T.
ROWE
PRICE
Mid-Cap
Value
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.0%
COMMUNICATION
SERVICES
4.8%
Entertainment
0.7%
Madison
Square
Garden
Entertainment (1)
945,724
41,697
Madison
Square
Garden
Sports (1)
309,889
42,349
84,046
Media
4.1%
DISH
Network,
Class
A (1)
3,021,512
41,788
Fox,
Class
A
565,787
17,358
News,
Class
A
16,163,715
244,234
Paramount
Global,
Class
B
5,392,088
102,665
Scholastic
2,514,418
77,343
483,388
Total
Communication
Services
567,434
CONSUMER
DISCRETIONARY
6.1%
Automobiles
0.9%
General
Motors
3,454,689
110,861
110,861
Diversified
Consumer
Services
1.1%
Bright
Horizons
Family
Solutions (1)
892,328
51,443
Strategic
Education (2)
1,226,364
75,311
126,754
Hotels,
Restaurants
&
Leisure
0.8%
Compass
Group
(GBP)
4,813,335
95,845
95,845
Household
Durables
0.8%
Mohawk
Industries (1)
1,027,404
93,689
93,689
Specialty
Retail
1.1%
Best
Buy
1,278,447
80,977
Burlington
Stores (1)
467,269
52,283
133,260
Textiles,
Apparel
&
Luxury
Goods
1.4%
Ralph
Lauren
2,003,883
170,190
170,190
Total
Consumer
Discretionary
730,599
CONSUMER
STAPLES
7.5%
Beverages
1.7%
Carlsberg,
Class
B
(DKK)
948,009
110,857
T.
ROWE
PRICE
Mid-Cap
Value
Fund
1
T.
ROWE
PRICE
Mid-Cap
Value
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Monster
Beverage (1)
976,633
84,928
195,785
Food
&
Staples
Retailing
1.5%
Sysco
2,570,524
181,762
181,762
Food
Products
3.8%
Bunge
1,301,540
107,468
Campbell
Soup
1,946,505
91,719
Flowers
Foods
9,980,273
246,413
445,600
Household
Products
0.5%
Kimberly-Clark
512,962
57,729
57,729
Total
Consumer
Staples
880,876
ENERGY
8.4%
Energy
Equipment
&
Services
4.5%
Expro
Group
Holdings (1)
7,243,216
92,279
NOV
4,684,943
75,802
SEACOR
Marine
Holdings (1)(2)
3,060,096
17,198
TechnipFMC (1)(2)
28,423,826
240,465
Tidewater (1)(2)
4,963,627
107,711
533,455
Oil,
Gas
&
Consumable
Fuels
3.9%
Cameco
7,224,912
191,532
Canadian
Natural
Resources
1,138,999
53,043
Equitrans
Midstream
21,085,452
157,719
Imperial
Oil
1,400,081
60,582
462,876
Total
Energy
996,331
FINANCIALS
17.4%
Banks
5.6%
Fifth
Third
Bancorp
7,255,762
231,894
Popular
1,705,033
122,865
Signature
Bank
667,863
100,847
Webster
Financial
3,155,892
142,647
Westamerica
BanCorp
1,244,272
65,063
663,316
Capital
Markets
3.4%
Lazard,
Class
A
1,851,738
58,941
Main
Street
Capital
1,837,875
61,826
Open
Lending,
Class
A (1)
6,663,384
53,574
T.
