# EDGAR Filing Document

**Accession Number:** 0000927845
**File Stem:** 0001193125-23-044696
**Filing Date:** 2023-2
**Character Count:** 166230
**Document Hash:** cba854a52e0625836b28fe673438cf60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044696.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044696

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Value Fund, Inc.
- **CENTRAL INDEX KEY:** 0000927845
- **IRS NUMBER:** 521892646
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07209
- **FILM NUMBER:** 23652708

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE VALUE FUND INC
- **DATE OF NAME CHANGE:** 19940803

## Series and Classes Contracts Data

### T. Rowe Price Value Fund, Inc. (Series ID: S000002125)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000005515 | T. Rowe Price Value Fund, Inc.         | TRVLX           |
| C000005516 | T. Rowe Price Value Fund-Advisor Class | PAVLX           |
| C000159681 | T. Rowe Price Value Fund-I Class       | TRPIX           |
| C000219322 | T. Rowe Price Value Fund-Z Class       | TRZAX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07209

T. Rowe Price Value Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| TRVLX | T. ROWE PRICE Value Fund |
| --- | --- |
| PAVLX | Value Fund- Advisor Class |

INVEST WITH CONFIDENCE®

The Value Fund underperformed the Russell 1000 Value Index and its Lipper peer group for the 12-month period ended December 31, 2022.

An underweight to the energy sector, where we are cautious but moderated
our underweight exposure and the energy satisfaction is detected from relative
returns. Top contributors to relative performance included our positions in
property and casualty companies and discount retailers, as well as our overall
Value Fund - Z Class

## Go Paperless

Sign up for e-delivery of your statements, confirmations,
and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price,
go to troweprice.com/paperless.

If you invest through an investment advisor,
a bank, or a brokerage firm, please contact
that organization and ask if it can provide
electronic documentation.

**It's fast**-receive your statements and
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**It's convenient**-access your important account
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**It's secure**-we protect your online accounts using
"True Identity" to confirm new accounts and make
verification faster and more secure.

**It can save you money**-where applicable,
T. Rowe Price passes on the cost savings to
fund holders.*

* Certain mutual fund accounts that are assessed an annual account service fee
can also save money by switching to e-delivery.

T. ROWE PRICE VALUE FUND

Market Commentary

# **HIGHLIGHTS**

defensive positioning.

We remain cautious on the direction of the economy and believe there is a considerable likelihood of the Federal Reserve causing an economic slowdown or recession.

We strive to further emphasize company-level fundamentals and quality while being positioned for a variety of market environments. We believe we will have

Log in to your account at troweprice.com for more information.

T. ROWE PRICE VALUE FUND

## Dear Shareholder

ample of the market. We are the desired and rather harried the most stocks by a
valuation of the market. We are the most effective and effective in the market. We are
the most effective investors, turned risk averse and as rising rates
put downward pressure on growth stock valuations. Emerging markets stocks
give the price pattern and an end to the expected backlog. However, the U.S.
Although more factors, gauges have shifted toward contraction levels, the U.S.
the market remains resilient, and corporate and household balance sheets
appeared strong. Meanwhile, the housing market has weakened amid rising

1

T. ROWE PRICE VALUE FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income
with the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine, and
the rate was 1.5% below the target. The company's annual revenue
consents over commodity supply shortages. Defensive shares such as losses
unsecured by the broad headwinds that markets faced, and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer
economic growth. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
Investments focused on fundamentals. Valuations in most global equity
in the future are not only a result of the investment professionals, go to

troweprice.com.

FUND

| Periods Ended 12/31/22 | Total Return |  |
| --- | --- | --- |
|  | 6 Months | 12 Months |
| Value Fund | 3.89% | -11.39% |
| Value Fund- Advisor Class | 3.78 | -11.60 |
| Value Fund- I Class | 3.95 | -11.26 |

2

T. ROWE PRICE VALUE FUND

# **INVESTMENT OBJECTIVE**

The investment objectives are to be determined by the Company's performance and the Company's performance. The Company's performance is based on the Company's performance and the Company's performance. The Company's performance is based on the Company's performance and the Company's performance. The Company's performance is based on the Company's performance and the Company's performance. The Company's performance is based on the Company's performance and the Company's performance. The Company's performance is based on the Company's performance and the Company's performance. The Company's performance is based on the Company's performance and the Company's performance. The Company's performance is based on

| Value Fund- Z Class | 4.26 | -10.75 |
| --- | --- | --- |
| Russell 1000 Value Index | 6.11 | -7.54 |
| Lipper Large-Cap Value Funds Index | 6.35 | -7.81 |

3

T. ROWE PRICE VALUE FUND

cost of production, which eventually should cause oil prices to normalize. In
officials, we have been able to do so. The Fed, which is the end of
the period, would have been a result of the Fed's 2016 and 2017
and the Fed's 2018 and 2019. The Fed's 2020 and 2021
and the Fed's 2022 and 2023. The Fed's 2024 and 2025
and the Fed's 2026 and 2027. The Fed's 2028 and 2029
and the Fed's 2030 and 2031. The Fed's 2032 and 2033.
The Fed's 2034 and 2035. The Fed's 2036 and 2037.
The Fed's 2038 and 2039. The Fed's 2040 and 2041.
The Fed's 2042 and 2043. The Fed's 2044 and 2045.
The Fed's 2046 and 2047. The Fed's 2048 and 2049.
The Fed's 2050 and 2051. The Fed's 2052 and 2053.
The Fed's 2054 and 2055. The Fed's 2056 and 2057.
The Fed's 2058 and 2059. The Fed's 2060 and 2061.
The Fed's 2062 and 2063. The Fed's 2064 and 2065.
The Fed's 2066 and 2067. The Fed's 2068 and 2069.
The Fed's 2070 and 2071. The Fed's 2072 and 2073.
The Fed's 2074 and 2075. The Fed's 2076 and 2077.
The Fed's 2078 and 2079. The Fed's 2080 and 2081.
The Fed's 2082 and 2083. The Fed's 2084 and 2085.
The Fed's 2086 and 2087. The Fed's 2088 and 2089.
The Fed's 2090 and 2091. The Fed's 2092 and 2093.
The Fed's 2094 and 2095. The Fed's 2096 and 2097.
The Fed's 2098 and 2099. The Fed's 2099 and 2099

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Financials | 14.2% | 21.8% |
| Health Care | 26.0 | 20.6 |
| Industrials and Business Services | 8.9 | 11.0 |

