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