ROWE
PRICE
Mid-Cap
Value
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
State
Street
3,829,719
232,885
407,226
Consumer
Finance
0.4%
OneMain
Holdings
1,684,700
49,732
49,732
Diversified
Financial
Services
1.2%
Groupe
Bruxelles
Lambert
(EUR)
1,022,449
71,505
Jackson
Financial,
Class
A
2,502,548
69,446
140,951
Insurance
6.8%
Brown
&
Brown
2,647,974
160,149
CNA
Financial
3,027,698
111,722
Kemper
2,792,841
115,233
Loews
3,134,460
156,222
Marsh
&
McLennan
440,982
65,834
RenaissanceRe
Holdings
1,366,570
191,853
801,013
Total
Financials
2,062,238
HEALTH
CARE
11.7%
Biotechnology
0.7%
Alkermes (1)
1,853,275
41,384
Galapagos
(EUR) (1)
858,843
36,674
78,058
Health
Care
Equipment
&
Supplies
4.0%
DENTSPLY
SIRONA
3,851,604
109,193
Hologic (1)
963,122
62,141
Koninklijke
Philips
(EUR)
7,619,464
117,313
Zimmer
Biomet
Holdings
1,810,954
189,335
477,982
Health
Care
Providers
&
Services
6.2%
Cardinal
Health
3,107,424
207,203
Centene (1)
1,573,825
122,459
Fresenius
(EUR)
2,490,242
53,080
Patterson
3,934,758
94,513
Select
Medical
Holdings (2)
11,730,849
259,252
736,507
Life
Sciences
Tools
&
Services
0.8%
Charles
River
Laboratories
International (1)
508,430
100,059
100,059
Total
Health
Care
1,392,606
T.
ROWE
PRICE
Mid-Cap
Value
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
10.8%
Aerospace
&
Defense
3.4%
Rolls-Royce
Holdings
(GBP) (1)
113,285,455
86,760
Spirit
AeroSystems
Holdings,
Class
A
4,005,328
87,797
Textron
3,809,393
221,935
396,492
Air
Freight
&
Logistics
0.9%
CH
Robinson
Worldwide
1,145,285
110,302
110,302
Building
Products
0.9%
Trane
Technologies
766,000
110,925
110,925
Electrical
Equipment
0.7%
Rockwell
Automation
385,345
82,892
82,892
Machinery
3.3%
Alstom
(EUR)
3,074,048
49,725
Middleby (1)
453,744
58,157
PACCAR
2,284,828
191,217
Stanley
Black
&
Decker
1,175,100
88,379
387,478
Road
&
Rail
1.1%
JB
Hunt
Transport
Services
798,370
124,881
124,881
Trading
Companies
&
Distributors
0.5%
Ashtead
Group
(GBP)
1,427,849
64,125
64,125
Total
Industrials
&
Business
Services
1,277,095
INFORMATION
TECHNOLOGY
5.5%
Communications
Equipment
1.0%
Arista
Networks (1)
560,357
63,259
Motorola
Solutions
238,400
53,394
116,653
Electronic
Equipment,
Instruments
&
Components
1.8%
Corning
2,182,771
63,344
National
Instruments
3,936,083
148,548
211,892
IT
Services
0.6%
Global
Payments
691,488
74,715
74,715
T.
ROWE
PRICE
Mid-Cap
Value
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Semiconductors
&
Semiconductor
Equipment
0.8%
Marvell
Technology
2,306,745
98,982
98,982
Technology
Hardware,
Storage
&
Peripherals
1.3%
Western
Digital (1)
4,596,476
149,615
149,615
Total
Information
Technology
651,857
MATERIALS
8.5%
Chemicals
1.7%
Corteva
1,839,523
105,129
PPG
Industries
363,676
40,255
Scotts
Miracle-Gro
1,197,131
51,177
196,561
Construction
Materials
1.8%
Summit
Materials,
Class
A (1)
5,373,959
128,760
Vulcan
Materials
499,438
78,766
207,526
Containers
&
Packaging
1.2%
Ball
1,478,983
71,464
Westrock
2,398,304
74,084
145,548
Metals
&
Mining
3.8%
AngloGold
Ashanti,
ADR
6,154,400
85,054
Franco-Nevada
(CAD)
1,266,553
151,287
Freeport-McMoRan
1,477,789
40,388
Fresnillo
(GBP)
14,372,074
122,606
Gold
Fields,
ADR
5,741,532
46,449
445,784
Total
Materials
995,419
REAL
ESTATE
5.7%
Equity
Real
Estate
Investment
Trusts
5.3%
Apartment
Investment
&
Management,
Class
A,
REIT
9,836,953
71,810
Equity
Commonwealth,
REIT
5,381,481
131,093
Equity
Residential,
REIT
930,267
62,532
Rayonier,
REIT
3,534,231
105,921
Regency
Centers,
REIT
1,834,594
98,793
Rexford
Industrial
Realty,
REIT
973,700
50,632
Weyerhaeuser,
REIT
3,779,436
107,941
628,722
T.