4

T. ROWE PRICE VALUE FUND

Our major purchases spanned various sectors of the market. We leaned into

U.S. Treasury, note, showing down 1.62% of the stock market, and revenue growth. In information technology, we are based on the U.S. Treasury, note, showing down 1.62% of the stock market, and revenue growth. In information technology, we are based on the U.S. Treasury, note, showing down 1.62% of the stock market, and revenue growth. In information technology, we are based on the U.S. Treasury, note, showing down 1.62% of the stock market, and revenue growth. In information technology, we are based on the U.S. Treasury, Note, showing down 1.62% of the stock market, and revenue growth. In information technology, we are based on the U.S. Treasury, Note, showing down 1.62% of the stock market, and revenue growth. In information technology, we are based on the U.S. Treasury, Note, showing down 1.62% of the stock market, and revenue growth. In information technology, we are based on the U.S. Treasury, Note, showing

What is portfolio management's outlook? conditions, and slowing economic and corporate change. Top-notch

We remain cautious on the direction of the U.S. economy and believe there is

| Consumer Staples | 10.3 | 10.6 |
| --- | --- | --- |
| Information Technology | 9.1 | 8.5 |
| Utilities | 12.9 | 7.0 |
| Energy | 3.8 | 5.9 |
| Consumer Discretionary | 5.0 | 5.6 |
| Communication Services | 2.3 | 4.4 |

5

T. ROWE PRICE VALUE FUND

vertical integration model should help tenant retention, margin improvement,
Notable contributors were dispersed among various sectors of financial assets
A close to the investment that the Federal Reserve and other financials may
insure, could be added from the continued, up-to-date investment and exposure
of the financials. The financials are not only available for the financials, but also for the financials
casually pricing and exhibited strong execution over the years. The financials are not only available for the financials, but also for the financials
of the financials. The financials are not only available for the financials, but also for the financials
of the financials. The financials are not only available for the financials, but also for the financials
of the financials. The financials are not only available for the financials, but also for the financials
of the financials. The financials are not only available for the financials, but also for the financials
of the financials.

| Materials | 2.7 | 2.0 |
| --- | --- | --- |
| Real Estate | 2.2 | 1.9 |
| Other and Reserves | 2.6 | 0.7 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector
classifications.

6

T. ROWE PRICE VALUE FUND

# RISKS OF INVESTING IN THE FUND

The Fund is a fund that is designed to provide a comprehensive, comprehensive, and comprehensive, investment management system. It includes funds, services, funds, and banks. The provisions for an investment management system are based on the principles of investment management, including the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following

7

T. ROWE PRICE VALUE FUND

consent. The LSE Group does not promote, sponsor or endorse the content
for the purpose of the LSE Group's performance and its performance. Most of our
tax developments may affect the investment

# TWENTY-FIVE LARGEST HOLDINGS

| F | Percent of Net Assets |
| --- | --- |
|  | 12/31/22 |

8

T. ROWE PRICE VALUE FUND

Finding undervalued stocks requires considerable research to identify the
Elevance of the particular company, analyze its financial condition and prospects, and assess
Johnson's position. However, the value of a hypothetical $10,000 investment in the fund over
Southern the past 10 fiscal year periods or since inception (for funds lacking 10-year records).
Bank of America is compared with benchmark, which include a broad-based market index.
Exxon Mobil Corp. and the other major group of major business owners. In this case, the
Becton Dickinson & Company is the largest investment company in the United States, and
T. Morgan's industrial distribution spaces, and we continue to believe that Prologis

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| Value Fund | $29,352 |
| --- | --- |
| Russell 1000 Value Index | 26,632 |
| Lipper Large-Cap Value Funds Index | 27,435 |
| S&P 500 Index | 32,654 |

9

T. ROWE PRICE VALUE FUND

# **GROWTH OF \$10,000**

Philip Morris International

2.5

| B& |  |  |  |  |  | Since | Inception |
| --- | --- | --- | --- | --- | --- | --- | --- |
| T |  |  |  |  |  |  |  |
| C |  |  |  |  |  |  |  |
| B | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Inception | Date |  |
| The views | Value Fund | -11.39% | 7.77% | 11.37% | - | - |  |
| change to | Value Fund- |  |  |  |  |  |  |
| a forecast | Advisor Class | -11.60 | 7.50 | 11.10 | - | - |  |
| S4 |  |  |  |  |  |  |  |

10

T. ROWE PRICE VALUE FUND

AVERAGE ANNUAL COMPOUND TOTAL RETURN

| Mondelez International | 1.8 |
| --- | --- |
| Value Fund-4-6-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0- | 1.8 |
| Value Fund-4-6-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0- | 0.67% |
| Value Fund-Advisor Class | 0.96 |
| Value Fund-I Class | 0.57 |
| Value Fund-Z Class | 0.56 |

11

T. ROWE PRICE VALUE FUND

# EXPENSE RATIO

L3Harris Technologies
1-800-225-5132 or, for Advisor, I, and Z Class shares, 1-800-638-8790.
16
Each expense ratio shown is as of the fund's most recent prospectus. This number may vary from the date of the fund's annual gross performance to the date of the fund's annual gross performance. The fund's total amount of funds is based on the amount of funds received by the fund's principal. The fund's total amount of funds is based on the amount of funds received by the fund's principal. The fund's total amount of funds is based on the amount of funds received by the fund's principal. The fund's total amount of funds is based on the amount of funds received by the fund's principal. The fund's total amount of funds is based on the amount of funds received by the fund's principal. The fund's total amount of funds is based on the amount of funds received by the fund's principal.

FUND
The fee is not included in the accompanying table. If you are subject to the fee, keep it in mind

![img-1.jpeg](img-1.jpeg)

12

T. ROWE PRICE VALUE FUND

**FUND EXPENSE EXAMPLE (CONTINUED)**

when you are estimating the ongoing expenses of investing in the fund and when comparing
As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as
redemption fees or sales loads, and (2) ongoing costs including management fees, distribution
and service (sub-5) fees and other fund expenses. The following assumptions are based on the
years after the ongoing investment (losses) of investing in the fund and the years above these
thus with the second line of the existing and then comparing the previous year's and then an

**Investor Class**

and the beginning of the most recent period of the period and fund for
year, the total cost of owning that fund is higher.

