&

Services

0.8%

Alphabet,

Class

C (1)

10,697‌

29,877‌

29,877‌

Media

2.4%

Comcast,

Class

A 

1,091,537‌

51,106‌

News,

Class

A 

1,672,695‌

37,050‌

88,156‌

Total

Communication

Services

166,034‌

CONSUMER

DISCRETIONARY

3.0%

Auto

Components

0.6%

Magna

International 

333,830‌

21,469‌

21,469‌

Hotels,

Restaurants

&

Leisure

0.6%

Las

Vegas

Sands (1)

557,350‌

21,664‌

21,664‌

Multiline

Retail

0.5%

Kohl's 

318,587‌

19,262‌

19,262‌

Specialty

Retail

1.3%

TJX 

810,058‌

49,073‌

49,073‌

Total

Consumer

Discretionary

111,468‌

CONSUMER

STAPLES

7.5%

Beverages

0.9%

Coca-Cola 

534,638‌

33,148‌

33,148‌

Food

&

Staples

Retailing

1.5%

Walmart 

378,073‌

56,303‌

56,303‌

Food

Products

2.8%

Bunge 

208,057‌

23,055‌

Conagra

Brands 

1,305,571‌

43,828‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Tyson

Foods,

Class

A 

400,448‌

35,892‌

102,775‌

Household

Products

1.2%

Kimberly-Clark 

343,402‌

42,293‌

42,293‌

Tobacco

1.1%

Philip

Morris

International 

421,128‌

39,561‌

39,561‌

Total

Consumer

Staples

274,080‌

ENERGY

6.9%

Oil,

Gas

&

Consumable

Fuels

6.9%

ConocoPhillips 

632,865‌

63,286‌

Exxon

Mobil 

653,467‌

53,970‌

TC

Energy 

754,216‌

42,553‌

TotalEnergies,

ADR 

1,867,509‌

94,384‌

Total

Energy

254,193‌

FINANCIALS

18.7%

Banks

7.1%

Bank

of

America 

1,322,151‌

54,499‌

Citigroup 

528,400‌

28,216‌

Fifth

Third

Bancorp 

700,835‌

30,164‌

Huntington

Bancshares 

2,355,996‌

34,445‌

Wells

Fargo 

2,328,668‌

112,847‌

260,171‌

Capital

Markets

3.2%

Charles

Schwab 

719,720‌

60,680‌

Goldman

Sachs

Group 

114,666‌

37,851‌

Morgan

Stanley 

223,301‌

19,516‌

118,047‌

Diversified

Financial

Services

1.2%

Equitable

Holdings 

1,354,247‌

41,860‌

41,860‌

Insurance

7.2%

American

International

Group 

1,794,881‌

112,665‌

Chubb 

398,134‌

85,161‌

Marsh

&

McLennan 

118,449‌

20,186‌

MetLife 

621,744‌

43,696‌

261,708‌

Total

Financials

681,786‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

18.1%

Biotechnology

1.8%

AbbVie 

406,187‌

65,847‌

65,847‌

Health

Care

Equipment

&

Supplies

5.9%

Becton

Dickinson

&

Company 

277,063‌

73,699‌

Embecta (1)

54,543‌

1,818‌

Hologic (1)

379,083‌

29,121‌

Medtronic 

507,222‌

56,276‌

Zimmer

Biomet

Holdings 

422,127‌

53,990‌

214,904‌

Health

Care

Providers

&

Services

4.5%

Anthem 

149,736‌

73,553‌

Cigna 

241,724‌

57,920‌

CVS

Health 

319,980‌

32,385‌

163,858‌

Life

Sciences

Tools

&

Services

0.8%

Thermo

Fisher

Scientific 

49,159‌

29,036‌

29,036‌

Pharmaceuticals

5.1%

Bristol-Myers

Squibb 

148,700‌

10,860‌

Elanco

Animal

Health (1)

732,056‌

19,099‌

Johnson

&

Johnson 

417,178‌

73,936‌

Merck 

558,377‌

45,815‌

Pfizer 

742,181‌

38,423‌

188,133‌

Total

Health

Care

661,778‌

INDUSTRIALS

&

BUSINESS

SERVICES

11.9%

Aerospace

&

Defense

1.4%

Boeing (1)

101,154‌

19,371‌

L3Harris

Technologies 

120,200‌

29,866‌

49,237‌

Air

Freight

&

Logistics

2.8%

United

Parcel

Service,

Class

B 

473,540‌

101,555‌

101,555‌

Airlines

0.7%

Southwest

Airlines (1)

537,739‌

24,628‌

24,628‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Commercial

Services

&

Supplies

0.8%

Stericycle (1)

463,026‌

27,282‌

27,282‌

Industrial

Conglomerates

4.1%

General

Electric 

1,300,601‌

119,005‌

Siemens

(EUR) 