ROWE
PRICE
Mid-Cap
Value
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Equity
Real
Estate
Investment
Trusts
(Reits)
0.4%
Vornado
Realty
Trust,
REIT
2,262,500
52,400
52,400
Total
Real
Estate
681,122
UTILITIES
5.1%
Electric
Utilities
4.6%
FirstEnergy
6,497,573
240,410
PG&E (1)
24,566,650
307,083
547,493
Multi-Utilities
0.5%
CenterPoint
Energy
2,240,489
63,137
63,137
Total
Utilities
610,630
Total
Miscellaneous
Common
Stocks
2.5% (3)
298,414
Total
Common
Stocks
(Cost
$10,746,159)
11,144,621
SHORT-TERM
INVESTMENTS
6.0%
Money
Market
Funds
6.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (2)(4)
704,749,399
704,749
Total
Short-Term
Investments
(Cost
$704,749)
704,749
Total
Investments
in
Securities
100.0%
(Cost
$11,450,908)
$
11,849,370
Other
Assets
Less
Liabilities
(0.0)%
(4,958)
Net
Assets
100.0%
$
11,844,412
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Affiliated
Companies
(3)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(4)
Seven-day
yield
ADR
American
Depositary
Receipts
CAD
Canadian
Dollar
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Mid-Cap
Value
Fund
7
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
Apartment
Investment
&
Management,
Class
A,
REIT
$
443
$
(4,248)
$
197
Equity
Commonwealth,
REIT
(1,331)
(6,895)
5,676
Expro
Group
Holdings
1,138
(14,791)
—
Flowers
Foods
11,744
(44,265)
7,535
Patterson
5,205
(22,522)
5,366
Scholastic
874
(23,012)
1,191
SEACOR
Marine
Holdings
195
5,978
—
Select
Medical
Holdings
3,239
(81,828)
3,848
Strategic
Education
(1,255)
6,602
2,281
TechnipFMC
(5,144)
66,885
—
Tidewater
1,623
51,879
—
Westamerica
BanCorp
643
(8,273)
2,600
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
6,039
Totals
$
17,374#
$
(74,490)
$
34,733+
T.
ROWE
PRICE
Mid-Cap
Value
Fund
8
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
Apartment
Investment
&
Management,
Class
A,
REIT
$
*
$
2,888
$
806
$
*
Equity
Commonwealth,
REIT
184,556
2,245
48,813
*
Expro
Group
Holdings
*
20,405
1,363
*
Flowers
Foods
356,712
14
66,048
*
Patterson
210,323
—
93,288
*
Scholastic
*
11,183
909
*
SEACOR
Marine
Holdings
9,245
2,206
231
17,198
Select
Medical
Holdings
284,141
58,217
1,278
259,252
Strategic
Education
70,656
6,078
8,025
75,311
TechnipFMC
136,221
61,309
23,950
240,465
Tidewater
50,863
5,375
406
107,711
Westamerica
BanCorp
128,351
—
55,015
*
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
921,488
¤
¤
704,749
Total
$
1,404,686^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$34,733
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
$1,323,537.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Mid-Cap
Value
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
Mid-Cap
Value
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
Mid-Cap
Value
Fund
10
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
Mid-Cap
Value
Fund
11
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
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
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
10,162,832
$
981,789
$
—
$
11,144,621
Short-Term
Investments
704,749
—
—
704,749
Total
$
10,867,581
$
981,789
$
—
$
11,849,370
T.
ROWE
PRICE
Mid-Cap
Value
Fund
12
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.
F115-054Q3
09/22