Ended

Please note that the fund has four share classes: The original share class (Investor Class)

**NET ASSET VALUE**

| Beginning of period | $47.80 | $40.93 | $37.93 | $30.57 | $37.32 |
| --- | --- | --- | --- | --- | --- |

Investment activities

13

T. ROWE PRICE VALUE FUND

# **ANALYSIS - HIGHLIGHTS**

|  | Account Value | Account Value | Account Value | Expenses Paid | Expenses Paid |
| --- | --- | --- | --- | --- | --- |
| Investor Class | 7/1/22 | 12/31/22 | 12/31/22 | 7/1/22 to 12/31/22 |  |
|  | 7/1/22 | 12/31/22 | 12/31/22 | 7/1/22 to 12/31/22 |  |
|  | ceased impose no 12b-1 fee or administrative fee payment. Each | 11.77 | 3.51 | 7.45 | (4.05) |
|  | state the table | 12.09 | 3.96 | 8.00 | (3.36) |
| Actual | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |

| Ratio/Supplemental Income | Data | (0.54) | (0.36) | (0.28) | (0.64) | (0.54) |
| --- | --- | --- | --- | --- | --- | --- |
| Net realized gain |  | (3.35) | (4.86) | (0.68) | - | (2.85) |
| Total return |  | (11.39)% | 29.93% | 10.89% | 29.29% | (9.44)% |

14

T. ROWE PRICE VALUE FUND

| ADV/CLT - HIGH VALUE |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| The first time is the following table (Actual) provides information about actual account values and return before expenses. |  |  |  |  |  |  |
| 1,000.00 For a 1,000.00 (standing) throughout each month expenses based on the fund's actual returns. You may use the information on this line, together with your account balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,000) per account value divided by $1,000. |  |  |  |  |  |  |
| By the number on the first line under the heading "Expenses Paid |  |  |  |  |  |  |
| E |  |  |  |  |  |  |
| Net expenses after waivers |  |  |  |  |  |  |
| % Statistical Example for Comparison Purposes |  |  |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |  |  |
| Beginning of period |  |  |  |  |  |  |
|  | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |  |
|  | 0.73% | 0.73% | 0.77% | 0.78% | 0.78% |  |
|  | 1.17% | 0.66% | 1.31% | 1.54% | 1.87% |  |
|  | $46.90 | $40.22 | $37.34 | $30.10 | $36.77 |  |
| Portfolio turnover rate | 192.1% | 107.0% | 114.6% | 139.6% | 146.3% |  |
| Investment activities |  |  |  |  |  |  |
| Net assets, end of period (in) | 0.42 | 0.17 | 0.36 | 0.46 | 0.57 |  |
| Net investment income (1)(2) |  |  |  |  |  |  |

15

T. ROWE PRICE VALUE FUND

**FINANCIAL HIGHLIGHTS** The second line of the table (hypothesis) is based on hypothetical account values and expenses derived from the fund's actual return rate and an assumed 5% per year rate of return before expenses (not the fund's actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical example.

**Advisor Class** please 1.00% share of the report 1.00% other funds 1.00% as an investment may not be used to estimate the actual return you paid for the period. 3.79 7.78 (3.39)

(3) Per share amounts calculated using 1.00% share of the financial period 1.00% share of the financial period 1.00% share of the financial period 1.00% share of the financial period 1.00% share of the financial period 1.00% share of the financial period 1.00% share of the financial period 1.00% share of the financial period 1.00% share of the financial period 1.00% share of the financial period 1.00

**RATE SUGGESTION DATA** The data that an investor would have learned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption for the fund is applicable. (1.00) 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

(4) See Note 6. Prior to 12/31/19, the gross expense ratios presented are net of a management fee

16

T. ROWE PRICE VALUE FUND

# FINANCIAL - ANNUAL GAINS

* Expenses are equal to the fund's annualized expense ratio for the first three periods, each period multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), and divided by the days in the year (365) to reflect the half year (365).

Net Class

E

Net expenses after waivers/
payments by Price Associates
NET ASSET VALUE
Beginning of period

Portfolio turnover rate
Investment activities
Net assets, end of period (in
Net investment income (1)(2))

|  | The annualized expense ratio of the Investor Class was 0.72% |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 37.85 | $46.90 | $40.22 | $37.34 | $30.10 |
|  | 1.09% | 1.04% | 1.04% | 1.04% | 1.02% |
| Net expenses after waivers/ | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| payments by Price Associates | 0.97% | 1.01% | 1.03% | 1.03% | 1.02% |
| Net asset value | 1.01% | 0.36% | 1.04% | 1.32% | 1.56% |
| Beginning of period | $47.69 | $40.86 | $37.31 | $30.56 | $37.32 |
| Portfolio turnover rate | 192.1% | 107.0% | 114.6% | 139.6% | 146.3% |
| Investment activities |  |  |  |  |  |
| Net assets, end of period (in | 0.59 | 0.37 | 0.48 | 0.60 | 0.78 |
| Net investment income (1)(2) |  |  |  |  |  |

17

T. ROWE PRICE VALUE FUND

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

| Class | $217 | $217 | $257 | $269 | $282 |
| --- | --- | --- | --- | --- | --- |
| Y(6.89) | 11.75 | 3.53 | 7.45 | (4.09) |  |
| E(6.90) | 12.12 | 4.01 | 8.05 | (3.31) |  |

(1) Per share amounts calculated using 2/31/19 shares outstanding 12/31/19 12/31/18

Distribution:  
R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R.

(4) See Note 6. Prior to 12/31/19, the gross expense ratios presented are net of a management fee

18

T. ROWE PRICE VALUE FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# NZ Class

|  |  |  | 40.86 | $37.91 | $30.56 (1) |
| --- | --- | --- | --- | --- | --- |
|  |  |  | Ending | 0.64% | Through |
| Net expenses after waivers/ |  |  | 12/31/22 | 12/31/21 | 12/31/20 |
| payments by Price Associates | 0.60% | 0.63% | 0.63% | 0.63% | 0.63% |
| NET ASSET VALUE |  |  |  |  |  |
| Net investment income | 1.38% | 0.76% | 1.78% | 1.68% | 2.12% |
| Beginning of period |  |  | $47.74 | $40.84 | $25.69 |
| Portfolio turnover rate | 192.1% | 107.0% | 114.6% | 139.6% | 146.3% |
| Investment activities |  |  |  |  |  |
| Net assets, end of period (in |  |  |  |  |  |
| Net investment income (1)(2) |  |  | 0.83 | 0.66 | 0.58 |

19

T. ROWE PRICE VALUE FUND

December 31, 2022

# FINANCIAL HIGHLIGHTS

|  | Shares | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| COMMON STOCKS 99.4% |  |  |
| Net realized and unrealized gain/loss | $4,276 | $3,957 |
| Total from investment activities | (5.06) | 12.44 |
| COMMUNICATION SERVICES 4.4% |  |  |

**Discontinued Telecommunication Services 1.0%**
The total of the services during average shares outstanding method.
The total of the services of expense-related arrangements with Price Associates, Inc. is 1,000,000.00 (1,000,000.00) and the total of the services of expense-related arrangements with Price Associates, Inc. is 1,000,000.00 (1,000,000.00) and the total of the services of expense-related arrangements with Price Associates, Inc. is 1,000,000.00 (1,000,000.00) and the total of the services of expense-related arrangements with Price Associates, Inc. is 1,000,000.

