NPORT-EX 2 70H6TRP033122.htm
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