226,486‌

31,361‌

150,366‌

Machinery

2.0%

Cummins 

205,476‌

42,145‌

Illinois

Tool

Works 

149,503‌

31,306‌

73,451‌

Professional

Services

0.1%

Nielsen

Holdings 

160,284‌

4,366‌

4,366‌

Total

Industrials

&

Business

Services

430,885‌

INFORMATION

TECHNOLOGY

10.1%

Communications

Equipment

0.8%

Cisco

Systems 

551,612‌

30,758‌

30,758‌

Electronic

Equipment,

Instruments

&

Components

0.7%

TE

Connectivity 

196,478‌

25,735‌

25,735‌

IT

Services

1.5%

Fiserv (1)

553,610‌

56,136‌

56,136‌

Semiconductors

&

Semiconductor

Equipment

4.0%

Applied

Materials 

138,791‌

18,293‌

NXP

Semiconductors 

69,517‌

12,866‌

QUALCOMM 

445,541‌

68,088‌

Texas

Instruments 

248,553‌

45,604‌

144,851‌

Software

3.1%

Citrix

Systems 

274,880‌

27,735‌

Microsoft 

275,426‌

84,917‌

112,652‌

Total

Information

Technology

370,132‌

MATERIALS

4.8%

Chemicals

2.8%

CF

Industries

Holdings 

458,691‌

47,273‌

International

Flavors

&

Fragrances 

400,167‌

52,554‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

RPM

International 

43,726‌

3,561‌

103,388‌

Containers

&

Packaging

2.0%

International

Paper 

1,609,055‌

74,258‌

74,258‌

Total

Materials

177,646‌

REAL

ESTATE

3.8%

Equity

Real

Estate

Investment

Trusts

3.8%

AvalonBay

Communities,

REIT 

147,742‌

36,695‌

Equinix,

REIT 

16,200‌

12,014‌

Welltower,

REIT 

275,659‌

26,502‌

Weyerhaeuser,

REIT 

1,708,327‌

64,745‌

Total

Real

Estate

139,956‌

UTILITIES

7.7%

Electric

Utilities

4.7%

Entergy 

228,660‌

26,696‌

NextEra

Energy 

501,126‌

42,450‌

Southern 

1,425,936‌

103,395‌

172,541‌

Multi-Utilities

3.0%

Ameren 

388,763‌

36,450‌

Sempra

Energy 

434,538‌

73,055‌

109,505‌

Total

Utilities

282,046‌

Total

Common

Stocks

(Cost

$2,391,533)

3,550,004‌

CONVERTIBLE

PREFERRED

STOCKS

0.5%

HEALTH

CARE

0.2%

Health

Care

Equipment

&

Supplies

0.2%

Becton

Dickinson

&

Company,

Series

B,

6.00%,

6/1/23 (2)

129,492‌

6,833‌

6,833‌

Pharmaceuticals

0.0%

Elanco

Animal

Health,

5.00%,

2/1/23 (2)

19,539‌

797‌

797‌

Total

Health

Care

7,630‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

UTILITIES

0.3%

Electric

Utilities

0.3%

Southern,

Series

A,

6.75%,

8/1/22 

226,159‌

12,257‌

Total

Utilities

12,257‌

Total

Convertible

Preferred

Stocks

(Cost

$18,767)

19,887‌

SHORT-TERM

INVESTMENTS

2.0%

Money

Market

Funds

2.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (3)(4)

73,055,092‌

73,055‌

Total

Short-Term

Investments

(Cost

$73,055)

73,055‌

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (3)(4)

6,280,717‌

6,281‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

6,281‌

Total

Securities

Lending

Collateral

(Cost

$6,281)

6,281‌

Total

Investments

in

Securities

99.7%

(Cost

$2,489,636)

$

3,649,227‌

Other

Assets

Less

Liabilities

0.3%

12,145‌

Net

Assets

100.0%

$

3,661,372‌

‡

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,

2022.

(3)

Seven-day

yield

(4)

Affiliated

Companies

ADR

American

Depositary

Receipts

EUR

Euro

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

7

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,

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,

0.29%

$

—‌

$

—‌

$

20‌

++

Totals

$

—‌

#

$

—‌

$

20‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

$

104,235‌

¤

¤

$

79,336‌

Total

$

79,336‌

^

#

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

$20

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

$79,336.

T.

ROWE

PRICE

Large-Cap

Value

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

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

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)

T.

ROWE

PRICE

Large-Cap

Value

Fund

9

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

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

T.

ROWE

PRICE

Large-Cap

Value

Fund

10

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

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,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

3,518,643‌

$

31,361‌

$

—‌

$

3,550,004‌

Convertible

Preferred

Stocks

—‌

19,887‌

—‌

19,887‌

Short-Term

Investments

73,055‌

—‌

—‌

73,055‌

Securities

Lending

Collateral

6,281‌

—‌

—‌

6,281‌

Total

$

3,597,979‌

$

51,248‌

$

—‌

$

3,649,227‌

T.

ROWE

PRICE

Large-Cap

Value

Fund

11

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.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

in

value.

The

duration

of

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

on

the

financial

markets,

cannot

be

determined

with

certainty.

The fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

these

events.

F1233-054Q1

03/22