**NET ASSET VALUE**
See Note of Prior to 12/31/19, the gross expense ratios presented are net of a management fee.

20

T. ROWE PRICE VALUE FUND

# **CRITERIA OF INVESTMENTS**

|  | Shares | 288,453 $ Value |
| --- | --- | --- |
| Entertainment 1.1% (Cost and value in $000s) |  |  |
| Activision Blizzard | 1,565,200 | 119,816 |
| Food Products 2.9% |  |  |
| Effect of product during the period, as applicable. | $38.46 | $48.84 |
| Kraft Heinz | 7,675,940 | 412,487 |
| Monobloc International, Class 4 | 7,508,353 | 500,432 |
| Thereafter, Group 2 Services 2.3% of these financial statements. |  |  |
| Interest (Supplemental) Data | 7,073,976 | 627,574 |
| Household Products 2.2% |  |  |
| Total return [4] | (10.75)% | 30.88% |
|  |  | 64.09% |

Ratios to average net assets: [3]

21

T. ROWE PRICE VALUE FUND

| Kimberly-Clark | 839,877 | 914,810 |
| --- | --- | --- |
|  | Shares | Value |
| Public Communication Services | 3,309,435 | 1,221,978 |
| Total 1,000,000 |  |  |
| CONSUMER DISCRETIONARY 5.6% |  | 615,523 |
| Advertising and Advertising payments by Price | 3,316,710 | 621,850 |
| Publicity, Publicity & Leisure 2.3% |  |  |
| Associates | 0.59% | 0.64% |
| Publicity and International | 6,940,775 | 2,947,475 |
| Net973,000 other waivers/payments by Price Associates | 0.00% | 0.00% |
| Local Advertising Income | 1.92% | 1,850,035 |
| Net 1,000,000 Income |  | 1,000,000 |
| HEALTH CARE 20.6% | 1,065,330 | 136,448 |
| Total Consumer Staples |  | 2,953,063 |
| Portfolio turnover rate | 192.1% | 107.0% |
|  |  | 114.8% |
| Net assets, end-of-period (in millions) | $19,526 | $28,100 |
|  |  | $24,795 |

22

T. ROWE PRICE VALUE FUND

| Biotechnology 1.8% |  | 327,450 |
| --- | --- | --- |
| ENERGY 5.9% |  | 348 Value |
| Mutifine Retail 0.8% | 2,158 Shares |  |
| Oil Gas & Consumable Fuels 5.9% | 597,674 | 156,973 |
| Boatil General | 917,044 | 225,822 |
| Chevron | 2,564,672 | 466,788 |
| Commercial Services & Supplies 0.4% |  | 225,822 |
| Health Care Equipment & Services 0.1% | 523,871 | 223,817 |
| Specialty Retail 0.5% | 1,861,661 | 111,268 |
| Specialty Retail 0.5% | 600,000 | 80,000 |
| Health Care Technologies 0.2% | 1,000,000 | 200,000 |
| Health Care Technologies 0.2% | 1,000,000 | 200,000 |
| Health Care Technologies 0.2% | 1,000,000 | 200,000 |
| Health Care Technologies 0.2% | 1,000,000 | 200,000 |
| Health Care Technologies 0.2% | 1,000,000 | 200,000 |

The payment options are not that an investor would have earned on an investment in the fund.
**Health Care Equipment 2.4%**
**Health Care Equipment & Supplies 2.8%**
Account fees, if applicable. Total return is not annualized for periods less than one year.
(5) Annualized

23

T. ROWE PRICE VALUE FUND

| AMCTEE | 1,632,787 | 175,620 |
| --- | --- | --- |
| FINANCIALS 21.9% | 2,008,862 | 178,400 |
| Balance (debt) & Company | 2,008,862 | 178,400 |
| Banks 8.9% | 552,316 | 182,401 |
| Trademarks | 26,041,591 | 182,401 |
| Trade and value in $000s) |  |  |
| Bank of America (2) |  |  |
| Health Care Providers + Services 8.0% | 2,041,950 | 1,524,101 |
| Bank of America (2) | 2,041,950 | 1,524,101 |
| Bank of America (2) | 2,041,950 | 1,524,101 |
| Bank of America (2) | 2,041,950 | 1,524,101 |
| Bank of America (2) | 2,041,950 | 1,524,101 |

24

T. ROWE PRICE VALUE FUND

| Constellation Brands, Class A | 195,710 | 2,145,000 |
| --- | --- | --- |
| High Performance | 1,852,000 | 1,852,000 |
| Capital Markets 0.7% | 4,744,000 | 4,744,000 |
| Capital Markets Technology | 312,000 | 2,150,000 |
| Machinery 0.3% | 108,000 | 108,000 |
| Machinery 0.3% | 114,325 | 27,700 |
| Land and Building 0.0% | 397,119 | 2,285,000 |
| Short-Term Investments 1.9% | 3,403,104 | 257,520 |
| Short-Term Investment Services 2.2% | 1,339,797 | 180,361 |
| Short-Term Investment Services 2.2% | 1,339,797 | 180,361 |
| Short-Term Investment Services 0.1% | 1,339,797 | 180,361 |
| Professional Services 0.1% | 1,339,797 | 180,361 |
| Professional Services | 1,339,797 | 180,361 |
| Short-Term Investment Reserve Fund, 4.30% (4)(5) | 53,128,000 | 13,500 |
| Total Short-Term Investments (Cost $532,292) | 551,679 | 553,000 |

25

T. ROWE PRICE VALUE FUND

| REAL ESTATE 0.0% | 13,420 |
| --- | --- |
| ROAD & RAIL 2.0% | 595,684 |
| COMMERCIAL FUNDING COLLATERAL 0.0% |  |
| COMMERCIAL FUNDING INVESTMENT TRUSTS 1.9% | 1,740,212 |
|  | 235,973 |
| INCOME TAXES 0.0% |  |
| INCOME TAXES PROVIDED ACCOUNT THROUGH | 2,500,000 |
| INCOME TAXES PROVIDED ACCOUNT THROUGH | 2,500,000 |
| INCOME TAXES PROVIDED ACCOUNT THROUGH | 2,500,000 |
| INCOME TAXES PROVIDED ACCOUNT THROUGH | 2,500,000 |
| INCOME TAXES PROVIDED ACCOUNT THROUGH | 2,500,000 |
| INCOME TAXES PROVIDED ACCOUNT THROUGH | 2,500,000 |

| AND TRUST COMPANY 0.0% | 2,500,000 |
| --- | --- |
| REMARKS | 2,500,000 |
| REMARKS | 2,500,000 |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table>

| REMARKS | 2,500,000 |
| --- | --- |

</table></table></table>

![img-0.jpeg](img-0.jpeg)

26

T. ROWE PRICE VALUE FUND

December 31, 2022

| INDICATOR TECHNOLOGY |  |  |
| --- | --- | --- |
| Total (in millions) |  |  |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |

| Total (in millions) | Change in Net | Increased |
| --- | --- | --- |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |
| Total (in millions) | 2022 | 2021 |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |
| Total (in millions) | 2022 | 2021 |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |
| Total (in millions) | 2022 | 2021 |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |
| Total (in millions) | 2022 | 2021 |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |
| Total (in millions) | 2022 | 2021 |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |
| Total (in millions) | 2022 | 2021 |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
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| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

</table>

| Total (in millions) | 2022 | 2021 |
| --- | --- | --- |

# T. ROWE PRICE VALUE FUND

December 31, 2022

| STATEMENT FOR ASSETS AND LIABILITIES | $ | - | # | $ | - | $ | 14,316+ |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Amount (except shares and per share amounts) |  |  |  | 1,228,965 |  |  | 168,000 |
| Sum of Common Stock (except shares and per share amounts) |  |  |  | 1,310,983 |  |  | 92,645 |
| Supplemental Investment Schedule |  |  |  |  |  |  |  |
| Total |  |  |  | 1,624,584 |  |  | 184,021 |
| Amount (except shares and per share amounts) |  |  |  |  |  |  |  |
| As of December 31, 2022 |  |  |  |  |  |  |  |
| Amortization of Assets Consist of: | 12/31/21 |  |  |  |  |  |  |
| Amortization of the designated securities |  |  |  |  |  |  |  |
| Amortization of the designated securities |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |
| Cash and cash equivalents at beginning of year |  |  |  |  |  |  |  |

NET ASSET VALUE PER SHARE

28

T. ROWE PRICE VALUE FUND

| SHAREHOLDER OF ASSETS AND LIABILITIES |  |
| --- | --- |
| TOTAL COMPANY SHARING (000) 025,081,073 | 27,541,867 |
| Capital gain due to the shareholding in the price fund, which is not to be paid through (loss). |  |
| original tax character to the shareholder |  |
| Excludes earnings on securities lending collateral, which are subject to rebates and fees as described in Note 3. | Year 18 |
| Interest income comprised $14,316 of dividend income and $0 of interest income. | End of 18 |
| Other liabilities | 12/31/2018 |
| Other liabilities | $38.54 |
| Total (000) of dividend income (000) of shares outstanding | $27,725,634 |
| Interest income (000) of shares outstanding | $37.65 |
| Interest income (000) of shares outstanding | $615,466 |
| Interest income (000) of shares outstanding | 164 |
| Interest income (000) of shares outstanding | $38.41 |
| Interest income (000) of shares outstanding | 9 |
| Interest income (000) of shares outstanding | 615,641 |

The accompanying notes are an integral part of these financial statements.

29

T. ROWE PRICE VALUE FUND

# STATEMENT OF OPERATIONS

($000s)

(519,526,451,563 / 507,707,970 shares outstanding)

$38.46
Year
Ended
186,946
12/31/22

Realized and Unrealized Gain / Loss

| Investor Class | $ | 6,617 |
| --- | --- | --- |
| Net realized gain (loss) |  |  |
| Advisor Class |  | 304 |
| Securities |  | 988 |
| I Class |  |  |
| Foreign currency transactions |  |  |
| Plus, P/E-1 loss |  |  |
| Net realized gain |  |  |
| Advisor Class |  |  |

3,251,233
7,906
(1,452)
3,249,781
503

30

T. ROWE PRICE VALUE FUND

# STATEMENT OF OPERATIONS

($000s)

| Prospectus and shareholder reports | Year Ended |  |
| --- | --- | --- |
| Cash and cash equivalents | 12/31/21 | 12/31/21 |
| Interest and liabilities | 4 | (7,963,425) |
| Interest and liabilities denominated in foreign currencies | 79 | 28 |
| Operating | 3 | (7,963,385) |
| Net investment income | $555,151 | $435,201 |
| Net investment income gain / loss | 3,249,781 | (4,711,666) |
| Net realized gain |  | 7,065,541 |
| Restructuring |  |  |
| Cash on net unrealized gain / loss | (7,963,397) | 1,837,015 |
| DECREASE IN NET ASSETS FROM OPERATIONS | (4,158,465) | (4,158,465) |

The accompanying notes are an integral part of these financial statements.

31

T. ROWE PRICE VALUE FUND

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Legal and audit | Year | 26 |
| --- | --- | --- |
| Distributions to shareholders | Ended | 699 |
| Contributions | 12/31/22 | 12/31/21 |
| Interest |  | (137,089) |
| Net Assets | (345,944) | (589,908) |
| Inflows (Increase) during period | (10,585,881) | 6,217,380 |
| Net investment income |  |  |
| Beginning of period | 34,150,765 | 33,922,565 |
| End of period | $27,725,634 | $38,230,795 |
| Decrease in net assets from distributions | (2,728,555) | (3,985,691) |

*Share information (000s) (1)

32

T. ROWE PRICE VALUE FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

Shares sold
Capital share transactions (1)
Commodity Class of 1940 (the 1940 Act) as a diversified, open-end management 41,734
Shares sold
Advisory Class 2,010 870
Investing Company. The fund seeks to provide long-term 1,500,000 appreciation
by Advisory Class common stocks believed to be undervalued. 1,500,000 is a second
of 1,500,000. The fund has four classes of shares: the Value Fund (Investor Class), the
Value Fund (Advisor Class) (Advisor Class), the Value Fund (I Class) (I Class) and the
Value Fund (Z Class) (Z Class). Advisor Class shares are sold only through value
brokers and other financial intermediaries. I Class shares require a $500,000 initial

The accompanying notes are an integral part of these financial statements.

33

T. ROWE PRICE VALUE FUND

# **NOTICE TO FINANCIAL STATEMENTS**

T. Rowe Price Value Fund, Inc. (the fund) is registered under the Investment Standards Act, as amended, for all the trade date basis, income and expenses are included in the accrual basis. Realized gains and losses are recorded on the investment investment, although the minimum generally is available for reduced and non-accrual income tax-related interest and penalties, if incurred, are recorded as income and financial intermediaries, eligible retirement plans, and certain other accounts related to the investment. Dividends received from mutual fund investments are reflected as dividend. November 31, 2011, the initial investment minimum was 51 million, and was generally income and other gain distributions are reflected as realized value. Dividends are also waived by financial intermediaries, eligible retirement plans, and other certain other accounts related to the investment. As a result of the reduction in the I Class minimum, the gain assets are recorded as the net assets in shares outstanding, income and to the extent such reimburse from the Investor Class to the I Class. This transfer of shares from Investor Class to Investor (decrease) in net assets from Capital share.

I Class is reflected in the Statement of Changes in Net Assets within the Capital shares

34

T. ROWE PRICE VALUE FUND

# **Investment Transactions, Investment Income, and Distributions** Investment

return of capital or capital gain for tax purposes are reclassified when such information by fund shares. The fund's net asset value (NAV) per share is computed at the close of becoming available. Non-cash dividends, if any, are recorded at the fair market value of the fund, shall be computed by the S&P, the fair market value of the fund, and the fair market value of the fund. The S&P reserves the right to change the market value of the fund, and to change the market value of the fund. The S&P reserves the right to change the market value of the fund, and to change the market value of the fund. The S&P reserves the right to change the market value of the fund, and to change the market value of the fund. The S&P reserves the right to change the market value of the fund, and to change the market value of the fund. The S&P reserves the right to change the market value of the fund, and to change the market value of the fund.

of certain administrative services, the investor, I and Z Classes do not pay Rule 12b-1 fees. Each class has exclusive voting rights on matters related solely to that class; separate

35

T. ROWE PRICE VALUE FUND

**Capital Transactions** Each investor's interest in the net assets of the fund is represented

**NOTE** The fund is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is

**NOTE** **1. SIGNIFICANT ACCOUNTING POLICIES** The fund is an investment company and follows accounting and

36

T. ROWE PRICE VALUE FUND

Various valuation techniques and inputs are used to determine the fair value of financial year beginning on the December 31, 2022, however, plus funds to each budget as instruments in active markets, quoted prices for identical or similar financial periods. The financial statements in active markets, quoted prices for identical or similar financial periods, are based on the fair value of financial year beginning on the December 31, 2022, however, plus funds to each budget as instruments in active markets, quoted prices for identical or similar financial periods. The financial statements in active markets, quoted prices for identical or similar financial periods, are based on the fair value of financial year beginning on the December 31, 2022, however, plus funds to each budget as instruments in active markets, quoted prices for identical or similar financial periods. The financial statements in active markets, quoted prices for identical or similar financial periods, are based on the fair value of financial year beginning on the December 31, 2022, however, plus funds to each budget as instruments in active markets, quoted prices for identical or similar financial periods. The financial statements in active markets, quoted prices for identical or similar financial periods, are based on the fair value of financial year beginning on the December 31, 2022, however, plus funds to each budget as instruments in active markets, quoted prices for identical or similar financial periods.

37

T. ROWE PRICE VALUE FUND

will affect the value of some or all of the fund's portfolio securities. Each business day,

The following information is based on the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results

NOTE: for a VALUATION data are not available and are developed using the best information provided in this report, available about the assumption that the value is available.

The following table provides the information in a specific format: (1) The data is presented in Table 1. The data is presented in Table 2. The data is presented in Table 3. The data is presented in Table 4. The data is presented in Table 5. The data is presented in Table 6. The data is presented in Table 7. The data is presented in Table 8. The data is presented in Table 9. The data is presented in Table 10. The data is presented in Table 11. The data is presented in Table 12. The data is presented in Table 13. The data is presented in Table 14. The data is presented in Table 15. The data is presented in Table 16. The data is presented in Table 17. The data is presented in Table 18. The data is presented in Table 19. The data is presented in Table 20. The data is presented in Table 21. The data is presented in Table 22. The data is presented in Table 23. The data is presented in Table 24. The data is presented in Table 25. The data is presented in Table 26. The data is presented in Table 27. The data is presented in Table 28. The data is presented in Table 29. The data is presented in Table 30. The data is presented in Table 31. The data is presented in Table 32. The data is presented in Table 33. The data is presented in Table 34. The data is presented in Table 35. The data is presented in Table 36. The data is presented in Table 37. The data is presented in Table 38. The data is presented in Table 39. The data is presented in Table 40. The data is presented in Table 41. The data is presented in Table 42. The data is presented in Table 43. The data is presented in Table 44. The data is presented in Table 45. The data is presented in Table 46. The data is presented in Table 47. The data is presented in Table 48. The data is presented in Table 49. The data is presented in Table 50. The data is presented in Table 51. The data is presented in Table 52. The data is presented in Table 53. The data is presented in Table 54. The data is presented in Table 55. The data is presented in Table 56. The data is presented in Table 57. The data is presented in Table 58. The data is presented in Table 59. The data is presented in Table 60. The data is presented in Table 61. The data is presented in Table 62. The data is presented in Table 63. The data is presented in Table 64. The data is presented in Table 65. The data is presented in Table 66. The data is presented in Table 67. The data is presented in Table 68. The data is presented in Table 69. The data is presented in Table 70. The data is presented in Table 71. The data is presented in Table 72. The data is presented in Table 73. The data is presented in Table 74. The data is presented in Table 75. The data is presented in Table 76. The data is presented in Table 77. The data is presented in Table 78. The data is presented in Table 79. The data is presented in Table 80. The data is presented in Table 81. The data is presented in Table 82. The data is presented in Table 83. The data is presented in Table 84. The data is presented in Table 85. The data is presented in Table 86. The data is presented in Table 87. The data is presented in Table 88. The data is presented in Table 89. The data is presented in Table 90. The data is presented in Table 91. The data is presented in Table 92. The data is presented in Table 93. The data is presented in Table 94. The data is presented in Table 95. The data is presented in Table 96. The data is presented in Table 97. The data is presented in Table 98. The data is presented in Table 99. The data is presented in Table 100.

38

T. ROWE PRICE VALUE FUND

# **Valuation Inputs** The following table summarizes the fund's financial instruments.

The Fund is a member of the United States, which is a member of the United Kingdom, and is a member of the United States. The Fund is a member of the United States, which is a member of the United Kingdom, and is a member of the United States. The Fund is a member of the United States, which is a member of the United Kingdom, and is a member of the United States. The Fund is a member of the United States, which is a member of the United Kingdom, and is a member of the United States. The Fund is a member of the United States, which is

39

T. ROWE PRICE VALUE FUND

fund the next business day. Cash collateral is invested in accordance with investment

NOTE: The financial statements are available for the period December 31, 2022, and are subject to change without notice. The financial statements are available for the period December 31, 2022, and are subject to change without notice. The financial statements are available for the period December 31, 2022, and are subject to change without notice.

40

T. ROWE PRICE VALUE FUND

Past distributions
$2,728,555 $3,985,691

**DEPARTMENT SECURITIES** The fund earners have taken several dividends on sale.
The fund provides the following information: The fund is a part of the fund's financial structure and is a part of the fund's financial structure. The fund is a part of the fund's financial structure and is a part of the fund's financial structure.

NOTE

**A. FEDERAL INCOME TAXES** The fund is a part of the fund's financial structure and is a part of the fund's financial structure. The fund is a part of the fund's financial structure and is a part of the fund's financial structure.

41

T. ROWE PRICE VALUE FUND

# **NOTE 5 - FOREIGN TAXES**

Unrealized appreciation $2,754,835
The fund authorized, an annual income tax rate, and the amount of the fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund. The fund is not included in the current fund.

42

T. ROWE PRICE VALUE FUND

allocated ratably in the amounts of $748,000 for the Investor Class, $34,000 for the stated maturity dates and the fund may recall a security at any time. The fund receives the amount of $748,000 for the investor class, $34,000 for the stated maturity dates and the fund may recall a security at any time. The fund receives the amount of $748,000 for the investor class, $34,000 for the stated maturity dates and the fund may recall a security at any time. The fund receives the amount of $748,000 for the investor class, $34,000 for the stated maturity dates and the fund may recall a security at any time. The fund receives the amount of $748,000 for the investor class, $34,000 for the stated maturity dates and the fund may recall a security at any time.

NOTE: The fund is not a security at any time. The fund is not a security at any time. The fund is not a security at any time. The fund is not a security at any time. The fund is not a security at any time. The fund is not a security at any time.

43

T. ROWE PRICE VALUE FUND

In addition, the fund has entered into service agreements with Price Associates and two recognized in different periods for financial statement purposes versus for tax place at the time such amounts were paid, or (2) the current Class Limit. However, no agreement or agreement is valid unless signed by Price Associates. The fund is not a contract, but is made more than three years after the date of publication of notice pay paid and, if any, the Company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

44

T. ROWE PRICE VALUE FUND

purchase by members of the public. Cash collateral from securities lending, if any, is

Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public. Cash collateral from securities lending, if any, is
Directors, shareholders, and other members of the public.

45

T. ROWE PRICE VALUE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

31, 2022, the related statement of operations for the year ended December 31, 2022,

(CONTINUED) the amount of changes in net assets for each of the two years in the period ended December 31, 2022, and the amount of changes in net assets for each of the two years in the period ended December 31, 2022. The amount of changes in net assets for each of the two years in the period ended December 31, 2022, and the amount of changes in net assets for each of the two years in the period ended December 31, 2022. The amount of changes in net assets for each of the two years in the period ended December 31, 2022, and the amount of changes in net assets for each of the two years in the period ended December 31, 2022. The amount of changes in net assets for each of the two years in the period ended December 31, 2022, and the amount of changes in net assets for each of the two years in the period ended December 31, 2022.

NOTE OTHER MATTERS
The amount of changes in net assets for each of the two years in the period ended December 31, 2022, and the amount of changes in net assets for each of the two years in the period ended December 31, 2022. The amount of changes in net assets for each of the two years in the period ended December 31, 2022, and the amount of changes in net assets for each of the two years in the period ended December 31, 2022.

46

T. ROWE PRICE VALUE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

by end, December 31, 2023 and the financial statements for each of the periods indicated.

The report of independent registered public account, may invest for the purpose of exercising management of public over the fund, which is not a result of the financial reporting of the financial statements. The report of independent registered public account, may invest for the purpose of exercising management of public over the fund, which is not a result of the financial reporting of the financial statements. The report of independent registered public account, may invest for the purpose of exercising management of public over the fund, which is not a result of the financial reporting of the financial statements. The report of independent registered public account, may invest for the purpose of exercising management of public over the fund, which is not a result of the financial reporting of the financial statements.

The report of independent registered public account, may invest for the purpose of exercising management of public over the fund, which is not a result of the financial reporting of the financial statements.

The report of independent registered public account, may invest for the purpose of exercising management of public over the fund, which is not a result of the financial reporting of the financial statements. The report of independent registered public account, may invest for the purpose of exercising management of public over the fund, which is not a result of the financial reporting of the financial statements.

47

T. ROWE PRICE VALUE FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

The tax information provided is for the United States, and the United Kingdom, which is subject to a long-term capital gains tax. The tax information provided is for the United States, and the United Kingdom, which is subject to a long-term capital gains tax. The tax information provided is for the United States, and the United Kingdom, which is subject to a long-term capital gains tax. The tax information provided is for the United States, and the United Kingdom, which is subject to a long-term capital gains tax. The tax information provided is for the United States, and the United Kingdom, which is subject to a long-term capital gains tax.

These are recent examples of global events which may have a negative impact on the

48

T. ROWE PRICE VALUE FUND

# **HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**

misstatement, whether due to error or fraud.

For individuals and certain trusts and estates which are entitled to claim a deduction of non-violence and profit from a security (right) under the investment, a liquidity act is the property of the investment business and issued in a certain manner. The fund is intended to be used in the fund's investment program, which generally represents the risk that the fund would not be able to meet redemption requests without significant dilution of remaining investors' interests in the fund. The

**INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND**  
fund's Board of Directors [Board] has appointed the fund's investment adviser, T. Rowe Price Associates, Inc. (Adviser), as the administrator of the Liquidity Program. As

49

T. ROWE PRICE VALUE FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**
**RECORDS**

administrator, the Adviser is responsible for overseeing the day-to-day operations of the
Administration of the Advisers and procedures used by T. Rowe Price funds to determine
liability for the project and the project's performance. The project is a part of the
Advising Department, which is a part of the Department's performance. The project is a part of the
Advising Department, which is a part of the Department's performance. The project is a part of the
Advising Department, which is a part of the Department's performance. The project is a part of the
Advising Department, which is a part of the Department's performance. The project is a part of the
Advising Department, which is a part of the Department's performance. The project is a part of the
Advising Department, which

50

T. ROWE PRICE VALUE FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

The following table provides the information in a specific format:

51

T. ROWE PRICE VALUE FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The study was part of the monthly open order board for a list of directors and directors' directors' during the last three years. The fund was $1,000,000. The fund was $1,000,000. The fund was $1,000,000.

Name (Year of Birth) (Year of Birth)

INDEPENDENT DIRECTORS (Number of T. Rowe Price, Principal Occupation(s) and Directorships of Public Companies and Authorities Overseen) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth)

52

T. ROWE PRICE VALUE FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**[{"box_2d": [30, 199, 620, 199], "label": "text", "}][{"box_2d": [30, 199, 620, 199], "label": "text", "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 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"label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "}][{"box_2d": [30, 199, 620, 199], "label": "text", "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199, 620, 199], "label": "text", "caption": "}][{"box_2d": [30, 199

T. ROWE PRICE VALUE FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000-1, cash and cash equivalents, as well as available borrowing arrangements.
Report: Department of Social Security University (2009 to present); Director, Executive April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.
2011: Lyndhurst Holdings (2015 to present); Director, Biogestio Pharma, Inc.
Funds:
This information about the interested directors was current as of January 1, 2022, unless otherwise
Effective November 8, 2021. The status was appointed as an independent director of the Price Funds.
Principal Account for the number of members associated with the interest of the date of this report
(see 10.3.2020).
2020 to 2021 (10.6.2020). Mr. Sears assigned from his role as an independent director of the Price Funds.
**INTERESTED DIRECTORS** (to 2020); Chief Executive, Price International, and T. Rowe Price
2020.
2020: the Board (2016 to 2020) and President (2009 to 2016), First Industrial Trust Company.
Name: Realty Trust, owner and operator of industrial properties; Chair of the Board (2005 to 2016) and Director (1999 to 2016); Starwood Hotels & Invesco Ltd. (to 2021); Vice President, Oppenheimer
(Year of Birth): Vice President

54

T. ROWE PRICE VALUE FUND

# OFFICERS (CONTINUED)

Year Ended
[Number of T. Rowe Price
Funded in the U.S. (1980)
Position Held With Value Fund

Resorts, a hotel and deluxe company, Member, Investment Company
Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the 1980s, E. R. K. (1980)
Principal Occupation(s)

Robert A. Bower (1974)

Robert A. Bower (1979)

Robert A. Bower (1979)

Robert A. Bower (1979)

Robert A. Bower (1979)

Robert A. Bower (1979)

Robert A. Bower (1979)

Robert A. Bower (1979)

Robert A. Bower (1979)

Robert A. Bower (1979)

Robert A. Bower

55

Name (Year of Birth)
Position Held With Value Fund

Principal Occupation(s)

T. ROWE PRICE VALUE FUND

**OFFICERS (CONTINUED)**

Armando (Cero) DeBasso (1974)
Vice President
Vice President
Vineet (Cero) Jones
Kosch (Cero)
CPA (2)
(2023) Korondi (1976)
Vice Japan (Price Japan)
Singapore; General Manager (Price Group, Inc.; Chief Executive Officer and Secretary, T. Rowe Price Group, Inc.; Chief Executive Officer and Vice President, T. Rowe Price Group, Inc.; Chief Executive Officer and Vice President, T. Rowe Price Group, Inc.; Chief Executive Officer and Vice President, T. Rowe Price Group, Inc.; Chief Executive Officer and Vice President, T. Rowe Price Group, Inc.; Chief Executive Officer and Vice President, T. Rowe Price Group, Inc.; Chief Executive Officer and Vice President, T. Rowe Price Group, Inc.; Chief Executive Officer and Vice President, T. Rowe Price Group, Inc.; Chief Executive Officer and Vice President, T. Rowe Price Group

![img-0.jpeg](img-0.jpeg)

56

Name (Year of Birth)
Position Held With Value Fund

Principal Occupation(s)

# **Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

# **Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or any other performing similar functions. A copy of this code of ethics is filed as an exhibit to the Form N-CSR. No substantive amendments were approved or waivers were granted to this code as a copy of the period prior to the registrant.

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**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

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**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

**The registrant's and service, Inc. and Senior Counsel, Pacific Investment Securities (to 2019) and the Investment Securities (to

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in the principal accountant's independence.

| RETIREMENT | GENERAL INVESTING | COLLEGE SAVINGS |
| --- | --- | --- |
| Item 5. Final, CFA, CFA (1963) | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 6. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 7. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 8. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 9. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 10. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 11. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 12. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 13. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 14. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 15. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 16. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 17. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 18. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 19. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Item 20. Investment, net of interest | General Investing | T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

Shannon, M. (2007) Gifts and transfers to a President, T. Rowe Price
Assistant Researchers (UGMA/UTMAS) and President, T. Rowe Price
Child (UGMA/UTMAS)

(2) See also the following: the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

(3) Written declaration to report base securities issued by closed-end companies: not applicable.

(b) A certificate to be made with a member of the company and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Value Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023
*Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.*

All mutual funds are subject to market risk including available risk information. Investing internationally involves issuers and investment companies and without uncertainty and currency fluctuation.

By T. Rowe Price Value Fund, Inc.
David Oestreicher
Principal Executive Officer

Date February 16, 2023
By Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582860  
F107-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Value
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Value
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Value Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer